Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ACAT | |
Entity Registrant Name | ARCTIC CAT INC | |
Entity Central Index Key | 719,866 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,984,264 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 20,278 | $ 40,253 |
Short-term investments | 1,009 | |
Accounts receivable, less allowances | 40,088 | 25,067 |
Inventories | 169,543 | 152,443 |
Prepaid expenses | 7,375 | 5,363 |
Income taxes receivable | 6,594 | 5,151 |
Deferred income taxes | 14,421 | 14,485 |
Other current assets | 2,071 | 3,628 |
Total current assets | 260,370 | 247,399 |
Property and equipment | ||
Machinery, equipment and tooling | 200,852 | 194,074 |
Land, buildings and improvements | 30,007 | 30,004 |
Property, Plant and Equipment, Gross, Total | 230,859 | 224,078 |
Less accumulated depreciation | 164,227 | 161,210 |
Property, Plant and Equipment, Net, Total | 66,632 | 62,868 |
Goodwill, intangibles and other assets | 6,497 | 6,579 |
Assets, Total | 333,499 | 316,846 |
Current liabilities | ||
Accounts payable | 64,770 | 70,257 |
Accrued expenses | 43,624 | 51,832 |
Total current liabilities | 108,394 | 122,089 |
Deferred income taxes | 11,376 | 11,151 |
Long-term debt | 30,877 | |
Other liabilities | $ 3,351 | $ 3,234 |
Commitments and contingencies | ||
Shareholders' equity | ||
Preferred stock | ||
Common stock, par value $0.01; 37,440,000 shares authorized; shares issued and outstanding: 12,987,475 at June 30, 2015 and 12,949,702 at March 31, 2015 | $ 130 | $ 130 |
Additional paid-in-capital | 3,535 | 1,940 |
Accumulated other comprehensive loss | (6,917) | (7,142) |
Retained earnings | 182,753 | 185,444 |
Total shareholders' equity | 179,501 | 180,372 |
Liabilities and Equity, Total | $ 333,499 | $ 316,846 |
Preferred Stock - Series B Junior Participating | ||
Shareholders' equity | ||
Preferred stock |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Mar. 31, 2015 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,050,000 | 2,050,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 37,440,000 | 37,440,000 |
Common stock, shares issued | 12,987,475 | 12,949,702 |
Common stock, shares outstanding | 12,987,475 | 12,949,702 |
Preferred Stock - Series B Junior Participating | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 450,000 | 450,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | ||
Net sales | $ 134,381 | $ 143,639 |
Cost of goods sold | ||
Cost of goods sold | 111,819 | 112,838 |
Gross profit | 22,562 | 30,801 |
Operating expenses | ||
Selling and marketing | 8,955 | 6,981 |
Research and development | 6,003 | 5,346 |
General and administrative | 9,151 | 12,904 |
Total operating expenses | 24,109 | 25,231 |
Operating profit (loss) | (1,547) | 5,570 |
Other income (expense) | ||
Interest income | 4 | |
Interest expense | (114) | (40) |
Total other expense | (114) | (36) |
Earnings (loss) before income taxes | (1,661) | 5,534 |
Income tax expense (benefit) | (605) | 1,965 |
Net earnings (loss) | $ (1,056) | $ 3,569 |
Net earnings (loss) per share | ||
Basic | $ (0.08) | $ 0.28 |
Diluted | $ (0.08) | $ 0.27 |
Weighted average shares outstanding | ||
Basic | 12,958 | 12,896 |
Diluted | 12,958 | 13,082 |
Snowmobile and ATV/ROV units | ||
Net sales | ||
Net sales | $ 111,105 | $ 119,978 |
Cost of goods sold | ||
Cost of goods sold | 96,957 | 97,701 |
Gross profit | 14,148 | 22,277 |
Parts, garments and accessories | ||
Net sales | ||
Net sales | 23,276 | 23,661 |
Cost of goods sold | ||
Cost of goods sold | 14,862 | 15,137 |
Gross profit | $ 8,414 | $ 8,524 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ (1,056) | $ 3,569 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 1,107 | (304) |
Unrealized loss on derivative instruments, net of tax | (882) | (2,570) |
Comprehensive income (loss) | $ (831) | $ 695 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net earnings (loss) | $ (1,056) | $ 3,569 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,090 | 3,116 |
Deferred income tax expense | 807 | 603 |
Stock-based compensation expense | 1,103 | 1,904 |
Changes in operating assets and liabilities | ||
Trading securities | 1,009 | 60,000 |
Accounts receivable, less allowances | (14,645) | 8,683 |
Inventories | (16,563) | (44,932) |
Accounts payable | (6,184) | (17,644) |
Accrued expenses | (8,293) | (8,368) |
Income taxes | (1,498) | 565 |
Prepaid expenses and other | (1,891) | (404) |
Net cash provided by (used in) operating activities | (44,121) | 7,092 |
Cash flows from investing activities | ||
Purchases of property and equipment | (6,742) | (2,415) |
Net cash used in investing activities | (6,742) | (2,415) |
Cash flows from financing activities: | ||
Proceeds from long-term borrowings | 60,834 | 59,300 |
Payments on long-term borrowings | (29,957) | (59,300) |
Proceeds from issuance of common stock | 498 | 9 |
Payments for income taxes on net-settled option exercises | (50) | (966) |
