Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Feb. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ACAT | ' |
Entity Registrant Name | 'ARCTIC CAT INC | ' |
Entity Central Index Key | '0000719866 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 13,143,625 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $56,032,000 | $35,566,000 |
Short-term investments | 6,504,000 | 77,241,000 |
Accounts receivable, less allowances | 74,123,000 | 30,296,000 |
Inventories | 137,189,000 | 96,389,000 |
Prepaid expenses | 2,761,000 | 3,032,000 |
Deferred income taxes | 15,730,000 | 16,820,000 |
Total current assets | 292,339,000 | 259,344,000 |
Property and Equipment | ' | ' |
Machinery, equipment and tooling | 171,082,000 | 160,674,000 |
Land, buildings and improvements | 29,660,000 | 29,243,000 |
Property, Plant and Equipment, Gross, Total | 200,742,000 | 189,917,000 |
Less accumulated depreciation | 153,696,000 | 144,378,000 |
Property, Plant and Equipment, Net, Total | 47,046,000 | 45,539,000 |
Other Assets | 1,257,000 | 1,262,000 |
Assets, Total | 340,642,000 | 306,145,000 |
Current Liabilities | ' | ' |
Accounts payable | 61,997,000 | 66,599,000 |
Accrued expenses | 54,452,000 | 55,736,000 |
Income taxes payable | 4,006,000 | 4,957,000 |
Total current liabilities | 120,455,000 | 127,292,000 |
Deferred Income Taxes | 8,272,000 | 4,381,000 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock | ' | ' |
Common stock, par value $.01; 37,440,000 shares authorized; shares issued and outstanding: 13,409,531 at December 31, 2013 and 13,203,682 at March 31, 2013 | 134,000 | 132,000 |
Additional paid-in-capital | 8,251,000 | 10,945,000 |
Accumulated other comprehensive loss | -961,000 | -4,166,000 |
Retained earnings | 204,491,000 | 167,561,000 |
Total shareholders' equity | 211,915,000 | 174,472,000 |
Liabilities and Equity, Total | 340,642,000 | 306,145,000 |
Preferred Stock - Series B Junior Participating | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 2,050,000 | 2,050,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 37,440,000 | 37,440,000 |
Common stock, shares issued | 13,409,531 | 13,203,682 |
Common stock, shares outstanding | 13,409,531 | 13,203,682 |
Preferred Stock - Series B Junior Participating | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 450,000 | 450,000 |
Preferred stock, shares issued | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net sales | ' | ' | ' | ' |
Net sales | $225,790,000 | $218,016,000 | $585,083,000 | $558,357,000 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 185,577,000 | 167,218,000 | 454,036,000 | 421,050,000 |
Gross profit | 40,213,000 | 50,798,000 | 131,047,000 | 137,307,000 |
Operating expenses | ' | ' | ' | ' |
Selling & marketing | 9,726,000 | 10,041,000 | 28,836,000 | 28,866,000 |
Research & development | 5,723,000 | 5,084,000 | 17,291,000 | 14,429,000 |
General & administrative | 6,372,000 | 8,002,000 | 21,802,000 | 24,467,000 |
Total operating expenses | 21,821,000 | 23,127,000 | 67,929,000 | 67,762,000 |
Operating profit | 18,392,000 | 27,671,000 | 63,118,000 | 69,545,000 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 6,000 | 10,000 | 22,000 | 27,000 |
Interest expense | -96,000 | -2,000 | -136,000 | -84,000 |
Total other expense | -90,000 | 8,000 | -114,000 | -57,000 |
Earnings before income taxes | 18,302,000 | 27,679,000 | 63,004,000 | 69,488,000 |
Income tax expense | 6,182,000 | 9,826,000 | 22,051,000 | 24,668,000 |
Net earnings | 12,120,000 | 17,853,000 | 40,953,000 | 44,820,000 |
Net earnings per share | ' | ' | ' | ' |
Basic | $0.90 | $1.35 | $3.07 | $3.41 |
Diluted | $0.89 | $1.30 | $2.99 | $3.25 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic | 13,420,000 | 13,220,000 | 13,338,000 | 13,144,000 |
Diluted | 13,657,000 | 13,684,000 | 13,698,000 | 13,796,000 |
Snowmobile & ATV units | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Net sales | 196,295,000 | 191,986,000 | 503,285,000 | 481,213,000 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 166,994,000 | 150,177,000 | 402,650,000 | 371,733,000 |
Gross profit | 29,301,000 | 41,809,000 | 100,635,000 | 109,480,000 |
Parts, garments & accessories | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Net sales | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 18,583,000 | 17,041,000 | 51,386,000 | 49,317,000 |
Gross profit | $10,912,000 | $8,989,000 | $30,412,000 | $27,827,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $12,120,000 | $17,853,000 | $40,953,000 | $44,820,000 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 545,000 | 668,000 | 2,271,000 | -239,000 |
Unrealized gain (loss) on derivative instruments, net of tax | 303,000 | 838,000 | 934,000 | -356,000 |
Comprehensive income | $12,968,000 | $19,359,000 | $44,158,000 | $44,225,000 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net earnings | $40,953,000 | $44,820,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,230,000 | 9,925,000 |
Deferred income tax expense (benefit) | 4,432,000 | -1,275,000 |
Stock-based compensation expense | 2,193,000 | 1,932,000 |
Loss on disposal of fixed assets | 1,000 | 48,000 |
Changes in operating assets and liabilities: | ' | ' |
Trading securities | 70,736,000 | -40,562,000 |
Accounts receivable | -41,744,000 | -23,283,000 |
Inventories | -39,153,000 | 1,725,000 |
Prepaid expenses | 278,000 | 835,000 |
Accounts payable | -4,825,000 | -5,663,000 |
Accrued expenses | -1,461,000 | 5,163,000 |
Income taxes | -1,231,000 | 15,217,000 |
Net cash provided by operating activities | 42,409,000 | 8,882,000 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -13,717,000 | -10,410,000 |
Proceeds from the sale of assets | 5,000 | ' |
Net cash used in investing activities | -13,712,000 | -10,410,000 |
Cash flows from financing activities: | ' | ' |
Checks written in excess of bank balances | 143,000 | ' |
Proceeds from issuance of common stock | 18,000 | 11,000 |
Payments for income taxes on net-settled option exercises | -7,626,000 | -6,136,000 |
Tax benefit from stock options exercises | 7,495,000 | 6,629,000 |
Dividends paid | -4,023,000 | ' |
Repurchase of common stock | -4,772,000 | -5,401,000 |
Net cash used in financing activities | -8,765,000 | -4,897,000 |
Effect of exchange rate changes on cash and cash equivalents | 534,000 | -113,000 |
Net increase (decrease) in cash and cash equivalents | 20,466,000 | -6,538,000 |
Cash and cash equivalents at beginning of period | 35,566,000 | 24,138,000 |
Cash and cash equivalents at end of period | 56,032,000 | 17,600,000 |
Supplemental disclosure of cash payments for: | ' | ' |
Income taxes | 11,088,000 | 8,265,000 |
Interest | $127,000 | $84,000 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE A–BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of Arctic Cat Inc. (the “Company”) have been prepared in accordance with Regulation S-X pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. | |
In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company’s financial position as of December 31, 2013, and results of operations for the three-month and nine-month periods ended December 31, 2013 and 2012 and cash flows for the nine-month periods ended December 31, 2013 and 2012. Results of operations for the interim periods are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of March 31, 2013 is derived from the audited balance sheet as of that date. | |
Preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from those estimates. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
NOTE B–STOCK-BASED COMPENSATION | |||||||||||||||||
In August 2013, the Company’s shareholders adopted the 2013 Omnibus Stock and Incentive Plan (the “2013 Plan”). Under the 2013 Plan, 1,100,000 shares were available for grant. The 2013 Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards, other stock awards and dividend and dividend equivalents. At December 31, 2013, 1,099,500 shares of common stock remain available for issuance under the 2013 Plan. | |||||||||||||||||
