Arctic Cat (ACAT) 10-Q 5 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Jan. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		13,024,566

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current assets
Cash and cash equivalents	$ 10,977	$ 40,253
Short-term investments		1,009
Accounts receivable, less allowances	44,265	25,067
Inventories	146,538	152,443
Prepaid expenses	4,814	5,363
Income taxes receivable	1,862	5,151
Deferred income taxes	15,837	14,485
Other current assets	3,456	3,628
Total current assets	227,749	247,399
Property and equipment
Machinery, equipment and tooling	216,809	194,074
Land, buildings and improvements	33,173	30,004
Property, Plant and Equipment, Gross, Total	249,982	224,078
Less accumulated depreciation	173,947	161,210
Property, Plant and Equipment, Net, Total	76,035	62,868
Goodwill, intangibles and other assets	6,373	6,579
Assets, Total	310,157	316,846
Current liabilities
Accounts payable	56,038	70,257
Accrued expenses	46,558	51,832
Total current liabilities	102,596	122,089
Deferred income taxes	12,347	11,151
Other liabilities	$ 8,185	$ 3,234
Commitments and contingencies
Shareholders' equity
Preferred stock
Common stock, par value $0.01; 37,440,000 shares authorized; shares issued and outstanding: 13,024,077 at December 31, 2015 and 12,949,702 at March 31, 2015	$ 130	$ 130
Additional paid-in-capital	5,297	1,940
Accumulated other comprehensive loss	(6,645)	(7,142)
Retained earnings	188,247	185,444
Total shareholders' equity	187,029	180,372
Liabilities and Equity, Total	$ 310,157	$ 316,846
Preferred Stock - Series B Junior Participating
Shareholders' equity
Preferred stock

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 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	13,024,077	12,949,702
Common stock, shares outstanding	13,024,077	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		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Net sales
Net sales	$ 166,000	$ 193,735	$ 511,538	$ 599,853
Cost of Goods Sold
Cost of goods sold	141,750	158,822	420,808	479,058
Gross profit	24,250	34,913	90,730	120,795
Operating expenses
Selling and marketing	12,223	11,757	33,020	30,812
Research and development	7,236	6,496	19,461	18,463
General and administrative	10,607	10,797	26,960	36,026
Total operating expenses	30,066	29,050	79,441	85,301
Operating profit (loss)	(5,816)	5,863	11,289	35,494
Other income (expense)
Interest income	1	8	13	18
Interest expense	(192)	(97)	(700)	(346)
Total other expense	(191)	(89)	(687)	(328)
Earnings (loss) before income taxes	(6,007)	5,774	10,602	35,166
Income tax expense (benefit)	(3,610)	(1,713)	2,884	8,721
Net earnings (loss)	$ (2,397)	$ 7,487	$ 7,718	$ 26,445
Net earnings (loss) per share
Basic	$ (0.18)	$ 0.58	$ 0.59	$ 2.05
Diluted	$ (0.18)	$ 0.57	$ 0.59	$ 2.02
Weighted average shares outstanding
Basic	13,006	12,941	12,983	12,920
Diluted	13,006	13,062	13,147	13,072
Snowmobile and ATV/ROV units
Net sales
Net sales	$ 143,135	$ 165,453	$ 434,916	$ 512,813
Cost of Goods Sold
Cost of goods sold	125,703	140,158	370,399	422,923
Gross profit	17,432	25,295	64,517	89,890
Parts, garments and accessories
Net sales
Net sales	22,865	28,282	76,622	87,040
Cost of Goods Sold
Cost of goods sold	16,047	18,664	50,409	56,135
Gross profit	$ 6,818	$ 9,618	$ 26,213	$ 30,905

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (2,397)	$ 7,487	$ 7,718	$ 26,445
Other comprehensive income (loss):
Foreign currency translation adjustments	(711)	(1,109)	332	(4,016)
Unrealized gain on derivative instruments, net of tax	378	700	165	1,804
Comprehensive income (loss)	$ (2,730)	$ 7,078	$ 8,215	$ 24,233

