Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PII | |
Entity Registrant Name | POLARIS INDUSTRIES INC/MN | |
Entity Central Index Key | 931015 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,266,746 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $387,804 | $417,015 |
Trade receivables, net | 157,015 | 119,769 |
Inventories, net | 460,592 | 344,996 |
Prepaid expenses and other | 56,450 | 34,039 |
Income taxes receivable | 15,657 | 15,730 |
Deferred tax assets | 84,986 | 86,292 |
Total current assets | 1,162,504 | 1,017,841 |
Property and equipment, net | 420,328 | 253,369 |
Deferred tax assets | 7,553 | 22,389 |
Goodwill and other intangible assets, net | 227,889 | 107,216 |
Other long-term assets | 29,832 | 15,872 |
Total assets | 1,923,219 | 1,486,492 |
Current liabilities: | ||
Current portion of capital lease obligations | 3,318 | 2,887 |
Accounts payable | 280,284 | 169,036 |
Accrued expenses: | ||
Compensation | 129,311 | 139,140 |
Warranties | 48,102 | 47,723 |
Sales promotions and incentives | 120,004 | 107,008 |
Dealer holdback | 94,142 | 86,733 |
Other | 87,810 | 68,529 |
Income taxes payable | 43,765 | 4,973 |
Current liabilities of discontinued operations | 10,000 | 5,000 |
Total current liabilities | 816,736 | 631,029 |
Long-term income taxes payable | 14,443 | 7,063 |
Capital lease obligations | 3,904 | 4,292 |
Long-term debt | 100,000 | 100,000 |
Other long-term liabilities | 56,454 | 53,578 |
Total liabilities | 991,537 | 795,962 |
Shareholders’ equity: | ||
Preferred stock $0.01 par value, 20,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock $0.01 par value, 160,000 shares authorized, 69,253 and 68,647 shares issued and outstanding, respectively | 693 | 686 |
Additional paid-in capital | 353,434 | 268,515 |
Retained earnings | 560,773 | 409,091 |
Accumulated other comprehensive income, net | 16,782 | 12,238 |
Total shareholders’ equity | 931,682 | 690,530 |
Total liabilities and shareholders’ equity | 1,923,219 | 1,486,492 |
Finance affiliate | ||
Current Assets: | ||
Investment in affiliates | 58,338 | 56,988 |
Other affiliates | ||
Current Assets: | ||
Investment in affiliates | $16,775 | $12,817 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 69,253,000 | 68,647,000 |
Common stock, shares outstanding | 69,253,000 | 68,647,000 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Sales | $1,102,649 | $879,939 | $2,693,358 | $2,309,135 |
Cost of sales | 767,864 | 620,154 | 1,889,587 | 1,637,638 |
Gross profit | 334,785 | 259,785 | 803,771 | 671,497 |
Operating expenses: | ||||
Selling and marketing | 78,810 | 57,211 | 195,541 | 152,899 |
Research and development | 37,010 | 32,352 | 103,064 | 94,034 |
General and administrative | 49,343 | 36,882 | 129,597 | 104,641 |
Total operating expenses | 165,163 | 126,445 | 428,202 | 351,574 |
Income from financial services | 11,671 | 8,227 | 33,247 | 23,625 |
Operating income | 181,293 | 141,567 | 408,816 | 343,548 |
Non-operating expense (income): | ||||
Interest expense | 1,520 | 1,465 | 4,364 | 4,443 |
Equity in loss of other affiliates | 631 | 0 | 1,629 | 0 |
Other (income), net | -2,576 | -3,989 | -6,274 | -6,356 |
Income before income taxes | 181,718 | 144,091 | 409,097 | 345,461 |
Provision for income taxes | 64,797 | 49,746 | 136,708 | 121,215 |
Income (Loss) from Continuing Operations Attributable to Parent | 116,921 | 94,345 | 272,389 | 224,246 |
Loss from discontinued operations, net of tax | -3,777 | 0 | -3,777 | 0 |
Net income from continuing operations | $113,144 | $94,345 | $268,612 | $224,246 |
Basic net income per share: | ||||
Continuing operations (in dollars per share) | $1.69 | $1.37 | $3.95 | $3.26 |
Loss from discontinued operations (in dollars per share) | ($0.05) | $0 | ($0.05) | $0 |
Basic net income per share (in dollars per share) | $1.64 | $1.37 | $3.90 | $3.26 |
Diluted net income per share: | ||||
Continuing operations (in dollars per share) | $1.64 | $1.33 | $3.84 | $3.16 |
Loss from discontinued operations (in dollars per share) | ($0.05) | $0 | ($0.05) | |
Diluted net income per share (in dollars per share) | $1.59 | $1.33 | $3.79 | $3.16 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 69,179 | 68,692 | 68,946 | 68,761 |
Diluted (in shares) | 71,186 | 70,883 | 70,901 | 70,956 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income | $113,144 | $94,345 | $268,612 | $224,246 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments, net of tax benefit (expense) of $60 and $281 in 2013 and ($478) and ($348) in 2012 | 8,982 | 4,997 | 2,655 | 2,927 |
Unrealized gain (loss) on derivative instruments, net of tax benefit (expense) of $672 and ($1,124) in 2013 and $997 and $2,067 in 2012 | -1,131 | -1,750 | 1,889 | -3,396 |
Comprehensive income | $120,995 | $97,592 | $273,156 | $223,777 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax benefit (expense) | $60 | ($478) | $281 | ($348) |
Unrealized (loss) gain on derivative instruments, tax (expense) benefit | $672 | $997 | ($1,124) | $2,067 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ||
Net income | $268,612 | $224,246 |
Loss from discontinued operations | 3,777 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 64,364 | 51,489 |
Noncash compensation | 46,304 | 26,964 |
Noncash income from financial services | -3,440 | -2,479 |
Noncash loss from other affiliates | 1,629 | 0 |
Deferred income taxes | -10,781 | -5,277 |
Tax effect of share-based compensation exercises | -22,247 | -17,810 |
Changes in operating assets and liabilities: | ||
Trade receivables | -24,711 | -20,272 |
Inventories | -94,110 | -109,912 |
Accounts payable | 94,097 | 81,489 |
Accrued expenses | 20,671 | -451 |
Income taxes payable/receivable | 62,332 | 36,185 |
Prepaid expenses and others, net | -24,690 | -9,684 |
Cash provided by continuing operations | 381,807 | 254,488 |
Cash used for discontinued operations | -642 | 0 |
Net cash provided by operating activities | 381,165 | 254,488 |
Investing Activities: | ||
Purchase of property and equipment | -192,350 | -65,804 |
Investment in finance affiliate, net | 2,091 | -2,790 |
Investment in other affiliates | -6,063 | -7,000 |
Acquisition of businesses, net of cash acquired | -134,817 | -383 |
Net cash used for investing activities | -331,139 | -75,977 |
Financing Activities: | ||
Borrowings under capital lease obligations | 1,682 | 2,232 |
Repayments under capital lease obligations | 2,780 | 2,137 |
Repurchase and retirement of common shares | -31,907 | -58,978 |
Cash dividends to shareholders | -86,482 | -76,009 |
Tax effect of proceeds from share-based compensation exercises | 22,247 | 17,810 |
Proceeds from stock issuances under employee plans | 17,834 | 25,458 |
Net cash used for financing activities | -79,406 | -91,624 |
Impact of currency exchange rates on cash balances | 169 | 675 |
Net (decrease) increase in cash and cash equivalents | -29,211 | 87,562 |
Cash and cash equivalents at beginning of period | 417,015 | 325,336 |
Cash and cash equivalents at end of period | $387,804 | $412,898 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Significant Accounting Policies | NOTE 1. Significant Accounting Policies | |||||||||||||||
Basis of presentation | ||||||||||||||||
The accompanying unaudited consolidated financial statements of Polaris Industries Inc. ("Polaris" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with accounting principles generally accepted in the United States for complete financial statements. Accordingly, such statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 previously filed with the Securities and Exchange Commission. In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Due to the seasonality of snowmobiles; Off-Road Vehicles (ORV), which include all-terrain vehicles (ATV) and side-by-side vehicles; motorcycles; Small Vehicles (SV); and Parts, Garments and Accessories (PG&A) businesses, and to certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year. | ||||||||||||||||
On September 2, 2004, the Company announced its decision to discontinue the manufacture of marine products effective immediately. Material financial results for the marine products division are reported separately as discontinued operations for all periods presented. | ||||||||||||||||
Reclassifications | ||||||||||||||||
Certain reclassifications of previously reported balance sheet amounts have been made to conform to the current year presentation. The reclassifications had no impact on the consolidated statements of income, or total assets and total liabilities in the consolidated balance sheets, as previously reported. | ||||||||||||||||
New Accounting Pronouncements | ||||||||||||||||
There are no new accounting pronouncements that are expected to have a significant impact on Polaris' consolidated financial statements. | ||||||||||||||||
