Polaris (PII) 10-Q 26 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 19, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-11411
Entity Registrant Name	POLARIS INC.
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		59,555,617
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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 Statements of Equi

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared and paid per common share (in dollars per share)	$ 0.64	$ 0.63	$ 1.28	$ 1.26

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 314.2	$ 502.3
Trade receivables, net	297.2	227.9
Inventories, net	1,908	1,510.7
Prepaid expenses and other	174.4	150.9
Income taxes receivable	3.8	4
Current assets held for sale	168.2	163.2
Total current assets	2,865.8	2,559
Property and equipment, net	939.6	927.7
Investment in finance affiliate	37.1	49.3
Deferred tax assets	241.1	162.9
Goodwill and other intangible assets, net	918.7	935.2
Operating lease assets	113.1	90.5
Other long-term assets	86.2	97.2
Long-term assets held for sale	37.3	226
Total assets	5,238.9	5,047.8
Current liabilities:
Current portion of debt, finance lease obligations and notes payable	553.3	553.3
Accounts payable	978.8	776
Accrued expenses	678.4	756.5
Current operating lease liabilities	24.2	19.4
Income taxes payable	11.2	17.1
Disposal Group, Including Discontinued Operation, Liabilities, Current	94.3	107.8
Total current liabilities	2,340.2	2,230.1
Long-term income taxes payable	14	13.3
Finance lease obligations	10.5	12.1
Long-term debt	1,453	1,235.3
Deferred tax liabilities	5.2	5.5
Long-term operating lease liabilities	89.1	71.3
Other long-term liabilities	173.7	176.6
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	68.2	66.1
Total liabilities	4,153.9	3,810.3
Deferred compensation	11.4	11.2
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, 59.5 and 60.4 shares issued and outstanding, respectively	0.6	0.6
Additional paid-in capital	1,161.4	1,143.8
Retained earnings	3.1	157.3
Accumulated other comprehensive loss, net	(93.7)	(77.4)
Total shareholders’ equity	1,071.4	1,224.3
Noncontrolling interest	2.2	2
Total equity	1,073.6	1,226.3
Total liabilities and equity	$ 5,238.9	$ 5,047.8

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	59,500,000	60,400,000
Common stock, shares outstanding	59,500,000	60,400,000

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Sales	$ 2,062.8	$ 1,911.1	$ 3,844.3	$ 3,668.9
Cost of sales	1,588.4	1,413.7	3,017	2,739.7
Gross profit	474.4	497.4	827.3	929.2
Operating expenses:
Selling and marketing	115.5	121.2	227.1	236.4
Research and development	86.8	86.7	167.6	164.3
General and administrative	89.2	92.5	160.9	164.5
Total operating expenses	291.5	300.4	555.6	565.2
Operating income	193.1	210.7	293.3	393.9
Non-operating expense:
Interest expense	14.9	10.7	26.7	22.3
Other (income) expense, net	(3.2)	(3)	(6.5)	(5.3)
Income from continuing operations before income taxes	181.4	203	273.1	376.9
Provision for income taxes	39.4	47.8	57	88.6
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	142	155.2	216.1	288.3
Income (loss) from discontinued operations, net of tax	(4.2)	3.3	(8.4)	4.4
Impairment of discontinued operations, net of tax	(142.2)	0	(142.2)	0
Net income (loss)	(4.4)	158.5	65.5	292.7
Net income attributable to noncontrolling interest	(0.2)	(0.1)	(0.2)	(0.2)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	141.8	155.1	215.9	288.1
Net income (loss) from discontinued operations	(146.4)	3.3	(150.6)	4.4
Net income (loss) attributable to Polaris Inc.	$ (4.6)	$ 158.4	$ 65.3	$ 292.5
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.37	$ 2.53	$ 3.59	$ 4.67
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(2.45)	0.05	(2.50)	0.08
Basic (in dollars per share)	(0.08)	2.58	1.09	4.75
Income (Loss) from Continuing Operations, Per Diluted Share	2.34	2.47	3.55	4.56
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	(2.42)	0.05	(2.48)	0.07
Diluted (in dollars per share)	$ (0.08)	$ 2.52	$ 1.07	$ 4.63
Weighted average shares outstanding:
Basic (in shares)	59.9	61.3	60.1	61.6
Diluted (in shares)	60.5	62.8	60.9	63.1
Income from financial services
Operating expenses:
Income from financial services	$ 10.2	$ 13.7	$ 21.6	$ 29.9

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4.4)	$ 158.5	$ 65.5	$ 292.7
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(30.1)	7.1	(30.9)	(8.5)
Unrealized gain on derivative instruments	6.1	1.8	14.4	3.2
Retirement plan and other activity	0.1	0.1	0.2	0.2
Comprehensive income (loss)	(28.3)	167.5	49.2	287.6
Comprehensive income attributable to noncontrolling interest	(0.2)	(0.1)	(0.2)	(0.2)
Comprehensive income (loss)	$ (28.5)	$ 167.4	$ 49	$ 287.4

Consolidated Statements of Eq_2

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid- In Capital	Retained Earnings	Accumulated Other Comprehensive Income (loss)	Non Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock	$ 0.6
Additional paid-in capital	983.9
Retained earnings	218.4
Accumulated other comprehensive loss, net	(58.4)
Noncontrolling interest	0.3
Beginning balance (in shares) at Dec. 31, 2020		61.9
Beginning balance at Dec. 31, 2020	1,144.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0.3
Employee stock compensation	29.7		$ 29.7
Deferred compensation	0.4		2.9	$ (2.5)
Proceeds from stock issuances under employee plans (in shares)		1.7
Proceeds from stock issuances under employee plans	146.1		146.1
Cash dividends declared	(77)			(77)
Repurchase and retirement of common shares (in shares)		(3.3)
Repurchase and retirement of common shares	(410.5)		(52.6)	(357.9)
Net income (loss)	292.7			292.5		$ 0.2
Contributions	1.2					1.2
Other comprehensive income (loss)	(5.1)				$ (5.1)
Ending balance (in shares) at Jun. 30, 2021		60.6
Ending balance at Jun. 30, 2021	1,122.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock	0.6
Additional paid-in capital	1,082.5
Retained earnings	48.8
Accumulated other comprehensive loss, net	(72.5)
Noncontrolling interest	1.6
Beginning balance (in shares) at Mar. 31, 2021		61.2
Beginning balance at Mar. 31, 2021	1,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0
Employee stock compensation	20.8		20.8
Deferred compensation	6		3.4	2.6
Proceeds from stock issuances under employee plans (in shares)		0.2
Proceeds from stock issuances under employee plans	16.8		16.8
Cash dividends declared	(38.4)			(38.4)
Repurchase and retirement of common shares (in shares)		(0.8)
Repurchase and retirement of common shares	(111.4)		(13.5)	(97.9)
Net income (loss)	158.5			158.4		0.1
Other comprehensive income (loss)	9				9
Ending balance (in shares) at Jun. 30, 2021		60.6
Ending balance at Jun. 30, 2021	1,122.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock	0.6
Additional paid-in capital	1,110
Retained earnings	73.5
Accumulated other comprehensive loss, net	(63.5)
Noncontrolling interest	1.7
Common stock	0.6
Additional paid-in capital	1,143.8
Retained earnings	157.3
Accumulated other comprehensive loss, net	(77.4)
Noncontrolling interest	2
Beginning balance (in shares) at Dec. 31, 2021		60.4
Beginning balance at Dec. 31, 2021	1,226.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0.4
Employee stock compensation	28.8		28.8
Deferred compensation	(0.2)		(1.5)	1.3
Proceeds from stock issuances under employee plans (in shares)		0.2
Proceeds from stock issuances under employee plans	17.8		17.8
Cash dividends declared	(76)			(76)
Repurchase and retirement of common shares (in shares)		(1.5)
Repurchase and retirement of common shares	(172.3)		(27.5)	(144.8)
Net income (loss)	65.5			65.3		0.2
Other comprehensive income (loss)	(16.3)				(16.3)
Ending balance (in shares) at Jun. 30, 2022		59.5
Ending balance at Jun. 30, 2022	1,073.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock	0.6
Additional paid-in capital	1,142.8
Retained earnings	45
Accumulated other comprehensive loss, net	(69.8)
Noncontrolling interest	2
Beginning balance (in shares) at Mar. 31, 2022		59.5
Beginning balance at Mar. 31, 2022	1,120.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)		0
Employee stock compensation	15.5		15.5
Deferred compensation	0		(0.8)	0.8
Proceeds from stock issuances under employee plans (in shares)		0
Proceeds from stock issuances under employee plans	3.9		$ 3.9
Cash dividends declared	(38.1)			(38.1)
Net income (loss)	(4.4)			$ (4.6)		$ 0.2
Other comprehensive income (loss)	(23.9)				$ (23.9)
Ending balance (in shares) at Jun. 30, 2022		59.5
Ending balance at Jun. 30, 2022	1,073.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock	0.6
Additional paid-in capital	1,161.4
Retained earnings	3.1
Accumulated other comprehensive loss, net	(93.7)
Noncontrolling interest	$ 2.2

