Polaris 2013 Annual Report Download - page 70

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, December 31,
2013 2012
ASSETS
Current Assets:
Cash and cash equivalents ........................................ $ 92,248 $ 417,015
Trade receivables, net ........................................... 186,213 119,769
Inventories, net ............................................... 417,948 344,996
Prepaid expenses and other ....................................... 63,716 34,039
Income taxes receivable ......................................... 12,217 15,730
Deferred tax assets ............................................ 93,356 86,292
Total current assets ................................................... 865,698 1,017,841
Property and equipment:
Land, buildings and improvements .................................. 228,916 133,688
Equipment and tooling .......................................... 701,101 557,880
930,017 691,568
Less: accumulated depreciation .................................... (474,850) (438,199)
Property and equipment, net ............................................ 455,167 253,369
Investment in finance affiliate ........................................... 69,217 56,988
Investment in other affiliates ............................................ 15,956 12,817
Deferred tax assets ................................................... 18,616 24,424
Goodwill and other intangible assets, net .................................... 229,708 107,216
Other long-term assets ................................................ 31,126 15,872
Total assets ........................................................ $1,685,488 $1,488,527
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of capital lease obligations ............................... $ 3,281 $ 2,887
Accounts payable ................................................. 238,044 169,036
Accrued expenses:
Compensation ................................................ 143,504 139,140
Warranties .................................................. 52,818 47,723
Sales promotions and incentives .................................... 123,089 107,008
Dealer holdback .............................................. 100,600 86,733
Other ..................................................... 77,480 68,529
Income taxes payable .............................................. 9,254 4,973
Current liabilities of discontinued operations .............................. — 5,000
Total current liabilities ................................................ 748,070 631,029
Long-term income taxes payable .......................................... 14,292 7,063
Capital lease obligations ............................................... 3,842 4,292
Long-term debt ..................................................... 280,500 100,000
Deferred tax liabilities ................................................ 25,028 2,035
Other long-term liabilities .............................................. 69,730 53,578
Total liabilities ..................................................... $1,141,462 $ 797,997
Deferred compensation ................................................ $ 8,421 —
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, 65,623 and 68,647 shares
issued and outstanding, respectively ................................... $ 656 $ 686
Additional paid-in capital ........................................... 360,616 268,515
Retained earnings ................................................ 155,572 409,091
Accumulated other comprehensive income, net ............................ 18,761 12,238
Total shareholders’ equity .............................................. 535,605 690,530
Total liabilities and shareholders’ equity .................................... $1,685,488 $1,488,527
The accompanying footnotes are an integral part of these consolidated statements.
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