Polaris (PII) 10-Q 22 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 15, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-11411
Entity Registrant Name	POLARIS INC.
Entity Incorporation, State or Country Code	DE
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		55,770,308
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000931015
Current Fiscal Year End Date	--12-31
NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	PII
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 291.3	$ 367.8
Trade receivables, net	223.7	306.4
Inventories, net	1,998.9	1,810.5
Prepaid expenses and other	156.4	198
Income taxes receivable	57.9	9
Total current assets	2,728.2	2,691.7
Property and equipment, net	1,199.9	1,201.5
Investment in finance affiliate	140	141.1
Deferred tax assets	329.9	295.9
Goodwill and other intangible assets, net	958.1	906.4
Operating lease assets	131.5	143.9
Other long-term assets	142.1	135.8
Total assets	5,629.7	5,516.3
Current liabilities:
Current financing obligations	454.4	54
Accounts payable	700.7	713.1
Accrued expenses	1,057.5	1,123.6
Other current liabilities	40.1	43.1
Total current liabilities	2,252.7	1,933.8
Total long-term financing obligations	1,725.6	1,854.4
Other long-term liabilities	296.5	297
Total liabilities	4,274.8	4,085.2
Deferred compensation	9.4	10.3
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, 55.8 and 56.5 shares issued and outstanding, respectively	0.6	0.6
Additional paid-in capital	1,254.2	1,231.8
Retained earnings	173	243.5
Accumulated other comprehensive loss, net	(86.3)	(57.5)
Total shareholders’ equity	1,341.5	1,418.4
Noncontrolling interest	4	2.4
Total equity	1,345.5	1,420.8
Total liabilities and equity	$ 5,629.7	$ 5,516.3

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	55,800,000	56,500,000
Common stock, shares outstanding (in shares)	55,800,000	56,500,000

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 1,722.4	$ 2,248.9	$ 5,420	$ 6,645.2
Cost of sales	1,367.8	1,740.1	4,311.1	5,162.2
Gross profit	354.6	508.8	1,108.9	1,483
Operating expenses:
Selling and marketing	127.6	145.1	386.6	415.3
Research and development	84.1	91.8	258.7	281.5
General and administrative	100.9	91.3	310.3	285.9
Total operating expenses	312.6	328.2	955.6	982.7
Operating income	66.1	201.1	224.8	558.2
Non-operating expense:
Interest expense	36.2	32.5	102.7	92.2
Other income, net	(5.1)	(13.1)	(6.5)	(33.6)
Income before income taxes	35	181.7	128.6	499.6
Provision for income taxes	7.4	30.2	28.2	100.2
Net income	27.6	151.5	100.4	399.4
Net loss (income) attributable to noncontrolling interest	0.1	0.2	(0.2)	0
Net income attributable to Polaris Inc.	$ 27.7	$ 151.7	$ 100.2	$ 399.4
Basic (in usd per share)	$ 0.49	$ 2.66	$ 1.77	$ 6.98
Diluted (in usd per share)	$ 0.49	$ 2.62	$ 1.76	$ 6.90
Weighted average shares outstanding:
Basic (in shares)	56.2	57	56.6	57.2
Diluted (in shares)	56.5	57.8	56.9	57.9
Income from financial services
Operating expenses:
Income from financial services	$ 24.1	$ 20.5	$ 71.5	$ 57.9

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 27.6	$ 151.5	$ 100.4	$ 399.4
Other comprehensive income, net of tax:
Foreign currency translation adjustments	13	(16.8)	(14.9)	3.5
Unrealized (loss) gain on derivative instruments	(11)	(0.4)	(13.4)	3.5
Retirement plan and other activity	(0.2)	0	(0.5)	0.2
Comprehensive income	29.4	134.3	71.6	406.6
Comprehensive loss (income) attributable to noncontrolling interest	0.1	0.2	(0.2)	0
Comprehensive income attributable to Polaris Inc.	$ 29.5	$ 134.5	$ 71.4	$ 406.6

Consolidated Statements of Equi

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared and paid per common share (in dollars per share)	$ 0.66	$ 0.65	$ 1.98	$ 1.95

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
Beginning balance (in shares) at Dec. 31, 2022			57
Beginning balance at Dec. 31, 2022		$ 1,101.5	$ 0.6	$ 1,152.1	$ 33.8	$ (87.5)	$ 2.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)			0.4
Employee stock compensation		44.8		44.8
Deferred compensation		1.4		1.7	(0.3)
Proceeds from stock issuances under employee plans (in shares)			0.5
Proceeds from stock issuances under employee plans		50.9		50.9
Cash dividends declared	[1]	(110.6)			(110.6)
Repurchase and retirement of common shares (in shares)			(1.4)
Repurchase and retirement of common shares		(159.4)		(27.8)	(131.6)
Net income		399.4			399.4
Other Comprehensive Income (Loss), Net of Tax		7.2				7.2
Ending balance (in shares) at Sep. 30, 2023			56.5
Ending balance at Sep. 30, 2023		1,335.2	$ 0.6	1,221.7	190.7	(80.3)	2.5
Beginning balance (in shares) at Jun. 30, 2023			56.6
Beginning balance at Jun. 30, 2023		1,249.2	$ 0.6	1,186.9	122.1	(63.1)	2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)			0.1
Employee stock compensation		15.2		15.2
Deferred compensation		4.4		2.2	2.2
Proceeds from stock issuances under employee plans (in shares)			0.3
Proceeds from stock issuances under employee plans		27.1		27.1
Cash dividends declared	[2]	(36.7)			(36.7)
Repurchase and retirement of common shares (in shares)			(0.5)
Repurchase and retirement of common shares		(58.3)		(9.7)	(48.6)
Net income		151.5			151.7		(0.2)
Other Comprehensive Income (Loss), Net of Tax		(17.2)				(17.2)
Ending balance (in shares) at Sep. 30, 2023			56.5
Ending balance at Sep. 30, 2023		1,335.2	$ 0.6	1,221.7	190.7	(80.3)	2.5
Beginning balance (in shares) at Dec. 31, 2023			56.5
Beginning balance at Dec. 31, 2023		1,420.8	$ 0.6	1,231.8	243.5	(57.5)	2.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation (in shares)			0.2
Employee stock compensation		38.4		38.4
Deferred compensation		0.9		(0.4)	1.3
Proceeds from stock issuances under employee plans (in shares)			0.1
Proceeds from stock issuances under employee plans		5.4		5.4
Cash dividends declared	[1]	(110.7)			(110.7)
Repurchase and retirement of common shares (in shares)			(1)
Repurchase and retirement of common shares		(82.3)		(21)	(61.3)
Cash dividend to noncontrolling interest		(0.6)					(0.6)
Addition of noncontrolling interest		2					2
Net income		100.4			100.2		0.2
Other Comprehensive Income (Loss), Net of Tax		(28.8)				(28.8)
Ending balance (in shares) at Sep. 30, 2024			55.8
Ending balance at Sep. 30, 2024		1,345.5	$ 0.6	1,254.2	173	(86.3)	4
Beginning balance (in shares) at Jun. 30, 2024			55.7
Beginning balance at Jun. 30, 2024		1,342.8	$ 0.6	1,243	182.6	(88.1)	4.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock compensation		10		10
Deferred compensation		(0.3)		0.4	(0.7)
Proceeds from stock issuances under employee plans (in shares)			0.1
Proceeds from stock issuances under employee plans		0.8		0.8
Cash dividends declared	[2]	(36.6)			(36.6)
Cash dividend to noncontrolling interest		(0.6)					(0.6)
Net income		27.6			27.7		(0.1)
Other Comprehensive Income (Loss), Net of Tax		1.8				1.8
Ending balance (in shares) at Sep. 30, 2024			55.8
Ending balance at Sep. 30, 2024		$ 1,345.5	$ 0.6	$ 1,254.2	$ 173	$ (86.3)	$ 4
[1]Polaris Inc. declared and paid aggregate dividends of $1.98 per share for the nine month period ended September 30, 2024 and aggregate dividends of $1.95 per share for the nine month period ended September 30, 2023.[2]Polaris Inc. declared and paid a dividend of $0.66 per share for the three month period ended September 30, 2024 and a dividend of $0.65 per share for the three month period ended September 30, 2023.

