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v3.23.2

Supplemental Consolidating Data (Tables) | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Operations | Supplemental consolidating data is as follows (in thousands):
| Three months ended June 30, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 1,207,314 |  |  | $ | — |  |  | $ | (2,152) |  |  | $ | 1,205,162 |
Financial services | — |  |  | 241,090 |  |  | (729) |  |  | 240,361 |
| 1,207,314 |  |  | 241,090 |  |  | (2,881) |  |  | 1,445,523 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 790,628 |  |  | — |  |  | — |  |  | 790,628 |
Financial services interest expense | — |  |  | 86,005 |  |  | — |  |  | 86,005 |
Financial services provision for credit losses | — |  |  | 57,278 |  |  | — |  |  | 57,278 |
Selling, administrative and engineering expense | 252,825 |  |  | 40,245 |  |  | (2,796) |  |  | 290,274 |
| 1,043,453 |  |  | 183,528 |  |  | (2,796) |  |  | 1,224,185 |
Operating income | 163,861 |  |  | 57,562 |  |  | (85) |  |  | 221,338 |
Other income, net | 7,226 |  |  | — |  |  | — |  |  | 7,226 |
Investment income | 11,151 |  |  | — |  |  | — |  |  | 11,151 |
Interest expense | 7,696 |  |  | — |  |  | — |  |  | 7,696 |
Income before income taxes | 174,542 |  |  | 57,562 |  |  | (85) |  |  | 232,019 |
Income tax provision | 43,670 |  |  | 14,519 |  |  | — |  |  | 58,189 |
Net income | 130,872 |  |  | 43,043 |  |  | (85) |  |  | 173,830 |
Less: (income) loss attributable to noncontrolling interests | 4,209 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,209 |
Net income attributable to Harley-Davidson, Inc. | $ | 135,081 |  |  | $ | 43,043 |  |  | $ | (85) |  |  | $ | 178,039 |
| Six months ended June 30, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 2,775,023 |  |  | $ | — |  |  | $ | (4,270) |  |  | $ | 2,770,753 |
Financial services | — |  |  | 464,613 |  |  | (1,157) |  |  | 463,456 |
| 2,775,023 |  |  | 464,613 |  |  | (5,427) |  |  | 3,234,209 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 1,797,929 |  |  | — |  |  | — |  |  | 1,797,929 |
Financial services interest expense | — |  |  | 159,554 |  |  | — |  |  | 159,554 |
Financial services provision for credit losses | — |  |  | 109,642 |  |  | — |  |  | 109,642 |
Selling, administrative and engineering expense | 500,520 |  |  | 81,125 |  |  | (5,508) |  |  | 576,137 |
| 2,298,449 |  |  | 350,321 |  |  | (5,508) |  |  | 2,643,262 |
Operating income | 476,574 |  |  | 114,292 |  |  | 81 |  |  | 590,947 |
Other income, net | 27,322 |  |  | — |  |  | — |  |  | 27,322 |
Investment income | 21,176 |  |  | — |  |  | — |  |  | 21,176 |
Interest expense | 15,416 |  |  | — |  |  | — |  |  | 15,416 |
Income before income taxes | 509,656 |  |  | 114,292 |  |  | 81 |  |  | 624,029 |
Provision for income taxes | 122,398 |  |  | 25,972 |  |  | — |  |  | 148,370 |
Net income | 387,258 |  |  | 88,320 |  |  | 81 |  |  | 475,659 |
Less: (income) loss attributable to noncontrolling interests | 6,470 |  |  | — |  |  | — |  |  | 6,470 |
Net income attributable to Harley-Davidson, Inc. | $ | 393,728 |  |  | $ | 88,320 |  |  | $ | 81 |  |  | $ | 482,129 |
| Three months ended June 26, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,269,592 |  |  | $ | — |  |  | $ | (3,121) |  |  | $ | 1,266,471 |
Financial Services | — |  |  | 203,386 |  |  | (770) |  |  | 202,616 |
| 1,269,592 |  |  | 203,386 |  |  | (3,891) |  |  | 1,469,087 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 879,721 |  |  | — |  |  | — |  |  | 879,721 |
Financial Services interest expense | — |  |  | 47,649 |  |  | — |  |  | 47,649 |
Financial Services provision for credit losses | — |  |  | 29,133 |  |  | — |  |  | 29,133 |
