Polaris (PII) 10-Q 27 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 20, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-11411
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1790959
Entity Address, Address Line One	2100 Highway 55,
Entity Address, City or Town	Medina
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55340
City Area Code	763
Local Phone Number	542-0500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,700,081
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	POLARIS INC.
Entity Central Index Key	0000931015
Current Fiscal Year End Date	--12-31
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	PII
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 820,600	$ 157,100
Trade receivables, net	241,300	190,400
Inventories, net	1,213,500	1,121,100
Prepaid expenses and other	98,600	125,900
Income taxes receivable	5,700	32,500
Total current assets	2,379,700	1,627,000
Property and equipment, net	865,300	899,800
Investment in finance affiliate	44,900	110,600
Deferred tax assets	186,400	93,300
Goodwill and other intangible assets, net	1,087,300	1,490,200
Operating lease assets	105,800	110,200
Other long-term assets	114,200	99,400
Total assets	4,783,600	4,430,500
Current liabilities:
Current portion of debt, finance lease obligations and notes payable	542,100	166,700
Accounts payable	790,700	450,200
Accrued expenses:
Compensation	194,600	184,500
Warranties	140,600	136,200
Sales promotions and incentives	133,100	189,900
Dealer holdback	109,700	145,800
Other	256,600	213,900
Current operating lease liabilities	33,600	34,900
Income taxes payable	38,000	5,900
Total current liabilities	2,239,000	1,528,000
Long-term income taxes payable	21,300	28,100
Finance lease obligations	14,400	14,800
Long-term debt	1,307,900	1,512,000
Deferred tax liabilities	3,500	4,000
Long-term operating lease liabilities	74,200	77,900
Other long-term liabilities	159,300	143,900
Total liabilities	3,819,600	3,308,700
Deferred compensation	16,200	13,600
Shareholders’ equity:
Preferred stock $0.01 par value per share, 20.0 shares authorized, no shares issued and outstanding	0	0
Common stock $0.01 par value per share, 160.0 shares authorized, 61.7 and 61.4 shares issued and outstanding, respectively	600	600
Additional paid-in capital	972,800	892,800
Retained earnings	59,000	287,300
Accumulated other comprehensive loss, net	(84,900)	(72,700)
Total shareholders’ equity	947,500	1,108,000
Noncontrolling interest	300	200
Total equity	947,800	1,108,200
Total liabilities and equity	$ 4,783,600	$ 4,430,500

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	61,700,000	61,400,000
Common stock, shares outstanding	61,700,000	61,400,000

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 1,954,600	$ 1,771,600	$ 4,871,600	$ 5,046,600
Cost of Goods and Services Sold	1,420,000	1,335,100	3,711,400	3,821,200
Gross profit	534,600	436,500	1,160,200	1,225,400
Operating expenses:
Selling and marketing	135,500	149,800	405,300	419,700
Research and development	77,200	77,300	222,400	220,800
General and administrative	100,600	100,800	267,000	297,800
Goodwill and Intangible Asset Impairment	0	0	379,200	0
Total operating expenses	313,300	327,900	1,273,900	938,300
Operating income (loss)	239,400	130,300	(50,500)	347,300
Non-operating expense:
Interest expense	17,300	19,800	51,400	60,800
Equity in loss of other affiliates	0	4,000	0	5,100
Other (income) expense, net	3,200	(1,700)	4,900	(5,500)
Income (loss) before income taxes	218,900	108,200	(106,800)	286,900
Provision for income taxes	52,000	19,800	(32,900)	62,000
Net income (loss)	166,900	88,400	(73,900)	224,900
Net (income) loss attributable to noncontrolling interest	(100)	0	(100)	100
Net income (loss)	$ 166,800	$ 88,400	$ (74,000)	$ 225,000
Basic net income per share (in dollars per share)	$ 2.70	$ 1.44	$ (1.20)	$ 3.67
Diluted net income per share (in dollars per share)	$ 2.66	$ 1.42	$ (1.20)	$ 3.62
Weighted average shares outstanding:
Basic (in shares)	61,900	61,500	61,800	61,400
Diluted (in shares)	62,800	62,300	61,800	62,200
Income from financial services
Sales	$ 18,100	$ 21,700	$ 63,200	$ 60,200

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 166,900	$ 88,400	$ (73,900)	$ 224,900
Other comprehensive income, net of tax:
Foreign currency translation adjustments	12,800	(12,400)	(1,800)	(13,200)
Unrealized gain (loss) on derivative instruments	1,800	(400)	(10,600)	(6,900)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	100	0	200	(500)
Comprehensive income (loss)	181,500	75,600	(86,200)	204,400
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	(100)	0	(100)	100
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 181,600	$ 75,600	$ (86,100)	$ 204,300

Consolidated Statements of Equi

Consolidated Statements of Equity Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid- In Capital	Retained Earnings	AOCI Attributable to Parent [Member]	Non Controlling Interest
Beginning balance (in shares) at Dec. 31, 2018		60,900
Beginning balance at Dec. 31, 2018	$ 867,000	$ 600	$ 808,000	$ 121,100	$ (63,000)	$ 300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		200
Employee stock compensation	12,100		12,100
Deferred compensation	(1,800)		(1,500)	(300)
Proceeds from stock issuances under employee plans (in shares)		0
Proceeds from stock issuances under employee plans	3,200	$ 0	3,200
Cash dividends declared	(37,100)			(37,100)
Repurchase and retirement of common shares (in shares)		(100)
Repurchase and retirement of common shares	(6,200)	$ 0	(1,000)	(5,200)
Other activity	0			600	(600)
Net income	48,400			48,400
Other comprehensive loss	(6,100)				(6,100)
Ending balance (in shares) at Mar. 31, 2019		61,000
Ending balance at Mar. 31, 2019	879,500	$ 600	820,800	127,500	(69,700)	300
Beginning balance (in shares) at Dec. 31, 2018		60,900
Beginning balance at Dec. 31, 2018	867,000	$ 600	808,000	121,100	(63,000)	300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	224,900
Ending balance (in shares) at Sep. 30, 2019		61,100
Ending balance at Sep. 30, 2019	1,013,200	$ 600	867,200	228,800	(83,600)	200
Beginning balance (in shares) at Mar. 31, 2019		61,000
Beginning balance at Mar. 31, 2019	879,500	$ 600	820,800	127,500	(69,700)	300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0
Employee stock compensation	22,100		22,100
Deferred compensation	(1,800)		(1,200)	(600)
Proceeds from stock issuances under employee plans (in shares)		100
Proceeds from stock issuances under employee plans	3,000	$ 0	3,000
Cash dividends declared	(37,300)			(37,300)
Repurchase and retirement of common shares (in shares)		0
Repurchase and retirement of common shares	(400)	$ 0	(100)	(300)
Net income	88,100			88,200		(100)
Other comprehensive loss	(1,100)				(1,100)
Ending balance (in shares) at Jun. 30, 2019		61,100
Ending balance at Jun. 30, 2019	952,100	$ 600	844,600	177,500	(70,800)	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0
Employee stock compensation	22,300		22,300
Deferred compensation	(1,000)		(1,600)	600
Proceeds from stock issuances under employee plans (in shares)		0
Proceeds from stock issuances under employee plans	2,000	$ 0	2,000
Cash dividends declared	(37,300)			(37,300)
Repurchase and retirement of common shares (in shares)		0
Repurchase and retirement of common shares	(500)	$ 0	(100)	(400)
Net income	88,400			88,400		0
Other comprehensive loss	(12,800)				(12,800)
Ending balance (in shares) at Sep. 30, 2019		61,100
Ending balance at Sep. 30, 2019	1,013,200	$ 600	867,200	228,800	(83,600)	200
Beginning balance (in shares) at Dec. 31, 2019		61,400
Beginning balance at Dec. 31, 2019	1,108,200	$ 600	892,800	287,300	(72,700)	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		400
Employee stock compensation	11,900	$ 0	11,900
Deferred compensation	6,900		(500)	7,400
Proceeds from stock issuances under employee plans (in shares)		0
Proceeds from stock issuances under employee plans	2,300		2,300
Cash dividends declared	(38,000)			(38,000)
Repurchase and retirement of common shares (in shares)		(600)
Repurchase and retirement of common shares	(48,800)	$ 0	(8,100)	(40,700)
Net income	(5,400)			(5,400)		0
Other comprehensive loss	(35,300)				(35,300)
Ending balance (in shares) at Mar. 31, 2020		61,200
Ending balance at Mar. 31, 2020	1,001,800	$ 600	898,400	210,600	(108,000)	200
Beginning balance (in shares) at Dec. 31, 2019		61,400
Beginning balance at Dec. 31, 2019	$ 1,108,200	$ 600	892,800	287,300	(72,700)	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common shares (in shares)	(600)
Repurchase and retirement of common shares	$ (49,500)
Net income	(73,900)
Ending balance (in shares) at Sep. 30, 2020		61,700
Ending balance at Sep. 30, 2020	947,800	$ 600	972,800	59,000	(84,900)	300
Beginning balance (in shares) at Mar. 31, 2020		61,200
Beginning balance at Mar. 31, 2020	1,001,800	$ 600	898,400	210,600	(108,000)	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0
Employee stock compensation	19,800	$ 0	19,800
Deferred compensation	(7,500)		(1,400)	(6,100)
Proceeds from stock issuances under employee plans (in shares)		100
Proceeds from stock issuances under employee plans	4,600		4,600
Cash dividends declared	(38,000)			(38,000)
Repurchase and retirement of common shares (in shares)		0
Repurchase and retirement of common shares	(500)	$ 0	(100)	(400)
Net income	(235,400)			(235,400)		0
Other comprehensive loss	8,400				8,400
Ending balance (in shares) at Jun. 30, 2020		61,300
Ending balance at Jun. 30, 2020	753,200	$ 600	921,300	(69,300)	(99,600)	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0
Employee stock compensation	27,700	$ 0	27,700
Deferred compensation	(2,000)		(1,900)	(100)
Proceeds from stock issuances under employee plans (in shares)		400
Proceeds from stock issuances under employee plans	25,700		25,700
Cash dividends declared	(38,200)			(38,200)
Repurchase and retirement of common shares (in shares)		0
Repurchase and retirement of common shares	(200)	$ 0	0	(200)
Net income	166,900			166,800		100
Other comprehensive loss	14,700				14,700
Ending balance (in shares) at Sep. 30, 2020		61,700
Ending balance at Sep. 30, 2020	$ 947,800	$ 600	$ 972,800	$ 59,000	$ (84,900)	$ 300

