Harley Davidson 2012 Annual Report Download - page 108
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108
Year ended December 31, 2010
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from operating activities:
Net income $ 32,226 $ 114,319 $ — $ 146,545
Loss from discontinued operations (113,124) — — (113,124)
Income from continuing operations 145,350 114,319 — 259,669
Adjustments to reconcile income from continuing operations to cash
provided by operating activities:
Depreciation 248,246 6,925 — 255,171
Amortization of deferred loan origination costs — 87,223 — 87,223
Amortization of financing origination fees 878 18,740 — 19,618
Provision for employee long-term benefits 78,812 818 — 79,630
Contributions to pension and postretirement plans (39,391) — — (39,391)
Stock compensation expense 28,105 2,326 — 30,431
Net change in wholesale finance receivables — — 81,527 81,527
Provision for credit losses — 93,118 — 93,118
Loss on debt extinguishment 85,247 — — 85,247
Pension and postretirement healthcare plan curtailment and
settlement expense 31,824 — — 31,824
Deferred income taxes (16,774) (817) — (17,591)
Foreign currency adjustments (21,480) — — (21,480)
Other, net 13,178 (1,268) — 11,910
Change in current assets and current liabilities:
Accounts receivable (101,462) — 104,367 2,905
Finance receivables – accrued interest and other — 10,083 — 10,083
Inventories 2,516 — — 2,516
Accounts payable and accrued liabilities 196,155 170,832 (151,974) 215,013
Restructuring reserves (32,258) (219) — (32,477)
Derivative instruments (813) 6,152 — 5,339
Prepaid and other 3,888 (48,330) 47,575 3,133
Total adjustments 476,671 345,583 81,495 903,749
Net cash provided by operating activities of continuing operations 622,021 459,902 81,495 1,163,418
Cash flows from investing activities of continuing operations:
Capital expenditures (167,730) (3,115) — (170,845)
Origination of finance receivables — (5,319,738) 3,067,206 (2,252,532)
Collections of finance receivables — 5,817,695 (3,148,733) 2,668,962
Purchases of marketable securities (184,365) — — (184,365)
Sales and redemptions of marketable securities 84,217 — — 84,217
Net cash (used by) provided by investing activities of continuing operations (267,878) 494,842 (81,527) 145,437
Cash flows from financing activities of continuing operations:
Repayment of medium-term notes — (200,000) — (200,000)
Repayment of senior unsecured notes (380,757) — — (380,757)
Proceeds from securitization debt — 598,187 — 598,187
Repayments of securitization debt — (1,896,665) — (1,896,665)
Net (decrease)/increase in credit facilities and unsecured commercial
paper (178,292) 208,867 — 30,575
Repayments of asset-backed commercial paper — (845) — (845)
Net change in restricted cash — 77,654 — 77,654
Dividends paid (94,145) — — (94,145)
Purchase of common stock for treasury, net of issuances (1,706) — — (1,706)