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net earnings	$ 7,718	$ 26,445
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	14,326	12,241
Deferred income taxes	(460)	(5,000)
Stock-based compensation expense	3,267	3,341
Loss on disposal of fixed assets		51
Changes in operating assets and liabilities
Trading securities	1,009	50,000
Accounts receivable	(19,034)	(16,086)
Inventories	6,064	(5,860)
Accounts payable	(17,514)	(24,028)
Accrued expenses	(5,303)	3,925
Income taxes	3,214	10,915
Prepaid expenses and other	5,888	1,522
Net cash provided by (used in) operating activities	(825)	57,466
Cash flows from investing activities:
Purchases of property and equipment	(27,231)	(14,847)
Other	(11)
Net cash used in investing activities	(27,242)	(14,847)
Cash flows from financing activities:
Proceeds from long-term borrowings	226,733	221,322
Payments on long-term borrowings	(226,733)	(221,322)
Checks written in excess of bank balances	2,472
Proceeds from issuance of common stock	582	34
Payments for income taxes on net-settled option exercises	(230)	(1,335)
Tax benefit from stock options exercises	66	752
Dividends paid	(4,915)	(4,865)
Repurchase of common stock	(120)	(1,007)
Net cash used in financing activities	(2,145)	(6,421)
Effect of exchange rate changes on cash and cash equivalents	936	(1,238)
Net increase (decrease) in cash and cash equivalents	(29,276)	34,960
Cash and cash equivalents at beginning of period	40,253	22,524
Cash and cash equivalents at end of period	10,977	57,484
Supplemental disclosure of cash payments for:
Income taxes	145	2,616
Interest	$ 700	$ 344

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 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. Accordingly, such statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2015. 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 December 31, 2015 and results of operations and cash flows for the three-month and nine-month periods ended December 31, 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 January 1, 2016, 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 November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes In July 2015, the FASB issued ASU 2015-11, Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE B–STOCK-BASED COMPENSATION For the three months ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $1.2 million and $0.5 million, respectively, and for the nine months ended December 31, 2015 and 2014, the Company recorded $3.3 million and $3.3 million, respectively, which has been included in general and administrative expenses. At December 31, 2015, the Company had $7.5 million of unrecognized compensation expense 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 share and restricted stock unit award activity during the nine months ended December 31, 2015: Shares Weighted Weighted Aggregate Outstanding at March 31, 2015 604,218 $ 29.39 Granted 108,237 31.22 Exercised (37,442 ) 15.52 Outstanding at December 31, 2015 675,013 $ 30.45 7.72 years $ 391 Exercisable at December 31, 2015 346,313 $ 26.53 6.53 years $ 391 The aggregate intrinsic value is based on the difference between the exercise price and the Company’s December 31, 2015 common share market value for in-the-money options. Restricted Shares Shares Weighted Average Non-vested shares at March 31, 2015 22,500 $ 40.12 Granted 18,400 21.76 Vested (7,300 ) 53.80 Forfeited (1,200 ) 26.64 Non-vested shares at December 31, 2015 32,400 $ 27.11 Restricted Stock Units Shares Weighted Average Non-vested shares at March 31, 2015 116,439 $ 35.67 Granted 25,821 32.63 Vested (35,414 ) 36.05 Forfeited (267 ) 43.79 Non-vested shares at December 31, 2015 106,579 $ 34.79

NET EARNINGS (LOSS) PER SHARE

NET EARNINGS (LOSS) PER SHARE	9 Months Ended
	Dec. 31, 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 and restricted stock units, when dilutive. Options to purchase 505,925 and 131,738 shares of common stock with weighted average exercise prices of $36.38 and $44.42 were outstanding during the three-month periods ended December 31, 2015 and 2014, respectively, and options to purchase 392,513 and 154,725 shares of common stock with weighted average exercise prices of $37.39 and $44.38 were outstanding during the nine-month periods ended December 31, 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 and nine months ended December 31, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted average number of common shares outstanding – basic 13,006 12,941 12,983 12,920 Dilutive effect of stock options and restricted stock units — 121 164 152 Weighted average number of common shares outstanding – diluted 13,006 13,062 13,147 13,072

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
INVENTORIES	NOTE D–INVENTORIES Inventories consist of the following ($ in thousands): December 31, 2015 March 31, 2015 Raw materials and sub-assemblies $ 38,836 $ 41,045 Finished goods 66,666 77,763 Parts, garments and accessories 41,036 33,635 $ 146,538 $ 152,443