Tax benefit from stock options exercises | 45 | 733 |
Dividends paid | (1,635) | (1,617) |
Repurchase of common stock | (1,007) | |
Net cash provided by (used in) financing activities | 29,735 | (2,848) |
Effect of exchange rate changes on cash and cash equivalents | 1,153 | (88) |
Net increase (decrease) in cash and cash equivalents | (19,975) | 1,741 |
Cash and cash equivalents at beginning of period | 40,253 | 22,524 |
Cash and cash equivalents at end of period | 20,278 | 24,265 |
Supplemental disclosure of cash payments for: | ||
Income taxes | 69 | 32 |
Interest | $ 113 | $ 24 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE A–BASIS OF PRESENTATION The accompanying unaudited 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 consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of June 30, 2015 and results of operations and cash flows for the three-month periods ended June 30, 2015 and 2014. Results of operations for the interim periods are not necessarily indicative of results for the full year due to the seasonality of snowmobiles, all-terrain vehicles (“ATVs”) and recreational off-highway vehicles (“ROVs”) and related parts, garments and accessories (“PG&A”). The consolidated balance sheet as of March 31, 2015 is derived from the audited balance sheet as of that date. Preparation of the Company’s 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. Certain fiscal 2015 amounts have been reclassified to conform to the fiscal 2016 financial statement presentation. The reclassifications had no effect on previously reported operating results. In preparing the accompanying consolidated financial statements, the Company evaluated the period from July 1, 2015, through the date the financial statements were issued, for material subsequent events requiring recognition or disclosure. No such events were identified for this period. Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE B–STOCK-BASED COMPENSATION For the three months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense for stock options and restricted stock awards of $1.1 million and $1.9 million, respectively, which has been included in general and administrative expenses. The Company’s total stock-based compensation expense reduced both diluted earnings per share by $0.05 and $0.09 for each of the three months ended June 30, 2015 and 2014, respectively. At June 30, 2015, the Company had $9.1 million 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. The following tables summarize the stock option transactions and restricted stock unit award activity during the three months ended June 30, 2015: Shares Weighted Weighted Aggregate Outstanding at March 31, 2015 604,218 $ 29.39 Granted 90,901 33.15 Exercised (32,147 ) 15.48 Outstanding at June 30, 2015 662,972 $ 30.58 8.17 years $ 3,483 Exercisable at June 30, 2015 277,888 $ 24.63 6.43 years $ 3,325 The aggregate intrinsic value is based on the difference between the exercise price and the Company’s June 30, 2015 common share market value for in-the-money options. Restricted Stock Units Shares Weighted Average Grant Date Non-vested shares at March 31, 2015 116,439 $ 35.67 Granted 22,049 34.39 Vested (9,802 ) 44.61 Non-vested shares at June 30, 2015 128,686 $ 34.77 |
NET EARNINGS (LOSS) PER SHARE
NET EARNINGS (LOSS) PER SHARE | 3 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
NET EARNINGS (LOSS) PER SHARE | NOTE C–NET EARNINGS (LOSS) PER SHARE The Company’s basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of outstanding common shares. The Company’s diluted weighted average shares outstanding include common shares and common share equivalents relating to stock options, when dilutive. Options to purchase 195,688 and 200,656 shares of common stock with weighted average exercise price of $42.13 and $44.18 were outstanding during the three month periods ended June 30, 2015 and 2014, respectively, but were excluded from the computation of common share equivalents because they were anti-dilutive. Weighted average shares outstanding consist of the following for the three months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, 2015 2014 Weighted average number of common shares outstanding 12,958 12,896 Dilutive effect of option plan — 186 Common and potential shares outstanding—diluted 12,958 13,082 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE D–INVENTORIES Inventories consist of the following ($ in thousands): June 30, 2015 March 31, 2015 Raw materials and sub-assemblies $ 62,640 $ 41,045 Finished goods 70,864 77,763 Parts, garments and accessories 36,039 33,635 $ 169,543 $ 152,443 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE E–GOODWILL AND OTHER INTANGIBLE ASSETS The following provides the gross carrying amount of goodwill and indefinite-lived intangible assets at June 30, 2015 and March 31, 2015 ($ in thousands): June 30, 2015 March 31, 2015 Gross