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v3.19.2

Supplemental Consolidating Data (Tables) | 6 Months Ended
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Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations |
| Three months ended June 30, 2019
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,439,685 |  |  | $ | — |  |  | $ | (5,681 | ) |  | $ | 1,434,004 |
Financial Services | — |  |  | 196,197 |  |  | 2,418 |  |  | 198,615 |
Total revenue | 1,439,685 |  |  | 196,197 |  |  | (3,263 | ) |  | 1,632,619 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 978,761 |  |  | — |  |  | 505 |  |  | 979,266 |
Financial Services interest expense | — |  |  | 52,673 |  |  | — |  |  | 52,673 |
Financial Services provision for credit losses | — |  |  | 26,383 |  |  | — |  |  | 26,383 |
Selling, administrative and engineering expense | 267,777 |  |  | 43,586 |  |  | (3,746 | ) |  | 307,617 |
Restructuring expense | 10,423 |  |  | — |  |  | — |  |  | 10,423 |
Total costs and expenses | 1,256,961 |  |  | 122,642 |  |  | (3,241 | ) |  | 1,376,362 |
Operating income | 182,724 |  |  | 73,555 |  |  | (22 | ) |  | 256,257 |
Other income (expense), net | 4,037 |  |  | — |  |  | — |  |  | 4,037 |
Investment income | 48,571 |  |  | — |  |  | (45,000 | ) |  | 3,571 |
Interest expense | 7,784 |  |  | — |  |  | — |  |  | 7,784 |
Income before provision for income taxes | 227,548 |  |  | 73,555 |  |  | (45,022 | ) |  | 256,081 |
Provision for income taxes | 43,348 |  |  | 17,102 |  |  | — |  |  | 60,450 |
Net income | $ | 184,200 |  |  | $ | 56,453 |  |  | $ | (45,022 | ) |  | $ | 195,631 |
| Six months ended June 30, 2019
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 2,639,694 |  |  | $ | — |  |  | $ | (10,053 | ) |  | $ | 2,629,641 |
Financial Services | — |  |  | 382,950 |  |  | 4,408 |  |  | 387,358 |
Total revenue | 2,639,694 |  |  | 382,950 |  |  | (5,645 | ) |  | 3,016,999 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 1,827,464 |  |  | — |  |  | — |  |  | 1,827,464 |
Financial Services interest expense | — |  |  | 104,997 |  |  | — |  |  | 104,997 |
Financial Services provision for credit losses | — |  |  | 60,874 |  |  | — |  |  | 60,874 |
Selling, administrative and engineering expense | 495,769 |  |  | 86,174 |  |  | (5,701 | ) |  | 576,242 |
Restructuring expense | 24,053 |  |  | — |  |  | — |  |  | 24,053 |
Total costs and expenses | 2,347,286 |  |  | 252,045 |  |  | (5,701 | ) |  | 2,593,630 |
Operating income | 292,408 |  |  | 130,905 |  |  | 56 |  |  | 423,369 |
Other income (expense), net | 8,697 |  |  | — |  |  | — |  |  | 8,697 |
Investment income | 99,929 |  |  | — |  |  | (90,000 | ) |  | 9,929 |
Interest expense | 15,515 |  |  | — |  |  | — |  |  | 15,515 |
Income before provision for income taxes | 385,519 |  |  | 130,905 |  |  | (89,944 | ) |  | 426,480 |
Provision for income taxes | 71,905 |  |  | 30,999 |  |  | — |  |  | 102,904 |
Net income | $ | 313,614 |  |  | $ | 99,906 |  |  | $ | (89,944 | ) |  | $ | 323,576 |
| Three months ended July 1, 2018
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,528,045 |  |  | $ | — |  |  | $ | (2,924 | ) |  | $ | 1,525,121 |
Financial Services | — |  |  | 188,788 |  |  | (686 | ) |  | 188,102 |
