Polaris 2010 Annual Report Download

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POLARIS I N D U S T R I E S I N C. ANNUAL REPORT

Table of contents

  • Page 1
    POLARIS INDUSTRIES INC. ANNUAL REPORT

  • Page 2
    2010 HIGHLIGHTS $ 1,991 04 05 06 07 08 09 10 RECORD SALES $ DOLLARS IN MILLIONS SALES FROM CONTINUING OPERATIONS DOLLARS IN MILLIONS NET INCOME PER SHARE FROM CONTINUING OPERATIONS $1,991 $1,566 $1,948 $1,780 $1,657 $1,870 $1,773 $1,552 $1,468 $1,427 01 02 03 $4.28 $3.05 $3.50 $3.10 $ 2.72 ...

  • Page 3
    ... Polaris estimate SALES (dollars in millions) Year ended December 31 WORLDWIDE INDUSTRY (units in thousands) Season ended March 31 » gAINED MARKET ShARE SEASON-TO-DATE » NEw MODEL yEAR (My) '11 SNOwMObILES wELL RECEIvED » DEALER INvENTORy AT hEALThy LEvELS SNOWMOBILES 69% OFF-ROAD VEHICLES...

  • Page 4
    ...$82 $252 184 09 AUSTRALIA & NEW ZEALAND 163 10 ON-ROAD VEHICLES 8% 8% LATIN AMERICA MIDDLE EAST & AFRICA 18% SNOWMOBILES 08 09 10 SALES (dollars in millions) Year ended December 31 NORTH AMERICAN INDUSTRY MOTORCYCLES SALES (units in thousands) Cruisers and Touring (1400cc and above...

  • Page 5
    ..., ORV sales were up 35 percent in 2010, and with the 2011 New Year's Day launch of the world's first XTREME PERFORMANCE side-byTM side, the RANGER RZR XP, there is great potential for another year of strong growth. Innovation also fuels growth across our other product lines, from the market-leading...

  • Page 6
    ...another important adjacent-market opportunity. While our military business generated lower-than-anticipated sales and earnings in 2010, the team's success in developing new products, advanced technology and stronger customer relationships positioned us well for 2011 and beyond. Results of their work...

  • Page 7
    ...exclamation point in ORV in 2010, achieving an unprecedented 15 percent year-over-year North American retail sales growth, well outpacing overall market growth and our own expectations. The big ORV story, again, was with side-by-side vehicles (SxS). Building on our firm foundation in the premium end...

  • Page 8
    ... close and eventually sell our Osceola, Wisconsin, facility after 19 years of operation - the move was necessary to make us more globally competitive. The key benefit of our manufacturing flexibility is higher customer satisfaction with less waste, resulting in higher profits for both us and dealers...

  • Page 9
    ...high-end ORVs like the Sportsman® XP 850 and ® RANGER CREW. In 2011, we'll test snowmobiles in northern cities, and are lining up Chinese dealers to introduce Victory motorcycles in 2012. But simply building a distribution network isn't enough to ensure long-term success in an emerging market. "We...

  • Page 10
    ... Operation," located in the Form 10-K included in this report. FOR tHE YEARS ENDED DECEMBER 31, Statement of Operations Data Sales Data: Total sales Percent change from prior year Sales mix by product: Off-Road Vehicles Snowmobiles On-Road Vehicles Parts, garments and accessories Gross Profit Data...

  • Page 11
    2006 2005 2004 2003 2002 2001 2000 $ 1,656.5 -11% 67% 10% 7% 16% $ 1,869.8 5% 66% 14% 5% 15% $ 1,773.2 14% 66% 16% 4% 14% $ 1,552.4 6% 67% 15% 4% 14% $ 1,468.2 3% 64% 20% 2% 14% $ 1,427.4 8% 58% 26% 1% 15% $ 1,327.0 7% 62% 23% 1% 14% $ 359.4 21.7% 238.4 14.4% 112.8 6.8% 2.72 ...

  • Page 12
    BOARD OF DIRECtORS AND CORPORAtE OFFICERS b OARD OF DIRECTORS Scott W. Wine Chief Executive Officer of Polaris Industries Inc. Committee: Technology Annette K. Clayton Vice President, Global Supply Chain and Fulfillment, Dell Corp. Committees: Compensation, Technology William G. Van Dyke Retired ...