Carrying Gross Carrying Goodwill $ 3,342 $ 3,342 Indefinite-lived intangible assets $ 253 $ 253 There was no cumulative impairment related to goodwill or indefinite-lived intangibles assets at June 30, 2015 or March 31, 2015. The gross carrying amount and accumulated amortization of definite-lived intangible assets was as follows at June 30, 2015 and March 31, 2015 ($ in thousands): June 30, 2015 March 31, 2015 Gross Accumulated Gross Accumulated Definite-lived intangible assets $ 3,231 $ 764 $ 3,215 $ 667 Amortization expense was $0.1 million in the three months ended June 30, 2015. Amortization expense is expected to be approximately $0.3 million in the remainder of fiscal 2016 and approximately $0.4 million in each of fiscal 2017, 2018, 2019 and 2020. |
LINE OF CREDIT
LINE OF CREDIT | 3 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | NOTE F–LINE OF CREDIT The Company has a $100.0 million line of credit pursuant to a senior secured revolving credit agreement, which is scheduled to expire in November 2017. Under the agreement, the Company may borrow up to $100.0 million during May through November and up to $50.0 million 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 June 30, 2015, the effective rate was 3.5%. All borrowings are collateralized by substantially all of the Company’s assets, including all real estate, accounts receivable and inventory. The Company had $30.9 million of outstanding borrowings under the line of credit at June 30, 2015. No borrowings from the line of credit were outstanding at March 31, 2015. The outstanding letters of credit balances were $14.1 million and $9.3 million at June 30, 2015 and 2014, respectively, and borrowings under the line of credit are subject to certain covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. The Company was in compliance with the terms of the credit agreement as of June 30, 2015. Outstanding letters of credit will be repaid over the following six months in accordance with the credit agreement and any such renewal. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE G–ACCRUED EXPENSES Accrued expenses consist of the following ($ in thousands): June 30, 2015 March 31, 2015 Marketing $ 7,286 $ 14,495 Compensation 4,062 4,429 Warranties 23,229 23,062 Insurance 3,385 4,383 Other 5,662 5,463 $ 43,624 $ 51,832 |
PRODUCT WARRANTIES
PRODUCT WARRANTIES | 3 Months Ended |
Jun. 30, 2015 | |
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 ATVs and 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, including costs associated with safety recalls, which may occur after the standard warranty period. The following represents changes in the Company’s accrued warranty liability for the three-month periods ended June 30, 2015 and 2014 ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ 23,062 $ 19,357 Warranty provision 2,762 3,096 Warranty claim payments (2,595 ) (3,030 ) Balance at end of period $ 23,229 $ 19,423 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE I–SHAREHOLDERS’ EQUITY Share Repurchase Authorization On August 8, 2014, the Board authorized the repurchase of an additional $25.0 million or approximately 687,000 shares of common stock, which supplements the program previously approved in May 2013. During the three months ended June 30, 2015, the Company made no repurchases of common stock. During the three months ended June 30, 2014, the Company invested $1.0 million to repurchase and cancel 26,951 shares of common stock pursuant to the Board of Directors’ authorizations. At June 30, 2015, the Company has remaining authorization to repurchase up to approximately $26.0 million in shares of common stock. Additional Paid-in-Capital The components of the changes in additional paid-in-capital during the following periods were as follows ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ 1,940 $ — Proceeds from issuance of common stock 497 9 Payment for income taxes on net-settled option exercises (50 ) (966 ) Tax benefits from stock options exercised 45 733 Repurchase of common stock — (1,007 ) Stock-based compensation expense 1,103 1,904 Balance at end of period $ 3,535 $ 673 Accumulated Other Comprehensive Loss The components of the changes in accumulated other comprehensive loss during the following periods were as follows ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ (7,142 ) $ (2,110 ) Unrealized loss on derivative instruments, net of tax (882 ) (2,570 ) Foreign currency translation adjustment 1,107 (304 ) Balance at end of period $ (6,917 ) $ (4,984 ) The unrealized losses on derivatives instruments in the three months ended June 30, 2015 and 2014 were net of tax benefits of $0.5 million and $1.5 million, respectively. There is no tax impact on foreign currency translation adjustments, as the earnings are considered permanently reinvested. Retained Earnings The components of the changes in retained earnings during the following periods were as follows ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ 185,444 $ 187,024 Net earnings (loss) (1,056 ) 3,569 Dividends paid (1,635 ) (1,617 ) Balance at end of period $ 182,753 $ 188,976 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015, the Company was contingently liable under these agreements for a maximum repurchase amount of approximately $69.5 million. 