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities:
Net income	$ (73,900)	$ 224,900
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	190,500	173,000
Noncash compensation	59,400	56,600
Noncash income from financial services	(15,000)	(23,700)
Deferred income taxes	(94,100)	(9,100)
Other, net	0	5,200
Changes in operating assets and liabilities:
Trade receivables	(48,600)	(23,600)
Inventories	(90,400)	(304,300)
Accounts payable	338,500	239,200
Accrued expenses	(19,400)	75,300
Income taxes payable/receivable	51,600	19,700
Prepaid expenses and others, net	(2,100)	2,900
Net cash provided by operating activities	675,700	436,100
Investing Activities:
Purchase of property and equipment	(131,800)	(189,300)
Investment in finance affiliate, net	80,600	11,700
Investment in other affiliates, net	(2,500)	0
Acquisition of businesses, net of cash acquired	0	(1,800)
Net cash used for investing activities	(53,700)	(179,400)
Financing Activities:
Borrowings under debt arrangements / finance lease obligations	1,299,900	2,654,200
Repayments under debt arrangements / finance lease obligations	(1,131,600)	(2,831,700)
Repurchase and retirement of common shares	(49,500)	(7,000)
Cash dividends to shareholders	(114,200)	(111,700)
Proceeds from stock issuances under employee plans	32,600	8,200
Net cash provided by (used for) financing activities	37,200	(288,000)
Impact of currency exchange rates on cash balances	1,400	(3,100)
Net increase (decrease) in cash, cash equivalents and restricted cash	660,600	(34,400)
Cash, cash equivalents and restricted cash at beginning of period	196,300	193,100
Cash, cash equivalents and restricted cash at end of period	856,900	158,700
Noncash Activity:
Leased assets obtained for operating lease liabilities	21,900	18,600
Supplemental Cash Flow Information:
Interest paid on debt borrowings	54,200	63,700
Income taxes paid	5,600	48,900
Total	856,900	158,700
Goodwill and Intangible Asset Impairment	$ 379,200	$ 0

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation. The accompanying unaudited consolidated financial statements of Polaris 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, 2019 previously filed with the Securities and Exchange Commission (“SEC”). 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, equity, and cash flows for the periods presented. Due to the seasonality trends for certain products 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. Reclassifications. Certain reclassifications of previously reported segment gross profit amounts have been made to conform to the current year presentation. The reclassifications had no impact on the consolidated balance sheets, statements of income (loss), comprehensive income (loss), equity, or cash flows, as previously reported. See further information in Note 10. 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 interest rate 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 interest rate transactions. Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of September 30, 2020 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 49.5 $ 49.5 $ — $ — Total assets at fair value $ 49.5 $ 49.5 $ — $ — Non-qualified deferred compensation liabilities $ (49.5) $ (49.5) $ — $ — Foreign exchange contracts, net (2.0) — (2.0) — Interest rate contracts, net (20.0) — (20.0) — Total liabilities at fair value $ (71.5) $ (49.5) $ (22.0) $ — Fair Value Measurements as of December 31, 2019 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 48.9 $ 48.9 $ — $ — Total assets at fair value $ 48.9 $ 48.9 $ — $ — Non-qualified deferred compensation liabilities $ (48.9) $ (48.9) $ — $ — Foreign exchange contracts, net (0.1) — (0.1) — Interest rate contracts, net (8.0) — (8.0) — Total liabilities at fair value $ (57.0) $ (48.9) $ (8.1) $ — Fair value of other financial instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, trade receivables and short-term debt, including current maturities of long-term debt, finance lease obligations and notes payable, approximate their fair values. At September 30, 2020 and December 31, 2019, the fair value of the Company’s long-term debt, finance lease obligations and notes payable was approximately $1,972.8 million and $1,769.3 million, respectively, and was determined primarily using Level 2 inputs, including quoted market prices or discounted cash flows based on quoted market rates for similar types of debt. The carrying value of long-term debt, finance lease obligations and notes payable including current maturities was $1,864.4 million and $1,693.5 million as of September 30, 2020 and December 31, 2019, respectively. 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 net realizable value. The major components of inventories are as follows (in millions): September 30, 2020 December 31, 2019 Raw materials and purchased components $ 536.6 $ 344.6 Service parts, garments and accessories 320.6 357.0 Finished goods 420.8 476.2 Less: reserves (64.5) (56.7) Inventories $ 1,213.5 $ 1,121.1 Product warranties. The Company typically provides a limited warranty for its vehicles and boats for a period of six months to ten years, depending on the product. Polaris provides longer warranties in certain geographical markets as determined by local regulations and customary practice and may also provide longer warranties related to certain promotional programs. The Company’s standard warranties require the Company, generally through its dealer network, to repair or replace defective products during such warranty periods. 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. The Company records these amounts as a liability in the consolidated balance sheet until they are ultimately paid. Adjustments to the warranty reserve are made based on actual claims experience in order to properly estimate the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. The warranty reserve includes the estimated costs related to recalls, which are accrued when probable and estimable. Factors that could have an impact on the warranty reserve include the following: changes in manufacturing quality, shifts in product mix, changes in warranty coverage periods, impacts on product usage (including weather), product recalls and changes in sales volume. The activity in the warranty reserve during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Balance at beginning of period $ 134.2 $ 132.8 $ 136.2 $ 121.8 Additions to reserve related to acquisitions — — — 8.8 Additions charged to expense 37.2 31.4 91.2 94.3 Warranty claims paid, net (30.8) (27.1) (86.8) (87.8) Balance at end of period $ 140.6 $ 137.1 $ 140.6 $ 137.1 New accounting pronouncements. Financial instruments. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. The Company adopted Topic 326 on January 1, 2020, using a modified retrospective transition method. The adoption of Topic 326 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows. Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820 to eliminate, modify, and add certain disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company’s disclosures. Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for incomes taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify the accounting for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020, and is effective for the Company’s fiscal year beginning January 1, 2021. The adoption of the ASU is not expected to have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows. There are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The amount of compensation cost for share-based awards recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates 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-based compensation expense for those awards expected to vest. Total share-based compensation expenses were comprised as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Option awards $ 6.3 $ 7.0 $ 15.9 $ 15.1 Other share-based awards 17.6 12.7 34.8 37.2 Total share-based compensation before tax 23.9 19.7 50.7 52.3 Tax benefit 5.7 4.7 12.1 12.5 Total share-based compensation expense included in net income (loss) $ 18.2 $ 15.0 $ 38.6 $ 39.8 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.

