Harley Davidson 2014 Annual Report Download - page 98

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Year Ended December 31, 2013
Motorcycles
& Related
Products
Operations
Financial
Services
Operations Eliminations Consolidated
Revenue:
Motorcycles and Related Products $5,268,480 $—$(10,190) $ 5,258,290
Financial Services — 643,067 (1,485)641,582
Total revenue 5,268,480 643,067 (11,675)5,899,872
Costs and expenses:
Motorcycles and Related Products cost of
goods sold 3,395,918 — — 3,395,918
Financial Services interest expense — 165,491 — 165,491
Financial Services provision for credit losses — 60,008 — 60,008
Selling, administrative and engineering
expense
995,378 143,181 (11,675)1,126,884
Restructuring benefit (2,131)— — (2,131)
Total costs and expenses 4,389,165 368,680 (11,675)4,746,170
Operating income 879,315 274,387 — 1,153,702
Investment income 190,859 — (185,000)5,859
Interest expense 45,256 — — 45,256
Income before provision for income taxes 1,024,918 274,387 (185,000)1,114,305
Provision for income taxes 279,841 100,471 — 380,312
Net income $745,077 $173,916 $(185,000) $ 733,993
€
Year Ended December 31, 2012
Motorcycles
& Related
Products
Operations
Financial
Services
Operations Eliminations Consolidated
Revenue:
Motorcycles and Related Products $4,952,748 $—$(10,166) $ 4,942,582
Financial Services — 639,482 (1,558)637,924
Total revenue 4,952,748 639,482 (11,724)5,580,506
Costs and expenses:
Motorcycles and Related Products cost of
goods sold 3,222,394 — — 3,222,394
Financial Services interest expense — 195,990 — 195,990
Financial Services provision for credit losses — 22,239 — 22,239
Selling, administrative and engineering
expense
977,782 145,174 (11,724)1,111,232
Restructuring expense 28,475 — — 28,475
Total costs and expenses 4,228,651 363,403 (11,724)4,580,330
Operating income 724,097 276,079 — 1,000,176
Investment income 232,369 — (225,000)7,369
Interest expense 46,033 — — 46,033
Income before provision for income taxes 910,433 276,079 (225,000)961,512
Provision for income taxes 233,385 104,202 — 337,587
Net income $677,048 $171,877 $(225,000) $ 623,925
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