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net income	$ 100,400	$ 399,400
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	206,800	186,900
Noncash compensation	38,400	44,800
Noncash income from financial services	(41,400)	(29,100)
Deferred income taxes	(34,500)	(36,500)
Noncash income from financial services	(1,200)	(6,200)
Changes in operating assets and liabilities:
Trade receivables	81,200	(131,500)
Inventories	(191,300)	(151,900)
Accounts payable	(10,400)	31,400
Accrued expenses	(51,200)	71,800
Income taxes payable/receivable	(48,900)	(18,900)
Prepaid expenses and other, net	14,000	15,800
Net cash provided by operating activities	61,900	376,000
Investing Activities:
Purchase of property and equipment	(192,700)	(311,700)
Investment in finance affiliate	42,400	12,500
Investments in and distributions from other affiliates	(5,200)	(21,600)
Acquisition of developed technology assets	(62,700)	0
Acquisition of business, net of cash acquired	0	(25,100)
Net cash used for investing activities	(218,200)	(345,900)
Financing Activities:
Borrowings under financing obligations	2,844,300	1,910,500
Repayments under financing obligations	(2,573,300)	(1,752,800)
Repurchase and retirement of common shares	(82,300)	(159,400)
Cash dividends to shareholders	(110,700)	(110,600)
Payments of Ordinary Dividends, Noncontrolling Interest	(600)	0
Proceeds from stock issuances under employee plans	5,400	50,900
Net cash provided by (used for) financing activities	82,800	(61,400)
Impact of currency exchange rates on cash balances	(3,000)	2,100
Net decrease in cash, cash equivalents and restricted cash	(76,500)	(29,200)
Cash, cash equivalents and restricted cash at beginning of period	382,900	339,700
Cash, cash equivalents and restricted cash at end of period	306,400	310,500
Supplemental Cash Flow Information:
Interest paid on financing obligations	111,900	96,600
Income taxes paid	106,400	156,900
Leased assets obtained for operating lease liabilities	10,800	38,600
Cash and cash equivalents	291,300	295,300
Other long-term assets	15,100	15,200
Total	$ 306,400	$ 310,500

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and 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, 2023 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 certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year. Fair value measurements. Fair value 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, interest rate contracts, and commodity contracts. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities, and for the income approach, the Company uses significant other observable inputs to value its derivative instruments used to hedge foreign currency, interest rate transactions, and commodity transactions. Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Input Level September 30, 2024 December 31, 2023 Assets Non-qualified deferred compensation assets Level 1 $ 50.5 $ 46.7 Foreign currency contracts, net Level 2 $ — $ 4.6 Interest rate contracts, net Level 2 $ — $ 0.9 Liabilities Non-qualified deferred compensation liabilities Level 1 $ (50.5) $ (46.7) Foreign currency contracts, net Level 2 $ (6.1) $ — Interest rate contracts, net Level 2 $ (1.6) $ — Commodity contracts, net Level 2 $ (3.3) $ (1.3) Fair value of other financial instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, trade receivables, accounts payable and current financing obligations, approximate their fair values due to their short-term nature. As of September 30, 2024 and December 31, 2023, the fair value of the Company’s financing obligations was approximately $2,231.6 million and $1,954.3 million, respectively, and was determined primarily using Level 2 inputs by discounting projected cash flows based on quoted market rates at which similar amounts of debt could currently be borrowed. The carrying value of financing obligations was $2,180.0 million and $1,908.4 million as of September 30, 2024 and December 31, 2023, respectively. Property and equipment. The Company recorded $68.4 million and $62.0 million of depreciation expense for the three months ended September 30, 2024 and 2023, respectively, and $190.9 million and $173.6 million for the nine months ended September 30, 2024 and 2023, respectively. A majority 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 174.1 $ 154.6 $ 181.1 $ 172.9 Additions charged to expense 45.8 49.3 132.7 141.7 Warranty claims paid, net (44.7) (40.9) (138.6) (151.6) Balance at end of period $ 175.2 $ 163.0 $ 175.2 $ 163.0 New accounting pronouncements. Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU 2023-07 is intended to enhance financial reporting by requiring incremental disclosures for significant segment expenses on an annual and interim basis by public entities required to report segment information in accordance with Accounting Standards Codification Topic 280. The amendments in ASU 2023-07 are to be applied retrospectively to all periods presented in the financial statements and early adoption is permitted. This standard will be applicable to the Company for the 2024 annual period and quarterly periods thereafter. The adoption of ASU 2023-07 is not expected to have a material impact on the Company’s consolidated financial statements, but will require additional segment expense disclosures when adopted in the Company’s Form 10-K for the year ended December 31, 2024 and in periodic reports thereafter. SEC Climate Disclosure Rules. In March 2024, the SEC issued its final climate disclosure rule, which requires the disclosure of material Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements. For large accelerated filers, disclosure requirements would begin phasing in for fiscal years beginning on or after January 1, 2025. In April 2024, the SEC announced its decision to voluntarily stay the new rules pending judicial review of certain legal challenges, and thus the timing and scope of the new rules remains unknown. However, the Company is continuing to evaluate the impact these rules will have on its consolidated financial statements and related disclosures. Apart from the items discussed above and in our Annual Report on Form 10-K for the year ended December 31, 2023, there are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements or related disclosures.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions September 30, 2024 December 31, 2023 Inventories Raw materials and purchased components $ 715.2 $ 779.3 Service parts, garments and accessories 348.3 346.9 Finished goods 1,042.2 779.4 Less: reserves (106.8) (95.1) Inventories, net $ 1,998.9 $ 1,810.5 Property and equipment Land, buildings and improvements $ 689.9 $ 653.4 Equipment and tooling 1,862.3 1,731.8 2,552.2 2,385.2 Less: accumulated depreciation (1,352.3) (1,183.7) Property and equipment, net $ 1,199.9 $ 1,201.5 Accrued expenses Compensation $ 164.0 $ 212.7 Warranties 175.2 181.1 Sales promotions and incentives 255.5 230.9 Dealer holdback 159.8 193.2 Other accrued expenses 303.0 305.7 Total accrued expenses $ 1,057.5 $ 1,123.6 Other current liabilities Current operating lease liabilities $ 29.1 $ 29.5 Income taxes payable 11.0 13.6 Total other current liabilities $ 40.1 $ 43.1 Other long-term liabilities Long-term operating lease liabilities $ 103.7 $ 115.1 Long-term income taxes payable 13.9 12.1 Deferred tax liabilities 2.6 2.7 Other long-term liabilities 176.3 167.1 Total other long-term liabilities $ 296.5 $ 297.0

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. 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 below. The following tables disaggregate the Company's revenue by major product type and geography (in millions): Three months ended September 30, 2024 Off Road On Road Marine Total Revenue by product type Wholegoods $ 1,025.2 $ 191.3 $ 85.8 $ 1,302.3 PG&A 374.8 45.2 0.1 420.1 Total revenue $ 1,400.0 $ 236.5 $ 85.9 $ 1,722.4 Revenue by geography United States $ 1,154.8 $ 117.5 $ 83.8 $ 1,356.1 Canada 106.6 8.6 1.3 116.5 EMEA 78.1 97.1 — 175.2 APLA 60.5 13.3 0.8 74.6 Total revenue $ 1,400.0 $ 236.5 $ 85.9 $ 1,722.4 Three months ended September 30, 2023 Off Road On Road Marine Total Revenue by product type Wholegoods $ 1,385.4 $ 221.6 $ 134.2 $ 1,741.2 PG&A 459.0 48.7 — 507.7 Total revenue $ 1,844.4 $ 270.3 $ 134.2 $ 2,248.9 Revenue by geography United States $ 1,566.1 $ 147.3 $ 132.1 $ 1,845.5 Canada 128.9 9.2 1.9 140.0 EMEA 81.6 96.5 0.1 178.2 APLA 67.8 17.3 0.1 85.2 Total revenue $ 1,844.4 $ 270.3 $ 134.2 $ 2,248.9 Nine months ended September 30, 2024 Off Road On Road Marine Total Revenue by product type Wholegoods $ 3,136.6 $ 655.6 $ 343.2 $ 4,135.4 PG&A 1,132.9 151.4 0.3 1,284.6 Total revenue $ 4,269.5 $ 807.0 $ 343.5 $ 5,420.0 Revenue by geography United States $ 3,532.0 $ 393.7 $ 333.9 $ 4,259.6 Canada 291.9 35.4 7.0 334.3 EMEA 256.8 340.5 0.3 597.6 APLA 188.8 37.4 2.3 228.5 Total revenue $ 4,269.5 $ 807.0 $ 343.5 $ 5,420.0 Nine months ended September 30, 2023 Off Road On Road Marine Total Revenue by product type Wholegoods $ 3,905.8 $ 789.7 $ 622.2 $ 5,317.7 PG&A 1,161.8 165.7 — 1,327.5 Total revenue $ 5,067.6 $ 955.4 $ 622.2 $ 6,645.2 Revenue by geography United States $ 4,189.1 $ 491.8 $ 605.0 $ 5,285.9 Canada 372.3 37.5 15.3 425.1 EMEA 287.8 368.4 0.7 656.9 APLA 218.4 57.7 1.2 277.3 Total revenue $ 5,067.6 $ 955.4 $ 622.2 $ 6,645.2 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 the customer. The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its customers. 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 as an expense in cost of sales when control over vehicles, boats, or PG&A has transferred to the customer. The Company sells separately-priced extended service contracts (“ESCs”) that extend mechanical coverages beyond the base limited warranty as well as prepaid maintenance agreements to vehicle owners. Including the base limited warranty, these separately-priced service contracts have a duration ranging 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 over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. Warranty costs are recognized as incurred. The activity in the deferred revenue reserve for ESCs during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 107.6 $ 108.7 $ 110.3 $ 111.1 New contracts sold 10.7 9.9 36.0 35.2 Revenue recognized on existing contracts (10.2) (11.4) (38.2) (39.1) Balance at end of period $ 108.1 $ 107.2 $ 108.1 $ 107.2