Selling, administrative and engineering expense | 195,939 |  |  | 43,028 |  |  | (3,734) |  |  | 235,233 |
Restructuring expense | (264) |  |  | — |  |  | — |  |  | (264) |
| 1,075,396 |  |  | 119,810 |  |  | (3,734) |  |  | 1,191,472 |
Operating income | 194,196 |  |  | 83,576 |  |  | (157) |  |  | 277,615 |
Other income, net | 10,055 |  |  | — |  |  | — |  |  | 10,055 |
Investment income | (3,530) |  |  | — |  |  | — |  |  | (3,530) |
Interest expense | 7,720 |  |  | — |  |  | — |  |  | 7,720 |
Income before income taxes | 193,001 |  |  | 83,576 |  |  | (157) |  |  | 276,420 |
Provision for income taxes | 40,994 |  |  | 19,577 |  |  | — |  |  | 60,571 |
Net income | 152,007 |  |  | 63,999 |  |  | (157) |  |  | 215,849 |
Less: (income) loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |
Net income attributable to Harley-Davidson, Inc. | $ | 152,007 |  |  | $ | 63,999 |  |  | $ | (157) |  |  | $ | 215,849 |
| Six months ended June 26, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 2,575,885 |  |  | $ | — |  |  | $ | (6,243) |  |  | $ | 2,569,642 |
Financial services | — |  |  | 395,776 |  |  | (1,145) |  |  | 394,631 |
| 2,575,885 |  |  | 395,776 |  |  | (7,388) |  |  | 2,964,273 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 1,775,257 |  |  | — |  |  | — |  |  | 1,775,257 |
Financial services interest expense | — |  |  | 89,748 |  |  | — |  |  | 89,748 |
Financial services provision for credit losses | — |  |  | 57,955 |  |  | — |  |  | 57,955 |
Selling, administrative and engineering expense | 401,356 |  |  | 80,886 |  |  | (7,384) |  |  | 474,858 |
Restructuring benefit | (392) |  |  | — |  |  | — |  |  | (392) |
| 2,176,221 |  |  | 228,589 |  |  | (7,384) |  |  | 2,397,426 |
Operating income | 399,664 |  |  | 167,187 |  |  | (4) |  |  | 566,847 |
Other income, net | 21,085 |  |  | — |  |  | — |  |  | 21,085 |
Investment loss | (5,509) |  |  | — |  |  | — |  |  | (5,509) |
Interest expense | 15,431 |  |  | — |  |  | — |  |  | 15,431 |
Income before income taxes | 399,809 |  |  | 167,187 |  |  | (4) |  |  | 566,992 |
Provision for income taxes | 88,841 |  |  | 39,800 |  |  | — |  |  | 128,641 |
Net income | 310,968 |  |  | 127,387 |  |  | (4) |  |  | 438,351 |
Less: (income) loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |
Net income attributable to Harley-Davidson, Inc. | $ | 310,968 |  |  | $ | 127,387 |  |  | $ | (4) |  |  | $ | 438,351 |
Schedule of Balance Sheet |
| June 30, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,056,404 |  |  | $ | 465,536 |  |  | $ | — |  |  | $ | 1,521,940 |
Accounts receivable, net | 514,653 |  |  | — |  |  | (185,166) |  |  | 329,487 |
Finance receivables, net | — |  |  | 1,979,645 |  |  | — |  |  | 1,979,645 |
Inventories, net | 846,033 |  |  | — |  |  | — |  |  | 846,033 |
Restricted cash | — |  |  | 135,618 |  |  | — |  |  | 135,618 |
Other current assets | 151,505 |  |  | 55,556 |  |  | (5,359) |  |  | 201,702 |
| 2,568,595 |  |  | 2,636,355 |  |  | (190,525) |  |  | 5,014,425 |
Finance receivables, net | — |  |  | 5,530,221 |  |  | — |  |  | 5,530,221 |
Property, plant and equipment, net | 666,908 |  |  | 21,208 |  |  | — |  |  | 688,116 |
Pension and postretirement assets | 353,004 |  |  | — |  |  | — |  |  | 353,004 |
Goodwill | 62,451 |  |  | — |  |  | — |  |  | 62,451 |
Deferred income taxes | 60,412 |  |  | 85,907 |  |  | (951) |  |  | 145,368 |
Lease assets | 67,878 |  |  | 5,348 |  |  | — |  |  | 73,226 |
Other long-term assets | 226,149 |  |  | 34,790 |  |  | (112,189) |  |  | 148,750 |
| $ | 4,005,397 |  |  | $ | 8,313,829 |  |  | $ | (303,665) |  |  | $ | 12,015,561 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 329,394 |  |  | $ | 215,197 |  |  | $ | (185,166) |  |  | $ | 359,425 |