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net income (loss)	$ 65.5	$ 292.7
Income (loss) from discontinued operations, net of tax	8.4	(4.4)
Impairment of discontinued operations, net of tax	142.2	0
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	113.7	107.6
Noncash compensation	28.8	25.2
Noncash income from financial services	(4.5)	(4.3)
Deferred income taxes	(33)	18.4
Other, net	(0.4)	0
Changes in operating assets and liabilities:
Trade receivables	(79)	34
Inventories	(409.2)	(347.8)
Accounts payable	208	119.7
Accrued expenses	(77.8)	(108.2)
Income taxes payable/receivable	(1.5)	18.1
Prepaid expenses and others, net	(1.1)	3.8
Net cash provided by (used for) operating activities of continuing operations	(39.9)	154.8
Net cash provided by (used for) operating activities of discontinued operations	(17.1)	40.8
Net cash provided by (used for) operating activities	(57)	195.6
Investing Activities:
Purchase of property and equipment	(119.4)	(109.1)
Investment in finance affiliate, net	16.7	34.3
Net cash used for investing activities of continuing operations	(102.7)	(74.8)
Net cash used for investing activities of discontinued operations	(5.2)	(5.3)
Net cash used for investing activities	(107.9)	(80.1)
Financing Activities:
Borrowings under debt arrangements	1,116	499.9
Repayments under debt arrangements	(898.5)	(619)
Repurchase and retirement of common shares	(172.3)	(410.5)
Cash dividends to shareholders	(76)	(77)
Proceeds from stock issuances under employee plans	17.8	146.1
Net cash used for financing activities	(13)	(460.5)
Impact of currency exchange rates on cash balances	(11.6)	(1.9)
Net decrease in cash, cash equivalents and restricted cash	(189.5)	(346.9)
Cash, cash equivalents and restricted cash at beginning of period	529.1	657.5
Cash, cash equivalents and restricted cash at end of period	339.6	310.6
Noncash Activity:
Interest paid on debt borrowings	25.2	21.4
Income taxes paid	96.4	53.2
Leased assets obtained for operating lease liabilities	42.1	14.9
Cash and cash equivalents	314.2	278
Cash	9.5	10.8
Other long-term assets	15.9	21.8
Total	$ 339.6	$ 310.6

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Basis of Presentation and 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, 2021 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. Reclassifications of certain prior year segment results and account balances 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 12. On July 1, 2022, the Company completed the sale of its Transamerican Auto Parts (“TAP”) business. The operating results of the TAP business are reported in Income (loss) from discontinued operations, net of tax, in the Consolidated statements of income (loss) for all periods presented. In addition, the related assets and liabilities are reported as assets and liabilities held for sale in the consolidated balance sheets. All amounts and disclosures included in the Notes to consolidated financial statements reflect only the Company's continuing operations unless otherwise noted. See further information in Note 4. 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 June 30, 2022 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 45.4 $ 45.4 $ — $ — Foreign exchange contracts, net 8.2 — 8.2 — Interest rate contracts, net 5.4 — 5.4 — Total assets at fair value $ 59.0 $ 45.4 $ 13.6 $ — Non-qualified deferred compensation liabilities $ (45.4) $ (45.4) $ — $ — Total liabilities at fair value $ (45.4) $ (45.4) $ — $ — Fair Value Measurements as of December 31, 2021 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 52.4 $ 52.4 $ — $ — Foreign exchange contracts, net 2.1 — 2.1 — Total assets at fair value $ 54.5 $ 52.4 $ 2.1 $ — Non-qualified deferred compensation liabilities $ (52.4) $ (52.4) $ — $ — Interest rate contracts, net (7.8) — (7.8) — Total liabilities at fair value $ (60.2) $ (52.4) $ (7.8) $ — 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. As of June 30, 2022 and December 31, 2021, the fair value of the Company’s long-term debt, finance lease obligations and notes payable was approximately $2,047.4 million and $1,870.0 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 $2,016.8 million and $1,800.7 million as of June 30, 2022 and December 31, 2021, respectively. Property and equipment. Depreciation expense was $52.3 million and $45.6 million for the three months ended June 30, 2022 and 2021, respectively, and $103.9 million and $92.4 million for the six months ended June 30, 2022 and 2021, respectively. Substantially all of the Company’s property and equipment is located in North America. Product warranties. The activity in the warranty reserve during the periods presented was as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ 126.1 $ 137.7 $ 132.9 $ 138.6 Additions charged to expense 33.6 35.8 60.7 70.4 Warranty claims paid, net (31.0) (33.5) (64.9) (69.0) Balance at end of period $ 128.7 $ 140.0 $ 128.7 $ 140.0 New accounting pronouncements. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope in January 2021, which adds implementation guidance to clarify which optional expedients in Topic 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. The adoption of the ASUs did not 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.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions June 30, 2022 December 31, 2021 Inventories Raw materials and purchased components $ 937.1 $ 720.2 Service parts, garments and accessories 366.9 276.4 Finished goods 682.8 588.2 Less: reserves (78.8) (74.1) Inventories, net $ 1,908.0 $ 1,510.7 Property and equipment Land, buildings and improvements $ 512.4 $ 501.1 Equipment and tooling 1,688.4 1,598.3 2,200.8 2,099.4 Less: accumulated depreciation (1,261.2) (1,171.7) Property and equipment, net $ 939.6 $ 927.7 Accrued expenses Compensation $ 146.8 $ 205.9 Warranties 128.7 132.9 Sales promotions and incentives 84.6 96.9 Dealer holdback 102.7 98.9 Other accrued expenses 215.6 221.9 Accrued expenses $ 678.4 $ 756.5

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Revenue RecognitionThe Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer (primarily dealers and distributors). Revenue is measured based on the amount of consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Sales, value add, and other taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue. 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 contract liabilities section. The following tables disaggregate the Company's revenue by major product type and geography (in millions): Three months ended June 30, 2022 Off-Road On-Road Marine Corporate Total Revenue by product type Wholegoods $ 1,181.4 $ 230.4 $ 273.0 $ — $ 1,684.8 PG&A 309.0 69.0 — — 378.0 Total revenue $ 1,490.4 $ 299.4 $ 273.0 $ — $ 2,062.8 Revenue by geography United States $ 1,183.4 $ 153.3 $ 264.8 $ — $ 1,601.5 Canada 125.3 13.3 8.1 — 146.7 EMEA 108.1 112.3 0.1 — 220.5 APLA 73.6 20.5 — — 94.1 Total revenue $ 1,490.4 $ 299.4 $ 273.0 $ — $ 2,062.8 Three months ended June 30, 2021 Off-Road On-Road Marine Corporate Total Revenue by product type Wholegoods $ 1,078.8 $ 242.7 $ 197.6 $ 14.7 $ 1,533.8 PG&A 318.7 55.6 — 3.0 377.3 Total revenue $ 1,397.5 $ 298.3 $ 197.6 $ 17.7 $ 1,911.1 Revenue by geography United States $ 1,104.9 $ 145.7 $ 191.2 $ 16.6 $ 1,458.4 Canada 124.2 11.1 6.2 0.2 141.7 EMEA 97.2 114.2 0.2 0.2 211.8 APLA 71.2 27.3 — 0.7 99.2 Total revenue $ 1,397.5 $ 298.3 $ 197.6 $ 17.7 $ 1,911.1 Six months ended June 30, 2022 Off-Road On-Road Marine Corporate Total Revenue by product type Wholegoods $ 2,181.9 $ 410.9 $ 484.5 $ — $ 3,077.3 PG&A 650.6 116.4 — — 767.0 Total revenue $ 2,832.5 $ 527.3 $ 484.5 $ — $ 3,844.3 Revenue by geography United States $ 2,216.8 $ 257.5 $ 471.9 $ — $ 2,946.2 Canada 261.6 19.2 12.5 — 293.3 EMEA 230.8 211.9 0.1 — 442.8 APLA 123.3 38.7 — — 162.0 Total revenue $ 2,832.5 $ 527.3 $ 484.5 $ — $ 3,844.3 Six months ended June 30, 2021 Off-Road On-Road Marine Corporate Total Revenue by product type Wholegoods $ 2,070.9 $ 439.6 $ 396.3 $ 26.2 $ 2,933.0 PG&A 628.4 101.0 — 6.5 735.9 Total revenue $ 2,699.3 $ 540.6 $ 396.3 $ 32.7 $ 3,668.9 Revenue by geography United States $ 2,129.3 $ 256.5 $ 384.6 $ 30.9 $ 2,801.3 Canada 238.5 18.3 11.5 0.2 268.5 EMEA 209.7 220.1 0.2 0.4 430.4 APLA 121.8 45.7 — 1.2 168.7 Total revenue $ 2,699.3 $ 540.6 $ 396.3 $ 32.7 $ 3,668.9 For the majority of wholegood vehicles, boats, and Parts, Garments, and Accessories (“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. 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. Payment terms vary by customer and most of the Company’s sales are financed by the customer under floorplan financing arrangements whereby the Company receives payment within a few days of shipment of the product. When the right of return exists, the Company adjusts the consideration for the estimated effect of returns. The Company estimates expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer, and a projection of this experience into the future. 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. 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, boats, parts, garments or accessories has transferred to the customer as an expense in cost of sales. Financial Products. The Company sells separately-priced service contracts (“ESCs”) that extend mechanical coverages beyond the base limited warranty as well as prepaid maintenance agreements to vehicle owners. Each of these separately priced service contracts range from 12 months to 84 months. The Company typically 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. Contract Liabilities Contract liabilities relate to deferred revenue recognized for cash consideration received at contract inception in advance of the Company's performance under the respective contract and generally relate to the sale of separately priced ESCs. The Company finances its self-insured risks related to 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 $36.4 million of the unearned amount over the next 12 months and $77.2 million thereafter. The activity in the deferred revenue reserve during the periods presented was as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ 114.9 $ 98.6 $ 108.3 $ 89.1 New contracts sold 12.3 14.9 27.8 32.6 Less: reductions for revenue recognized (13.6) (8.0) (22.5) (16.2) Balance at end of period (1) $ 113.6 $ 105.5 $ 113.6 $ 105.5

