Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 22, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PII | ' |
Entity Registrant Name | 'POLARIS INDUSTRIES INC/MN | ' |
Entity Central Index Key | '0000931015 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
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 | ' | 66,397,130 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $169,018 | $92,248 |
Trade receivables, net | 153,839 | 186,213 |
Inventories, net | 582,193 | 417,948 |
Prepaid expenses and other | 61,780 | 63,716 |
Income taxes receivable | 20,423 | 12,217 |
Deferred tax assets | 93,312 | 93,356 |
Total current assets | 1,080,565 | 865,698 |
Property and equipment, net | 538,031 | 455,167 |
Deferred tax assets | 25,096 | 18,616 |
Goodwill and other intangible assets, net | 224,443 | 229,708 |
Other long-term assets | 47,680 | 31,126 |
Total assets | 2,008,832 | 1,685,488 |
Current liabilities: | ' | ' |
Current portion of capital lease obligations | 2,809 | 3,281 |
Accounts payable | 340,606 | 238,044 |
Accrued expenses: | ' | ' |
Compensation | 96,055 | 143,504 |
Warranties | 51,394 | 52,818 |
Sales promotions and incentives | 142,195 | 123,089 |
Dealer holdback | 111,259 | 100,600 |
Other | 77,765 | 77,480 |
Income taxes payable | 3,219 | 9,254 |
Total current liabilities | 825,302 | 748,070 |
Long-term income taxes payable | 12,928 | 14,292 |
Capital lease obligations | 25,214 | 3,842 |
Long-term debt | 200,000 | 280,500 |
Deferred Tax Liabilities, Net, Noncurrent | 21,100 | 25,028 |
Other long-term liabilities | 85,246 | 69,730 |
Total liabilities | 1,169,790 | 1,141,462 |
Temporary Equity, Redemption Value | 16,340 | 8,421 |
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, 66,395 and 65,623 shares issued and outstanding, respectively | 664 | 656 |
Additional paid-in capital | 452,137 | 360,616 |
Retained earnings | 372,128 | 155,572 |
Accumulated other comprehensive (loss) income, net | -2,227 | 18,761 |
Total shareholders’ equity | 822,702 | 535,605 |
Total liabilities and shareholders’ equity | 2,008,832 | 1,685,488 |
Finance affiliate | ' | ' |
Current assets: | ' | ' |
Investment in affiliates | 71,515 | 69,217 |
Other affiliates | ' | ' |
Current assets: | ' | ' |
Investment in affiliates | $21,502 | $15,956 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 | 66,395,000 | 65,623,000 |
Common stock, shares outstanding | 66,395,000 | 65,623,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sales | $1,302,343 | $1,102,649 | $3,204,648 | $2,693,358 |
Cost of sales | 914,069 | 767,864 | 2,253,043 | 1,889,587 |
Gross profit | 388,274 | 334,785 | 951,605 | 803,771 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 87,567 | 78,810 | 227,315 | 195,541 |
Research and development | 38,586 | 37,010 | 111,083 | 103,064 |
General and administrative | 56,596 | 49,343 | 150,830 | 129,597 |
Total operating expenses | 182,749 | 165,163 | 489,228 | 428,202 |
Income from financial services | 17,048 | 11,671 | 42,313 | 33,247 |
Operating income | 222,573 | 181,293 | 504,690 | 408,816 |
Non-operating expense (income): | ' | ' | ' | ' |
Interest expense | 2,835 | 1,520 | 8,686 | 4,364 |
Equity in loss of other affiliates | 1,036 | 631 | 2,899 | 1,629 |
Other expense (income), net | 252 | -2,576 | -3,736 | -6,274 |
Income before income taxes | 218,450 | 181,718 | 496,841 | 409,097 |
Provision for income taxes | 77,624 | 64,797 | 178,209 | 136,708 |
Net income from continuing operations | 140,826 | 116,921 | 318,632 | 272,389 |
Loss from discontinued operations, net of tax | ' | -3,777 | ' | -3,777 |
Net income | $140,826 | $113,144 | $318,632 | $268,612 |
Basic net income per share: | ' | ' | ' | ' |
Continuing operations | $2.13 | $1.69 | $4.82 | $3.95 |
Loss from discontinued operations | ' | ($0.05) | ' | ($0.05) |
Basic net income per share | $2.13 | $1.64 | $4.82 | $3.90 |
Diluted net income per share: | ' | ' | ' | ' |
Continuing operations | $2.06 | $1.64 | $4.68 | $3.84 |
Loss from discontinued operations | ' | ($0.05) | ' | ($0.05) |
Diluted net income per share | $2.06 | $1.59 | $4.68 | $3.79 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 66,261 | 69,179 | 66,051 | 68,946 |
Diluted (in shares) | 68,328 | 71,186 | 68,125 | 70,901 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $140,826 | $113,144 | $318,632 | $268,612 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax benefit (expense) of $91 and ($48) in 2014 and $60 and $281 in 2013 | -22,424 | 8,982 | -22,576 | 2,655 |
Unrealized gain (loss) on derivative instruments, net of tax (expense) benefit of ($1,549) and ($945) in 2014 and $672 and ($1,124) in 2013 | 2,603 | -1,131 | 1,588 | 1,889 |
Comprehensive income | $121,005 | $120,995 | $297,644 | $273,156 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $91 | $60 | ($48) | $281 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($1,549) | $672 | ($945) | ($1,124) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Capital Lease Obligations Incurred | $24,908 | ' |
Operating Activities: | ' | ' |
Net income | 318,632 | 268,612 |
Loss from discontinued operations, net of tax | ' | -3,777 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 91,041 | 64,364 |
Noncash compensation | 47,207 | 46,304 |
Noncash income from financial services | -10,778 | -3,440 |
Noncash loss from other affiliates | 2,899 | 1,629 |
Deferred income taxes | -10,915 | -10,781 |
Tax effect of share-based compensation exercises | -26,169 | -22,247 |
Changes in operating assets and liabilities: | ' | ' |
Trade receivables | 30,479 | -24,711 |
Inventories | -168,727 | -94,110 |
Accounts payable | 102,216 | 94,097 |
Accrued expenses | 139 | 20,671 |
Income taxes payable/receivable | 11,110 | 62,332 |
Prepaid expenses and others, net | -6,699 | -24,690 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 380,435 | 381,807 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | ' | -642 |
Net cash provided by operating activities | 380,435 | 381,165 |
Investing Activities: | ' | ' |
Purchase of property and equipment | -146,473 | -192,350 |
Investment in finance affiliate, net | 8,480 | 2,091 |
Payments to Acquire Interest in Subsidiaries and Affiliates | -8,316 | -6,063 |
Payments to Acquire Businesses, Net of Cash Acquired | -17,199 | -134,817 |
Net cash used for investing activities | -163,508 | -331,139 |
Financing Activities: | ' | ' |
Borrowings under debt arrangements | 1,921,386 | 1,682 |
Repayments under debt arrangements and capital lease obligations | -2,003,422 | -2,780 |
Repurchase and retirement of common shares | -3,970 | -31,907 |
Cash dividends to shareholders | -95,004 | -86,482 |
Proceeds from stock issuances under employee plans | 22,970 | 17,834 |
Tax effect of proceeds from share-based compensation exercises | 26,169 | 22,247 |
