Harley Davidson 2014 Annual Report Download - page 104

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Year Ended December 31, 2012
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from operating activities:
Net income $677,048 $171,877 $(225,000) $ 623,925
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation 162,659 6,319 — 168,978
Amortization of deferred loan origination costs — 78,592 — 78,592
Amortization of financing origination fees 473 9,496 — 9,969
Provision for employee long-term benefits 67,612 3,735 — 71,347
Contributions to pension and postretirement plans (244,416)— — (244,416)
Stock compensation expense 37,544 3,271 — 40,815
Net change in wholesale finance receivables — — 2,513 2,513
Provision for credit losses — 22,239 — 22,239
Loss on debt extinguishment — 4,323 — 4,323
Pension and postretirement healthcare plan curtailment
and settlement expense
6,242 — — 6,242
Deferred income taxes 117,772 10,680 — 128,452
Foreign currency adjustments 9,773 — — 9,773
Other, net (2,290)(4,926)— (7,216)
Year Ended December 31, 2013
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from financing activities:
Repayments of medium-term notes — (27,858)— (27,858)
Intercompany borrowing activity (50,000)50,000 — —
Proceeds from securitization debt — 647,516 — 647,516
Repayments of securitization debt — (840,387)— (840,387)
Borrowings of asset-backed commercial paper — 88,456 — 88,456
Net increase in credit facilities and unsecured commercial
paper
— 371,085 — 371,085
Repayments of asset-backed commercial paper — (78,765)— (78,765)
Net change in restricted cash — 43,201 — 43,201
Dividends paid (187,688)(185,000)185,000 (187,688)
Purchase of common stock for treasury, net of issuances (479,231)— — (479,231)
Excess tax benefits from share based payments 19,895 — — 19,895
Issuance of common stock under employee stock option plans 50,567 — — 50,567
Net cash (used by) provided by financing activities (646,457)68,248 185,000 (393,209)
Effect of exchange rate changes on cash and cash equivalents (14,459)(2,084)— (16,543)
Net (decrease) increase in cash and cash equivalents $(8,804) $ 7,278 $—$(1,526)
Cash and cash equivalents:
Cash and cash equivalents – beginning of period $727,716 $340,422 $—$1,068,138
Net (decrease) increase in cash and cash equivalents (8,804)7,278 — (1,526)
Cash and cash equivalents – end of period $718,912 $347,700 $—$1,066,612
104