In August 2007, the Company’s shareholders adopted the 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”, and along with the 2013 Plan, “the Plans”). As of December 31, 2013, 491,395 stock options, 15,700 shares of restricted stock, and 41,435 restricted stock units issued from the 2007 Plan are outstanding and 500 shares of restricted stock from the 2013 plan are outstanding. The terms of the 2007 Plan are substantially identical to those of the 2013 Plan. With the adoption of the 2013 Plan, the Company’s Board of Directors determined no further awards will be granted from the 2007 Plan, of which 944,863 shares were available for grant at December 31, 2013. | |||||||||||||||||
Stock Options | |||||||||||||||||
Option transactions under the plans during the nine months ended December 31, 2013, are summarized as follows: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise | Contractual | ||||||||||||||||
Price | Life | ||||||||||||||||
Outstanding at March 31, 2013 | 1,010,650 | $ | 17.61 | ||||||||||||||
Granted | 96,209 | 42.99 | |||||||||||||||
Exercised | (606,393 | ) | 15.73 | ||||||||||||||
Cancelled | (9,071 | ) | 25.68 | ||||||||||||||
Outstanding at December 31, 2013 | 491,395 | $ | 24.75 | 7.77 years | $ | 15,838,000 | |||||||||||
Exercisable at December 31, 2013 | 266,345 | $ | 17.84 | 7.37 years | $ | 10,424,000 | |||||||||||
The aggregate intrinsic value is based on the difference between the exercise price and the Company’s December 31, 2013 common share market value for in-the-money options. | |||||||||||||||||
The following tables summarize information concerning currently outstanding and exercisable stock options at December 31, 2013: | |||||||||||||||||
Options Outstanding | |||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average | Weighted-Average | ||||||||||||||
Remaining Contractual Life | Exercise Price | ||||||||||||||||
$6.26-9.38 | 7,800 | 3.03 years | $ | 6.26 | |||||||||||||
9.57-13.84 | 57,164 | 6.09 years | 10.91 | ||||||||||||||
14.68-21.03 | 238,507 | 7.38 years | 15.99 | ||||||||||||||
21.96-27.69 | 24,000 | 9.85 years | 24.83 | ||||||||||||||
33.67-43.79 | 163,924 | 8.85 years | 43.19 | ||||||||||||||
491,395 | 7.77 years | $ | 24.75 | ||||||||||||||
Options Exercisable | |||||||||||||||||
Range of Exercise Prices | Number Exercisable | Weighted-Average Exercise Price | |||||||||||||||
$6.26-9.38 | 7,800 | $ | 6.26 | ||||||||||||||
9.57-13.84 | 54,826 | 10.79 | |||||||||||||||
14.68-21.03 | 157,170 | 16.13 | |||||||||||||||
21.96-27.69 | 24,000 | 24.83 | |||||||||||||||
33.67-43.79 | 22,549 | 43.48 | |||||||||||||||
266,345 | $ | 17.84 | |||||||||||||||
The Company accounts for stock option-based compensation by estimating the fair value of options granted using a Black-Scholes option valuation model. The Company recognizes the expense for grants of stock options on a straight-line basis in the statement of operations as general and administrative expense based on their fair value over their requisite service periods. Stock options and restricted stock awards granted under the Plans generally vest ratably over one to three years of service. Stock options have a contractual life of five to ten years and provide for accelerated vesting if there is a change in control, as defined in the Plans. At December 31, 2013, the Company had 1,099,500 shares available for future grant under its stock option plans. Stock options awarded to Directors generally have the same terms and valuation as those awarded to employees of the Company. For stock options issued during the nine months ended December 31, 2013 and December 31, 2012, the following assumptions were used to determine fair value: | |||||||||||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||
Assumptions used: | 2013 | 2012 | |||||||||||||||
Expected term (in years) | 5 years | 5 years | |||||||||||||||
Expected volatility | 49 | % | 47 | % | |||||||||||||
Risk free interest rate | 0.81 | % | 1.3 | % | |||||||||||||
Expected dividend | 1 | % | 1 | % | |||||||||||||
Fair Value | $ | 17.71 | $ | 23.74 | |||||||||||||
At December 31, 2013, the Company had $3,032,000 of unrecognized compensation costs related to non-vested stock options and restricted stock awards that are expected to be recognized over a weighted average period of approximately two years. | |||||||||||||||||
For the three months ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense for stock options and restricted stock awards of $272,000 and $402,000, respectively, and for the nine months ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense for stock options and restricted stock awards of $2,193,000 and $1,932,000, respectively, which have been included in general and administrative expenses. The Company’s total stock-based compensation related expense reduced both basic and diluted earnings per share by $0.01 and $0.02 for each of the three months ended December 31, 2013 and 2012, respectively, and by $0.10 and $0.09 for the nine months ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
The expected term of options granted is the safe harbor period. The volatility is based on historic volatilities from the traded shares of the Company over the past two and one-half years. The risk-free interest rate for periods matching the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend is based on the historic dividend of the Company. The Company has analyzed the forfeitures of stock and option grants and has used a ten percent forfeiture rate in the expense calculation. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The 2013 Plan provides for grants of restricted common stock and restricted stock units to executives and key employees of the Company. The restricted common stock and restricted stock units are valued based on the Company’s market value of common stock on the date of grant and the amount of any award is expensed over the requisite service period which approximates two to three years. If grantees are retirement eligible and awards would either fully vest upon retirement or continue to vest after retirement, the full amount of the related expense is recognized upon grant. At December 31, 2013, the Company had 15,700 shares of restricted common stock issued and outstanding and 41,435 unvested restricted stock units outstanding under the 2007 Plan and 500 shares of restricted common stock issued and outstanding under the 2013 Plan. The shares of restricted common stock awarded have voting rights and participate equally in all dividends and other distributions duly declared by the Company’s Board of Directors. | |||||||||||||||||
Compensation expenses associated with restricted stock awards totaled $68,000 and $85,000 for the three months ended December 31, 2013 and 2012, respectively, and $330,000 and $404,000 for the nine months ended December 31, 2013 and 2012, respectively. Compensation expenses associated with restricted stock units totaled $117,000 and $74,000 for the three months ended December 31, 2013 and 2012, respectively, and $521,000 and $407,000 for the nine months ended December 31, 2013 and 2012, respectively. The Company recognizes the expense for grants of restricted stock and restricted stock units on a straight-line basis in the statement of operations as general and administrative expense based on their fair value over their requisite service periods. At December 31, 2013, unamortized compensation expense of restricted stock totaled $435,000 and of restricted stock units totaled $870,000. The unamortized expense as of December 31, 2013 is expected to be recognized over a weighted-average period of 1.3 years for restricted stock and 1.8 years for restricted stock units. | |||||||||||||||||