Net cash used for financing activities | -131,871 | -79,406 |
Impact of currency exchange rates on cash balances | -8,286 | 169 |
Net increase (decrease) in cash and cash equivalents | 76,770 | -29,211 |
Cash and cash equivalents at beginning of period | 92,248 | 417,015 |
Cash and cash equivalents at end of period | $169,018 | $387,804 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2013 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. | ||||||||||||||||
Fair value measurements. Fair value is 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. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | ||||||||||||||||
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. | ||||||||||||||||
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company utilizes the market approach to measure fair value for its non-qualified deferred compensation assets and liabilities, and the income approach for 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, and for the income approach the Company uses significant other observable inputs to value its derivative instruments used to hedge 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, 2014 | ||||||||||||||||
Asset (Liability) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-qualified deferred compensation assets | $ | 40,911 | $ | 40,911 | — | — | ||||||||||
Foreign exchange contracts, net | 2,554 | — | $ | 2,554 | — | |||||||||||
Total assets at fair value | $ | 43,465 | $ | 40,911 | $ | 2,554 | — | |||||||||
Non-qualified deferred compensation liabilities | $ | (40,911 | ) | $ | (40,911 | ) | — | — | ||||||||
Total liabilities at fair value | $ | (40,911 | ) | $ | (40,911 | ) | — | — | ||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Asset (Liability) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Commodity contracts, net | $ | 30 | — | $ | 30 | — | ||||||||||
Non-qualified deferred compensation assets | 24,711 | $ | 24,711 | — | — | |||||||||||
Total assets at fair value | $ | 24,741 | $ | 24,711 | $ | 30 | — | |||||||||
Foreign exchange contracts, net | $ | (9 | ) | — | $ | (9 | ) | — | ||||||||
Non-qualified deferred compensation liabilities | (24,711 | ) | $ | (24,711 | ) | — | — | |||||||||
Total liabilities at fair value | $ | (24,720 | ) | $ | (24,711 | ) | $ | (9 | ) | — | ||||||
Inventories. Inventory costs include material, labor and manufacturing overhead costs, including depreciation expense associated with the manufacture and distribution of the Company's products. 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-14 | 31-Dec-13 | |||||||||||||||
Raw materials and purchased components | $ | 149,555 | $ | 107,496 | ||||||||||||
Service parts, garments and accessories | 161,877 | 125,765 | ||||||||||||||
Finished goods | 298,314 | 206,290 | ||||||||||||||
Less: reserves | (27,553 | ) | (21,603 | ) | ||||||||||||
Inventories | $ | 582,193 | $ | 417,948 | ||||||||||||
Product warranties. Polaris provides a limited warranty for its ORVs for a period of six months, for a period of one year for its snowmobiles, for a period of one or two years for its motorcycles depending on brand and model year, and for 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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 44,811 | $ | 42,717 | $ | 52,818 | $ | 47,723 | ||||||||
Additions to warranty reserve through acquisitions | — | — | 110 | 1,602 | ||||||||||||
Additions charged to expense | 21,227 | 16,860 | 44,524 | 38,850 | ||||||||||||
Warranty claims paid | (14,644 | ) | (11,475 | ) | (46,058 | ) | (40,073 | ) | ||||||||
Balance at end of period | $ | 51,394 | $ | 48,102 | $ | 51,394 | $ | 48,102 | ||||||||
New Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. Polaris is required to adopt the new pronouncement on January 1, 2017 using one of two retrospective application methods. The Company is evaluating the application method and the impact of this new standard on the financial statements. | ||||||||||||||||
There are no other new accounting pronouncements that are expected to have a significant impact on Polaris' consolidated financial statements. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Option plan | $ | 6,310 | $ | 5,866 | $ | 18,263 | $ | 16,843 | ||||||||
Other share-based awards | 8,103 | 23,810 | 19,202 | 41,915 | ||||||||||||
Total share-based compensation before tax | 14,413 | 29,676 | 37,465 | 58,758 | ||||||||||||
Tax benefit | 5,376 | 11,073 | 13,990 | 21,939 | ||||||||||||
Total share-based compensation expense included in net income | $ | 9,037 | $ | 18,603 | $ | 23,475 | $ | 36,819 | ||||||||
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, 2014, there was $80,629,000 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 1.62 years. Included in unrecognized share-based compensation is approximately $40,819,000 related to stock options and $39,810,000 for restricted stock. |
Financing_Agreement
Financing Agreement | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Financing Agreement | ' | |||||||||||
Note 3. Financing Agreements | ||||||||||||
Debt and capital lease obligations and the average related interest rates were as follows (in thousands): | ||||||||||||
Average interest rate at September 30, 2014 | Maturity | 30-Sep-14 | 31-Dec-13 | |||||||||
Revolving loan facility | — | Jan-18 | — | $ | 80,500 | |||||||
Senior notes—fixed rate | 3.81% | May-18 | $ | 25,000 | 25,000 | |||||||
Senior notes—fixed rate | 4.60% | May-21 | 75,000 | 75,000 | ||||||||
Senior notes—fixed rate | 3.13% | Dec-20 | 100,000 | 100,000 | ||||||||
Capital lease obligations | 4.99% | Various through 2029 | 28,023 | 7,123 | ||||||||
Total debt and capital lease obligations | $ | 228,023 | $ | 287,623 | ||||||||
Less: current maturities | 2,809 | 3,281 | ||||||||||
Total long-term debt and capital lease obligations | $ | 225,214 | $ | 284,342 | ||||||||
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.” | ||||||||||||
In December 2010, the Company entered into a Master Note Purchase Agreement to issue $25,000,000 of unsecured senior notes due May 2018 and $75,000,000 of unsecured senior notes due May 2021 (collectively, the “Senior Notes”). The Senior Notes were issued in May 2011. In December 2013, the Company entered into a First Supplement to Master Note Purchase Agreement, under which the Company issued $100,000,000 of unsecured senior notes due December 2020. | ||||||||||||
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, 2014. | ||||||||||||
A property lease agreement for a manufacturing facility which Polaris began occupying in Opole, Poland commenced in February 2014. The Poland property lease is accounted for as a capital lease. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Text Block [Abstract] | ' | |||||||||
Goodwill and Other Intangible Assets | ' | |||||||||
Note 4. Goodwill and Other Intangible Assets | ||||||||||
