EXPERIENCEBUSINESS - Harley-Davidson

HARLEY- DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
December 31, 2000 1999 1998
Cash flows from operating activities:
Net income $ 347,713 $ 267,201 $ 213,500
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 133,348 113,822 87,422
Gain on sale of credit card business (18,915) — —
Tax benefit of stock options 35,876 15,504 12,663
Provision for credit losses 9,919 17,919 10,338
Deferred income taxes 1,363 11,393 1,190
Long-term employee benefits 4,631 (8,480) 5,302
Other 1,945 1,781 3,180
Net changes in current assets and current liabilities 49,609 12,502 (2,870)
Total adjustments 217,776 164,441 117,225
Net cash provided by operating activities 565,489 431,642 330,725
Cash flows from investing activities:
Net capital expenditures (203,611) (165,786) (182,770)
Finance receivables acquired or originated (3,556,195) (3,321,382) (2,722,768)
Finance receivables collected 2,727,746 2,616,857 2,105,684
Finance receivables sold 723,928 574,997 469,653
Net proceeds from sale of credit card business 170,146 — —
Purchase of Italian distributor (18,777) — —
Other, net (14,269) (4,308) (9,952)
Net cash used in investing activities (171,032) (299,622) (340,153)
Cash flows from financing activities:
Net decrease in notes payable — — (773)
Net (decrease) increase in finance debt (16,654) 34,421 56,104
Dividends paid (30,072) (26,996) (24,153)
Purchase of common stock for treasury (126,002) (130,284) (15,175)
Issuance of common stock under employee stock plans 14,592 9,084 11,133
Net cash (used in) provided by financing activities (158,136) (113,775) 27,136
Net increase in cash and cash equivalents 236,321 18,245 17,708
Cash and cash equivalents:
At beginning of year 183,415 165,170 147,462
At end of year $ 419,736 $ 183,415 $ 165,170
The accompanying notes are an integral part of the consolidated financial statements.
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