Polaris 2014 Annual Report Download - page 76

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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year Ended December 31,
2014 2013 2012
Operating Activities:
Net income ......................................... $ 454,029 $ 377,292 $ 312,310
Loss from discontinued operations ........................ — 3,777 —
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................ 127,507 92,100 70,580
Noncash compensation ............................. 63,183 57,893 35,420
Noncash income from financial services ................. (18,645) (4,983) (3,899)
Deferred income taxes .............................. (50,388) (5,892) (28,901)
Tax effect of share-based compensation exercises ........... (36,966) (28,621) (29,892)
Other, net ....................................... 6,124 7,414 179
Changes in operating assets and liabilities:
Trade receivables .............................. (24,174) (54,055) 2,413
Inventories ................................... (158,476) (52,049) (36,029)
Accounts payable .............................. 105,783 51,519 21,371
Accrued expenses .............................. 30,664 53,278 39,269
Income taxes payable/receivable .................... 45,324 33,398 51,120
Prepaid expenses and others, net ................... (14,695) (31,919) (17,831)
Cash provided by continuing operations ........................ 529,270 499,152 416,110
Cash used for discontinued operations ......................... — (6,912) —
Net cash provided by operating activities ....................... 529,270 492,240 416,110
Investing Activities:
Purchase of property and equipment ....................... (205,079) (251,401) (103,083)
Investment in finance affiliate ............................ (32,582) (19,251) (18,400)
Distributions from finance affiliate ........................ 31,337 12,005 7,562
Investment in other affiliates ............................. (12,445) (10,934) (7,996)
Acquisition of businesses, net of cash acquired ................ (28,013) (137,104) (41,135)
Net cash used for investing activities .......................... (246,782) (406,685) (163,052)
Financing Activities:
Borrowings under debt arrangements / capital lease obligations .... 2,146,457 776,669 2,437
Repayments under debt arrangements / capital lease obligations . . . (2,228,587) (597,492) (7,478)
Repurchase and retirement of common shares ................ (81,812) (530,033) (127,525)
Cash dividends to shareholders ........................... (126,908) (113,722) (101,534)
Proceeds from stock issuances under employee plans ........... 31,313 26,922 41,696
Tax effect of proceeds from share-based compensation exercises . . . 36,966 28,621 29,892
Net cash used for financing activities .......................... (222,571) (409,035) (162,512)
Impact of currency exchange rates on cash balances ............... (14,565) (1,287) 1,133
Net increase (decrease) in cash and cash equivalents .............. 45,352 (324,767) 91,679
Cash and cash equivalents at beginning of period ................. 92,248 417,015 325,336
Cash and cash equivalents at end of period ..................... $ 137,600 $ 92,248 $ 417,015
Noncash Activity:
Property and equipment obtained through capital leases ......... $ 24,908 $ — $ —
Supplemental Cash Flow Information:
Interest paid on debt borrowings .......................... $ 11,259 $ 6,076 $ 5,932
Income taxes paid .................................... $ 261,550 $ 162,647 $ 143,510
The accompanying footnotes are an integral part of these consolidated statements.
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