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Total share-based compensation expenses were as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Option awards $ 2.2 $ 2.0 $ 9.8 $ 9.7 Other share-based awards 5.6 7.9 18.5 24.7 Total share-based compensation before tax 7.8 9.9 28.3 34.4 Tax benefit 1.9 2.4 6.9 8.2 Total share-based compensation expense included in net income $ 5.9 $ 7.5 $ 21.4 $ 26.2 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 Agreements

Financing Agreements	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Financing Agreements	Financing Agreements The carrying value of financing obligations and the average related interest rates were as follows (in millions): Average interest rate as of September 30, 2024 Maturity September 30, 2024 December 31, 2023 Incremental term loan facility 6.20% July 2025 $ 400.0 $ — Revolving loan facility 4.79% June 2026 141.6 228.2 Term loan facility 6.20% June 2026 744.0 780.0 Private senior notes 4.23% July 2028 350.0 350.0 Public senior notes 6.95% March 2029 500.0 500.0 Finance lease obligations 5.23% Various through 2029 9.2 10.3 Notes payable and other 4.28% Various through 2033 47.2 54.2 Unamortized debt issuance costs and discounts (12.0) (14.3) Total financing obligations $ 2,180.0 $ 1,908.4 Less: Current financing obligations 454.4 54.0 Total long-term financing obligations $ 1,725.6 $ 1,854.4 Debt issuance costs and discounts are recognized as a reduction in the carrying value of the related long-term debt in the consolidated balance sheets and are being amortized to interest expense in the consolidated statements of income over the expected remaining terms of the related debt. As of September 30, 2024, the Company had open letters of credit totaling $48.6 million. The amounts are primarily related to inventory purchases and are reduced as the purchases are received. Private senior notes. In December 2010, the Company entered into 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 that remain outstanding as of September 30, 2024 and are due in full in July 2028. Unsecured credit facility. 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 the credit facility to increase its Term Loan Facility to $1,180 million, of which $744.0 million was outstanding as of September 30, 2024. The Company is required to make principal payments under the Term Loan Facility totaling $45.0 million over the next 12 months. In June 2021, the Company further amended the credit facility to increase its Revolving Loan Facility to $1.0 billion, of which $141.6 million was outstanding as of September 30, 2024, and extend the maturity date to June 2026. Interest is charged at rates based on Adjusted Term SOFR plus the applicable add-on percentage, as defined in the agreements governing the credit facility. In November 2023, the Company amended the credit facility to terminate all guarantees provided by subsidiaries of the Company under the credit facility, remove the requirement for subsidiaries of the Company to provide guarantees of the obligations under the credit facility, and remove certain subsidiaries of the Company as co-borrowers. In July 2024, the Company further amended the credit facility to provide for a new incremental 364-day term loan in the amount of $400 million (the “Incremental Term Loan Facility”). The Incremental Term Loan Facility is unsecured and has a term ending on July 25, 2025. As with other borrowings under the credit facility, interest is charged at rates based on Adjusted Term SOFR plus the applicable add-on percentage, as defined in the agreements governing the credit facility. Net proceeds from the Incremental Term Loan Facility were used to repay amounts outstanding under the Company’s Revolving Loan Facility. The agreements governing 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 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 September 30, 2024. Public senior notes. In November 2023, the Company issued $500 million aggregate principal amount of 6.95% Senior Notes pursuant to a public offering. The Company received approximately $492 million in net proceeds from the notes offering after deducting the underwriting discount and other fees and expenses. The notes bear interest at a rate of 6.95% per year, with interest payable semi-annually in arrears in March and September of each year. The notes mature in March of 2029. The indenture governing the notes is subject to customary covenants and make-whole provisions upon early redemption. Acquisition-related deferred payments. On July 2, 2018, pursuant to the Agreement and Plan of Merger dated May 29, 2018, the Company completed the acquisition of Boat Holdings, LLC, a privately held Delaware limited liability company, headquartered in Elkhart, Indiana that manufactures boats (“Boat Holdings”). 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 $43.2 million was outstanding as of September 30, 2024. The outstanding balance is included in long-term financing obligations and current financing obligations in the consolidated balance sheets.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 were as follows (in millions): September 30, 2024 December 31, 2023 Goodwill $ 399.1 $ 394.4 Other intangible assets, net 559.0 512.0 Total goodwill and other intangible assets, net $ 958.1 $ 906.4 The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2024 and 2023 were as follows (in millions): Off Road On Road Marine Total Balance as of December 31, 2023 $ 116.6 $ 50.7 $ 227.1 $ 394.4 Goodwill acquired and related adjustments 0.4 — 3.5 3.9 Currency translation effect on foreign goodwill balances — 0.8 — 0.8 Balance as of September 30, 2024 $ 117.0 $ 51.5 $ 230.6 $ 399.1 Off Road On Road Marine Total Balance as of December 31, 2022 $ 110.7 $ 48.4 $ 227.1 $ 386.2 Goodwill acquired and related adjustments 4.2 — — 4.2 Currency translation effect on foreign goodwill balances (0.3) (0.7) — (1.0) Balance as of September 30, 2023 $ 114.6 $ 47.7 $ 227.1 $ 389.4 The components of other intangible assets were as follows ($ in millions): September 30, 2024 Weighted-average useful life (years) Cost Accumulated amortization Net Amortizable - dealer/customer related 19 $ 341.1 $ (110.4) $ 230.7 Amortizable - developed technology 10 62.7 (2.6) 60.1 Non-amortizable - brand/trade names 268.2 — 268.2 Total other intangible assets, net 18 $ 672.0 $ (113.0) $ 559.0 December 31, 2023 Weighted-average useful life (years) Cost Accumulated amortization Net Amortizable - dealer/customer related 19 $ 341.2 $ (97.2) $ 244.0 Non-amortizable - brand/trade names 268.0 — 268.0 Total other intangible assets, net $ 609.2 $ (97.2) $ 512.0 The Company acquired certain developed technology assets during the second quarter of 2024, which resulted in the recording of a developed technology intangible asset for $62.7 million that is being amortized over an expected useful life of 10 years. All consideration for the assets was paid as of September 30, 2024. Amortization expense for other intangible assets was $6.0 million and $4.4 million for the three months ended September 30, 2024 and 2023, respectively, and $15.9 million and $13.3 million for the nine months ended September 30, 2024 and 2023, respectively. Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions): Remainder 2024 2025 2026 2027 2028 2029 Estimated amortization expense $ 6.0 $ 23.9 $ 23.9 $ 23.9 $ 23.9 $ 23.9 The preceding expected amortization expense is an estimate and actual amounts could differ due to additional other intangible asset acquisitions, changes in foreign currency rates, or impairments of other intangible assets.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchase program. During the nine months ended September 30, 2024, the Company paid $82.3 million to repurchase approximately 1.0 million shares of its common stock. As of September 30, 2024, the Board of Directors has authorized the Company to repurchase up to an additional $1,109.3 million of the Company’s common stock. Dividends. Cash dividends declared and paid per common share for the three and nine months ended September 30, 2024 and 2023 were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cash dividends declared and paid per common share $ 0.66 $ 0.65 $ 1.98 $ 1.95 Net income per share. Basic net income per share was computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted net income per share was computed under the treasury stock method and was calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. Reconciliations of these amounts are as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Weighted average number of common shares outstanding 55.8 56.6 56.1 56.8 Director Plan and deferred stock units 0.2 0.2 0.3 0.2 ESOP 0.2 0.2 0.2 0.2 Common shares outstanding—basic 56.2 57.0 56.6 57.2 Dilutive effect of restricted stock units 0.2 0.4 0.2 0.4 Dilutive effect of stock option awards 0.1 0.4 0.1 0.3 Common and potential common shares outstanding—diluted 56.5 57.8 56.9 57.9 During the three and nine months ended September 30, 2024, the number of options that were not included in the computation of diluted net income per share because the option exercise price was greater than the market price, and therefore the effect would have been anti-dilutive, was 2.9 million and 2.7 million, compared to 1.0 million and 1.4 million for the comparable periods in 2023. Accumulated other comprehensive loss. Changes in the accumulated other comprehensive loss balance were as follows (in millions): Foreign Currency Translation Cash Flow Hedging Derivatives Retirement Plan Activity Accumulated Other Comprehensive Loss Balance as of December 31, 2023 $ (62.6) $ 1.7 $ 3.4 $ (57.5) Reclassification to the statement of income — (10.7) (0.5) (11.2) Change in fair value (14.9) (2.7) — (17.6) Balance as of September 30, 2024 $ (77.5) $ (11.7) $ 2.9 $ (86.3) See Note 10 for the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income for cash flow derivatives designated as hedging instruments.

