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Supplemental Consolidating Data
6 Months Ended
Jun. 29, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Supplemental Consolidating Data
Supplemental Consolidating Data
The supplemental consolidating data for the periods noted is presented for informational purposes. The supplemental consolidating data may be different than segment information presented elsewhere due to the allocation of intercompany eliminations to reporting segments. All supplemental data is presented in thousands.
 
Three months ended June 29, 2014
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
Motorcycles and Related Products
$
1,836,974

 
$

 
$
(2,689
)
 
$
1,834,285

Financial Services

 
166,963

 
(549
)
 
166,414

Total revenue
1,836,974

 
166,963

 
(3,238
)
 
2,000,699

Costs and expenses:
 
 
 
 
 
 
 
Motorcycles and Related Products cost of goods sold
1,110,146

 

 

 
1,110,146

Financial Services interest expense

 
40,741

 

 
40,741

Financial Services provision for credit losses

 
15,961

 

 
15,961

Selling, administrative and engineering expense
251,432

 
37,962

 
(3,238
)
 
286,156

Total costs and expenses
1,361,578

 
94,664

 
(3,238
)
 
1,453,004

Operating income
475,396

 
72,299

 

 
547,695

Investment income
1,772

 

 

 
1,772

Interest expense
393

 

 

 
393

Income before provision for income taxes
476,775

 
72,299

 

 
549,074

Provision for income taxes
168,303

 
26,618

 

 
194,921

Net income
$
308,472

 
$
45,681

 
$

 
$
354,153

 
Six months ended June 29, 2014
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
Motorcycles and Related Products
$
3,410,941

 
$

 
$
(4,968
)
 
$
3,405,973

Financial Services

 
321,649

 
(875
)
 
320,774

Total revenue
3,410,941

 
321,649

 
(5,843
)
 
3,726,747

Costs and expenses:
 
 
 
 
 
 
 
Motorcycles and Related Products cost of goods sold
2,089,703

 

 

 
2,089,703

Financial Services interest expense

 
79,598

 

 
79,598

Financial Services provision for credit losses

 
36,292

 

 
36,292

Selling, administrative and engineering expense
496,197

 
72,223

 
(5,843
)
 
562,577

Total costs and expenses
2,585,900

 
188,113

 
(5,843
)
 
2,768,170

Operating income
825,041

 
133,536

 

 
958,577

Investment income
123,431

 

 
(120,000
)
 
3,431

Interest expense
4,070

 

 

 
4,070

Income before provision for income taxes
944,402

 
133,536

 
(120,000
)
 
957,938

Provision for income taxes
288,876

 
48,992

 

 
337,868

Net income
$
655,526

 
$
84,544

 
$
(120,000
)
 
$
620,070

 
Three months ended June 30, 2013
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
Motorcycles and Related Products
$
1,634,165

 
$

 
$
(2,699
)
 
$
1,631,466

Financial Services

 
163,335

 
(494
)
 
162,841

Total revenue
1,634,165

 
163,335

 
(3,193
)
 
1,794,307

Costs and expenses:
 
 
 
 
 
 
 
Motorcycles and Related Products cost of goods sold
1,029,596

 

 

 
1,029,596

Financial Services interest expense

 
45,506

 

 
45,506

Financial Services provision for credit losses

 
11,297

 

 
11,297

Selling, administrative and engineering expense
249,996

 
34,581

 
(3,193
)
 
281,384

Restructuring benefit
(5,297
)
 

 

 
(5,297
)
Total costs and expenses
1,274,295

 
91,384

 
(3,193
)
 
1,362,486

Operating income
359,870

 
71,951

 

 
431,821

Investment income
1,770

 

 

 
1,770

Interest expense
11,238

 

 

 
11,238

Income before provision for income taxes
350,402

 
71,951

 

 
422,353

Provision for income taxes
124,271

 
26,343

 

 
150,614

Net income
$
226,131

 
$
45,608

 
$

 
$
271,739

 
Six months ended June 30, 2013
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
Motorcycles and Related Products
$
3,050,974