Product warranties | ||||||||||||||||
Polaris provides a limited warranty for its ORVs for a period of six months and for a period of one year for its snowmobiles and motorcycles and a two year period for SVs. Polaris provides longer warranties in certain geographical markets as determined by local regulations and market conditions and may also provide longer warranties related to certain promotional programs. Polaris’ standard warranties require the Company or its dealers to repair or replace defective products during such warranty periods at no cost to the consumer. The warranty reserve is established at the time of sale to the dealer or distributor based on management’s best estimate using historical rates and trends. Adjustments to the warranty reserve are made from time to time as actual claims become known in order to properly estimate the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. Factors that could have an impact on the warranty accrual in any given period include the following: improved manufacturing quality, shifts in product mix, changes in warranty coverage periods, snowfall and its impact on snowmobile usage, product recalls and any significant changes in sales volume. The activity in the warranty reserve during the periods presented was as follows (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | 42,717 | $ | 38,685 | $ | 47,723 | $ | 44,355 | ||||||||
Additions to warranty reserve through acquisitions | — | — | 1,602 | — | ||||||||||||
Additions charged to expense | 16,860 | 12,101 | 38,850 | 29,140 | ||||||||||||
Warranty claims paid | (11,475 | ) | (9,215 | ) | (40,073 | ) | (31,924 | ) | ||||||||
Balance at end of period | $ | 48,102 | $ | 41,571 | $ | 48,102 | $ | 41,571 | ||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Share-Based Compensation | NOTE 2. Share-Based Compensation | |||||||||||||||
The amount of compensation cost for share-based awards to be recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates stock option forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company analyzes historical data to estimate pre-vesting forfeitures and records share compensation expense for those awards expected to vest. | ||||||||||||||||
Total share-based compensation expenses were as follows (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Option plan | $ | 5,866 | $ | 4,286 | $ | 16,843 | $ | 12,643 | ||||||||
Other share-based awards | 23,810 | 17,053 | 41,915 | 44,349 | ||||||||||||
Total share-based compensation before tax | 29,676 | 21,339 | 58,758 | 56,992 | ||||||||||||
Tax benefit | 11,073 | 7,965 | 21,939 | 21,318 | ||||||||||||
Total share-based compensation expense included in net income | $ | 18,603 | $ | 13,374 | $ | 36,819 | $ | 35,674 | ||||||||
In addition to the above share-based compensation expenses, Polaris sponsors a qualified non-leveraged employee stock ownership plan (ESOP). Shares allocated to eligible participants’ accounts vest at various percentage rates based on years of service and require no cash payments from the recipient. | ||||||||||||||||
At September 30, 2013, there was $69,628,000 of total unrecognized share-based compensation expense related to unvested share-based equity awards. Unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 1.76 years. Included in unrecognized share-based compensation is approximately $39,825,000 related to stock options and $29,803,000 for restricted stock. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Text Block [Abstract] | ||||||||
Inventories | NOTE 3. Inventories | |||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market. The major components of inventories are as follows (in thousands): | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Raw materials and purchased components | $ | 111,503 | $ | 70,552 | ||||
Service parts, garments and accessories | 114,120 | 95,110 | ||||||
Finished goods | 256,907 | 196,691 | ||||||
Less: reserves | (21,938 | ) | (17,357 | ) | ||||
Inventories | $ | 460,592 | $ | 344,996 | ||||
Financing_Agreement
Financing Agreement | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | |
Financing Agreement | NOTE 4. Financing Agreement |
In August 2011, Polaris entered into a $350,000,000 unsecured revolving loan facility. In January 2013, Polaris amended the loan facility to provide more beneficial covenant and interest rate terms and extend the expiration date from August 2016 to January 2018. Interest is charged at rates based on LIBOR or “prime.” There were no borrowings under the revolving loan facility at September 30, 2013. | |
In December 2010, the Company entered into a Master Note Purchase Agreement to issue $25,000,000 of 3.81 percent unsecured senior notes due May 2018 and $75,000,000 of 4.60 percent unsecured senior notes due May 2021 (collectively, the “Senior Notes”). The Senior Notes were issued in May 2011. | |
The unsecured revolving loan facility and the Master Note Purchase Agreement contain covenants that require Polaris to maintain certain financial ratios, including minimum interest coverage and maximum leverage ratios. Polaris was in compliance with all such covenants as of September 30, 2013. | |
As of September 30, 2013 and December 31, 2012, the Company’s capital lease obligations totaled $7,222,000 and $7,179,000, respectively, which included $3,318,000 and $2,887,000, respectively, classified as a current liability. |
Financial_Services_Arrangement
Financial Services Arrangements | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | |
Financial Services Arrangements | NOTE 5. Financial Services Arrangements |
Polaris Acceptance, a joint venture partnership between a wholly owned subsidiary of Polaris and GE Commercial Distribution Finance Corporation (GECDF), an indirect subsidiary of General Electric Capital Corporation, finances substantially all of Polaris' United States sales whereby Polaris receives payment within a few days of shipment of the product. Polaris’ subsidiary has a 50 percent equity interest in Polaris Acceptance. From time to time, Polaris Acceptance sells portions of its receivable portfolio to a securitization facility (the "Securitization Facility") arranged by General Electric Capital Corporation. The sale of receivables from Polaris Acceptance to the Securitization Facility is accounted for in Polaris Acceptance’s financial statements as a “true-sale” under ASC Topic 860. Polaris’ subsidiary and GECDF have an income sharing arrangement related to income generated from the Securitization Facility. Polaris’ allocable share of the income of Polaris Acceptance and the Securitization Facility has been included as a component of income from financial services in the accompanying consolidated statements of income. The agreement between GECDF and Polaris is effective through February 2017. | |
Polaris’ total investment in Polaris Acceptance of $58,338,000 at September 30, 2013 is accounted for under the equity method, and is recorded in investment in finance affiliate in the accompanying consolidated balance sheets. The net amount financed for dealers under this arrangement at September 30, 2013 was $851,760,000, which included $196,682,000 in the Polaris Acceptance portfolio and $655,078,000 of receivables within the Securitization Facility. | |
Polaris has agreed to repurchase products repossessed by Polaris Acceptance up to an annual maximum of 15 percent of the average month-end balances outstanding during the prior calendar year. For calendar year 2013, the potential 15 percent aggregate repurchase obligation is approximately $97,897,000. Polaris’ financial exposure under this arrangement is limited to the difference between the amounts unpaid by the dealer with respect to the repossessed product plus costs of repossession and the amount received on the resale of the repossessed product. No material losses have been incurred under this agreement during the periods presented. | |
Polaris has agreements with Capital One, GE Money Bank and Sheffield Financial under which these financial institutions provide financing to end consumers of Polaris products. Polaris' income generated from these agreements has been included as a component of income from financial services in the accompanying consolidated statements of income. | |
Polaris also provides extended service contracts to consumers and certain insurance contracts to dealers and consumers through various third-party suppliers. Polaris does not retain any warranty, insurance or financial risk under any of these arrangements. Polaris’ service fee income generated from these arrangements has been included as a component of income from financial services in the accompanying consolidated statements of income. |