Goodwill and other intangible assets, net, consisted of $123,502,000 of goodwill and $100,941,000 of intangible assets, net of accumulated amortization, as of September 30, 2014. | ||||||||||
Additions to goodwill and other intangible assets in the first nine months of 2014 relate to the acquisition of Kolpin Outdoors, Inc. ("Kolpin") on April 1, 2014. Kolpin is a leading aftermarket brand delivering purpose-built and universal-fit ORV accessories and lifestyle products. The aggregate Kolpin purchase price was allocated on a preliminary basis to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. | ||||||||||
The changes in the carrying amount of goodwill for the nine months ended September 30, 2014 were as follows (in thousands): | ||||||||||
Nine months ended September 30, 2014 | ||||||||||
Goodwill, beginning of period | $ | 126,697 | ||||||||
Goodwill acquired during the period | 4,157 | |||||||||
Currency translation effect on foreign goodwill balances | (7,352 | ) | ||||||||
Goodwill, end of period | $ | 123,502 | ||||||||
For other intangible assets, the changes in the net carrying amount for the nine months ended September 30, 2014 were as follows (in thousands): | ||||||||||
Nine months ended September 30, 2014 | ||||||||||
Gross | Accumulated | |||||||||
Amount | Amortization | |||||||||
Other intangible assets, beginning of period | $ | 116,279 | $ | (13,268 | ) | |||||
Intangible assets acquired during the period | 11,100 | — | ||||||||
Amortization expense | — | (8,737 | ) | |||||||
Foreign currency translation effect on balances | (5,553 | ) | 1,120 | |||||||
Other intangible assets, end of period | $ | 121,826 | $ | (20,885 | ) | |||||
The components of other intangible assets were as follows (in thousands): | ||||||||||
Total estimated life (years) | September 30, 2014 | December 31, 2013 | ||||||||
Non-amortizable—indefinite lived: | ||||||||||
Brand names | $ | 44,198 | $ | 41,188 | ||||||
Amortized: | ||||||||||
Non-compete agreements | 5 | 540 | 540 | |||||||
Dealer/customer related | 7 | 62,304 | 59,244 | |||||||
Developed technology | 7-May | 14,784 | 15,307 | |||||||
Total amortizable | 77,628 | 75,091 | ||||||||
Less: Accumulated amortization | (20,885 | ) | (13,268 | ) | ||||||
Net amortized other intangible assets | 56,743 | 61,823 | ||||||||
Total other intangible assets, net | $ | 100,941 | $ | 103,011 | ||||||
Amortization expense for intangible assets for the three months ended September 30, 2014 and 2013 was $3,029,000 and $2,727,000, respectively. Estimated amortization expense for the remainder of 2014 through 2019 is as follows: 2014 (remainder), $3,000,000; 2015, $11,300,000; 2016, $11,300,000; 2017, $10,900,000; 2018, $9,300,000; 2019, $8,000,000; and after 2019, $2,900,000. 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, 2014 | ||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||
Note 5. Shareholders’ Equity | ||||||||||||||||||
During the nine months ended September 30, 2014, Polaris paid $3,970,000 to repurchase and retire approximately 30,000 shares of its common stock. As of September 30, 2014, the Board of Directors has authorized the Company to repurchase up to an additional 1,574,000 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 $0.48 per share on September 15, 2014 to holders of record at the close of business on September 2, 2014. On October 23, 2014, the Polaris Board of Directors declared a regular cash dividend of $0.48 per share payable on December 15, 2014 to holders of record of such shares at the close of business on December 1, 2014. Cash dividends declared per common share for the three and nine months ended September 30, 2014 and 2013, were as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Cash dividends declared and paid per common share | $ | 0.48 | $ | 0.42 | $ | 1.44 | $ | 1.26 | ||||||||||
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, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Weighted average number of common shares outstanding | 65,988 | 68,910 | 65,771 | 68,600 | ||||||||||||||
Director Plan and deferred stock units | 201 | 196 | 204 | 257 | ||||||||||||||
ESOP | 72 | 73 | 76 | 89 | ||||||||||||||
Common shares outstanding—basic | 66,261 | 69,179 | 66,051 | 68,946 | ||||||||||||||
Dilutive effect of Option Plans and Omnibus Plan | 2,067 | 2,007 | 2,074 | 1,955 | ||||||||||||||
Common and potential common shares outstanding—diluted | 68,328 | 71,186 | 68,125 | 70,901 | ||||||||||||||
During the three and nine months ended September 30, 2014, 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 647,000 and 562,000, respectively, compared to 67,000 and 870,000 for the same periods in 2013. | ||||||||||||||||||
Accumulated other comprehensive (loss) income | ||||||||||||||||||
Changes in the accumulated other comprehensive (loss) income balance is as follows (in thousands): | ||||||||||||||||||
Foreign | Cash Flow | Accumulated Other | ||||||||||||||||
Currency | Hedging Derivatives | Comprehensive | ||||||||||||||||
Items | (Loss) Income | |||||||||||||||||
Balance as of December 31, 2013 | $ | 18,582 | $ | 179 | $ | 18,761 | ||||||||||||
Reclassification to the income statement | — | (2,039 | ) | (2,039 | ) | |||||||||||||
Change in fair value | (22,576 | ) | 3,627 | (18,949 | ) | |||||||||||||
Balance as of September 30, 2014 | $ | (3,994 | ) | $ | 1,767 | $ | (2,227 | ) | ||||||||||
The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive (loss) income into the income statement for cash flow derivatives designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013 (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 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency contracts | Other expense (income), net | $ | 206 | $ | (2,241 | ) | $ | (1,891 | ) | $ | (3,352 | ) | ||||||
Foreign currency contracts | Cost of sales | (208 | ) | 714 | (148 | ) | 1,467 | |||||||||||
Total | $ | (2 | ) | $ | (1,527 | ) | $ | (2,039 | ) | $ | (1,885 | ) | ||||||
The net amount of the existing gains or losses at September 30, 2014 that is expected to be reclassified into the income statement within the next 12 months is expected to not be material. See Note 9 for further information regarding Polaris' derivative activities. |
Financial_Services_Arrangement
Financial Services Arrangements | 9 Months Ended |
Sep. 30, 2014 | |
Text Block [Abstract] | ' |
Financial Services Arrangements | ' |
Note 6. Financial Services Arrangements | |
