Harley Davidson 2015 Annual Report Download - page 97

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97
Year Ended December 31, 2015
Motorcycles
& Related
Products
Operations
Financial
Services
Operations Eliminations Consolidated
Revenue:
Motorcycles and Related Products $ 5,318,850 $ — $ (10,106) $ 5,308,744
Financial Services — 688,211 (1,553) 686,658
Total revenue 5,318,850 688,211 (11,659) 5,995,402
Costs and expenses:
Motorcycles and Related Products cost of
goods sold 3,356,284 — — 3,356,284
Financial Services interest expense — 161,983 — 161,983
Financial Services provision for credit losses — 101,345 — 101,345
Selling, administrative and engineering
expense 1,078,525 153,229 (11,659) 1,220,095
Total costs and expenses 4,434,809 416,557 (11,659) 4,839,707
Operating income 884,041 271,654 — 1,155,695
Investment income 106,585 — (100,000) 6,585
Interest expense 12,117 — — 12,117
Income before provision for income taxes 978,509 271,654 (100,000) 1,150,163
Provision for income taxes 300,499 97,457 — 397,956
Net income $ 678,010 $ 174,197 $ (100,000) $ 752,207
Year Ended December 31, 2014
Motorcycles
& Related
Products
Operations
Financial
Services
Operations Eliminations Consolidated
Revenue:
Motorcycles and Related Products $ 5,577,697 $ — $ (10,016) $ 5,567,681
Financial Services — 662,345 (1,518) 660,827
Total revenue 5,577,697 662,345 (11,534) 6,228,508
Costs and expenses:
Motorcycles and Related Products cost of
goods sold 3,542,601 — — 3,542,601
Financial Services interest expense — 164,476 — 164,476
Financial Services provision for credit losses — 80,946 — 80,946
Selling, administrative and engineering
expense 1,023,450 147,586 (11,534) 1,159,502
Total costs and expenses 4,566,051 393,008 (11,534) 4,947,525
Operating income 1,011,646 269,337 — 1,280,983
Investment income 126,499 — (120,000) 6,499
Interest expense 4,162 — — 4,162
Income before provision for income taxes 1,133,983 269,337 (120,000) 1,283,320
Provision for income taxes 338,453 100,256 — 438,709
Net income $ 795,530 $ 169,081 $ (120,000) $ 844,611