Investment_in_Other_Affiliates
Investment in Other Affiliates | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Text Block [Abstract] | ||||||||
Investment in Other Affiliates | NOTE 6. Investment in Other Affiliates | |||||||
Investment in other affiliates in the consolidated balance sheets represents the Company’s investment in nonmarketable securities of strategic companies. Investment in other affiliates as of September 30, 2013 and December 31, 2012 is comprised of investments in Brammo, Inc. ("Brammo") and Eicher-Polaris Private Limited (EPPL) with the following balances (in thousands): | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Investment in Brammo | $ | 14,500 | $ | 12,000 | ||||
Investment in EPPL | 2,275 | 817 | ||||||
Total investment in other affiliates | $ | 16,775 | $ | 12,817 | ||||
Brammo is a privately held manufacturer of electric motorcycles. During the 2013 second quarter, Polaris made an additional $2,500,000 investment in Brammo. The investment in Brammo is accounted for under the cost method. Brammo is in the early stages of development and production. As such, a risk exists that Brammo may not be able to secure sufficient financing to reach viability through cash flow from operations. | ||||||||
EPPL is a joint venture established in 2012 with Eicher Motors Limited (Eicher). Polaris and Eicher each control 50 percent of the joint venture, which is intended to design, develop and manufacture a full range of new vehicles for India and other emerging markets. The investment in EPPL is accounted for under the equity method, with Polaris’ proportionate share of income or loss recorded within the consolidated financial statements on a one month lag due to financial information not being available timely. The overall investment is expected to be approximately $50,000,000, shared equally with Eicher over a three year period. Through September 30, 2013, Polaris has invested $4,562,000 in the joint venture. Polaris' share of EPPL loss for the three and nine months ended September 30, 2013 was $631,000 and $1,629,000, respectively, and is included in equity in loss of other affiliates on the consolidated statements of income. | ||||||||
Polaris will impair or write off an investment and recognize a loss when events or circumstances indicate there is impairment in the investment that is other-than-temporary. No impairments have been recognized on currently held investments. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Text Block [Abstract] | ||||||||||
Goodwill and Other Intangible Assets | NOTE 7. Goodwill and Other Intangible Assets | |||||||||
Goodwill and other intangible assets, net, consisted of $125,428,000 of goodwill and $102,461,000 of intangible assets, net of accumulated amortization, as of September 30, 2013. | ||||||||||
Additions to goodwill and other intangible assets in the first nine months of 2013 relate to the acquisition of A.M. Holding S.A.S., which operates under the name Aixam Mega S.A.S. ("Aixam"), on April 10, 2013. During the 2013 third quarter, certain adjustments were made to the opening balance sheet allocation. These adjustments did not result in a change to any previously reported consolidated income statements. | ||||||||||
Aixam manufactures and sells enclosed on-road quadricycles and light duty commercial vehicles. The acquisition strengthens Polaris' SV portfolio and enhances the profitability and growth potential of Polaris in Europe. Aixam's financial results are included in the Company’s consolidated results from the date of acquisition. Pro forma financial results are not presented as the acquisition is not material to the consolidated financial statements. The acquisition of Aixam for $141,189,000, which was funded with cash on hand, was allocated on a preliminary basis to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Net of cash acquired, the Aixam purchase price was $134,817,000. As of September 30, 2013, the purchase price allocation for Aixam remains preliminary as it relates to taxes. | ||||||||||
The changes in the carrying amount of goodwill for the nine months ended September 30, 2013 were as follows (in thousands): | ||||||||||
Nine months ended September 30, 2013 | ||||||||||
Balance as of beginning of period | $ | 56,324 | ||||||||
Goodwill acquired during the period | 66,085 | |||||||||
Currency translation effect on foreign goodwill balances | 3,019 | |||||||||
Balance as of end of period | $ | 125,428 | ||||||||
For other intangible assets, the changes in the net carrying amount for the nine months ended September 30, 2013 were as follows (in thousands): | ||||||||||
Nine months ended September 30, 2013 | ||||||||||
Gross | Accumulated | |||||||||
Amount | Amortization | |||||||||
Other intangible assets, beginning | $ | 54,907 | $ | (4,015 | ) | |||||
Intangible assets acquired during the period | 55,327 | — | ||||||||
Amortization expense | — | (6,379 | ) | |||||||
Foreign currency translation effect on balances | 2,647 | (26 | ) | |||||||
Other intangible assets, ending | $ | 112,881 | $ | (10,420 | ) | |||||
The components of other intangible assets were as follows (in thousands): | ||||||||||
Total estimated life (years) | September 30, 2013 | December 31, 2012 | ||||||||
Non-amortizable - indefinite lived: | ||||||||||
Brand names | $ | 40,921 | $ | 26,691 | ||||||
Amortized: | ||||||||||
Non-compete agreements | 5 | 540 | 540 | |||||||
Dealer/customer related | 7 | 58,381 | 14,702 | |||||||
Developed technology | 7-May | 13,039 | 12,974 | |||||||
Total amortizable | 71,960 | 28,216 | ||||||||
Less: Accumulated amortization | (10,420 | ) | (4,015 | ) | ||||||
Net amortized other intangible assets | 61,540 | 24,201 | ||||||||
Total other intangible assets, net | $ | 102,461 | $ | 50,892 | ||||||
Amortization expense for intangible assets for the three months ended September 30, 2013 was $2,727,000. Estimated amortization expense for the remainder of 2013 through 2018 is as follows: 2013 (remainder), $2,618,000; 2014, $10,471,000; 2015, $10,471,000; 2016, $10,447,000; 2017, $10,131,000; 2018, $8,651,000; and after 2018, $8,751,000. The preceding expected amortization expense is an estimate and actual amounts could differ due to additional intangible asset acquisitions, changes in foreign currency rates or impairment of intangible assets. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||
Shareholders' Equity | NOTE 8. Shareholders’ Equity | |||||||||||||||||
During the nine months ended September 30, 2013, Polaris paid $31,907,000 to repurchase and retire approximately 373,000 shares of its common stock. As of September 30, 2013, the Board of Directors has authorized the Company to repurchase up to an additional 1,608,000 shares of Polaris stock. The repurchase of any or all such shares authorized for repurchase will be governed by applicable SEC rules and dependent on management’s assessment of market conditions. Polaris paid a regular cash dividend of $0.42 per share on September 16, 2013 to holders of record at the close of business on September 3, 2013. On October 24, 2013, the Polaris Board of Directors declared a regular cash dividend of $0.42 per share payable on December 16, 2013 to holders of record of such shares at the close of business on December 2, 2013. Cash dividends declared per common share for the three and nine months ended September 30, 2013 and 2012, were as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Cash dividends declared and paid per common share | $ | 0.42 | $ | 0.37 | $ | 1.26 | $ | 1.11 | ||||||||||
Net income per share | ||||||||||||||||||
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under The Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted earnings per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options issued under the 1995 Stock Option Plan and the 2003 Non-Employee Director Stock Option Plan (collectively, the “Option Plans”) and certain shares issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in thousands): | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Weighted average number of common shares outstanding | 68,910 | 68,261 | 68,600 | 68,315 | ||||||||||||||
Director Plan and deferred stock units | 196 | 332 | 257 | 343 | ||||||||||||||
ESOP | 73 | 99 | 89 | 103 | ||||||||||||||
Common shares outstanding—basic | 69,179 | 68,692 | 68,946 | 68,761 | ||||||||||||||
Dilutive effect of Option Plans and Omnibus Plan | 2,007 | 2,191 | 1,955 | 2,195 | ||||||||||||||
Common and potential common shares outstanding—diluted | 71,186 | 70,883 | 70,901 | 70,956 | ||||||||||||||
