HOG » Topics » Investing Activities

This excerpt taken from the HOG 10-K filed Feb 23, 2010.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity. Capital expenditures were $116.7 million and

 

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$229.0 million during 2009 and 2008, respectively. Net changes in finance receivables held for investment reflect the Company’s increased utilization of on-balance sheet term asset-backed securitization transactions. During the year ended December 31, 2009, the Company completed four such transactions.

As a result of the Company’s higher cash balances as of December 31, 2009, the Company invested $39.7 million in corporate bonds during December 2009. Sales and redemptions of marketable securities (net of purchases) in 2008 resulted in cash inflow of $2.5 million compared to $657.7 million in 2007.

This excerpt taken from the HOG 10-Q filed Apr 30, 2009.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures and net changes in finance receivables held for investment. Capital expenditures were $22.9 million and $43.2 million during the first quarters of 2009 and 2008, respectively.

 

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These excerpts taken from the HOG 10-K filed Feb 17, 2009.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity.

Capital expenditures were $232.2 million and $242.1 million during 2008 and 2007, respectively. The Company estimates that base capital expenditures for 2009 will be in the range of $180.0 million to $200.0 million.(1) In addition, the Company expects to incur capital expenditures of $10 million to $20 million in connection with the implementation of the recently announced restructuring plan in 2009.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2009 with internally generated funds.(1)

Sales and redemptions of marketable securities (net of purchases) in 2008 resulted in cash inflow of $2.5 million compared to $657.7 million in 2007. The year over year decline in cash inflow from marketable securities is a result of the Company reducing its investment in marketable securities over the previous twelve months, generally for the purpose of funding share repurchases.

 

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The year over year increase in cash used in investing activities was also affected by the Company’s acquisition of MV during the third quarter of 2008.

Investing Activities

The
Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top">Capital expenditures were $232.2 million and $242.1 million during 2008 and 2007, respectively.
The Company estimates that base capital expenditures for 2009 will be in the range of $180.0 million to $200.0 million.
(1) In addition, the Company
expects to incur capital expenditures of $10 million to $20 million in connection with the implementation of the recently announced restructuring plan in 2009.
(1)FACE="Times New Roman" SIZE="2"> The Company anticipates it will have the ability to fund all capital expenditures in 2009 with internally generated funds.(1)SIZE="2">

Sales and redemptions of marketable securities (net of purchases) in 2008 resulted in cash inflow of $2.5 million compared to
$657.7 million in 2007. The year over year decline in cash inflow from marketable securities is a result of the Company reducing its investment in marketable securities over the previous twelve months, generally for the purpose of funding share
repurchases.

 


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The year over year increase in cash used in investing activities was also affected by the Company’s
acquisition of MV during the third quarter of 2008.

This excerpt taken from the HOG 10-Q filed Oct 30, 2008.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity.

Capital expenditures were $153.7 million and $139.4 million during the first nine months of 2008 and 2007, respectively. The Company estimates that total capital expenditures for 2008 will be in the range of $235.0 million to $250.0 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2008 with internally generated funds.(1)

Sales and redemptions of marketable securities (net of purchases) in the first nine months of 2008 resulted in cash inflow of $2.0 million compared to $604.9 million in the first nine months of 2007. The year over year decline in cash inflow from marketable securities is a result of the Company reducing its investment in marketable securities over the previous twelve months, generally for the purpose of funding share repurchases.

The year over year increase in cash used in investing activities was also affected by the Company’s acquisition of MVAG during the third quarter of 2008.

This excerpt taken from the HOG 10-Q filed Jul 31, 2008.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity.

Capital expenditures were $99.6 million and $86.0 million during the first six months of 2008 and 2007, respectively. The Company estimates that total capital expenditures for 2008 will be in the range of $235.0 million to $250.0 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2008 with internally generated funds.(1)

Sales and redemptions of marketable securities (net of purchases) in the first six months of 2008 resulted in cash inflow of $2.0 million compared to $352.5 million in the first six months of 2007. The year over year decline in cash inflow from marketable securities is a result of the Company reducing its investment in marketable securities over the previous twelve months, generally for the purpose of funding share repurchases.

This excerpt taken from the HOG 10-Q filed May 1, 2008.

Investing Activities

        The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity.

        Capital expenditures were $43.2 million and $40.8 million during the first quarter of 2008 and 2007, respectively. In response to the current business environment, the Company has adjusted its estimate for planned capital spending for 2008 to be in the range of $235.0 million to $250.0 million, down from the previous estimate of $240.0 million to $260.0 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2008 with internally generated funds.(1)

        Sales and redemptions of marketable securities (net of purchases) in the first three months of 2008 resulted in cash inflow of $2.0 million compared to $40.6 million in the first three months of 2007. The year over year decline in cash inflow from marketable securities is a result of the Company reducing its investment in marketable securities over the previous twelve months, generally for the purpose of funding share repurchases.

