Harley Davidson 2014 Annual Report Download - page 62

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Accrued liabilities (in thousands):
2014 2013
Payroll, employee benefits and related expenses $165,448 $166,346
Restructuring reserves — 2,181
Warranty and recalls 48,529 46,571
Sales incentive programs 44,423 42,541
Tax-related accruals 28,333 21,970
Fair value of derivative financial instruments 2,027 3,925
Other 160,557 143,801
Total accrued liabilities $449,317 $427,335 €
Cash Flow Information:
The reconciliation of net income to net cash provided by operating activities of continuing operations is as follows (in
thousands):
2014 2013 2012
Cash flows from operating activities:
Net income $844,611 $733,993 $623,925
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 179,300 167,072 168,978
Amortization of deferred loan origination costs 94,429 86,181 78,592
Amortization of financing origination fees 8,442 9,376 9,969
Provision for employee long-term benefits 33,709 66,877 71,347
Contributions to pension and postretirement plans (29,686)(204,796)(244,416)
Stock compensation expense 37,929 41,244 40,815
Net change in wholesale finance receivables related to sales (75,210)28,865 2,513
Provision for credit losses 80,946 60,008 22,239
Loss on debt extinguishment 3,942 4,947 4,323
Pension and postretirement healthcare plan curtailment and
settlement expense — — 6,242
Deferred income taxes (7,621)52,580 128,452
Foreign currency adjustments 21,964 16,269 9,773
Other, net (1,491)10,123 (7,216)
Changes in current assets and liabilities:
Accounts receivable, net (9,809)(36,653)(13,690)
Finance receivables – accrued interest and other (2,515)(346)(4)
Inventories (50,886)(46,474)21,459
Accounts payable and accrued liabilities 19,128 (53,623)(10,798)
Restructuring reserves 2,181 (25,042)(16,087)
Derivative instruments 703 (2,189)2,758
Prepaid and other (3,389)68,681 (97,716)
Total adjustments 302,066 243,100 177,533
Net cash provided by operating activities $1,146,677 $977,093 $801,458
Cash paid during the period for interest and income taxes (in thousands):
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