Financing Agreement

Financing Agreement	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Financing Agreement	Financing Agreements The carrying value of debt, finance lease obligations, and notes payable and the average related interest rates were as follows (in millions): Average interest rate at September 30, 2020 Maturity September 30, 2020 December 31, 2019 Revolving loan facility —% July 2023 $ — $ 75.1 Term loan facility 1.65% July 2023 955.0 1,000.0 Incremental term loan 2.75% April 2021 300.0 — Senior notes—fixed rate 4.60% May 2021 75.0 75.0 Senior notes—fixed rate 3.13% December 2020 100.0 100.0 Senior notes—fixed rate 4.23% July 2028 350.0 350.0 Finance lease obligations 5.15% Various through 2029 15.8 16.1 Notes payable and other 4.24% Various through 2030 75.0 81.4 Debt issuance costs (6.4) (4.1) Total debt, finance lease obligations, and notes payable $ 1,864.4 $ 1,693.5 Less: current maturities 542.1 166.7 Total long-term debt, finance lease obligations, and notes payable $ 1,322.3 $ 1,526.8 In December 2010, the Company entered into a Master Note Purchase Agreement to issue $75 million 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 million of unsecured senior notes due December 2020. In July 2018, the Company entered into a Master Note Purchase Agreement to issue $350 million of unsecured senior notes due July 2028. There are $175 million of the senior notes classified as current maturities in the consolidated balance sheets as of September 30, 2020. In July 2018, Polaris amended its unsecured credit agreement to increase its revolving loan facility (the “revolving loan facility”) to $700 million and increase its term loan facility (the “term loan facility”) to $1,180 million. The expiration date of the facility was extended to July 2023, and interest is charged at rates based on a LIBOR or “prime” base rate. On April 9, 2020, the Company amended the credit agreement to provide a new incremental 364-day term loan (the “incremental term loan”) in the amount of $300 million. The new incremental term loan, which was fully drawn on closing, is unsecured and matures on April 8, 2021 and can be extended for an additional 364-day term upon request of Polaris and consent by the lenders. There are no required principal payments on the incremental term loan prior to the maturity date. The amended credit agreement includes pricing provisions and a restriction on declaring dividends if certain leverage metrics are met, prohibits most share repurchases until the incremental term loan has been repaid, and continues to contain standard covenants with regards to mergers and consolidations, asset sales, and is subject to acceleration upon various events of default. In addition to the payment of the $300 million incremental term loan, the Company is required to make principal payments under the term loan facility of $59 million over the next 12 months. These payments are classified as current maturities in the consolidated balance sheets. The credit agreement and the amended Master Note Purchase Agreements contain covenants that require Polaris to maintain certain financial ratios, including minimum interest coverage and maximum leverage ratios. On May 26, 2020, the Company further amended the credit agreement and amended Master Note Purchase Agreement to temporarily decrease its minimum interest coverage ratio from not less than 3.00x to not less than 2.25x and temporarily increase its maximum leverage ratio from 3.50x to 4.75x on a rolling four quarter basis until March 31, 2021. Polaris was in compliance with all such covenants at September 30, 2020. Debt issuance costs are recognized as a reduction in the carrying value of the related long-term debt in the consolidated balance sheets and are being amortized to interest expense in the consolidated statements of income over the expected remaining terms of the related debt. As a component of the Boat Holdings merger agreement, Polaris has committed to make a series of deferred payments to the former owners following the closing date of the merger through July 2030. The original discounted payable was for $76.7 million, of which $66.5 million is outstanding as of September 30, 2020. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets. The Company has a mortgage note payable agreement for land, on which Polaris built the Huntsville, Alabama manufacturing facility in 2016. The original mortgage note payable was for $14.5 million, of which $8.5 million is outstanding as of September 30, 2020. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets. The payment of principal and interest for the note payable is forgivable if the Company satisfies certain job commitments over the term of the note. The Company has met the required commitments to date.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets In the second quarter of 2020, as a result of market and economic conditions resulting from the COVID-19 pandemic, as well as financial performance and restructuring actions, the Company determined that the conditions indicated that indefinite lived intangible assets within the Aftermarket and Boats reporting units are more-likely-than-not impaired and performed an impairment test to compare the fair value of these indefinite lived intangible assets, consisting of certain brand/trade names, with their carrying value. These factors were also indicators during the second quarter of 2020 that it was more-likely-than-not that the fair value of the Aftermarket and Boats reporting units would be less than their respective carrying values. As a result, the Company performed quantitative goodwill impairment tests of the Aftermarket and Boats reporting units. The fair value of each brand/trade name was determined using the relief-from-royalty method. Under the quantitative goodwill impairment test, the fair value of each reporting unit was determined using a discounted cash flow analysis and a market approach. Determining the fair value of brand/trade names and the reporting units required the use of significant judgment, including royalty rates, discount rates, assumptions in the Company’s long-term business plan about future revenues and expenses, capital expenditures, and changes in working capital, which are dependent on internal forecasts, estimation of long-term growth for each reporting unit, and determination of the weighted average cost of capital. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic, changes in raw material prices and growth expectations for the industries and end markets in which the Company participates. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy. As a result of this analysis, during the second quarter of 2020 the Company recorded impairment charges of $108.9 million related to certain brand/trade names associated with Transamerican Auto Parts which are included in the Aftermarket reporting unit. Further, during the second quarter of 2020, the Company recorded impairment charges of $270.3 million related to goodwill of the Aftermarket reporting unit. Subsequent to the impairment charges recorded in the second quarter, there is no remaining goodwill for the Aftermarket reporting unit. The charges are included in Goodwill and other intangible asset impairments on the consolidated statements income (loss). The impairments resulted in a $90.3 million income tax benefit (deferred tax asset) associated with the remaining tax-deductible basis in goodwill and intangibles. As of September 30, 2020, there were no goodwill or other intangible asset impairment charges recorded related to the Boats, ORV, Snow, Global Adjacent Markets, or Motorcycles reporting units during 2020. Goodwill and other intangible assets, net of accumulated amortization, at September 30, 2020 and December 31, 2019 are as follows (in millions): September 30, 2020 December 31, 2019 Goodwill $ 392.9 $ 659.9 Other intangible assets, net 694.4 830.3 Total goodwill and other intangible assets, net $ 1,087.3 $ 1,490.2 The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 were as follows (in millions): Nine months ended September 30, 2020 Goodwill, beginning of period $ 659.9 Goodwill impairment (270.3) Currency translation effect on foreign goodwill balances 3.3 Goodwill, end of period $ 392.9 The components of other intangible assets were as follows ($ in millions): Total estimated life (years) September 30, 2020 December 31, 2019 Non-amortizable—indefinite lived: Brand/trade names $ 333.7 $ 442.0 Amortizable: Non-compete agreements 4 2.6 2.6 Dealer/customer related 5-20 460.1 499.5 Developed technology 5-7 9.8 12.7 Total amortizable 472.5 514.8 Less: Accumulated amortization (111.8) (126.5) Net amortized other intangible assets 360.7 388.3 Total other intangible assets, net $ 694.4 $ 830.3 Amortization expense for intangible assets was $8.7 million and $10.4 million for the three months ended September 30, 2020 and 2019, respectively, and $27.5 million and $30.9 million for the nine months ended September 30, 2020 and 2019, respectively. Estimated amortization expense for the remainder of 2020 through 2025 is as follows: 2020 (remainder), $8.7 million; 2021, $33.3 million; 2022, $28.3 million; 2023, $25.7 million; 2024, $25.0 million; 2025, $25.0 million; and after 2025, $214.7 million. 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, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity During the nine months ended September 30, 2020, Polaris paid $49.5 million to repurchase approximately 0.6 million shares of its common stock. As of September 30, 2020, the Board of Directors has authorized the Company to repurchase up to an additional 2.6 million 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 and subject to the restrictions on share repurchases set forth in the incremental amendment. Polaris paid a regular cash dividend of $0.62 per share on September 15, 2020 to holders of record at the close of business on September 1, 2020. Cash dividends declared and paid per common share for the three and nine months ended September 30, 2020 and 2019, were as follows: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Cash dividends declared and paid per common share $ 0.62 $ 0.61 $ 1.86 $ 1.83 Net income (loss) per share Basic income (loss) 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”) and the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted income (loss) per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Weighted average number of common shares outstanding 61.5 61.2 61.4 61.1 Director Plan and deferred stock units 0.2 0.2 0.2 0.2 ESOP 0.2 0.1 0.2 0.1 Common shares outstanding—basic 61.9 61.5 61.8 61.4 Dilutive effect of Omnibus Plan 0.9 0.8 — 0.8 Common and potential common shares outstanding—diluted 62.8 62.3 61.8 62.2 During the three and nine months ended September 30, 2020, the number of options that were not included in the computation of diluted income (loss) per share because the option exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive, was 2.2 million and 5.0 million, respectively, compared to 4.3 million and 4.2 million for the same periods in 2019. As a result of the Company’s net loss during the nine month period ended September 30, 2020, an additional 0.7 million of outstanding stock options and certain share-based awards under the Omnibus Plan were not included in the computation of diluted income (loss) per share because the effect would have been anti-dilutive. Accumulated other comprehensive loss Changes in the accumulated other comprehensive loss balance are as follows (in millions): Foreign Currency Translation Cash Flow Retirement Plan and Other Activity Accumulated Other Balance as of December 31, 2019 $ (63.3) $ (6.1) $ (3.3) $ (72.7) Reclassification to the statement of income — 1.0 0.2 1.2 Change in fair value (1.8) (11.6) — (13.4) Balance as of September 30, 2020 $ (65.1) $ (16.7) $ (3.1) $ (84.9) The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income (loss) for cash flow derivatives designated as hedging instruments and retirement plan activity for the three and nine months ended September 30, 2020 and 2019 (in millions): Derivatives in Cash Flow Hedging Relationships and Other Activity Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Foreign currency contracts Other expense, net $ 1.0 $ 0.5 $ 4.5 $ 2.6 Foreign currency contracts Cost of sales (0.7) 0.2 (1.4) 0.5 Interest rate contracts Interest expense (2.0) (0.3) (4.1) (0.4) Retirement plan activity Operating expenses (0.1) (0.1) (0.2) (0.2) Total $ (1.8) $ 0.3 $ (1.2) $ 2.5 The net amount of the existing gains or losses at September 30, 2020 that is expected to be reclassified into the statements of income (loss) within the next 12 months is not expected to be material. See Note 9 for further information regarding derivative activities.