During the third quarter and year-to-date periods ended September 30, 2013, the number of options that could potentially dilute earnings per share on a fully diluted basis that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive were 67,000 and 870,000, respectively, compared to 917,000 and 1,148,000 for the same respective periods in 2012. | ||||||||||||||||||
Accumulated other comprehensive income | ||||||||||||||||||
Changes in the accumulated other comprehensive income balance is as follows (in thousands): | ||||||||||||||||||
Foreign | Cash Flow | Accumulated Other | ||||||||||||||||
Currency | Hedging Derivatives | Comprehensive | ||||||||||||||||
Items | Income | |||||||||||||||||
Balance as of December 31, 2012 | $ | 13,669 | $ | (1,431 | ) | $ | 12,238 | |||||||||||
Reclassification to the income statement | — | (1,885 | ) | (1,885 | ) | |||||||||||||
Change in fair value | 2,655 | 3,774 | 6,429 | |||||||||||||||
Balance as of September 30, 2013 | $ | 16,324 | $ | 458 | $ | 16,782 | ||||||||||||
The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging instruments for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||||
Derivatives in Cash | Location of Gain (Loss) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Flow Hedging Relationships | Reclassified from | |||||||||||||||||
Accumulated OCI | ||||||||||||||||||
into Income | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign currency contracts | Other (income), net | $ | (2,241 | ) | $ | (2,028 | ) | $ | (3,352 | ) | $ | (5,644 | ) | |||||
Foreign currency contracts | Cost of sales | 714 | (465 | ) | 1,467 | (352 | ) | |||||||||||
Total | $ | (1,527 | ) | $ | (2,493 | ) | $ | (1,885 | ) | $ | (5,996 | ) | ||||||
The net amount of the existing gains or losses at September 30, 2013 that is expected to be reclassified into the income statement within the next 12 months is expected to not be material. See Note 10 for further information regarding Polaris' derivative activities. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | |
Commitments and Contingencies | NOTE 9. Commitments and Contingencies |
Polaris is subject to product liability claims in the normal course of business. In late 2012, Polaris purchased excess insurance coverage for catastrophic product liability claims for incidents occurring after the policy date. Polaris self-insures product liability claims before the policy date and up to the purchased catastrophic insurance coverage after the policy date. The estimated costs resulting from any losses are charged to operating expenses when it is probable a loss has been incurred and the amount of the loss is reasonably determinable. The Company utilizes historical trends and actuarial analysis tools, along with an analysis of current claims, to assist in determining the appropriate loss reserve levels. At September 30, 2013, the Company had an accrual of $14,330,000 for the probable payment of pending claims related to continuing operations product liability litigation associated with Polaris products. This accrual is included as a component of other accrued expenses in the accompanying consolidated balance sheets. | |
As previously disclosed, the Company was party to a lawsuit in which the plaintiff was seriously injured in a 2008 accident involving a collision between a 2001 Polaris Virage personal watercraft and a boat. On July 23, 2013, a Los Angeles County jury returned an unfavorable verdict against the Company. The jury returned a verdict finding that the accident was caused by multiple actions, the majority of which was attributed to the negligence of the other boat driver, with the balance attributed to the reckless behavior of the driver of the Virage and the design of the Virage. The jury awarded approximately $21,000,000 in damages, of which Polaris' liability is $10,000,000. This has been reported within current liabilities of discontinued operations in the accompanying consolidated balance sheets. The amount is expected to be paid in the 2013 fourth quarter. The Company reported a loss from discontinued operations, net of tax, of $3,777,000 in the 2013 third quarter for an additional provision to accrue Polaris' portion of the jury award and legal fees. In September 2004, the Company announced that it had decided to cease manufacturing marine products. Since then, any material financial results of that division have been recorded in discontinued operations. | |
Polaris is a defendant in lawsuits and subject to other claims arising in the normal course of business. In the opinion of management, it is unlikely that any legal proceedings pending against or involving Polaris will have a material adverse effect on Polaris' financial position or results of operations. | |
As a component of certain past acquisition agreements, Polaris has committed to make additional payments to certain sellers contingent upon either the passage of time or certain financial performance criteria. Polaris initially records the fair value of each commitment as of the respective opening balance sheet, and each reporting period the fair value is evaluated, using level 3 inputs, with the change in value reflected in the consolidated statements of income. As of September 30, 2013 and December 31, 2012, the fair value of contingent purchase price commitments was $13,863,000 and $12,701,000, respectively, recorded in other long-term liabilities in the consolidated balance sheets. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Derivative Instruments and Hedging Activities | NOTE 10. Derivative Instruments and Hedging Activities | |||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. From time to time, the primary risks managed by using derivative instruments are foreign currency risk, interest rate risk and commodity price fluctuations. Derivative contracts on various currencies are entered into in order to manage foreign currency exposures associated with certain product sourcing activities and intercompany cash flows. Interest rate swaps are entered into in order to manage interest rate risk associated with the Company’s variable-rate borrowings. Commodity hedging contracts are entered into in order to manage fluctuating market prices of certain purchased commodities and raw materials that are integrated into the Company’s end products. | ||||||||||||||||
The Company’s foreign currency management objective is to mitigate the potential impact of currency fluctuations on the value of its U.S. dollar cash flows and to reduce the variability of certain cash flows at the subsidiary level. The Company actively manages certain forecasted foreign currency exposures and uses a centralized currency management operation to take advantage of potential opportunities to naturally offset foreign currency exposures against each other. The decision of whether and when to execute derivative instruments, along with the duration of the instrument, can vary from period to period depending on market conditions, the relative costs of the instruments and capacity to hedge. The duration is linked to the timing of the underlying exposure, with the connection between the two being regularly monitored. Polaris does not use any financial contracts for trading purposes. | ||||||||||||||||
At September 30, 2013, Polaris had the following open foreign currency contracts (in thousands): | ||||||||||||||||
Foreign Currency | Notional Amounts | Net Unrealized Gain (Loss) | ||||||||||||||
(in US Dollars) | ||||||||||||||||
Australian Dollar | $ | 4,664 | $ | 391 | ||||||||||||
Canadian Dollar | 120,589 | 422 | ||||||||||||||
Japanese Yen | 23,883 | (610 | ) | |||||||||||||
Mexican Peso | 16,875 | 182 | ||||||||||||||
Norwegian Kroner | 4,606 | 149 | ||||||||||||||
Swedish Krona | 8,213 | (98 | ) | |||||||||||||
Total | $ | 178,830 | $ | 436 | ||||||||||||
These contracts, with maturities through December 31, 2014, met the criteria for cash flow hedges and the unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive income in shareholders’ equity. | ||||||||||||||||
Polaris enters into derivative contracts to hedge a portion of the exposure related to diesel fuel and aluminum. These diesel fuel and aluminum derivative contracts have not met the criteria for hedge accounting. The Company recognized a loss of $18,000 and $892,000 in cost of sales on commodity contracts not designated as hedging instruments for the three and nine months ended September 30, 2013, respectively, versus a gain of $2,778,000 and loss of $240,000 for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
The table below summarizes the carrying values of derivative instruments as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Carrying Values of Derivative Instruments as of September 30, 2013 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 1,504 | $ | (1,068 | ) | $ | 436 | |||||||||
Total derivatives designated as hedging instruments | $ | 1,504 | $ | (1,068 | ) | $ | 436 | |||||||||