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 potential liability to the Company under these provisions was approximately $2.4 million at June 30, 2015. 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 practice to vigorously defend against these actions. The Company is not involved in any legal proceedings which it believes will have 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 probable exposures based on the legal proceedings and claims of which it is aware. 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 | 3 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE K–FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 – Level 2 – Level 3 – Recurring Fair Value Measurements As of June 30, 2015, the Company’s Canadian dollar foreign currency contracts fair value was an asset totaling $2.1 million, and the Company’s Japanese yen foreign currency contracts fair value was a liability totaling $0.3 million. As of March 31, 2015, the Company’s Canadian foreign currency contract fair value was an asset totaling $3.6 million, and the Company’s Japanese yen foreign currency contract fair value was a liability totaling $0.4 million. The Company utilizes the income approach to measure fair value of foreign currency contracts, which is based on significant other observable inputs. As such, the foreign currency contracts are considered a Level 2 measurement. Nonrecurring Fair Value Measurements The Company’s assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to tangible fixed assets, goodwill and other intangible assets, which are generally recorded at fair value as a result of an impairment charge. The Company did not record any significant charges to assets measured at fair value on a nonrecurring basis during the three months ended June 30, 2015 and 2014. Other Fair Value Disclosures The Company’s financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable and accounts payable and approximate fair value due to their short-term nature. At June 30, 2015, the carrying value of the Company’s revolving credit agreement approximates fair value and would be considered a Level 2 measurement. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE L–DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses foreign currency derivative instruments to manage its exposure to currency fluctuations on transactions denominated in foreign currencies – primarily the Canadian dollar and Japanese yen. 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 does not enter into forward contracts for trading or speculative purposes. The Company has no derivatives that have credit risk-related contingent features and mitigates its risk by engaging with major financial institutions as counterparties. The Company records all foreign currency forward contracts at fair value in our Consolidated Balance Sheets. The forward contracts are designated as, and meet the criteria for, cash flow hedges. The Company evaluates hedge effectiveness prospectively and retrospectively, and we formally document all hedging relationships at inception, as well as the risk management objectives for undertaking the hedge transaction. Our Canadian dollar and Japanese yen forward contracts generally have terms up to 12 months. Gains and losses on forward contracts are recorded in accumulated other comprehensive income (loss), net of tax, and subsequently reclassified into cost of goods sold or operating expenses during the same period which the hedged transaction affects the Consolidated Statements of Operations. Gains and losses on the derivative representing hedge ineffectiveness, if any, are recognized in the Consolidated Statements of Operations. The following table presents the notional amounts and gross carrying values of derivative instruments as of June 30, 2015 and March 31, 2015 ($ in thousands): June 30, 2015 March 31, 2015 Foreign Currency Contracts Notional Amount Fair Value Notional Amount Fair Value Canadian Dollar (1) $ 78,828 $ 2,071 $ 76,328 $ 3,628 Japanese Yen (1) $ 13,273 $ (277 ) $ 19,046 $ (434 ) (1) Assets are included in other current assets and liabilities are included in accrued expenses in the accompanying Consolidated Balance Sheets. The following table presents the effects of derivative instruments on other comprehensive income (OCI) and on our Consolidated Statements of Operations for the three months ended June 30, 2015 and 2014 ($ in thousands): June 30, 2015 June 30, 2014 Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Foreign currency contracts $ (882 ) $ 1,988 $ (2,570 ) $ (583 ) The ineffective portion of foreign currency contracts was not material for the three month periods ended June 30, 2015 and 2014. