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v3.20.2

Supplemental Consolidating Data (Tables) | 6 Months Ended
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Jun. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations |
| Three months ended June 28, 2020 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 670,905 |  |  | $ | — |  |  | $ | (1,631) |  |  | $ | 669,274 |
Financial Services | — |  |  | 194,872 |  |  | 1,081 |  |  | 195,953 |
| 670,905 |  |  | 194,872 |  |  | (550) |  |  | 865,227 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 561,646 |  |  | — |  |  | — |  |  | 561,646 |
Financial Services interest expense | — |  |  | 62,187 |  |  | — |  |  | 62,187 |
Financial Services provision for credit losses | — |  |  | 91,179 |  |  | — |  |  | 91,179 |
Selling, administrative and engineering expense | 190,300 |  |  | 34,690 |  |  | (625) |  |  | 224,365 |
Restructuring expense | 41,005 |  |  | 944 |  |  | — |  |  | 41,949 |
| 792,951 |  |  | 189,000 |  |  | (625) |  |  | 981,326 |
Operating (loss) income | (122,046) |  |  | 5,872 |  |  | 75 |  |  | (116,099) |
Other income, net | 156 |  |  | — |  |  | — |  |  | 156 |
Investment income | 5,757 |  |  | — |  |  | — |  |  | 5,757 |
Interest expense | 7,769 |  |  | — |  |  | — |  |  | 7,769 |
(Loss) income before income taxes | (123,902) |  |  | 5,872 |  |  | 75 |  |  | (117,955) |
Income tax (benefit) provision | (26,938) |  |  | 1,200 |  |  | — |  |  | (25,738) |
Net (loss) income | $ | (96,964) |  |  | $ | 4,672 |  |  | $ | 75 |  |  | $ | (92,217) |
| Six months ended June 28, 2020 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,774,163 |  |  | $ | — |  |  | $ | (5,101) |  |  | $ | 1,769,062 |
Financial Services | — |  |  | 390,758 |  |  | 3,651 |  |  | 394,409 |
| 1,774,163 |  |  | 390,758 |  |  | (1,450) |  |  | 2,163,471 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 1,342,514 |  |  | — |  |  | — |  |  | 1,342,514 |
Financial Services interest expense | — |  |  | 114,660 |  |  | — |  |  | 114,660 |
Financial Services provision for credit losses | — |  |  | 170,598 |  |  | — |  |  | 170,598 |
Selling, administrative and engineering expense | 428,046 |  |  | 76,129 |  |  | (1,839) |  |  | 502,336 |
Restructuring expense | 41,005 |  |  | 944 |  |  | — |  |  | 41,949 |
| 1,811,565 |  |  | 362,331 |  |  | (1,839) |  |  | 2,172,057 |
Operating (loss) income | (37,402) |  |  | 28,427 |  |  | 389 |  |  | (8,586) |
Other income, net | 311 |  |  | — |  |  | — |  |  | 311 |
Investment income | 100,410 |  |  | — |  |  | (100,000) |  |  | 410 |
Interest expense | 15,524 |  |  | — |  |  |  |  | 15,524 |
Income (loss) before income taxes | 47,795 |  |  | 28,427 |  |  | (99,611) |  |  | (23,389) |
Income tax (benefit) provision | (7,667) |  |  | 6,800 |  |  | — |  |  | (867) |
Net income (loss) | $ | 55,462 |  |  | $ | 21,627 |  |  | $ | (99,611) |  |  | $ | (22,522) |
| Three months ended June 30, 2019 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,439,685 |  |  | $ | — |  |  | $ | (5,681) |  |  | $ | 1,434,004 |
Financial Services | — |  |  | 196,197 |  |  | 2,418 |  |  | 198,615 |
| 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 |
| 1,256,961 |  |  | 122,642 |  |  | (3,241) |  |  | 1,376,362 |
Operating income | 182,724 |  |  | 73,555 |  |  | (22) |  |  | 256,257 |
Other income, 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 |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 2,639,694 |  |  | $ | — |  |  | $ | (10,053) |  |  | $ | 2,629,641 |
Financial Services | — |  |  | 382,950 |  |  | 4,408 |  |  | 387,358 |
| 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 |
| 2,347,286 |  |  | 252,045 |  |  | (5,701) |  |  | 2,593,630 |
Operating income | 292,408 |  |  | 130,905 |  |  | 56 |  |  | 423,369 |
Other income, 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 |
Balance Sheet |
| June 28, 2020 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 446,425 |  |  | $ | 3,410,172 |  |  | $ | — |  |  | $ | 3,856,597 |
Accounts receivable, net | 564,922 |  |  | — |  |  | (293,491) |  |  | 271,431 |
Finance receivables, net | — |  |  | 1,901,620 |  |  | — |  |  | 1,901,620 |
Inventories, net | 429,339 |  |  | — |  |  | — |  |  | 429,339 |
