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v3.19.3.a.u2

Supplemental Consolidating Data (Tables) | 12 Months Ended
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Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations |
| Year Ended December 31, 2019
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 4,593,585 |  |  | $ | — |  |  | $ | (20,907 | ) |  | $ | 4,572,678 |
Financial Services | — |  |  | 779,163 |  |  | 9,948 |  |  | 789,111 |
| 4,593,585 |  |  | 779,163 |  |  | (10,959 | ) |  | 5,361,789 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 3,229,798 |  |  | — |  |  | — |  |  | 3,229,798 |
Financial Services interest expense | — |  |  | 210,438 |  |  | — |  |  | 210,438 |
Financial Services provision for credit losses | — |  |  | 134,536 |  |  | — |  |  | 134,536 |
Selling, administrative and engineering expense | 1,034,921 |  |  | 175,258 |  |  | (11,123 | ) |  | 1,199,056 |
Restructuring expense | 32,353 |  |  | — |  |  | — |  |  | 32,353 |
| 4,297,072 |  |  | 520,232 |  |  | (11,123 | ) |  | 4,806,181 |
Operating income | 296,513 |  |  | 258,931 |  |  | 164 |  |  | 555,608 |
Other income (expense), net | 16,514 |  |  | — |  |  | — |  |  | 16,514 |
Investment income | 196,371 |  |  | — |  |  | (180,000 | ) |  | 16,371 |
Interest expense | 31,078 |  |  | — |  |  | — |  |  | 31,078 |
Income before provision for income taxes | 478,320 |  |  | 258,931 |  |  | (179,836 | ) |  | 557,415 |
Provision for income taxes | 75,278 |  |  | 58,502 |  |  | — |  |  | 133,780 |
Net income | $ | 403,042 |  |  | $ | 200,429 |  |  | $ | (179,836 | ) |  | $ | 423,635 |
| Year Ended December 31, 2018
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 4,981,445 |  |  | $ | — |  |  | $ | (12,799 | ) |  | $ | 4,968,646 |
Financial Services | — |  |  | 747,432 |  |  | 797 |  |  | 748,229 |
| 4,981,445 |  |  | 747,432 |  |  | (12,002 | ) |  | 5,716,875 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 3,352,438 |  |  | — |  |  | (642 | ) |  | 3,351,796 |
Financial Services interest expense | — |  |  | 193,187 |  |  | — |  |  | 193,187 |
Financial Services provision for credit losses | — |  |  | 106,870 |  |  | — |  |  | 106,870 |
Selling, administrative and engineering expense | 1,104,919 |  |  | 164,623 |  |  | (11,444 | ) |  | 1,258,098 |
Restructuring expense | 93,401 |  |  | — |  |  | — |  |  | 93,401 |
| 4,550,758 |  |  | 464,680 |  |  | (12,086 | ) |  | 5,003,352 |
Operating income | 430,687 |  |  | 282,752 |  |  | 84 |  |  | 713,523 |
Other income (expense), net | 3,039 |  |  | — |  |  | — |  |  | 3,039 |
Investment income | 235,951 |  |  | — |  |  | (235,000 | ) |  | 951 |
Interest expense | 30,884 |  |  | — |  |  | — |  |  | 30,884 |
Income before provision for income taxes | 638,793 |  |  | 282,752 |  |  | (234,916 | ) |  | 686,629 |
Provision for income taxes | 85,153 |  |  | 70,025 |  |  | — |  |  | 155,178 |
Net income | $ | 553,640 |  |  | $ | 212,727 |  |  | $ | (234,916 | ) |  | $ | 531,451 |
| Year Ended December 31, 2017
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 4,925,003 |  |  | $ | — |  |  | $ | (9,976 | ) |  | $ | 4,915,027 |
Financial Services | — |  |  | 734,008 |  |  | (1,811 | ) |  | 732,197 |
| 4,925,003 |  |  | 734,008 |  |  | (11,787 | ) |  | 5,647,224 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 3,272,330 |  |  | — |  |  | — |  |  | 3,272,330 |
Financial Services interest expense | — |  |  | 180,193 |  |  | — |  |  | 180,193 |
Financial Services provision for credit losses | — |  |  | 132,444 |  |  | — |  |  | 132,444 |
Selling, administrative and engineering expense | 1,037,529 |  |  | 154,232 |  |  | (11,585 | ) |  | 1,180,176 |
| 4,309,859 |  |  | 466,869 |  |  | (11,585 | ) |  | 4,765,143 |
Operating income | 615,144 |  |  | 267,139 |  |  | (202 | ) |  | 882,081 |