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 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 December 31, 2015 and March 31, 2015 ($ in thousands): December 31, 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 December 31, 2015 or March 31, 2015. The gross carrying amount and accumulated amortization of definite-lived intangible assets was as follows at December 31, 2015 and March 31, 2015 ($ in thousands): December 31, 2015 March 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Definite-lived intangible assets $ 3,249 $ 956 $ 3,215 $ 667 Amortization expense was $0.3 million in the nine months ended December 31, 2015. Amortization expense is expected to be approximately $0.1 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	9 Months Ended
	Dec. 31, 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 December 31, 2015, 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. The Company did not have outstanding borrowings under the line of credit at December 31, 2015 and March 31, 2015. The outstanding letters of credit balances were $3.8 million and $3.6 million at December 31, 2015 and 2014, respectively. 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 December 31, 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	9 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE G–ACCRUED EXPENSES Accrued expenses consist of the following ($ in thousands): December 31, 2015 March 31, 2015 Marketing $ 5,221 $ 14,495 Compensation 6,037 4,429 Warranties 25,524 23,062 Insurance 3,708 4,383 Other 6,068 5,463 $ 46,558 $ 51,832

PRODUCT WARRANTIES

PRODUCT WARRANTIES	9 Months Ended
	Dec. 31, 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 ($ in thousands): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ 23,062 $ 19,357 Warranty provision 10,059 19,409 Warranty claim payments (7,597 ) (10,972 ) Balance at end of period $ 25,524 $ 27,794

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE I–SHAREHOLDERS’ EQUITY Share Repurchase Authorization On August 7, 2014, the Board authorized the repurchase of an additional $25.0 million in shares of common stock, which supplemented the $1.1 million remaining under the program previously approved in May 2013. During the nine months ended December 31, 2015 and 2014, the Company paid $0.1 million and $1.0 million, respectively, to repurchase and cancel 4,190 and 26,951 shares of common stock, respectively, pursuant to the Board of Directors’ authorizations. At December 31, 2015, the Company has remaining authorization to repurchase up to approximately $25.9 million in shares of common stock. Additional Paid-in-Capital The components of the changes in additional paid-in-capital during the following periods were as follows ($ in thousands): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ 1,940 $ — Proceeds from issuance of common stock 582 34 Payment for income taxes on net-settled option exercises (230 ) (1,335 ) Tax benefits from stock options exercised 66 752 Tax deficit from stock options exercised (208 ) — Repurchase of common stock (120 ) (1,007 ) Stock-based compensation expense 3,267 3,341 Balance at end of period $ 5,297 $ 1,785 Accumulated Other Comprehensive Loss The components of the changes in accumulated other comprehensive loss during the following periods were as follows ($ in thousands): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ (7,142 ) $ (2,110 ) Unrealized gain on derivative instruments, net of tax 165 1,804 Foreign currency translation adjustment 332 (4,016 ) Balance at end of period $ (6,645 ) $ (4,322 ) The unrealized gains on derivatives instruments in the nine months ended December 31, 2015 and 2014 were net of tax expense of $0.1 million and $1.1 million, respectively. Retained Earnings The components of the changes in retained earnings during the following periods were as follows ($ in thousands): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ 185,444 $ 187,024 Net earnings 7,718 26,445 Dividends paid (4,915 ) (4,865 ) Balance at end of period $ 188,247 $ 208,604

