Harley Davidson 2013 Annual Report Download - page 103

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103
Year Ended December 31, 2013
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from operating activities:
Income from continuing operations $ 745,077 $ 173,916 $ (185,000) $ 733,993
Adjustments to reconcile income from continuing operations to cash
provided by operating activities:
Depreciation 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 employee long-term 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 (60,907) (5,096) 12,380 (53,623)
Restructuring reserves (25,042) — — (25,042)
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 of continuing operations 800,001 333,227 (156,135) 977,093
Cash flows from investing activities of continuing operations:
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 of continuing operations (147,889) (392,113) (28,865) (568,867)
Cash flows from financing activities of continuing operations:
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
Repayments of asset-backed commercial paper — (78,765) — (78,765)
Net increase in credit facilities and unsecured commercial paper — 371,085 — 371,085
Net change in restricted cash — 43,201 — 43,201
Dividends (187,688) (185,000) 185,000 (187,688)
Purchase of common stock for treasury (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 of continuing operations (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 from continuing
operations $ (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