Harley Davidson 2015 Annual Report Download - page 101

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101
Year Ended December 31, 2015
Motorcycles
& Related
Products
Operations
Financial
Services
Operations
Eliminations
&
Adjustments Consolidated
Cash flows from operating activities:
Net income $ 678,010 $ 174,197 $ (100,000) $ 752,207
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation and amortization 188,926 9,148 — 198,074
Amortization of deferred loan origination costs — 93,546 — 93,546
Amortization of financing origination fees 267 9,708 — 9,975
Provision for long-term employee benefits 60,824 — — 60,824
Contributions to pension and postretirement plans (28,490) — — (28,490)
Stock compensation expense 26,775 2,658 — 29,433
Net change in wholesale finance receivables — — (113,970)(113,970)
Provision for credit losses — 101,345 — 101,345
Loss on debt extinguishment — 1,099 — 1,099
Deferred income taxes (4,792)(11,692) — (16,484)
Foreign currency adjustments 20,067 — — 20,067
Other, net (442) 1,288 — 846
Change in current assets and current liabilities:
Accounts receivable 4,055 — (17,720)(13,665)
Finance receivables—accrued interest and other — (3,046) — (3,046)
Inventories (155,222) — — (155,222)
Accounts payable and accrued liabilities 81,929 18,539 38,355 138,823
Derivative instruments (5,615) — — (5,615)
Prepaid and other 33,658 (3,287) — 30,371
Total adjustments 221,940 219,306 (93,335) 347,911
Net cash provided by operating activities 899,950 393,503 (193,335) 1,100,118
Cash flows from investing activities:
Capital expenditures (249,772)(10,202) — (259,974)
Origination of finance receivables — (7,836,279) 4,084,449 (3,751,830)
Collections of finance receivables — 7,127,999 (3,991,114) 3,136,885
Sales and redemptions of marketable securities 11,507 — — 11,507
Acquisition of business (59,910) — — (59,910)
Other 7,474 — — 7,474
Net cash used by investing activities (290,701)(718,482) 93,335 (915,848)