 
$

 
$
(5,260
)
 
$
3,045,714

Financial Services

 
320,632

 
(826
)
 
319,806

Total revenue
3,050,974

 
320,632

 
(6,086
)
 
3,365,520

Costs and expenses:
 
 
 
 
 
 
 
Motorcycles and Related Products cost of goods sold
1,924,402

 

 

 
1,924,402

Financial Services interest expense

 
86,060

 

 
86,060

Financial Services provision for credit losses

 
24,407

 

 
24,407

Selling, administrative and engineering expense
490,071

 
68,898

 
(6,086
)
 
552,883

Restructuring benefit
(2,359
)
 

 

 
(2,359
)
Total costs and expenses
2,412,114

 
179,365

 
(6,086
)
 
2,585,393

Operating income
638,860

 
141,267

 

 
780,127

Investment income
188,385

 

 
(185,000
)
 
3,385

Interest expense
22,629

 

 

 
22,629

Income before provision for income taxes
804,616

 
141,267

 
(185,000
)
 
760,883

Provision for income taxes
213,557

 
51,458

 

 
265,015

Net income
$
591,059

 
$
89,809

 
$
(185,000
)
 
$
495,868


 
June 29, 2014
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
635,705

 
$
363,641

 
$

 
$
999,346

Marketable securities
57,814

 

 

 
57,814

Accounts receivable, net
1,317,297

 

 
(1,027,357
)
 
289,940

Finance receivables, net

 
2,281,512

 

 
2,281,512

Inventories
371,597

 

 

 
371,597

Restricted cash

 
154,681

 

 
154,681

Deferred income taxes
52,348

 
38,000

 

 
90,348

Other current assets
95,429

 
33,031

 

 
128,460

Total current assets
2,530,190

 
2,870,865

 
(1,027,357
)
 
4,373,698

Finance receivables, net

 
4,537,405

 

 
4,537,405

Property, plant and equipment, net
792,642

 
33,825

 

 
826,467

Prepaid pension costs
256,279

 

 

 
256,279

Goodwill
30,252

 

 

 
30,252

Deferred income taxes
2,915

 

 

 
2,915

Other long-term assets
111,229

 
14,506

 
(76,455
)
 
49,280

 
$
3,723,507

 
$
7,456,601

 
$
(1,103,812
)
 
$
10,076,296

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
316,707

 
$
1,098,992

 
$
(1,027,357
)
 
$
388,342

Accrued liabilities
423,312

 
79,205

 
(1,748
)
 
500,769

Short-term debt

 
619,622

 

 
619,622

Current portion of long-term debt

 
944,915

 

 
944,915

Total current liabilities
740,019

 
2,742,734

 
(1,029,105
)
 
2,453,648

Long-term debt

 
3,794,396

 

 
3,794,396

Pension liability
38,174

 

 

 
38,174

Postretirement healthcare benefits
209,312

 

 

 
209,312

Deferred income taxes
35,597

 
1,574

 
1,748

 
38,919

Other long-term liabilities
152,862

 
22,725

 

 
175,587

Shareholders’ equity
2,547,543

 
895,172

 
(76,455
)
 
3,366,260

 
$
3,723,507

 
$
7,456,601

 
$
(1,103,812
)
 
$
10,076,296

 
December 31, 2013
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
718,912

 
$
347,700

 
$

 
$
1,066,612

Marketable securities
99,009

 

 

 
99,009

Accounts receivable, net
850,248

 

 
(589,183
)
 
261,065

Finance receivables, net

 
1,773,686

 

 
1,773,686

Inventories
424,507

 

 

 
424,507

Restricted cash

 
144,807

 

 
144,807

Deferred income taxes
70,557

 
33,068

 

 
103,625

Other current assets
82,717

 
34,573

 
(1,798
)
 
115,492

Total current assets
2,245,950

 
2,333,834

 
(590,981
)
 
