Additional Balance Sheet and Cash Flow Information (Tables)

6 Months Ended

Jul. 01, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Marketable Securities

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

	July 1, 2018		December 31, 2017		June 25, 2017
Mutual funds	$	49,537	$	48,006	$	44,156
Total marketable securities	$	49,537	$	48,006	$	44,156

Inventories Net

Inventories consisted of the following (in thousands):

	July 1, 2018			December 31, 2017			June 25, 2017
Raw materials and work in process	$	154,921		$	161,664		$	117,199
Motorcycle finished goods	222,711			289,530			186,244
Parts and accessories and general merchandise	140,096			139,363			116,836
Inventory at lower of FIFO cost or net realizable value	517,728			590,557			420,279
Excess of FIFO over LIFO cost	(52,355		)	(52,355		)	(48,267		)
Total inventories, net	$	465,373		$	538,202		$	372,012

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):

	Six months ended
	July 1, 2018			June 25, 2017
Cash flows from operating activities:
Net income	$	417,101		$	445,236
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	130,061			107,578
Amortization of deferred loan origination costs	39,396			40,771
Amortization of financing origination fees	4,133			4,079
Provision for long-term employee benefits	18,954			14,950
Employee benefit plan contributions and payments	(6,422		)	(37,307		)
Stock compensation expense	19,081			17,497
Net change in wholesale finance receivables related to sales	(171,195		)	(271,927		)
Provision for credit losses	48,932			69,806
Deferred income taxes	1,515			178
Other, net	20,894			(4,163		)
Changes in current assets and liabilities:
Accounts receivable, net	(14,882		)	(28,239		)
Finance receivables - accrued interest and other	4,228			2,067
Inventories	63,957			138,942
Accounts payable and accrued liabilities	161,101			133,120
Derivative instruments	(136		)	3,114
Other	(859		)	(8,634		)
Total adjustments	318,758			181,832
Net cash provided by operating activities	$	735,859		$	627,068