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 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 December 31, 2015, the Company was contingently liable under these agreements for a maximum repurchase amount of approximately $67.3 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 $2.2 million at December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, 2015, the Company’s Canadian dollar foreign currency contracts fair value was an asset totaling $3.4 million, and the Company did not have any open Japanese yen foreign currency contracts. 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 nine months ended December 31, 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 December 31, 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	9 Months Ended
	Dec. 31, 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 in 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 December 31, 2015 and March 31, 2015 ($ in thousands): December 31, 2015 March 31, 2015 Foreign Currency Contracts Notional Amount Fair Value Notional Amount Fair Value Canadian Dollar (1) $ 71,837 $ 3,456 $ 76,328 $ 3,628 Japanese Yen (1) — — 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 nine months ended December 31, 2015 and 2014 ($ in thousands): December 31, 2015 December 31, 2014 Pre-Tax Gain Pre-Tax Gain Pre-Tax Gain Pre-Tax Gain Canadian Dollar (1) $ 7,402 $ 7,575 $ 2,692 $ (171 ) Japanese Yen (1) (374 ) (808 ) — — (1) Canadian Dollar contracts are included in general and administrative expenses and Japanese Yen contracts are included in cost of goods sold in the accompanying Consolidated Statements of Operations. The ineffective portion of foreign currency contracts was not material for the nine month periods ended December 31, 2015 and 2014.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Net sales Snowmobile and ATV/ROV units $ 143,135 $ 165,453 $ 434,916 $ 512,813 Parts, garments and accessories 22,865 28,282 76,622 87,040 Total net sales 166,000 193,735 511,538 599,853 Cost of goods sold Snowmobile and ATV/ROV units 125,703 140,158 370,399 422,923 Parts, garments and accessories 16,047 18,664 50,409 56,135 Total cost of goods sold 141,750 158,822 420,808 479,058 Gross profit Snowmobile and ATV/ROV units 17,432 25,295 64,517 89,890 Parts, garments and accessories 6,818 9,618 26,213 30,905 Total gross profit $ 24,250 $ 34,913 $ 90,730 $ 120,795 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales by product line Snowmobile units $ 83,113 $ 81,523 $ 251,262 $ 295,466 ATV/ROV units 60,022 83,930 183,654 217,347 Parts, garments and accessories 22,865 28,282 76,622 87,040 Total net sales $ 166,000 $ 193,735 $ 511,538 $ 599,853 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales by geography, based on the location of the customer United States $ 105,720 $ 122,412 $ 317,913 $ 361,607 Canada 45,355 56,104 143,042 166,865 Europe and other 14,925 15,219 50,583 71,381 Total net sales $ 166,000 $ 193,735 $ 511,538 $ 599,853 December 31, 2015 December 31, 2014 Long-lived assets by geography United States $ 82,238 $ 58,964 Canada and Europe 170 466 Total long-lived assets $ 82,408 $ 59,430

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes In July 2015, the FASB issued 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)	9 Months Ended
	Dec. 31, 2015
Stock Option Transactions Activity	The following tables summarize the stock option transactions and restricted share and restricted stock unit award activity during the nine months ended December 31, 2015: Shares Weighted Weighted Aggregate Outstanding at March 31, 2015 604,218 $ 29.39 Granted 108,237 31.22 Exercised (37,442 ) 15.52 Outstanding at December 31, 2015 675,013 $ 30.45 7.72 years $ 391 Exercisable at December 31, 2015 346,313 $ 26.53 6.53 years $ 391
Restricted Shares
Restricted Stock Activity	Restricted Shares Shares Weighted Average Non-vested shares at March 31, 2015 22,500 $ 40.12 Granted 18,400 21.76 Vested (7,300 ) 53.80 Forfeited (1,200 ) 26.64 Non-vested shares at December 31, 2015 32,400 $ 27.11
Restricted Stock Units
Restricted Stock Activity	Restricted Stock Units Shares Weighted Average Non-vested shares at March 31, 2015 116,439 $ 35.67 Granted 25,821 32.63 Vested (35,414 ) 36.05 Forfeited (267 ) 43.79 Non-vested shares at December 31, 2015 106,579 $ 34.79

NET EARNINGS (LOSS) PER SHARE (

NET EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted average number of common shares outstanding – basic 13,006 12,941 12,983 12,920 Dilutive effect of stock options and restricted stock units — 121 164 152 Weighted average number of common shares outstanding – diluted 13,006 13,062 13,147 13,072

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following ($ in thousands): December 31, 2015 March 31, 2015 Raw materials and sub-assemblies $ 38,836 $ 41,045 Finished goods 66,666 77,763 Parts, garments and accessories 41,036 33,635 $ 146,538 $ 152,443

GOODWILL AND OTHER INTANGIBLE24

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2015 and March 31, 2015 ($ in thousands): December 31, 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 December 31, 2015 and March 31, 2015 ($ in thousands): December 31, 2015 March 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Definite-lived intangible assets $ 3,249 $ 956 $ 3,215 $ 667

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Components of Accrued Expenses	Accrued expenses consist of the following ($ in thousands): December 31, 2015 March 31, 2015 Marketing $ 5,221 $ 14,495 Compensation 6,037 4,429 Warranties 25,524 23,062 Insurance 3,708 4,383 Other 6,068 5,463 $ 46,558 $ 51,832

PRODUCT WARRANTIES (Tables)