Polaris Acceptance, a joint venture between Polaris and GE Commercial Distribution Finance Corporation, an indirect subsidiary of General Electric Capital Corporation, which is supported by a partnership agreement between their respective wholly owned subsidiaries, 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. Polaris Acceptance sells a majority 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 Accounting Standards Codification Topic 860. Polaris’ allocable share of the income of Polaris Acceptance has been included as a component of income from financial services in the accompanying consolidated statements of income. The partnership agreement is effective through February 2017. | |
Polaris’ total investment in Polaris Acceptance of $71,515,000 at September 30, 2014 is accounted for under the equity method, and is recorded in investment in finance affiliate in the accompanying consolidated balance sheets. At September 30, 2014, the outstanding amount of net receivables financed for dealers under this arrangement was $1,072,372,000, which included $300,693,000 in the Polaris Acceptance portfolio and $771,679,000 of receivables within the Securitization Facility ("Securitized Receivables"). | |
Polaris has agreed to repurchase products repossessed by Polaris Acceptance up to an annual maximum of 15 percent of the aggregate average month-end outstanding Polaris Acceptance receivables and Securitized Receivables during the prior calendar year. For calendar year 2014, the potential 15 percent aggregate repurchase obligation is approximately $120,815,000. 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, Sheffield Financial and Synchrony Bank, formerly GE Money Bank, 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 administers and 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, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Investment in Other Affiliates | ' | |||||||
Note 7. 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, 2014 and December 31, 2013 is comprised of investments in Brammo, Inc. ("Brammo") and Eicher-Polaris Private Limited (EPPL) with the following balances (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Investment in Brammo | $ | 9,500 | $ | 9,500 | ||||
Investment in EPPL | 12,002 | 6,456 | ||||||
Total investment in other affiliates | $ | 21,502 | $ | 15,956 | ||||
Brammo is a privately held designer and developer of electric vehicles. The investment in Brammo is accounted for under the cost method. Brammo is in the early stages of designing and developing electric vehicles. 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, 2014, Polaris has invested $17,749,000 in the joint venture. Polaris' share of EPPL loss for the three and nine months ended September 30, 2014 was $1,036,000 and $2,899,000, respectively, compared to $631,000 and $1,629,000 for the same respective periods in 2013. The loss 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 were recognized on currently held investments in the three or nine months ended September 30, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Text Block [Abstract] | ' |
Commitments and Contingencies | ' |
Note 8. 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, 2014, the Company had an accrual of $20,020,000 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. | |
In the 2013 third quarter, the Company reported a loss from discontinued operations, net of tax, of $3,777,000 for a provision to accrue Polaris' portion of a jury verdict regarding a 2008 accident involving a Polaris model year 2001 personal watercraft. 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, 2014 and December 31, 2013, the fair value of contingent purchase price commitments was $19,265,000 and $18,249,000, 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, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||
Note 9. 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, 2014, Polaris had the following open foreign currency contracts (in thousands): | ||||||||||||||||
Foreign Currency | Notional Amounts | Net Unrealized Gain (Loss) | ||||||||||||||
(in U.S. Dollars) | ||||||||||||||||
Australian Dollar | $ | 7,991 | $ | 404 | ||||||||||||
Canadian Dollar | 91,050 | 2,826 | ||||||||||||||
Japanese Yen | 17,200 | (599 | ) | |||||||||||||
Mexican Peso | 14,803 | (77 | ) | |||||||||||||
Total | $ | 131,044 | $ | 2,554 | ||||||||||||
These contracts, with maturities through September 30, 2015, met the criteria for cash flow hedges and the unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive (loss) 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 impact to cost of sales in the consolidated statements of income for diesel fuel and aluminum derivative contracts during the three and nine months ended September 30, 2014 and 2013, and the value of outstanding contracts at September 30, 2014, were not material. | ||||||||||||||||
The table below summarizes the carrying values of derivative instruments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Carrying Values of Derivative Instruments as of September 30, 2014 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 3,280 | $ | (726 | ) | $ | 2,554 | |||||||||
Total derivatives designated as hedging instruments | $ | 3,280 | $ | (726 | ) | $ | 2,554 | |||||||||
Carrying Values of Derivative Instruments as of December 31, 2013 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 1,194 | $ | (1,203 | ) | $ | (9 | ) | ||||||||
Total derivatives designated as hedging instruments | $ | 1,194 | $ | (1,203 | ) | $ | (9 | ) | ||||||||
Commodity contracts(1) | $ | 46 | $ | (16 | ) | $ | 30 | |||||||||
Total derivatives not designated as hedging instruments | $ | 46 | $ | (16 | ) | $ | 30 | |||||||||
Total derivatives | $ | 1,240 | $ | (1,219 | ) | $ | 21 | |||||||||
-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 (loss) 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 (loss) income for the three and nine ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Gains and (Losses) From Derivatives in | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Foreign currency contracts | $ | 2,603 | $ | (1,131 | ) | $ | 1,588 | $ | 1,889 | |||||||
See Note 5 for information about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive (loss) 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, 2014. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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, 2013 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. | |
Fair value measurements | ' |
Fair value measurements. Fair value is 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. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | |
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. | |
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company utilizes the market approach to measure fair value for its non-qualified deferred compensation assets and liabilities, and the income approach for 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, and for the income approach the Company uses significant other observable inputs to value its derivative instruments used to hedge foreign currency and commodity transactions. | |