Commodity contracts(1) | $ | 23 | $ | (101 | ) | $ | (78 | ) | ||||||||
Total derivatives not designated as hedging instruments | $ | 23 | $ | (101 | ) | $ | (78 | ) | ||||||||
Total derivatives | $ | 1,527 | $ | (1,169 | ) | $ | 358 | |||||||||
Carrying Values of Derivative Instruments as of December 31, 2012 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 1,122 | $ | (3,739 | ) | $ | (2,617 | ) | ||||||||
Total derivatives designated as hedging instruments | $ | 1,122 | $ | (3,739 | ) | $ | (2,617 | ) | ||||||||
Commodity contracts(1) | $ | 114 | $ | (238 | ) | $ | (124 | ) | ||||||||
Total derivatives not designated as hedging instruments | $ | 114 | $ | (238 | ) | $ | (124 | ) | ||||||||
Total derivatives | $ | 1,236 | $ | (3,977 | ) | $ | (2,741 | ) | ||||||||
-1 | Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses on the accompanying consolidated balance sheets. | |||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into the income statement in the same period or periods during which the hedged transaction affects the income statement. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in the current income statement. | ||||||||||||||||
The table below provides data about the amount of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included in accumulated other comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Derivatives in Cash | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
Flow Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest rate contracts | $ | (3 | ) | $ | (6 | ) | $ | (15 | ) | $ | (18 | ) | ||||
Foreign currency contracts | (1,128 | ) | (1,744 | ) | 1,904 | (3,378 | ) | |||||||||
Total | $ | (1,131 | ) | $ | (1,750 | ) | $ | 1,889 | $ | (3,396 | ) | |||||
See Note 8 for information about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for derivative instruments designated as hedging instruments. The ineffective portion of foreign currency contracts was not material for the three and nine month periods ended September 30, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Fair Value Measurements | NOTE 11. Fair Value Measurements | ||||||||||||||
ASC Topic 820 defines fair value 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. This Topic also establishes a fair value hierarchy 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 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
The Company utilizes the market approach to measure fair value for its non-qualified deferred compensation assets and liabilities, and the income approach for the foreign currency contracts and commodity contracts. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses significant other observable inputs to value the Company's derivative instruments used to hedge interest rate volatility, foreign currency and commodity transactions. Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): | |||||||||||||||
Fair Value Measurements as of September 30, 2013 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Foreign exchange contracts, net | $ | 436 | — | $ | 436 | — | |||||||||
Non-qualified deferred compensation assets | 23,071 | $ | 23,071 | — | — | ||||||||||
Total assets at fair value | $ | 23,507 | $ | 23,071 | $ | 436 | — | ||||||||
Commodity contracts, net | $ | (78 | ) | — | $ | (78 | ) | — | |||||||
Non-qualified deferred compensation liabilities | (23,071 | ) | $ | (23,071 | ) | — | — | ||||||||
Total liabilities at fair value | $ | (23,149 | ) | $ | (23,071 | ) | $ | (78 | ) | — | |||||
Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-qualified deferred compensation assets | $ | 15,872 | $ | 15,872 | — | — | |||||||||
Total assets at fair value | $ | 15,872 | $ | 15,872 | — | — | |||||||||
Foreign exchange contracts, net | $ | (2,617 | ) | — | $ | (2,617 | ) | — | |||||||
Commodity contracts, net | (124 | ) | — | (124 | ) | — | |||||||||
Non-qualified deferred compensation liabilities | (15,872 | ) | $ | (15,872 | ) | — | — | ||||||||
Total liabilities at fair value | $ | (18,613 | ) | $ | (15,872 | ) | $ | (2,741 | ) | — | |||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of presentation |
The accompanying unaudited consolidated financial statements of Polaris Industries Inc. ("Polaris" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with accounting principles generally accepted in the United States for complete financial statements. Accordingly, such statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 previously filed with the Securities and Exchange Commission. In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Due to the seasonality of snowmobiles; Off-Road Vehicles (ORV), which include all-terrain vehicles (ATV) and side-by-side vehicles; motorcycles; Small Vehicles (SV); and Parts, Garments and Accessories (PG&A) businesses, and to certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year. | |
On September 2, 2004, the Company announced its decision to discontinue the manufacture of marine products effective immediately. Material financial results for the marine products division are reported separately as discontinued operations for all periods presented. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain reclassifications of previously reported balance sheet amounts have been made to conform to the current year presentation. The reclassifications had no impact on the consolidated statements of income, or total assets and total liabilities in the consolidated balance sheets, as previously reported. | |
New Accounting Pronouncements | New Accounting Pronouncements |
There are no new accounting pronouncements that are expected to have a significant impact on Polaris' consolidated financial statements. | |
Product Warranties | Product warranties |
Polaris provides a limited warranty for its ORVs for a period of six months and for a period of one year for its snowmobiles and motorcycles and a two year period for SVs. Polaris provides longer warranties in certain geographical markets as determined by local regulations and market conditions and may also provide longer warranties related to certain promotional programs. Polaris’ standard warranties require the Company or its dealers to repair or replace defective products during such warranty periods at no cost to the consumer. The warranty reserve is established at the time of sale to the dealer or distributor based on management’s best estimate using historical rates and trends. Adjustments to the warranty reserve are made from time to time as actual claims become known in order to properly estimate the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. Factors that could have an impact on the warranty accrual in any given period include the following: improved manufacturing quality, shifts in product mix, changes in warranty coverage periods, snowfall and its impact on snowmobile usage, product recalls and any significant changes in sales volume. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Schedule of activity in the warranty reserve | The activity in the warranty reserve during the periods presented was as follows (in thousands): | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | 42,717 | $ | 38,685 | $ | 47,723 | $ | 44,355 | ||||||||
Additions to warranty reserve through acquisitions | — | — | 1,602 | — | ||||||||||||
Additions charged to expense | 16,860 | 12,101 | 38,850 | 29,140 | ||||||||||||
Warranty claims paid | (11,475 | ) | (9,215 | ) | (40,073 | ) | (31,924 | ) | ||||||||
Balance at end of period | $ | 48,102 | $ | 41,571 | $ | 48,102 | $ | 41,571 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Schedule of share-based compensation expenses | Total share-based compensation expenses were as follows (in thousands): | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Option plan | $ | 5,866 | $ | 4,286 | $ | 16,843 | $ | 12,643 | ||||||||
Other share-based awards | 23,810 | 17,053 | 41,915 | 44,349 | ||||||||||||
Total share-based compensation before tax | 29,676 | 21,339 | 58,758 | 56,992 | ||||||||||||
Tax benefit | 11,073 | 7,965 | 21,939 | 21,318 | ||||||||||||
Total share-based compensation expense included in net income | $ | 18,603 | $ | 13,374 | $ | 36,819 | $ | 35,674 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Text Block [Abstract] | ||||||||
Schedule of major components of inventories | Inventories are stated at the lower of cost (first-in, first-out method) or market. The major components of inventories are as follows (in thousands): | |||||||
30-Sep-13 | 31-Dec-12 | |||||||
Raw materials and purchased components | $ | 111,503 | $ | 70,552 | ||||
Service parts, garments and accessories | 114,120 | 95,110 | ||||||
Finished goods | 256,907 | 196,691 | ||||||
Less: reserves | (21,938 | ) | (17,357 | ) | ||||
