Polaris 2015 Annual Report Download - page 71

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POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, December 31,
2015 2014
Assets
Current Assets:
Cash and cash equivalents ........................................... $ 155,349 $ 137,600
Trade receivables, net .............................................. 150,778 204,876
Inventories, net .................................................. 710,001 565,685
Prepaid expenses and other .......................................... 92,422 71,526
Income taxes receivable ............................................ 46,175 2,691
Deferred tax assets ................................................ — 114,177
Total current assets ................................................... 1,154,725 1,096,555
Property and equipment:
Land, buildings and improvements ..................................... 301,874 272,802
Equipment and tooling ............................................. 995,449 826,997
1,297,323 1,099,799
Less: accumulated depreciation ....................................... (646,645) (544,371)
Property and equipment, net ............................................ 650,678 555,428
Investment in finance affiliate ........................................... 99,073 89,107
Deferred tax assets ................................................... 166,538 41,201
Goodwill and other intangible assets, net .................................... 236,117 223,966
Other long-term assets ................................................ 80,331 68,678
Total assets ........................................................ $2,387,462 $2,074,935
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of debt, capital lease obligations, and notes payable .............. $ 5,059 $ 2,528
Accounts payable ................................................. 299,660 343,470
Accrued expenses:
Compensation ................................................ 106,486 102,379
Warranties .................................................. 56,474 53,104
Sales promotions and incentives .................................... 141,057 138,630
Dealer holdback .............................................. 123,276 120,093
Other ..................................................... 88,030 79,262
Income taxes payable .............................................. 6,741 11,344
Total current liabilities ................................................ 826,783 850,810
Long-term income taxes payable .......................................... 23,416 10,568
Capital lease obligations ............................................... 19,660 23,620
Long-term debt ..................................................... 438,560 200,000
Deferred tax liabilities ................................................ 13,733 18,191
Other long-term liabilities .............................................. 74,188 96,951
Total liabilities ..................................................... $1,396,340 $1,200,140
Deferred compensation ................................................ 9,645 13,528
Shareholders’ equity:
Preferred stock $0.01 par value, 20,000 shares authorized, no shares issued and
outstanding ................................................... — —
Common stock $0.01 par value, 160,000 shares authorized, 65,309 and 66,307 shares
issued and outstanding, respectively ................................... $ 653 $ 663
Additional paid-in capital ........................................... 596,143 486,005
Retained earnings ................................................ 447,173 401,840
Accumulated other comprehensive loss, net ............................... (62,492) (27,241)
Total shareholders’ equity .............................................. 981,477 861,267
Total liabilities and shareholders’ equity .................................... $2,387,462 $2,074,935
The accompanying footnotes are an integral part of these consolidated statements.
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