Total revenue | 1,528,045 |  |  | 188,788 |  |  | (3,610 | ) |  | 1,713,223 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 993,036 |  |  | — |  |  | — |  |  | 993,036 |
Financial Services interest expense | — |  |  | 51,943 |  |  | — |  |  | 51,943 |
Financial Services provision for credit losses | — |  |  | 18,880 |  |  | — |  |  | 18,880 |
Selling, administrative and engineering expense | 276,827 |  |  | 39,663 |  |  | (3,443 | ) |  | 313,047 |
Restructuring expense | 12,370 |  |  | — |  |  | — |  |  | 12,370 |
Total costs and expenses | 1,282,233 |  |  | 110,486 |  |  | (3,443 | ) |  | 1,389,276 |
Operating income | 245,812 |  |  | 78,302 |  |  | (167 | ) |  | 323,947 |
Other income (expense), net | 645 |  |  | — |  |  | — |  |  | 645 |
Investment income | 2,533 |  |  | — |  |  | — |  |  | 2,533 |
Interest expense | 7,728 |  |  | — |  |  | — |  |  | 7,728 |
Income before provision for income taxes | 241,262 |  |  | 78,302 |  |  | (167 | ) |  | 319,397 |
Provision for income taxes | 59,683 |  |  | 17,376 |  |  | — |  |  | 77,059 |
Net income | $ | 181,579 |  |  | $ | 60,926 |  |  | $ | (167 | ) |  | $ | 242,338 |
| Six months ended July 1, 2018
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 2,894,291 |  |  | $ | — |  |  | $ | (5,223 | ) |  | $ | 2,889,068 |
Financial Services | — |  |  | 367,248 |  |  | (972 | ) |  | 366,276 |
Total revenue | 2,894,291 |  |  | 367,248 |  |  | (6,195 | ) |  | 3,255,344 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 1,883,210 |  |  | — |  |  | — |  |  | 1,883,210 |
Financial Services interest expense | — |  |  | 100,393 |  |  | — |  |  | 100,393 |
Financial Services provision for credit losses | — |  |  | 48,932 |  |  | — |  |  | 48,932 |
Selling, administrative and engineering expense | 531,228 |  |  | 78,054 |  |  | (6,049 | ) |  | 603,233 |
Restructuring expense | 59,212 |  |  | — |  |  | — |  |  | 59,212 |
Total costs and expenses | 2,473,650 |  |  | 227,379 |  |  | (6,049 | ) |  | 2,694,980 |
Operating income | 420,641 |  |  | 139,869 |  |  | (146 | ) |  | 560,364 |
Other income (expense), net | 865 |  |  | — |  |  | — |  |  | 865 |
Investment income | 113,736 |  |  | — |  |  | (110,000 | ) |  | 3,736 |
Interest expense | 15,418 |  |  | — |  |  | — |  |  | 15,418 |
Income before provision for income taxes | 519,824 |  |  | 139,869 |  |  | (110,146 | ) |  | 549,547 |
Provision for income taxes | 99,916 |  |  | 32,530 |  |  | — |  |  | 132,446 |
Net income | $ | 419,908 |  |  | $ | 107,339 |  |  | $ | (110,146 | ) |  | $ | 417,101 |
Balance Sheet |
| June 30, 2019
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 560,446 |  |  | $ | 364,192 |  |  | $ | — |  |  | $ | 924,638 |
Accounts receivable, net | 671,719 |  |  | — |  |  | (346,413 | ) |  | 325,306 |
Finance receivables, net | — |  |  | 2,362,125 |  |  | — |  |  | 2,362,125 |
Inventories | 470,610 |  |  | — |  |  | — |  |  | 470,610 |
Restricted cash | — |  |  | 82,248 |  |  | — |  |  | 82,248 |
Other current assets | 102,956 |  |  | 44,278 |  |  | — |  |  | 147,234 |
Total current assets | 1,805,731 |  |  | 2,852,843 |  |  | (346,413 | ) |  | 4,312,161 |
Finance receivables, net | — |  |  | 5,232,280 |  |  | — |  |  | 5,232,280 |
Property, plant and equipment, net | 801,871 |  |  | 54,127 |  |  | — |  |  | 855,998 |
Goodwill | 64,449 |  |  | — |  |  | — |  |  | 64,449 |
Deferred income taxes | 96,914 |  |  | 38,928 |  |  | (1,203 | ) |  | 134,639 |