Inventories | $ | 460,592 | $ | 344,996 | ||||
Investment_in_Other_Affiliates1
Investment in Other Affiliates (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Text Block [Abstract] | ||||||||
Schedule of investment in other affiliates | Investment in other affiliates as of September 30, 2013 and December 31, 2012 is comprised of investments in Brammo, Inc. ("Brammo") and Eicher-Polaris Private Limited (EPPL) with the following balances (in thousands): | |||||||
30-Sep-13 | 31-Dec-12 | |||||||
Investment in Brammo | $ | 14,500 | $ | 12,000 | ||||
Investment in EPPL | 2,275 | 817 | ||||||
Total investment in other affiliates | $ | 16,775 | $ | 12,817 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Text Block [Abstract] | ||||||||||
Schedule of changes in carrying amount of goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2013 were as follows (in thousands): | |||||||||
Nine months ended September 30, 2013 | ||||||||||
Balance as of beginning of period | $ | 56,324 | ||||||||
Goodwill acquired during the period | 66,085 | |||||||||
Currency translation effect on foreign goodwill balances | 3,019 | |||||||||
Balance as of end of period | $ | 125,428 | ||||||||
Schedule of other intangible assets, changes in net carrying amount | For other intangible assets, the changes in the net carrying amount for the nine months ended September 30, 2013 were as follows (in thousands): | |||||||||
Nine months ended September 30, 2013 | ||||||||||
Gross | Accumulated | |||||||||
Amount | Amortization | |||||||||
Other intangible assets, beginning | $ | 54,907 | $ | (4,015 | ) | |||||
Intangible assets acquired during the period | 55,327 | — | ||||||||
Amortization expense | — | (6,379 | ) | |||||||
Foreign currency translation effect on balances | 2,647 | (26 | ) | |||||||
Other intangible assets, ending | $ | 112,881 | $ | (10,420 | ) | |||||
Schedule of components of other intangible assets | The components of other intangible assets were as follows (in thousands): | |||||||||
Total estimated life (years) | September 30, 2013 | December 31, 2012 | ||||||||
Non-amortizable - indefinite lived: | ||||||||||
Brand names | $ | 40,921 | $ | 26,691 | ||||||
Amortized: | ||||||||||
Non-compete agreements | 5 | 540 | 540 | |||||||
Dealer/customer related | 7 | 58,381 | 14,702 | |||||||
Developed technology | 7-May | 13,039 | 12,974 | |||||||
Total amortizable | 71,960 | 28,216 | ||||||||
Less: Accumulated amortization | (10,420 | ) | (4,015 | ) | ||||||
Net amortized other intangible assets | 61,540 | 24,201 | ||||||||
Total other intangible assets, net | $ | 102,461 | $ | 50,892 | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||
Schedule of cash dividends declared per common share | Cash dividends declared per common share for the three and nine months ended September 30, 2013 and 2012, were as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Cash dividends declared and paid per common share | $ | 0.42 | $ | 0.37 | $ | 1.26 | $ | 1.11 | ||||||||||
Schedule of reconciliation of weighted average number of shares | A reconciliation of these amounts is as follows (in thousands): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Weighted average number of common shares outstanding | 68,910 | 68,261 | 68,600 | 68,315 | ||||||||||||||
Director Plan and deferred stock units | 196 | 332 | 257 | 343 | ||||||||||||||
ESOP | 73 | 99 | 89 | 103 | ||||||||||||||
Common shares outstanding—basic | 69,179 | 68,692 | 68,946 | 68,761 | ||||||||||||||
Dilutive effect of Option Plans and Omnibus Plan | 2,007 | 2,191 | 1,955 | 2,195 | ||||||||||||||
Common and potential common shares outstanding—diluted | 71,186 | 70,883 | 70,901 | 70,956 | ||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) balances | Changes in the accumulated other comprehensive income balance is as follows (in thousands): | |||||||||||||||||
Foreign | Cash Flow | Accumulated Other | ||||||||||||||||
Currency | Hedging Derivatives | Comprehensive | ||||||||||||||||
Items | Income | |||||||||||||||||
Balance as of December 31, 2012 | $ | 13,669 | $ | (1,431 | ) | $ | 12,238 | |||||||||||
Reclassification to the income statement | — | (1,885 | ) | (1,885 | ) | |||||||||||||
Change in fair value | 2,655 | 3,774 | 6,429 | |||||||||||||||
Balance as of September 30, 2013 | $ | 16,324 | $ | 458 | $ | 16,782 | ||||||||||||
Schedule of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging instruments | The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging instruments for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Derivatives in Cash | Location of Gain (Loss) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Flow Hedging Relationships | Reclassified from | |||||||||||||||||
Accumulated OCI | ||||||||||||||||||
into Income | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign currency contracts | Other (income), net | $ | (2,241 | ) | $ | (2,028 | ) | $ | (3,352 | ) | $ | (5,644 | ) | |||||
Foreign currency contracts | Cost of sales | 714 | (465 | ) | 1,467 | (352 | ) | |||||||||||
Total | $ | (1,527 | ) | $ | (2,493 | ) | $ | (1,885 | ) | $ | (5,996 | ) |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Schedule of open foreign currency contracts | At September 30, 2013, Polaris had the following open foreign currency contracts (in thousands): | |||||||||||||||
Foreign Currency | Notional Amounts | Net Unrealized Gain (Loss) | ||||||||||||||
(in US Dollars) | ||||||||||||||||
Australian Dollar | $ | 4,664 | $ | 391 | ||||||||||||
Canadian Dollar | 120,589 | 422 | ||||||||||||||
Japanese Yen | 23,883 | (610 | ) | |||||||||||||
Mexican Peso | 16,875 | 182 | ||||||||||||||
Norwegian Kroner | 4,606 | 149 | ||||||||||||||
Swedish Krona | 8,213 | (98 | ) | |||||||||||||
Total | $ | 178,830 | $ | 436 | ||||||||||||
Schedule of carrying values of derivative instruments | The table below summarizes the carrying values of derivative instruments as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||
Carrying Values of Derivative Instruments as of September 30, 2013 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 1,504 | $ | (1,068 | ) | $ | 436 | |||||||||
Total derivatives designated as hedging instruments | $ | 1,504 | $ | (1,068 | ) | $ | 436 | |||||||||
Commodity contracts(1) | $ | 23 | $ | (101 | ) | $ | (78 | ) | ||||||||
Total derivatives not designated as hedging instruments | $ | 23 | $ | (101 | ) | $ | (78 | ) | ||||||||
Total derivatives | $ | 1,527 | $ | (1,169 | ) | $ | 358 | |||||||||
Carrying Values of Derivative Instruments as of December 31, 2012 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 1,122 | $ | (3,739 | ) | $ | (2,617 | ) | ||||||||
Total derivatives designated as hedging instruments | $ | 1,122 | $ | (3,739 | ) | $ | (2,617 | ) | ||||||||
Commodity contracts(1) | $ | 114 | $ | (238 | ) | $ | (124 | ) | ||||||||
Total derivatives not designated as hedging instruments | $ | 114 | $ | (238 | ) | $ | (124 | ) | ||||||||
Total derivatives | $ | 1,236 | $ | (3,977 | ) | $ | (2,741 | ) | ||||||||
-1 | Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses on the accompanying consolidated balance sheets. | |||||||||||||||
Schedule of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included in accumulated other comprehensive income, net | The table below provides data about the amount of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included in accumulated other comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||
Derivatives in Cash | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
Flow Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest rate contracts | $ | (3 | ) | $ | (6 | ) | $ | (15 | ) | $ | (18 | ) | ||||
Foreign currency contracts | (1,128 | ) | (1,744 | ) | 1,904 | (3,378 | ) | |||||||||
Total | $ | (1,131 | ) | $ | (1,750 | ) | $ | 1,889 | $ | (3,396 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||
Fair Value Measurements as of September 30, 2013 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Foreign exchange contracts, net | $ | 436 | — | $ | 436 | — | |||||||||
Non-qualified deferred compensation assets | 23,071 | $ | 23,071 | — | — | ||||||||||
Total assets at fair value | $ | 23,507 | $ | 23,071 | $ | 436 | — | ||||||||
Commodity contracts, net | $ | (78 | ) | — | $ | (78 | ) | — | |||||||
Non-qualified deferred compensation liabilities | (23,071 | ) | $ | (23,071 | ) | — | — | ||||||||
Total liabilities at fair value | $ | (23,149 | ) | $ | (23,071 | ) | $ | (78 | ) | — | |||||
Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-qualified deferred compensation assets | $ | 15,872 | $ | 15,872 | — | — | |||||||||
Total assets at fair value | $ | 15,872 | $ | 15,872 | — | — | |||||||||
Foreign exchange contracts, net | $ | (2,617 | ) | — | $ | (2,617 | ) | — | |||||||
