Polaris 2008 Annual Report Download - page 55

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POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
2008 2007
December 31,
ASSETS
Current Assets:
Cash and cash equivalents .......................................... $ 27,127 $ 63,281
Trade receivables, net ............................................. 98,598 82,884
Inventories, net .................................................. 222,312 218,342
Prepaid expenses and other ......................................... 14,924 17,643
Income taxes receivable ............................................ 4,521 —
Deferred tax assets................................................ 76,130 65,406
Total current assets.............................................. 443,612 447,556
Property and Equipment:
Land, buildings and improvements .................................... 117,396 105,377
Equipment and tooling ............................................. 478,793 463,757
596,189 569,134
Less accumulated depreciation ....................................... (380,552) (364,783)
Property and equipment, net .......................................... 215,637 204,351
Investments in finance affiliate ......................................... 51,565 53,801
Investments in manufacturing affiliates................................... 15,641 32,110
Deferred tax assets ................................................. — 5,572
Goodwill, net ..................................................... 24,693 26,447
Intangible and other assets, net ........................................ — 44
Total Assets .................................................. $751,148 $ 769,881
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable................................................. $115,986 $ 90,045
Accrued expenses:
Compensation ................................................. 56,567 55,465
Warranties .................................................... 28,631 31,782
Sales promotions and incentives .................................... 75,211 79,233
Dealer holdback ................................................ 80,941 83,867
Other ........................................................ 42,274 40,746
Income taxes payable .............................................. 3,373 4,806
Current liabilities of discontinued operations............................. 1,850 2,302
Total current liabilities ........................................... 404,833 388,246
Long term income taxes payable ....................................... 5,103 8,653
Deferred income taxes ............................................... 4,185 —
Borrowings under credit agreement ..................................... 200,000 200,000
Total liabilities ................................................. $614,121 $ 596,899
Shareholders’ Equity:
Preferred stock $0.01 par value, 20,000 shares authorized, no shares issued and
outstanding ................................................... — —
Common stock $0.01 par value, 80,000 shares authorized, 32,492 and
34,212 shares issued and outstanding ................................ $ 325 $ 342
Additional paid-in capital ........................................... — —
Retained earnings ................................................ 140,559 146,763
Accumulated other comprehensive income (loss), net ...................... (3,857) 25,877
Total shareholders’ equity......................................... 137,027 172,982
Total Liabilities and Shareholders’ Equity ......................... $751,148 $ 769,881
All periods presented reflect the classification of the marine division financial results as discontinued operations.
The accompanying footnotes are an integral part of these consolidated statements.
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