Restricted stock and restricted stock unit award activity under the Plans during the nine months ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Restricted Shares | Shares | Weighted- | Shares | Weighted- | |||||||||||||
Average | Average | ||||||||||||||||
Grant Date Fair | Grant Date Fair | ||||||||||||||||
Value | Value | ||||||||||||||||
Non-vested shares at March 31, | 42,820 | $ | 19.33 | 100,899 | $ | 11.61 | |||||||||||
Awarded | 8,000 | 53.91 | 8,700 | 33.73 | |||||||||||||
Vested | (34,120 | ) | 15.66 | (65,654 | ) | 9.42 | |||||||||||
Forfeited | (500 | ) | 41.52 | (1,125 | ) | 12.45 | |||||||||||
Non-vested shares at December 31, | 16,200 | $ | 43.45 | 42,820 | $ | 19.33 | |||||||||||
2013 | 2012 | ||||||||||||||||
Restricted Stock Units | Shares | Weighted- | Shares | Weighted- | |||||||||||||
Average | Average | ||||||||||||||||
Grant Date Fair | Grant Date Fair | ||||||||||||||||
Value | Value | ||||||||||||||||
Non-vested shares at March 31, | 41,607 | $ | 27.35 | 39,729 | $ | 18.31 | |||||||||||
Granted | 17,976 | 42.99 | 14,243 | 43.79 | |||||||||||||
Vested | (16,931 | ) | 23.92 | (11,899 | ) | 15.77 | |||||||||||
Forfeited | (1,217 | ) | 27.6 | — | — | ||||||||||||
Non-vested shares at December 31, | 41,435 | $ | 35.53 | 42,073 | $ | 27.65 | |||||||||||
NET_EARNINGS_PER_SHARE
NET EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
NET EARNINGS PER SHARE | ' | ||||||||||||||||
NOTE C–NET EARNINGS PER SHARE | |||||||||||||||||
The Company’s basic net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares. The Company’s diluted net earnings per share is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options, when dilutive. None of the outstanding options to purchase shares of common stock were excluded from the computation of common share equivalents during the three and nine month periods ended December 31, 2013. Options to purchase 70,470 shares of common stock with a weighted average exercise price of $43.79 outstanding during the three and nine month periods ended December 31, 2012, were excluded from the computation of common share equivalents because they were anti-dilutive as the per share exercise prices exceeded the per share market value. | |||||||||||||||||
Weighted average shares outstanding consist of the following for the three and nine months ended December 31, 2013 and 2012: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average number of common shares outstanding | 13,420,000 | 13,220,000 | 13,338,000 | 13,144,000 | |||||||||||||
Dilutive effect of option plan | 237,000 | 464,000 | 360,000 | 652,000 | |||||||||||||
Common and potential shares outstanding—diluted | 13,657,000 | 13,684,000 | 13,698,000 | 13,796,000 | |||||||||||||
SHORTTERM_INVESTMENTS
SHORT-TERM INVESTMENTS | 9 Months Ended |
Dec. 31, 2013 | |
Investments Debt And Equity Securities [Abstract] | ' |
SHORT-TERM INVESTMENTS | ' |
NOTE D–SHORT-TERM INVESTMENTS | |
Trading securities consisted of $6,504,000 and $77,241,000, invested in various money market funds at December 31, 2013 and March 31, 2013, respectively. All of the trading securities are deemed to be Level 1 investments. |
INVENTORIES
INVENTORIES | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
NOTE E–INVENTORIES | |||||||||
Inventories consist of the following: | |||||||||
December 31, 2013 | March 31, 2013 | ||||||||
Raw materials and sub-assemblies | $ | 37,617,000 | $ | 29,310,000 | |||||
Finished goods | 62,556,000 | 41,084,000 | |||||||
Parts, garments and accessories | 37,016,000 | 25,995,000 | |||||||
$ | 137,189,000 | $ | 96,389,000 | ||||||
LINE_OF_CREDIT
LINE OF CREDIT | 9 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
LINE OF CREDIT | ' |
NOTE F–LINE OF CREDIT | |
The Company entered into a $100,000,000 senior secured revolving credit agreement in November 2013 for documentary and stand-by letters of credit, working capital needs and general corporate purposes, which amended and restated the Company’s prior $60,000,000 senior secured revolving credit agreement. This agreement is scheduled to expire in November 2017. Under the agreement, the Company may borrow up to $100,000,000 during May through November and up to $50,000,000 during all other months of the fiscal year. Borrowings under the line of credit bear interest at the greater of the following rates: the prime rate plus 0.75%, the federal funds rate plus 0.50% or LIBOR for a 30 day interest period plus 1.00%. As of December 31, 2013, the effective rate was 4.00%. All borrowings are collateralized by substantially all of the Company’s assets, including all real estate, accounts receivable and inventory. No borrowings from the line of credit were outstanding at December 31, 2013 and March 31, 2013. The outstanding letters of credit balances were $4,074,000 at December 31, 2013 and 2012, and borrowings under the line are subject to certain covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. The Company was in compliance with the terms of the credit agreement as of December 31, 2013. Outstanding letters of credit will be repaid over the following six months in accordance with the credit agreement. |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
ACCRUED EXPENSES | ' | ||||||||
NOTE G–ACCRUED EXPENSES | |||||||||
Accrued expenses consist of the following: | |||||||||
December 31, 2013 | March 31, 2013 | ||||||||
Marketing | $ | 9,628,000 | $ | 11,971,000 | |||||
Compensation | 9,052,000 | 10,682,000 | |||||||
Warranties | 22,019,000 | 18,709,000 | |||||||
Insurance | 6,945,000 | 9,254,000 | |||||||
Other | 6,808,000 | 5,120,000 | |||||||
$ | 54,452,000 | $ | 55,736,000 | ||||||
PRODUCT_WARRANTIES
PRODUCT WARRANTIES | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
PRODUCT WARRANTIES | ' | ||||||||
NOTE H–PRODUCT WARRANTIES | |||||||||
The Company generally provides a limited warranty to the owner of snowmobiles for twelve months from the date of consumer registration and for six months from the date of consumer registration on all-terrain vehicles (“ATVs”) and recreational off-highway vehicles (“ROVs”). The Company provides for estimated warranty costs at the time of sale based on historical rates and trends and makes subsequent adjustments to its estimate as actual claims become known or the amounts are determinable. The following represents changes in the Company’s accrued warranty liability for the nine-month periods ended December 31: | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 18,709,000 | $ | 18,521,000 | |||||
Warranty provision | 12,369,000 | 14,659,000 | |||||||
Warranty claim payments | (9,059,000 | ) | (11,587,000 | ) | |||||
Balance at end of period | $ | 22,019,000 | $ | 21,593,000 | |||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
SHAREHOLDERS' EQUITY | ' | ||||||||
NOTE I–SHAREHOLDERS’ EQUITY | |||||||||
Share Repurchase Authorization | |||||||||
During the nine months ended December 31, 2013 and 2012, the Company invested $4,772,000 and $5,401,000, respectively, to repurchase and cancel 95,618 and 149,424 shares of common stock, respectively, pursuant to the Board of Directors’ prior share repurchase program authorizations. At December 31, 2013 and 2012, the Company has remaining authorization to repurchase up to $25,499,000 and $271,000 of its common stock, or approximately 448,000 and 8,100 shares based on the per share closing price of $56.98 and $33.39 as of December 31, 2013 and 2012, respectively. | |||||||||
Additional Paid-in-Capital | |||||||||
The components of the changes in additional paid-in-capital during the following periods were as follows: | |||||||||
Nine Months Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 10,945,000 | $ | 13,233,000 | |||||
Proceeds from issuance of common stock | 18,000 | 11,000 | |||||||
Payment for income taxes on net-settled option exercises | (7,629,000 | ) | (6,138,000 | ) | |||||
