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Additional Balance Sheet and Cash Flow Information | 3 Months Ended
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Mar. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Additional Balance Sheet and Cash Flow Information | Additional Balance Sheet and Cash Flow Information Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):
| March 29, 2020 |  | December 31, 2019 |  | March 31, 2019
Debt securities | $ | — |  |  | $ | — |  |  | $ | 10,003 |
Mutual funds | 44,144 |  |  | 52,575 |  |  | 49,896 |
| $ | 44,144 |  |  | $ | 52,575 |  |  | $ | 59,899 |
Debt securities, included in Marketable securities on the Consolidated balance sheets, are carried at fair value with unrealized gains or losses reported in other comprehensive income. Mutual funds, included in Other long-term assets on the Consolidated balance sheets, are carried at fair value with gains and losses recorded in net income. Mutual funds are held to support certain deferred compensation obligations. Inventories, net – Substantially all inventories located in the U.S. are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventories, net consisted of the following (in thousands):
| March 29, 2020 |  | December 31, 2019 |  | March 31, 2019
Raw materials and work in process | $ | 245,384 |  |  | $ | 235,433 |  |  | $ | 204,759 |
Motorcycle finished goods | 272,648 |  |  | 280,306 |  |  | 304,386 |
Parts & accessories and general merchandise | 149,318 |  |  | 144,258 |  |  | 145,300 |
Inventory at lower of FIFO cost or net realizable value | 667,350 |  |  | 659,997 |  |  | 654,445 |
Excess of FIFO over LIFO cost | (56,426) |  |  | (56,426) |  |  | (58,639) |
| $ | 610,924 |  |  | $ | 603,571 |  |  | $ | 595,806 |
Operating Cash Flow – The reconciliation of Net income to Net cash (used) provided by operating activities was as follows (in thousands):
| Three months ended |  |
| March 29, 2020 |  | March 31, 2019
Cash flows from operating activities: |  |  |
Net income | $ | 69,695 |  |  | $ | 127,945 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |
Depreciation and amortization | 47,427 |  |  | 64,372 |
Amortization of deferred loan origination costs | 16,739 |  |  | 18,968 |
Amortization of financing origination fees | 2,999 |  |  | 2,194 |
Provision for long-term employee benefits | 7,852 |  |  | 3,156 |
Employee benefit plan contributions and payments | (1,608) |  |  | (2,507) |
Stock compensation expense | 3,896 |  |  | 6,537 |
Net change in wholesale finance receivables related to sales | (208,183) |  |  | (237,569) |
Provision for credit losses | 79,419 |  |  | 34,491 |
Deferred income taxes | (3,803) |  |  | 5,981 |
Other, net | 3,579 |  |  | 2,731 |
Changes in current assets and liabilities: |  |  |
Accounts receivable, net | (47,272) |  |  | (49,746) |
Finance receivables – accrued interest and other | 4,007 |  |  | 92 |
Inventories, net | (23,943) |  |  | (40,600) |
Accounts payable and accrued liabilities | 10,562 |  |  | 123,975 |
Derivative financial instruments | 2,812 |  |  | 867 |
Other | 27,240 |  |  | (28,216) |
| (78,277) |  |  | (95,274) |
Net cash (used) provided by operating activities | $ | (8,582) |  |  | $ | 32,671 |

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