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE M–SEGMENT REPORTING The Company manages each segment based on gross profit and there are no material transactions between the segments. Operating, 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 gross profit data ($ in thousands). Three Months Ended June 30, 2015 2014 Net sales Snowmobile and ATV/ROV units $ 111,105 $ 119,978 Parts, garments and accessories 23,276 23,661 Total net sales 134,381 143,639 Cost of goods sold Snowmobile and ATV/ROV units 96,957 97,701 Parts, garments and accessories 14,862 15,137 Total cost of goods sold 111,819 112,838 Gross profit Snowmobile and ATV/ROV units 14,148 22,277 Parts, garments and accessories 8,414 8,524 Total gross profit $ 22,562 $ 30,801 Three Months Ended June 30, 2015 2014 Net sales by product line Snowmobile units $ 58,231 $ 56,152 ATV/ROV units 52,874 63,826 Parts, garments and accessories 23,276 23,661 Total net sales $ 134,381 $ 143,639 Three Months Ended June 30, 2015 2014 Net sales by geography, based on location of the customer United States $ 87,043 $ 88,587 Canada 35,004 41,445 Europe and other 12,334 13,607 Total net sales $ 134,381 $ 143,639 June 30, June 30, Long-lived assets by geography United States $ 72,843 $ 69,111 Canada and Europe 286 336 Total long-lived assets $ 73,129 $ 69,447 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Stock Option Transactions Activity | The following tables summarize the stock option transactions and restricted stock unit award activity during the three months ended June 30, 2015: Shares Weighted Weighted Aggregate Outstanding at March 31, 2015 604,218 $ 29.39 Granted 90,901 33.15 Exercised (32,147 ) 15.48 Outstanding at June 30, 2015 662,972 $ 30.58 8.17 years $ 3,483 Exercisable at June 30, 2015 277,888 $ 24.63 6.43 years $ 3,325 |
Restricted Stock Units | |
Restricted Stock Activity | The aggregate intrinsic value is based on the difference between the exercise price and the Company’s June 30, 2015 common share market value for in-the-money options. Restricted Stock Units Shares Weighted Average Grant Date Non-vested shares at March 31, 2015 116,439 $ 35.67 Granted 22,049 34.39 Vested (9,802 ) 44.61 Non-vested shares at June 30, 2015 128,686 $ 34.77 |
NET EARNINGS (LOSS) PER SHARE (
NET EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Shares Outstanding | Weighted average shares outstanding consist of the following for the three months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, 2015 2014 Weighted average number of common shares outstanding 12,958 12,896 Dilutive effect of option plan — 186 Common and potential shares outstanding—diluted 12,958 13,082 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following ($ in thousands): June 30, 2015 March 31, 2015 Raw materials and sub-assemblies $ 62,640 $ 41,045 Finished goods 70,864 77,763 Parts, garments and accessories 36,039 33,635 $ 169,543 $ 152,443 |
GOODWILL AND OTHER INTANGIBLE24
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Gross Carrying Amount of Goodwill and Indefinite-Lived Intangible Assets | The following provides the gross carrying amount of goodwill and indefinite-lived intangible assets at June 30, 2015 and March 31, 2015 ($ in thousands): June 30, 2015 March 31, 2015 Gross Carrying Gross Carrying Goodwill $ 3,342 $ 3,342 Indefinite-lived intangible assets $ 253 $ 253 |
Summary of Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets | The gross carrying amount and accumulated amortization of definite-lived intangible assets was as follows at June 30, 2015 and March 31, 2015 ($ in thousands): June 30, 2015 March 31, 2015 Gross Accumulated Gross Accumulated Definite-lived intangible assets $ 3,231 $ 764 $ 3,215 $ 667 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses consist of the following ($ in thousands): June 30, 2015 March 31, 2015 Marketing $ 7,286 $ 14,495 Compensation 4,062 4,429 Warranties 23,229 23,062 Insurance 3,385 4,383 Other 5,662 5,463 $ 43,624 $ 51,832 |
PRODUCT WARRANTIES (Tables)
PRODUCT WARRANTIES (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Guarantees [Abstract] | |
Changes in Accrued Warranty Liability | The following represents changes in the Company’s accrued warranty liability for the three-month periods ended June 30, 2015 and 2014 ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ 23,062 $ 19,357 Warranty provision 2,762 3,096 Warranty claim payments (2,595 ) (3,030 ) Balance at end of period $ 23,229 $ 19,423 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