Tax benefits from stock options exercised | 7,495,000 | 6,629,000 | |||||||
Repurchase of common stock | (4,771,000 | ) | (5,399,000 | ) | |||||
Stock-based compensation expense | 2,193,000 | 1,932,000 | |||||||
Balance at end of period | $ | 8,251,000 | $ | 10,268,000 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
The components of the changes in accumulated other comprehensive income (loss) during the following periods were as follows: | |||||||||
Nine Months Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | (4,166,000 | ) | $ | (2,708,000 | ) | |||
Unrealized gain (loss) on derivative instruments, net of tax | 934,000 | (356,000 | ) | ||||||
Foreign currency translation adjustment | 2,271,000 | (239,000 | ) | ||||||
Balance at end of period | $ | (961,000 | ) | $ | (3,303,000 | ) | |||
Retained Earnings | |||||||||
The components of the changes in retained earnings during the following periods were as follows: | |||||||||
Nine Months Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 167,561,000 | $ | 127,816,000 | |||||
Net earnings | 40,953,000 | 44,820,000 | |||||||
Dividends paid | (4,023,000 | ) | — | ||||||
Balance at end of period | $ | 204,491,000 | $ | 172,636,000 | |||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE J–COMMITMENTS AND CONTINGENCIES | |
Dealer Financing | |
Finance companies provide the Company’s North American dealers with floorplan financing. The Company has agreements with these finance companies to repurchase certain repossessed products sold to its dealers. At December 31, 2013, the Company was contingently liable under these agreements for a maximum repurchase amount of approximately $76,224,000. The Company’s financial exposure under these agreements is limited to the difference between the amount paid to the finance companies for repurchases and the amount received upon the resale of the repossessed product. Losses incurred under these agreements during the periods presented have not been material. The financing agreements also have loss sharing provisions should any dealer default, whereby the Company shares certain losses with the finance companies. The maximum liability to the Company under these provisions is approximately $1,900,000 at December 31, 2013. | |
Litigation | |
The Company is subject to legal proceedings and claims which arise in the ordinary course of business. Accidents involving personal injury and property damage may occur in the use of snowmobiles, ATVs and ROVs. Claims have been made against the Company from time to time relating to these accidents, and from time to time, parties assert claims relating to their intellectual property. It is the Company’s policy to vigorously defend against these actions. The Company is not involved in any legal proceedings which it believes will have the potential for a materially adverse impact on the Company’s business or financial condition, results of operations or cash flows. The Company has recorded a reserve based on its estimated range of potential exposures based on the legal proceedings and claims that it is aware of. Should any settlement occur that exceeds the Company’s estimate or a new claim arise, the Company may need to adjust its overall reserve and, depending on the amount, such adjustment could be material. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
NOTE K–FAIR VALUE MEASUREMENTS | |
As of December 31, 2013, we have notional Canadian dollar denominated cash flow hedges of approximately $37,612,000 (USD) with a weighted average contract exchange rate of 97.69 USD to CAD. The Company’s foreign currency contract fair value was an asset totaling $1,442,000 and considered a Level 2 measurement. As of March 31, 2013, the Company’s foreign currency contract fair value was a liability totaling $41,000 and considered a Level 2 measurement. See Note L for additional information regarding the Company’s Derivative Instruments and Hedging Activities. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||
NOTE L–DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. Foreign currency risk is the primary risk that is managed. Forward contracts are entered into in order to manage the foreign exchange risk associated with the forecasted revenue denominated in a foreign currency. | |||||||||||||||||
The Company’s foreign currency management objective is to reduce earnings volatility related to movements in foreign exchange rates and limit the risk of loss in value of certain of its foreign currency-denominated cash flows. The Company actively manages certain forecasted foreign currency exposures, principally its exports sales to Canada. To protect against the reduction in value of forecasted foreign currency cash flows resulting from export sales, the Company hedges portions of its forecasted revenue denominated in foreign currencies with forward contracts. When the dollar strengthens against the foreign currency, the decline in present value of future foreign currency revenue is offset by gains in the fair value of the forward contracts designated as hedges. Conversely, when the dollar weakens, the increase in the present value of future foreign currency cash flows is offset by losses in the fair value of the forward contracts. The duration is linked to the timing of the underlying exposure, with the connection between the two being regularly monitored. The Company does not use any financial contracts for trading purposes. | |||||||||||||||||
At December 31, 2013, the Company had the following open foreign currency contracts: | |||||||||||||||||
Foreign Currency | Notional Amounts | Net Unrealized Gain (Loss) | |||||||||||||||
(in US Dollars) | |||||||||||||||||
Canadian Dollar | $ | 37,612,000 | $ | 1,442,000 | |||||||||||||
These contracts, with maturities through March 31, 2014, met the criteria for cash flow hedges and the unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive income in shareholders’ equity. | |||||||||||||||||
The table below summarizes the carrying values of derivative instruments as of December 31, 2013 and March 31, 2013: | |||||||||||||||||
Carrying Values of Derivative Instruments as of December 31, 2013 | |||||||||||||||||
Derivatives designated as hedging instruments | Fair Value | Fair Value | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | |||||||||||||||
Foreign exchange contracts (1) | $ | 1,442,000 | $ | — | $ | 1,442,000 | |||||||||||
Carrying Values of Derivative Instruments as of March 31, 2013 | |||||||||||||||||
Derivatives designated as hedging instruments | Fair Value | Fair Value | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | |||||||||||||||
Foreign exchange contracts (1) | — | $ | 41,000 | $ | (41,000 | ) | |||||||||||
-1 | Assets are included in Accounts Receivable and liabilities are included in Accounts Payable on the accompanying consolidated balance sheets. | ||||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into the income statement in the same period during which the hedged transaction affects the income statement. Gains and losses on the derivative representing hedge ineffectiveness are recognized in the current income statement. The table below provides data about the amount of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included in accumulated other comprehensive income for the three and nine months ended December 31, 2013 and 2012: | |||||||||||||||||
Derivatives in Cash | Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
Flow Hedging Relationships | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency contracts | $ | 303,000 | $ | 838,000 | $ | 934,000 | $ | (356,000 | ) | ||||||||
See Note I for information about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for derivative instruments designated as hedging instruments. The ineffective portion of foreign currency contracts was not material for the three and nine month periods ended December 31, 2013 and 2012. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