Inventories | ' |
Inventories. Inventory costs include material, labor and manufacturing overhead costs, including depreciation expense associated with the manufacture and distribution of the Company's products. Inventories are stated at the lower of cost (first-in, first-out method) or market. | |
Product warranties | ' |
Product warranties. Polaris provides a limited warranty for its ORVs for a period of six months, for a period of one year for its snowmobiles, for a period of one or two years for its motorcycles depending on brand and model year, and for 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. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. Polaris is required to adopt the new pronouncement on January 1, 2017 using one of two retrospective application methods. The Company is evaluating the application method and the impact of this new standard on the financial statements. | |
There are no other new accounting pronouncements that are expected to have a significant impact on Polaris' consolidated financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2014 | ||||||||||||||||
Asset (Liability) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-qualified deferred compensation assets | $ | 40,911 | $ | 40,911 | — | — | ||||||||||
Foreign exchange contracts, net | 2,554 | — | $ | 2,554 | — | |||||||||||
Total assets at fair value | $ | 43,465 | $ | 40,911 | $ | 2,554 | — | |||||||||
Non-qualified deferred compensation liabilities | $ | (40,911 | ) | $ | (40,911 | ) | — | — | ||||||||
Total liabilities at fair value | $ | (40,911 | ) | $ | (40,911 | ) | — | — | ||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Asset (Liability) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Commodity contracts, net | $ | 30 | — | $ | 30 | — | ||||||||||
Non-qualified deferred compensation assets | 24,711 | $ | 24,711 | — | — | |||||||||||
Total assets at fair value | $ | 24,741 | $ | 24,711 | $ | 30 | — | |||||||||
Foreign exchange contracts, net | $ | (9 | ) | — | $ | (9 | ) | — | ||||||||
Non-qualified deferred compensation liabilities | (24,711 | ) | $ | (24,711 | ) | — | — | |||||||||
Total liabilities at fair value | $ | (24,720 | ) | $ | (24,711 | ) | $ | (9 | ) | — | ||||||
Schedule of major components of inventories | ' | |||||||||||||||
The major components of inventories are as follows (in thousands): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Raw materials and purchased components | $ | 149,555 | $ | 107,496 | ||||||||||||
Service parts, garments and accessories | 161,877 | 125,765 | ||||||||||||||
Finished goods | 298,314 | 206,290 | ||||||||||||||
Less: reserves | (27,553 | ) | (21,603 | ) | ||||||||||||
Inventories | $ | 582,193 | $ | 417,948 | ||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 44,811 | $ | 42,717 | $ | 52,818 | $ | 47,723 | ||||||||
Additions to warranty reserve through acquisitions | — | — | 110 | 1,602 | ||||||||||||
Additions charged to expense | 21,227 | 16,860 | 44,524 | 38,850 | ||||||||||||
Warranty claims paid | (14,644 | ) | (11,475 | ) | (46,058 | ) | (40,073 | ) | ||||||||
Balance at end of period | $ | 51,394 | $ | 48,102 | $ | 51,394 | $ | 48,102 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Option plan | $ | 6,310 | $ | 5,866 | $ | 18,263 | $ | 16,843 | ||||||||
Other share-based awards | 8,103 | 23,810 | 19,202 | 41,915 | ||||||||||||
Total share-based compensation before tax | 14,413 | 29,676 | 37,465 | 58,758 | ||||||||||||
Tax benefit | 5,376 | 11,073 | 13,990 | 21,939 | ||||||||||||
Total share-based compensation expense included in net income | $ | 9,037 | $ | 18,603 | $ | 23,475 | $ | 36,819 | ||||||||
Financing_Agreement_Tables
Financing Agreement (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Debt and Capital Lease Obligations | ' | |||||||||||
Debt and capital lease obligations and the average related interest rates were as follows (in thousands): | ||||||||||||
Average interest rate at September 30, 2014 | Maturity | 30-Sep-14 | 31-Dec-13 | |||||||||
Revolving loan facility | — | Jan-18 | — | $ | 80,500 | |||||||
Senior notes—fixed rate | 3.81% | May-18 | $ | 25,000 | 25,000 | |||||||
Senior notes—fixed rate | 4.60% | May-21 | 75,000 | 75,000 | ||||||||
Senior notes—fixed rate | 3.13% | Dec-20 | 100,000 | 100,000 | ||||||||
Capital lease obligations | 4.99% | Various through 2029 | 28,023 | 7,123 | ||||||||
Total debt and capital lease obligations | $ | 228,023 | $ | 287,623 | ||||||||
Less: current maturities | 2,809 | 3,281 | ||||||||||
Total long-term debt and capital lease obligations | $ | 225,214 | $ | 284,342 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
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, 2014 were as follows (in thousands): | ||||||||||
Nine months ended September 30, 2014 | ||||||||||
Goodwill, beginning of period | $ | 126,697 | ||||||||
Goodwill acquired during the period | 4,157 | |||||||||
Currency translation effect on foreign goodwill balances | (7,352 | ) | ||||||||
Goodwill, end of period | $ | 123,502 | ||||||||
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, 2014 were as follows (in thousands): | ||||||||||
Nine months ended September 30, 2014 | ||||||||||
Gross | Accumulated | |||||||||
Amount | Amortization | |||||||||
Other intangible assets, beginning of period | $ | 116,279 | $ | (13,268 | ) | |||||
Intangible assets acquired during the period | 11,100 | — | ||||||||
Amortization expense | — | (8,737 | ) | |||||||
Foreign currency translation effect on balances | (5,553 | ) | 1,120 | |||||||
Other intangible assets, end of period | $ | 121,826 | $ | (20,885 | ) | |||||
Schedule of components of other intangible assets | ' | |||||||||
The components of other intangible assets were as follows (in thousands): | ||||||||||
Total estimated life (years) | September 30, 2014 | December 31, 2013 | ||||||||
Non-amortizable—indefinite lived: | ||||||||||
Brand names | $ | 44,198 | $ | 41,188 | ||||||
Amortized: | ||||||||||
Non-compete agreements | 5 | 540 | 540 | |||||||
Dealer/customer related | 7 | 62,304 | 59,244 | |||||||
Developed technology | 7-May | 14,784 | 15,307 | |||||||
Total amortizable | 77,628 | 75,091 | ||||||||
Less: Accumulated amortization | (20,885 | ) | (13,268 | ) | ||||||
Net amortized other intangible assets | 56,743 | 61,823 | ||||||||
Total other intangible assets, net | $ | 100,941 | $ | 103,011 | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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, 2014 and 2013, were as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Cash dividends declared and paid per common share | $ | 0.48 | $ | 0.42 | $ | 1.44 | $ | 1.26 | ||||||||||