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 ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ 1,940 $ — Proceeds from issuance of common stock 497 9 Payment for income taxes on net-settled option exercises (50 ) (966 ) Tax benefits from stock options exercised 45 733 Repurchase of common stock — (1,007 ) Stock-based compensation expense 1,103 1,904 Balance at end of period $ 3,535 $ 673 |
Components of Changes in Accumulated Other Comprehensive Loss | The components of the changes in accumulated other comprehensive loss during the following periods were as follows ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ (7,142 ) $ (2,110 ) Unrealized loss on derivative instruments, net of tax (882 ) (2,570 ) Foreign currency translation adjustment 1,107 (304 ) Balance at end of period $ (6,917 ) $ (4,984 ) |
Components of Changes in Retained Earnings | The components of the changes in retained earnings during the following periods were as follows ($ in thousands): Three Months Ended June 30, 2015 2014 Balance at beginning of period $ 185,444 $ 187,024 Net earnings (loss) (1,056 ) 3,569 Dividends paid (1,635 ) (1,617 ) Balance at end of period $ 182,753 $ 188,976 |
DERIVATIVE INSTRUMENTS AND HE28
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts and Gross Carrying Values of Derivative Instruments | The following table presents the notional amounts and gross carrying values of derivative instruments as of June 30, 2015 and March 31, 2015 ($ in thousands): June 30, 2015 March 31, 2015 Foreign Currency Contracts Notional Amount Fair Value Notional Amount Fair Value Canadian Dollar (1) $ 78,828 $ 2,071 $ 76,328 $ 3,628 Japanese Yen (1) $ 13,273 $ (277 ) $ 19,046 $ (434 ) (1) Assets are included in other current assets and liabilities are included in accrued expenses in the accompanying Consolidated Balance Sheets. |
Summary of Effects of Derivative Instruments on Other Comprehensive Income (OCI) and Consolidated Statements of Operations | The following table presents the effects of derivative instruments on other comprehensive income (OCI) and on our Consolidated Statements of Operations for the three months ended June 30, 2015 and 2014 ($ in thousands): June 30, 2015 June 30, 2014 Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Foreign currency contracts $ (882 ) $ 1,988 $ (2,570 ) $ (583 ) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Accordingly, the segment information presented below is limited to sales and gross profit data ($ in thousands). Three Months Ended June 30, 2015 2014 Net sales Snowmobile and ATV/ROV units $ 111,105 $ 119,978 Parts, garments and accessories 23,276 23,661 Total net sales 134,381 143,639 Cost of goods sold Snowmobile and ATV/ROV units 96,957 97,701 Parts, garments and accessories 14,862 15,137 Total cost of goods sold 111,819 112,838 Gross profit Snowmobile and ATV/ROV units 14,148 22,277 Parts, garments and accessories 8,414 8,524 Total gross profit $ 22,562 $ 30,801 Three Months Ended June 30, 2015 2014 Net sales by product line Snowmobile units $ 58,231 $ 56,152 ATV/ROV units 52,874 63,826 Parts, garments and accessories 23,276 23,661 Total net sales $ 134,381 $ 143,639 Three Months Ended June 30, 2015 2014 Net sales by geography, based on location of the customer United States $ 87,043 $ 88,587 Canada 35,004 41,445 Europe and other 12,334 13,607 Total net sales $ 134,381 $ 143,639 June 30, June 30, Long-lived assets by geography United States $ 72,843 $ 69,111 Canada and Europe 286 336 Total long-lived assets $ 73,129 $ 69,447 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,103 | $ 1,904 |
Stock-based compensation expense reduction in diluted earnings per share | $ 0.05 | $ 0.09 |
Unrecognized compensation costs related to non-vested stock options and restricted stock awards | $ 9,100 | |
Compensation expense related to non-vested stock options and restricted stock awards, weighted average period of recognition | 2 years | |
Stock Options and Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,100 | $ 1,900 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Transactions Activity (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares under option, Outstanding beginning balance | 604,218 |
Number of Shares under option, Granted | 90,901 |
Number of Shares under option, Exercised | (32,147) |
Number of Shares under option, Outstanding ending balance | 662,972 |
Number of Shares under option, Options exercisable | 277,888 |
Weighted Average Exercise Price, Outstanding beginning balance | $ 29.39 |
Weighted Average Exercise Price, Granted | 33.15 |
Weighted Average Exercise Price, Exercised | 15.48 |
Weighted Average Exercise Price, Outstanding ending balance | 30.58 |
Weighted Average Exercise Price, Exercisable | $ 24.63 |
Weighted Average Contractual Life, Outstanding | 8 years 2 months 1 day |
Weighted Average Contractual Life, Exercisable | 6 years 5 months 5 days |
Aggregate Intrinsic Value, Outstanding | $ 3,483 |
Aggregate Intrinsic Value, Exercisable | $ 3,325 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Detail) - 3 months ended Jun. 30, 2015 - Restricted Stock Units - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares, Beginning balance | 116,439 |
