Harley Davidson 2015 Annual Report Download - page 56

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56
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2015, 2014 and 2013
(In thousands)
2015 2014 2013
Net cash provided by operating activities (Note 2) $ 1,100,118 $ 1,146,677 $ 977,093
Cash flows from investing activities:
Capital expenditures (259,974)(232,319)(208,321)
Origination of finance receivables (3,751,830)(3,568,423)(3,244,005)
Collections on finance receivables 3,136,885 3,013,245 2,831,994
Purchases of marketable securities — — (4,998)
Sales and redemptions of marketable securities 11,507 41,010 40,108
Acquisition of business (59,910) — —
Other 7,474 1,837 16,355
Net cash used by investing activities (915,848)(744,650)(568,867)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes 595,386 991,835 —
Repayments of medium-term notes (610,331)(526,431)(27,858)
Proceeds from issuance of senior unsecured notes 740,385 — —
Repayment of senior unsecured notes — (303,000) —
Proceeds from securitization debt 1,195,668 847,126 647,516
Repayments of securitization debt (1,008,135)(834,856)(840,387)
Borrowings of asset-backed commercial paper 87,442 84,907 88,456
Repayments of asset-backed commercial paper (72,727)(77,800)(78,765)
Net increase in credit facilities and unsecured commercial paper 469,473 63,945 371,085
Net change in restricted cash 11,410 22,755 43,201
Dividends paid (249,262)(238,300)(187,688)
Purchase of common stock for treasury (1,537,020)(615,602)(479,231)
Excess tax benefits from share-based payments 3,468 11,540 19,895
Issuance of common stock under employee stock option plans 20,179 37,785 50,567
Net cash used by financing activities (354,064)(536,096)(393,209)
Effect of exchange rate changes on cash and cash equivalents (14,677)(25,863)(16,543)
Net decrease in cash and cash equivalents $ (184,471) $ (159,932) $ (1,526)
Cash and cash equivalents:
Cash and cash equivalents—beginning of period $ 906,680 $ 1,066,612 $ 1,068,138
Net decrease in cash and cash equivalents (184,471)(159,932)(1,526)
Cash and cash equivalents—end of period $ 722,209 $ 906,680 $ 1,066,612
The accompanying notes are an integral part of the consolidated financial statements.