12 Months Ended

Consolidated Statements of Income - USD ($) $ in Thousands

Dec. 31, 2017 Dec. 31, 2016
Revenue:
Motorcycles and Related Products $ 4,915,027 $ 5,271,376
Financial Services 732,197 725,082
Total revenue 5,647,224 5,996,458
Costs and expenses:
Motorcycles and Related Products cost of goods sold 3,261,683 3,419,710
Financial Services interest expense 180,193 173,756
Financial Services provision for credit losses 132,444 136,617
Selling, administrative and engineering expense 1,181,641 1,217,439
Total costs and expenses 4,755,961 4,947,522
Operating income 891,263 1,048,936
Investment income 3,580 4,645
Interest expense 31,004 29,670
Income before provision for income taxes 863,839 1,023,911
Provision for income taxes 342,080 331,747
Net income $ 521,759 $ 692,164
Earnings per common share:
Basic (in dollars per share) $ 3.03 $ 3.85
Diluted (in dollars per share) 3.02 3.83
Cash dividends per common share (in dollars per share) $ 1.46 $ 1.40

Supplemental Information:
Depreciation & Amortization 222,188 209,555
nths Ended
Dec. 31, 2015

$ 5,308,744
686,658
5,995,402

3,356,284
161,983
101,345
1,220,095
4,839,707
1,155,695
6,585
12,117
1,150,163
397,956
$ 752,207

$ 3.71
3.69
$ 1.24

198,074
 Consolidated Balance Sheets - USD ($) $ in Thousands Dec. 31, 2017
Current assets:
Cash and cash equivalents $ 687,521
Marketable securities 0
Accounts receivable, net 329,986
Finance receivables, net 2,105,662
Inventories 538,202
Restricted cash 47,518
Other current assets 175,853
Total current assets 3,884,742
Finance receivables, net 4,859,424
Property, plant and equipment, net 967,781
Prepaid pension costs 19,816
Goodwill 55,947
Deferred income taxes 109,073
Other long-term assets 75,889
Total assets 9,972,672
Current liabilities:
Accounts payable 227,597
Accrued liabilities 529,822
Short-term debt 1,273,482
Current portion of long-term debt, net 1,127,269
Total current liabilities 3,158,170
Long-term debt, net 4,587,258
Pension liability 54,606
Postretirement healthcare liability 118,753
Other long-term liabilities 209,608
Commitments and contingencies (Note 14)
Shareholders’ equity:
Preferred stock, none issued 0
Common stock, 181,286,547 and 180,595,054 shares issued, respectively 1,813
Additional paid-in-capital 1,422,808
Retained earnings 1,607,570
Accumulated other comprehensive loss (500,049)
Treasury stock (13,195,731 and 4,647,345 shares, respectively), at cost (687,865)
Total shareholders’ equity 1,844,277
Total liabilities and shareholders' equity 9,972,672
Variable Interest Entity, Primary Beneficiary
Current assets:
Finance receivables, net 194,813
Other current assets 2,148
Finance receivables, net 521,940
Restricted cash - current and non-current 48,706
Current liabilities:
Current portion of long-term debt, net 209,247
Long-term debt, net $ 422,834
Dec. 31, 2016

$ 759,984
5,519
285,106
2,076,261
499,917
52,574
174,491
3,853,852
4,759,197
981,593
0
53,391
167,729
74,478
9,890,240

235,318
486,652
1,055,708
1,084,884
2,862,562
4,666,975
84,442
173,267
182,836

0
1,806
1,381,862
1,337,673
(565,381)
(235,802)
1,920,158
9,890,240

225,289
2,781
643,047
57,057
 241,396
$ 554,879
Please enter the appropriate formulas to complete the Ratio Analysis for Harley Davidson (HOG) for 2016-2017
The formula for the current ratio, profita maring, and retention ratio have already been entered to start the process.
Data for the Income Statement and Balance Sheet are on Separate sheets in this Workbook.

Ratio Analysis for Harley Davidson (HOG)

Ratio 2017 2016

Total Debt ratio 0.82 0.81

Total Equity ratio 0.18 0.19

Current Ratio 1.23 1.35

Debt-to-equity 2.49 2.43
Cash Coverage 35.91 42.42

Inventory Turnover 6.06 6.84

Days' sales in inventory 60 53
Receivables Turnover 17.11 21.03
Days' sales in receivables 21 17
Total asset turnover 0.57 0.61

Profit Margin 9.24% 11.54%

Return on Asset 5.23% 7.00%
Return on Equity 28.29% 36.05%

Retention Ratio 0.52 0.63

Internal Growth Rate 2.78% 4.65%
Sustainable Growth Rate 17.11% 29.65%
or 2016-2017
o start the process.