Granted | 22,049 |
Vested | (9,802) |
Non-vested shares, Ending balance | 128,686 |
Non-vested shares, Weighted-Average Grant Date Fair Value Beginning | $ 35.67 |
Granted | 34.39 |
Vested | 44.61 |
Non-vested shares, Weighted-Average Grant Date Fair Value Ending | $ 34.77 |
Net Earnings (Loss) Per Share -
Net Earnings (Loss) Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive options to purchase shares of common stock excluded from computation of common share equivalents | 195,688 | 200,656 |
Anti-dilutive options to purchase shares of common stock excluded from computation of common share equivalents, weighted average exercise price | $ 42.13 | $ 44.18 |
Net Earnings (Loss) Per Share34
Net Earnings (Loss) Per Share - Schedule of Weighted Average Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted average number of common shares outstanding | 12,958 | 12,896 |
Dilutive effect of option plan | 186 | |
Common and potential shares outstanding-diluted | 12,958 | 13,082 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and sub-assemblies | $ 62,640 | $ 41,045 |
Finished goods | 70,864 | 77,763 |
Parts, garments and accessories | 36,039 | 33,635 |
Inventory, Total | $ 169,543 | $ 152,443 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Summary of Gross Carrying Amount of Goodwill and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Gross Carrying Amount | $ 3,342 | $ 3,342 |
Indefinite-lived intangible assets, Gross Carrying Amount | $ 253 | $ 253 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Cumulative impairment of goodwill | $ 0 | $ 0 |
Cumulative impairment of indefinite-lived intangible assets | 0 | $ 0 |
Amortization expense | 100,000 | |
Amortization expense, remainder of fiscal 2016 | 300,000 | |
Amortization expense, in fiscal 2017 | 400,000 | |
Amortization expense, in fiscal 2018 | 400,000 | |
Amortization expense, in fiscal 2019 | 400,000 | |
Amortization expense, in fiscal 2020 | $ 400,000 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets - Summary of Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | $ 3,231 | $ 3,215 |
Definite-lived intangible assets, Accumulated Amortization | $ 764 | $ 667 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | |
Line of Credit Facility [Line Items] | |||
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 June 30, 2015, the effective rate was 3.5%. | ||
Borrowings under the revolving credit facility | $ 30,877,000 | ||
Senior Secured Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity value | $ 100,000,000 | ||
Senior secured revolving credit agreement description | The Company has a $100.0 million line of credit pursuant to a senior secured revolving credit agreement, which is scheduled to expire in November 2017. Under the agreement, the Company may borrow up to $100.0 million during May through November and up to $50.0 million during all other months of the fiscal year. | ||
Borrowings under line of credit bear interest at effective rate | 3.50% | ||
Senior Secured Revolving Credit Facility | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, basis spread variable rate | 0.75% | ||
Senior Secured Revolving Credit Facility | Libor Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, basis spread variable rate | 1.00% | ||
Senior Secured Revolving Credit Facility | Federal Funds Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, basis spread variable rate | 0.50% | ||
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Borrowings under the revolving credit facility | $ 30,900,000 | $ 0 | |
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit balances | 14,100,000 | $ 9,300,000 | |
May through November | Senior Secured Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity value | 100,000,000 | ||
All other months | Senior Secured Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity value | $ 50,000,000 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||||
Marketing | $ 7,286 | $ 14,495 | ||
Compensation | 4,062 | 4,429 | ||
Warranties | 23,229 | 23,062 | $ 19,423 | $ 19,357 |
Insurance | 3,385 | 4,383 | ||
Other | 5,662 | 5,463 | ||
Accrued Liabilities, Current, Total | $ 43,624 | $ 51,832 |
Product Warranties - Changes in
Product Warranties - Changes in Accrued Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Product Warranties Disclosures [Abstract] | ||
Product Warranty Accrual, Beginning of period | $ 23,062 | $ 19,357 |
Warranty provision | 2,762 | 3,096 |
Warranty claim payments | (2,595) | (3,030) |
Product Warranty Accrual, End of period | $ 23,229 | $ 19,423 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Aug. 08, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Value of shares repurchased and canceled | $ 1 | ||
Number of shares repurchased and canceled | 0 | 26,951 | |