These excerpts taken from the HOG 10-K filed Feb 22, 2008.

Investing Activities

 

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and short-term investment activity.  Sales and redemptions of marketable securities net of purchases provided $657.7 million, $253.5 million and $431.1 million of cash to investing activities during 2007, 2006 and 2005, respectively.  Marketable securities balances were reduced during each of these three years primarily for the purpose of funding the Company’s repurchase of common stock during the year.

 

Capital expenditures were $242.1 million, $219.6 million and $198.4 million during 2007, 2006 and 2005, respectively.  In 2008, capital expenditures are expected to be between $240.0 and $260.0 million.  The increase will be primarily driven by higher investments in manufacturing capabilities and product program activities.(1)  The Company anticipates it will have the ability to fund all capital expenditures in 2008 with internally generated funds.(1)

 

Investing Activities



 



The
Company’s investing activities consist primarily of capital expenditures, net
changes in finance receivables held for investment and short-term investment
activity.  Sales and redemptions of
marketable securities net of purchases provided $657.7 million, $253.5 million
and $431.1 million of cash to investing activities during 2007, 2006 and 2005,
respectively.  Marketable securities
balances were reduced during each of these three years primarily for the
purpose of funding the Company’s repurchase of common stock during the year.



 



Capital
expenditures were $242.1 million, $219.6 million and $198.4 million during
2007, 2006 and 2005, respectively.  In
2008, capital expenditures are expected to be between $240.0 and $260.0
million.  The increase will be primarily
driven by higher investments in manufacturing capabilities and product program
activities.
(1)
 
The Company anticipates it will have the ability to fund all capital
expenditures in 2008 with internally generated funds.(1)



 



This excerpt taken from the HOG 10-Q filed Nov 2, 2007.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables held for investment and net changes in marketable securities. Net cash provided by investing activities was $462.9 million during the first nine months of 2007 compared to $327.9 million during the first nine months of 2006.

Capital expenditures were $139.4 million and $137.5 million during the first nine months of 2007 and 2006, respectively. In response to the current business environment, the Company has adjusted its estimate for planned capital spending for 2007 to be in the range of $250 million to $275 million, down from the previous estimate of $300 million to $325 million.(1) However, the adjusted capital spending estimate is still an anticipated increase from 2006 and is primarily a result of expenditures related to the Company’s powertrain facility expansion plans and the construction of the Harley-Davidson museum. The Company anticipates it will have the ability to fund all capital expenditures in 2007 with internally generated funds.(1)

Sales and redemptions of marketable securities (net of purchases) in the first nine months of 2007 resulted in cash inflow of $604.9 million compared to $464.6 million in the first nine months of 2006. The Company reduced its investment in marketable securities during the first nine months of 2007 to fund common stock repurchases made during that same period.

This excerpt taken from the HOG 10-Q filed Aug 3, 2007.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables and net changes in marketable securities. Net cash provided by investing activities was $243.2 million for the first six months of 2007 compared to $178.0 million during the first six months of 2006.

Capital expenditures were $86.0 million and $89.1 million during the first six months of 2007 and 2006, respectively. The Company estimates that total capital expenditures in 2007 will be in the range of $300 million to $325 million.(1) The anticipated increase compared to 2006 is primarily a result of expenditures related to the Company’s powertrain facility expansion plans and the construction of the Harley-Davidson museum. The Company anticipates it will have the ability to fund all capital expenditures in 2007 with internally generated funds.(1)

Sales and redemptions of marketable securities (net of purchases) in the first six months of 2007 resulted in cash inflow of $352.5 million compared to $293.6 million in the first six months of 2006.

This excerpt taken from the HOG 10-Q filed May 3, 2007.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables and net changes in marketable securities. Net cash provided by investing activities was $5.9 million for the first quarter ended 2007 compared to net cash used by investing activities of $54.1 million during the first quarter ended in 2006.

Capital expenditures were $40.8 million and $36.0 million during the first three months of 2007 and 2006, respectively. The Company estimates that total capital expenditures in 2007 will be in the range of $300 million to $325 million.(1) The anticipated increase compared to 2006 is primarily a result of expenditures related to the Company’s powertrain facility expansion plans and the construction of the Harley-Davidson museum. The Company anticipates it will have the ability to fund all capital expenditures in 2007 with internally generated funds.(1)

Sales and redemptions of marketable securities (net of purchases) in the first three months of 2007 resulted in cash inflow of $40.6 million compared to cash outflow of $9.6 million in the first three months of 2006.

This excerpt taken from the HOG 10-K filed Feb 27, 2007.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables and net changes in marketable securities.  Net cash used by investing activities was $35.3 million in 2006, compared to a cash provide of $193.8 million in 2005 and a cash use of $578.0 million during 2004.