Financial Services Arrangements

Financial Services Arrangements	9 Months Ended
	Sep. 30, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Financial Services Arrangements	Financial Services Arrangements Polaris Acceptance, a joint venture between Polaris and Wells Fargo Commercial Distribution Finance Corporation, a direct subsidiary of Wells Fargo Bank, N.A. (“Wells Fargo”), which is supported by a partnership agreement between their respective wholly owned subsidiaries, finances substantially all of Polaris’ United States sales of snowmobiles, off-road vehicles (“ORV”), motorcycles, and related PG&A, 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 Wells Fargo. 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 (“ASC”) 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, as amended and extended in August 2019, is effective through February 2027. Polaris’ total investment in Polaris Acceptance of $44.9 million at September 30, 2020 is accounted for under the equity method, and is recorded in investment in finance affiliate in the accompanying consolidated balance sheets. At September 30, 2020, the outstanding amount of net receivables financed for dealers under this arrangement was $733.0 million, which included $357.8 million in the Polaris Acceptance portfolio and $375.2 million 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 2020, the potential 15 percent aggregate repurchase obligation is approximately $198.3 million. 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. A subsidiary of TCF Financial Corporation (“TCF”) finances a portion of Polaris’ United States sales of boats whereby Polaris receives payment within a few days of shipment of the product. Polaris has agreed to repurchase products repossessed by TCF up to a maximum of 100 percent of the aggregate outstanding TCF receivables balance. At September 30, 2020, the potential aggregate repurchase obligation was approximately $80.9 million. 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 Performance Finance, Sheffield Financial and Synchrony 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product liability. Polaris is subject to product liability claims in the normal course of business. The Company carries excess insurance coverage for product liability claims. Polaris self-insures product liability claims before the policy date and up to the purchased 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 estimable. The Company utilizes historical trends and actuarial analysis, along with an analysis of current claims, to assist in determining the appropriate loss reserve levels. At September 30, 2020, the Company had an accrual of $65.6 million for the probable payment of pending claims related to product liability litigation associated with Polaris products. This accrual is included as a component of other accrued expenses in the consolidated balance sheets. Litigation. The Company is a defendant in lawsuits and subject to other claims arising in the normal course of business, including matters related to intellectual property, commercial matters, and product liability claims. In addition, as of September 30, 2020, the Company is party to three putative class actions pending against the Company in the United States. Two class actions allege that certain Polaris products caused economic losses resulting from unresolved fire hazards and excessive heat hazards. The third class action alleges that Polaris violated various California consumer protection laws related to rollover protection structure certification. The Company is unable to provide an evaluation of the likelihood that a loss will be incurred or an estimate of the range of possible loss on the putative class actions. In the opinion of management, it is presently unlikely that any legal proceedings pending against or involving the Company will have a material adverse effect on the Company’s financial position, results of operations, or cash flows. However, in many of these matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the possible loss given the variety of potential outcomes of actual and potential claims, the uncertainty of future rulings, the behavior or incentives of adverse parties, and other factors outside of the control of the Company. Accordingly, the Company’s loss reserve may change from time to time, and actual losses could exceed the amounts accrued by an amount that could be material to our consolidated financial position, results of operations, or cash flows in any particular reporting period.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are foreign currency risk and interest rate risk. 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 maintain a balanced risk of fixed and floating interest rates associated with the Company’s debt. 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. The decision of whether and when to execute derivative instruments, along with the duration of the instrument, may 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, 2020 and December 31, 2019, the Company had the following open foreign currency contracts (in millions): September 30, 2020 December 31, 2019 Foreign Currency Notional Amounts Net Unrealized Notional Amounts Net Unrealized Australian Dollar $ 11.4 $ (0.2) $ 16.0 $ (0.1) Canadian Dollar 138.7 (0.3) 101.4 (1.1) Mexican Peso 24.8 (1.5) 17.0 1.1 Total $ 174.9 $ (2.0) $ 134.4 $ (0.1) These contracts, with maturities through September 2021, met the criteria for cash flow hedges, and are recorded in other current assets or other current liabilities on the consolidated balance sheet. The unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. The Company enters into interest rate swap transactions to hedge the variable interest rate payments for the term loan facility. In connection with these transactions, the Company pays interest based upon a fixed rate and receives variable rate interest payments based on the one-month LIBOR. At September 30, 2020 and December 31, 2019, the Company had the following open interest rate swap contracts (in millions): September 30, 2020 December 31, 2019 Effective Date Termination Date Notional Amounts Net Unrealized Notional Amounts Net Unrealized May 2, 2018 May 4, 2021 $ 25.0 $ (0.3) $ 25.0 $ (0.1) September 30, 2019 September 30, 2023 150.0 (12.4) 150.0 (7.7) May 3, 2019 May 3, 2020 — — 100.0 (0.2) March 3, 2020 February 28, 2023 400.0 (7.3) — — Total $ 575.0 $ (20.0) $ 275.0 $ (8.0) These contracts, with maturities through September 2023, met the criteria for cash flow hedges, and are recorded in other current assets or other current liabilities on the consolidated balance sheet. Assets and liabilities are offset in the consolidated balance sheet if the right of offset exists. The unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. The table below summarizes the carrying values of derivative instruments as of September 30, 2020 and December 31, 2019 (in millions): Carrying Values of Derivative Instruments as of September 30, 2020 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 0.4 $ (2.4) $ (2.0) Interest rate contracts — (20.0) (20.0) Total derivatives designated as hedging instruments $ 0.4 $ (22.4) $ (22.0) Carrying Values of Derivative Instruments as of December 31, 2019 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 1.1 $ (1.2) $ (0.1) Interest rate contracts — (8.0) (8.0) Total derivatives designated as hedging instruments $ 1.1 $ (9.2) $ (8.1) Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses on the accompanying consolidated balance sheets. Gains and losses on derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in the current statement of income. The amount of gains (losses), net of tax, related to the effective portions of derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss for the three and nine months ended September 30, 2020 were $1.8 million and $(10.6) million, respectively, compared to $(0.4) million and $(6.9) million for the same respective periods in 2019. See Note 6 for information about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income 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, 2020.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Reporting The Company’s reportable segments are based on the Company’s method of internal reporting, which generally segregates the operating segments by product line, inclusive of wholegoods and PG&A. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. The internal reporting of these operating segments is defined based, in part, on the reporting and review process used by the Company’s Chief Executive Officer. The Company has six operating segments: 1) ORV, 2) Snowmobiles, 3) Motorcycles, 4) Global Adjacent Markets, 5) Aftermarket, and 6) Boats, and five reportable segments: 1) ORV/Snowmobiles, 2) Motorcycles, 3) Global Adjacent Markets, 4) Aftermarket, and 5) Boats. Beginning in the first quarter of 2020, certain costs, primarily incentive-based compensation costs, previously classified as "Corporate" in the Company's segment gross profit results were allocated to the respective operating segments results. The comparative 2019 gross profit results for ORV/Snowmobiles, Motorcycles, Global Adjacent Markets, Aftermarket, Boats, and Corporate were reclassified for comparability. The ORV/Snowmobiles segment includes the aggregated results of the Company’s ORV and Snowmobiles operating segments. The Motorcycles, Global Adjacent Markets, Aftermarket, and Boats segments include the results for those respective operating segments. The Corporate amounts include costs that are not allocated to segments, including certain unallocated manufacturing costs. Segment sales and gross profit data are summarized as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Sales ORV/Snowmobiles $ 1,288.8 $ 1,152.4 $ 3,065.4 $ 3,069.2 Motorcycles 166.9 149.9 434.8 464.6 Global Adjacent Markets 106.6 114.0 282.8 340.9 Aftermarket 237.2 236.2 646.8 685.6 Boats 155.1 119.1 441.8 486.3 Total sales $ 1,954.6 $ 1,771.6 $ 4,871.6 $ 5,046.6 Gross profit ORV/Snowmobiles $ 377.8 $ 308.3 $ 831.2 $ 846.1 Motorcycles 15.5 8.7 18.9 35.3 Global Adjacent Markets 31.5 30.8 75.2 94.0 Aftermarket 63.7 61.8 157.6 173.5 Boats 33.3 22.3 81.6 99.0 Corporate 12.8 4.6 (4.3) (22.5) Total gross profit $ 534.6 $ 436.5 $ 1,160.2 $ 1,225.4

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation. The accompanying unaudited consolidated financial statements of Polaris 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, 2019 previously filed with the Securities and Exchange Commission (“SEC”). 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, equity, and cash flows for the periods presented. Due to the seasonality trends for certain products 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.
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 interest rate 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 interest rate 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 net realizable value.
New Accounting Pronouncements	New accounting pronouncements. Financial instruments. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. The Company adopted Topic 326 on January 1, 2020, using a modified retrospective transition method. The adoption of Topic 326 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows. Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820 to eliminate, modify, and add certain disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company’s disclosures. Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for incomes taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify the accounting for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020, and is effective for the Company’s fiscal year beginning January 1, 2021. The adoption of the ASU is not expected to have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows. There are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements.
Revenue from Contract with Customer	Note 2. Revenue Recognition The following tables disaggregate the Company’s revenue by major product type and geography (in millions): Three months ended September 30, 2020 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 1,022.0 $ 137.7 $ 86.1 — $ 155.1 $ 1,400.9 PG&A 266.8 29.2 20.5 $ 237.2 — 553.7 Total revenue $ 1,288.8 $ 166.9 $ 106.6 $ 237.2 $ 155.1 $ 1,954.6 Revenue by geography United States $ 1,090.5 $ 120.2 $ 52.9 $ 224.9 $ 152.9 $ 1,641.4 Canada 89.6 6.1 0.2 12.3 2.2 110.4 EMEA 71.2 21.6 52.9 — — 145.7 APLA 37.5 19.0 0.6 — — 57.1 Total revenue $ 1,288.8 $ 166.9 $ 106.6 $ 237.2 $ 155.1 $ 1,954.6 Three months ended September 30, 2019 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 950.0 $ 127.4 $ 92.3 — $ 119.1 $ 1,288.8 PG&A 202.4 22.5 21.7 $ 236.2 — 482.8 Total revenue $ 1,152.4 $ 149.9 $ 114.0 $ 236.2 $ 119.1 $ 1,771.6 Revenue by geography United States $ 964.1 $ 105.5 $ 60.9 $ 224.1 $ 117.2 $ 1,471.8 Canada 91.1 7.9 0.4 12.1 1.9 113.4 EMEA 63.4 21.7 52.3 — — 137.4 APLA 33.8 14.8 0.4 — — 49.0 Total revenue $ 1,152.4 $ 149.9 $ 114.0 $ 236.2 $ 119.1 $ 1,771.6 Nine months ended September 30, 2020 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 2,404.0 $ 365.8 $ 225.9 — $ 441.8 $ 3,437.5 PG&A 661.4 69.0 56.9 $ 646.8 — 1,434.1 Total revenue $ 3,065.4 $ 434.8 $ 282.8 $ 646.8 $ 441.8 $ 4,871.6 Revenue by geography United States $ 2,568.8 $ 288.2 $ 140.5 $ 617.7 $ 434.0 $ 4,049.2 Canada 194.4 14.9 1.8 29.1 7.8 248.0 EMEA 196.0 77.5 137.8 — — 411.3 APLA 106.2 54.2 2.7 — — 163.1 Total revenue $ 3,065.4 $ 434.8 $ 282.8 $ 646.8 $ 441.8 $ 4,871.6 Nine months ended September 30, 2019 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 2,515.1 $ 399.2 $ 275.6 — $ 486.3 $ 3,676.2 PG&A 554.1 65.4 65.3 $ 685.6 — 1,370.4 Total revenue $ 3,069.2 $ 464.6 $ 340.9 $ 685.6 $ 486.3 $ 5,046.6 Revenue by geography United States $ 2,544.8 $ 293.6 $ 170.7 $ 654.9 $ 475.3 $ 4,139.3 Canada 217.0 24.3 3.6 30.7 11.0 286.6 EMEA 207.9 101.1 164.6 — — 473.6 APLA 99.5 45.6 2.0 — — 147.1 Total revenue $ 3,069.2 $ 464.6 $ 340.9 $ 685.6 $ 486.3 $ 5,046.6 With respect to wholegood vehicles, boats, and parts, garments and accessories (“PG&A”), revenue is recognized when the Company transfers control of the product to the customer (or distributor). With respect to services provided by the Company, revenue is recognized upon completion of the service or over the term of the service agreement in proportion to the costs expected to be incurred in satisfying the obligations over the term of the service period. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The expected costs associated with the Company’s limited warranties are recognized as expense when the products are sold. The Company recognizes revenue for vehicle service contracts that extend mechanical and maintenance coverage beyond the Company’s limited warranties over the life of the contract. Revenue from goods and services transferred to customers at a point-in-time accounts for the majority of the Company’s revenue. Revenue from products or services transferred over time is discussed in the deferred revenue section. ORV/Snowmobiles, Motorcycles and Global Adjacent Markets segments Wholegood vehicles and parts, garments and accessories. For the majority of wholegood vehicles and PG&A, the Company transfers control and recognizes a sale when it ships the product from its manufacturing facility, distribution center, or vehicle holding center to its customer (primarily dealers and distributors). The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its dealers and their customers. Sales returns are not material. The Company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration it expects to receive changes or when the consideration becomes fixed. Depending on the terms of the arrangement, the Company may also defer the recognition of a portion of the consideration received because it has to satisfy a future obligation (e.g., free extended service contracts). The Company uses an observable price to determine the stand-alone selling price for separate performance obligations. The Company has elected to recognize the cost for freight and shipping when control over vehicles, parts, garments or accessories has transferred to the customer as an expense in cost of sales. Extended Service Contracts. The Company sells separately-priced service contracts that extend mechanical and maintenance coverages beyond its base limited warranty agreements to vehicle owners. The separately priced service contracts range from 12 months to 84 months. The Company primarily receives payment at the inception of the contract and recognizes revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Aftermarket segment The Company’s Aftermarket products are sold through dealer, distributor, retail, and e-commerce channels. The Company transfers control and recognizes a sale when products are shipped or delivered to its customer. The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its customers and their customers. When the Company gives its customers the right to return eligible parts and accessories, it estimates the expected returns based on an analysis of historical experience. The Company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration it expects to receive changes or when the consideration becomes fixed. Service revenue. The Company offers installation services for parts that it sells. Service revenues are recognized upon completion of the service. Depending on the terms of the arrangement, the Company may also defer the recognition of a portion of the consideration received because it has to satisfy a future obligation (e.g., extended service contracts). The Company uses an observable price to determine the stand-alone selling price for separate performance obligations. The Company has elected to recognize the cost for freight and shipping when control over parts, garments or accessories has transferred to the customer as an expense in cost of sales. Boats segment Boats. The Company transfers control and recognizes a sale when it ships the product from its manufacturing facility or distribution center to its customer (primarily dealers). The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its dealers and their customers. Sales returns are not material. The Company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration it expects to receive changes or when the consideration becomes fixed. The Company has elected to recognize the cost for freight and shipping when control over boats has transferred to the customer as an expense in cost of sales. Deferred revenue The Company finances its self-insured risks related to extended service contracts (“ESCs”). The premiums for ESCs are primarily recognized in income in proportion to the costs expected to be incurred over the contract period. Warranty costs are recognized as incurred. The Company expects to recognize approximately $35.1 million of the unearned amount over the next 12 months and $63.2 million thereafter. The activity in the deferred revenue reserve during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Balance at beginning of period $ 89.8 $ 67.7 $ 81.6 $ 59.9 New contracts sold 15.8 11.1 42.6 32.5 Less: reductions for revenue recognized (7.3) (6.4) (25.9) (20.0) Balance at end of period (1) $ 98.3 $ 72.4 $ 98.3 $ 72.4