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, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Weighted average number of common shares outstanding | 65,988 | 68,910 | 65,771 | 68,600 | ||||||||||||||
Director Plan and deferred stock units | 201 | 196 | 204 | 257 | ||||||||||||||
ESOP | 72 | 73 | 76 | 89 | ||||||||||||||
Common shares outstanding—basic | 66,261 | 69,179 | 66,051 | 68,946 | ||||||||||||||
Dilutive effect of Option Plans and Omnibus Plan | 2,067 | 2,007 | 2,074 | 1,955 | ||||||||||||||
Common and potential common shares outstanding—diluted | 68,328 | 71,186 | 68,125 | 70,901 | ||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) balances | ' | |||||||||||||||||
Changes in the accumulated other comprehensive (loss) income balance is as follows (in thousands): | ||||||||||||||||||
Foreign | Cash Flow | Accumulated Other | ||||||||||||||||
Currency | Hedging Derivatives | Comprehensive | ||||||||||||||||
Items | (Loss) Income | |||||||||||||||||
Balance as of December 31, 2013 | $ | 18,582 | $ | 179 | $ | 18,761 | ||||||||||||
Reclassification to the income statement | — | (2,039 | ) | (2,039 | ) | |||||||||||||
Change in fair value | (22,576 | ) | 3,627 | (18,949 | ) | |||||||||||||
Balance as of September 30, 2014 | $ | (3,994 | ) | $ | 1,767 | $ | (2,227 | ) | ||||||||||
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 (loss) income into the income statement for cash flow derivatives designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013 (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 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency contracts | Other expense (income), net | $ | 206 | $ | (2,241 | ) | $ | (1,891 | ) | $ | (3,352 | ) | ||||||
Foreign currency contracts | Cost of sales | (208 | ) | 714 | (148 | ) | 1,467 | |||||||||||
Total | $ | (2 | ) | $ | (1,527 | ) | $ | (2,039 | ) | $ | (1,885 | ) |
Investment_in_Other_Affiliates1
Investment in Other Affiliates (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Schedule of investment in other affiliates | ' | |||||||
Investment in other affiliates as of September 30, 2014 and December 31, 2013 is comprised of investments in Brammo, Inc. ("Brammo") and Eicher-Polaris Private Limited (EPPL) with the following balances (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Investment in Brammo | $ | 9,500 | $ | 9,500 | ||||
Investment in EPPL | 12,002 | 6,456 | ||||||
Total investment in other affiliates | $ | 21,502 | $ | 15,956 | ||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule of open foreign currency contracts | ' | |||||||||||||||
At September 30, 2014, Polaris had the following open foreign currency contracts (in thousands): | ||||||||||||||||
Foreign Currency | Notional Amounts | Net Unrealized Gain (Loss) | ||||||||||||||
(in U.S. Dollars) | ||||||||||||||||
Australian Dollar | $ | 7,991 | $ | 404 | ||||||||||||
Canadian Dollar | 91,050 | 2,826 | ||||||||||||||
Japanese Yen | 17,200 | (599 | ) | |||||||||||||
Mexican Peso | 14,803 | (77 | ) | |||||||||||||
Total | $ | 131,044 | $ | 2,554 | ||||||||||||
Schedule of carrying values of derivative instruments | ' | |||||||||||||||
The table below summarizes the carrying values of derivative instruments as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Carrying Values of Derivative Instruments as of September 30, 2014 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 3,280 | $ | (726 | ) | $ | 2,554 | |||||||||
Total derivatives designated as hedging instruments | $ | 3,280 | $ | (726 | ) | $ | 2,554 | |||||||||
Carrying Values of Derivative Instruments as of December 31, 2013 | ||||||||||||||||
Fair Value— | Fair Value— | Derivative Net | ||||||||||||||
Assets | (Liabilities) | Carrying Value | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign exchange contracts(1) | $ | 1,194 | $ | (1,203 | ) | $ | (9 | ) | ||||||||
Total derivatives designated as hedging instruments | $ | 1,194 | $ | (1,203 | ) | $ | (9 | ) | ||||||||
Commodity contracts(1) | $ | 46 | $ | (16 | ) | $ | 30 | |||||||||
Total derivatives not designated as hedging instruments | $ | 46 | $ | (16 | ) | $ | 30 | |||||||||
Total derivatives | $ | 1,240 | $ | (1,219 | ) | $ | 21 | |||||||||
-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 Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
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 (loss) income for the three and nine ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Gains and (Losses) From Derivatives in | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Foreign currency contracts | $ | 2,603 | $ | (1,131 | ) | $ | 1,588 | $ | 1,889 | |||||||
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value, measurements, recurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | $2,554 | ' |
Commodity Contract Asset, Current | ' | 30 |
Assets, fair value disclosure | 43,465 | 24,741 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | -9 |
Liabilities, Fair Value Disclosure, Recurring | -40,911 | -24,720 |
Level 1 | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Assets, fair value disclosure | 40,911 | 24,711 |
Liabilities, Fair Value Disclosure, Recurring | -40,911 | -24,711 |
Level 2 | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 2,554 | ' |
Commodity Contract Asset, Current | ' | 30 |
Assets, fair value disclosure | 2,554 | 30 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | -9 |
Liabilities, Fair Value Disclosure, Recurring | 0 | -9 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Deferred Compensation Plan Assets | 40,911 | 24,711 |
Deferred Compensation Liability, Current and Noncurrent | -40,911 | -24,711 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Level 1 | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Deferred Compensation Plan Assets | 40,911 | 24,711 |
Deferred Compensation Liability, Current and Noncurrent | ($40,911) | ($24,711) |
Significant_Accounting_Policie3
Significant Accounting Policies Major Components of Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials and purchased components | $149,555 | $107,496 |
Service parts, garments and accessories | 161,877 | 125,765 |
Finished goods | 298,314 | 206,290 |
Less: reserves | -27,553 | -21,603 |
Inventories | $582,193 | $417,948 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Activity in Product Warranty Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $44,811 | $42,717 | $52,818 | $47,723 |
Additions to warranty reserve through acquisitions | 0 | 0 | 110 | 1,602 |
Additions charged to expense | 21,227 | 16,860 | 44,524 | 38,850 |
Warranty claims paid | -14,644 | -11,475 | -46,058 | -40,073 |
Balance at end of period | $51,394 | $48,102 | $51,394 | $48,102 |
Significant_Accounting_Policie5
Significant Accounting Policies Additional Information (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Off Road Vehicle | ' |
Product Warranty Liability [Line Items] | ' |