Financial Services Arrangements

Financial Services Arrangements	9 Months Ended
	Sep. 30, 2024
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., which is supported by a partnership agreement between their respective wholly owned subsidiaries, finances substantially all of the Company’s United States sales of off-road vehicles, snowmobiles, motorcycles, boats, 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. 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. The partnership agreement is effective through February 2027. The Company’s total investment in Polaris Acceptance was $140.0 million as of September 30, 2024 and is accounted for under the equity method and recorded in investment in finance affiliate in the consolidated balance sheets. As of September 30, 2024, the outstanding amount of net receivables financed for dealers under this arrangement was $1,889.2 million. 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 2024, the potential 15 percent aggregate repurchase obligation with respect to products repossessed by Polaris Acceptance is approximately $219.1 million. Polaris Acceptance began financing substantially all of the Company’s United States sales of boats in the third quarter of 2024. This financing was previously completed by a subsidiary of Huntington Bancshares Incorporated (“Huntington”) and the Company may still be required to repurchase products repossessed by Huntington up to a maximum of 100 percent of the aggregate outstanding Huntington receivables balance. As of September 30, 2024, the potential aggregate repurchase obligation with respect to products repossessed by Huntington was approximately $145.2 million. The Company has other financing arrangements related to its foreign subsidiaries in which it has agreed to repurchase repossessed products. For calendar year 2024, the potential aggregate repurchase obligations are approximately $43.1 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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. The Company purchases excess insurance coverage annually for product liability claims, which is subject to self-insured retention and aggregate limits. 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 September 30, 2024, the Company had an accrual of $159.9 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 accrued expenses in the consolidated balance sheets. Amounts due from insurance carriers, to the extent applicable, reduce our financial exposure to product liability claims and are included as a component of prepaid expenses and other in the consolidated balances sheets. Litigation. The Company is subject to lawsuits and claims arising in the normal course of business, including matters related to intellectual property, commercial matters, employment, product liability claims and putative class actions. Additional details about certain of the pending putative class actions are provided in Part II, Item 1 – Legal Proceedings. 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, including legal proceedings resulting in verdicts that exceed policy limits for a given year or seeking punitive damages for certain policy years for which we may not be insured, the uncertainty of future rulings, possible class certification, the behavior or incentives of adverse parties, and other factors outside of the control of the Company. Accordingly, the Company’s loss reserve may change from time to time, and actual losses could exceed the amounts accrued by an amount that could be material to the Company’s consolidated financial position, results of operations, or cash flows in any particular reporting period. Regulatory.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company is exposed to certain risks from fluctuations in foreign currency exchange rates, interest rates, and commodity prices. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. 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. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality and spreading the risk among such financial institutions. The Company conducts business in various locations throughout the world and is subject to market risk associated with certain product sourcing activities and intercompany cash flows due to changes in the value of foreign currencies in relation to its reporting currency, the U.S. dollar. 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 Company utilizes foreign currency exchange contracts to mitigate the effects of foreign currency exchange rate fluctuations related to the Australian dollar, Canadian dollar, and Mexican peso. The Company's foreign currency exchange contracts, with maturities through December 2025, met the criteria to be accounted for as cash flow hedges during the periods presented. The Company mitigates its interest rate risk by managing its exposure to fixed and variable rates while attempting to optimize its interest costs. The Company enters into interest rate swap transactions to hedge the variable interest rate payments for the Term Loan Facility. In connection with these contracts, the Company pays interest based upon a fixed rate and receives variable rate interest payments based on Adjusted Term SOFR plus the applicable add-on percentage, as defined in the agreements governing the credit facility. These contracts, with maturities through February 2026, met the criteria to be accounted for as cash flow hedges during the periods presented. Commodity hedging contracts are entered into in order to manage fluctuating market prices of certain purchased commodities and raw materials that are integrated into the Company’s end products. The Company's commodity contracts, with maturities of less than one year, met the criteria to be accounted for as cash flow hedges during the periods presented. The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions): September 30, 2024 December 31, 2023 Notional Value (in U.S. Dollars) Fair Value — Fair Value — Notional Value (in U.S. Dollars) Fair Value — Fair Value — Foreign currency contracts $ 306.2 $ 1.3 $ (7.4) $ 250.3 $ 6.5 $ (1.9) Interest rate contracts 400.0 — (1.6) 400.0 0.9 — Commodity contracts 63.1 0.2 (3.5) 84.6 2.1 (3.4) Total $ 769.3 $ 1.5 $ (12.5) $ 734.9 $ 9.5 $ (5.3) Assets are included in prepaid expenses and other and liabilities are included in accrued expenses in the consolidated balance sheets. Assets and liabilities are offset in the consolidated balance sheet if the right of offset exists. The amounts of gains and losses related to the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions): Three months ended September 30, 2024 Nine months ended September 30, 2024 Derivatives Designated as Cash Flow Hedges Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from AOCI into Income Loss Recognized in OCI Gain (Loss) Reclassified from AOCI into Income Loss Recognized in OCI Foreign currency contracts Cost of sales $ (2.4) $ (3.1) $ 6.5 $ (7.3) Interest rate contracts Interest expense 1.5 (4.9) 4.5 (1.9) Commodity contracts Cost of sales 0.8 (3.0) (0.3) (4.2) Total $ (0.1) $ (11.0) $ 10.7 $ (13.4) Three months ended September 30, 2023 Nine months ended September 30, 2023 Derivatives Designated as Cash Flow Hedges Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain Reclassified from AOCI into Income Gain (Loss) Recognized in OCI Gain Reclassified from AOCI into Income Gain Recognized in OCI Foreign currency contracts Other income, net $ 13.2 $ (1.2) $ 17.7 $ 0.7 Interest rate contracts Interest expense 2.3 1.0 7.4 1.6 Commodity contracts Cost of sales 0.9 (0.2) 0.1 1.2 Total $ 16.4 $ (0.4) $ 25.2 $ 3.5 The unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Gains and losses on derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized currently in the consolidated statements of income and were not material for the periods presented. The net amount of the existing gains or losses as of September 30, 2024 that is expected to be reclassified into the statements of income within the next 12 months is not expected to be material.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting 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 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 costs that are not allocated to segments, including certain unallocated manufacturing costs and the impacts from certain foreign currency transactions. Segment sales and gross profit data is summarized as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Sales Off Road $ 1,400.0 $ 1,844.4 $ 4,269.5 $ 5,067.6 On Road 236.5 270.3 807.0 955.4 Marine 85.9 134.2 343.5 622.2 Total sales $ 1,722.4 $ 2,248.9 $ 5,420.0 $ 6,645.2 Gross profit Off Road $ 297.4 $ 425.5 $ 852.6 $ 1,122.6 On Road 39.9 57.7 161.4 208.7 Marine 10.6 24.3 56.9 143.3 Corporate 6.7 1.3 38.0 8.4 Total gross profit $ 354.6 $ 508.8 $ 1,108.9 $ 1,483.0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 27.7	$ 151.7	$ 100.2	$ 399.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023 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 certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year.
Fair value measurements	Fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company utilizes the market approach to measure fair value for its non-qualified deferred compensation assets and liabilities, and the income approach for foreign currency contracts, interest rate contracts, and commodity contracts. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities, and for the income approach, the Company uses significant other observable inputs to value its derivative instruments used to hedge foreign currency, interest rate transactions, and commodity transactions. Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions): Input Level September 30, 2024 December 31, 2023 Assets Non-qualified deferred compensation assets Level 1 $ 50.5 $ 46.7 Foreign currency contracts, net Level 2 $ — $ 4.6 Interest rate contracts, net Level 2 $ — $ 0.9 Liabilities Non-qualified deferred compensation liabilities Level 1 $ (50.5) $ (46.7) Foreign currency contracts, net Level 2 $ (6.1) $ — Interest rate contracts, net Level 2 $ (1.6) $ — Commodity contracts, net Level 2 $ (3.3) $ (1.3) Fair value of other financial instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, trade receivables, accounts payable and current financing obligations, approximate their fair values due to their short-term nature. As of September 30, 2024 and December 31, 2023, the fair value of the Company’s financing obligations was approximately $2,231.6 million and $1,954.3 million, respectively, and was determined primarily using Level 2 inputs by discounting projected cash flows based on quoted market rates at which similar amounts of debt could currently be borrowed. The carrying value of financing obligations was $2,180.0 million and $1,908.4 million as of September 30, 2024 and December 31, 2023, respectively.
Property and equipment	Property and equipment.
Product warranties	Product warranties.
New Accounting Pronouncements	New accounting pronouncements. Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU 2023-07 is intended to enhance financial reporting by requiring incremental disclosures for significant segment expenses on an annual and interim basis by public entities required to report segment information in accordance with Accounting Standards Codification Topic 280. The amendments in ASU 2023-07 are to be applied retrospectively to all periods presented in the financial statements and early adoption is permitted. This standard will be applicable to the Company for the 2024 annual period and quarterly periods thereafter. The adoption of ASU 2023-07 is not expected to have a material impact on the Company’s consolidated financial statements, but will require additional segment expense disclosures when adopted in the Company’s Form 10-K for the year ended December 31, 2024 and in periodic reports thereafter. SEC Climate Disclosure Rules. In March 2024, the SEC issued its final climate disclosure rule, which requires the disclosure of material Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements. For large accelerated filers, disclosure requirements would begin phasing in for fiscal years beginning on or after January 1, 2025. In April 2024, the SEC announced its decision to voluntarily stay the new rules pending judicial review of certain legal challenges, and thus the timing and scope of the new rules remains unknown. However, the Company is continuing to evaluate the impact these rules will have on its consolidated financial statements and related disclosures. Apart from the items discussed above and in our Annual Report on Form 10-K for the year ended December 31, 2023, there are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements or related disclosures.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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): Input Level September 30, 2024 December 31, 2023 Assets Non-qualified deferred compensation assets Level 1 $ 50.5 $ 46.7 Foreign currency contracts, net Level 2 $ — $ 4.6 Interest rate contracts, net Level 2 $ — $ 0.9 Liabilities Non-qualified deferred compensation liabilities Level 1 $ (50.5) $ (46.7) Foreign currency contracts, net Level 2 $ (6.1) $ — Interest rate contracts, net Level 2 $ (1.6) $ — Commodity contracts, net Level 2 $ (3.3) $ (1.3)
Schedule of activity in the warranty reserve	The activity in the warranty reserve during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 174.1 $ 154.6 $ 181.1 $ 172.9 Additions charged to expense 45.8 49.3 132.7 141.7 Warranty claims paid, net (44.7) (40.9) (138.6) (151.6) Balance at end of period $ 175.2 $ 163.0 $ 175.2 $ 163.0