Lease assets | 48,415 |  |  | 6,498 |  |  | — |  |  | 54,913 |
Other long-term assets | 157,061 |  |  | 20,159 |  |  | (91,344 | ) |  | 85,876 |
| $ | 2,974,441 |  |  | $ | 8,204,835 |  |  | $ | (438,960 | ) |  | $ | 10,740,316 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 302,137 |  |  | $ | 368,740 |  |  | $ | (346,413 | ) |  | $ | 324,464 |
Accrued liabilities | 497,019 |  |  | 118,256 |  |  | 630 |  |  | 615,905 |
Short-term debt | — |  |  | 405,695 |  |  | — |  |  | 405,695 |
Current portion of long-term debt, net | — |  |  | 2,396,188 |  |  | — |  |  | 2,396,188 |
Total current liabilities | 799,156 |  |  | 3,288,879 |  |  | (345,783 | ) |  | 3,742,252 |
Long-term debt, net | 742,959 |  |  | 3,907,217 |  |  | — |  |  | 4,650,176 |
Lease liabilities | 31,809 |  |  | 6,556 |  |  | — |  |  | 38,365 |
Pension liability | 92,750 |  |  | — |  |  | — |  |  | 92,750 |
Postretirement healthcare liability | 92,539 |  |  | — |  |  | — |  |  | 92,539 |
Other long-term liabilities | 171,509 |  |  | 39,314 |  |  | 2,770 |  |  | 213,593 |
Commitments and contingencies (Note 17) |  |  |  |  |  |  |
Shareholders’ equity | 1,043,719 |  |  | 962,869 |  |  | (95,947 | ) |  | 1,910,641 |
| $ | 2,974,441 |  |  | $ | 8,204,835 |  |  | $ | (438,960 | ) |  | $ | 10,740,316 |
| December 31, 2018
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 544,548 |  |  | $ | 659,218 |  |  | $ | — |  |  | $ | 1,203,766 |
Marketable securities | 10,007 |  |  | — |  |  | — |  |  | 10,007 |
Accounts receivable, net | 425,727 |  |  | — |  |  | (119,253 | ) |  | 306,474 |
Finance receivables, net | — |  |  | 2,214,424 |  |  | — |  |  | 2,214,424 |
Inventories | 556,128 |  |  | — |  |  | — |  |  | 556,128 |
Restricted cash | — |  |  | 49,275 |  |  | — |  |  | 49,275 |
Other current assets | 91,172 |  |  | 59,070 |  |  | (5,874 | ) |  | 144,368 |
Total current assets | 1,627,582 |  |  | 2,981,987 |  |  | (125,127 | ) |  | 4,484,442 |
Finance receivables, net | — |  |  | 5,007,507 |  |  | — |  |  | 5,007,507 |
Property, plant and equipment, net | 847,176 |  |  | 56,956 |  |  | — |  |  | 904,132 |
Goodwill | 55,048 |  |  | — |  |  | — |  |  | 55,048 |
Deferred income taxes | 105,388 |  |  | 37,603 |  |  | (1,527 | ) |  | 141,464 |
Other long-term assets | 144,122 |  |  | 18,680 |  |  | (89,731 | ) |  | 73,071 |
| $ | 2,779,316 |  |  | $ | 8,102,733 |  |  | $ | (216,385 | ) |  | $ | 10,665,664 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 258,587 |  |  | $ | 145,527 |  |  | $ | (119,253 | ) |  | $ | 284,861 |
Accrued liabilities | 496,643 |  |  | 110,063 |  |  | (5,576 | ) |  | 601,130 |
Short-term debt | — |  |  | 1,135,810 |  |  | — |  |  | 1,135,810 |
Current portion of long-term debt, net | — |  |  | 1,575,799 |  |  | — |  |  | 1,575,799 |
Total current liabilities | 755,230 |  |  | 2,967,199 |  |  | (124,829 | ) |  | 3,597,600 |
Long-term debt, net | 742,624 |  |  | 4,145,043 |  |  | — |  |  | 4,887,667 |
Pension liability | 107,776 |  |  | — |  |  | — |  |  | 107,776 |
Postretirement healthcare liability | 94,453 |  |  | — |  |  | — |  |  | 94,453 |
Other long-term liabilities | 164,243 |  |  | 37,142 |  |  | 2,834 |  |  | 204,219 |
Commitments and contingencies (Note 17) |  |  |  |  |  |  |
Shareholders’ equity | 914,990 |  |  | 953,349 |  |  | (94,390 | ) |  | 1,773,949 |