PRODUCT WARRANTIES (Tables)	9 Months Ended
	Dec. 31, 2015
Guarantees [Abstract]
Changes in Accrued Warranty Liability	The following represents changes in the Company’s accrued warranty liability ($ in thousands): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ 23,062 $ 19,357 Warranty provision 10,059 19,409 Warranty claim payments (7,597 ) (10,972 ) Balance at end of period $ 25,524 $ 27,794

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Dec. 31, 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): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ 1,940 $ — Proceeds from issuance of common stock 582 34 Payment for income taxes on net-settled option exercises (230 ) (1,335 ) Tax benefits from stock options exercised 66 752 Tax deficit from stock options exercised (208 ) — Repurchase of common stock (120 ) (1,007 ) Stock-based compensation expense 3,267 3,341 Balance at end of period $ 5,297 $ 1,785
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): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ (7,142 ) $ (2,110 ) Unrealized gain on derivative instruments, net of tax 165 1,804 Foreign currency translation adjustment 332 (4,016 ) Balance at end of period $ (6,645 ) $ (4,322 )
Components of Changes in Retained Earnings	The components of the changes in retained earnings during the following periods were as follows ($ in thousands): Nine Months Ended December 31, 2015 2014 Balance at beginning of period $ 185,444 $ 187,024 Net earnings 7,718 26,445 Dividends paid (4,915 ) (4,865 ) Balance at end of period $ 188,247 $ 208,604

DERIVATIVE INSTRUMENTS AND HE28

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2015 and March 31, 2015 ($ in thousands): December 31, 2015 March 31, 2015 Foreign Currency Contracts Notional Amount Fair Value Notional Amount Fair Value Canadian Dollar (1) $ 71,837 $ 3,456 $ 76,328 $ 3,628 Japanese Yen (1) — — 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 nine months ended December 31, 2015 and 2014 ($ in thousands): December 31, 2015 December 31, 2014 Pre-Tax Gain Pre-Tax Gain Pre-Tax Gain Pre-Tax Gain Canadian Dollar (1) $ 7,402 $ 7,575 $ 2,692 $ (171 ) Japanese Yen (1) (374 ) (808 ) — — (1) Canadian Dollar contracts are included in general and administrative expenses and Japanese Yen contracts are included in cost of goods sold in the accompanying Consolidated Statements of Operations.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Net sales Snowmobile and ATV/ROV units $ 143,135 $ 165,453 $ 434,916 $ 512,813 Parts, garments and accessories 22,865 28,282 76,622 87,040 Total net sales 166,000 193,735 511,538 599,853 Cost of goods sold Snowmobile and ATV/ROV units 125,703 140,158 370,399 422,923 Parts, garments and accessories 16,047 18,664 50,409 56,135 Total cost of goods sold 141,750 158,822 420,808 479,058 Gross profit Snowmobile and ATV/ROV units 17,432 25,295 64,517 89,890 Parts, garments and accessories 6,818 9,618 26,213 30,905 Total gross profit $ 24,250 $ 34,913 $ 90,730 $ 120,795 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales by product line Snowmobile units $ 83,113 $ 81,523 $ 251,262 $ 295,466 ATV/ROV units 60,022 83,930 183,654 217,347 Parts, garments and accessories 22,865 28,282 76,622 87,040 Total net sales $ 166,000 $ 193,735 $ 511,538 $ 599,853 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net sales by geography, based on the location of the customer United States $ 105,720 $ 122,412 $ 317,913 $ 361,607 Canada 45,355 56,104 143,042 166,865 Europe and other 14,925 15,219 50,583 71,381 Total net sales $ 166,000 $ 193,735 $ 511,538 $ 599,853 December 31, 2015 December 31, 2014 Long-lived assets by geography United States $ 82,238 $ 58,964 Canada and Europe 170 466 Total long-lived assets $ 82,408 $ 59,430

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 1,200	$ 500	$ 3,267	$ 3,341
Unrecognized compensation expense related to non-vested stock options and restricted stock awards	$ 7,500		$ 7,500
Compensation expense related to non-vested stock options and restricted stock awards, weighted average period of recognition			2 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Transactions Activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Shares under option, Outstanding beginning balance | shares	604,218
Number of Shares under option, Granted | shares	108,237
Number of Shares under option, Exercised | shares	(37,442)
Number of Shares under option, Outstanding ending balance | shares	675,013
Number of Shares under option, Options exercisable | shares	346,313
Weighted Average Exercise Price, Outstanding beginning balance | $ / shares	$ 29.39
Weighted Average Exercise Price, Granted | $ / shares	31.22
Weighted Average Exercise Price, Exercised | $ / shares	15.52
Weighted Average Exercise Price, Outstanding ending balance | $ / shares	30.45
Weighted Average Exercise Price, Exercisable | $ / shares	$ 26.53
Weighted Average Contractual Life, Outstanding	7 years 8 months 19 days
Weighted Average Contractual Life, Exercisable	6 years 6 months 11 days
Aggregate Intrinsic Value, Outstanding | $	$ 391
Aggregate Intrinsic Value, Exercisable | $	$ 391