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Amounts Recognized in Balance Sheet	In millions September 30, 2024 December 31, 2023 Inventories Raw materials and purchased components $ 715.2 $ 779.3 Service parts, garments and accessories 348.3 346.9 Finished goods 1,042.2 779.4 Less: reserves (106.8) (95.1) Inventories, net $ 1,998.9 $ 1,810.5 Property and equipment Land, buildings and improvements $ 689.9 $ 653.4 Equipment and tooling 1,862.3 1,731.8 2,552.2 2,385.2 Less: accumulated depreciation (1,352.3) (1,183.7) Property and equipment, net $ 1,199.9 $ 1,201.5 Accrued expenses Compensation $ 164.0 $ 212.7 Warranties 175.2 181.1 Sales promotions and incentives 255.5 230.9 Dealer holdback 159.8 193.2 Other accrued expenses 303.0 305.7 Total accrued expenses $ 1,057.5 $ 1,123.6 Other current liabilities Current operating lease liabilities $ 29.1 $ 29.5 Income taxes payable 11.0 13.6 Total other current liabilities $ 40.1 $ 43.1 Other long-term liabilities Long-term operating lease liabilities $ 103.7 $ 115.1 Long-term income taxes payable 13.9 12.1 Deferred tax liabilities 2.6 2.7 Other long-term liabilities 176.3 167.1 Total other long-term liabilities $ 296.5 $ 297.0

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following tables disaggregate the Company's revenue by major product type and geography (in millions): Three months ended September 30, 2024 Off Road On Road Marine Total Revenue by product type Wholegoods $ 1,025.2 $ 191.3 $ 85.8 $ 1,302.3 PG&A 374.8 45.2 0.1 420.1 Total revenue $ 1,400.0 $ 236.5 $ 85.9 $ 1,722.4 Revenue by geography United States $ 1,154.8 $ 117.5 $ 83.8 $ 1,356.1 Canada 106.6 8.6 1.3 116.5 EMEA 78.1 97.1 — 175.2 APLA 60.5 13.3 0.8 74.6 Total revenue $ 1,400.0 $ 236.5 $ 85.9 $ 1,722.4 Three months ended September 30, 2023 Off Road On Road Marine Total Revenue by product type Wholegoods $ 1,385.4 $ 221.6 $ 134.2 $ 1,741.2 PG&A 459.0 48.7 — 507.7 Total revenue $ 1,844.4 $ 270.3 $ 134.2 $ 2,248.9 Revenue by geography United States $ 1,566.1 $ 147.3 $ 132.1 $ 1,845.5 Canada 128.9 9.2 1.9 140.0 EMEA 81.6 96.5 0.1 178.2 APLA 67.8 17.3 0.1 85.2 Total revenue $ 1,844.4 $ 270.3 $ 134.2 $ 2,248.9 Nine months ended September 30, 2024 Off Road On Road Marine Total Revenue by product type Wholegoods $ 3,136.6 $ 655.6 $ 343.2 $ 4,135.4 PG&A 1,132.9 151.4 0.3 1,284.6 Total revenue $ 4,269.5 $ 807.0 $ 343.5 $ 5,420.0 Revenue by geography United States $ 3,532.0 $ 393.7 $ 333.9 $ 4,259.6 Canada 291.9 35.4 7.0 334.3 EMEA 256.8 340.5 0.3 597.6 APLA 188.8 37.4 2.3 228.5 Total revenue $ 4,269.5 $ 807.0 $ 343.5 $ 5,420.0 Nine months ended September 30, 2023 Off Road On Road Marine Total Revenue by product type Wholegoods $ 3,905.8 $ 789.7 $ 622.2 $ 5,317.7 PG&A 1,161.8 165.7 — 1,327.5 Total revenue $ 5,067.6 $ 955.4 $ 622.2 $ 6,645.2 Revenue by geography United States $ 4,189.1 $ 491.8 $ 605.0 $ 5,285.9 Canada 372.3 37.5 15.3 425.1 EMEA 287.8 368.4 0.7 656.9 APLA 218.4 57.7 1.2 277.3 Total revenue $ 5,067.6 $ 955.4 $ 622.2 $ 6,645.2
Deferred Revenue, by Arrangement, Disclosure	The activity in the deferred revenue reserve for ESCs during the periods presented was as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 107.6 $ 108.7 $ 110.3 $ 111.1 New contracts sold 10.7 9.9 36.0 35.2 Revenue recognized on existing contracts (10.2) (11.4) (38.2) (39.1) Balance at end of period $ 108.1 $ 107.2 $ 108.1 $ 107.2