  • Page 13
    ... Bank website at www.wellsfargo.com. Internet Access To view the Company's annual report and financial information, products and specifications, press releases, dealer locations and product brochures, access Polaris on the Internet at: www.polarisindustries.com www.victory-usa.com Investor Relations...

  • Page 14
    ...New York Stock Exchange on such date. As of February 16, 2011, 34,097,865 shares of Common Stock, $.01 par value, of the registrant were outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant's Annual Report to Shareholders for the year ended December 31, 2010 (the "2010 Annual...

  • Page 15
    ... ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships and Related Transactions, and Director Independence ...Principal Accounting Fees and Services ...PART IV Exhibits, Financial Statement Schedules...

  • Page 16
    ...-Road"), including motorcycles and low emission vehicles ("LEV"), together with the related replacement parts, garments and accessories ("PG&A"). These products are sold through dealers and distributors principally located in the United States, Canada and Europe. Sales of ORVs, snowmobiles, on-road...

  • Page 17
    ... American market. Other major cruiser and touring motorcycle manufacturers include BMW of North America, LLC ("BMW") Harley Davidson, Inc., Honda, Yamaha, Kawasaki and Suzuki. We introduced our initial LEV product, the Polaris Breeze», in 2009, which is an electric powered vehicle primarily used in...

  • Page 18
    ... vehicle, the Polaris Breeze. We have three 2011 LEV models with a suggested United States retail price of approximately $8,000. Parts, Garments and Accessories. We produce or supply a variety of replacement parts and accessories for our ORVs, snowmobiles, motorcycles and LEVs. ORV accessories...

  • Page 19
    ... production of value-priced smaller adult ATV models and in 2008 to include a youth side-by-side vehicle, the RANGER RZR» 170. In 2002, we entered into an agreement with a German manufacturer to co-design, develop and produce four-stroke engines for snowmobiles. In 2006, we entered into a long-term...

  • Page 20
    ... approximately 130 countries outside of North America. We sell our snowmobiles directly to dealers in the snowbelt regions of the United States and Canada. Many dealers and distributors of our snowmobiles also distribute our ORVs. At the end of 2010, approximately 700 Polaris dealers were located in...

  • Page 21
    ... discount or rebate programs, retail financing or other incentives for our dealers and distributors to remain price competitive in order to accelerate retail sales to consumers and gain market share. We advertise our products directly to consumers using print advertising in the industry press and in...

  • Page 22
    ... square-foot research and development facility in Wyoming, Minnesota for engineering, design and development personnel for our line of engines and powertrains, ORVs and Victory motorcycles. The total cost of the facility was approximately $35.0 million. In 2010, we acquired Swissauto Powersports Ltd...

  • Page 23
    ... vehicle, snowmobile, motorcycle and low emission vehicle markets in the United States and Canada are highly competitive. Competition in such markets is based upon a number of factors, including price, quality, reliability, styling, product features and warranties. At the dealer level, competition...

  • Page 24
    ... in some cases have designed features and kits to be installed on our vehicles to make lead-containing parts inaccessible. We believe that our products meet the terms of the Stay and we are currently selling youth products. The CPSC recently extended the Stay until December 31, 2011. However, if the...

  • Page 25
    .... We have developed engine and emission technologies and met these requirements nationwide in model year 2010. Our products are also subject to international laws and regulations related to emissions in places where we sell our products outside the United States. Europe currently regulates emissions...

  • Page 26
    ... governance materials should write to Polaris Industries Inc., 2100 Highway 55, Medina, Minnesota 55340, Attention: Investor Relations. Information contained on our website is not part of this report. Forward-Looking Statements This 2010 Annual Report contains not only historical information...

  • Page 27
    ...early career in various product development, marketing and operations management positions of increasing responsibility. Mr. Balan joined Polaris in July 2009 as Vice President - Corporate Development. Prior to joining Polaris, Mr. Balan was Director of Marketing and Strategy for United Technologies...

