Polaris 2010 Annual Report Download - page 56

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POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
2010 2009
December 31,
ASSETS
Current Assets:
Cash and cash equivalents ......................................... $ 393,927 $ 140,240
Trade receivables, net ............................................. 89,294 90,405
Inventories, net ................................................. 235,927 179,315
Prepaid expenses and other ......................................... 21,628 20,638
Deferred tax assets ............................................... 67,369 60,902
Total current assets ............................................. 808,145 491,500
Property and Equipment:
Land, buildings and improvements ................................... 118,831 118,304
Equipment and tooling ............................................ 488,562 454,023
607,393 572,327
Less accumulated depreciation ...................................... (423,382) (377,911)
Property and equipment, net .......................................... 184,011 194,416
Investments in finance affiliate ........................................ 37,169 41,332
Investments in manufacturing affiliates .................................. 1,009 10,536
Goodwill and other intangible assets, net ................................ 31,313 25,869
Total Assets .................................................. $1,061,647 $ 763,653
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term borrowings under credit agreement ............. $ 100,000 —
Accounts payable ................................................ 113,248 $ 75,657
Accrued expenses:
Compensation................................................. 126,781 55,313
Warranties . .................................................. 32,651 25,520
Sales promotions and incentives ................................... 75,494 67,055
Dealer holdback ............................................... 79,688 72,229
Other ....................................................... 52,194 38,748
Income taxes payable ............................................. 2,604 6,702
Current liabilities of discontinued operations ............................ 1,550 1,850
Total current liabilities .......................................... 584,210 343,074
Long term income taxes payable ...................................... 5,509 4,988
Deferred income taxes .............................................. 937 11,050
Long-term borrowings under credit agreement ............................ 100,000 200,000
Total liabilities ................................................ 690,656 559,112
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, 34,234 and
32,648 shares issued and outstanding................................ 342 326
Additional paid-in capital .......................................... 79,257 9,992
Retained earnings ................................................ 285,494 191,399
Accumulated other comprehensive income, net .......................... 5,898 2,824
Total shareholders’ equity ........................................ 370,991 204,541
Total Liabilities and Shareholders’ Equity ........................ $1,061,647 $ 763,653
The accompanying footnotes are an integral part of these consolidated statements.
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