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Detail)	9 Months Ended
	Dec. 31, 2015$ / sharesshares
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares, Beginning balance | shares	22,500
Granted | shares	18,400
Vested | shares	(7,300)
Forfeited | shares	(1,200)
Non-vested shares, Ending balance | shares	32,400
Non-vested shares, Weighted-Average Grant Date Fair Value Beginning | $ / shares	$ 40.12
Granted | $ / shares	21.76
Vested | $ / shares	53.80
Forfeited | $ / shares	26.64
Non-vested shares, Weighted-Average Grant Date Fair Value Ending | $ / shares	$ 27.11
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares, Beginning balance | shares	116,439
Granted | shares	25,821
Vested | shares	(35,414)
Forfeited | shares	(267)
Non-vested shares, Ending balance | shares	106,579
Non-vested shares, Weighted-Average Grant Date Fair Value Beginning | $ / shares	$ 35.67
Granted | $ / shares	32.63
Vested | $ / shares	36.05
Forfeited | $ / shares	43.79
Non-vested shares, Weighted-Average Grant Date Fair Value Ending | $ / shares	$ 34.79

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Anti-dilutive options to purchase shares of common stock excluded from computation of common share equivalents	505,925	131,738	392,513	154,725
Anti-dilutive options to purchase shares of common stock excluded from computation of common share equivalents, weighted average exercise prices	$ 36.38	$ 44.42	$ 37.39	$ 44.38

Net Earnings (Loss) Per Share34

Net Earnings (Loss) Per Share - Schedule of Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Weighted average number of common shares outstanding - basic	13,006	12,941	12,983	12,920
Dilutive effect of stock options and restricted stock units		121	164	152
Weighted average number of common shares outstanding - diluted	13,006	13,062	13,147	13,072

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Inventory Disclosure [Abstract]
Raw materials and sub-assemblies	$ 38,836	$ 41,045
Finished goods	66,666	77,763
Parts, garments and accessories	41,036	33,635
Inventory, Total	$ 146,538	$ 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	Dec. 31, 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 ($)	9 Months Ended	12 Months Ended
	Dec. 31, 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	300,000
Amortization expense, remainder of fiscal 2016	100,000
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	Dec. 31, 2015	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Definite-lived intangible assets, Gross Carrying Amount	$ 3,249	$ 3,215
Definite-lived intangible assets, Accumulated Amortization	$ 956	$ 667

Line of Credit - Additional Inf

Line of Credit - Additional Information (Detail) - USD ($)	9 Months Ended
	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
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	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, 2015, the effective rate was 4.00%.
Senior Secured Revolving Credit Facility | Federal Funds Rate
Line of Credit Facility [Line Items]
Line of credit, basis spread variable rate	0.50%
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%
Line of Credit
Line of Credit Facility [Line Items]
Borrowings under the revolving credit facility	$ 0	$ 0
Letter of Credit
Line of Credit Facility [Line Items]
Outstanding letters of credit balances	3,800,000		$ 3,600,000
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	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Accrued Liabilities, Current [Abstract]
Marketing	$ 5,221	$ 14,495
Compensation	6,037	4,429
Warranties	25,524	23,062	$ 27,794	$ 19,357
Insurance	3,708	4,383
Other	6,068	5,463
Accrued Liabilities, Current, Total	$ 46,558	$ 51,832

Product Warranties - Changes in

Product Warranties - Changes in Accrued Warranty Liability (Detail) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Product Warranties Disclosures [Abstract]
Product Warranty Accrual, Beginning of period	$ 23,062	$ 19,357
Warranty provision	10,059	19,409
Warranty claim payments	(7,597)	(10,972)
Product Warranty Accrual, End of period	$ 25,524	$ 27,794