Period of warranties provided by Polaris | '6 months |
Snowmobiles | ' |
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 |
Minimum [Member] | Motorcycles [Member] | ' |
Product Warranty Liability [Line Items] | ' |
Period of warranties provided by Polaris | '1 year |
Maximum [Member] | Motorcycles [Member] | ' |
Product Warranty Liability [Line Items] | ' |
Period of warranties provided by Polaris | '2 years |
ShareBased_Compensation_Expens
Share-Based Compensation Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure Share Based Compensation Expenses [Abstract] | ' | ' | ' | ' |
Option plan | $6,310 | $5,866 | $18,263 | $16,843 |
Restricted Stock or Unit Expense | 8,103 | 23,810 | 19,202 | 41,915 |
Total share-based compensation before tax | 14,413 | 29,676 | 37,465 | 58,758 |
Tax benefit | 5,376 | 11,073 | 13,990 | 21,939 |
Total share-based compensation expense included in net income | $9,037 | $18,603 | $23,475 | $36,819 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Disclosure Share Based Compensation Additional Information [Abstract] | ' |
Unrecognized compensation cost related to unvested share-based equity awards | $80,629 |
Weighted average period of recognition of unvested share-based equity awards | '1 year 7 months 15 days |
Unrecognized compensation cost related to unvested share-based equity awards, stock options | 40,819 |
Unrecognized compensation cost related to unvested share-based equity awards, restricted stock | $39,810 |
Financing_Agreements_Financing
Financing Agreements Financing Arrangements, Interest Rates and Maturities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 4.99% | ' |
Capital Lease Obligations | $28,023 | $7,123 |
Debt and Capital Lease Obligations | 228,023 | 287,623 |
Capital Lease Obligations, Current | 2,809 | 3,281 |
Long-term Debt and Capital Lease Obligations | 225,214 | 284,342 |
Master Notes [Member] | Senior Unsecured Notes Three Point Eight One Percent Due May Twenty Eighteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | ' |
Debt Instrument, Maturity Date | 31-May-18 | ' |
Long-term Debt | 25,000 | 25,000 |
Master Notes [Member] | Senior Unsecured Notes Four Point Six Zero Percent Due May Twenty Twenty One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ' |
Debt Instrument, Maturity Date | 31-May-21 | ' |
Long-term Debt | 75,000 | 75,000 |
Master Notes [Member] | Senior Unsecured Notes Three Point One Three Percent Due December Twenty Twenty [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | ' |
Debt Instrument, Maturity Date | 31-Dec-20 | ' |
Long-term Debt | 100,000 | 100,000 |
Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 0.00% | ' |
Line of Credit Facility, Expiration Date | 31-Jan-18 | ' |
Long-term Line of Credit | $0 | $80,500 |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Lease Expiration Date | 1-Oct-14 | ' |
Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Lease Expiration Date | 31-Jul-29 | ' |
Financing_Agreement_Additional
Financing Agreement - Additional Information (Detail) (USD $) | Aug. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 |
Master Notes [Member] | Master Notes [Member] | Master Notes [Member] | ||
Senior Unsecured Notes Three Point Eight One Percent Due May Twenty Eighteen [Member] | Senior Unsecured Notes Four Point Six Zero Percent Due May Twenty Twenty One [Member] | Senior Unsecured Notes Three Point One Three Percent Due December Twenty Twenty [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instruments Maturity Date | ' | '5/31/2018 | '5/31/2021 | '12/31/2020 |
Proceeds from Issuance of Debt | ' | $25,000,000 | $75,000,000 | $100,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $350,000,000 | ' | ' | ' |
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, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, beginning of period | $126,697 |
Goodwill, Acquired During Period | 4,157 |
Currency translation effect on foreign goodwill balances | -7,352 |
Goodwill, end of period | $123,502 |
Goodwill_and_Other_Intangible_3
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 |
Other Intangible Assets, Gross Amount [Roll Forward] | ' | ' | ' |
Other intangible assets, beginning of period | ' | ' | $116,279 |
Finite-lived Intangible Assets Acquired | ' | ' | 11,100 |
Foreign currency translation effect on balances | ' | ' | -5,553 |
Other intangible assets, end of period | 121,826 | ' | 121,826 |
Other Intangible Assets, Accumulated Amortization [Roll Forward] | ' | ' | ' |
Other intangible assets, beginning of period | ' | ' | -13,268 |
Amortization expense | -3,029 | -2,727 | -8,737 |
Foreign currency translation effect on balances | ' | ' | 1,120 |
Other intangible assets, end of period | ($20,885) | ' | ($20,885) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Components of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Amortized: | ' | ' |
Gross amortized other intangible assets | $77,628 | $75,091 |
Accumulated Amortization | -20,885 | -13,268 |
Net amortized other intangible assets | 56,743 | 61,823 |
Total other intangible assets, net | 100,941 | 103,011 |
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 | 62,304 | 59,244 |
Developed technology | ' | ' |
Amortized: | ' | ' |
Gross amortized other intangible assets | 14,784 | 15,307 |
Developed technology | Minimum [Member] | ' | ' |
Amortized: | ' | ' |
Total estimated life | '5 years | ' |
Developed technology | Maximum | ' | ' |
Amortized: | ' | ' |
Total estimated life | '7 years | ' |
Brand names | ' | ' |
Non-amortizable—indefinite lived: | ' | ' |
Non-amortizable, Net | $44,198 | $41,188 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Disclosure Goodwill And Other Intangible Assets Additional Information [Abstract] | ' | ' | ' | ' |
Goodwill | $123,502 | ' | $123,502 | $126,697 |
Total other intangible assets, net | 100,941 | ' | 100,941 | 103,011 |
Amortization expense of intangible assets | 3,029 | 2,727 | 8,737 | ' |
Estimated Future Amortization Expense by Fiscal Year [Abstract] | ' | ' | ' | ' |
Remainder of 2014 | 3,000 | ' | 3,000 | ' |
2015 | 11,300 | ' | 11,300 | ' |
2016 | 11,300 | ' | 11,300 | ' |
2017 | 10,900 | ' | 10,900 | ' |
2018 | 9,300 | ' | 9,300 | ' |
2019 | 8,000 | ' | 8,000 | ' |
After 2019 | $2,900 | ' | $2,900 | ' |
Shareholders_Equity_Cash_Divid
Shareholders' Equity Cash Dividends Declared Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Cash Dividends Declared and Paid Per Common Share [Abstract] | ' | ' | ' | ' |
Cash dividends declared and paid per common share | $0.48 | $0.42 | $1.44 | $1.26 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Weighted Average Number of Shares Outstanding [Line Items] | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 65,988 | 68,910 | 65,771 | 68,600 |
Director Plan and deferred stock units | 201 | 196 | 204 | 257 |
