Harley Davidson 2014 Annual Report Download - page 55

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HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December€31, 2014, 2013 and 2012
(In thousands)
€
2014 2013 2012
Net cash provided by operating activities (Note 2) $1,146,677 $977,093 $801,458
Cash flows from investing activities:
Capital expenditures (232,319)(208,321)(189,002)
Origination of finance receivables (3,568,423)(3,244,005)(2,858,701)
Collections on finance receivables 3,013,245 2,831,994 2,768,089
Purchases of marketable securities — (4,998)(4,993)
Sales and redemptions of marketable securities 41,010 40,108 23,296
Other 1,837 16,355 —
Net cash used by investing activities (744,650)(568,867)(261,311)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes 991,835 — 993,737
Repayments of medium-term notes (526,431)(27,858)(420,870)
Repayment of senior unsecured notes (303,000)— —
Proceeds from securitization debt 847,126 647,516 763,895
Repayments of securitization debt (834,856)(840,387)(1,405,599)
Borrowings of asset-backed commercial paper 84,907 88,456 200,417
Repayments of asset-backed commercial paper (77,800)(78,765)(24,301)
Net increase (decrease) in credit facilities and unsecured commercial paper 63,945 371,085 (744,724)
Net change in restricted cash 22,755 43,201 41,647
Dividends paid (238,300)(187,688)(141,681)
Purchase of common stock for treasury (615,602)(479,231)(311,632)
Excess tax benefits from share-based payments 11,540 19,895 13,065
Issuance of common stock under employee stock option plans 37,785 50,567 45,973
Net cash used by financing activities (536,096)(393,209)(990,073)
Effect of exchange rate changes on cash and cash equivalents (25,863)(16,543)(8,886)
Net decrease in cash and cash equivalents $(159,932) $ (1,526) $ (458,812)
Cash and cash equivalents:
Cash and cash equivalents—beginning of period $1,066,612 $1,068,138 $1,526,950
Net decrease in cash and cash equivalents (159,932)(1,526)(458,812)
Cash and cash equivalents—end of period $906,680 $1,066,612 $1,068,138
The accompanying notes are an integral part of the consolidated financial statements.
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