Divestitures and Discontinued O

Divestitures and Discontinued Operations	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures and Discontinued Operations	Divestitures and Discontinued Operations 2021 Divestitures. In an effort to more strategically allocate the Company’s resources, the Company sold its Global Electric Motorcar (“GEM”) and Taylor-Dunn businesses on December 31, 2021. The sale resulted in a loss of $36.8 million. The 2021 financial results of these businesses are reflected in the Corporate segment. 2022 Divestitures. In June 2022, the Company entered into a definitive agreement to sell Transamerican Auto Parts (“TAP”) , an aftermarket parts business . TAP is a vertically integrated manufacturer, distributor, retailer, and installer of off-road Jeep and truck parts and accessories . The transaction includes TAP’s full portfolio of operations, including all brands, product lines, manufacturing operations, distribution facilities, more than 100 4 Wheel Parts retail locations, and more than 1,700 TAP employees. The results of TAP have been presented as discontinued operations and the related assets and liabilities have been classified as held for sale for all periods presented. As a result, an impairment of $187.8 million was recorded to adjust TAP’s assets and liabilities to fair value less costs to sell. The impairment resulted in a $45.6 million income tax benefit (deferred tax asset). As of June 30, 2022, the fair value of the assets and liabilities held for sale were measured based on a purchase offer, which is considered a Level 3 input in the fair value hierarchy. TAP was historically included with in the Company’s Aftermarket segment; however, as a result of the planned divestiture the Company began management of its portfolio of businesses under a new basis as of June 30, 2022. The Aftermarket segment was eliminated and the results of the Company’s remaining aftermarket businesses historically included within the Aftermarket segment were reclassified to the Off-Road and On-Road segments. The comparative 2021 segment results were reclassified for comparability. Th e sale was completed on July 1, 2022 for a sales pr ice of $50.0 million, subject to customary post-closing purchase price adjustments. Results of discontinued operations were as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Sales $ 173.9 $ 206.2 $ 349.3 $ 399.4 Cost of sales 131.0 152.2 262.9 296.7 Other costs and expenses 48.5 49.9 97.5 97.4 Income (loss) from discontinued operations before income taxes (5.6) 4.1 (11.1) 5.3 Income tax expense (benefit) (1.4) 0.8 (2.7) 0.9 Income (loss) from discontinued operations, net of tax (4.2) 3.3 (8.4) 4.4 Impairment of discontinued operations 187.8 — 187.8 — Provision for income taxes (45.6) — (45.6) — Impairment of discontinued operations, net of tax 142.2 — 142.2 — Net income (loss) from discontinued operations $ (146.4) $ 3.3 $ (150.6) $ 4.4 The carrying amounts of major classes of assets and liabilities of discontinued operations were as follows (in millions): June 30, 2022 December 31, 2021 Cash $ 9.5 $ 6.9 Trade receivables 7.8 12.6 Inventories, net 141.5 134.1 Other current assets 9.4 9.6 Current assets held for sale $ 168.2 $ 163.2 Property and equipment, net $ 47.1 $ 47.7 Intangible assets, net 98.5 102.3 Operating lease assets 77.8 74.8 Other long-term assets 1.7 1.2 Valuation allowance on disposal group classified as discontinued operations $ (187.8) $ — Long-term assets held for sale $ 37.3 $ 226.0 Accounts payable $ 16.4 $ 21.5 Accrued expenses and other current liabilities 57.2 66.5 Current operating lease liabilities 20.7 19.8 Current liabilities held for sale $ 94.3 $ 107.8 Long-term operating lease liabilities $ 59.3 $ 57.2 Other long-term liabilities 8.9 8.9 Long-term liabilities held for sale $ 68.2 $ 66.1

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Total share-based compensation expenses were comprised as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Option awards $ 2.1 $ 2.3 $ 7.2 $ 5.3 Other share-based awards 10.3 11.5 15.8 18.1 Total share-based compensation before tax 12.4 13.8 23.0 23.4 Tax benefit 2.9 3.3 5.5 5.6 Total share-based compensation expense included in net income (loss) $ 9.5 $ 10.5 $ 17.5 $ 17.8 In addition to the above share-based compensation expenses, the Company 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	6 Months Ended
	Jun. 30, 2022
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 as of June 30, 2022 Maturity June 30, 2022 December 31, 2021 Revolving loan facility 2.79% June 2026 $ 242.0 $ — Term loan facility 2.31% June 2026 852.0 876.0 Incremental term loan 2.06% December 2022 500.0 500.0 Senior notes—fixed rate 4.23% July 2028 350.0 350.0 Finance lease obligations 5.18% Various through 2029 11.9 13.5 Notes payable and other 4.25% Various through 2030 67.1 68.3 Debt issuance costs (6.2) (7.1) Total debt, finance lease obligations, and notes payable $ 2,016.8 $ 1,800.7 Less: current maturities 553.3 553.3 Total long-term debt, finance lease obligations, and notes payable $ 1,463.5 $ 1,247.4 In December 2010, the Company entered an unsecured Master Note Purchase Agreement, which has been amended and supplemented, under which it has issued senior notes. In July 2018, the Company issued $350 million of unsecured senior notes due July 2028 which remain outstanding. The Company maintains an unsecured credit facility which consists of a term loan facility (the “Term Loan Facility”) and a revolving loan facility (the “Revolving Loan Facility”). In July 2018, the Company amended its unsecured credit facility to increase its Term Loan Facility to $1,180 million, of which $852 million was outstanding as of June 30, 2022. In June 2021, the Company further amended its unsecured credit facility to increase its Revolving Loan Facility to $1.0 billion and extend the maturity date to June 2026. Interest is charged at rates based on a LIBOR or “prime” base rate. On December 17, 2021, the Company amended the Term Loan Facility to provide an incremental 364-day term loan (the “Incremental Term Loan”) in the amount of $500.0 million. The incremental term loan, which was fully drawn on closing, is unsecured and matures on December 16, 2022. There are no required principal payments prior to the maturity date. In addition to the payment of the $500.0 million Incremental Term Loan, the Company is required to make principal payments under the Term Loan Facility totaling $45 million over the next 12 months. These payments are classified as current maturities in the consolidated balance sheets. The credit facility and the Master Note Purchase Agreement contain covenants that require the Company to maintain certain financial ratios, including minimum interest coverage and maximum leverage ratios. The agreements also require the Company to maintain an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not more than 3.50 to 1.00 on a rolling four quarter basis. The Company was in compliance with all such covenants as of June 30, 2022. 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 (loss) over the expected remaining terms of the related debt. As a component of the Boat Holdings merger agreement, the Company 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 $61.0 million was outstanding as of June 30, 2022. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets, net of accumulated amortization, as of June 30, 2022 and December 31, 2021 are as follows (in millions): June 30, 2022 December 31, 2021 Goodwill $ 385.5 $ 391.3 Other intangible assets, net 533.2 543.9 Total goodwill and other intangible assets, net $ 918.7 $ 935.2 The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2022 and 2021 are as follows (in millions): Off-Road On-Road Marine Total Goodwill 172.5 72.8 227.1 $ 472.4 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of December 31, 2021 $ 111.7 $ 52.5 $ 227.1 $ 391.3 Currency translation effect on foreign goodwill balances (0.5) (5.3) — (5.8) Goodwill 172.0 67.5 227.1 466.6 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of June 30, 2022 $ 111.2 $ 47.2 $ 227.1 $ 385.5 Off-Road On-Road Marine Total Goodwill 172.4 78.9 227.1 $ 478.4 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of December 31, 2020 $ 111.6 $ 58.6 $ 227.1 $ 397.3 Currency translation effect on foreign goodwill balances 0.2 (2.4) — (2.2) Goodwill 172.6 76.5 227.1 476.2 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of June 30, 2021 $ 111.8 $ 56.2 $ 227.1 $ 395.1 The accumulated goodwill impairment losses recorded relate to the Company’s $270.3 million goodwill impairment of its Aftermarket segment in 2020. As part of the Company’s segment reorganization in the second quarter of 2022, the Aftermarket segment was eliminated and historical goodwill impairments were allocated to existing segments on a relative fair value basis. The components of other intangible assets were as follows ($ in millions): Weighted-average useful life (years) June 30, 2022 December 31, 2021 Non-amortizable—indefinite lived: Brand/trade names $ 262.5 $ 263.5 Amortizable: Non-compete agreements 4 2.6 2.6 Dealer/customer related 19 344.3 349.7 Developed technology 7 0.7 2.9 Total amortizable 19 347.6 355.2 Less: Accumulated amortization (76.9) (74.8) Net amortized other intangible assets 270.7 280.4 Total other intangible assets, net $ 533.2 $ 543.9 Amortization expense for intangible assets was $4.8 million and $5.5 million for the three months ended June 30, 2022 and 2021, respectively, and $9.8 million and $11.4 million for the six months ended June 30, 2022 and 2021, respectively. Estimated amortization expense for the remainder of 2022 through 2027 is as follows: 2022 (remainder), $9.0 million; 2023, $17.7 million; 2024, $17.7 million; 2025, $17.7 million; 2026, $17.7 million; 2027, $17.7 million; and after 2027, $173.2 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 impairments of intangible assets.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity During the six months ended June 30, 2022, the Company paid $172.3 million to repurchase approximately 1.5 million shares of its common stock. As of June 30, 2022, the Board of Directors has authorized the Company to repurchase up to an additional $681.7 million of the Company’s common 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. The Company paid a regular cash dividend of $0.64 per share on June 15, 2022 to holders of record at the close of business on June 1, 2022. Cash dividends declared and paid per common share for the three and six months ended June 30, 2022 and 2021, were as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Cash dividends declared and paid per common share $ 0.64 $ 0.63 $ 1.28 $ 1.26 Net income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted income 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Weighted average number of common shares outstanding 59.5 61.0 59.7 61.3 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 59.9 61.3 60.1 61.6 Dilutive effect of restricted stock units 0.3 0.7 0.4 0.7 Dilutive effect of stock option awards 0.3 0.8 0.4 0.8 Common and potential common shares outstanding—diluted 60.5 62.8 60.9 63.1 During the three and six months ended June 30, 2022, 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 were 1.6 million, compared to 0.6 million and 0.8 million for the same periods in 2021, respectively. Accumulated other comprehensive loss Changes in the accumulated other comprehensive loss balance were as follows (in millions): Foreign Currency Translation Cash Flow Retirement Plan and Other Activity Accumulated Other Balance as of December 31, 2021 $ (69.5) $ (4.4) $ (3.5) $ (77.4) Reclassification to the statement of income — — 0.2 0.2 Change in fair value (30.9) 14.4 — (16.5) Balance as of June 30, 2022 $ (100.4) $ 10.0 $ (3.3) $ (93.7) The table below provides 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 six months ended June 30, 2022 and 2021 (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 June 30, Six months ended June 30, 2022 2021 2022 2021 Foreign currency contracts Other (income) expense, net $ 0.4 $ (0.5) $ 1.3 $ (1.2) Foreign currency contracts Cost of sales 1.4 0.2 1.7 0.8 Interest rate contracts Interest expense (1.1) (2.1) (3.0) (4.1) Retirement plan activity Operating expenses (0.1) (0.1) (0.2) (0.2) Total $ 0.6 $ (2.5) $ (0.2) $ (4.7) The net amount of the existing gains or losses as of June 30, 2022 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 11 for further information regarding derivative activities.