Other income (expense), net | 9,182 |  |  | — |  |  | — |  |  | 9,182 |
Investment income | 199,580 |  |  | — |  |  | (196,000 | ) |  | 3,580 |
Interest expense | 31,004 |  |  | — |  |  | — |  |  | 31,004 |
Income before provision for income taxes | 792,902 |  |  | 267,139 |  |  | (196,202 | ) |  | 863,839 |
Provision for income taxes | 214,175 |  |  | 127,905 |  |  | — |  |  | 342,080 |
Net income | $ | 578,727 |  |  | $ | 139,234 |  |  | $ | (196,202 | ) |  | $ | 521,759 |
Balance Sheet |
| December 31, 2019
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 470,649 |  |  | $ | 363,219 |  |  | $ | — |  |  | $ | 833,868 |
Marketable securities | — |  |  | — |  |  | — |  |  | — |
Accounts receivable, net | 369,717 |  |  | — |  |  | (110,383 | ) |  | 259,334 |
Finance receivables, net | — |  |  | 2,272,522 |  |  | — |  |  | 2,272,522 |
Inventories, net | 603,571 |  |  | — |  |  | — |  |  | 603,571 |
Restricted cash | — |  |  | 64,554 |  |  | — |  |  | 64,554 |
Other current assets | 110,145 |  |  | 59,665 |  |  | (836 | ) |  | 168,974 |
| 1,554,082 |  |  | 2,759,960 |  |  | (111,219 | ) |  | 4,202,823 |
Finance receivables, net | — |  |  | 5,101,844 |  |  | — |  |  | 5,101,844 |
Property, plant and equipment, net | 794,131 |  |  | 53,251 |  |  | — |  |  | 847,382 |
Prepaid pension costs | 56,014 |  |  | — |  |  | — |  |  | 56,014 |
Goodwill | 64,160 |  |  | — |  |  | — |  |  | 64,160 |
Deferred income taxes | 62,768 |  |  | 39,882 |  |  | (1,446 | ) |  | 101,204 |
Lease assets | 55,722 |  |  | 5,896 |  |  | — |  |  | 61,618 |
Other long-term assets | 166,972 |  |  | 19,211 |  |  | (93,069 | ) |  | 93,114 |
| $ | 2,753,849 |  |  | $ | 7,980,044 |  |  | $ | (205,734 | ) |  | $ | 10,528,159 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 266,710 |  |  | $ | 138,053 |  |  | $ | (110,383 | ) |  | $ | 294,380 |
Accrued liabilities | 463,491 |  |  | 119,186 |  |  | (389 | ) |  | 582,288 |
Short-term debt | — |  |  | 571,995 |  |  | — |  |  | 571,995 |
Current portion of long-term debt, net | — |  |  | 1,748,109 |  |  | — |  |  | 1,748,109 |
| 730,201 |  |  | 2,577,343 |  |  | (110,772 | ) |  | 3,196,772 |
Long-term debt, net | 743,296 |  |  | 4,381,530 |  |  | — |  |  | 5,124,826 |
Lease liability | 38,783 |  |  | 5,664 |  |  | — |  |  | 44,447 |
Pension liability | 56,138 |  |  | — |  |  | — |  |  | 56,138 |
Postretirement healthcare liability | 72,513 |  |  | — |  |  | — |  |  | 72,513 |
Deferred income taxes | 6,219 |  |  | 1,916 |  |  | — |  |  | 8,135 |
Other long-term liabilities | 180,033 |  |  | 38,693 |  |  | 2,603 |  |  | 221,329 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |
Shareholders’ equity | 926,666 |  |  | 974,898 |  |  | (97,565 | ) |  | 1,803,999 |
| $ | 2,753,849 |  |  | $ | 7,980,044 |  |  | $ | (205,734 | ) |  | $ | 10,528,159 |
| December 31, 2018
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | 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, net | 556,128 |  |  | — |  |  | — |  |  | 556,128 |
Restricted cash | — |  |  | 49,275 |  |  | — |  |  | 49,275 |
Other current assets | 91,172 |  |  | 59,070 |  |  | (5,874 | ) |  | 144,368 |
| 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 |
| 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 16) |  |  |  |  |  |  |
Shareholders’ equity | 914,990 |  |  | 953,349 |  |  | (94,390 | ) |  | 1,773,949 |
| $ | 2,779,316 |  |  | $ | 8,102,733 |  |  | $ | (216,385 | ) |  | $ | 10,665,664 |
Cash Flows |
| Year Ended December 31, 2019
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 403,042 |  |  | $ | 200,429 |  |  | $ | (179,836 | ) |  | $ | 423,635 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 223,656 |  |  | 8,881 |  |  | — |  |  | 232,537 |
