Additional Balance Sheet and Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

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):


	2020		2019
Raw materials and work in process	$	211,979	$	235,433
Motorcycle finished goods	281,132		280,306
Parts & Accessories and General Merchandise	84,469		144,258
Inventory at lower of FIFO cost or net realizable value	577,580		659,997
Excess of FIFO over LIFO cost	(54,083)		(56,426)
	$	523,497	$	603,571

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


	2020		2019
Land and related improvements	$	69,518	$	75,798
Buildings and related improvements	428,171		507,178
Machinery and equipment	1,577,337		1,609,582
Software	759,675		750,978
Construction in progress	188,823		148,805
	3,023,524		3,092,341
Accumulated depreciation	(2,279,740)		(2,244,959)
	$	743,784	$	847,382

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


	2020		2019
Payroll, employee benefits and related expenses	$	107,511	$	113,621
Sales incentive programs	52,820		73,354
Warranty and recalls	44,415		57,068
Accrued interest	65,590		49,213
Tax-related accruals	24,238		29,871
Leases	17,081		19,013
Fair value of derivative financial instruments	25,521		13,934
Restructuring	23,920		867
Other	196,118		225,347
	$	557,214	$	582,288

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


	2020		2019		2018
Cash flows from operating activities:
Net income	$	1,298	$	423,635	$	531,451
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	185,715		232,537		264,863
Amortization of deferred loan origination costs	71,142		76,326		81,315
Amortization of financing origination fees	14,435		9,823		8,367
Provision for long-term employee benefits	40,833		13,344		36,481
Employee benefit plan contributions and payments	(20,722)		(13,256)		(10,544)
Stock compensation expense	23,494		33,733		35,539
Net change in wholesale finance receivables related to sales	531,701		(5,822)		(56,538)
Provision for credit losses	181,870		134,536		106,870



Deferred income taxes	(44,079)		21,547		(33,981)
Other, net	13,826		298		37,554
Changes in current assets and liabilities:
Accounts receivable, net	127,657		44,902		9,143
Finance receivables – accrued interest and other	7,418		(11,119)		773
Inventories, net	80,858		(47,576)		(31,059)
Accounts payable and accrued liabilities	(43,087)		(18,462)		196,192

Derivative financial instruments	(3,481)		1,936		473
Other	9,012		(28,110)		29,022
	1,176,592		444,637		674,470
Net cash provided by operating activities	$	1,177,890	$	868,272	$	1,205,921

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