Sales and redemptions of marketable securities net of purchases provided $253.5 million and $431.1 million during 2006 and 2005, respectively.  During 2004, the net result was cash used of $349.0 million.  Marketable securities balances were reduced during 2006 and 2005 primarily for the purpose of funding a portion of the Company’s repurchase of common stock during the year.  During 2004, the Company increased its investment in marketable securities.

Capital expenditures were $219.6 million, $198.4 million and $213.6 million during 2006, 2005 and 2004, respectively.  The Company estimates that total capital expenditures required in 2007 will be in the range of $300.0 to $325.0 million.(1)  The anticipated increase compared to 2006 is primarily a result of expenditures related to the Company’s powertrain facility expansion plans and the construction of the Harley-Davidson museum.  The Company anticipates it will have the ability to fund all capital expenditures in 2007 with internally generated funds. (1)

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This excerpt taken from the HOG 10-Q filed Oct 31, 2006.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables and net changes in marketable securities. Net cash provided by investing activities was $327.9 million and $594.9 million during the nine months ended September 24, 2006 and September 25, 2005, respectively.

Sales and redemptions of marketable securities (net of purchases) in the first nine months of 2006 were $464.6 million compared to $755.3 million in the first nine months of 2005. The Company lowered its investment in marketable securities during the first nine months of 2006 and 2005 to support the repurchase of shares that occurred during those same periods.

Capital expenditures were $137.5 million and $122.1 million during the first nine months of 2006 and 2005, respectively. The Company estimates that total capital expenditures in 2006 will be in the range of $225 million to $250 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2006 with internally generated funds.(1)

During the first nine months of 2006 and 2005, net changes in finance receivables held for investment resulted in investing cash outflows of $75.7 million and $112.4 million, respectively.

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This excerpt taken from the HOG 10-Q filed Jul 31, 2006.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables and net changes in marketable securities. Net cash provided by investing activities was $178.0 million and $811.9 million during the six months ended June 25, 2006 and June 26, 2005, respectively.

Sales and redemptions of marketable securities (net of purchases) in the first half of 2006 were $293.6 million compared to $920.5 million in the first half of 2005. Sales and redemptions of marketable securities were higher in the first six months of last year to support the higher level of share repurchases that occurred during the first six months of 2005 compared to the same period this year.

Capital expenditures were $89.1 million and $75.4 million during the first six months of 2006 and 2005, respectively. The Company estimates that total capital expenditures in 2006 will be in the range of $250 million to $275 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2006 with internally generated funds.(1)

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During the first six months of 2006 and 2005, net changes in finance receivables held for investment resulted in investing cash outflows of $54.5 million and $77.1 million, respectively.

This excerpt taken from the HOG 10-Q filed May 5, 2006.

Investing Activities

Net cash used by investing activities was $54.1 million during the first three months of 2006, compared to a cash inflow of $57.9 million during the same period last year. The Company’s investing activities consist primarily of capital expenditures, net changes in finance receivables and net changes in marketable securities.

Capital expenditures were $36.0 million and $39.0 million during the first three months of 2006 and 2005, respectively. The Company estimates that total capital expenditures in 2006 will be in the range of $250 million to $275 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2006 with internally generated funds.(1)

Increases in marketable securities balances in 2006 resulted in a reduction to cash of $9.6 million during the first three months of 2006. Sales and redemptions of marketable securities net of purchases provided $149.8 million of cash during the first quarter of 2005.

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During the first three months of 2006 and 2005, net changes in finance receivables held for investment resulted in investing cash outflows of $19.8 million and $76.9 million, respectively.

This excerpt taken from the HOG 10-K filed Mar 3, 2006.

Investing Activities

 

The Company’s investing activities consist primarily of capital expenditures, finance receivables activity and net changes in marketable securities.  Net cash provided by investing activities was $177.1 million in 2005, compared to a use of $570.2 million during 2004.

 

Sales and redemptions of marketable securities net of purchases provided $431.1 million during 2005. Marketable securities balances were reduced during 2005 primarily for the purpose of funding a portion of the Company’s repurchase of common stock during the year.  During 2004, the Company increased its investment in marketable securities resulting in a reduction to cash of $349.0 million.

 

Capital expenditures were $198.4 million and $213.6 million during 2005 and 2004, respectively.  The Company estimates that total capital expenditures required in 2006 will be in the range of $250.0 to $275.0 million.(1)  The Company anticipates it will have the ability to fund all capital expenditures in 2006 with internally generated funds.(1)

 

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This excerpt taken from the HOG 10-Q filed Nov 3, 2005.