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of share-based compensation expenses	Total share-based compensation expenses were as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Option awards $ 2.2 $ 2.0 $ 9.8 $ 9.7 Other share-based awards 5.6 7.9 18.5 24.7 Total share-based compensation before tax 7.8 9.9 28.3 34.4 Tax benefit 1.9 2.4 6.9 8.2 Total share-based compensation expense included in net income $ 5.9 $ 7.5 $ 21.4 $ 26.2

Financing Agreements (Tables)

Financing Agreements (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Finance Lease Obligations	The carrying value of financing obligations and the average related interest rates were as follows (in millions): Average interest rate as of September 30, 2024 Maturity September 30, 2024 December 31, 2023 Incremental term loan facility 6.20% July 2025 $ 400.0 $ — Revolving loan facility 4.79% June 2026 141.6 228.2 Term loan facility 6.20% June 2026 744.0 780.0 Private senior notes 4.23% July 2028 350.0 350.0 Public senior notes 6.95% March 2029 500.0 500.0 Finance lease obligations 5.23% Various through 2029 9.2 10.3 Notes payable and other 4.28% Various through 2033 47.2 54.2 Unamortized debt issuance costs and discounts (12.0) (14.3) Total financing obligations $ 2,180.0 $ 1,908.4 Less: Current financing obligations 454.4 54.0 Total long-term financing obligations $ 1,725.6 $ 1,854.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	Goodwill and other intangible assets, net of accumulated amortization, as of September 30, 2024 and December 31, 2023 were as follows (in millions): September 30, 2024 December 31, 2023 Goodwill $ 399.1 $ 394.4 Other intangible assets, net 559.0 512.0 Total goodwill and other intangible assets, net $ 958.1 $ 906.4
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2024 and 2023 were as follows (in millions): Off Road On Road Marine Total Balance as of December 31, 2023 $ 116.6 $ 50.7 $ 227.1 $ 394.4 Goodwill acquired and related adjustments 0.4 — 3.5 3.9 Currency translation effect on foreign goodwill balances — 0.8 — 0.8 Balance as of September 30, 2024 $ 117.0 $ 51.5 $ 230.6 $ 399.1 Off Road On Road Marine Total Balance as of December 31, 2022 $ 110.7 $ 48.4 $ 227.1 $ 386.2 Goodwill acquired and related adjustments 4.2 — — 4.2 Currency translation effect on foreign goodwill balances (0.3) (0.7) — (1.0) Balance as of September 30, 2023 $ 114.6 $ 47.7 $ 227.1 $ 389.4
Schedule of components of other intangible assets	The components of other intangible assets were as follows ($ in millions): September 30, 2024 Weighted-average useful life (years) Cost Accumulated amortization Net Amortizable - dealer/customer related 19 $ 341.1 $ (110.4) $ 230.7 Amortizable - developed technology 10 62.7 (2.6) 60.1 Non-amortizable - brand/trade names 268.2 — 268.2 Total other intangible assets, net 18 $ 672.0 $ (113.0) $ 559.0 December 31, 2023 Weighted-average useful life (years) Cost Accumulated amortization Net Amortizable - dealer/customer related 19 $ 341.2 $ (97.2) $ 244.0 Non-amortizable - brand/trade names 268.0 — 268.0 Total other intangible assets, net $ 609.2 $ (97.2) $ 512.0
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions): Remainder 2024 2025 2026 2027 2028 2029 Estimated amortization expense $ 6.0 $ 23.9 $ 23.9 $ 23.9 $ 23.9 $ 23.9

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of cash dividends declared per common share	Cash dividends declared and paid per common share for the three and nine months ended September 30, 2024 and 2023 were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cash dividends declared and paid per common share $ 0.66 $ 0.65 $ 1.98 $ 1.95
Schedule of reconciliation of weighted average number of shares	Reconciliations of these amounts are as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Weighted average number of common shares outstanding 55.8 56.6 56.1 56.8 Director Plan and deferred stock units 0.2 0.2 0.3 0.2 ESOP 0.2 0.2 0.2 0.2 Common shares outstanding—basic 56.2 57.0 56.6 57.2 Dilutive effect of restricted stock units 0.2 0.4 0.2 0.4 Dilutive effect of stock option awards 0.1 0.4 0.1 0.3 Common and potential common shares outstanding—diluted 56.5 57.8 56.9 57.9
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 Hedging Derivatives Retirement Plan Activity Accumulated Other Comprehensive Loss Balance as of December 31, 2023 $ (62.6) $ 1.7 $ 3.4 $ (57.5) Reclassification to the statement of income — (10.7) (0.5) (11.2) Change in fair value (14.9) (2.7) — (17.6) Balance as of September 30, 2024 $ (77.5) $ (11.7) $ 2.9 $ (86.3)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions): September 30, 2024 December 31, 2023 Notional Value (in U.S. Dollars) Fair Value — Fair Value — Notional Value (in U.S. Dollars) Fair Value — Fair Value — Foreign currency contracts $ 306.2 $ 1.3 $ (7.4) $ 250.3 $ 6.5 $ (1.9) Interest rate contracts 400.0 — (1.6) 400.0 0.9 — Commodity contracts 63.1 0.2 (3.5) 84.6 2.1 (3.4) Total $ 769.3 $ 1.5 $ (12.5) $ 734.9 $ 9.5 $ (5.3)
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 amounts of gains and losses related to the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions): Three months ended September 30, 2024 Nine months ended September 30, 2024 Derivatives Designated as Cash Flow Hedges Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from AOCI into Income Loss Recognized in OCI Gain (Loss) Reclassified from AOCI into Income Loss Recognized in OCI Foreign currency contracts Cost of sales $ (2.4) $ (3.1) $ 6.5 $ (7.3) Interest rate contracts Interest expense 1.5 (4.9) 4.5 (1.9) Commodity contracts Cost of sales 0.8 (3.0) (0.3) (4.2) Total $ (0.1) $ (11.0) $ 10.7 $ (13.4) Three months ended September 30, 2023 Nine months ended September 30, 2023 Derivatives Designated as Cash Flow Hedges Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain Reclassified from AOCI into Income Gain (Loss) Recognized in OCI Gain Reclassified from AOCI into Income Gain Recognized in OCI Foreign currency contracts Other income, net $ 13.2 $ (1.2) $ 17.7 $ 0.7 Interest rate contracts Interest expense 2.3 1.0 7.4 1.6 Commodity contracts Cost of sales 0.9 (0.2) 0.1 1.2 Total $ 16.4 $ (0.4) $ 25.2 $ 3.5

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment sales and gross profit data is summarized as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Sales Off Road $ 1,400.0 $ 1,844.4 $ 4,269.5 $ 5,067.6 On Road 236.5 270.3 807.0 955.4 Marine 85.9 134.2 343.5 622.2 Total sales $ 1,722.4 $ 2,248.9 $ 5,420.0 $ 6,645.2 Gross profit Off Road $ 297.4 $ 425.5 $ 852.6 $ 1,122.6 On Road 39.9 57.7 161.4 208.7 Marine 10.6 24.3 56.9 143.3 Corporate 6.7 1.3 38.0 8.4 Total gross profit $ 354.6 $ 508.8 $ 1,108.9 $ 1,483.0

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and capital lease obligations	$ 2,180	$ 1,908.4
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing obligations, fair value	2,231.6	1,954.3
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and capital lease obligations	2,180	1,908.4
Fair value, measurements, recurring | Fair Value, Inputs, 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	50.5	46.7
Non-qualified deferred compensation liabilities	(50.5)	(46.7)
Foreign currency contracts | Fair value, measurements, recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		4.6
Derivative Liability	(6.1)
Interest rate swap | Fair value, measurements, recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0.9
Derivative Liability	(1.6)
Commodity contracts | Fair value, measurements, recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ (3.3)	$ (1.3)

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Land, buildings and improvements	$ 689.9		$ 689.9		$ 653.4
Equipment and tooling	1,862.3		1,862.3		1,731.8
Property, Plant and Equipment, Gross	2,552.2		2,552.2		2,385.2
Less: accumulated depreciation	(1,352.3)		(1,352.3)		(1,183.7)
Property and equipment, net	1,199.9		1,199.9		$ 1,201.5
Depreciation expense	$ 68.4	$ 62	$ 190.9	$ 173.6