| $ | 2,779,316 |  |  | $ | 8,102,733 |  |  | $ | (216,385 | ) |  | $ | 10,665,664 |
| July 1, 2018
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 627,783 |  |  | $ | 350,966 |  |  | $ | — |  |  | $ | 978,749 |
Accounts receivable, net | 669,266 |  |  | — |  |  | (333,672 | ) |  | 335,594 |
Finance receivables, net | — |  |  | 2,252,956 |  |  | — |  |  | 2,252,956 |
Inventories | 465,373 |  |  | — |  |  | — |  |  | 465,373 |
Restricted cash | — |  |  | 44,386 |  |  | — |  |  | 44,386 |
Other current assets | 124,521 |  |  | 41,841 |  |  | — |  |  | 166,362 |
Total current assets | 1,886,943 |  |  | 2,690,149 |  |  | (333,672 | ) |  | 4,243,420 |
Finance receivables, net | — |  |  | 5,060,246 |  |  | — |  |  | 5,060,246 |
Property, plant and equipment, net | 854,681 |  |  | 49,432 |  |  | — |  |  | 904,113 |
Prepaid pension costs | 131,497 |  |  | — |  |  | — |  |  | 131,497 |
Goodwill | 55,451 |  |  | — |  |  | — |  |  | 55,451 |
Deferred income taxes | 27,043 |  |  | 41,696 |  |  | (1,234 | ) |  | 67,505 |
Other long-term assets | 151,691 |  |  | 19,999 |  |  | (87,900 | ) |  | 83,790 |
| $ | 3,107,306 |  |  | $ | 7,861,522 |  |  | $ | (422,806 | ) |  | $ | 10,546,022 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 262,562 |  |  | $ | 358,324 |  |  | $ | (333,672 | ) |  | $ | 287,214 |
Accrued liabilities | 481,402 |  |  | 90,416 |  |  | 622 |  |  | 572,440 |
Short-term debt | — |  |  | 1,327,307 |  |  | — |  |  | 1,327,307 |
Current portion of long-term debt, net | — |  |  | 945,463 |  |  | — |  |  | 945,463 |
Total current liabilities | 743,964 |  |  | 2,721,510 |  |  | (333,050 | ) |  | 3,132,424 |
Long-term debt, net | 742,292 |  |  | 4,126,054 |  |  | — |  |  | 4,868,346 |
Pension liability | 55,819 |  |  | — |  |  | — |  |  | 55,819 |
Postretirement healthcare liability | 113,464 |  |  | — |  |  | — |  |  | 113,464 |
Other long-term liabilities | 174,412 |  |  | 36,997 |  |  | 3,034 |  |  | 214,443 |
Commitments and contingencies (Note 17) |  |  |  |  |  |  |
Shareholders’ equity | 1,277,355 |  |  | 976,961 |  |  | (92,790 | ) |  | 2,161,526 |
| $ | 3,107,306 |  |  | $ | 7,861,522 |  |  | $ | (422,806 | ) |  | $ | 10,546,022 |
Cash Flows |
| Six months ended June 30, 2019
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 313,614 |  |  | $ | 99,906 |  |  | $ | (89,944 | ) |  | $ | 323,576 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 121,026 |  |  | 4,360 |  |  | — |  |  | 125,386 |
Amortization of deferred loan origination costs | — |  |  | 38,036 |  |  | — |  |  | 38,036 |
Amortization of financing origination fees | 335 |  |  | 4,187 |  |  | — |  |  | 4,522 |
Provision for long-term employee benefits | 6,936 |  |  | — |  |  | — |  |  | 6,936 |
Employee benefit plan contributions and payments | (3,637 | ) |  | — |  |  | — |  |  | (3,637 | )
Stock compensation expense | 15,672 |  |  | 1,613 |  |  | — |  |  | 17,285 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (167,594 | ) |  | (167,594 | )
Provision for credit losses | — |  |  | 60,874 |  |  | — |  |  | 60,874 |
Deferred income taxes | 5,928 |  |  | (236 | ) |  | (324 | ) |  | 5,368 |
Other, net | (8,545 | ) |  | (1,876 | ) |  | (56 | ) |  | (10,477 | )
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (244,752 | ) |  | — |  |  | 227,160 |  |  | (17,592 | )