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Aug. 07, 2014	May. 31, 2013
Stockholders' Equity Note [Abstract]
Value of shares repurchased and canceled	$ 100,000	$ 1,000,000
Number of shares repurchased and canceled	4,190	26,951
Stock repurchase program remaining authorized repurchase value	$ 25,900,000			$ 1,100,000
Stock repurchase program authorized repurchase value			$ 25,000,000
Unrealized gains on derivative instruments, tax expense	$ 100,000	$ 1,100,000

Shareholders' Equity - Componen

Shareholders' Equity - Components of Changes in Additional Paid-in-Capital (Detail) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Additional paid-in-capital, Beginning Balance	$ 1,940
Proceeds from issuance of common stock	582	$ 34
Payment for income taxes on net-settled option exercises	(230)	(1,335)
Tax benefits from stock options exercised	66	752
Tax deficit from stock options exercised	(208)
Repurchase of common stock	(120)	(1,007)
Stock-based compensation expense	3,267	3,341
Additional paid-in-capital, Ending Balance	$ 5,297	$ 1,785

Shareholders' Equity - Compon44

Shareholders' Equity - Components of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Balance at beginning of period			$ (7,142)	$ (2,110)
Unrealized gain on derivative instruments, net of tax	$ 378	$ 700	165	1,804
Foreign currency translation adjustment	(711)	(1,109)	332	(4,016)
Balance at end of period	$ (6,645)	$ (4,322)	$ (6,645)	$ (4,322)

Shareholders' Equity - Compon45

Shareholders' Equity - Components of Changes in Retained Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Balance at beginning of period			$ 185,444	$ 187,024
Net earnings	$ (2,397)	$ 7,487	7,718	26,445
Dividends paid			(4,915)	(4,865)
Balance at end of period	$ 188,247	$ 208,604	$ 188,247	$ 208,604

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Maximum repurchase amount repossessed products sold to dealers	$ 67,300,000
Loss Sharing Provisions
Loss Contingencies [Line Items]
Maximum repurchase amount repossessed products sold to dealers	$ 2,200,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 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	3,400,000		$ 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	$ 0		$ 400,000

Derivative Instruments and He48

Derivative Instruments and Hedging Activities - Additional Information (Detail) - Forward Currency Contracts	9 Months Ended
	Dec. 31, 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	Dec. 31, 2015	Mar. 31, 2015
Canadian Dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 71,837	$ 76,328
Fair Value Asset	$ 3,456	3,628
Japanese Yen
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount		19,046
Fair Value (Liability)		$ (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) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Canadian Dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI	$ 7,402	$ 2,692
Pre-Tax Gain (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)	7,575	$ (171)
Japanese Yen
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI	(374)
Pre-Tax Gain (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)	$ (808)

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$ 166,000	$ 193,735	$ 511,538	$ 599,853
Cost of goods sold	141,750	158,822	420,808	479,058
Gross profit	24,250	34,913	90,730	120,795
Long-lived assets	82,408	59,430	82,408	59,430
United States
Segment Reporting Information [Line Items]
Net sales	105,720	122,412	317,913	361,607
Long-lived assets	82,238	58,964	82,238	58,964
Canada
Segment Reporting Information [Line Items]
Net sales	45,355	56,104	143,042	166,865
Europe and other
Segment Reporting Information [Line Items]
Net sales	14,925	15,219	50,583	71,381
Europe and Canada
Segment Reporting Information [Line Items]
Long-lived assets	170	466	170	466
Snowmobile units - Product line
Segment Reporting Information [Line Items]
Net sales	83,113	81,523	251,262	295,466
ATV/ROV units - Product line
Segment Reporting Information [Line Items]
Net sales	60,022	83,930	183,654	217,347
Parts, garments & accessories - Product line
Segment Reporting Information [Line Items]
Net sales	22,865	28,282	76,622	87,040
Snowmobile and ATV/ROV units
Segment Reporting Information [Line Items]
Net sales	143,135	165,453	434,916	512,813
Cost of goods sold	125,703	140,158	370,399	422,923
Gross profit	17,432	25,295	64,517	89,890
Parts, garments and accessories
Segment Reporting Information [Line Items]
Net sales	22,865	28,282	76,622	87,040
Cost of goods sold	16,047	18,664	50,409	56,135
Gross profit	$ 6,818	$ 9,618	$ 26,213	$ 30,905