Amortization of deferred loan origination costs | — |  |  | 76,326 |  |  | — |  |  | 76,326 |
Amortization of financing origination fees | 672 |  |  | 9,151 |  |  | — |  |  | 9,823 |
Provision for long-term employee benefits | 13,344 |  |  | — |  |  | — |  |  | 13,344 |
Employee benefit plan contributions and payments | (13,256 | ) |  | — |  |  | — |  |  | (13,256 | )
Stock compensation expense | 30,396 |  |  | 3,337 |  |  | — |  |  | 33,733 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (5,822 | ) |  | (5,822 | )
Provision for credit losses | — |  |  | 134,536 |  |  | — |  |  | 134,536 |
Deferred income taxes | 20,952 |  |  | 676 |  |  | (81 | ) |  | 21,547 |
Other, net | 4,425 |  |  | (3,963 | ) |  | (164 | ) |  | 298 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | 53,772 |  |  | — |  |  | (8,870 | ) |  | 44,902 |
Finance receivables - accrued interest and other | — |  |  | (11,119 | ) |  | — |  |  | (11,119 | )
Inventories, net | (47,576 | ) |  | — |  |  | — |  |  | (47,576 | )
Accounts payable and accrued liabilities | (43,211 | ) |  | (4,107 | ) |  | 28,856 |  |  | (18,462 | )
Derivative financial instruments | 1,808 |  |  | 128 |  |  | — |  |  | 1,936 |
Other | (33,105 | ) |  | 10,033 |  |  | (5,038 | ) |  | (28,110 | )
| 211,877 |  |  | 223,879 |  |  | 8,881 |  |  | 444,637 |
Net cash provided by operating activities | 614,919 |  |  | 424,308 |  |  | (170,955 | ) |  | 868,272 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (176,264 | ) |  | (5,176 | ) |  | — |  |  | (181,440 | )
Origination of finance receivables | — |  |  | (7,053,898 | ) |  | 3,206,576 |  |  | (3,847,322 | )
Collections on finance receivables | — |  |  | 6,715,338 |  |  | (3,215,621 | ) |  | 3,499,717 |
Sales and redemptions of marketable securities | 10,007 |  |  | — |  |  | — |  |  | 10,007 |
Acquisition of business | (7,000 | ) |  | — |  |  | — |  |  | (7,000 | )
Other investing activities | 17,912 |  |  | — |  |  | — |  |  | 17,912 |
Net cash used by investing activities | (155,345 | ) |  | (343,736 | ) |  | (9,045 | ) |  | (508,126 | )
| Year Ended December 31, 2019
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,203,236 |  |  | — |  |  | 1,203,236 |
Repayments of medium-term notes | — |  |  | (1,350,000 | ) |  | — |  |  | (1,350,000 | )
Proceeds from securitization debt | — |  |  | 1,021,453 |  |  | — |  |  | 1,021,453 |
Repayments of securitization debt | — |  |  | (353,251 | ) |  | — |  |  | (353,251 | )
Borrowings of asset-backed commercial paper | — |  |  | 177,950 |  |  | — |  |  | 177,950 |
Repayments of asset-backed commercial paper | — |  |  | (318,006 | ) |  | — |  |  | (318,006 | )
Net decrease in credit facilities and unsecured commercial paper | — |  |  | (563,453 | ) |  | — |  |  | (563,453 | )
Dividends paid | (237,221 | ) |  | (180,000 | ) |  | 180,000 |  |  | (237,221 | )
Repurchase of common stock | (296,520 | ) |  | — |  |  | — |  |  | (296,520 | )
Issuance of common stock under employee stock option plans | 3,589 |  |  | — |  |  | — |  |  | 3,589 |
Net cash used by financing activities | (530,152 | ) |  | (362,071 | ) |  | 180,000 |  |  | (712,223 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,321 | ) |  | 1,016 |  |  | — |  |  | (2,305 | )
Net decrease in cash, cash equivalents and restricted cash | $ | (73,899 | ) |  | $ | (280,483 | ) |  | $ | — |  |  | $ | (354,382 | )
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 544,548 |  |  | $ | 715,200 |  |  | $ | — |  |  | $ | 1,259,748 |
Net decrease in cash, cash equivalents and restricted cash | (73,899 | ) |  | (280,483 | ) |  | — |  |  | (354,382 | )
Cash, cash equivalents and restricted cash, end of period | $ | 470,649 |  |  | $ | 434,717 |  |  | $ | — |  |  | $ | 905,366 |
| Year Ended December 31, 2018