NOTE M–SEGMENT REPORTING | |||||||||||||||||
The Company manages each segment based on gross margin and there are no material transactions between the segments. Operating, general and administrative, tax and other expenses are not allocated to individual segments. Additionally, given the crossover of customers, manufacturing and asset management, the Company does not maintain separate balance sheets for each segment. Accordingly, the segment information presented below is limited to sales and margin data. | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | |||||||||||||||||
Snowmobile & ATV units | $ | 196,295,000 | $ | 191,986,000 | $ | 503,285,000 | $ | 481,213,000 | |||||||||
Parts, garments, & accessories | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 | |||||||||||||
Total net sales | 225,790,000 | 218,016,000 | 585,083,000 | 558,357,000 | |||||||||||||
Cost of goods sold | |||||||||||||||||
Snowmobile & ATV units | 166,994,000 | 150,177,000 | 402,650,000 | 371,733,000 | |||||||||||||
Parts, garments, & accessories | 18,583,000 | 17,041,000 | 51,386,000 | 49,317,000 | |||||||||||||
Total cost of goods sold | 185,577,000 | 167,218,000 | 454,036,000 | 421,050,000 | |||||||||||||
Gross profit | |||||||||||||||||
Snowmobile & ATV units | 29,301,000 | 41,809,000 | 100,635,000 | 109,480,000 | |||||||||||||
Parts, garments, & accessories | 10,912,000 | 8,989,000 | 30,412,000 | 27,827,000 | |||||||||||||
Total gross profit | $ | 40,213,000 | $ | 50,798,000 | $ | 131,047,000 | $ | 137,307,000 | |||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales by product line | |||||||||||||||||
Snowmobile units | $ | 118,061,000 | $ | 122,425,000 | $ | 276,060,000 | $ | 269,011,000 | |||||||||
ATV units | 78,234,000 | 69,561,000 | 227,225,000 | 212,202,000 | |||||||||||||
Parts, garments, & accessories | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 | |||||||||||||
Total net sales | $ | 225,790,000 | $ | 218,016,000 | $ | 585,083,000 | $ | 558,357,000 | |||||||||
Sales by geographic region were as follows: | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales by geography | |||||||||||||||||
United States | $ | 151,966,000 | $ | 112,944,000 | $ | 319,355,000 | $ | 275,449,000 | |||||||||
Canada | 49,684,000 | 73,184,000 | 173,851,000 | 181,186,000 | |||||||||||||
Europe and other | 24,140,000 | 31,888,000 | 91,877,000 | 101,722,000 | |||||||||||||
Total net sales | $ | 225,790,000 | $ | 218,016,000 | $ | 585,083,000 | $ | 558,357,000 | |||||||||
The Company has identifiable long-lived assets with total carrying values of approximately $843,000 and $1,533,000 at December 31, 2013 and March 31, 2013, respectively, outside the United States in Canada and Europe. |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||
Option transactions under the plans during the nine months ended December 31, 2013, are summarized as follows: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise | Contractual | ||||||||||||||||
Price | Life | ||||||||||||||||
Outstanding at March 31, 2013 | 1,010,650 | $ | 17.61 | ||||||||||||||
Granted | 96,209 | 42.99 | |||||||||||||||
Exercised | (606,393 | ) | 15.73 | ||||||||||||||
Cancelled | (9,071 | ) | 25.68 | ||||||||||||||
Outstanding at December 31, 2013 | 491,395 | $ | 24.75 | 7.77 years | $ | 15,838,000 | |||||||||||
Exercisable at December 31, 2013 | 266,345 | $ | 17.84 | 7.37 years | $ | 10,424,000 | |||||||||||
Assumptions Used to Determine Fair Value of Stock Options Issued | ' | ||||||||||||||||
For stock options issued during the nine months ended December 31, 2013 and December 31, 2012, the following assumptions were used to determine fair value: | |||||||||||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||
Assumptions used: | 2013 | 2012 | |||||||||||||||
Expected term (in years) | 5 years | 5 years | |||||||||||||||
Expected volatility | 49 | % | 47 | % | |||||||||||||
Risk free interest rate | 0.81 | % | 1.3 | % | |||||||||||||
Expected dividend | 1 | % | 1 | % | |||||||||||||
Fair Value | $ | 17.71 | $ | 23.74 | |||||||||||||
Outstanding and Exercisable Stock Options | ' | ||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||
The following tables summarize information concerning currently outstanding and exercisable stock options at December 31, 2013: | |||||||||||||||||
Options Outstanding | |||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average | Weighted-Average | ||||||||||||||
Remaining Contractual Life | Exercise Price | ||||||||||||||||
$6.26-9.38 | 7,800 | 3.03 years | $ | 6.26 | |||||||||||||
9.57-13.84 | 57,164 | 6.09 years | 10.91 | ||||||||||||||
14.68-21.03 | 238,507 | 7.38 years | 15.99 | ||||||||||||||
21.96-27.69 | 24,000 | 9.85 years | 24.83 | ||||||||||||||
33.67-43.79 | 163,924 | 8.85 years | 43.19 | ||||||||||||||
491,395 | 7.77 years | $ | 24.75 | ||||||||||||||
Options Exercisable | |||||||||||||||||
Range of Exercise Prices | Number Exercisable | Weighted-Average Exercise Price | |||||||||||||||
$6.26-9.38 | 7,800 | $ | 6.26 | ||||||||||||||
9.57-13.84 | 54,826 | 10.79 | |||||||||||||||
14.68-21.03 | 157,170 | 16.13 | |||||||||||||||
21.96-27.69 | 24,000 | 24.83 | |||||||||||||||
33.67-43.79 | 22,549 | 43.48 | |||||||||||||||
266,345 | $ | 17.84 | |||||||||||||||
Restricted Stock Award | ' | ||||||||||||||||
Restricted Stock Activity | ' | ||||||||||||||||
Restricted stock and restricted stock unit award activity under the Plans during the nine months ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Restricted Shares | Shares | Weighted- | Shares | Weighted- | |||||||||||||
Average | Average | ||||||||||||||||
Grant Date Fair | Grant Date Fair | ||||||||||||||||
Value | Value | ||||||||||||||||
Non-vested shares at March 31, | 42,820 | $ | 19.33 | 100,899 | $ | 11.61 | |||||||||||
Awarded | 8,000 | 53.91 | 8,700 | 33.73 | |||||||||||||
Vested | (34,120 | ) | 15.66 | (65,654 | ) | 9.42 | |||||||||||
Forfeited | (500 | ) | 41.52 | (1,125 | ) | 12.45 | |||||||||||
Non-vested shares at December 31, | 16,200 | $ | 43.45 | 42,820 | $ | 19.33 | |||||||||||
Restricted Stock Units | ' | ||||||||||||||||
Restricted Stock Activity | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Restricted Stock Units | Shares | Weighted- | Shares | Weighted- | |||||||||||||
Average | Average | ||||||||||||||||
Grant Date Fair | Grant Date Fair | ||||||||||||||||
Value | Value | ||||||||||||||||
Non-vested shares at March 31, | 41,607 | $ | 27.35 | 39,729 | $ | 18.31 | |||||||||||
Granted | 17,976 | 42.99 | 14,243 | 43.79 | |||||||||||||
Vested | (16,931 | ) | 23.92 | (11,899 | ) | 15.77 | |||||||||||
Forfeited | (1,217 | ) | 27.6 | — | — | ||||||||||||
Non-vested shares at December 31, | 41,435 | $ | 35.53 | 42,073 | $ | 27.65 | |||||||||||
NET_EARNINGS_PER_SHARE_Tables
NET EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Weighted Average Shares Outstanding | ' | ||||||||||||||||
Weighted average shares outstanding consist of the following for the three and nine months ended December 31, 2013 and 2012: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average number of common shares outstanding | 13,420,000 | 13,220,000 | 13,338,000 | 13,144,000 | |||||||||||||
Dilutive effect of option plan | 237,000 | 464,000 | 360,000 | 652,000 | |||||||||||||
Common and potential shares outstanding—diluted | 13,657,000 | 13,684,000 | 13,698,000 | 13,796,000 | |||||||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
December 31, 2013 | March 31, 2013 | ||||||||
Raw materials and sub-assemblies | $ | 37,617,000 | $ | 29,310,000 | |||||
Finished goods | 62,556,000 | 41,084,000 | |||||||
Parts, garments and accessories | 37,016,000 | 25,995,000 | |||||||
$ | 137,189,000 | $ | 96,389,000 | ||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Components of Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