  • Page 28
    ... Polaris, Mr. Fisher was employed by MTS Systems for 15 years in various positions in information services, software engineering, control product development, and general management. Before that time, Mr. Fisher worked as a civil engineer for Anderson-Nichols and he later joined Autocon Industries...

  • Page 29
    ... or product recalls could have a material adverse impact on the results of operations. We provide a limited warranty for ORVs for a period of six months and for a period of one year for our snowmobiles and motorcycles. We may provide longer warranties related to certain promotional programs, as well...

  • Page 30
    ... vehicle markets are highly competitive. Competition in such markets is based upon a number of factors, including price, quality, reliability, styling, product features and warranties. At the dealer level, competition is based on a number of factors including sales and marketing support programs...

  • Page 31
    .... Weakening of, and fluctuations in, economic conditions affecting disposable consumer income such as employment levels, business conditions, changes in housing market conditions, capital markets, tax rates, savings rates, interest rates, fuel and energy costs, the impacts of natural disasters and...

  • Page 32
    ...a new dealer ordering process could affect our sales and profitability during the transition period. Over the past several years we have been transitioning our North American ORV dealers to the Maximum Velocity Program, an enhanced dealer ordering process. Currently 100 percent of our ORV dealers in...

  • Page 33
    ... of operations. Increases in the cost of raw material, commodity and transportation costs and shortages of certain raw materials could negatively impact our business. The primary commodities used in manufacturing our products are aluminum, steel and plastic resins as well as diesel fuel to transport...

  • Page 34
    ... risks include: • increased costs of customizing products for foreign countries; • difficulties in managing and staffing international operations and increases in infrastructure costs including legal, tax, accounting, and information technology; • the imposition of additional United States and...

  • Page 35
    ... new product introductions also require significant planning, design, development, and testing at the technological, product, and manufacturing process levels and we may not be able to timely develop product improvements or new products. Our competitors' new products may beat our products to market...

  • Page 36
    ..., assembly lines, paint lines, and sewing lines) used in the manufacture of our products. We make ongoing capital investments in our facilities. These investments have increased production capacity for ORVs, snowmobiles and motorcycles. We believe our manufacturing and distribution facilities are...

  • Page 37
    ...information under the caption "Other Investor Information" appearing on the inside back cover of the Company's 2010 Annual Report is incorporated herein by reference. On February 16, 2011, the last reported sale price for shares of our common stock on the New York Stock Exchange was $77.97 per share...

  • Page 38
    ..., Snowmobiles accounted for 10 percent of 2010 total sales, the On-Road Vehicles Division represented four percent and PG&A represented 17 percent of 2010 total Company sales. The Company sells its products through a network of approximately 1, 600 dealers in North America (United States and Canada...

  • Page 39
    ... ORV products during 2009 compared to 2008. Additionally, we realized select selling price increases on several of the new model year products. Total company sales by product line are as follows: Percent of Total Sales For the Year Ended December 31, Percent Percent Change of Total 2010 vs. Sales...

  • Page 40
    .... Parts, Garments, and Accessories sales increased 10 percent during 2010 compared to 2009 to $344.2 million primarily due to increased ORV, Victory motorcycle and international related PG&A sales. During 2010, we continued to innovate with over 300 accessories introduced for new model year vehicles...

  • Page 41
    ...on-road vehicles, snowmobiles and related PG&A items to dealers given the overall weak economic environment and more dealers transitioning to MVP, which during the initial startup phase inherently requires lower dealer inventory levels. Canada: Canadian sales increased 17 percent in 2010 compared to...

  • Page 42
    ... the gross profit margin percentage in 2010 resulted primarily from higher volume, continued product cost reduction efforts, higher selling prices and beneficial currency movements. These increases were partially offset by manufacturing realignment costs as well as higher sales promotion costs. For...

  • Page 43
    ... millions) 2010 For the Year Ended December 31, Change Change 2009 2010 vs. 2009 2008 2009 vs. 2008 Equity in earnings of Polaris Acceptance ...Income from Securitization Facility ...Income from HSBC, Sheffield and GE Bank retail credit agreements ...Income from other financial services activities...

  • Page 44
    ...core ATV and snowmobile sales promotions and incentives cost environment offset by a reduction in units in dealer inventory during 2010. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if the customer...