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 553,640 |  |  | $ | 212,727 |  |  | $ | (234,916 | ) |  | $ | 531,451 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 260,707 |  |  | 4,156 |  |  | — |  |  | 264,863 |
Amortization of deferred loan origination costs | — |  |  | 81,315 |  |  | — |  |  | 81,315 |
Amortization of financing origination fees | 663 |  |  | 7,704 |  |  | — |  |  | 8,367 |
Provision for long-term employee benefits | 36,481 |  |  | — |  |  | — |  |  | 36,481 |
Employee benefit plan contributions and payments | (10,544 | ) |  | — |  |  | — |  |  | (10,544 | )
Stock compensation expense | 31,855 |  |  | 3,684 |  |  | — |  |  | 35,539 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (56,538 | ) |  | (56,538 | )
Provision for credit losses | — |  |  | 106,870 |  |  | — |  |  | 106,870 |
Deferred income taxes | (41,905 | ) |  | 7,716 |  |  | 208 |  |  | (33,981 | )
Other, net | 36,840 |  |  | 798 |  |  | (84 | ) |  | 37,554 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | 43,613 |  |  | — |  |  | (34,470 | ) |  | 9,143 |
Finance receivables – accrued interest and other | — |  |  | 773 |  |  | — |  |  | 773 |
Inventories, net | (31,059 | ) |  | — |  |  | — |  |  | (31,059 | )
Accounts payable and accrued liabilities | 152,930 |  |  | (1,778 | ) |  | 45,040 |  |  | 196,192 |
Derivative financial instruments | 337 |  |  | 136 |  |  | — |  |  | 473 |
Other | 39,031 |  |  | (10,216 | ) |  | 207 |  |  | 29,022 |
| 518,949 |  |  | 201,158 |  |  | (45,637 | ) |  | 674,470 |
Net cash provided by operating activities | 1,072,589 |  |  | 413,885 |  |  | (280,553 | ) |  | 1,205,921 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (197,905 | ) |  | (15,611 | ) |  | — |  |  | (213,516 | )
Origination of finance receivables | — |  |  | (7,192,063 | ) |  | 3,439,246 |  |  | (3,752,817 | )
Collections on finance receivables | — |  |  | 6,719,362 |  |  | (3,393,693 | ) |  | 3,325,669 |
Purchases of marketable securities | (10,007 | ) |  | — |  |  | — |  |  | (10,007 | )
Other investing activities | (11,598 | ) |  | — |  |  | — |  |  | (11,598 | )
Net cash used by investing activities | (219,510 | ) |  | (488,312 | ) |  | 45,553 |  |  | (662,269 | )
| Year Ended December 31, 2018
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,591,828 |  |  | — |  |  | 1,591,828 |
Repayments of medium-term notes | — |  |  | (877,488 | ) |  | — |  |  | (877,488 | )
Repayments of securitization debt | — |  |  | (257,869 | ) |  | — |  |  | (257,869 | )
Borrowings of asset-backed commercial paper | — |  |  | 509,742 |  |  | — |  |  | 509,742 |
Repayments of asset-backed commercial paper | — |  |  | (212,729 | ) |  | — |  |  | (212,729 | )
Net decrease in credit facilities and unsecured commercial paper | — |  |  | (135,356 | ) |  | — |  |  | (135,356 | )
Dividends paid | (245,810 | ) |  | (235,000 | ) |  | 235,000 |  |  | (245,810 | )
Repurchase of common stock | (390,606 | ) |  | — |  |  | — |  |  | (390,606 | )
Issuance of common stock under employee stock option plans | 3,525 |  |  | — |  |  | — |  |  | 3,525 |
Net cash (used by) provided by financing activities | (632,891 | ) |  | 383,128 |  |  | 235,000 |  |  | (14,763 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13,826 | ) |  | (1,525 | ) |  | — |  |  | (15,351 | )
Net increase in cash, cash equivalents and restricted cash | $ | 206,362 |  |  | $ | 307,176 |  |  | $ | — |  |  | $ | 513,538 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 338,186 |  |  | $ | 408,024 |  |  | $ | — |  |  | $ | 746,210 |
Net increase in cash, cash equivalents and restricted cash | 206,362 |  |  | 307,176 |  |  | — |  |  | 513,538 |
Cash, cash equivalents and restricted cash, end of period | $ | 544,548 |  |  | $ | 715,200 |  |  | $ | — |  |  | $ | 1,259,748 |
| Year Ended December 31, 2017