December 31, 2013 | March 31, 2013 | ||||||||
Marketing | $ | 9,628,000 | $ | 11,971,000 | |||||
Compensation | 9,052,000 | 10,682,000 | |||||||
Warranties | 22,019,000 | 18,709,000 | |||||||
Insurance | 6,945,000 | 9,254,000 | |||||||
Other | 6,808,000 | 5,120,000 | |||||||
$ | 54,452,000 | $ | 55,736,000 | ||||||
PRODUCT_WARRANTIES_Tables
PRODUCT WARRANTIES (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Changes in Accrued Warranty Liability | ' | ||||||||
The following represents changes in the Company’s accrued warranty liability for the nine-month periods ended December 31: | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 18,709,000 | $ | 18,521,000 | |||||
Warranty provision | 12,369,000 | 14,659,000 | |||||||
Warranty claim payments | (9,059,000 | ) | (11,587,000 | ) | |||||
Balance at end of period | $ | 22,019,000 | $ | 21,593,000 | |||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Components of Changes in Additional Paid-in-Capital | ' | ||||||||
The components of the changes in additional paid-in-capital during the following periods were as follows: | |||||||||
Nine Months Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 10,945,000 | $ | 13,233,000 | |||||
Proceeds from issuance of common stock | 18,000 | 11,000 | |||||||
Payment for income taxes on net-settled option exercises | (7,629,000 | ) | (6,138,000 | ) | |||||
Tax benefits from stock options exercised | 7,495,000 | 6,629,000 | |||||||
Repurchase of common stock | (4,771,000 | ) | (5,399,000 | ) | |||||
Stock-based compensation expense | 2,193,000 | 1,932,000 | |||||||
Balance at end of period | $ | 8,251,000 | $ | 10,268,000 | |||||
Components of Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The components of the changes in accumulated other comprehensive income (loss) during the following periods were as follows: | |||||||||
Nine Months Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | (4,166,000 | ) | $ | (2,708,000 | ) | |||
Unrealized gain (loss) on derivative instruments, net of tax | 934,000 | (356,000 | ) | ||||||
Foreign currency translation adjustment | 2,271,000 | (239,000 | ) | ||||||
Balance at end of period | $ | (961,000 | ) | $ | (3,303,000 | ) | |||
Components of Changes in Retained Earnings | ' | ||||||||
The components of the changes in retained earnings during the following periods were as follows: | |||||||||
Nine Months Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 167,561,000 | $ | 127,816,000 | |||||
Net earnings | 40,953,000 | 44,820,000 | |||||||
Dividends paid | (4,023,000 | ) | — | ||||||
Balance at end of period | $ | 204,491,000 | $ | 172,636,000 | |||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Foreign Currency Contracts | ' | ||||||||||||||||
At December 31, 2013, the Company had the following open foreign currency contracts: | |||||||||||||||||
Foreign Currency | Notional Amounts | Net Unrealized Gain (Loss) | |||||||||||||||
(in US Dollars) | |||||||||||||||||
Canadian Dollar | $ | 37,612,000 | $ | 1,442,000 | |||||||||||||
Summary of Carrying Values of Derivative Instruments | ' | ||||||||||||||||
The table below summarizes the carrying values of derivative instruments as of December 31, 2013 and March 31, 2013: | |||||||||||||||||
Carrying Values of Derivative Instruments as of December 31, 2013 | |||||||||||||||||
Derivatives designated as hedging instruments | Fair Value | Fair Value | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | |||||||||||||||
Foreign exchange contracts (1) | $ | 1,442,000 | $ | — | $ | 1,442,000 | |||||||||||
Carrying Values of Derivative Instruments as of March 31, 2013 | |||||||||||||||||
Derivatives designated as hedging instruments | Fair Value | Fair Value | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | |||||||||||||||
Foreign exchange contracts (1) | — | $ | 41,000 | $ | (41,000 | ) | |||||||||||
-1 | Assets are included in Accounts Receivable and liabilities are included in Accounts Payable on the accompanying consolidated balance sheets. | ||||||||||||||||
Schedule of Gains and Losses, Net of Tax, Related to Derivative Instruments Designated as Cash Flow Hedges | ' | ||||||||||||||||
The table below provides data about the amount of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included in accumulated other comprehensive income for the three and nine months ended December 31, 2013 and 2012: | |||||||||||||||||
Derivatives in Cash | Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
Flow Hedging Relationships | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency contracts | $ | 303,000 | $ | 838,000 | $ | 934,000 | $ | (356,000 | ) | ||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||
Segment information presented below is limited to sales and margin data. | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | |||||||||||||||||
Snowmobile & ATV units | $ | 196,295,000 | $ | 191,986,000 | $ | 503,285,000 | $ | 481,213,000 | |||||||||
Parts, garments, & accessories | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 | |||||||||||||
Total net sales | 225,790,000 | 218,016,000 | 585,083,000 | 558,357,000 | |||||||||||||
Cost of goods sold | |||||||||||||||||
Snowmobile & ATV units | 166,994,000 | 150,177,000 | 402,650,000 | 371,733,000 | |||||||||||||
Parts, garments, & accessories | 18,583,000 | 17,041,000 | 51,386,000 | 49,317,000 | |||||||||||||
Total cost of goods sold | 185,577,000 | 167,218,000 | 454,036,000 | 421,050,000 | |||||||||||||
Gross profit | |||||||||||||||||
Snowmobile & ATV units | 29,301,000 | 41,809,000 | 100,635,000 | 109,480,000 | |||||||||||||
Parts, garments, & accessories | 10,912,000 | 8,989,000 | 30,412,000 | 27,827,000 | |||||||||||||
Total gross profit | $ | 40,213,000 | $ | 50,798,000 | $ | 131,047,000 | $ | 137,307,000 | |||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales by product line | |||||||||||||||||
Snowmobile units | $ | 118,061,000 | $ | 122,425,000 | $ | 276,060,000 | $ | 269,011,000 | |||||||||
ATV units | 78,234,000 | 69,561,000 | 227,225,000 | 212,202,000 | |||||||||||||
Parts, garments, & accessories | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 | |||||||||||||
Total net sales | $ | 225,790,000 | $ | 218,016,000 | $ | 585,083,000 | $ | 558,357,000 | |||||||||
Sales by geographic region were as follows: | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales by geography | |||||||||||||||||
United States | $ | 151,966,000 | $ | 112,944,000 | $ | 319,355,000 | $ | 275,449,000 | |||||||||
Canada | 49,684,000 | 73,184,000 | 173,851,000 | 181,186,000 | |||||||||||||
Europe and other | 24,140,000 | 31,888,000 | 91,877,000 | 101,722,000 | |||||||||||||
Total net sales | $ | 225,790,000 | $ | 218,016,000 | $ | 585,083,000 | $ | 558,357,000 | |||||||||
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | Restricted Stock Award | Restricted Stock Award | Restricted Stock Award | Restricted Stock Award | Restricted Stock Award | Restricted Stock Award | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards | 2013 Omnibus Stock and Incentive Plan | 2013 Omnibus Stock and Incentive Plan | 2013 Omnibus Stock and Incentive Plan | 2013 Omnibus Stock and Incentive Plan | 2013 Omnibus Stock and Incentive Plan | 2007 Omnibus Stock and Incentive Plan | 2007 Omnibus Stock and Incentive Plan | 2007 Omnibus Stock and Incentive Plan | ||||||
Minimum | Maximum | Restricted Stock Award | Restricted Stock Award | Restricted Stock Units | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant | 1,099,500 | ' | 1,099,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | 944,863 | ' | ' |
Shares of common stock available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,099,500 | ' | ' | ' | ' | ' | ' | ' |
Number of stock options outstanding | 491,395 | ' | 491,395 | ' | 1,010,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 491,395 | ' | ' |