  • Page 45
    ...warranties related to certain promotional programs, as well as longer warranties in certain geographical markets as determined by local regulations and market conditions. Our standard warranties require us or our dealers to repair or replace defective products during such warranty periods at no cost...

  • Page 46
    ... by an increased investment in inventory of $56.6 million based on the higher demand for our products, which has resulted in a 27 percent increase in total sales. The Company used the cash flow generated from operations in 2010 to fund investing and financing activities as well as to increase cash...

  • Page 47
    ... (LIBOR) Notional Amount Expiration Date 2009 2009 1.34% 0.98% $25,000,000 $25,000,000 April 2011 April 2011 Each of these interest rate swaps was designated as and met the criteria of cash flow hedges. The fair value of the interest rate swap agreements on December 31, 2010 was a liability of...

  • Page 48
    ...the cost of dealer financing up to certain limits. We have agreed to repurchase products repossessed by the finance companies up to an annual maximum of no more than 15 percent of the average month-end balances outstanding during the prior calendar year. Our financial exposure under these agreements...

  • Page 49
    ... term. During the 2010 second quarter Polaris and HSBC extended the term of the agreement on similar terms to October 2013. In April 2006, a wholly-owned subsidiary of Polaris entered into a multi-year contract with GE Money Bank ("GE Bank") under which GE Bank makes available closed-end installment...

  • Page 50
    ... 2010. From time to time, we utilize foreign exchange hedging contracts to manage our exposure to the Canadian dollar. The United States dollar weakened in relation to the Canadian dollar in 2010, which resulted in a net positive financial impact on our sales and gross margins for the full year 2010...

  • Page 51
    ...models of snowmobiles since 1995, motorcycles since 1998 and ORVs since 2001 at our Osceola, Wisconsin facility. Also, in 1995, we entered into an agreement with Fuji to form Robin. Under the terms of the agreement, we have a 40 percent ownership interest in Robin, which builds engines in the United...

  • Page 52
    ... Registered Public Accounting Firm on Internal Control over Financial Reporting ...Report Of Independent Registered Public Accounting Firm on Consolidated Financial Statements ...Consolidated Balance Sheets as of December 31, 2010 and 2009 ...Consolidated Statements of Income for the Years Ended...

  • Page 53
    Item 8. Financial Statements and Supplementary Data Management's Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting of the Company. This system is designed to provide ...

  • Page 54
    ..., and the related consolidated statements of income, shareholders' equity and comprehensive income, and cash flows for each of the three years in the period ended December 31, 2010, and our report dated March 1, 2011, expressed an unqualified opinion thereon. Minneapolis, Minnesota March 1, 2011 39

  • Page 55
    Report Of Independent Registered Public Accounting Firm on Consolidated Financial Statements The Board of Directors and Shareholders Polaris Industries Inc. We have audited the accompanying consolidated balance sheets of Polaris Industries Inc. and subsidiaries (the Company) as of December 31, 2010 ...

  • Page 56
    ...LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current portion of long-term borrowings under credit agreement ...Accounts payable ...Accrued expenses: Compensation...Warranties ...Sales promotions and incentives ...Dealer holdback ...Other ...Income taxes payable ...Current liabilities of...

  • Page 57
    POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) For the Years Ended December 31, 2010 2009 2008 Sales ...$1,991,139 Cost of sales ...1,460,926 Gross profit ...Operating expenses: Selling and marketing ...Research and development ...General and ...

  • Page 58
    POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (In thousands, except per share data) Number Common Additional of Shares Stock Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Balance, December 31, 2007 ......

  • Page 59
    ...Noncash income from financial services ...Noncash expense from manufacturing affiliates ...Deferred income taxes...Tax effect of stock based compensation exercises ...Changes in current operating items: Trade receivables...Inventories ...Accounts payable ...Accrued expenses ...Income taxes payable...

  • Page 60
    ...off-road vehicles snowmobiles, and on-road vehicles including motorcycles and low emission vehicles. Polaris products, together with related parts, garments and accessories are sold worldwide through a network of dealers, distributors and its subsidiaries located in the United States, Canada, France...

