Harley Davidson 2013 Annual Report Download - page 104

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104
Year Ended December 31, 2012
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from operating activities of continuing operations:
Income from continuing operations $ 677,048 $ 171,877 $ (225,000) $ 623,925
Adjustments to reconcile income from continuing operations
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)
Change in current assets and current liabilities:
Accounts receivable 9,323 — (23,013) (13,690)
Finance receivables – accrued interest and other — (4) — (4)
Inventories 21,459 — — 21,459
Accounts payable and accrued liabilities (6,368) (27,443) 23,013 (10,798)
Restructuring reserves (16,087) — — (16,087)
Derivative instruments 2,906 (148) — 2,758
Prepaid and other (95,162) (2,554) — (97,716)
Total adjustments 71,440 103,580 2,513 177,533
Net cash provided by operating activities of continuing operations 748,488 275,457 (222,487) 801,458
Cash flows from investing activities:
Capital expenditures (180,416) (8,586) — (189,002)
Origination of finance receivables — (6,544,828) 3,686,127 (2,858,701)
Collections of finance receivables — 6,456,729 (3,688,640) 2,768,089
Purchases of marketable securities (4,993) — — (4,993)
Sales and redemptions of marketable securities 23,296 — — 23,296
Net cash used by investing activities of continuing operations (162,113) (96,685) (2,513) (261,311)
Cash flows from financing activities of continuing operations:
Proceeds from issuance medium-term notes — 993,737 — 993,737
Repayments of medium-term notes — (420,870) — (420,870)
Intercompany borrowing activity (400,000) 400,000 — —
Proceeds from securitization debt — 763,895 — 763,895
Repayments of securitization debt — (1,405,599) — (1,405,599)
Borrowings of asset-backed commercial paper — 200,417 — 200,417
Net decrease in credit facilities and unsecured commercial
paper — (744,724) — (744,724)
Repayments of asset-backed commercial paper — (24,301) — (24,301)
Net change in restricted cash — 41,647 — 41,647
Dividends paid (141,681) (225,000) 225,000 (141,681)
Purchase of common stock for treasury, net of issuances (311,632) — — (311,632)
Excess tax benefits from share based payments 13,065 — — 13,065
Issuance of common stock under employee stock option plans 45,973 — — 45,973
Net cash used by financing activities of continuing operations (794,275) (420,798) 225,000 (990,073)
Effect of exchange rate changes on cash and cash equivalents (7,714) (1,172) — (8,886)
Net decrease in cash and cash equivalents from continuing
operations $ (215,614) $ (243,198) $ — $ (458,812)
Cash and cash equivalents:
Cash and cash equivalents – beginning of period $ 943,330 $ 583,620 $ — $ 1,526,950
Net decrease in cash and cash equivalents (215,614) (243,198) — (458,812)
Cash and cash equivalents – end of period $ 727,716 $ 340,422 $ — $ 1,068,138