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Property and equipment narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Depreciation expense	$ 68.4	$ 62	$ 190.9	$ 173.6

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Activity in Polaris Accrued Warranty Reserve (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Activity in Product Warranty Reserve [Roll Forward]
Balance at beginning of period	$ 174.1	$ 154.6	$ 181.1	$ 172.9
Additions charged to expense	45.8	49.3	132.7	141.7
Warranty claims paid, net	(44.7)	(40.9)	(138.6)	(151.6)
Balance at end of period	$ 175.2	$ 163	$ 175.2	$ 163

Basis of Presentation and Sig_8

Basis of Presentation and Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 108.1	$ 107.2	$ 108.1	$ 107.2	$ 107.6	$ 110.3	$ 108.7	$ 111.1
New contracts sold	10.7	9.9	36	35.2
Revenue recognized on existing contracts	(10.2)	(11.4)	(38.2)	(39.1)
Deferred revenue, current	34.6	34.3	34.6	34.3
Deferred revenue, noncurrent	$ 73.5	$ 72.9	$ 73.5	$ 72.9

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and purchased components	$ 715.2	$ 779.3
Service parts, garments and accessories	348.3	346.9
Finished goods	1,042.2	779.4
Less: reserves	(106.8)	(95.1)
Inventories, net	1,998.9	1,810.5
Land, buildings and improvements	689.9	653.4
Equipment and tooling	1,862.3	1,731.8
Property, Plant and Equipment, Gross	2,552.2	2,385.2
Less: accumulated depreciation	(1,352.3)	(1,183.7)
Property and equipment, net	1,199.9	1,201.5
Compensation	164	212.7
Warranties	175.2	181.1
Sales promotions and incentives	255.5	230.9
Dealer holdback	159.8	193.2
Accrued expenses	1,057.5	1,123.6
Other accrued expenses	303	305.7
Current operating lease liabilities	29.1	29.5
Income taxes payable	11	13.6
Other current liabilities	40.1	43.1
Long-term income taxes payable	13.9	12.1
Deferred tax liabilities	2.6	2.7
Long-term operating lease liabilities	103.7	115.1
Other long-term liabilities	176.3	167.1
Total other long-term liabilities	$ 296.5	$ 297

Revenue Recognition - Contract

Revenue Recognition - Contract Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 1,722.4	$ 2,248.9	$ 5,420	$ 6,645.2
Off Road
Disaggregation of Revenue [Line Items]
Revenue	1,400	1,844.4	4,269.5	5,067.6
On Road
Disaggregation of Revenue [Line Items]
Revenue	236.5	270.3	807	955.4
Marine
Disaggregation of Revenue [Line Items]
Revenue	85.9	134.2	343.5	622.2
Wholegoods
Disaggregation of Revenue [Line Items]
Revenue	1,302.3	1,741.2	4,135.4	5,317.7
Wholegoods | Off Road
Disaggregation of Revenue [Line Items]
Revenue	1,025.2	1,385.4	3,136.6	3,905.8
Wholegoods | On Road
Disaggregation of Revenue [Line Items]
Revenue	191.3	221.6	655.6	789.7
Wholegoods | Marine
Disaggregation of Revenue [Line Items]
Revenue	85.8	134.2	343.2	622.2
PG&A
Disaggregation of Revenue [Line Items]
Revenue	420.1	507.7	1,284.6	1,327.5
PG&A | Off Road
Disaggregation of Revenue [Line Items]
Revenue	374.8	459	1,132.9	1,161.8
PG&A | On Road
Disaggregation of Revenue [Line Items]
Revenue	45.2	48.7	151.4	165.7
PG&A | Marine
Disaggregation of Revenue [Line Items]
Revenue	0.1	0	0.3	0
United States
Disaggregation of Revenue [Line Items]
Revenue	1,356.1	1,845.5	4,259.6	5,285.9
United States | Off Road
Disaggregation of Revenue [Line Items]
Revenue	1,154.8	1,566.1	3,532	4,189.1
United States | On Road
Disaggregation of Revenue [Line Items]
Revenue	117.5	147.3	393.7	491.8
United States | Marine
Disaggregation of Revenue [Line Items]
Revenue	83.8	132.1	333.9	605
Canada
Disaggregation of Revenue [Line Items]
Revenue	116.5	140	334.3	425.1
Canada | Off Road
Disaggregation of Revenue [Line Items]
Revenue	106.6	128.9	291.9	372.3
Canada | On Road
Disaggregation of Revenue [Line Items]
Revenue	8.6	9.2	35.4	37.5
Canada | Marine
Disaggregation of Revenue [Line Items]
Revenue	1.3	1.9	7	15.3
EMEA
Disaggregation of Revenue [Line Items]
Revenue	175.2	178.2	597.6	656.9
EMEA | Off Road
Disaggregation of Revenue [Line Items]
Revenue	78.1	81.6	256.8	287.8
EMEA | On Road
Disaggregation of Revenue [Line Items]
Revenue	97.1	96.5	340.5	368.4
EMEA | Marine
Disaggregation of Revenue [Line Items]
Revenue	0	0.1	0.3	0.7
APLA
Disaggregation of Revenue [Line Items]
Revenue	74.6	85.2	228.5	277.3
APLA | Off Road
Disaggregation of Revenue [Line Items]
Revenue	60.5	67.8	188.8	218.4
APLA | On Road
Disaggregation of Revenue [Line Items]
Revenue	13.3	17.3	37.4	57.7
APLA | Marine
Disaggregation of Revenue [Line Items]
Revenue	$ 0.8	$ 0.1	$ 2.3	$ 1.2

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 34.6	$ 34.3
Deferred revenue, noncurrent	$ 73.5	$ 72.9
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition [Abstract]
Balance at beginning of period	$ 107.6	$ 108.7	$ 110.3	$ 111.1
New contracts sold	10.7	9.9	36	35.2
Revenue recognized on existing contracts	(10.2)	(11.4)	(38.2)	(39.1)
Balance at end of period	$ 108.1	$ 107.2	$ 108.1	$ 107.2

Share-Based Compensation Expens

Share-Based Compensation Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Option awards	$ 2.2	$ 2	$ 9.8	$ 9.7
Other share-based awards	5.6	7.9	18.5	24.7
Total share-based compensation before tax	7.8	9.9	28.3	34.4
Tax benefit	1.9	2.4	6.9	8.2
Total share-based compensation expense included in net income	$ 5.9	$ 7.5	$ 21.4	$ 26.2

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation cost related to unvested share-based equity awards	$ 63.5
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	$ 7.3
Unrecognized compensation cost related to unvested share-based equity awards, restricted stock	$ 56.2

Financing Agreements - Interest

Financing Agreements - Interest Rates and Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Effective interest rate	5.23%
Finance lease obligations	$ 9.2	$ 10.3
Unamortized debt issuance costs and discounts	(12)	(14.3)
Total financing obligations	2,180	1,908.4
Less: Current financing obligations	454.4	54
Total long-term financing obligations	$ 1,725.6	1,854.4
Senior Notes | Senior Unsecured Notes 4.23% Due July 2028
Debt Instrument [Line Items]
Stated interest rate	4.23%
Long-term debt	$ 350	350
Senior Notes | Public Senior Note Six Point Nine Five Percent Due March Twenty Twenty-Nine
Debt Instrument [Line Items]
Stated interest rate	6.95%		6.95%
Long-term debt	$ 500	500
Notes payable and other
Debt Instrument [Line Items]
Stated interest rate	4.28%
Long-term debt	$ 47.2	54.2
Unsecured Debt | Line of Credit | Incremental Term Loan Facility
Debt Instrument [Line Items]
Average interest rate as of September 30, 2024	6.20%
Line of Credit, Current	$ 400	0
Unsecured Debt | Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Average interest rate as of September 30, 2024	6.20%
Revolving loan facility	$ 744	780
Revolving Credit Facility | Line of Credit | Revolving Loan Facility
Debt Instrument [Line Items]
Average interest rate as of September 30, 2024	4.79%
Revolving loan facility	$ 141.6	$ 228.2