Restricted cash | — |  |  | 189,712 |  |  | — |  |  | 189,712 |
Other current assets | 119,591 |  |  | 66,387 |  |  | (22,843) |  |  | 163,135 |
| 1,560,277 |  |  | 5,567,891 |  |  | (316,334) |  |  | 6,811,834 |
Finance receivables, net | — |  |  | 5,078,371 |  |  | — |  |  | 5,078,371 |
Property, plant and equipment, net | 766,546 |  |  | 50,443 |  |  | — |  |  | 816,989 |
Prepaid pension costs | 73,589 |  |  | — |  |  | — |  |  | 73,589 |
Goodwill | 64,192 |  |  | — |  |  | — |  |  | 64,192 |
Deferred income taxes | 48,326 |  |  | 94,215 |  |  | (975) |  |  | 141,566 |
Lease assets | 47,754 |  |  | 5,277 |  |  | — |  |  | 53,031 |
Other long-term assets | 176,358 |  |  | 33,840 |  |  | (93,618) |  |  | 116,580 |
| $ | 2,737,042 |  |  | $ | 10,830,037 |  |  | $ | (410,927) |  |  | $ | 13,156,152 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 272,996 |  |  | $ | 337,957 |  |  | $ | (293,491) |  |  | $ | 317,462 |
Accrued liabilities | 446,819 |  |  | 179,478 |  |  | (22,087) |  |  | 604,210 |
Short-term debt | — |  |  | 1,547,388 |  |  | — |  |  | 1,547,388 |
Current portion of long-term debt, net | — |  |  | 2,186,037 |  |  | — |  |  | 2,186,037 |
| 719,815 |  |  | 4,250,860 |  |  | (315,578) |  |  | 4,655,097 |
Long-term debt, net | 743,635 |  |  | 5,744,864 |  |  | — |  |  | 6,488,499 |
Lease liabilities | 31,652 |  |  | 4,742 |  |  | — |  |  | 36,394 |
Pension liabilities | 57,033 |  |  | — |  |  | — |  |  | 57,033 |
Postretirement healthcare liabilities | 69,964 |  |  | — |  |  | — |  |  | 69,964 |
Other long-term liabilities | 178,210 |  |  | 44,873 |  |  | 2,377 |  |  | 225,460 |
Commitments and contingencies (Note 17) |  |  |  |  |  |  |
Shareholders’ equity | 936,733 |  |  | 784,698 |  |  | (97,726) |  |  | 1,623,705 |
| $ | 2,737,042 |  |  | $ | 10,830,037 |  |  | $ | (410,927) |  |  | $ | 13,156,152 |
| December 31, 2019 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 470,649 |  |  | $ | 363,219 |  |  | $ | — |  |  | $ | 833,868 |
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 liabilities | 38,783 |  |  | 5,664 |  |  | — |  |  | 44,447 |
Pension liabilities | 56,138 |  |  | — |  |  | — |  |  | 56,138 |
Postretirement healthcare liabilities | 72,513 |  |  | — |  |  | — |  |  | 72,513 |
Other long-term liabilities | 186,252 |  |  | 40,609 |  |  | 2,603 |  |  | 229,464 |
Commitments and contingencies (Note 17) |  |  |  |  |  |  |
Shareholders’ equity | 926,666 |  |  | 974,898 |  |  | (97,565) |  |  | 1,803,999 |
| $ | 2,753,849 |  |  | $ | 7,980,044 |  |  | $ | (205,734) |  |  | $ | 10,528,159 |
| June 30, 2019 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | 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, net | 470,610 |  |  | — |  |  | — |  |  | 470,610 |
Restricted cash | — |  |  | 82,248 |  |  | — |  |  | 82,248 |
Other current assets | 102,956 |  |  | 44,278 |  |  | — |  |  | 147,234 |
| 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 |
| 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 liabilities | 92,750 |  |  | — |  |  | — |  |  | 92,750 |
Postretirement healthcare liabilities | 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 |
Cash Flows |
| Six months ended June 28, 2020 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) | $ | 55,462 |  |  | $ | 21,627 |  |  | $ | (99,611) |  |  | $ | (22,522) |
Adjustments to reconcile Net income (loss) to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 91,298 |  |  | 4,156 |  |  | — |  |  | 95,454 |
Amortization of deferred loan origination costs | — |  |  | 33,796 |  |  | — |  |  | 33,796 |
Amortization of financing origination fees | 339 |  |  | 6,322 |  |  | — |  |  | 6,661 |
Provision for long-term employee benefits | 15,704 |  |  | — |  |  | — |  |  | 15,704 |
Employee benefit plan contributions and payments | (3,678) |  |  | — |  |  | — |  |  | (3,678) |
Stock compensation expense | 4,019 |  |  | 549 |  |  | — |  |  | 4,568 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | 166,049 |  |  | 166,049 |
Provision for credit losses | — |  |  | 170,598 |  |  | — |  |  | 170,598 |
Deferred income taxes | 5,602 |  |  | (24,592) |  |  | (471) |  |  | (19,461) |
Other, net | (12,635) |  |  | 3,730 |  |  | (389) |  |  | (9,294) |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (198,855) |  |  | — |  |  | 183,108 |  |  | (15,747) |