Financial Services Arrangements

Financial Services Arrangements	6 Months Ended
	Jun. 30, 2022
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Financial Services Arrangements	Financial Services Arrangements Polaris Acceptance, a joint venture between the Company 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 the Company’s United States sales of snowmobiles, off- road vehicles (“ORV”), motorcycles, and related PG&A, whereby the Company receives payment within a few days of shipment of the product. The Company’s subsidiary has a 50 percent equity interest in Polaris Acceptance. Polaris Acceptance sells a portion 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. The Company’s allocable share of the income of Polaris Acceptance has been included as a component of income from financial services in the consolidated statements of income (loss). The partnership agreement is effective through February 2027. The Company’s total investment in Polaris Acceptance of $37.1 million as of June 30, 2022 is accounted for under the equity method and is recorded in investment in finance affiliate in the consolidated balance sheets. As of June 30, 2022, the outstanding amount of net receivables financed for dealers under this arrangement was $601.8 million, which included $478.3 million in the Polaris Acceptance portfolio and $123.5 million of receivables within the Securitization Facility (“Securitized Receivables”). The Company 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 2022, the potential 15 percent aggregate repurchase obligation is approximately $69.2 million. A subsidiary of Huntington Bancshares Incorporated (“Huntington”) finances a portion of the Company’s United States sales of boats whereby the Company receives payment within a few days of shipment of the product. The Company has agreed to repurchase products repossessed by Huntington up to a maximum of 100 percent of the aggregate outstanding Huntington receivables balance. As of June 30, 2022, the potential aggregate repurchase obligation was approximately $140.6 million. The Company has other financing arrangements related to its foreign subsidiaries in which it has agreed to repurchase repossessed products. For calendar year 2022, the potential aggregate repurchase obligations are approximately $21.8 million. The Company’s financial exposure under these repurchase agreements is limited to the difference between the amounts unpaid by the dealer or distributor 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 these agreements during the periods presented. The Company has agreements with third-party financing companies to provide financing options to end consumers of the Company’s products. The Company has no material contingent liabilities for residual value or credit collection risk under these agreements. The Company’s income generated from these agreements has been included as a component of income from financial services in the consolidated statements of income (loss).

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product liability. The Company is subject to product liability claims in the normal course of business. In 2012, the Company began purchasing excess insurance coverage for product liability claims. The Company 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. As of June 30, 2022, the Company had an accrual of $101.6 million for the probable payment of pending claims related to product liability litigation associated with the Company’s 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 June 30, 2022, the Company is party to putative class actions pending against the Company in the United States which are described in more detail in Item 1 – Legal Proceedings. 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

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2022
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. The Company does not use any financial contracts for trading purposes. As of June 30, 2022 and December 31, 2021, the Company had the following open foreign currency contracts (in millions): June 30, 2022 December 31, 2021 Foreign Currency Notional Amounts Net Unrealized Notional Amounts Net Unrealized Australian Dollar $ 14.1 $ 0.6 $ 20.3 $ 0.4 Canadian Dollar 158.6 2.5 121.1 0.6 Mexican Peso 84.7 5.1 87.9 1.1 Total $ 257.4 $ 8.2 $ 229.3 $ 2.1 These contracts, with maturities through December 2023, met the criteria for cash flow hedges, and are recorded in other current assets or other current liabilities in 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. As of June 30, 2022 and December 31, 2021, the Company had the following open interest rate swap contracts (in millions): June 30, 2022 December 31, 2021 Effective Date Termination Date Notional Amounts Net Unrealized Notional Amounts Net Unrealized September 30, 2019 September 30, 2023 150.0 0.3 150.0 (5.8) March 3, 2020 February 28, 2023 400.0 5.1 400.0 (2.0) Total $ 550.0 $ 5.4 $ 550.0 $ (7.8) 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 in 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 June 30, 2022 and December 31, 2021 (in millions): Carrying Values of Derivative Instruments as of June 30, 2022 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 8.2 $ — $ 8.2 Interest rate contracts 5.4 — 5.4 Total derivatives designated as hedging instruments $ 13.6 $ — $ 13.6 Carrying Values of Derivative Instruments as of December 31, 2021 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 2.4 $ (0.3) $ 2.1 Interest rate contracts — (7.8) (7.8) Total derivatives designated as hedging instruments $ 2.4 $ (8.1) $ (5.7) Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses in the 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 portion of derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss for the three and six months ended June 30, 2022 were $6.1 million and $14.4 million, respectively, compared to $1.8 million and $3.2 million for the same periods in 2021, respectively. See Note 8 for information about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income (loss) for derivative instruments designated as hedging instruments. The ineffective portion of foreign currency contracts was not material for the three and six month period ended June 30, 2022.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Reporting On January 1, 2022, the Company began management of its portfolio of businesses under a new basis, which was intended to create a simplified reporting structure to provide better focus and allow for resources to be best leveraged for future growth and profitability improvement. As a result, the Company eliminated its Global Adjacent Markets reporting segment. On June 30, 2022, the Company again began management of its portfolio of businesses under a new basis as a result of the planned divestiture of TAP. As such, the Aftermarket segment was eliminated and the results of the Company’s remaining aftermarket businesses historically included within the Aftermarket segment were reclassified to the Off-Road and On-Road segments. The comparative 2021 segment results were reclassified for comparability. The Company’s reportable segments are based on the Company’s method of internal reporting and are comprised of various product offerings that serve multiple end markets. 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 three operating segments: 1) Off-Road, 2) On-Road, and 3) Marine which are all reportable segments. The Corporate amounts include revenues and costs of businesses that were divested in 2021, as well as costs that are not allocated to segments, including certain unallocated manufacturing costs. Businesses that are presented as discontinued operations are excluded from the table below. Segment sales and gross profit data are summarized as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Sales Off-Road $ 1,490.4 $ 1,397.5 $ 2,832.5 $ 2,699.3 On-Road 299.4 298.3 527.3 540.6 Marine 273.0 197.6 484.5 396.3 Corporate — 17.7 — 32.7 Total sales $ 2,062.8 $ 1,911.1 $ 3,844.3 $ 3,668.9 Gross profit Off-Road $ 354.2 $ 382.2 $ 612.9 $ 727.1 On-Road 53.4 55.3 94.6 90.5 Marine 66.6 47.4 113.1 93.8 Corporate 0.2 12.5 6.7 17.8 Total gross profit $ 474.4 $ 497.4 $ 827.3 $ 929.2