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 578,727 |  |  | $ | 139,234 |  |  | $ | (196,202 | ) |  | $ | 521,759 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 215,639 |  |  | 6,549 |  |  | — |  |  | 222,188 |
Amortization of deferred loan origination costs | — |  |  | 82,911 |  |  | — |  |  | 82,911 |
Amortization of financing origination fees | 655 |  |  | 7,390 |  |  | — |  |  | 8,045 |
Provision for long-term employee benefits | 29,900 |  |  | — |  |  | — |  |  | 29,900 |
Employee benefit plan contributions and payments | (63,277 | ) |  | — |  |  | — |  |  | (63,277 | )
Stock compensation expense | 29,570 |  |  | 2,921 |  |  | — |  |  | 32,491 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | 35,172 |  |  | 35,172 |
Provision for credit losses | — |  |  | 132,444 |  |  | — |  |  | 132,444 |
Deferred income taxes | 29,949 |  |  | 21,497 |  |  | (591 | ) |  | 50,855 |
Other, net | 4,858 |  |  | 3,498 |  |  | 203 |  |  | 8,559 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (6,792 | ) |  | — |  |  | (11,357 | ) |  | (18,149 | )
Finance receivables – accrued interest and other | — |  |  | (1,313 | ) |  | — |  |  | (1,313 | )
Inventories, net | (20,584 | ) |  | — |  |  | — |  |  | (20,584 | )
Accounts payable and accrued liabilities | 9,753 |  |  | (11,497 | ) |  | 11,872 |  |  | 10,128 |
Derivative financial instruments | 1,785 |  |  | 81 |  |  | — |  |  | 1,866 |
Other | (31,868 | ) |  | (1,684 | ) |  | 5,618 |  |  | (27,934 | )
| 199,588 |  |  | 242,797 |  |  | 40,917 |  |  | 483,302 |
Net cash provided by operating activities | 778,315 |  |  | 382,031 |  |  | (155,285 | ) |  | 1,005,061 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (193,204 | ) |  | (13,090 | ) |  | — |  |  | (206,294 | )
Origination of finance receivables | — |  |  | (7,109,624 | ) |  | 3,517,676 |  |  | (3,591,948 | )
Collections on finance receivables | — |  |  | 6,786,702 |  |  | (3,558,391 | ) |  | 3,228,311 |
Sales and redemptions of marketable securities | 6,916 |  |  | — |  |  | — |  |  | 6,916 |
Other investing activities | 547 |  |  | — |  |  | — |  |  | 547 |
Net cash used by investing activities | (185,741 | ) |  | (336,012 | ) |  | (40,715 | ) |  | (562,468 | )
| Year Ended December 31, 2017
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 893,668 |  |  | — |  |  | 893,668 |
Repayments of medium-term notes | — |  |  | (800,000 | ) |  | — |  |  | (800,000 | )
Repayments of securitization debt | — |  |  | (444,671 | ) |  | — |  |  | (444,671 | )
Borrowings of asset-backed commercial paper | — |  |  | 469,932 |  |  | — |  |  | 469,932 |
Repayments of asset-backed commercial paper | — |  |  | (176,227 | ) |  | — |  |  | (176,227 | )
Net increase in credit facilities and unsecured commercial paper | — |  |  | 212,809 |  |  | — |  |  | 212,809 |
Dividends paid | (251,862 | ) |  | (196,000 | ) |  | 196,000 |  |  | (251,862 | )
Repurchase of common stock | (465,263 | ) |  | — |  |  | — |  |  | (465,263 | )
Issuance of common stock under employee stock option plans | 11,353 |  |  | — |  |  | — |  |  | 11,353 |
Net cash used by financing activities | (705,772 | ) |  | (40,489 | ) |  | 196,000 |  |  | (550,261 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 25,844 |  |  | 903 |  |  | — |  |  | 26,747 |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (87,354 | ) |  | $ | 6,433 |  |  | $ | — |  |  | $ | (80,921 | )
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 425,540 |  |  | $ | 401,591 |  |  | $ | — |  |  | $ | 827,131 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (87,354 | ) |  | 6,433 |  |  | — |  |  | (80,921 | )
Cash, cash equivalents and restricted cash, end of period | $ | 338,186 |  |  | $ | 408,024 |  |  | $ | — |  |  | $ | 746,210 |

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