3,988,803

Finance receivables, net

 
4,225,877

 

 
4,225,877

Property, plant and equipment, net
808,005

 
34,472

 

 
842,477

Prepaid pension costs
244,871

 

 

 
244,871

Goodwill
30,452

 

 

 
30,452

Deferred income taxes
3,339

 

 

 
3,339

Other long-term assets
126,940

 
17,360

 
(75,079
)
 
69,221

 
$
3,459,557

 
$
6,611,543

 
$
(666,060
)
 
$
9,405,040

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
203,786

 
$
625,191

 
$
(589,183
)
 
$
239,794

Accrued liabilities
353,618

 
77,774

 
(4,057
)
 
427,335

Short-term debt

 
666,317

 

 
666,317

Current portion of long-term debt
303,000

 
873,140

 

 
1,176,140

Total current liabilities
860,404

 
2,242,422

 
(593,240
)
 
2,509,586

Long-term debt

 
3,416,713

 

 
3,416,713

Pension liability
36,371

 

 

 
36,371

Postretirement healthcare benefits
216,165

 

 

 
216,165

Deferred income taxes
44,584

 
2,656

 
2,259

 
49,499

Other long-term liabilities
146,686

 
20,534

 

 
167,220

Shareholders’ equity
2,155,347

 
929,218

 
(75,079
)
 
3,009,486

 
$
3,459,557

 
$
6,611,543

 
$
(666,060
)
 
$
9,405,040

 
June 30, 2013
 
Motorcycles & Related
Products Operations
 
Financial
Services Operations
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
935,095

 
$
365,595

 
$

 
$
1,300,690

Marketable securities
133,631

 

 

 
133,631

Accounts receivable, net
956,619

 

 
(702,800
)
 
253,819

Finance receivables, net

 
2,010,974

 

 
2,010,974

Inventories
307,717

 

 

 
307,717

Restricted cash

 
212,004

 

 
212,004

Other current assets
175,231

 
60,405

 

 
235,636

Total current assets
2,508,293

 
2,648,978

 
(702,800
)
 
4,454,471

Finance receivables, net

 
4,214,612

 

 
4,214,612

Property, plant and equipment, net
758,674

 
31,889

 

 
790,563

Goodwill
29,183

 

 

 
29,183

Other long-term assets
277,409

 
18,011

 
(77,051
)
 
218,369

 
$
3,573,559

 
$
6,913,490

 
$
(779,851
)
 
$
9,707,198

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
290,363

 
$
756,860

 
$
(702,800
)
 
$
344,423

Accrued liabilities
392,613

 
61,015

 
(3,381
)
 
450,247

Short-term debt

 
525,745

 

 
525,745

Current portion of long-term debt
303,000

 
473,274

 

 
776,274

Total current liabilities
985,976

 
1,816,894

 
(706,181
)
 
2,096,689

Long-term debt

 
4,234,352

 

 
4,234,352

Pension liability
148,974

 

 

 
148,974

Postretirement healthcare liability
271,122

 

 

 
271,122

Other long-term liabilities
116,645

 
18,177

 

 
134,822

Shareholders’ equity
2,050,842

 
844,067

 
(73,670
)
 
2,821,239

 
$
3,573,559

 
$
6,913,490

 
$
(779,851
)
 
$
9,707,198


 
Six months ended June 29, 2014
 
Motorcycles & Related
Products Operations
 
Financial
Services  Operations
 
Eliminations &
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
Net income
$
655,526

 
$
84,544

 
$
(120,000
)
 
$
620,070

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
 
Depreciation
83,348

 
3,775

 

 
87,123

Amortization of deferred loan origination costs

 
45,713

 


 
45,713

Amortization of financing origination fees
59

 
4,225

 

 
4,284

Provision for employee long-term benefits
16,854

 

 

 
16,854

Contributions to pension and postretirement plans
(14,035
)
 

 

 
(14,035
)
Stock compensation expense
19,393

 
1,375

 

 
20,768

Net change in wholesale finance receivables related to sales

 