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021 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. Reclassifications of certain prior year segment results and account balances 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 12. On July 1, 2022, the Company completed the sale of its Transamerican Auto Parts (“TAP”) business. The operating results of the TAP business are reported in Income (loss) from discontinued operations, net of tax, in the Consolidated statements of income (loss) for all periods presented. In addition, the related assets and liabilities are reported as assets and liabilities held for sale in the consolidated balance sheets. All amounts and disclosures included in the Notes to consolidated financial statements reflect only the Company's continuing operations unless otherwise noted. See further information in Note 4.
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. Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of June 30, 2022 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 45.4 $ 45.4 $ — $ — Foreign exchange contracts, net 8.2 — 8.2 — Interest rate contracts, net 5.4 — 5.4 — Total assets at fair value $ 59.0 $ 45.4 $ 13.6 $ — Non-qualified deferred compensation liabilities $ (45.4) $ (45.4) $ — $ — Total liabilities at fair value $ (45.4) $ (45.4) $ — $ — Fair Value Measurements as of December 31, 2021 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 52.4 $ 52.4 $ — $ — Foreign exchange contracts, net 2.1 — 2.1 — Total assets at fair value $ 54.5 $ 52.4 $ 2.1 $ — Non-qualified deferred compensation liabilities $ (52.4) $ (52.4) $ — $ — Interest rate contracts, net (7.8) — (7.8) — Total liabilities at fair value $ (60.2) $ (52.4) $ (7.8) $ — 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. As of June 30, 2022 and December 31, 2021, the fair value of the Company’s long-term debt, finance lease obligations and notes payable was approximately $2,047.4 million and $1,870.0 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 $2,016.8 million and $1,800.7 million as of June 30, 2022 and December 31, 2021, respectively.
Property and equipment	Property and equipment. Depreciation expense was $52.3 million and $45.6 million for the three months ended June 30, 2022 and 2021, respectively, and $103.9 million and $92.4 million for the six months ended June 30, 2022 and 2021, respectively. Substantially all of the Company’s property and equipment is located in North America.
Product warranties	Product warranties.
New Accounting Pronouncements	New accounting pronouncements. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope in January 2021, which adds implementation guidance to clarify which optional expedients in Topic 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. The adoption of the ASUs did not 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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 45.4 $ 45.4 $ — $ — Foreign exchange contracts, net 8.2 — 8.2 — Interest rate contracts, net 5.4 — 5.4 — Total assets at fair value $ 59.0 $ 45.4 $ 13.6 $ — Non-qualified deferred compensation liabilities $ (45.4) $ (45.4) $ — $ — Total liabilities at fair value $ (45.4) $ (45.4) $ — $ — Fair Value Measurements as of December 31, 2021 Asset (Liability) Total Level 1 Level 2 Level 3 Non-qualified deferred compensation assets $ 52.4 $ 52.4 $ — $ — Foreign exchange contracts, net 2.1 — 2.1 — Total assets at fair value $ 54.5 $ 52.4 $ 2.1 $ — Non-qualified deferred compensation liabilities $ (52.4) $ (52.4) $ — $ — Interest rate contracts, net (7.8) — (7.8) — Total liabilities at fair value $ (60.2) $ (52.4) $ (7.8) $ —
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ 126.1 $ 137.7 $ 132.9 $ 138.6 Additions charged to expense 33.6 35.8 60.7 70.4 Warranty claims paid, net (31.0) (33.5) (64.9) (69.0) Balance at end of period $ 128.7 $ 140.0 $ 128.7 $ 140.0

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Amounts Recognized in Balance Sheet	In millions June 30, 2022 December 31, 2021 Inventories Raw materials and purchased components $ 937.1 $ 720.2 Service parts, garments and accessories 366.9 276.4 Finished goods 682.8 588.2 Less: reserves (78.8) (74.1) Inventories, net $ 1,908.0 $ 1,510.7 Property and equipment Land, buildings and improvements $ 512.4 $ 501.1 Equipment and tooling 1,688.4 1,598.3 2,200.8 2,099.4 Less: accumulated depreciation (1,261.2) (1,171.7) Property and equipment, net $ 939.6 $ 927.7 Accrued expenses Compensation $ 146.8 $ 205.9 Warranties 128.7 132.9 Sales promotions and incentives 84.6 96.9 Dealer holdback 102.7 98.9 Other accrued expenses 215.6 221.9 Accrued expenses $ 678.4 $ 756.5

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 Off-Road On-Road Marine Corporate Total Revenue by product type Wholegoods $ 1,181.4 $ 230.4 $ 273.0 $ — $ 1,684.8 PG&A 309.0 69.0 — — 378.0 Total revenue $ 1,490.4 $ 299.4 $ 273.0 $ — $ 2,062.8 Revenue by geography United States $ 1,183.4 $ 153.3 $ 264.8 $ — $ 1,601.5 Canada 125.3 13.3 8.1 — 146.7 EMEA 108.1 112.3 0.1 — 220.5 APLA 73.6 20.5 — — 94.1 Total revenue $ 1,490.4 $ 299.4 $ 273.0 $ — $ 2,062.8 Three months ended June 30, 2021 Off-Road On-Road Marine Corporate Total Revenue by product type Wholegoods $ 1,078.8 $ 242.7 $ 197.6 $ 14.7 $ 1,533.8 PG&A 318.7 55.6 — 3.0 377.3 Total revenue $ 1,397.5 $ 298.3 $ 197.6 $ 17.7 $ 1,911.1 Revenue by geography United States $ 1,104.9 $ 145.7 $ 191.2 $ 16.6 $ 1,458.4 Canada 124.2 11.1 6.2 0.2 141.7 EMEA 97.2 114.2 0.2 0.2 211.8 APLA 71.2 27.3 — 0.7 99.2 Total revenue $ 1,397.5 $ 298.3 $ 197.6 $ 17.7 $ 1,911.1
Deferred Revenue, by Arrangement, Disclosure	The activity in the deferred revenue reserve during the periods presented was as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ 114.9 $ 98.6 $ 108.3 $ 89.1 New contracts sold 12.3 14.9 27.8 32.6 Less: reductions for revenue recognized (13.6) (8.0) (22.5) (16.2) Balance at end of period (1) $ 113.6 $ 105.5 $ 113.6 $ 105.5

Divestitures and Discontinued_2

Divestitures and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Group Activity	Results of discontinued operations were as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Sales $ 173.9 $ 206.2 $ 349.3 $ 399.4 Cost of sales 131.0 152.2 262.9 296.7 Other costs and expenses 48.5 49.9 97.5 97.4 Income (loss) from discontinued operations before income taxes (5.6) 4.1 (11.1) 5.3 Income tax expense (benefit) (1.4) 0.8 (2.7) 0.9 Income (loss) from discontinued operations, net of tax (4.2) 3.3 (8.4) 4.4 Impairment of discontinued operations 187.8 — 187.8 — Provision for income taxes (45.6) — (45.6) — Impairment of discontinued operations, net of tax 142.2 — 142.2 — Net income (loss) from discontinued operations $ (146.4) $ 3.3 $ (150.6) $ 4.4 The carrying amounts of major classes of assets and liabilities of discontinued operations were as follows (in millions): June 30, 2022 December 31, 2021 Cash $ 9.5 $ 6.9 Trade receivables 7.8 12.6 Inventories, net 141.5 134.1 Other current assets 9.4 9.6 Current assets held for sale $ 168.2 $ 163.2 Property and equipment, net $ 47.1 $ 47.7 Intangible assets, net 98.5 102.3 Operating lease assets 77.8 74.8 Other long-term assets 1.7 1.2 Valuation allowance on disposal group classified as discontinued operations $ (187.8) $ — Long-term assets held for sale $ 37.3 $ 226.0 Accounts payable $ 16.4 $ 21.5 Accrued expenses and other current liabilities 57.2 66.5 Current operating lease liabilities 20.7 19.8 Current liabilities held for sale $ 94.3 $ 107.8 Long-term operating lease liabilities $ 59.3 $ 57.2 Other long-term liabilities 8.9 8.9 Long-term liabilities held for sale $ 68.2 $ 66.1

