Polaris 2014 Annual Report Download - page 72

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POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, December 31,
2014 2013
Assets
Current Assets:
Cash and cash equivalents ........................................ $ 137,600 $ 92,248
Trade receivables, net ........................................... 204,876 186,213
Inventories, net ............................................... 565,685 417,948
Prepaid expenses and other ....................................... 71,526 63,716
Income taxes receivable ......................................... 2,691 12,217
Deferred tax assets ............................................ 114,177 93,356
Total current assets ................................................... 1,096,555 865,698
Property and equipment:
Land, buildings and improvements .................................. 272,802 228,916
Equipment and tooling .......................................... 826,997 701,101
1,099,799 930,017
Less: accumulated depreciation .................................... (544,371) (474,850)
Property and equipment, net ............................................ 555,428 455,167
Investment in finance affiliate ........................................... 89,107 69,217
Deferred tax assets ................................................... 41,201 18,616
Goodwill and other intangible assets, net .................................... 223,966 229,708
Other long-term assets ................................................ 68,678 47,082
Total assets ........................................................ $2,074,935 $1,685,488
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of capital lease obligations ............................... $ 2,528 $ 3,281
Accounts payable ................................................. 343,470 238,044
Accrued expenses:
Compensation ................................................ 102,379 143,504
Warranties .................................................. 53,104 52,818
Sales promotions and incentives .................................... 138,630 123,089
Dealer holdback .............................................. 120,093 100,600
Other ..................................................... 79,262 77,480
Income taxes payable .............................................. 11,344 9,254
Total current liabilities ................................................ 850,810 748,070
Long-term income taxes payable .......................................... 10,568 14,292
Capital lease obligations ............................................... 23,620 3,842
Long-term debt ..................................................... 200,000 280,500
Deferred tax liabilities ................................................ 18,191 25,028
Other long-term liabilities .............................................. 96,951 69,730
Total liabilities ..................................................... $1,200,140 $1,141,462
Deferred compensation ................................................ 13,528 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, 66,307 and 65,623 shares
issued and outstanding, respectively ................................... $ 663 $ 656
Additional paid-in capital ........................................... 486,005 360,616
Retained earnings ................................................ 401,840 155,572
Accumulated other comprehensive income (loss), net ........................ (27,241) 18,761
Total shareholders’ equity .............................................. 861,267 535,605
Total liabilities and shareholders’ equity .................................... $2,074,935 $1,685,488
The accompanying footnotes are an integral part of these consolidated statements.
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