Additional Balance Sheet and Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2019

The Company's investments in marketable securities consisted of the following at December 31, (in thousands):

Inventories, net consisted of the following as of December 31, (in thousands):



	2019			2018
Raw materials and work in process	$	235,433		$	177,110
Motorcycle finished goods	280,306			301,630
Parts & accessories and general merchandise	144,258			136,027
Inventory at lower of FIFO cost or net realizable value	659,997			614,767
Excess of FIFO over LIFO cost	(56,426		)	(58,639		)
	$	603,571		$	556,128

Property, plant and equipment, net consisted of the following as of December 31, (in thousands):



	2019			2018
Land and related improvements	$	75,798		$	73,025
Buildings and related improvements	507,178			483,965
Machinery and equipment	1,609,582			1,740,405
Software	750,978			733,180
Construction in progress	148,805			205,786
	3,092,341			3,236,361
Accumulated depreciation	(2,244,959		)	(2,332,229		)
	$	847,382		$	904,132

Accrued liabilities consisted of the following as of December 31, (in thousands):



	2019		2018
Payroll, employee benefits and related expenses	$	113,621	$	125,056
Sales incentive programs	73,354		57,525
Warranty and recalls	57,068		103,074
Accrued interest	49,213		47,977
Tax-related accruals	29,871		43,083
Leases	19,013		—
Fair value of derivative financial instruments	13,934		5,316
Restructuring	867		28,498
Other	225,347		190,601
	$	582,288	$	601,130

The reconciliation of Net income to Net cash provided by operating activities for the years ended December 31, is as follows (in thousands):



	2019			2018			2017
Cash flows from operating activities:
Net income	$	423,635		$	531,451		$	521,759
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	232,537			264,863			222,188
Amortization of deferred loan origination costs	76,326			81,315			82,911
Amortization of financing origination fees	9,823			8,367			8,045
Provision for long-term employee benefits	13,344			36,481			29,900
Employee benefit plan contributions and payments	(13,256		)	(10,544		)	(63,277		)
Stock compensation expense	33,733			35,539			32,491
Net change in wholesale finance receivables related to sales	(5,822		)	(56,538		)	35,172
Provision for credit losses	134,536			106,870			132,444
Deferred income taxes	21,547			(33,981		)	50,855
Other, net	298			37,554			8,559
Changes in current assets and liabilities:
Accounts receivable, net	44,902			9,143			(18,149		)
Finance receivables – accrued interest and other	(11,119		)	773			(1,313		)
Inventories, net	(47,576		)	(31,059		)	(20,584		)
Accounts payable and accrued liabilities	(18,462		)	196,192			10,128
Derivative financial instruments	1,936			473			1,866
Other	(28,110		)	29,022			(27,934		)
	444,637			674,470			483,302
Net cash provided by operating activities	$	868,272		$	1,205,921		$	1,005,061

Cash paid during the years ended December 31, for interest and income taxes was as follows (in thousands):