  • Page 61
    ... and Polaris have agreed to close the Robin facility by mid-2011 as the production volume of engines made at the facility has declined significantly in recent years. In the third quarter of 2010, the Company sold its remaining equity investment in the Austrian motorcycle company, KTM Power Sports...

  • Page 62
    ... at cost, which approximates fair value. Such investments consist principally of commercial paper and money market mutual funds. Allowance for doubtful accounts: Polaris' financial exposure to collection of accounts receivable is limited due to its agreements with certain finance companies. For...

  • Page 63
    ... warranties related to certain promotional programs, as well as longer warranties in certain geographical markets as determined by local regulations and market conditions. Polaris' standard warranties require the Company or its dealers to repair or replace defective products during such warranty...

  • Page 64
    POLARIS INDUSTRIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) historical rates for each product line. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if the customer usage rate ...

  • Page 65
    ... of tax. The Company has chosen to disclose comprehensive income in the accompanying consolidated statements of shareholders' equity and comprehensive income. New accounting pronouncements: Improving Disclosure about Fair Value Measurements: In January 2010, the Financial Accounting Standards Board...

  • Page 66
    ...beginning with our quarter ended March 31, 2010. The impact of adopting the new guidance was not material to us. NOTE 2. Share-Based Employee Compensation Share-based plans: Polaris maintains an Omnibus Incentive Plan ("Omnibus Plan") under which the Company grants long-term equity-based incentives...

  • Page 67
    ...the fair market value as of the date of grant. Options become exercisable as of the date of the next annual shareholders meeting following the date of grant and must be exercised no later than 10 years from the date of grant. Under the Polaris Industries Inc. Deferred Compensation Plan for Directors...

  • Page 68
    POLARIS INDUSTRIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) recognized over a weighted-average period of 1.56 years. Included in unrecognized share-based compensation is approximately $15,899,000 related to stock options and $2,707,000 for restricted stock. General stock option ...

  • Page 69
    ...Company's closing stock price on the last trading day of the year. The weighted average fair values at the grant dates of grants awarded under the Restricted Stock Plan for the years ended December 31, 2010, 2009, and 2008 were $57.90, $35.67, and $39.21, respectively. Employee Savings Plans Polaris...

  • Page 70
    ... paid to the finance companies for repurchases and the amount received on the resale of the repossessed product. No material losses have been incurred under these agreements during the periods presented. As a part of its marketing program, Polaris contributes to the cost of dealer financing up to...

  • Page 71
    ... INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 4: Income Taxes Polaris' Income before income taxes was generated from its United States and foreign operations as follows: (In thousands): For the Years Ended December 31, 2010 2009 2008 United States ...$210,155 Foreign ...8,386...

  • Page 72
    ... open to examination by certain tax jurisdictions to which the Company is subject. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: For the Years Ended December 31, 2010 2009 (In thousands): Balance at January 1, ...Gross increases for tax positions...

  • Page 73
    POLARIS INDUSTRIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Shareholder rights plan: During 2000, the Polaris Board of Directors adopted a shareholder rights plan. Under the plan, a dividend of preferred stock purchase rights will become exercisable if a person or group should ...

  • Page 74
    ...Substantially all of Polaris' United States sales are financed through Polaris Acceptance and the Securitization Facility whereby Polaris receives payment within a few days of shipment of the product. The net amount financed for dealers under this arrangement at December 31, 2010, including both the...

  • Page 75
    ...-year contract with GE Money Bank ("GE Bank") under which GE Bank makes available closed-end installment consumer and commercial credit to customers of Polaris dealers for both Polaris and non-Polaris products. In November 2010, the Company extended its installment credit agreement to March 2016...

  • Page 76
    ... and Polaris have agreed to close the Robin facility by mid-2011 as the production volume of engines made at the facility has declined significantly in recent years. In the third quarter of 2010, the Company sold its remaining equity investment in the Austrian motorcycle company, KTM Power Sports...

  • Page 77
    POLARIS INDUSTRIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Future minimum annual lease payments under long-term leases at December 31, 2010, including payments for the Monterrey, Mexico facility and exclusive of other costs required under non-cancelable operating leases were as...