 
(510,200
)
 
(510,200
)
Provision for credit losses

 
36,292

 

 
36,292

Loss on debt extinguishment

 
1,145

 

 
1,145

Deferred income taxes
939

 
(6,023
)
 

 
(5,084
)
Foreign currency adjustments
(3,894
)
 

 

 
(3,894
)
Other, net
4,712

 
4,620

 

 
9,332

Change in current assets and current liabilities:
 
 
 
 
 
 
 
Accounts receivable
(363,817
)
 

 
338,174

 
(25,643
)
Finance receivables—accrued interest and other

 
(993
)
 

 
(993
)
Inventories
58,741

 

 

 
58,741

Accounts payable and accrued liabilities
189,117

 
375,290

 
(338,174
)
 
226,233

Derivative instruments
968

 

 

 
968

Other
4,962

 
(2,044
)
 

 
2,918

Total adjustments
(2,653
)
 
463,375

 
(510,200
)
 
(49,478
)
Net cash provided by operating activities
652,873

 
547,919

 
(630,200
)
 
570,592

 
Six months ended June 29, 2014
 
Motorcycles & Related
Products Operations
 
Financial
Services  Operations
 
Eliminations &
Adjustments
 
Consolidated
Cash flows from investing activities:
 
 
 
 
 
 
 
Capital expenditures
(71,395
)
 
(3,128
)
 

 
(74,523
)
Origination of finance receivables

 
(4,580,910
)
 
2,676,333

 
(1,904,577
)
Collections of finance receivables

 
3,684,319

 
(2,166,133
)
 
1,518,186

Sales and redemptions of marketable securities
41,010

 

 

 
41,010

Other
145

 

 

 
145

Net cash used by investing activities
(30,240
)
 
(899,719
)
 
510,200

 
(419,759
)
Cash flows from financing activities:
 
 
 
 
 
 
 
Repayments of senior unsecured notes
(303,000
)
 

 

 
(303,000
)
Repayments of medium-term notes

 
(7,220
)
 

 
(7,220
)
Intercompany borrowing activity
(100,000
)
 
100,000

 

 

Proceeds from securitization debt

 
847,126

 

 
847,126

Repayments of securitization debt

 
(393,655
)
 

 
(393,655
)
Net increase in credit facilities and unsecured commercial paper

 
(48,134
)
 

 
(48,134
)
Borrowings of asset-backed commercial paper

 
36,800

 

 
36,800

Repayments of asset-backed commercial paper

 
(37,317
)
 

 
(37,317
)
Net change in restricted cash

 
(9,874
)
 

 
(9,874
)
Dividends paid
(120,631
)
 
(120,000
)
 
120,000

 
(120,631
)
Purchase of common stock for treasury
(223,736
)
 

 

 
(223,736
)
Excess tax benefits from share-based payments
8,652

 

 

 
8,652

Issuance of common stock under employee stock option plans
27,907

 

 

 
27,907

Net cash (used by) provided by financing activities
(710,808
)
 
367,726

 
120,000

 
(223,082
)
Effect of exchange rate changes on cash and cash equivalents
4,968

 
15

 

 
4,983

Net (decrease) increase in cash and cash equivalents
$
(83,207
)
 
$
15,941

 
$

 
$
(67,266
)
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash and cash equivalents—beginning of period
$
718,912

 
$
347,700

 
$

 
$
1,066,612

Net (decrease) increase in cash and cash equivalents
(83,207
)
 
15,941

 

 
(67,266
)
Cash and cash equivalents—end of period
$
635,705

 
$
363,641

 
$

 
$
999,346


 
Six months ended June 30, 2013
 
Motorcycles & Related
Products Operations
 
Financial
Services  Operations
 
Eliminations &
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
Net income
$
591,059

 
$
89,809

 
$
(185,000
)
 
$
495,868

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
 
Depreciation
80,592

 
2,814

 

 
83,406

Amortization of deferred loan origination costs

 
40,947

 