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of September 30, 2020 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 49.5 $ 49.5 $ — $ — Total assets at fair value $ 49.5 $ 49.5 $ — $ — Non-qualified deferred compensation liabilities $ (49.5) $ (49.5) $ — $ — Foreign exchange contracts, net (2.0) — (2.0) — Interest rate contracts, net (20.0) — (20.0) — Total liabilities at fair value $ (71.5) $ (49.5) $ (22.0) $ — Fair Value Measurements as of December 31, 2019 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 48.9 $ 48.9 $ — $ — Total assets at fair value $ 48.9 $ 48.9 $ — $ — Non-qualified deferred compensation liabilities $ (48.9) $ (48.9) $ — $ — Foreign exchange contracts, net (0.1) — (0.1) — Interest rate contracts, net (8.0) — (8.0) — Total liabilities at fair value $ (57.0) $ (48.9) $ (8.1) $ —
Schedule of major components of inventories	The major components of inventories are as follows (in millions): September 30, 2020 December 31, 2019 Raw materials and purchased components $ 536.6 $ 344.6 Service parts, garments and accessories 320.6 357.0 Finished goods 420.8 476.2 Less: reserves (64.5) (56.7) Inventories $ 1,213.5 $ 1,121.1
Schedule of activity in the warranty reserve	The activity in the warranty reserve during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Balance at beginning of period $ 134.2 $ 132.8 $ 136.2 $ 121.8 Additions to reserve related to acquisitions — — — 8.8 Additions charged to expense 37.2 31.4 91.2 94.3 Warranty claims paid, net (30.8) (27.1) (86.8) (87.8) Balance at end of period $ 140.6 $ 137.1 $ 140.6 $ 137.1
Disaggregation of Revenue	The following tables disaggregate the Company’s revenue by major product type and geography (in millions): Three months ended September 30, 2020 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 1,022.0 $ 137.7 $ 86.1 — $ 155.1 $ 1,400.9 PG&A 266.8 29.2 20.5 $ 237.2 — 553.7 Total revenue $ 1,288.8 $ 166.9 $ 106.6 $ 237.2 $ 155.1 $ 1,954.6 Revenue by geography United States $ 1,090.5 $ 120.2 $ 52.9 $ 224.9 $ 152.9 $ 1,641.4 Canada 89.6 6.1 0.2 12.3 2.2 110.4 EMEA 71.2 21.6 52.9 — — 145.7 APLA 37.5 19.0 0.6 — — 57.1 Total revenue $ 1,288.8 $ 166.9 $ 106.6 $ 237.2 $ 155.1 $ 1,954.6 Three months ended September 30, 2019 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 950.0 $ 127.4 $ 92.3 — $ 119.1 $ 1,288.8 PG&A 202.4 22.5 21.7 $ 236.2 — 482.8 Total revenue $ 1,152.4 $ 149.9 $ 114.0 $ 236.2 $ 119.1 $ 1,771.6 Revenue by geography United States $ 964.1 $ 105.5 $ 60.9 $ 224.1 $ 117.2 $ 1,471.8 Canada 91.1 7.9 0.4 12.1 1.9 113.4 EMEA 63.4 21.7 52.3 — — 137.4 APLA 33.8 14.8 0.4 — — 49.0 Total revenue $ 1,152.4 $ 149.9 $ 114.0 $ 236.2 $ 119.1 $ 1,771.6 Nine months ended September 30, 2020 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 2,404.0 $ 365.8 $ 225.9 — $ 441.8 $ 3,437.5 PG&A 661.4 69.0 56.9 $ 646.8 — 1,434.1 Total revenue $ 3,065.4 $ 434.8 $ 282.8 $ 646.8 $ 441.8 $ 4,871.6 Revenue by geography United States $ 2,568.8 $ 288.2 $ 140.5 $ 617.7 $ 434.0 $ 4,049.2 Canada 194.4 14.9 1.8 29.1 7.8 248.0 EMEA 196.0 77.5 137.8 — — 411.3 APLA 106.2 54.2 2.7 — — 163.1 Total revenue $ 3,065.4 $ 434.8 $ 282.8 $ 646.8 $ 441.8 $ 4,871.6 Nine months ended September 30, 2019 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 2,515.1 $ 399.2 $ 275.6 — $ 486.3 $ 3,676.2 PG&A 554.1 65.4 65.3 $ 685.6 — 1,370.4 Total revenue $ 3,069.2 $ 464.6 $ 340.9 $ 685.6 $ 486.3 $ 5,046.6 Revenue by geography United States $ 2,544.8 $ 293.6 $ 170.7 $ 654.9 $ 475.3 $ 4,139.3 Canada 217.0 24.3 3.6 30.7 11.0 286.6 EMEA 207.9 101.1 164.6 — — 473.6 APLA 99.5 45.6 2.0 — — 147.1 Total revenue $ 3,069.2 $ 464.6 $ 340.9 $ 685.6 $ 486.3 $ 5,046.6

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following tables disaggregate the Company’s revenue by major product type and geography (in millions): Three months ended September 30, 2020 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 1,022.0 $ 137.7 $ 86.1 — $ 155.1 $ 1,400.9 PG&A 266.8 29.2 20.5 $ 237.2 — 553.7 Total revenue $ 1,288.8 $ 166.9 $ 106.6 $ 237.2 $ 155.1 $ 1,954.6 Revenue by geography United States $ 1,090.5 $ 120.2 $ 52.9 $ 224.9 $ 152.9 $ 1,641.4 Canada 89.6 6.1 0.2 12.3 2.2 110.4 EMEA 71.2 21.6 52.9 — — 145.7 APLA 37.5 19.0 0.6 — — 57.1 Total revenue $ 1,288.8 $ 166.9 $ 106.6 $ 237.2 $ 155.1 $ 1,954.6 Three months ended September 30, 2019 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 950.0 $ 127.4 $ 92.3 — $ 119.1 $ 1,288.8 PG&A 202.4 22.5 21.7 $ 236.2 — 482.8 Total revenue $ 1,152.4 $ 149.9 $ 114.0 $ 236.2 $ 119.1 $ 1,771.6 Revenue by geography United States $ 964.1 $ 105.5 $ 60.9 $ 224.1 $ 117.2 $ 1,471.8 Canada 91.1 7.9 0.4 12.1 1.9 113.4 EMEA 63.4 21.7 52.3 — — 137.4 APLA 33.8 14.8 0.4 — — 49.0 Total revenue $ 1,152.4 $ 149.9 $ 114.0 $ 236.2 $ 119.1 $ 1,771.6 Nine months ended September 30, 2020 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 2,404.0 $ 365.8 $ 225.9 — $ 441.8 $ 3,437.5 PG&A 661.4 69.0 56.9 $ 646.8 — 1,434.1 Total revenue $ 3,065.4 $ 434.8 $ 282.8 $ 646.8 $ 441.8 $ 4,871.6 Revenue by geography United States $ 2,568.8 $ 288.2 $ 140.5 $ 617.7 $ 434.0 $ 4,049.2 Canada 194.4 14.9 1.8 29.1 7.8 248.0 EMEA 196.0 77.5 137.8 — — 411.3 APLA 106.2 54.2 2.7 — — 163.1 Total revenue $ 3,065.4 $ 434.8 $ 282.8 $ 646.8 $ 441.8 $ 4,871.6 Nine months ended September 30, 2019 ORV / Snowmobiles Motorcycles Global Adj. Markets Aftermarket Boats Total Revenue by product type Wholegoods $ 2,515.1 $ 399.2 $ 275.6 — $ 486.3 $ 3,676.2 PG&A 554.1 65.4 65.3 $ 685.6 — 1,370.4 Total revenue $ 3,069.2 $ 464.6 $ 340.9 $ 685.6 $ 486.3 $ 5,046.6 Revenue by geography United States $ 2,544.8 $ 293.6 $ 170.7 $ 654.9 $ 475.3 $ 4,139.3 Canada 217.0 24.3 3.6 30.7 11.0 286.6 EMEA 207.9 101.1 164.6 — — 473.6 APLA 99.5 45.6 2.0 — — 147.1 Total revenue $ 3,069.2 $ 464.6 $ 340.9 $ 685.6 $ 486.3 $ 5,046.6
Deferred Revenue, by Arrangement, Disclosure	The activity in the deferred revenue reserve during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Balance at beginning of period $ 89.8 $ 67.7 $ 81.6 $ 59.9 New contracts sold 15.8 11.1 42.6 32.5 Less: reductions for revenue recognized (7.3) (6.4) (25.9) (20.0) Balance at end of period (1) $ 98.3 $ 72.4 $ 98.3 $ 72.4