Restricted common stock issued and outstanding | ' | ' | ' | ' | ' | ' | ' | 16,200 | 42,820 | 16,200 | 42,820 | 42,820 | 100,899 | 41,435 | 42,073 | 41,435 | 42,073 | 41,607 | 39,729 | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | 15,700 | 41,435 |
Stock options and restricted stock awards granted, vesting period | ' | ' | ' | ' | ' | '1 year | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options contractual life | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to non-vested stock options and restricted stock awards | $3,032,000 | ' | $3,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to non-vested stock options, weighted average period of recognition | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | '1 year 3 months 18 days | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | 2,193,000 | 1,932,000 | ' | ' | ' | 68,000 | 85,000 | 330,000 | 404,000 | ' | ' | 117,000 | 74,000 | 521,000 | 407,000 | ' | ' | 272,000 | 402,000 | 2,193,000 | 1,932,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation related expense reduced in basic and diluted earnings per share | $0.01 | $0.02 | $0.10 | $0.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock and option grants, forfeiture rate | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock award requisite service period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ' |
Unamortized compensation expense | ' | ' | ' | ' | ' | ' | ' | $435,000 | ' | $435,000 | ' | ' | ' | $870,000 | ' | $870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option_Transactions_Under_Plan
Option Transactions Under Plans (Detail) (USD $) | 9 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares under option, Outstanding beginning balance | 1,010,650 |
Number of Shares under option, Granted | 96,209 |
Number of Shares under option, Exercised | -606,393 |
Number of Shares under option, Cancelled | -9,071 |
Number of Shares under option, Outstanding ending balance | 491,395 |
Number of Shares under option, Options exercisable | 266,345 |
Weighted-Average Exercise Price, Outstanding beginning balance | $17.61 |
Weighted-Average Exercise Price, Granted | $42.99 |
Weighted-Average Exercise Price, Exercised | $15.73 |
Weighted-Average Exercise Price, Cancelled | $25.68 |
Weighted-Average Exercise Price, Outstanding ending balance | $24.75 |
Weighted-Average Exercise Price, Options exercisable | $17.84 |
Weighted-Average Contractual Life Years, Outstanding ending balance | '7 years 9 months 7 days |
Weighted-Average Contractual Life Years, Exercisable ending balance | '7 years 4 months 13 days |
Aggregate Intrinsic Value, Outstanding ending balance | $15,838,000 |
Aggregate Intrinsic Value, Exercisable ending balance | $10,424,000 |
Summary_of_Information_Concern
Summary of Information Concerning Currently Outstanding and Exercisable Stock Options (Detail) (USD $) | 9 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Outstanding | 491,395 |
Weighted-Average Remaining Contractual Life | '7 years 9 months 7 days |
Weighted-Average Exercise Price | $24.75 |
Number Exercisable | 266,345 |
Weighted-Average Exercise Price | $17.84 |
6.26-9.38 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Minimum | $6.26 |
Range of Exercise Prices, Maximum | $9.38 |
Number Outstanding | 7,800 |
Weighted-Average Remaining Contractual Life | '3 years 11 days |
Weighted-Average Exercise Price | $6.26 |
Number Exercisable | 7,800 |
Weighted-Average Exercise Price | $6.26 |
9.57-13.84 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Minimum | $9.57 |
Range of Exercise Prices, Maximum | $13.84 |
Number Outstanding | 57,164 |
Weighted-Average Remaining Contractual Life | '6 years 1 month 2 days |
Weighted-Average Exercise Price | $10.91 |
Number Exercisable | 54,826 |
Weighted-Average Exercise Price | $10.79 |
14.68-21.03 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Minimum | $14.68 |
Range of Exercise Prices, Maximum | $21.03 |
Number Outstanding | 238,507 |
Weighted-Average Remaining Contractual Life | '7 years 4 months 17 days |
Weighted-Average Exercise Price | $15.99 |
Number Exercisable | 157,170 |
Weighted-Average Exercise Price | $16.13 |
21.96-27.69 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Minimum | $21.96 |
Range of Exercise Prices, Maximum | $27.69 |
Number Outstanding | 24,000 |
Weighted-Average Remaining Contractual Life | '9 years 10 months 6 days |
Weighted-Average Exercise Price | $24.83 |
Number Exercisable | 24,000 |
Weighted-Average Exercise Price | $24.83 |
33.67-43.79 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Minimum | $33.67 |
Range of Exercise Prices, Maximum | $43.79 |
Number Outstanding | 163,924 |
Weighted-Average Remaining Contractual Life | '8 years 10 months 6 days |
Weighted-Average Exercise Price | $43.19 |
Number Exercisable | 22,549 |
Weighted-Average Exercise Price | $43.48 |
Assumptions_Used_to_Determine_
Assumptions Used to Determine Fair Value of Stock Options Issued (Detail) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected term (in years) | '5 years | '5 years |
Expected volatility | 49.00% | 47.00% |
Risk free interest rate | 0.81% | 1.30% |
Expected dividend | 1.00% | 1.00% |
Fair Value | $17.71 | $23.74 |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Non-vested shares, Beginning balance | 41,607 | 39,729 |
Awarded | 17,976 | 14,243 |
Vested | -16,931 | -11,899 |
Forfeited | -1,217 | ' |
Non-vested shares, Ending balance | 41,435 | 42,073 |
Non-vested shares, Weighted-Average Grant Date Fair Value Beginning | $27.35 | $18.31 |
Awarded | $42.99 | $43.79 |
Vested | $23.92 | $15.77 |
Forfeited | $27.60 | ' |
Non-vested shares, Weighted-Average Grant Date Fair Value Ending | $35.53 | $27.65 |
Restricted Stock Award | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Non-vested shares, Beginning balance | 42,820 | 100,899 |
Awarded | 8,000 | 8,700 |
Vested | -34,120 | -65,654 |
Forfeited | -500 | -1,125 |
Non-vested shares, Ending balance | 16,200 | 42,820 |
Non-vested shares, Weighted-Average Grant Date Fair Value Beginning | $19.33 | $11.61 |
Awarded | $53.91 | $33.73 |
Vested | $15.66 | $9.42 |
Forfeited | $41.52 | $12.45 |
Non-vested shares, Weighted-Average Grant Date Fair Value Ending | $43.45 | $19.33 |
Net_Earnings_Per_Share_Additio
Net Earnings Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive options to purchase shares of common stock excluded from computation of common share equivalents | 0 | 70,470 | 0 | 70,470 |
Anti-dilutive options to purchase shares of common stock excluded from computation of common share equivalents, weighted average exercise price | ' | $43.79 | ' | $43.79 |
Schedule_of_Weighted_Average_S
Schedule of Weighted Average Shares Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 13,420,000 | 13,220,000 | 13,338,000 | 13,144,000 |
Dilutive effect of option plan | 237,000 | 464,000 | 360,000 | 652,000 |
Common and potential shares outstanding-diluted | 13,657,000 | 13,684,000 | 13,698,000 | 13,796,000 |
ShortTerm_Investments_Addition
Short-Term Investments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Short Term Investments [Abstract] | ' | ' |
Investment in money market funds | $6,504,000 | $77,241,000 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Inventories [Abstract] | ' | ' |
Raw materials and sub-assemblies | $37,617,000 | $29,310,000 |
Finished goods | 62,556,000 | 41,084,000 |
Parts, garments and accessories | 37,016,000 | 25,995,000 |
Inventory, Total | $137,189,000 | $96,389,000 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Line of Credit | Letter of Credit | Letter of Credit | June through November | All other months | ||
Prime Rate | Federal Funds Rate | Libor Rate | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity value | ' | ' | $100,000,000 | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $50,000,000 |
