2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 733,993 | $ | 623,925 | $ | 599,114 | ||||||
Income from discontinued operations | — | — | 51,036 | |||||||||
Income from continuing operations | 733,993 | 623,925 | 548,078 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 167,072 | 168,978 | 180,408 | |||||||||
Amortization of deferred loan origination costs | 86,181 | 78,592 | 78,695 | |||||||||
Amortization of financing origination fees | 9,376 | 9,969 | 10,790 | |||||||||
Provision for employee long-term benefits | 66,877 | 71,347 | 59,441 | |||||||||
Contributions to pension and postretirement plans | (204,796 | ) | (244,416 | ) | (219,695 | ) | ||||||
Stock compensation expense | 41,244 | 40,815 | 38,192 | |||||||||
Net change in wholesale finance receivables related to sales | 28,865 | 2,513 | (2,335 | ) | ||||||||
Provision for credit losses | 60,008 | 22,239 | 17,031 | |||||||||
Loss on debt extinguishment | 4,947 | 4,323 | 9,608 | |||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | — | 6,242 | 236 | |||||||||
Deferred income taxes | 52,580 | 128,452 | 87,873 | |||||||||
Foreign currency adjustments | 16,269 | 9,773 | 10,678 | |||||||||
Other, net | 10,123 | (7,216 | ) | (15,807 | ) | |||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable, net | (36,653 | ) | (13,690 | ) | 43,050 | |||||||
Finance receivables – accrued interest and other | (346 | ) | (4 | ) | 5,027 | |||||||
Inventories | (46,474 | ) | 21,459 | (94,957 | ) | |||||||
Accounts payable and accrued liabilities | (53,623 | ) | (10,798 | ) | 120,291 | |||||||
Restructuring reserves | (25,042 | ) | (16,087 | ) | 8,072 | |||||||
Derivative instruments | (2,189 | ) | 2,758 | (2,488 | ) | |||||||
Prepaid and other | 68,681 | (97,716 | ) | 3,103 | ||||||||
Total adjustments | 243,100 | 177,533 | 337,213 | |||||||||
Net cash provided by operating activities of continuing operations | $ | 977,093 | $ | 801,458 | $ | 885,291 | ||||||