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of share-based compensation expenses	Total share-based compensation expenses were comprised as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Option awards $ 6.3 $ 7.0 $ 15.9 $ 15.1 Other share-based awards 17.6 12.7 34.8 37.2 Total share-based compensation before tax 23.9 19.7 50.7 52.3 Tax benefit 5.7 4.7 12.1 12.5 Total share-based compensation expense included in net income (loss) $ 18.2 $ 15.0 $ 38.6 $ 39.8

Financing Agreement (Tables)

Financing Agreement (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt and Capital Lease Obligations	The carrying value of debt, finance lease obligations, and notes payable and the average related interest rates were as follows (in millions): Average interest rate at September 30, 2020 Maturity September 30, 2020 December 31, 2019 Revolving loan facility —% July 2023 $ — $ 75.1 Term loan facility 1.65% July 2023 955.0 1,000.0 Incremental term loan 2.75% April 2021 300.0 — Senior notes—fixed rate 4.60% May 2021 75.0 75.0 Senior notes—fixed rate 3.13% December 2020 100.0 100.0 Senior notes—fixed rate 4.23% July 2028 350.0 350.0 Finance lease obligations 5.15% Various through 2029 15.8 16.1 Notes payable and other 4.24% Various through 2030 75.0 81.4 Debt issuance costs (6.4) (4.1) Total debt, finance lease obligations, and notes payable $ 1,864.4 $ 1,693.5 Less: current maturities 542.1 166.7 Total long-term debt, finance lease obligations, and notes payable $ 1,322.3 $ 1,526.8

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	Goodwill and other intangible assets, net of accumulated amortization, at September 30, 2020 and December 31, 2019 are as follows (in millions): September 30, 2020 December 31, 2019 Goodwill $ 392.9 $ 659.9 Other intangible assets, net 694.4 830.3 Total goodwill and other intangible assets, net $ 1,087.3 $ 1,490.2
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 were as follows (in millions): Nine months ended September 30, 2020 Goodwill, beginning of period $ 659.9 Goodwill impairment (270.3) Currency translation effect on foreign goodwill balances 3.3 Goodwill, end of period $ 392.9
Schedule of components of other intangible assets	The components of other intangible assets were as follows ($ in millions): Total estimated life (years) September 30, 2020 December 31, 2019 Non-amortizable—indefinite lived: Brand/trade names $ 333.7 $ 442.0 Amortizable: Non-compete agreements 4 2.6 2.6 Dealer/customer related 5-20 460.1 499.5 Developed technology 5-7 9.8 12.7 Total amortizable 472.5 514.8 Less: Accumulated amortization (111.8) (126.5) Net amortized other intangible assets 360.7 388.3 Total other intangible assets, net $ 694.4 $ 830.3

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of cash dividends declared per common share	Cash dividends declared and paid per common share for the three and nine months ended September 30, 2020 and 2019, were as follows: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Cash dividends declared and paid per common share $ 0.62 $ 0.61 $ 1.86 $ 1.83
Schedule of reconciliation of weighted average number of shares	A reconciliation of these amounts is as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Weighted average number of common shares outstanding 61.5 61.2 61.4 61.1 Director Plan and deferred stock units 0.2 0.2 0.2 0.2 ESOP 0.2 0.1 0.2 0.1 Common shares outstanding—basic 61.9 61.5 61.8 61.4 Dilutive effect of Omnibus Plan 0.9 0.8 — 0.8 Common and potential common shares outstanding—diluted 62.8 62.3 61.8 62.2
Schedule of changes in accumulated other comprehensive income (loss) balances	Changes in the accumulated other comprehensive loss balance are as follows (in millions): Foreign Currency Translation Cash Flow Retirement Plan and Other Activity Accumulated Other Balance as of December 31, 2019 $ (63.3) $ (6.1) $ (3.3) $ (72.7) Reclassification to the statement of income — 1.0 0.2 1.2 Change in fair value (1.8) (11.6) — (13.4) Balance as of September 30, 2020 $ (65.1) $ (16.7) $ (3.1) $ (84.9)
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 into the statements of income (loss) for cash flow derivatives designated as hedging instruments and retirement plan activity for the three and nine months ended September 30, 2020 and 2019 (in millions): Derivatives in Cash Flow Hedging Relationships and Other Activity Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Foreign currency contracts Other expense, net $ 1.0 $ 0.5 $ 4.5 $ 2.6 Foreign currency contracts Cost of sales (0.7) 0.2 (1.4) 0.5 Interest rate contracts Interest expense (2.0) (0.3) (4.1) (0.4) Retirement plan activity Operating expenses (0.1) (0.1) (0.2) (0.2) Total $ (1.8) $ 0.3 $ (1.2) $ 2.5

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of open foreign currency contracts	At September 30, 2020 and December 31, 2019, the Company had the following open foreign currency contracts (in millions): September 30, 2020 December 31, 2019 Foreign Currency Notional Amounts Net Unrealized Notional Amounts Net Unrealized Australian Dollar $ 11.4 $ (0.2) $ 16.0 $ (0.1) Canadian Dollar 138.7 (0.3) 101.4 (1.1) Mexican Peso 24.8 (1.5) 17.0 1.1 Total $ 174.9 $ (2.0) $ 134.4 $ (0.1)
Schedule of open interest rate swap contracts	At September 30, 2020 and December 31, 2019, the Company had the following open interest rate swap contracts (in millions): September 30, 2020 December 31, 2019 Effective Date Termination Date Notional Amounts Net Unrealized Notional Amounts Net Unrealized May 2, 2018 May 4, 2021 $ 25.0 $ (0.3) $ 25.0 $ (0.1) September 30, 2019 September 30, 2023 150.0 (12.4) 150.0 (7.7) May 3, 2019 May 3, 2020 — — 100.0 (0.2) March 3, 2020 February 28, 2023 400.0 (7.3) — — Total $ 575.0 $ (20.0) $ 275.0 $ (8.0)
Schedule of carrying values of derivative instruments	The table below summarizes the carrying values of derivative instruments as of September 30, 2020 and December 31, 2019 (in millions): Carrying Values of Derivative Instruments as of September 30, 2020 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 0.4 $ (2.4) $ (2.0) Interest rate contracts — (20.0) (20.0) Total derivatives designated as hedging instruments $ 0.4 $ (22.4) $ (22.0) Carrying Values of Derivative Instruments as of December 31, 2019 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 1.1 $ (1.2) $ (0.1) Interest rate contracts — (8.0) (8.0) Total derivatives designated as hedging instruments $ 1.1 $ (9.2) $ (8.1)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	egment sales and gross profit data are summarized as follows (in millions): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Sales ORV/Snowmobiles $ 1,288.8 $ 1,152.4 $ 3,065.4 $ 3,069.2 Motorcycles 166.9 149.9 434.8 464.6 Global Adjacent Markets 106.6 114.0 282.8 340.9 Aftermarket 237.2 236.2 646.8 685.6 Boats 155.1 119.1 441.8 486.3 Total sales $ 1,954.6 $ 1,771.6 $ 4,871.6 $ 5,046.6 Gross profit ORV/Snowmobiles $ 377.8 $ 308.3 $ 831.2 $ 846.1 Motorcycles 15.5 8.7 18.9 35.3 Global Adjacent Markets 31.5 30.8 75.2 94.0 Aftermarket 63.7 61.8 157.6 173.5 Boats 33.3 22.3 81.6 99.0 Corporate 12.8 4.6 (4.3) (22.5) Total gross profit $ 534.6 $ 436.5 $ 1,160.2 $ 1,225.4

Significant Accounting Polici_4

Significant Accounting Policies Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net		$ 48,900
Debt and Capital Lease Obligations	$ 1,864,400	1,693,500
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,972,800	1,769,300
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and Capital Lease Obligations	1,864,400	1,693,500
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net		48,900
Total assets at fair value	49,500
Non-qualified deferred compensation liabilities		(48,900)
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(71,500)	(57,000)
Fair value, measurements, recurring | Supplemental Employee Retirement Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-qualified deferred compensation assets	49,500	48,900
Non-qualified deferred compensation liabilities	(49,500)
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	49,500
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(49,500)	(48,900)
Fair value, measurements, recurring | Level 1 | Supplemental Employee Retirement Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-qualified deferred compensation assets	49,500	48,900
Non-qualified deferred compensation liabilities	(49,500)	(48,900)
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(22,000)	(8,100)
Foreign Exchange Contract | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net	(2,000)	(100)
Foreign Exchange Contract | Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net		(100)
Interest rate swap | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net	(20,000)	(8,000)
Interest rate swap | Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net		(8,000)
Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value— Assets	400	1,100
Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	2,000
Fair Value— Assets	400	1,100
Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value— Assets	0	$ (8,000)
Derivative Liability, Fair Value, Gross Liability	$ 20,000