Stock repurchase program remaining authorized repurchase value | $ 26 | ||
Stock repurchase program authorized repurchase value | $ 25 | ||
Stock repurchase program common stock authorized to be repurchased | 687,000 | ||
Unrealized loss on derivative instruments, tax benefits | $ 0.5 | $ 1.5 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Changes in Additional Paid-in-Capital (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||
Additional paid-in-capital, Beginning Balance | $ 1,940 | |
Proceeds from issuance of common stock | 497 | $ 9 |
Payment for income taxes on net-settled option exercises | (50) | (966) |
Tax benefits from stock options exercised | 45 | 733 |
Repurchase of common stock | (1,007) | |
Stock-based compensation expense | 1,103 | 1,904 |
Additional paid-in-capital, Ending Balance | $ 3,535 | $ 673 |
Shareholders' Equity - Compon44
Shareholders' Equity - Components of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||
Balance at beginning of period | $ (7,142) | $ (2,110) |
Unrealized loss on derivative instruments, net of tax | (882) | (2,570) |
Foreign currency translation adjustment | 1,107 | (304) |
Balance at end of period | $ (6,917) | $ (4,984) |
Shareholders' Equity - Compon45
Shareholders' Equity - Components of Changes in Retained Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||
Balance at beginning of period | $ 185,444 | $ 187,024 |
Net earnings (loss) | (1,056) | 3,569 |
Dividends paid | (1,635) | (1,617) |
Balance at end of period | $ 182,753 | $ 188,976 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2015USD ($) |
Loss Contingencies [Line Items] | |
Maximum repurchase amount repossessed products sold to dealers | $ 69,500,000 |
Loss Sharing Provisions | |
Loss Contingencies [Line Items] | |
Maximum repurchase amount repossessed products sold to dealers | $ 2,400,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on nonrecurring basis | $ 0 | $ 0 | |
Fair Value, Inputs, Level 2 | Canadian Dollar Foreign Currency Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contract fair value asset | 2,100,000 | $ 3,600,000 | |
Fair Value, Inputs, Level 2 | Japanese Yen Foreign Currency Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency contract fair value liability | $ 300,000 | $ 400,000 |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities - Additional Information (Detail) - Forward Currency Contracts | 3 Months Ended |
Jun. 30, 2015 | |
Canadian Dollar | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Foreign currency forward contracts maximum term | 12 months |
Japanese Yen | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Foreign currency forward contracts maximum term | 12 months |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities - Schedule of Notional Amounts and Gross Carrying Values of Derivative Instruments (Detail) - Forward Currency Contracts - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Canadian Dollar | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 78,828 | $ 76,328 |
Fair Value Asset | 2,071 | 3,628 |
Japanese Yen | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | 13,273 | 19,046 |
Fair Value (Liability) | $ (277) | $ (434) |
Derivative Instruments and He50
Derivative Instruments and Hedging Activities - Summary of Effects of Derivative Instruments on Other Comprehensive Income (OCI) and Consolidated Statements of Operations (Detail) - Forward Currency Contracts - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) Recognized in OCI | $ (882) | $ (2,570) |
Gain (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion) | $ 1,988 | $ (583) |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 134,381 | $ 143,639 |
Cost of goods sold | 111,819 | 112,838 |
Gross profit | 22,562 | 30,801 |
Long-lived assets | 73,129 | 69,447 |
United States | ||
Segment Reporting Information [Line Items] | ||
Net sales | 87,043 | 88,587 |
Long-lived assets | 72,843 | 69,111 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Net sales | 35,004 | 41,445 |
Europe and other | ||
Segment Reporting Information [Line Items] | ||
Net sales | 12,334 | 13,607 |
Europe and Canada | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 286 | 336 |
Snowmobile units - Product line | ||
Segment Reporting Information [Line Items] | ||
Net sales | 58,231 | 56,152 |
ATV/ROV units - Product line | ||
Segment Reporting Information [Line Items] | ||
Net sales | 52,874 | 63,826 |
Parts, garments & accessories - Product line | ||
Segment Reporting Information [Line Items] | ||
Net sales | 23,276 | 23,661 |
Snowmobile and ATV/ROV units | ||
Segment Reporting Information [Line Items] | ||
Net sales | 111,105 | 119,978 |
Cost of goods sold | 96,957 | 97,701 |
Gross profit | 14,148 | 22,277 |
Parts, garments and accessories | ||
Segment Reporting Information [Line Items] | ||
Net sales | 23,276 | 23,661 |
Cost of goods sold | 14,862 | 15,137 |
Gross profit | $ 8,414 | $ 8,524 |