Harley Davidson 2015 Annual Report Download - page 105

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105
Year Ended December 31, 2013
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from operating activities:
Net income $ 745,077 $ 173,916 $ (185,000) $ 733,993
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation and amortization 160,181 6,891 — 167,072
Amortization of deferred loan origination costs — 86,181 — 86,181
Amortization of financing origination fees 473 8,903 — 9,376
Provision for long-term employee benefits 66,877 — — 66,877
Contributions to pension and postretirement plans (204,796) — — (204,796)
Stock compensation expense 38,367 2,877 — 41,244
Net change in wholesale finance receivables — — 28,865 28,865
Provision for credit losses — 60,008 — 60,008
Loss on debt extinguishment — 4,947 — 4,947
Deferred income taxes 54,568 (1,988) — 52,580
Foreign currency adjustments 16,269 — — 16,269
Other, net 10,942 (819) — 10,123
Change in current assets and current liabilities:
Accounts receivable (24,273) — (12,380)(36,653)
Finance receivables – accrued interest and other — (346) — (346)
Inventories (46,474) — — (46,474)
Accounts payable and accrued liabilities (85,949)(5,096) 12,380 (78,665)
Derivative instruments (2,161)(28) — (2,189)
Prepaid and other 70,900 (2,219) — 68,681
Total adjustments 54,924 159,311 28,865 243,100
Net cash provided by operating activities 800,001 333,227 (156,135) 977,093
Cash flows from investing activities:
Capital expenditures (199,354)(8,967) — (208,321)
Origination of finance receivables — (7,140,533) 3,896,528 (3,244,005)
Collections of finance receivables — 6,757,387 (3,925,393) 2,831,994
Purchases of marketable securities (4,998) — — (4,998)
Sales and redemptions of marketable securities 40,108 — — 40,108
Other 16,355 — — 16,355
Net cash used by investing activities (147,889)(392,113)(28,865)(568,867)