Polaris 2015 Annual Report Download - page 75

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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Years Ended December 31,
2015 2014 2013
Operating Activities:
Net income ........................................... $ 455,361 $ 454,029 $ 377,292
Loss from discontinued operations .......................... — — 3,777
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .......................... 152,138 127,507 92,100
Noncash compensation ............................... 61,929 63,183 57,893
Noncash income from financial services ................... (29,405) (18,645) (4,983)
Deferred income taxes ............................... (16,343) (50,388) (5,892)
Tax effect of share-based compensation exercises ............. (34,654) (36,966) (28,621)
Other, net ........................................ 6,802 6,124 7,414
Changes in operating assets and liabilities:
Trade receivables ................................ 48,798 (24,174) (54,055)
Inventories .................................... (148,725) (158,476) (52,049)
Accounts payable ................................ (46,095) 105,783 51,519
Accrued expenses ................................ 9,182 30,664 53,278
Income taxes payable/receivable ...................... (247) 45,324 33,398
Prepaid expenses and others, net ..................... (18,510) (14,695) (31,919)
Cash provided by continuing operations .......................... 440,231 529,270 499,152
Cash used for discontinued operations ........................... — — (6,912)
Net cash provided by operating activities ......................... 440,231 529,270 492,240
Investing Activities:
Purchase of property and equipment ......................... (249,485) (205,079) (251,401)
Investment in finance affiliate .............................. (23,087) (32,582) (19,251)
Distributions from finance affiliate .......................... 42,527 31,337 12,005
Investment in other affiliates .............................. (17,848) (12,445) (10,934)
Acquisition of businesses, net of cash acquired .................. (41,195) (28,013) (137,104)
Net cash used for investing activities ............................ (289,088) (246,782) (406,685)
Financing Activities:
Borrowings under debt arrangements / capital lease obligations ...... 2,631,067 2,146,457 776,669
Repayments under debt arrangements / capital lease obligations ...... (2,385,480) (2,228,587) (597,492)
Repurchase and retirement of common shares .................. (293,616) (81,812) (530,033)
Cash dividends to shareholders ............................. (139,285) (126,908) (113,722)
Proceeds from stock issuances under employee plans ............. 32,535 31,313 26,922
Tax effect of proceeds from share-based compensation exercises ...... 34,654 36,966 28,621
Net cash used for financing activities ............................ (120,125) (222,571) (409,035)
Impact of currency exchange rates on cash balances ................. (13,269) (14,565) (1,287)
Net increase (decrease) in cash and cash equivalents ................ 17,749 45,352 (324,767)
Cash and cash equivalents at beginning of period ................... 137,600 92,248 417,015
Cash and cash equivalents at end of period ....................... $ 155,349 $ 137,600 $ 92,248
Noncash Activity:
Property and equipment obtained through capital leases and notes
payable ............................................ $ 14,500 $ 24,908 —
Supplemental Cash Flow Information:
Interest paid on debt borrowings ............................ $ 11,451 $ 11,259 $ 6,076
Income taxes paid ...................................... $ 244,328 $ 261,550 $ 162,647
The accompanying footnotes are an integral part of these consolidated statements.
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