 
40,947

Amortization of financing origination fees
237

 
4,398

 

 
4,635

Provision for employee long-term benefits
33,382

 

 

 
33,382

Contributions to pension and postretirement plans
(189,116
)
 

 

 
(189,116
)
Stock compensation expense
19,592

 
1,469

 

 
21,061

Net change in wholesale finance receivables related to sales

 

 
(293,293
)
 
(293,293
)
Provision for credit losses

 
24,407

 

 
24,407

Loss on extinguishment of debt

 
4,947

 

 
4,947

Foreign currency adjustments
18,529

 

 

 
18,529

Other, net
(647
)
 
205

 

 
(442
)
Change in current assets and current liabilities:
 
 
 
 
 
 
 
Accounts receivable
(286,024
)
 

 
251,237

 
(34,787
)
Finance receivables—accrued interest and other

 
699

 

 
699

Inventories
69,475

 

 

 
69,475

Accounts payable and accrued liabilities
63,605

 
258,353

 
(251,237
)
 
70,721

Restructuring reserves
(22,790
)
 

 

 
(22,790
)
Derivative instruments
(1,529
)
 
(28
)
 

 
(1,557
)
Other
65,613

 
(2,028
)
 

 
63,585

Total adjustments
(149,081
)
 
336,183

 
(293,293
)
 
(106,191
)
Net cash provided by operating activities
441,978

 
425,992

 
(478,293
)
 
389,677

 
Six months ended June 30, 2013
 
Motorcycles & Related
Products Operations
 
Financial
Services  Operations
 
Eliminations &
Adjustments
 
Consolidated
Cash flows from investing activities:
 
 
 
 
 
 
 
Capital expenditures
(64,282
)
 
(2,307
)
 

 
(66,589
)
Origination of finance receivables

 
(4,019,925
)
 
2,366,693

 
(1,653,232
)
Collections of finance receivables

 
3,496,088

 
(2,073,400
)
 
1,422,688

Purchases of marketable securities
(4,998
)
 

 

 
(4,998
)
Sales and redemptions of marketable securities
6,003

 

 

 
6,003

Other
6,667

 

 

 
6,667

Net cash used by investing activities
(56,610
)
 
(526,144
)
 
293,293

 
(289,461
)
Cash flows from financing activities:
 
 
 
 
 
 
 
Repayments of medium-term notes

 
(27,858
)
 

 
(27,858
)
Intercompany borrowing activity
100,000

 
(100,000
)
 

 

Proceeds from securitization debt

 
647,516

 

 
647,516

Repayments of securitization debt

 
(423,455
)
 

 
(423,455
)
Borrowings of asset-backed commercial paper

 
47,061

 

 
47,061

Repayments of asset-backed commercial paper

 
(37,642
)
 

 
(37,642
)
Net increase in credit facilities and unsecured commercial paper

 
230,761

 

 
230,761

Net change in restricted cash

 
(23,996
)
 

 
(23,996
)
Dividends paid
(94,213
)
 
(185,000
)
 
185,000

 
(94,213
)
Purchase of common stock for treasury
(208,699
)
 

 

 
(208,699
)
Excess tax benefits from share-based payments
16,338

 

 

 
16,338

Issuance of common stock under employee stock option plans
24,677

 

 

 
24,677

Net cash (used by) provided by financing activities
(161,897
)
 
127,387

 
185,000

 
150,490

Effect of exchange rate changes on cash and cash equivalents
(16,092
)
 
(2,062
)
 

 
(18,154
)
Net increase in cash and cash equivalents
$
207,379

 
$
25,173

 
$

 
$
232,552

Cash and cash equivalents:
 
 
 
 
 
 
 
Cash and cash equivalents—beginning of period
$
727,716

 
$
340,422

 
$

 
$
1,068,138

Net increase in cash and cash equivalents
207,379

 
25,173

 

 
232,552

Cash and cash equivalents—end of period
$
935,095

 
$
365,595

 
$

 
$
1,300,690