Senior secured revolving credit agreement description | ' | 'This agreement is scheduled to expire in November 2017. Under the agreement, the Company may borrow up to $100,000,000 during May through November and up to $50,000,000 during all other months of the fiscal year. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, basis spread variable rate | ' | ' | ' | ' | 0.75% | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' |
Borrowings under line of credit bear interest at effective rate | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit Interest rate description | 'Borrowings under the line of credit bear interest at the greater of the following rates: the prime rate plus 0.75%, the federal funds rate plus 0.50% or LIBOR for a 30 day interest period plus 1.00%. As of December 31, 2013, the effective rate was 4.00%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit balances | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $4,074,000 | $4,074,000 | ' | ' |
Components_of_Accrued_Expenses
Components of Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
Accrued Liabilities Current [Abstract] | ' | ' | ' | ' |
Marketing | $9,628,000 | $11,971,000 | ' | ' |
Compensation | 9,052,000 | 10,682,000 | ' | ' |
Warranties | 22,019,000 | 18,709,000 | 21,593,000 | 18,521,000 |
Insurance | 6,945,000 | 9,254,000 | ' | ' |
Other | 6,808,000 | 5,120,000 | ' | ' |
Accrued Liabilities, Current, Total | $54,452,000 | $55,736,000 | ' | ' |
Product_Warranties_Additional_
Product Warranties - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2013 | |
Snowmobiles | ' |
Product Warranty [Line Items] | ' |
Product warranty term from date of consumer registration | '12 months |
ATV And ROV Units | ' |
Product Warranty [Line Items] | ' |
Product warranty term from date of consumer registration | '6 months |
Changes_in_Accrued_Warranty_Li
Changes in Accrued Warranty Liability (Detail) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Product Warranties Disclosures [Abstract] | ' | ' |
Product Warranty Accrual, Beginning of period | $18,709,000 | $18,521,000 |
Warranty provision | 12,369,000 | 14,659,000 |
Warranty claim payments | -9,059,000 | -11,587,000 |
Product Warranty Accrual, End of period | $22,019,000 | $21,593,000 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Shareholders Equity [Abstract] | ' | ' |
Value of shares repurchased and canceled | $4,772,000 | $5,401,000 |
Number of shares repurchased and canceled | 95,618 | 149,424 |
Stock repurchase program remaining authorized repurchase value | $25,499,000 | $271,000 |
Remaining authorization common stock repurchase | 448,000 | 8,100 |
Remaining authorization common stock repurchase per share closing price | $56.98 | $33.39 |
Components_of_Changes_in_Addit
Components of Changes in Additional Paid-in-Capital (Detail) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' |
Additional paid-in-capital, Beginning Balance | $10,945,000 | $13,233,000 |
Proceeds from issuance of common stock | 18,000 | 11,000 |
Payment for income taxes on net-settled option exercises | -7,626,000 | -6,136,000 |
Tax benefits from stock options exercised | 7,495,000 | 6,629,000 |
Repurchase of common stock | -4,771,000 | -5,399,000 |
Stock-based compensation expense | 2,193,000 | 1,932,000 |
Additional paid-in-capital, Ending Balance | $8,251,000 | $10,268,000 |
Components_of_Changes_in_Accum
Components of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ($4,166,000) | ($2,708,000) |
Unrealized gain (loss) on derivative instruments, net of tax | 303,000 | 838,000 | 934,000 | -356,000 |
Foreign currency translation adjustment | 545,000 | 668,000 | 2,271,000 | -239,000 |
Balance at end of period | ($961,000) | ($3,303,000) | ($961,000) | ($3,303,000) |
Components_of_Changes_in_Retai
Components of Changes in Retained Earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $167,561,000 | $127,816,000 |
Net earnings | 12,120,000 | 17,853,000 | 40,953,000 | 44,820,000 |
Dividends paid | ' | ' | -4,023,000 | ' |
Balance at end of period | $204,491,000 | $172,636,000 | $204,491,000 | $172,636,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' |
Maximum repurchase amount repossessed products sold to dealers | $76,224,000 |
Loss Sharing Provisions | ' |
Loss Contingencies [Line Items] | ' |
Maximum repurchase amount repossessed products sold to dealers | $1,900,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Denominated cash flow hedges notional amount | $37,612,000 | ' |
Weighted average contract exchange rate | 97.69 | ' |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Foreign currency contract fair value liability | $1,442,000 | $41,000 |
Recovered_Sheet1
Derivative Instruments and Hedging Activities - Schedule of Foreign Currency Contracts (Detail) (USD $) | 9 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Notional Amounts | $37,612,000 |
Cash Flow Hedging | Foreign Currency Canadian Dollar | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Notional Amounts | 37,612,000 |
Net Unrealized Gain (Loss) | $1,442,000 |
Recovered_Sheet2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (Maximum) | 9 Months Ended |
Dec. 31, 2013 | |
Maximum | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Maturity of Foreign Currency Derivatives | 31-Mar-14 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Summary of Carrying Values of Derivative Instruments (Detail) (Designated as Hedging Instrument, USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Assets | $1,442,000 | ' |
Fair Value (Liabilities) | ' | 41,000 |
Derivative Net Carrying Value | $1,442,000 | ($41,000) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Schedule of Gains and Losses, Net of Tax, Related to Derivative Instruments Designated as Cash Flow Hedges (Detail) (Derivative in Cash Flow Hedging Relationships, USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative in Cash Flow Hedging Relationships | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Foreign currency contracts | $303,000 | $838,000 | $934,000 | ($356,000) |
Schedule_of_Segment_Informatio
Schedule of Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $225,790,000 | $218,016,000 | $585,083,000 | $558,357,000 |
Cost of goods sold | 185,577,000 | 167,218,000 | 454,036,000 | 421,050,000 |
Gross profit | 40,213,000 | 50,798,000 | 131,047,000 | 137,307,000 |
United States | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 151,966,000 | 112,944,000 | 319,355,000 | 275,449,000 |
Canada | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 49,684,000 | 73,184,000 | 173,851,000 | 181,186,000 |
Europe and other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 24,140,000 | 31,888,000 | 91,877,000 | 101,722,000 |
Snowmobile units - Product line | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 118,061,000 | 122,425,000 | 276,060,000 | 269,011,000 |
ATV units - Product line | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 78,234,000 | 69,561,000 | 227,225,000 | 212,202,000 |
Parts, garments & accessories - Product line | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 |
Snowmobile & ATV units | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 196,295,000 | 191,986,000 | 503,285,000 | 481,213,000 |
Cost of goods sold | 166,994,000 | 150,177,000 | 402,650,000 | 371,733,000 |
Gross profit | 29,301,000 | 41,809,000 | 100,635,000 | 109,480,000 |
Parts, garments & accessories | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 29,495,000 | 26,030,000 | 81,798,000 | 77,144,000 |
Cost of goods sold | 18,583,000 | 17,041,000 | 51,386,000 | 49,317,000 |
Gross profit | $10,912,000 | $8,989,000 | $30,412,000 | $27,827,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (Canada And Europe, USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Canada And Europe | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets with carrying value | $843,000 | $1,533,000 |