Additional Balance Sheet and Cash Flow Information (Tables)

3 Months Ended

Apr. 01, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Marketable Securities

The Company’s marketable securities consisted of the following (in thousands):

	April 1, 2018		December 31, 2017		March 26, 2017
Available-for-sale corporate bonds	$	—	$	—	$	5,004
Mutual funds	49,402		48,006		41,674
Total marketable securities	$	49,402	$	48,006	$	46,678

Inventories Net

Inventories consisted of the following (in thousands):

	April 1, 2018			December 31, 2017			March 26, 2017
Raw materials and work in process	$	177,652		$	161,664		$	153,195
Motorcycle finished goods	289,046			289,530			263,408
Parts and accessories and general merchandise	150,228			139,363			117,140
Inventory at lower of FIFO cost or net realizable value	616,926			590,557			533,743
Excess of FIFO over LIFO cost	(52,355		)	(52,355		)	(48,267		)
Total inventories, net	$	564,571		$	538,202		$	485,476

Reconciliation of Net Cash Provided by Operating Activities

The reconciliation of net income to net cash provided by operating activities is as follows (in thousands):

	Three months ended
	April 1, 2018			March 26, 2017
Cash flows from operating activities:
Net income	$	174,763		$	186,369
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	62,473			54,900
Amortization of deferred loan origination costs	20,116			20,078
Amortization of financing origination fees	2,028			2,076
Provision for long-term employee benefits	9,747			7,475
Employee benefit plan contributions and payments	(5,486		)	(29,957		)
Stock compensation expense	7,962			6,992
Net change in wholesale finance receivables related to sales	(239,902		)	(317,087		)
Provision for credit losses	30,052			43,589
Deferred income taxes	3,188			3,989
Other, net	(1,902		)	(5,334		)
Changes in current assets and liabilities:
Accounts receivable, net	(17,688		)	(39,230		)
Finance receivables - accrued interest and other	4,758			5,142
Inventories	(21,542		)	23,476
Accounts payable and accrued liabilities	148,923			182,928
Derivative instruments	702			3,120
Other	13,402			11,413
Total adjustments	16,831			(26,430		)
Net cash provided by operating activities	$	191,594		$	159,939