Accrued liabilities | 480,352 |  |  | 115,130 |  |  | (4,797) |  |  | 590,685 |
Short-term deposits, net | — |  |  | 216,293 |  |  | — |  |  | 216,293 |
Short-term debt | — |  |  | 695,356 |  |  | — |  |  | 695,356 |
Current portion of long-term debt, net | — |  |  | 604,700 |  |  | — |  |  | 604,700 |
| 809,746 |  |  | 1,846,676 |  |  | (189,963) |  |  | 2,466,459 |
Long-term deposits, net | — |  |  | 223,618 |  |  | — |  |  | 223,618 |
Long-term debt, net | 745,722 |  |  | 5,019,524 |  |  | — |  |  | 5,765,246 |
Lease liabilities | 51,013 |  |  | 5,097 |  |  | — |  |  | 56,110 |
Pension and postretirement liabilities | 66,801 |  |  | — |  |  | — |  |  | 66,801 |
Deferred income taxes | 28,390 |  |  | 3,129 |  |  | — |  |  | 31,519 |
Other long-term liabilities | 154,029 |  |  | 59,971 |  |  | 1,952 |  |  | 215,952 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,149,696 |  |  | 1,155,814 |  |  | (115,654) |  |  | 3,189,856 |
| $ | 4,005,397 |  |  | $ | 8,313,829 |  |  | $ | (303,665) |  |  | $ | 12,015,561 |
| June 26, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 600,091 |  |  | $ | 1,594,168 |  |  | $ | — |  |  | $ | 2,194,259 |
Accounts receivable, net | 617,220 |  |  | — |  |  | (315,171) |  |  | 302,049 |
Finance receivables, net | — |  |  | 1,674,970 |  |  | — |  |  | 1,674,970 |
Inventories, net | 726,586 |  |  | — |  |  | — |  |  | 726,586 |
Restricted cash | — |  |  | 226,488 |  |  | — |  |  | 226,488 |
Other current assets | 148,632 |  |  | 48,079 |  |  | (12,895) |  |  | 183,816 |
| 2,092,529 |  |  | 3,543,705 |  |  | (328,066) |  |  | 5,308,168 |
Finance receivables, net | — |  |  | 5,428,714 |  |  | — |  |  | 5,428,714 |
Property, plant and equipment, net | 626,230 |  |  | 25,923 |  |  | — |  |  | 652,153 |
Pension and postretirement assets | 411,906 |  |  | — |  |  | — |  |  | 411,906 |
Goodwill | 61,890 |  |  | — |  |  | — |  |  | 61,890 |
Deferred income taxes | 16,640 |  |  | 75,754 |  |  | (23,000) |  |  | 69,394 |
Lease assets | 37,616 |  |  | 6,631 |  |  | — |  |  | 44,247 |
Other long-term assets | 209,006 |  |  | 41,616 |  |  | (105,476) |  |  | 145,146 |
| $ | 3,455,817 |  |  | $ | 9,122,343 |  |  | $ | (456,542) |  |  | $ | 12,121,618 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 383,994 |  |  | $ | 347,880 |  |  | $ | (315,171) |  |  | $ | 416,703 |
Accrued liabilities | 447,055 |  |  | 156,995 |  |  | (11,791) |  |  | 592,259 |
Short-term deposits, net | — |  |  | 78,005 |  |  | — |  |  | 78,005 |
Short-term debt | — |  |  | 701,384 |  |  | — |  |  | 701,384 |
Current portion of long-term debt, net | — |  |  | 1,887,552 |  |  | — |  |  | 1,887,552 |
| 831,049 |  |  | 3,171,816 |  |  | (326,962) |  |  | 3,675,903 |
Long-term deposits, net | — |  |  | 267,785 |  |  | — |  |  | 267,785 |
Long-term debt, net | 745,016 |  |  | 4,459,301 |  |  | — |  |  | 5,204,317 |
Lease liabilities | 19,995 |  |  | 6,702 |  |  | — |  |  | 26,697 |
Pension and postretirement liabilities | 91,362 |  |  | — |  |  | — |  |  | 91,362 |
Deferred income taxes | 30,092 |  |  | 1,458 |  |  | (22,361) |  |  | 9,189 |
Other long-term liabilities | 153,846 |  |  | 55,164 |  |  | 2,203 |  |  | 211,213 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 1,584,457 |  |  | 1,160,117 |  |  | (109,422) |  |  | 2,635,152 |
| $ | 3,455,817 |  |  | $ | 9,122,343 |  |  | $ | (456,542) |  |  | $ | 12,121,618 |
Schedule of Cash Flows |
| Six months ended June 30, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 387,258 |  |  | $ | 88,320 |  |  | $ | 81 |  |  | $ | 475,659 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 67,720 |  |  | 4,505 |  |  | — |  |  | 72,225 |