Finance receivables - accrued interest and other | — |  |  | (4,963 | ) |  | — |  |  | (4,963 | )
Inventories | 88,146 |  |  | — |  |  | — |  |  | 88,146 |
Accounts payable and accrued liabilities | 21,336 |  |  | 221,959 |  |  | (208,925 | ) |  | 34,370 |
Derivative instruments | 4,291 |  |  | 61 |  |  | — |  |  | 4,352 |
Other | (15,573 | ) |  | 13,091 |  |  | (5,874 | ) |  | (8,356 | )
Total adjustments | (8,837 | ) |  | 337,106 |  |  | (155,613 | ) |  | 172,656 |
Net cash provided by operating activities | 304,777 |  |  | 437,012 |  |  | (245,557 | ) |  | 496,232 |
| Six months ended June 30, 2019
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (81,698 | ) |  | (1,531 | ) |  | — |  |  | (83,229 | )
Origination of finance receivables | — |  |  | (3,936,208 | ) |  | 1,871,309 |  |  | (2,064,899 | )
Collections on finance receivables | — |  |  | 3,484,581 |  |  | (1,715,752 | ) |  | 1,768,829 |
Sales and redemptions of marketable securities | 10,007 |  |  | — |  |  | — |  |  | 10,007 |
Acquisition of business | (7,000 | ) |  | — |  |  | — |  |  | (7,000 | )
Other | 11,717 |  |  | — |  |  | — |  |  | 11,717 |
Net cash used by investing activities | (66,974 | ) |  | (453,158 | ) |  | 155,557 |  |  | (364,575 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 546,655 |  |  | — |  |  | 546,655 |
Repayments of medium-term notes | — |  |  | (750,000 | ) |  | — |  |  | (750,000 | )
Proceeds from securitization debt | — |  |  | 1,021,353 |  |  | — |  |  | 1,021,353 |
Repayments of securitization debt | — |  |  | (113,806 | ) |  | — |  |  | (113,806 | )
Borrowings of asset-backed commercial paper | — |  |  | 23,373 |  |  | — |  |  | 23,373 |
Repayments of asset-backed commercial paper | — |  |  | (155,286 | ) |  | — |  |  | (155,286 | )
Net decrease in credit facilities and unsecured commercial paper | — |  |  | (728,606 | ) |  | — |  |  | (728,606 | )
Dividends paid | (120,841 | ) |  | (90,000 | ) |  | 90,000 |  |  | (120,841 | )
Purchase of common stock for treasury | (104,621 | ) |  | — |  |  | — |  |  | (104,621 | )
Issuance of common stock under employee stock option plans | 833 |  |  | — |  |  | — |  |  | 833 |
Net cash used by financing activities | (224,629 | ) |  | (246,317 | ) |  | 90,000 |  |  | (380,946 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,724 |  |  | 715 |  |  | — |  |  | 3,439 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 15,898 |  |  | $ | (261,748 | ) |  | $ | — |  |  | $ | (245,850 | )
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash—beginning of period | $ | 544,548 |  |  | $ | 715,200 |  |  | $ | — |  |  | $ | 1,259,748 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 15,898 |  |  | (261,748 | ) |  | — |  |  | (245,850 | )
Cash, cash equivalents and restricted cash—end of period | $ | 560,446 |  |  | $ | 453,452 |  |  | $ | — |  |  | $ | 1,013,898 |
| Six months ended July 1, 2018
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 419,908 |  |  | $ | 107,339 |  |  | $ | (110,146 | ) |  | $ | 417,101 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 127,935 |  |  | 2,126 |  |  | — |  |  | 130,061 |
Amortization of deferred loan origination costs | — |  |  | 39,396 |  |  | — |  |  | 39,396 |
Amortization of financing origination fees | 331 |  |  | 3,802 |  |  | — |  |  | 4,133 |