Investing Activities

Net cash provided by investing activities was $801.3 million during the first nine months of 2005, compared to $24.5 million during the same period last year. The Company’s investing activities consist primarily of net changes in marketable securities, capital expenditures and net changes in finance receivables.

Changes in marketable securities balances provided $755.3 million during the first nine months of 2005. Proceeds from the sale of marketable securities in 2005 were used primarily for the Company’s repurchase of common stock during the first half of 2005.

Capital expenditures were $122.1 million and $110.0 million during the first nine months of 2005 and 2004, respectively. The Company estimates that total capital expenditures in 2005 will be in the range of $200 million to $250 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2005 with internally generated funds.(1)

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During the first three quarters of 2005 and 2004, HDFS acquired or originated $2.3 billion and $1.9 billion of finance receivables, respectively. Proceeds from securitization transactions and collections of finance receivables and retained securitization interests resulted in cash inflows of $2.4 billion and $2.1 billion during the first nine months of 2005 and 2004, respectively.

This excerpt taken from the HOG 10-Q filed Aug 3, 2005.

Investing Activities

Net cash provided by investing activities was $1.04 billion during the first half of 2005, compared to $94.5 million during the same period last year. The Company’s investing activities consist primarily of capital expenditures, finance receivables activity and net changes in marketable securities.

Capital expenditures were $75.4 million and $64.2 million during the first half of 2005 and 2004, respectively. The Company estimates that total capital expenditures in 2005 will be in the range of $225 million to $275 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2005 with internally generated funds.(1)

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During the first six months of 2005 and 2004, HDFS acquired and originated $1.5 billion and $1.3 billion of finance receivables, respectively. Proceeds from securitization transactions and collections of finance receivables and retained securitization interests resulted in cash inflows of $1.7 billion and $1.4 billion during the first six months of 2005 and 2004, respectively.

Changes in marketable securities balances provided $920.5 million and $55.7 million during the first half of 2005 and 2004, respectively. Proceeds from the sale of marketable securities in 2005 were used primarily for the Company’s repurchase of common stock during the first half of 2005.

This excerpt taken from the HOG 10-Q filed May 3, 2005.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, finance receivables activity and net changes in marketable securities. Net cash provided by investing activities was $283.6 million and $316.2 million during the first three months of 2005 and 2004, respectively.

Capital expenditures were $39.0 million and $31.0 million during the first three months of 2005 and 2004, respectively. The Company estimates that total capital expenditures in 2005 will be in the range of $225 million to $275 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2005 with internally generated funds.(1)

During the first quarters of 2005 and 2004, HDFS acquired and originated a total of $637.0 million and $508.1 million of finance receivables, respectively. Proceeds from securitization transactions and collections resulted in cash inflows of $785.9 million and $678.8 million during the first quarters of 2005 and 2004, respectively.

This excerpt taken from the HOG 10-Q filed May 2, 2005.

Investing Activities

The Company’s investing activities consist primarily of capital expenditures, finance receivables activity and net changes in marketable securities. Net cash provided by investing activities was $283.6 million and $316.2 million during the first three months of 2005 and 2004, respectively.

Capital expenditures were $39.0 million and $31.0 million during the first three months of 2005 and 2004, respectively. The Company estimates that total capital expenditures in 2005 will be in the range of $225 million to $275 million.(1) The Company anticipates it will have the ability to fund all capital expenditures in 2005 with internally generated funds.(1)

During the first quarters of 2005 and 2004, HDFS acquired and originated a total of $637.0 million and $508.1 million of finance receivables, respectively. Proceeds from securitization transactions and collections resulted in cash inflows of $785.9 million and $678.8 million during the first quarters of 2005 and 2004, respectively.

This excerpt taken from the HOG 10-K filed Mar 11, 2005.

Investing Activities

 

The Company’s investing activities consist primarily of capital expenditures, finance receivables activity and net changes in marketable securities.  Net cash used in investing activities was $707.8 million and $606.4 million during 2004 and 2003, respectively.

 

Capital expenditures were $213.6 million and $227.2 million during 2004 and 2003, respectively.  The Company estimates that total capital expenditures required in 2005 will be in the range of $225 to $275 million.(1)  The Company anticipates it will have the ability to fund all capital expenditures in 2005 with internally generated funds.(1)

 

Investing activity related to finance receivables resulted in a cash outflow of $272.1 million during 2004 compared to a cash outflow of $113.4 million during 2003. The change in net investing cash flow related to finance receivables was due primarily to the fact that HDFS did not complete a securitization transaction during the fourth quarter of 2004. During the fourth quarter of 2003 HDFS completed a $300 million securitization transaction.  The Company plans to complete a $730 million securitization transaction in the first quarter of 2005. This compares to a $625 million transaction completed in the first quarter of 2004.

 

The Company increased its investment in marketable securities by $349.0 million in 2004 and $393.5 million in 2003.

 

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