Amortization of deferred loan origination costs | — |  |  | 44,393 |  |  | — |  |  | 44,393 |
Amortization of financing origination fees | 354 |  |  | 6,154 |  |  | — |  |  | 6,508 |
Provision for long-term employee benefits | (33,656) |  |  | — |  |  | — |  |  | (33,656) |
Employee benefit plan contributions and payments | (2,882) |  |  | — |  |  | — |  |  | (2,882) |
Stock compensation expense | 42,174 |  |  | 2,239 |  |  | — |  |  | 44,413 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (267,942) |  |  | (267,942) |
Provision for credit losses | — |  |  | 109,642 |  |  | — |  |  | 109,642 |
Deferred income taxes | 233 |  |  | (4,413) |  |  | (71) |  |  | (4,251) |
Other, net | (25,290) |  |  | (5,788) |  |  | (82) |  |  | (31,160) |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (147,730) |  |  | — |  |  | 68,199 |  |  | (79,531) |
Finance receivables – accrued interest and other | — |  |  | 3,189 |  |  | — |  |  | 3,189 |
Inventories, net | 94,636 |  |  | — |  |  | — |  |  | 94,636 |
Accounts payable and accrued liabilities | (30,340) |  |  | 80,563 |  |  | (66,270) |  |  | (16,047) |
Other current assets | (12,329) |  |  | 6,836 |  |  | 817 |  |  | (4,676) |
| (47,110) |  |  | 247,320 |  |  | (265,349) |  |  | (65,139) |
Net cash provided by operating activities | 340,148 |  |  | 335,640 |  |  | (265,268) |  |  | 410,520 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (85,401) |  |  | (1,125) |  |  | — |  |  | (86,526) |
Origination of finance receivables | — |  |  | (4,076,675) |  |  | 1,947,692 |  |  | (2,128,983) |
Collections on finance receivables | — |  |  | 3,551,887 |  |  | (1,682,424) |  |  | 1,869,463 |
Other investing activities | (1,650) |  |  | — |  |  | 2,500 |  |  | 850 |
Net cash used by investing activities | (87,051) |  |  | (525,913) |  |  | 267,768 |  |  | (345,196) |
| Six months ended June 30, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,446,304 |  |  | — |  |  | 1,446,304 |
Repayments of medium-term notes | — |  |  | (1,056,680) |  |  | — |  |  | (1,056,680) |
Proceeds from securitization debt | — |  |  | 547,706 |  |  | — |  |  | 547,706 |
Repayments of securitization debt | — |  |  | (645,377) |  |  | — |  |  | (645,377) |
Borrowings of asset-backed commercial paper | — |  |  | 33,547 |  |  | — |  |  | 33,547 |
Repayments of asset-backed commercial paper | — |  |  | (129,961) |  |  | — |  |  | (129,961) |
Net decrease in unsecured commercial paper | — |  |  | (75,229) |  |  | — |  |  | (75,229) |
Net increase in deposits | — |  |  | 122,288 |  |  | — |  |  | 122,288 |
Dividends paid | (48,193) |  |  | — |  |  | — |  |  | (48,193) |
Repurchase of common stock | (169,645) |  |  | — |  |  | — |  |  | (169,645) |
Excess tax benefits from share-based payments |  |  |  |  |  |  |
Other financing activities | 76 |  |  | 2,500 |  |  | (2,500) |  |  | 76 |
Net cash (used) provided by financing activities | (217,762) |  |  | 245,098 |  |  | (2,500) |  |  | 24,836 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (729) |  |  | 239 |  |  | — |  |  | (490) |
Net increase in cash, cash equivalents and restricted cash | $ | 34,606 |  |  | $ | 55,064 |  |  | $ | — |  |  | $ | 89,670 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,021,798 |  |  | $ | 557,379 |  |  | $ | — |  |  | $ | 1,579,177 |
Net increase in cash, cash equivalents and restricted cash | 34,606 |  |  | 55,064 |  |  | — |  |  | 89,670 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,056,404 |  |  | $ | 612,443 |  |  | $ | — |  |  | $ | 1,668,847 |