Provision for long-term employee benefits | 18,954 |  |  | — |  |  | — |  |  | 18,954 |
Employee benefit plan contributions and payments | (6,422 | ) |  | — |  |  | — |  |  | (6,422 | )
Stock compensation expense | 17,229 |  |  | 1,852 |  |  | — |  |  | 19,081 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (171,195 | ) |  | (171,195 | )
Provision for credit losses | — |  |  | 48,932 |  |  | — |  |  | 48,932 |
Deferred income taxes | (443 | ) |  | 2,043 |  |  | (85 | ) |  | 1,515 |
Other, net | 20,993 |  |  | (245 | ) |  | 146 |  |  | 20,894 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (194,831 | ) |  | — |  |  | 179,949 |  |  | (14,882 | )
Finance receivables - accrued interest and other | — |  |  | 4,228 |  |  | — |  |  | 4,228 |
Inventories | 63,957 |  |  | — |  |  | — |  |  | 63,957 |
Accounts payable and accrued liabilities | 137,644 |  |  | 192,410 |  |  | (168,953 | ) |  | 161,101 |
Derivative instruments | (205 | ) |  | 69 |  |  | — |  |  | (136 | )
Other | 2,924 |  |  | 1,884 |  |  | (5,667 | ) |  | (859 | )
Total adjustments | 188,066 |  |  | 296,497 |  |  | (165,805 | ) |  | 318,758 |
Net cash provided by operating activities | 607,974 |  |  | 403,836 |  |  | (275,951 | ) |  | 735,859 |
| Six months ended July 1, 2018
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (63,236 | ) |  | (6,057 | ) |  | — |  |  | (69,293 | )
Origination of finance receivables | — |  |  | (4,046,125 | ) |  | 2,046,339 |  |  | (1,999,786 | )
Collections on finance receivables | — |  |  | 3,593,272 |  |  | (1,880,388 | ) |  | 1,712,884 |
Other | (11,758 | ) |  | — |  |  | — |  |  | (11,758 | )
Net cash used by investing activities | (74,994 | ) |  | (458,910 | ) |  | 165,951 |  |  | (367,953 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,144,018 |  |  | — |  |  | 1,144,018 |
Repayments of medium-term notes | — |  |  | (877,488 | ) |  | — |  |  | (877,488 | )
Repayments of securitization debt | — |  |  | (183,453 | ) |  | — |  |  | (183,453 | )
Borrowings of asset-backed commercial paper | — |  |  | 120,903 |  |  | — |  |  | 120,903 |
Repayments of asset-backed commercial paper | — |  |  | (100,660 | ) |  | — |  |  | (100,660 | )
Net increase in credit facilities and unsecured commercial paper | — |  |  | 56,280 |  |  | — |  |  | 56,280 |
Dividends paid | (124,680 | ) |  | (110,000 | ) |  | 110,000 |  |  | (124,680 | )
Purchase of common stock for treasury | (111,227 | ) |  | — |  |  | — |  |  | (111,227 | )
Issuance of common stock under employee stock option plans | 1,965 |  |  | — |  |  | — |  |  | 1,965 |
Net cash (used by) provided by financing activities | (233,942 | ) |  | 49,600 |  |  | 110,000 |  |  | (74,342 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (9,441 | ) |  | (650 | ) |  | — |  |  | (10,091 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 289,597 |  |  | $ | (6,124 | ) |  | $ | — |  |  | $ | 283,473 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash—beginning of period | $ | 338,186 |  |  | $ | 408,024 |  |  | $ | — |  |  | $ | 746,210 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 289,597 |  |  | (6,124 | ) |  | — |  |  | 283,473 |
Cash, cash equivalents and restricted cash—end of period | $ | 627,783 |  |  | $ | 401,900 |  |  | $ | — |  |  | $ | 1,029,683 |

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