Finance receivables - accrued interest and other | — |  |  | (2,985) |  |  | — |  |  | (2,985) |
Inventories, net | 163,700 |  |  | — |  |  | — |  |  | 163,700 |
Accounts payable and accrued liabilities | (1,001) |  |  | 214,864 |  |  | (203,199) |  |  | 10,664 |
Derivative financial instruments | 1,622 |  |  | (84) |  |  | — |  |  | 1,538 |
Other | (9,999) |  |  | 3,150 |  |  | 22,007 |  |  | 15,158 |
| 56,116 |  |  | 409,504 |  |  | 167,105 |  |  | 632,725 |
Net cash provided by operating activities | 111,578 |  |  | 431,131 |  |  | 67,494 |  |  | 610,203 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (65,677) |  |  | (1,349) |  |  | — |  |  | (67,026) |
Origination of finance receivables | — |  |  | (3,033,567) |  |  | 1,163,998 |  |  | (1,869,569) |
Collections on finance receivables | — |  |  | 3,117,190 |  |  | (1,331,492) |  |  | 1,785,698 |
Other investing activities | (381) |  |  | — |  |  | — |  |  | (381) |
Net cash (used) provided by investing activities | (66,058) |  |  | 82,274 |  |  | (167,494) |  |  | (151,278) |
| Six months ended June 28, 2020 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,396,602 |  |  | — |  |  | 1,396,602 |
Repayments of medium-term notes | — |  |  | (1,400,000) |  |  | — |  |  | (1,400,000) |
Proceeds from securitization debt | — |  |  | 2,064,450 |  |  | — |  |  | 2,064,450 |
Repayments of securitization debt | — |  |  | (369,613) |  |  | — |  |  | (369,613) |
Borrowings of asset-backed commercial paper | — |  |  | 225,187 |  |  | — |  |  | 225,187 |
Repayments of asset-backed commercial paper | — |  |  | (143,306) |  |  | — |  |  | (143,306) |
Net increase in unsecured commercial paper | — |  |  | 831,354 |  |  | — |  |  | 831,354 |
Net increase in credit facilities | — |  |  | 150,000 |  |  | — |  |  | 150,000 |
Deposits | — |  |  | 17,995 |  |  | — |  |  | 17,995 |
Dividends paid | (61,917) |  |  | (100,000) |  |  | 100,000 |  |  | (61,917) |
Repurchase of common stock | (7,156) |  |  | — |  |  | — |  |  | (7,156) |
Issuance of common stock under share-based plans | 41 |  |  | — |  |  | — |  |  | 41 |
Net cash (used) provided by financing activities | (69,032) |  |  | 2,672,669 |  |  | 100,000 |  |  | 2,703,637 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (712) |  |  | 330 |  |  | — |  |  | (382) |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (24,224) |  |  | $ | 3,186,404 |  |  | $ | — |  |  | $ | 3,162,180 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 470,649 |  |  | $ | 434,717 |  |  | $ | — |  |  | $ | 905,366 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (24,224) |  |  | 3,186,404 |  |  | — |  |  | 3,162,180 |
Cash, cash equivalents and restricted cash, end of period | $ | 446,425 |  |  | $ | 3,621,121 |  |  | $ | — |  |  | $ | 4,067,546 |
| Six months ended June 30, 2019 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | 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 | 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, net | 88,146 |  |  | — |  |  | — |  |  | 88,146 |
Accounts payable and accrued liabilities | 21,336 |  |  | 221,959 |  |  | (208,925) |  |  | 34,370 |
Derivative financial instruments | 4,291 |  |  | 61 |  |  | — |  |  | 4,352 |
Other | (15,573) |  |  | 13,091 |  |  | (5,874) |  |  | (8,356) |
| (8,837) |  |  | 337,106 |  |  | (155,613) |  |  | 172,656 |
Net cash provided by operating activities | 304,777 |  |  | 437,012 |  |  | (245,557) |  |  | 496,232 |
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 investing activities | 11,717 |  |  | — |  |  | — |  |  | 11,717 |
Net cash used by investing activities | (66,974) |  |  | (453,158) |  |  | 155,557 |  |  | (364,575) |
| Six months ended June 30, 2019 |  |  |  |  |  |
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
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 unsecured commercial paper | — |  |  | (728,606) |  |  | — |  |  | (728,606) |
Dividends paid | (120,841) |  |  | (90,000) |  |  | 90,000 |  |  | (120,841) |
Repurchase of common stock | (104,621) |  |  | — |  |  | — |  |  | (104,621) |
Issuance of common stock under share-based 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 |

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