  • Page 78
    ...are recognized in the statement of income. The table below provides data about the amount of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included as a component of Accumulated other comprehensive income for the twelve month periods ended December 31...

  • Page 79
    ...,000 in Cost of sales on commodity contracts not designated as hedging instruments for the twelve month period ended December 31, 2010 and 2009, respectively. Note 10. Manufacturing Realignment In May 2010, the Company announced that it was realigning its manufacturing operations. The realignment...

  • Page 80
    ... and services, (3) production processes, (4) customers, (5) distribution channels, and (6) regulatory environments. Therefore, the Company reports as a single reportable business segment. The following data relates to Polaris' foreign operations: (In thousands) For the Years Ended December 31, 2010...

  • Page 81
    ... to the balance sheet date through the date the consolidated financial statements have been filed. There were no other subsequent events which required recognition or disclosure in the consolidated financial statements. Note 14: Quarterly Financial Data (unaudited) Sales Gross Profit Net Income (In...

  • Page 82
    ... Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based upon that evaluation, the Company's Chief Executive Officer along with the Company's Vice President - Finance and Chief Financial Officer concluded that, as of the end of the period covered by this Annual...

  • Page 83
    ... of the Securities Exchange Act of 1934 will be set forth under the caption "Corporate Governance - Section 16(a) Beneficial Ownership Reporting Compliance" in the Company's 2011 Proxy Statement, to be filed within 120 days after the close of the Company's fiscal year ended December 31, 2010, and is...

  • Page 84
    ...be set forth under the captions "Corporate Governance - Corporate Governance Guidelines and Independence" and "- Certain Relationships and Related Transactions" in the Company's 2011 Proxy Statement to be filed within 120 days after the close of the Company's fiscal year ended December 31, 2010, and...

  • Page 85
    ... 1, 2011 March 1, 2011 March 1, 2011 * Scott W. Wine, pursuant to Powers of Attorney executed by each of the officers and directors listed above whose name is marked by an "*" and filed as an exhibit hereto, by signing his name hereto does hereby sign and execute this report of Polaris Industries...

  • Page 86
    ... Charged to Costs and Expenses Other Changes Add (Deduct)(2) Balance at End of Period Inventory Reserve 2008: Deducted from asset accounts - Allowance for obsolete inventory ...2009: Deducted from asset accounts - Allowance for obsolete inventory ...2010: Deducted from asset accounts - Allowance...

  • Page 87
    ...'s Current Report on Form 8-K filed December 15, 2010. Shareholder Agreement with Fuji Heavy Industries LTD., incorporated by reference to Exhibit 10(k) to the Company's Annual Report on Form 10-K for the year ended December 31, 1994. Polaris Industries Inc. Supplemental Retirement/Savings Plan...

  • Page 88
    ... year ended December 31, 2009.* Polaris Industries Inc. Senior Executive Annual Incentive Compensation Plan, as amended and restated effective January 22, 2009, incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on May 12, 2009.* Polaris Industries Inc. Long...

  • Page 89
    ... of the Annual Report to Security Holders for the Year Ended December 31, 2010 included pursuant to Note 2 to General Instruction G. 21 Subsidiaries of Registrant. 23 Consent of Ernst & Young LLP. 24 Power of Attorney. 31.a Certification of Chief Executive Officer required by Exchange Act Rule...

  • Page 90
    ...'s board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process...

  • Page 91
    ...'s board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process...

  • Page 92
    ...contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein. Date: March 1, 2011 /s/ Scott W. Wine Scott W. Wine Chief Executive Officer A signed original of this...

  • Page 93
    ... - Finance and Chief Financial Officer of Polaris Industries Inc., a Minnesota corporation (the "Company"), hereby certify as follows: 1. This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company's Annual Report on Form 10-K for the period ended December 31, 2010 (the...

  • Page 94
    Polaris Industries Inc. 2100 Highway 55 Medina, MN 55340 763-542-0500 763-542-0599 fax www.polarisindustries.com ©2011 Polaris Industries Inc. All rights reserved. Printed in the USA E Printed on recycled paper containing 10 percent post-consumer fiber. Tracking #: 00076037