Commodity contracts, net | (124 | ) | — | (124 | ) | — | |||||||||
Non-qualified deferred compensation liabilities | (15,872 | ) | $ | (15,872 | ) | — | — | ||||||||
Total liabilities at fair value | $ | (18,613 | ) | $ | (15,872 | ) | $ | (2,741 | ) | — | |||||
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Sep. 30, 2013 | |
Off Road Vehicle | |
Product Warranty Liability [Line Items] | |
Period of warranties provided by Polaris | 6 months |
Snowmobiles and Motorcycles | |
Product Warranty Liability [Line Items] | |
Period of warranties provided by Polaris | 1 year |
Small Electric Vehicles | |
Product Warranty Liability [Line Items] | |
Period of warranties provided by Polaris | 2 years |
Significant_Accounting_Policie4
Significant Accounting Policies - Activity in Polaris Accrued Warranty Reserve (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Activity in Product Warranty Reserve [Roll Forward] | ||||
Balance at beginning of period | $42,717 | $38,685 | $47,723 | $44,355 |
Additions to warranty reserve through acquisitions | 0 | 0 | 1,602 | 0 |
Additions charged to expense | 16,860 | 12,101 | 38,850 | 29,140 |
Warranty claims paid | -11,475 | -9,215 | -40,073 | -31,924 |
Balance at end of period | $48,102 | $41,571 | $48,102 | $41,571 |
ShareBased_Compensation_Expens
Share-Based Compensation Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Share Based Compensation Expenses [Abstract] | ||||
Option plan | $5,866 | $4,286 | $16,843 | $12,643 |
Other share-based awards | 23,810 | 17,053 | 41,915 | 44,349 |
Total share-based compensation before tax | 29,676 | 21,339 | 58,758 | 56,992 |
Tax benefit | 11,073 | 7,965 | 21,939 | 21,318 |
Total share-based compensation expense included in net income | $18,603 | $13,374 | $36,819 | $35,674 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Disclosure Share Based Compensation Additional Information [Abstract] | |
Unrecognized compensation cost related to unvested share-based equity awards | $69,628 |
Weighted average period of recognition of unvested share-based equity awards | 1 year 9 months 4 days |
Unrecognized compensation cost related to unvested share-based equity awards, stock options | 39,825 |
Unrecognized compensation cost related to unvested share-based equity awards, restricted stock | $29,803 |
Inventories_Major_Components_o
Inventories - Major Components of Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials and purchased components | $111,503 | $70,552 |
Service parts, garments and accessories | 114,120 | 95,110 |
Finished goods | 256,907 | 196,691 |
Less: reserves | -21,938 | -17,357 |
Inventories | $460,592 | $344,996 |
Financing_Agreement_Additional
Financing Agreement - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 |
Master Notes | Master Notes | ||||
Senior Unsecured Notes, 3.81 Percent, Due May 2018 | Senior Unsecured Notes, 4.60 Percent, Due May 2021 | ||||
Line of Credit Facility [Line Items] | |||||
Revolving loan facility, maximum capacity | $350,000,000 | ||||
Issuance of senior notes | 25,000,000 | 75,000,000 | |||
Interest rate for purchase agreement | 3.81% | 4.60% | |||
Maturity date | 5/31/18 | 5/31/21 | |||
Capital lease obligations | 7,222,000 | 7,179,000 | |||
Capital lease obligations, current | $3,318,000 | $2,887,000 |
Financial_Services_Arrangement1
Financial Services Arrangements - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net amount financed for dealers | $851,760 | |
Trade receivables, net | 157,015 | 119,769 |
Aggregate repurchase obligation, amount | 97,897 | |
Maximum | ||
Investments in and Advances to Affiliates [Line Items] | ||
Aggregate repurchase obligation, percentage | 15.00% | |
Finance affiliate | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investment in affiliates | 58,338 | 56,988 |
Polaris Acceptance | ||
Investments in and Advances to Affiliates [Line Items] | ||
Equity method investment ownership percentage | 50.00% | |
Trade receivables, net | 196,682 | |
Securitization Facility | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding balance of receivables | $655,078 |
Investment_in_Other_Affiliates2
Investment in Other Affiliates (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 21 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Brammo, Inc. | Eicher -Polaris Private Limited | Eicher -Polaris Private Limited | Eicher -Polaris Private Limited | Brammo, Inc. | Brammo, Inc. | Eicher -Polaris Private Limited | Eicher -Polaris Private Limited | Other affiliates | Other affiliates | |||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $2,500,000 | $14,500,000 | $12,000,000 | $2,275,000 | $817,000 | $16,775,000 | $12,817,000 | |||||||
Equity method investment ownership percentage | 50.00% | |||||||||||||
Period for proportionate share of income (loss) to be reflected in consolidated financials | 1 month | |||||||||||||
Joint venture investment | 50,000,000 | |||||||||||||
Investment maturity period | 3 years | |||||||||||||
Investment in affiliates | 4,562,000 | |||||||||||||
Equity in loss of other affiliates | ($631,000) | $0 | ($1,629,000) | $0 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | |
Balance as of beginning of period | $56,324 |
Goodwill acquired during the period | 66,085 |
Currency translation effect on foreign goodwill balances | 3,019 |
Balance as of end of period | $125,428 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 10, 2013 |
A.M. Holdings S.A.S (AIXAM) | ||||
Intangible Assets and Goodwill [Line Items] | ||||
Goodwill | $125,428 | $125,428 | $56,324 | |
Total other intangible assets, net | 102,461 | 102,461 | 50,892 | |
Acquisition cost | 141,189 | |||
Acquisition cost, net of cash acquired | 134,817 | |||
Amortization expense of intangible assets | 2,727 | 6,379 | ||
Estimated Future Amortization Expense by Fiscal Year [Abstract] | ||||
Remainder of 2013 | 2,618 | 2,618 | ||
2014 | 10,471 | 10,471 | ||
2015 | 10,471 | 10,471 | ||
2016 | 10,447 | 10,447 | ||
2017 | 10,131 | 10,131 | ||
2018 | 8,651 | 8,651 | ||
After 2018 | $8,751 | $8,751 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets, Changes in Net Carrying Amount (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Disclosure Other Intangible Assets Changes In Net Carrying Amount [Abstract] | ||
Finite-lived Intangible Assets Acquired | $55,327 | |
Other Intangible Assets, Gross Amount [Roll Forward] | ||
Other intangible assets, beginning | 54,907 | |
Foreign currency translation effect on balances | 2,647 | |
Other intangible assets, ending | 112,881 | 112,881 |
Other Intangible Assets, Accumulated Amortization [Roll Forward] | ||
Other intangible assets, beginning | -4,015 | |
Amortization expense | -2,727 | -6,379 |
Foreign currency translation effect on balances | -26 | |
Other intangible assets, ending | ($10,420) | ($10,420) |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Amortized: | ||
Gross amortized other intangible assets | $71,960 | $28,216 |
Accumulated Amortization | -10,420 | -4,015 |
Net amortized other intangible assets | 61,540 | 24,201 |
Total other intangible assets, net | 102,461 | 50,892 |
Non-compete agreements | ||
Amortized: | ||
Total estimated life | 5 years | |
Gross amortized other intangible assets | 540 | 540 |
Dealer/customer related | ||
Amortized: | ||
Total estimated life | 7 years | |
Gross amortized other intangible assets | 58,381 | 14,702 |
Developed technology | ||
Amortized: | ||
Gross amortized other intangible assets | 13,039 | 12,974 |
Developed technology | Minimum | ||
Amortized: | ||
Total estimated life | 5 years | |
Developed technology | Maximum | ||
Amortized: | ||
Total estimated life | 7 years | |
Brand names | ||
Non-amortizable - indefinite lived: | ||
Non-amortizable, Net | $40,921 | $26,691 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity Note [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $0.42 | |||
Repurchase and retirement of common stock | $31,907 | |||
Repurchase and retirement of common stock, shares | 373,000 | |||
Shares remaining available for repurchases | 1,608,000 | 1,608,000 | ||
Cash dividend paid during period, per share | $0.42 | $0.37 | $1.26 | $1.11 |
Common stock excluded from calculation of diluted earnings per share | 67,000 | 917,000 | 870,000 | 1,148,000 |
Shareholders_Equity_Cash_Divid
Shareholders' Equity - Cash Dividends Declared Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Cash Dividends Declared and Paid Per Common Share [Abstract] | ||||
Cash dividends declared and paid per common share | $0.42 | $0.37 | $1.26 | $1.11 |
Shareholders_Equity_Reconcilia
Shareholders' Equity - Reconciliation of Weighted Average Number of Shares (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted Average Number of Shares Outstanding [Line Items] | ||||
