Harley Davidson 2014 Annual Report Download - page 105

Download and view the complete annual report

Please find page 105 of the 2014 Harley Davidson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 117

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117

Year Ended December 31, 2012
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
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 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 (162,113)(96,685)(2,513)(261,311)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes — 993,737 — 993,737
Repayment 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 (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 $(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
105
22.€€€€Subsequent Events
On January 22, 2015, HDFS issued $700.0 million of secured notes through a term asset-backed securitization transaction
at a weighted average interest rate of 1.19%.