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Option awards $ 2.1 $ 2.3 $ 7.2 $ 5.3 Other share-based awards 10.3 11.5 15.8 18.1 Total share-based compensation before tax 12.4 13.8 23.0 23.4 Tax benefit 2.9 3.3 5.5 5.6 Total share-based compensation expense included in net income (loss) $ 9.5 $ 10.5 $ 17.5 $ 17.8

Financing Agreement (Tables)

Financing Agreement (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt and Finance 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 as of June 30, 2022 Maturity June 30, 2022 December 31, 2021 Revolving loan facility 2.79% June 2026 $ 242.0 $ — Term loan facility 2.31% June 2026 852.0 876.0 Incremental term loan 2.06% December 2022 500.0 500.0 Senior notes—fixed rate 4.23% July 2028 350.0 350.0 Finance lease obligations 5.18% Various through 2029 11.9 13.5 Notes payable and other 4.25% Various through 2030 67.1 68.3 Debt issuance costs (6.2) (7.1) Total debt, finance lease obligations, and notes payable $ 2,016.8 $ 1,800.7 Less: current maturities 553.3 553.3 Total long-term debt, finance lease obligations, and notes payable $ 1,463.5 $ 1,247.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	Goodwill and other intangible assets, net of accumulated amortization, as of June 30, 2022 and December 31, 2021 are as follows (in millions): June 30, 2022 December 31, 2021 Goodwill $ 385.5 $ 391.3 Other intangible assets, net 533.2 543.9 Total goodwill and other intangible assets, net $ 918.7 $ 935.2
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2022 and 2021 are as follows (in millions): Off-Road On-Road Marine Total Goodwill 172.5 72.8 227.1 $ 472.4 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of December 31, 2021 $ 111.7 $ 52.5 $ 227.1 $ 391.3 Currency translation effect on foreign goodwill balances (0.5) (5.3) — (5.8) Goodwill 172.0 67.5 227.1 466.6 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of June 30, 2022 $ 111.2 $ 47.2 $ 227.1 $ 385.5 Off-Road On-Road Marine Total Goodwill 172.4 78.9 227.1 $ 478.4 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of December 31, 2020 $ 111.6 $ 58.6 $ 227.1 $ 397.3 Currency translation effect on foreign goodwill balances 0.2 (2.4) — (2.2) Goodwill 172.6 76.5 227.1 476.2 Accumulated goodwill impairment losses (60.8) (20.3) — (81.1) Balance as of June 30, 2021 $ 111.8 $ 56.2 $ 227.1 $ 395.1
Schedule of components of other intangible assets	The components of other intangible assets were as follows ($ in millions): Weighted-average useful life (years) June 30, 2022 December 31, 2021 Non-amortizable—indefinite lived: Brand/trade names $ 262.5 $ 263.5 Amortizable: Non-compete agreements 4 2.6 2.6 Dealer/customer related 19 344.3 349.7 Developed technology 7 0.7 2.9 Total amortizable 19 347.6 355.2 Less: Accumulated amortization (76.9) (74.8) Net amortized other intangible assets 270.7 280.4 Total other intangible assets, net $ 533.2 $ 543.9

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of cash dividends declared per common share	Cash dividends declared and paid per common share for the three and six months ended June 30, 2022 and 2021, were as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Cash dividends declared and paid per common share $ 0.64 $ 0.63 $ 1.28 $ 1.26
Schedule of reconciliation of weighted average number of shares	A reconciliation of these amounts is as follows (in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Weighted average number of common shares outstanding 59.5 61.0 59.7 61.3 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 59.9 61.3 60.1 61.6 Dilutive effect of restricted stock units 0.3 0.7 0.4 0.7 Dilutive effect of stock option awards 0.3 0.8 0.4 0.8 Common and potential common shares outstanding—diluted 60.5 62.8 60.9 63.1
Schedule of changes in accumulated other comprehensive income (loss) balances	Changes in the accumulated other comprehensive loss balance were as follows (in millions): Foreign Currency Translation Cash Flow Retirement Plan and Other Activity Accumulated Other Balance as of December 31, 2021 $ (69.5) $ (4.4) $ (3.5) $ (77.4) Reclassification to the statement of income — — 0.2 0.2 Change in fair value (30.9) 14.4 — (16.5) Balance as of June 30, 2022 $ (100.4) $ 10.0 $ (3.3) $ (93.7)
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 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 six months ended June 30, 2022 and 2021 (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 June 30, Six months ended June 30, 2022 2021 2022 2021 Foreign currency contracts Other (income) expense, net $ 0.4 $ (0.5) $ 1.3 $ (1.2) Foreign currency contracts Cost of sales 1.4 0.2 1.7 0.8 Interest rate contracts Interest expense (1.1) (2.1) (3.0) (4.1) Retirement plan activity Operating expenses (0.1) (0.1) (0.2) (0.2) Total $ 0.6 $ (2.5) $ (0.2) $ (4.7)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of open foreign currency contracts	As of June 30, 2022 and December 31, 2021, the Company had the following open foreign currency contracts (in millions): June 30, 2022 December 31, 2021 Foreign Currency Notional Amounts Net Unrealized Notional Amounts Net Unrealized Australian Dollar $ 14.1 $ 0.6 $ 20.3 $ 0.4 Canadian Dollar 158.6 2.5 121.1 0.6 Mexican Peso 84.7 5.1 87.9 1.1 Total $ 257.4 $ 8.2 $ 229.3 $ 2.1
Schedule of open interest rate swap contracts	As of June 30, 2022 and December 31, 2021, the Company had the following open interest rate swap contracts (in millions): June 30, 2022 December 31, 2021 Effective Date Termination Date Notional Amounts Net Unrealized Notional Amounts Net Unrealized September 30, 2019 September 30, 2023 150.0 0.3 150.0 (5.8) March 3, 2020 February 28, 2023 400.0 5.1 400.0 (2.0) Total $ 550.0 $ 5.4 $ 550.0 $ (7.8)
Schedule of carrying values of derivative instruments	The table below summarizes the carrying values of derivative instruments as of June 30, 2022 and December 31, 2021 (in millions): Carrying Values of Derivative Instruments as of June 30, 2022 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 8.2 $ — $ 8.2 Interest rate contracts 5.4 — 5.4 Total derivatives designated as hedging instruments $ 13.6 $ — $ 13.6 Carrying Values of Derivative Instruments as of December 31, 2021 Fair Value— Fair Value— Derivative Net Derivatives designated as hedging instruments Foreign exchange contracts $ 2.4 $ (0.3) $ 2.1 Interest rate contracts — (7.8) (7.8) Total derivatives designated as hedging instruments $ 2.4 $ (8.1) $ (5.7)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Sales Off-Road $ 1,490.4 $ 1,397.5 $ 2,832.5 $ 2,699.3 On-Road 299.4 298.3 527.3 540.6 Marine 273.0 197.6 484.5 396.3 Corporate — 17.7 — 32.7 Total sales $ 2,062.8 $ 1,911.1 $ 3,844.3 $ 3,668.9 Gross profit Off-Road $ 354.2 $ 382.2 $ 612.9 $ 727.1 On-Road 53.4 55.3 94.6 90.5 Marine 66.6 47.4 113.1 93.8 Corporate 0.2 12.5 6.7 17.8 Total gross profit $ 474.4 $ 497.4 $ 827.3 $ 929.2

Significant Accounting Polici_4

Significant Accounting Policies Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and capital lease obligations	$ 2,016.8	$ 1,800.7
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	2,047.4	1,870
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and capital lease obligations	2,016.8	1,800.7
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	59	54.5
Total liabilities at fair value	(45.4)	(60.2)
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	45.4	52.4
Non-qualified deferred compensation liabilities	(45.4)	(52.4)
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	45.4	52.4
Total liabilities at fair value	(45.4)	(52.4)
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	45.4	52.4
Non-qualified deferred compensation liabilities	(45.4)	(52.4)
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	13.6	2.1
Total liabilities at fair value		(7.8)
Foreign currency contracts | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contracts, net	8.2	2.1
Foreign currency contracts | Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	8.2	2.1
Interest rate swap | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	5.4
Derivative liabilities		(7.8)
Interest rate swap | Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	5.4
Derivative liabilities	$ 0	$ (7.8)

Significant Accounting Polici_5

Significant Accounting Policies - Property and equipment narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 52.3	$ 45.6	$ 103.9	$ 92.4