Significant Accounting Polici_5

Significant Accounting Policies Major Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Raw materials and purchased components	$ 536,600	$ 344,600
Service parts, garments and accessories	320,600	357,000
Finished goods	420,800	476,200
Less: reserves	(64,500)	(56,700)
Inventories	$ 1,213,500	$ 1,121,100

Significant Accounting Polici_6

Significant Accounting Policies Activity in Polaris Accrued Warranty Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Activity in Product Warranty Reserve [Roll Forward]
Balance at beginning of period	$ 134,200	$ 132,800	$ 136,200	$ 121,800
Additions charged to expense	37,200	31,400	91,200	94,300
Warranty claims paid, net	(30,800)	(27,100)	(86,800)	(87,800)
Balance at end of period	140,600	137,100	140,600	137,100
Standard Product Warranty Accrual, Additions from Business Acquisition	$ 0	$ 0	$ 0	$ 8,800

Significant Accounting Polici_7

Significant Accounting Policies Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles
Net cash provided by (used for) operating activities	$ (675,700)	$ (436,100)
Transamerican Auto Parts | Vehicles And Boats | Minimum
Product Warranty Liability [Line Items]
Period of warranties provided by Polaris	6 months
Transamerican Auto Parts | Vehicles And Boats | Maximum
Product Warranty Liability [Line Items]
Period of warranties provided by Polaris	10 years

Significant Accounting Polici_8

Significant Accounting Policies Deferred Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 98,300,000	$ 72,400,000	$ 98,300,000	$ 72,400,000	$ 89,800,000	$ 81,600,000	$ 67,700,000	$ 59,900,000
New contracts sold	15,800,000	11,100,000	42,600,000	32,500,000
Less: reductions for revenue recognized	(7,300,000)	(6,400,000)	(25,900,000)	(20,000,000)
Deferred Revenue, Current	35,100,000	30,700,000	35,100,000	30,700,000
Deferred Revenue, Noncurrent	$ 63,200,000	$ 41,700,000	$ 63,200,000	$ 41,700,000

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 98,300,000	$ 89,800,000	$ 81,600,000	$ 72,400,000	$ 67,700,000	$ 59,900,000
Deferred Revenue, Current	35,100,000			30,700,000
Deferred Revenue, Noncurrent	$ 63,200,000			$ 41,700,000
Minimum
Deferred Revenue Arrangement [Line Items]
Extended service warranty period	12 months
Maximum
Deferred Revenue Arrangement [Line Items]
Extended service warranty period	84 months

Revenue Recognition (Contract R

Revenue Recognition (Contract Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 1,954,600	$ 1,771,600	$ 4,871,600	$ 5,046,600
ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	1,288,800	1,152,400	3,065,400	3,069,200
Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	166,900	149,900	434,800	464,600
Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	106,600	114,000	282,800	340,900
Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	237,200	236,200	646,800	685,600
Boats
Disaggregation of Revenue [Line Items]
Revenue	155,100	119,100	441,800	486,300
Wholegoods
Disaggregation of Revenue [Line Items]
Revenue	1,400,900	1,288,800	3,437,500	3,676,200
Wholegoods | ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	1,022,000	950,000	2,404,000	2,515,100
Wholegoods | Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	137,700	127,400	365,800	399,200
Wholegoods | Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	86,100	92,300	225,900	275,600
Wholegoods | Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Wholegoods | Boats
Disaggregation of Revenue [Line Items]
Revenue	155,100	119,100	441,800	486,300
PG&A
Disaggregation of Revenue [Line Items]
Revenue	553,700	482,800	1,434,100	1,370,400
PG&A | ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	266,800	202,400	661,400	554,100
PG&A | Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	29,200	22,500	69,000	65,400
PG&A | Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	20,500	21,700	56,900	65,300
PG&A | Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	237,200	236,200	646,800	685,600
PG&A | Boats
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	1,641,400	1,471,800	4,049,200	4,139,300
UNITED STATES | ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	1,090,500	964,100	2,568,800	2,544,800
UNITED STATES | Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	120,200	105,500	288,200	293,600
UNITED STATES | Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	52,900	60,900	140,500	170,700
UNITED STATES | Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	224,900	224,100	617,700	654,900
UNITED STATES | Boats
Disaggregation of Revenue [Line Items]
Revenue	152,900	117,200	434,000	475,300
CANADA
Disaggregation of Revenue [Line Items]
Revenue	110,400	113,400	248,000	286,600
CANADA | ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	89,600	91,100	194,400	217,000
CANADA | Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	6,100	7,900	14,900	24,300
CANADA | Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	200	400	1,800	3,600
CANADA | Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	12,300	12,100	29,100	30,700
CANADA | Boats
Disaggregation of Revenue [Line Items]
Revenue	2,200	1,900	7,800	11,000
EMEA
Disaggregation of Revenue [Line Items]
Revenue	145,700	137,400	411,300	473,600
EMEA | ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	71,200	63,400	196,000	207,900
EMEA | Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	21,600	21,700	77,500	101,100
EMEA | Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	52,900	52,300	137,800	164,600
EMEA | Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
EMEA | Boats
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
APLA
Disaggregation of Revenue [Line Items]
Revenue	57,100	49,000	163,100	147,100
APLA | ORV/Snowmobiles
Disaggregation of Revenue [Line Items]
Revenue	37,500	33,800	106,200	99,500
APLA | Motorcycles
Disaggregation of Revenue [Line Items]
Revenue	19,000	14,800	54,200	45,600
APLA | Global Adjacent Markets
Disaggregation of Revenue [Line Items]
Revenue	600	400	2,700	2,000
APLA | Aftermarket
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
APLA | Boats
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

Revenue Recognition (Deferred R

Revenue Recognition (Deferred Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue Recognition [Abstract]
Balance at beginning of period	$ 89,800	$ 67,700	$ 81,600	$ 59,900
New contracts sold	15,800	11,100	42,600	32,500
Less: reductions for revenue recognized	(7,300)	(6,400)	(25,900)	(20,000)
Balance at end of period	$ 98,300	$ 72,400	$ 98,300	$ 72,400

Share-Based Compensation Expens

Share-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Option awards	$ 6,300	$ 7,000	$ 15,900	$ 15,100
Other share-based awards	17,600	12,700	34,800	37,200
Total share-based compensation before tax	23,900	19,700	50,700	52,300
Tax benefit	5,700	4,700	12,100	12,500
Total share-based compensation expense included in net income (loss)	$ 18,200	$ 15,000	$ 38,600	$ 39,800

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Unrecognized compensation cost related to unvested share-based equity awards	$ 82,100
Weighted average period of recognition of unvested share-based equity awards	1 year 2 months 19 days
Unrecognized compensation cost related to unvested share-based equity awards, stock options	$ 16,900
Unrecognized compensation cost related to unvested share-based equity awards, restricted stock	$ 65,200

Financing Arrangements, Interes

Financing Arrangements, Interest Rates and Maturities (Details) - USD ($)	Sep. 30, 2020	Apr. 09, 2020	Dec. 31, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Effective interest rate	5.15%
Finance Lease, Liability	$ 15,800,000		$ 16,100,000
Debt issuance costs	(6,400,000)		(4,100,000)
Total debt, finance lease obligations, and notes payable	1,864,400,000		1,693,500,000
Less: current maturities	542,100,000		166,700,000
Total long-term debt, finance lease obligations, and notes payable	$ 1,322,300,000		1,526,800,000
364 Day Term Loan
Debt Instrument [Line Items]
Average interest rate at September 30, 2020	2.75%
Line of Credit, Current	$ 300,000,000
Debt face amount		$ 300,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	0.00%
Senior Notes | Senior Unsecured Notes 4.60% Due May 2021
Debt Instrument [Line Items]
Stated interest rate	4.60%
Long-term debt	$ 75,000,000		75,000,000
Senior Notes | Senior Unsecured Notes 3.13% Due December 2020
Debt Instrument [Line Items]
Stated interest rate	3.13%
Long-term debt	$ 100,000,000		100,000,000
Senior Notes | Senior Unsecured Notes 4.23% Due July 2028
Debt Instrument [Line Items]
Stated interest rate	4.23%
Long-term debt			350,000,000	$ 350,000,000
Notes payable and other
Debt Instrument [Line Items]
Stated interest rate	4.24%
Long-term debt	$ 75,000,000		81,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving loan facility	$ 0		75,100,000
Term loan
Debt Instrument [Line Items]
Average interest rate at September 30, 2020	1.65%
Revolving loan facility	$ 955,000,000		$ 1,000,000,000

Financing Agreement - Additiona

Financing Agreement - Additional Information (Detail)	May 26, 2020	Apr. 09, 2020USD ($)	Jul. 31, 2018USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2010USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 02, 2018USD ($)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Repayments of principal in next twelve months						$ 175,000,000
364 Day Term Loan
Debt Instrument [Line Items]
Debt term		364 days
Debt face amount		$ 300,000,000
Debt extension term		364 days
Required principal repayments before maturity		$ 0
Senior Notes | Senior Unsecured Notes 4.60% Due May 2021
Debt Instrument [Line Items]
Proceeds from Issuance of Debt					$ 75,000,000
Long-term debt						75,000,000	$ 75,000,000
Senior Notes | Senior Unsecured Notes 3.13% Due December 2020
Debt Instrument [Line Items]
Proceeds from Issuance of Debt				$ 100,000,000
Long-term debt						100,000,000	100,000,000
Senior Notes | Senior Unsecured Notes 4.23% Due July 2028
Debt Instrument [Line Items]
Long-term debt			$ 350,000,000				350,000,000
Notes payable, other | Boat Holdings, LLC
Debt Instrument [Line Items]
Long-term debt						66,500,000		$ 76,700,000
Notes payable to banks
Debt Instrument [Line Items]
Long-term debt						75,000,000	81,400,000
Notes payable to banks | Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt						8,500,000			$ 14,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			700,000,000
Revolving loan facility						0	75,100,000
Repayments of principal in next twelve months			$ 59,000,000
Minimum interest coverage ratio	2.25		3
Maximum leverage ratio	4.75		3.50
Term loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,180,000,000
Revolving loan facility						$ 955,000,000	$ 1,000,000,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning of period		$ 659,900
Goodwill, Impairment Loss	$ 270,300	270,300
Currency translation effect on foreign goodwill balances		3,300
Goodwill, end of period		392,900
Intangible Assets, Net (Excluding Goodwill)		694,400	$ 830,300
Intangible Assets, Net (Including Goodwill)		$ 1,087,300	$ 1,490,200