Financing Agreements - Addition

Financing Agreements - Additional Information (Detail) $ in Millions		1 Months Ended
	Jun. 30, 2021 USD ($)	Nov. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Jul. 26, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2018 USD ($)	Jul. 02, 2018 USD ($)
Debt Instrument [Line Items]
Open letters of credit			$ 48.6
Revolving Credit Facility
Debt Instrument [Line Items]
Minimum interest coverage ratio	3
Maximum leverage ratio	3.50
Senior Notes | Public Senior Note Six Point Nine Five Percent Due March Twenty Twenty-Nine
Debt Instrument [Line Items]
Long-term debt			500		$ 500
Debt face amount		$ 500
Proceeds from Issuance of Senior Long-Term Debt		$ 492
Notes payable, other | Boat Holdings, LLC
Debt Instrument [Line Items]
Long-term debt			43.2				$ 76.7
Notes payable to banks
Debt Instrument [Line Items]
Long-term debt			47.2		54.2
Line of Credit | Revolving Credit Facility | Revolving Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000
Revolving loan facility			141.6		228.2
Line of Credit | Unsecured Debt | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 1,180
Revolving loan facility			744		$ 780
Repayments of principal in next twelve months			$ 45
Line of Credit | Unsecured Debt | Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt face amount				$ 400

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 399.1	$ 394.4	$ 389.4	$ 386.2
Total other intangible assets, net	559	512
Total goodwill and other intangible assets, net	$ 958.1	$ 906.4

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 394.4	$ 386.2
Goodwill acquired and related adjustments	3.9	4.2
Currency translation effect on foreign goodwill balances	0.8	(1)
Goodwill, ending balance	399.1	389.4
Off Road
Goodwill [Roll Forward]
Goodwill, beginning balance	116.6	110.7
Goodwill acquired and related adjustments	0.4
Goodwill acquired and related adjustments		4.2
Currency translation effect on foreign goodwill balances		(0.3)
Goodwill, ending balance	117	114.6
On Road
Goodwill [Roll Forward]
Goodwill, beginning balance	50.7	48.4
Currency translation effect on foreign goodwill balances	0.8	(0.7)
Goodwill, ending balance	51.5	47.7
Marine
Goodwill [Roll Forward]
Goodwill, beginning balance	227.1	227.1
Goodwill acquired and related adjustments	3.5
Goodwill, ending balance	$ 230.6	$ 227.1

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	18 years
Accumulated amortization	$ (113)
Total other intangible assets, net	672		$ 609.2
Total other intangible assets, net	$ 559		$ 512
Amortizable - dealer/customer related
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	19 years		19 years
Cost	$ 341.1		$ 341.2
Accumulated amortization	(110.4)		(97.2)
Net	$ 230.7		244
Amortizable - developed technology
Intangible Assets by Major Class [Line Items]
Weighted-average useful life (years)	10 years
Cost		$ 62.7
Accumulated amortization	$ (2.6)
Net	60.1
Non-amortizable - brand/trade names
Intangible Assets by Major Class [Line Items]
Non-amortizable—brand/trade names	$ 268.2		$ 268

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Goodwill [Line Items]
Weighted-average useful life (years)	18 years		18 years
Amortization of intangible assets	$ 6	$ 4.4	$ 15.9	$ 13.3
Estimated Future Amortization Expense by Fiscal Year [Abstract]
Remainder 2024	6		6
2025	23.9		23.9
2026	23.9		23.9
2027	23.9		23.9
2028	23.9		23.9
2029	$ 23.9		$ 23.9
Amortizable - developed technology
Goodwill [Line Items]
Intangible asset					$ 62.7
Weighted-average useful life (years)	10 years		10 years

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Repurchase and retirement of common stock		$ 58.3	$ 82.3	$ 159.4
Share repurchase program, authorized, amount	$ 1,109.3		$ 1,109.3
Common stock excluded from calculation of diluted earnings per share (shares)	2.9	1	2.7	1.4
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase and retirement of common stock (shares)		0.5	1	1.4

Shareholders' Equity - Cash Div

Shareholders' Equity - Cash Dividends Declared Per Common Share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Cash dividends declared and paid per common share (in dollars per share)	$ 0.66	$ 0.65	$ 1.98	$ 1.95

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Weighted Average Number of Shares (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average number of common shares outstanding (in shares)	55.8	56.6	56.1	56.8
Director Plan and deferred stock units (in shares)	0.2	0.2	0.3	0.2
ESOP (in shares)	0.2	0.2	0.2	0.2
Common shares outstanding - basic (in shares)	56.2	57	56.6	57.2
Common and potential common shares outstanding - diluted (in shares)	56.5	57.8	56.9	57.9
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of stock (in shares)	0.2	0.4	0.2	0.4
Stock options award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of stock (in shares)	0.1	0.4	0.1	0.3

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2023	$ (57.5)
Reclassification to the statement of income	(11.2)
Change in fair value	(17.6)
Balance as of September 30, 2024	(86.3)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2023	(62.6)
Balance as of September 30, 2024	(77.5)
Cash Flow Hedging | Foreign currency contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2023	1.7
Reclassification to the statement of income	(10.7)
Change in fair value	(2.7)
Balance as of September 30, 2024	(11.7)
Retirement Plan Activity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 31, 2023	3.4
Reclassification to the statement of income	(0.5)
Balance as of September 30, 2024	$ 2.9

Financial Services Arrangemen_2

Financial Services Arrangements - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Investment in affiliates	$ 140	$ 141.1
Trade receivables, net	223.7	$ 306.4
Polaris Acceptance
Investments in and Advances to Affiliates [Line Items]
Net amount financed for dealers	1,889.2
Aggregate repurchase obligation, amount	$ 219.1
Polaris Acceptance | Polaris Acceptance
Investments in and Advances to Affiliates [Line Items]
Equity method investment ownership percentage	50%
Huntington Bancshares Incorporated
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, amount	$ 145.2
Other
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, amount	$ 43.1
Polaris Acceptance | Maximum
Investments in and Advances to Affiliates [Line Items]
Aggregate repurchase obligation, percentage	15%
Huntington Bancshares Incorporated | 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	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrual for the probable payment of pending claims	$ 159.9

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Carrying Values of Derivative Instruments (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, Notional Amount	$ 769.3	$ 734.9
Fair Value — Assets	1.5	9.5
Fair Value — Liabilities	(12.5)	(5.3)
Foreign currency contracts
Derivative [Line Items]
Derivative, Notional Amount	306.2	250.3
Fair Value — Assets	1.3	6.5
Fair Value — Liabilities	(7.4)	(1.9)
Interest rate contracts
Derivative [Line Items]
Derivative, Notional Amount	400	400
Fair Value — Assets	0	0.9
Fair Value — Liabilities	(1.6)	0
Commodity contracts
Derivative [Line Items]
Derivative, Notional Amount	63.1	84.6
Fair Value — Assets	0.2	2.1
Fair Value — Liabilities	$ (3.5)	$ (3.4)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign currency contracts
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	$ (2.4)	$ 13.2	$ 6.5	$ 17.7
Loss Recognized in OCI	(3.1)	(1.2)	(7.3)	0.7
Interest rate contracts
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	1.5	2.3	4.5	7.4
Loss Recognized in OCI	(4.9)	1	(1.9)	1.6
Commodity contracts
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	0.8	0.9	(0.3)	0.1
Loss Recognized in OCI	(3)	(0.2)	(4.2)	1.2
Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	(0.1)	16.4	10.7	25.2
Loss Recognized in OCI	$ (11)	$ (0.4)	$ (13.4)	$ 3.5

Segment Reporting (Details)

Segment Reporting (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Revenue	$ 1,722.4	$ 2,248.9	$ 5,420	$ 6,645.2
Gross profit	354.6	508.8	1,108.9	1,483
Off Road
Segment Reporting Information [Line Items]
Revenue	1,400	1,844.4	4,269.5	5,067.6
On Road
Segment Reporting Information [Line Items]
Revenue	236.5	270.3	807	955.4
Marine
Segment Reporting Information [Line Items]
Revenue	85.9	134.2	343.5	622.2
Operating segments | Off Road
Segment Reporting Information [Line Items]
Revenue	1,400	1,844.4	4,269.5	5,067.6
Gross profit	297.4	425.5	852.6	1,122.6
Operating segments | On Road
Segment Reporting Information [Line Items]
Revenue	236.5	270.3	807	955.4
Gross profit	39.9	57.7	161.4	208.7
Operating segments | Marine
Segment Reporting Information [Line Items]
Revenue	85.9	134.2	343.5	622.2
Gross profit	10.6	24.3	56.9	143.3
Corporate
Segment Reporting Information [Line Items]
Gross profit	$ 6.7	$ 1.3	$ 38	$ 8.4