Significant Accounting Polici_6

Significant Accounting Policies Activity in Polaris Accrued Warranty Reserve (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Activity in Product Warranty Reserve [Roll Forward]
Balance at beginning of period	$ 126.1	$ 137.7	$ 132.9	$ 138.6
Additions charged to expense	33.6	35.8	60.7	70.4
Warranty claims paid, net	(31)	(33.5)	(64.9)	(69)
Balance at end of period	$ 128.7	$ 140	$ 128.7	$ 140

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and purchased components	$ 937.1	$ 720.2
Service parts, garments and accessories	366.9	276.4
Finished goods	682.8	588.2
Less: reserves	(78.8)	(74.1)
Inventories, net	1,908	1,510.7
Land, buildings and improvements	512.4	501.1
Equipment and tooling	1,688.4	1,598.3
Property, Plant and Equipment, Gross	2,200.8	2,099.4
Less: accumulated depreciation	(1,261.2)	(1,171.7)
Property and equipment, net	939.6	927.7
Compensation	146.8	205.9
Warranties	128.7	132.9
Sales promotions and incentives	84.6	96.9
Dealer holdback	102.7	98.9
Other accrued expenses	215.6	221.9
Accrued expenses	$ 678.4	$ 756.5

Revenue Recognition - Contract

Revenue Recognition - Contract Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,062.8	$ 1,911.1	$ 3,844.3	$ 3,668.9
Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	1,490.4	1,397.5	2,832.5	2,699.3
On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	299.4	298.3	527.3	540.6
Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	273	197.6	484.5	396.3
Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	0	17.7	0	32.7
Wholegoods
Disaggregation of Revenue [Line Items]
Revenue	1,684.8	1,533.8	3,077.3	2,933
Wholegoods | Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	1,181.4	1,078.8	2,181.9	2,070.9
Wholegoods | On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	230.4	242.7	410.9	439.6
Wholegoods | Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	273	197.6	484.5	396.3
Wholegoods | Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	0	14.7	0	26.2
PG&A
Disaggregation of Revenue [Line Items]
Revenue	378	377.3	767	735.9
PG&A | Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	309	318.7	650.6	628.4
PG&A | On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	69	55.6	116.4	101
PG&A | Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
PG&A | Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	0	3	0	6.5
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	1,601.5	1,458.4	2,946.2	2,801.3
UNITED STATES | Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	1,183.4	1,104.9	2,216.8	2,129.3
UNITED STATES | On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	153.3	145.7	257.5	256.5
UNITED STATES | Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	264.8	191.2	471.9	384.6
UNITED STATES | Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	0	16.6	0	30.9
CANADA
Disaggregation of Revenue [Line Items]
Revenue	146.7	141.7	293.3	268.5
CANADA | Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	125.3	124.2	261.6	238.5
CANADA | On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	13.3	11.1	19.2	18.3
CANADA | Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	8.1	6.2	12.5	11.5
CANADA | Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	0	0.2	0	0.2
EMEA
Disaggregation of Revenue [Line Items]
Revenue	220.5	211.8	442.8	430.4
EMEA | Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	108.1	97.2	230.8	209.7
EMEA | On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	112.3	114.2	211.9	220.1
EMEA | Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	0.1	0.2	0.1	0.2
EMEA | Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	0	0.2	0	0.4
APLA
Disaggregation of Revenue [Line Items]
Revenue	94.1	99.2	162	168.7
APLA | Off-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	73.6	71.2	123.3	121.8
APLA | On-Road Segment
Disaggregation of Revenue [Line Items]
Revenue	20.5	27.3	38.7	45.7
APLA | Marine Segment
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
APLA | Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0.7	$ 0	$ 1.2

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 36.4	$ 33.8
Deferred revenue, noncurrent	$ 77.2	$ 71.7
Minimum
Disaggregation of Revenue [Line Items]
Extended service warranty period	12 months
Maximum
Disaggregation of Revenue [Line Items]
Extended service warranty period	84 months

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue Recognition [Abstract]
Balance at beginning of period	$ 114.9	$ 98.6	$ 108.3	$ 89.1
New contracts sold	12.3	14.9	27.8	32.6
Less: reductions for revenue recognized	(13.6)	(8)	(22.5)	(16.2)
Balance at end of period	$ 113.6	$ 105.5	$ 113.6	$ 105.5

Divestitures and Discontinued_3

Divestitures and Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Gain (Loss) on Disposition of Business					$ 36.8
Impairment of discontinued operations	$ 187.8	$ 0	$ 187.8	$ 0
Income tax benefit	45.6	$ 0	$ 45.6	$ 0
Proceeds from Divestiture of Businesses	$ 50

Divestitures and Discontinued_4

Divestitures and Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Sales	$ 173.9	$ 206.2	$ 349.3	$ 399.4
Cost of sales	131	152.2	262.9	296.7
Expenses	48.5	49.9	97.5	97.4
Income (loss) from discontinued operations before income taxes	(5.6)	4.1	(11.1)	5.3
Income tax expense (benefit)	(1.4)	0.8	(2.7)	0.9
Income (loss) from discontinued operations, net of tax	(4.2)	3.3	(8.4)	4.4
Impairment of discontinued operations	187.8	0	187.8	0
Provision for income taxes	(45.6)	0	(45.6)	0
Impairment of discontinued operations, net of tax	142.2	0	142.2	0
Net income (loss) from discontinued operations	$ (146.4)	$ 3.3	$ (150.6)	$ 4.4

Divestitures and Discontinued_5

Divestitures and Discontinued Operations - Summary of Carrying Values (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Cash	$ 9.5	$ 6.9	$ 10.8
Trade receivables	7.8	12.6
Inventories, net	141.5	134.1
Other current assets	9.4	9.6
Current assets held for sale	168.2	163.2
Property and equipment, net	47.1	47.7
Intangible assets, net	98.5	102.3
Operating lease assets	77.8	74.8
Other long-term assets	1.7	1.2
Valuation allowance on disposal group classified as discontinued operations	(187.8)	0
Long-term assets held for sale	37.3	226
Accounts payable	16.4	21.5
Accrued expenses and other current liabilities	57.2	66.5
Current operating lease liabilities	20.7	19.8
Current liabilities held for sale	94.3	107.8
Long-term operating lease liabilities	59.3	57.2
Other long-term liabilities	8.9	8.9
Long-term liabilities held for sale	$ 68.2	$ 66.1

Share-Based Compensation Expens

Share-Based Compensation Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Option awards	$ 2.1	$ 2.3	$ 7.2	$ 5.3
Other share-based awards	10.3	11.5	15.8	18.1
Total share-based compensation before tax	12.4	13.8	23	23.4
Tax benefit	2.9	3.3	5.5	5.6
Total share-based compensation expense included in net income (loss)	$ 9.5	$ 10.5	$ 17.5	$ 17.8

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Share-based Payment Arrangement [Abstract]
Unrecognized compensation cost related to unvested share-based equity awards	$ 72.9
Weighted average period of recognition of unvested share-based equity awards	1 year 7 months 6 days
Unrecognized compensation cost related to unvested share-based equity awards, stock options	$ 8.9
Unrecognized compensation cost related to unvested share-based equity awards, restricted stock	$ 64

Financing Arrangements, Interes

Financing Arrangements, Interest Rates and Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jul. 31, 2018
Debt Instrument [Line Items]
Effective interest rate	5.18%
Finance lease obligations	$ 11.9	$ 13.5
Debt issuance costs	(6.2)	(7.1)
Total debt, finance lease obligations, and notes payable	2,016.8	1,800.7
Less: current maturities	553.3	553.3
Total long-term debt, finance lease obligations, and notes payable	$ 1,463.5	1,247.4
Term Loan, 364 Day
Debt Instrument [Line Items]
Average interest rate as of June 30, 2022	2.06%
Line of Credit, Current	$ 500	500
Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2022	2.79%
Senior Notes | Senior Unsecured Notes 4.23% Due July 2028
Debt Instrument [Line Items]
Stated interest rate	4.23%
Long-term debt		350	$ 350
Notes payable and other
Debt Instrument [Line Items]
Stated interest rate	4.25%
Long-term debt	$ 67.1	68.3
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving loan facility	$ 242	0
Term loan
Debt Instrument [Line Items]
Average interest rate as of June 30, 2022	2.31%
Revolving loan facility	$ 852	$ 876

Financing Agreement - Additiona

Financing Agreement - Additional Information (Detail) $ in Millions	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 17, 2021 USD ($)	Jul. 31, 2018 USD ($)	Jul. 02, 2018 USD ($)
Term Loan, 364 Day
Debt Instrument [Line Items]
Debt face amount				$ 500
Term loan
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,180
Revolving loan facility		$ 852	$ 876
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000
Revolving loan facility		242	0
Repayments of principal in next twelve months		45
Minimum interest coverage ratio	3
Maximum leverage ratio	3.50
Notes payable, other | Boat Holdings, LLC
Debt Instrument [Line Items]
Long-term debt		61				$ 76.7
Notes payable to banks
Debt Instrument [Line Items]
Long-term debt		$ 67.1	$ 68.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 385.5	$ 391.3	$ 395.1	$ 397.3
Total other intangible assets, net	533.2	543.9
Total goodwill and other intangible assets, net	$ 918.7	$ 935.2