ESOP | 72 | 73 | 76 | 89 |
Common shares outstanding—basic | 66,261 | 69,179 | 66,051 | 68,946 |
Common and potential common shares outstanding—diluted | 68,328 | 71,186 | 68,125 | 70,901 |
Option Plans And Omnibus Plan [Member] | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding [Line Items] | ' | ' | ' | ' |
Dilutive effect of Option Plans and Omnibus Plan | 2,067 | 2,007 | 2,074 | 1,955 |
Shareholders_Equity_Changes_in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | $18,761 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | -2,039 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -22,424 | 8,982 | -22,576 | 2,655 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -18,949 | ' |
Balance as of September 30, 2014 | -2,227 | ' | -2,227 | ' |
Foreign Currency Items | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | 18,582 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | ' | -22,576 | ' |
Balance as of September 30, 2014 | -3,994 | ' | -3,994 | ' |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | 179 | ' |
Reclassification to the income statement | ' | ' | -2,039 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 3,627 | ' |
Balance as of September 30, 2014 | $1,767 | ' | $1,767 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI Into Income | ($2) | ($1,527) | ($2,039) | ($1,885) |
Foreign Exchange Contract [Member] | Other expense (income), net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI Into Income | 206 | -2,241 | -1,891 | -3,352 |
Foreign Exchange Contract [Member] | Cost of sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI Into Income | ($208) | $714 | ($148) | $1,467 |
Shareholders_Equity_Additional
Shareholders' Equity Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.48 | ' | ' | ' |
Repurchase and retirement of common stock | ' | ' | $3,970 | ' |
Repurchase and retirement of common stock, shares | 30 | ' | ' | ' |
Shares remaining available for repurchases | 1,574 | ' | 1,574 | ' |
Cash dividend paid during period, per share | $0.48 | $0.42 | $1.44 | $1.26 |
Common stock excluded from calculation of diluted earnings per share | 647 | 67 | 562 | 870 |
Financial_Services_Arrangement1
Financial Services Arrangements - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Net amount financed for dealers | $1,072,372 | ' |
Trade receivables, net | 153,839 | 186,213 |
Aggregate repurchase obligation, amount | 120,815 | ' |
Maximum [Member] | ' | ' |
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 | 71,515 | 69,217 |
Polaris Acceptance | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity method investment ownership percentage | 50.00% | ' |
Trade receivables, net | 300,693 | ' |
Securitization Facility | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Outstanding balance of receivables | $771,679 | ' |
Investment_in_Other_Affiliates2
Investment in Other Affiliates (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Brammo, Inc. | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $9,500 | $9,500 |
Eicher -Polaris Private Limited | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 12,002 | 6,456 |
Other affiliates | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $21,502 | $15,956 |
Investment_in_Other_Affiliates3
Investment in Other Affiliates Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 23 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Eicher -Polaris Private Limited | Eicher -Polaris Private Limited | |||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' |
Equity method investment ownership percentage | ' | ' | ' | ' | 50.00% | 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 | ' |
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | 17,749,000 |
Income (Loss) from Equity Method Investments | ($1,036,000) | ($631,000) | ($2,899,000) | ($1,629,000) | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Accrual for the probable payment of pending claims | ' | ' | $20,020 | ' | ' |
Loss from discontinued operations, net of tax | -3,777 | -3,777 | ' | ' | ' |
Fair value of contingent purchase price commitments | ' | ' | ' | $19,265 | $18,249 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities Open Foreign Currency Contracts (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | ||
Currency, Australian Dollar | Currency, Canadian Dollar | Currency, Japanese Yen | Currency, Mexican Peso | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional Amounts (in US Dollars) | ' | $131,044 | $7,991 | $91,050 | $17,200 | $14,803 |
Derivative, Fair Value, Net | $21 | $2,554 | $404 | $2,826 | ($599) | ($77) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities Carrying Values of Derivative Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative Net Carrying Value | ' | $21 | ||
Designated as Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Net Carrying Value | 2,554 | -9 | ||
Designated as Hedging Instrument | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Net Carrying Value | 2,554 | [1] | -9 | [1] |
Not Designated as Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Net Carrying Value | ' | 30 | ||
Not Designated as Hedging Instrument | Commodity contracts | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Net Carrying Value | ' | 30 | ||
Prepaid Expenses And Other Current Assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— Assets | ' | 1,240 | ||
Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— Assets | 3,280 | 1,194 | ||
Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— Assets | 3,280 | [1] | 1,194 | [1] |
Prepaid Expenses And Other Current Assets | Not Designated as Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— Assets | ' | 46 | ||
Prepaid Expenses And Other Current Assets | Not Designated as Hedging Instrument | Commodity contracts | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— Assets | ' | 46 | ||
Other Current Liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— (Liabilities) | ' | -1,219 | ||
Other Current Liabilities | Designated as Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— (Liabilities) | -726 | -1,203 | ||
Other Current Liabilities | Designated as Hedging Instrument | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— (Liabilities) | -726 | [1] | -1,203 | [1] |
Other Current Liabilities | Not Designated as Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— (Liabilities) | ' | -16 | ||
Other Current Liabilities | Not Designated as Hedging Instrument | Commodity contracts | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Fair Value— (Liabilities) | ' | ($16) | ||
[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 Schedule of Derivatives, Effect on OCI (Details) (Foreign Exchange Contract [Member], Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $2,603 | ($1,131) | $1,588 | $1,889 |