Weighted average number of common shares outstanding | 68,910 | 68,261 | 68,600 | 68,315 |
Director Plan and deferred stock units | 196 | 332 | 257 | 343 |
ESOP | 73 | 99 | 89 | 103 |
Common shares outstanding—basic | 69,179 | 68,692 | 68,946 | 68,761 |
Common and potential common shares outstanding—diluted | 71,186 | 70,883 | 70,901 | 70,956 |
Option plans and Omnibus Plan | ||||
Weighted Average Number of Shares Outstanding [Line Items] | ||||
Dilutive effect of Option Plans and Omnibus Plan | 2,007 | 2,191 | 1,955 | 2,195 |
Shareholders_Equity_Changes_in
Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance as of December 31, 2012 | $12,238 |
Reclassification to the income statement | -1,885 |
Change in fair value | 6,429 |
Balance as of September 30, 2013 | 16,782 |
Foreign Currency Items | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance as of December 31, 2012 | 13,669 |
Reclassification to the income statement | 0 |
Change in fair value | 2,655 |
Balance as of September 30, 2013 | 16,324 |
Cash Flow Hedging | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance as of December 31, 2012 | -1,431 |
Reclassification to the income statement | -1,885 |
Change in fair value | 3,774 |
Balance as of September 30, 2013 | $458 |
Shareholders_Equity_Gains_and_
Shareholders' Equity - Gains and Losses, Net of Tax Reclassified from Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI Into Income | ($1,527) | ($2,493) | ($1,885) | ($5,996) |
Foreign exchange contracts | Other income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI Into Income | -2,241 | -2,028 | -3,352 | -5,644 |
Foreign exchange contracts | Cost of sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI Into Income | $714 | ($465) | $1,467 | ($352) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 23, 2013 | Jul. 23, 2013 |
Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Polaris Industries Inc | Polaris Industries Inc Plus Third Parties | |||||
Damages from Product Defects | Damages from Product Defects | |||||||
Loss Contingencies [Line Items] | ||||||||
Accrual for the probable payment of pending claims | $14,330 | $14,330 | ||||||
Damages awarded to Plaintiff | 10,000 | 21,000 | ||||||
Loss from discontinued operations | 3,777 | 0 | 3,777 | 0 | ||||
Fair value of contingent purchase price commitments | $13,863 | $12,701 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Open Foreign Currency Contracts (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | $358 | ($2,741) |
Cash Flow Hedging | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 178,830 | |
Derivative, Fair Value, Net | 436 | |
Cash Flow Hedging | Foreign exchange contracts | Currency, Australian Dollar | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 4,664 | |
Derivative, Fair Value, Net | 391 | |
Cash Flow Hedging | Foreign exchange contracts | Currency, Canadian Dollar | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 120,589 | |
Derivative, Fair Value, Net | 422 | |
Cash Flow Hedging | Foreign exchange contracts | Currency, Japanese Yen | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 23,883 | |
Derivative, Fair Value, Net | -610 | |
Cash Flow Hedging | Foreign exchange contracts | Currency, Mexican Peso | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 16,875 | |
Derivative, Fair Value, Net | 182 | |
Cash Flow Hedging | Foreign exchange contracts | Norwegian Kroner | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 4,606 | |
Derivative, Fair Value, Net | 149 | |
Cash Flow Hedging | Foreign exchange contracts | Currency, Swedish Krone | ||
Derivative [Line Items] | ||
Notional Amounts (in US Dollars) | 8,213 | |
Derivative, Fair Value, Net | ($98) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Carrying Values of Derivative Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ||||
Derivative Net Carrying Value | $358 | ($2,741) | ||
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative Net Carrying Value | 436 | -2,617 | ||
Designated as Hedging Instrument | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Derivative Net Carrying Value | 436 | [1] | -2,617 | [1] |
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative Net Carrying Value | -78 | -124 | ||
Not Designated as Hedging Instrument | Commodity contracts | ||||
Derivative [Line Items] | ||||
Derivative Net Carrying Value | -78 | [1] | -124 | [1] |
Prepaid Expenses And Other Current Assets | ||||
Derivative [Line Items] | ||||
Fair Value— Assets | 1,527 | 1,236 | ||
Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Fair Value— Assets | 1,504 | 1,122 | ||
Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Fair Value— Assets | 1,504 | [1] | 1,122 | [1] |
Prepaid Expenses And Other Current Assets | Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Fair Value— Assets | 23 | 114 | ||
Prepaid Expenses And Other Current Assets | Not Designated as Hedging Instrument | Commodity contracts | ||||
Derivative [Line Items] | ||||
Fair Value— Assets | 23 | [1] | 114 | [1] |
Other Current Liabilities | ||||
Derivative [Line Items] | ||||
Fair Value— (Liabilities) | -1,169 | -3,977 | ||
Other Current Liabilities | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Fair Value— (Liabilities) | -1,068 | -3,739 | ||
Other Current Liabilities | Designated as Hedging Instrument | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Fair Value— (Liabilities) | -1,068 | [1] | -3,739 | [1] |
Other Current Liabilities | Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Fair Value— (Liabilities) | -101 | -238 | ||
Other Current Liabilities | Not Designated as Hedging Instrument | Commodity contracts | ||||
Derivative [Line Items] | ||||
Fair Value— (Liabilities) | ($101) | [1] | ($238) | [1] |
[1] | Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses on the accompanying consolidated balance sheets. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Gains and Losses, Net of Tax, Related to Derivative Instruments Designated as Cash Flow Hedges Included in Accumulated Other Comprehensive Income, Net (Detail) (Cash Flow Hedging, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in accumulated OCI on derivative (effective portion) | ($1,131) | ($1,750) | $1,889 | ($3,396) |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in accumulated OCI on derivative (effective portion) | -3 | -6 | -15 | -18 |
Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in accumulated OCI on derivative (effective portion) | ($1,128) | ($1,744) | $1,904 | ($3,378) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Additional Information (Details) (Cost of sales, Commodity contracts, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cost of sales | Commodity contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Recognized gain (loss) in cost of sales on commodity contracts not designated as hedging instruments | ($18) | $2,778 | ($892) | ($240) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value, measurements, recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | $23,507 | $15,872 |
Liabilities, fair value disclosure | -23,149 | -18,613 |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | 436 | |
Liabilities, fair value disclosure | -2,617 | |
Non-qualified deferred compensation assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | 23,071 | 15,872 |
Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Liabilities, fair value disclosure | -78 | -124 |
Non-qualified deferred compensation liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Liabilities, fair value disclosure | -23,071 | -15,872 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | 23,071 | 15,872 |
Liabilities, fair value disclosure | -23,071 | -15,872 |
Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | ||
Liabilities, fair value disclosure | ||
Level 1 | Non-qualified deferred compensation assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | 23,071 | 15,872 |
Level 1 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Liabilities, fair value disclosure | ||
Level 1 | Non-qualified deferred compensation liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Liabilities, fair value disclosure | -23,071 | -15,872 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | 436 | |
Liabilities, fair value disclosure | -78 | -2,741 |
Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | 436 | |
Liabilities, fair value disclosure | -2,617 | |
Level 2 | Non-qualified deferred compensation assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Assets, fair value disclosure | ||
Level 2 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Liabilities, fair value disclosure | -78 | -124 |
Level 2 | Non-qualified deferred compensation liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Liabilities, fair value disclosure |