| Six months ended June 26, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 310,968 |  |  | $ | 127,387 |  |  | $ | (4) |  |  | $ | 438,351 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 73,098 |  |  | 4,291 |  |  | — |  |  | 77,389 |
Amortization of deferred loan origination costs | — |  |  | 47,101 |  |  | — |  |  | 47,101 |
Amortization of financing origination fees | 348 |  |  | 7,289 |  |  | — |  |  | 7,637 |
Provision for long-term employee benefits | (9,844) |  |  | — |  |  | — |  |  | (9,844) |
Employee benefit plan contributions and payments | (5,466) |  |  | — |  |  | — |  |  | (5,466) |
Stock compensation expense | 18,341 |  |  | 1,424 |  |  | — |  |  | 19,765 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (201,326) |  |  | (201,326) |
Provision for credit losses | — |  |  | 57,955 |  |  | — |  |  | 57,955 |
Deferred income taxes | 4,312 |  |  | (1,431) |  |  | (406) |  |  | 2,475 |
Other, net | 5,678 |  |  | 5,420 |  |  | 4 |  |  | 11,102 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (347,250) |  |  | — |  |  | 212,645 |  |  | (134,605) |
Finance receivables – accrued interest and other | — |  |  | 4,255 |  |  | — |  |  | 4,255 |
Inventories, net | (33,986) |  |  | — |  |  | — |  |  | (33,986) |
Accounts payable and accrued liabilities | (5,423) |  |  | 223,086 |  |  | (221,902) |  |  | (4,239) |
Other current assets | (48,633) |  |  | 6,592 |  |  | 9,663 |  |  | (32,378) |
| (348,825) |  |  | 355,982 |  |  | (201,322) |  |  | (194,165) |
Net cash (used) provided by operating activities | (37,857) |  |  | 483,369 |  |  | (201,326) |  |  | 244,186 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (53,694) |  |  | (1,321) |  |  | — |  |  | (55,015) |
Origination of finance receivables | — |  |  | (4,379,674) |  |  | 1,868,481 |  |  | (2,511,193) |
Collections on finance receivables | — |  |  | 3,739,107 |  |  | (1,667,155) |  |  | 2,071,952 |
Other investing activities | 797 |  |  | — |  |  | — |  |  | 797 |
Net cash used by investing activities | (52,897) |  |  | (641,888) |  |  | 201,326 |  |  | (493,459) |
| Six months ended June 26, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 495,785 |  |  | — |  |  | 495,785 |
Repayments of medium-term notes | — |  |  | (950,000) |  |  | — |  |  | (950,000) |
Proceeds from securitization debt | — |  |  | 1,826,891 |  |  | — |  |  | 1,826,891 |
Repayments of securitization debt | — |  |  | (610,205) |  |  | — |  |  | (610,205) |
Borrowings of asset-backed commercial paper | — |  |  | 425,253 |  |  | — |  |  | 425,253 |
Repayments of asset-backed commercial paper | — |  |  | (133,159) |  |  | — |  |  | (133,159) |
Net decrease in unsecured commercial paper | — |  |  | (50,672) |  |  | — |  |  | (50,672) |
Net increase in deposits | — |  |  | 55,255 |  |  | — |  |  | 55,255 |
Dividends paid | (47,146) |  |  | — |  |  | — |  |  | (47,146) |
Repurchase of common stock | (325,828) |  |  | — |  |  | — |  |  | (325,828) |
Other financing activities | (1,237) |  |  | — |  |  | — |  |  | (1,237) |
Net cash (used) provided by financing activities | (374,211) |  |  | 1,059,148 |  |  | — |  |  | 684,937 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13,149) |  |  | (1,264) |  |  | — |  |  | (14,413) |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (478,114) |  |  | $ | 899,365 |  |  | $ | — |  |  | $ | 421,251 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,078,205 |  |  | $ | 947,014 |  |  | $ | — |  |  | $ | 2,025,219 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (478,114) |  |  | 899,365 |  |  | — |  |  | 421,251 |
Cash, cash equivalents and restricted cash, end of period | $ | 600,091 |  |  | $ | 1,846,379 |  |  | $ | — |  |  | $ | 2,446,470 |

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