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets Components of Other Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Amortizable:
Gross amortized other intangible assets	$ 472,500	$ 514,800
Accumulated Amortization	(111,800)	(126,500)
Net amortized other intangible assets	360,700	388,300
Total other intangible assets, net	$ 694,400	830,300
Non-compete agreements
Amortizable:
Total estimated life	4 years
Gross amortized other intangible assets	$ 2,600	2,600
Dealer/customer related
Amortizable:
Gross amortized other intangible assets	$ 460,100	499,500
Dealer/customer related | Minimum
Amortizable:
Total estimated life	5 years
Dealer/customer related | Maximum
Amortizable:
Total estimated life	20 years
Developed technology
Amortizable:
Gross amortized other intangible assets	$ 9,800	12,700
Developed technology | Minimum
Amortizable:
Total estimated life	5 years
Developed technology | Maximum
Amortizable:
Total estimated life	7 years
Brand/trade names
Non-amortizable—indefinite lived:
Non-amortizable, Net	$ 333,700	$ 442,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 392,900			$ 392,900		$ 659,900
Total other intangible assets, net	694,400			694,400		$ 830,300
Amortization of intangible assets	8,700		$ 10,400	27,500	$ 30,900
Estimated Future Amortization Expense by Fiscal Year [Abstract]
Remainder of 2016	8,700			8,700
2017	33,300			33,300
2018	28,300			28,300
2019	25,700			25,700
2020	25,000			25,000
2021	25,000			25,000
After 2021	$ 214,700			$ 214,700
Deferred Income Taxes and Tax Credits		$ 90,300
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 108,900

Shareholders' Equity Cash Divid

Shareholders' Equity Cash Dividends Declared Per Common Share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Cash dividends declared and paid per common share (in dollars per share)	$ 0.62	$ 0.61	$ 1.86	$ 1.83

Shareholders' Equity Reconcilia

Shareholders' Equity Reconciliation of Weighted Average Number of Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Weighted average number of common shares outstanding	61,500	61,200	61,400	61,100
Director Plan and deferred stock units	200	200	200	200
ESOP	200	100	200	100
Common shares outstanding—basic	61,900	61,500	61,800	61,400
Dilutive effect of Omnibus Plan	900	800	0	800
Common and potential common shares outstanding—diluted	62,800	62,300	61,800	62,200

Shareholders' Equity Changes in

Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2019				$ (72,700)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax				1,200
Stockholders' Equity, Other			$ 0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ 12,800	$ (12,400)		(1,800)	$ (13,200)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax				(13,400)
Balance as of September 30, 2020	(84,900)			(84,900)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2019				(63,300)
Balance as of September 30, 2020	(65,100)			(65,100)
Cash Flow Hedging | Foreign Exchange Contract
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2019				(6,100)
Reclassification to the statement of income				1,000
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax				(11,600)
Balance as of September 30, 2020	(16,700)			(16,700)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2019				(3,300)
Reclassification to the statement of income				200
Balance as of September 30, 2020	$ (3,100)			$ (3,100)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' Equity, Other			$ 600

Shareholders' Equity Gains and

Shareholders' Equity Gains and Losses, Net of Tax Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	$ (1,800)	$ 300	$ (1,200)	$ 2,500
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			(1,200)
Foreign Exchange Contract | Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	1,000	500	4,500	2,600
Foreign Exchange Contract | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	(700)	200	(1,400)	500
Interest Rate Contract [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	2,000	300	4,100	400
Defined Benefit Plan, Derivative [Member] | Operating Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	$ 100	$ 100	$ 200	$ 200

Shareholders' Equity Additional

Shareholders' Equity Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Repurchase and retirement of common stock	$ 200	$ 500	$ 48,800	$ 500	$ 400	$ 6,200	$ 49,500
Repurchase and retirement of common stock (shares)							600,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	2,600,000						2,600,000
Cash dividend paid during period, per share (in dollars per share)	$ 0.62			$ 0.61			$ 1.86	$ 1.83
Common stock excluded from calculation of diluted earnings per share (shares)	2,200,000			4,300,000			5,000,000	4,200,000
Omnibus Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from calculation of diluted earnings per share (shares)							700,000

Financial Services Arrangemen_2

Financial Services Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments in and Advances to Affiliates [Line Items]
Investment in affiliates	$ 44,900	$ 110,600
Trade receivables, net	241,300	$ 190,400
TCF [Member]
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, amount	$ 80,900
Polaris Acceptance
Investments in and Advances to Affiliates [Line Items]
Equity method investment ownership percentage	50.00%
Net amount financed for dealers	$ 733,000
Trade receivables, net	357,800
Aggregate repurchase obligation, amount	198,300
Securitization Facility
Investments in and Advances to Affiliates [Line Items]
Outstanding balance of receivables	$ 375,200
TCF [Member] | Maximum
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, percentage	100.00%
Polaris Acceptance | Maximum
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, percentage	15.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Mar. 31, 2020class_action	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrual for the probable payment of pending claims | $		$ 65,600
Number of putative class actions | class_action	3

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities Open Foreign Currency Contracts (Details) - Cash Flow Hedging - Foreign Exchange Contract - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	$ 174,900	$ 134,400
Net Unrealized Gain (Loss)	(2,000)	(100)
Australian Dollar
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	11,400	16,000
Net Unrealized Gain (Loss)	(200)	(100)
Canadian Dollar
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	138,700	101,400
Net Unrealized Gain (Loss)	(300)	(1,100)
Mexican Peso
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	24,800	17,000
Net Unrealized Gain (Loss)	$ (1,500)	$ 1,100

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities Open Interest Rate Swap Contracts (Details) - Cash Flow Hedging - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Interest rate swap
Derivative [Line Items]
Notional Amounts	$ 575,000	$ 275,000
Net Unrealized Gain (Loss)	(20,000)	(8,000)
Interest Rate Swap, May 2018 to May 2021
Derivative [Line Items]
Notional Amounts	25,000	25,000
Net Unrealized Gain (Loss)	(300)	(100)
Interest Rate Swap, September 2019 to September 2023
Derivative [Line Items]
Notional Amounts	150,000	150,000
Net Unrealized Gain (Loss)	(12,400)	(7,700)
Interest Rate Swap, May 2019 to May 2020
Derivative [Line Items]
Notional Amounts	0	100,000
Net Unrealized Gain (Loss)	0	(200)
Interest Rate Swap, March 2020 to February 2023
Derivative [Line Items]
Notional Amounts	400,000	0
Net Unrealized Gain (Loss)	$ (7,300)	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities Carrying Values of Derivative Instruments (Detail) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative Net Carrying Value	$ (22,000)	$ (8,100)
Foreign Exchange Contract
Derivative [Line Items]
Derivative Net Carrying Value	(2,000)	(100)
Interest rate contract
Derivative [Line Items]
Derivative Net Carrying Value	(20,000)	(8,000)
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Fair Value— Assets	400	1,100
Prepaid Expenses and Other Current Assets | Foreign Exchange Contract
Derivative [Line Items]
Fair Value— Assets	400	1,100
Prepaid Expenses and Other Current Assets | Interest rate contract
Derivative [Line Items]
Fair Value— Assets	0	(8,000)
Fair Value— (Liabilities)	(20,000)
Other Current Liabilities
Derivative [Line Items]
Fair Value— (Liabilities)	(22,400)	(9,200)
Other Current Liabilities | Foreign Exchange Contract
Derivative [Line Items]
Fair Value— (Liabilities)	$ (2,400)	$ (1,200)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments	$ 1,800	$ (400)	$ (10,600)	$ (6,900)
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments	$ 1,800	$ (400)	$ (10,600)	$ (6,900)

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Revenue	$ 1,954,600	$ 1,771,600	$ 4,871,600	$ 5,046,600
Number of Operating Segments | segment			6
Gross profit	534,600	436,500	$ 1,160,200	1,225,400
Number of Reportable Segments | segment			5
ORV/Snowmobiles
Segment Reporting Information [Line Items]
Revenue	1,288,800	1,152,400	$ 3,065,400	3,069,200
Motorcycles
Segment Reporting Information [Line Items]
Revenue	166,900	149,900	434,800	464,600
Global Adjacent Markets
Segment Reporting Information [Line Items]
Revenue	106,600	114,000	282,800	340,900
Aftermarket
Segment Reporting Information [Line Items]
Revenue	237,200	236,200	646,800	685,600
Boats
Segment Reporting Information [Line Items]
Revenue	155,100	119,100	441,800	486,300
Operating segments | ORV/Snowmobiles
Segment Reporting Information [Line Items]
Revenue	1,288,800	1,152,400	3,065,400	3,069,200
Gross profit	377,800	308,300	831,200	846,100
Operating segments | Motorcycles
Segment Reporting Information [Line Items]
Revenue	166,900	149,900	434,800	464,600
Gross profit	15,500	8,700	18,900	35,300
Operating segments | Global Adjacent Markets
Segment Reporting Information [Line Items]
Revenue	106,600	114,000	282,800	340,900
Gross profit	31,500	30,800	75,200	94,000
Operating segments | Aftermarket
Segment Reporting Information [Line Items]
Revenue	237,200	236,200	646,800	685,600
Gross profit	63,700	61,800	157,600	173,500
Operating segments | Boats
Segment Reporting Information [Line Items]
Revenue	155,100	119,100	441,800	486,300
Gross profit	33,300	22,300	81,600	99,000
Corporate
Segment Reporting Information [Line Items]
Gross profit	$ 12,800	$ 4,600	$ (4,300)	$ (22,500)

Uncategorized Items - pii-20200

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 36,500,000
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 36,300,000