Polaris 2011 Annual Report Download - page 64

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POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31,
2011 2010
ASSETS
Current Assets:
Cash and cash equivalents ......................................................... $ 325,336 $ 393,927
Trade receivables, net ............................................................ 115,302 89,294
Inventories, net .................................................................. 298,042 235,927
Prepaid expenses and other ........................................................ 37,608 21,628
Income taxes receivable ........................................................... 24,723 —
Deferred tax assets ............................................................... 77,665 67,369
Total current assets ...................................................... 878,676 808,145
Property and Equipment:
Land, buildings and improvements .................................................. 123,771 118,831
Equipment and tooling ............................................................ 524,382 488,562
648,153 607,393
Less accumulated depreciation ............................................................. (434,375) (423,382)
Property and equipment, net ........................................................... 213,778 184,011
Investments in finance affiliate ............................................................. 42,251 37,169
Investments in other affiliates .............................................................. 5,000 1,009
Deferred tax assets ....................................................................... 10,601 —
Goodwill and other intangible assets, net ..................................................... 77,718 31,313
Total Assets ........................................................................ $1,228,024 $1,061,647
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term borrowings under credit agreement .............................. — $ 100,000
Current portion of capital lease obligations ................................................ $ 2,653 —
Accounts payable .................................................................... 146,743 113,248
Accrued expenses:
Compensation .................................................................. 187,671 126,781
Warranties ..................................................................... 44,355 32,651
Sales promotions and incentives .................................................... 81,228 75,494
Dealer holdback ................................................................. 76,512 79,688
Other ......................................................................... 75,730 53,744
Income taxes payable ................................................................. 639 2,604
Total current liabilities ............................................................ 615,531 584,210
Long term income taxes payable ............................................................ 7,837 5,509
Deferred income taxes .................................................................... — 937
Capital lease obligations .................................................................. 4,600 —
Long-term debt ......................................................................... 100,000 100,000
Total liabilities .................................................................. 727,968 690,656
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, 68,430 and 68,468 shares issued and
outstanding ....................................................................... 684 685
Additional paid-in capital ............................................................. 165,518 79,239
Retained earnings .................................................................... 321,831 285,169
Accumulated other comprehensive income, net ............................................ 12,023 5,898
Total shareholders’ equity ......................................................... 500,056 370,991
Total Liabilities and Shareholders’ Equity ...................................... $1,228,024 $1,061,647
The accompanying footnotes are an integral part of these consolidated statements.
Shares outstanding, common stock, additional paid-in-capital, retained earnings and per share data
have been adjusted to give effect to the two-for-one stock split declared on July 20, 2011, paid on
September 12, 2011 to shareholders of record on September 2, 2011.
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