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, Gross	$ 466.6	$ 476.2	$ 472.4	$ 478.4
Accumulated goodwill impairment losses	(81.1)	(81.1)	(81.1)	(81.1)
Currency translation effect on foreign goodwill balances	(5.8)	(2.2)
Goodwill	385.5	395.1	391.3	397.3
Off-Road Segment
Goodwill [Roll Forward]
Goodwill, Gross	172	172.6	172.5	172.4
Accumulated goodwill impairment losses	(60.8)	(60.8)	(60.8)	(60.8)
Currency translation effect on foreign goodwill balances	(0.5)	0.2
Goodwill	111.2	111.8	111.7	111.6
On-Road Segment
Goodwill [Roll Forward]
Goodwill, Gross	67.5	76.5	72.8	78.9
Accumulated goodwill impairment losses	(20.3)	(20.3)	(20.3)	(20.3)
Currency translation effect on foreign goodwill balances	(5.3)	(2.4)
Goodwill	47.2	56.2	52.5	58.6
Marine Segment
Goodwill [Roll Forward]
Goodwill, Gross	227.1	227.1	227.1	227.1
Goodwill	$ 227.1	$ 227.1	$ 227.1	$ 227.1

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	19 years
Total amortizable	$ 347.6	$ 355.2
Less: Accumulated amortization	(76.9)	(74.8)
Net amortized other intangible assets	270.7	280.4
Total other intangible assets, net	$ 533.2	543.9
Non-compete agreements
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	4 years
Total amortizable	$ 2.6	2.6
Dealer/customer related
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	19 years
Total amortizable	$ 344.3	349.7
Developed technology
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	7 years
Total amortizable	$ 0.7	2.9
Brand/trade names
Intangible Assets by Major Class [Line Items]
Non-amortizable—brand/trade names	$ 262.5	$ 263.5

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss					$ 270.3
Amortization of intangible assets	$ 4.8	$ 5.5	$ 9.8	$ 11.4
Estimated Future Amortization Expense by Fiscal Year [Abstract]
2022	9		9
2023	17.7		17.7
2024	17.7		17.7
2025	17.7		17.7
2026	17.7		17.7
2027	17.7		17.7
After 2027	$ 173.2		$ 173.2

Shareholders' Equity Additional

Shareholders' Equity Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Repurchase and retirement of common stock		$ 111.4	$ 172.3	$ 410.5
Number of shares authorized to be repurchased (in shares)	681.7		681.7
Cash dividend paid during period, per share (in dollars per share)	$ 0.64	$ 0.63	$ 1.28	$ 1.26
Common stock excluded from calculation of diluted earnings per share (shares)		0.6	1.6	0.8
Common Stock
Class of Stock [Line Items]
Repurchase and retirement of common stock (shares)		0.8	1.5	3.3

Shareholders' Equity Cash Divid

Shareholders' Equity Cash Dividends Declared Per Common Share (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Cash dividends declared and paid per common share (in dollars per share)	$ 0.64	$ 0.63	$ 1.28	$ 1.26

Shareholders' Equity Reconcilia

Shareholders' Equity Reconciliation of Weighted Average Number of Shares (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average number of common shares outstanding (in shares)	59.5	61	59.7	61.3
Director Plan and deferred stock units (in shares)	0.2	0.2	0.2	0.2
ESOP (in shares)	0.2	0.1	0.2	0.1
Common shares outstanding - basic (in shares)	59.9	61.3	60.1	61.6
Common and potential common shares outstanding - diluted (in shares)	60.5	62.8	60.9	63.1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of stock (in shares)	0.3	0.7	0.4	0.7
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of stock (in shares)	0.3	0.8	0.4	0.8

Shareholders' Equity Changes in

Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2021	$ (69.8)	$ (72.5)	$ (77.4)	$ (58.4)
Reclassification to the statement of income			0.2
Change in fair value	(30.1)	7.1	(30.9)	(8.5)
Change in fair value			(16.5)
Balance as of June 30, 2022	(93.7)	$ (63.5)	(93.7)	$ (63.5)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2021			(69.5)
Balance as of June 30, 2022	(100.4)		(100.4)
Cash Flow Hedging | Foreign currency contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2021			(4.4)
Reclassification to the statement of income			0
Change in fair value			14.4
Balance as of June 30, 2022	10		10
Retirement Plan and Other Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2021			(3.5)
Reclassification to the statement of income			0.2
Balance as of June 30, 2022	$ (3.3)		$ (3.3)

Shareholders' Equity Gains and

Shareholders' Equity Gains and Losses, Net of Tax Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	$ 0.6	$ (2.5)	$ (0.2)	$ (4.7)
Foreign currency contracts | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	0.4	(0.5)	1.3	(1.2)
Foreign currency contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	1.4	0.2	1.7	0.8
Interest rate contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	1.1	2.1	3	4.1
Retirement plan activity | Operating expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI Into Income	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Financial Services Arrangemen_2

Financial Services Arrangements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Investment in affiliates	$ 37.1	$ 49.3
Trade receivables, net	$ 297.2	$ 227.9
Polaris Acceptance
Investments in and Advances to Affiliates [Line Items]
Equity method investment ownership percentage	50%
Net amount financed for dealers	$ 601.8
Trade receivables, net	478.3
Aggregate repurchase obligation, amount	69.2
Securitization Facility
Investments in and Advances to Affiliates [Line Items]
Outstanding balance of receivables	123.5
TCF
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, amount	140.6
Other
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, amount	$ 21.8
Polaris Acceptance | Maximum
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, percentage	15%
TCF | Maximum
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, percentage	100%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrual for the probable payment of pending claims	$ 101.6

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities Open Foreign Currency Contracts (Details) - Cash Flow Hedging - Foreign currency contracts - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	$ 257.4	$ 229.3
Net Unrealized Gain (Loss)	8.2	2.1
Australian Dollar
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	14.1	20.3
Net Unrealized Gain (Loss)	0.6	0.4
Canadian Dollar
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	158.6	121.1
Net Unrealized Gain (Loss)	2.5	0.6
Mexican Peso
Derivative [Line Items]
Notional Amounts (in U.S. Dollars)	84.7	87.9
Net Unrealized Gain (Loss)	$ 5.1	$ 1.1

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities Open Interest Rate Swap Contracts (Details) - Cash Flow Hedging - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Interest rate swap
Derivative [Line Items]
Notional Amounts	$ 550	$ 550
Net Unrealized Gain (Loss)	5.4	(7.8)
Interest Rate Swap, September 2019 to September 2023
Derivative [Line Items]
Notional Amounts	150	150
Net Unrealized Gain (Loss)	0.3	(5.8)
Interest Rate Swap, March 2020 to February 2023
Derivative [Line Items]
Notional Amounts	400	400
Net Unrealized Gain (Loss)	$ 5.1	$ (2)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities Carrying Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Interest rate contracts | Fair value, measurements, recurring
Derivative [Line Items]
Derivative liabilities		$ (7.8)
Interest rate contracts | Level 2 | Fair value, measurements, recurring
Derivative [Line Items]
Derivative liabilities	$ 0	(7.8)
Designated as Hedging Instrument
Derivative [Line Items]
Derivative Net Carrying Value	13.6	(5.7)
Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Derivative Net Carrying Value	8.2	2.1
Designated as Hedging Instrument | Interest rate contracts
Derivative [Line Items]
Derivative Net Carrying Value	5.4	(7.8)
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument
Derivative [Line Items]
Fair Value— Assets	13.6	2.4
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Fair Value— Assets	8.2	2.4
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument | Interest rate contracts
Derivative [Line Items]
Fair Value— Assets	5.4	(7.8)
Other Current Liabilities | Designated as Hedging Instrument
Derivative [Line Items]
Fair Value— (Liabilities)	0	(8.1)
Other Current Liabilities | Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Fair Value— (Liabilities)	$ 0	$ (0.3)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Unrealized gain on derivative instruments	$ 6.1	$ 1.8	$ 14.4	$ 3.2
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized gain on derivative instruments	$ 6.1	$ 1.8	$ 14.4	$ 3.2

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Revenue	$ 2,062.8	$ 1,911.1	$ 3,844.3	$ 3,668.9
Gross profit	474.4	497.4	827.3	929.2
Operating segments | Off-Road
Segment Reporting Information [Line Items]
Revenue	1,490.4	1,397.5	2,832.5	2,699.3
Gross profit	354.2	382.2	612.9	727.1
Operating segments | On-Road
Segment Reporting Information [Line Items]
Revenue	299.4	298.3	527.3	540.6
Gross profit	53.4	55.3	94.6	90.5
Operating segments | Marine
Segment Reporting Information [Line Items]
Revenue	273	197.6	484.5	396.3
Gross profit	66.6	47.4	113.1	93.8
Corporate
Segment Reporting Information [Line Items]
Revenue	0	17.7	0	32.7
Gross profit	$ 0.2	$ 12.5	$ 6.7	$ 17.8