XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.20.2

Shareholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2020
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity During the six months ended June 30, 2020, Polaris paid $49.3 million to repurchase approximately 0.6 million shares of its common stock. As of June 30, 2020, the Board of Directors has authorized the Company to repurchase up to an additional 2.6 million shares of Polaris stock. The repurchase of any or all such shares authorized for repurchase will be governed by applicable SEC rules and dependent on management’s assessment of market conditions and subject to the restrictions on share repurchases set forth in the incremental amendment. Polaris paid a regular cash dividend of $0.62 per share on June 15, 2020 to holders of record at the close of business on June 5, 2020. Cash dividends declared and paid per common share for the three and six months ended June 30, 2020 and 2019, were as follows:
|  | Three months ended June 30, |  |  |  | Six months ended June 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Cash dividends declared and paid per common share |  | $ | 0.62 |  |  | $ | 0.61 |  |  | $ | 1.24 |  |  | $ | 1.22 |
Net income (loss) per share Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”) and the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted income (loss) per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in millions):
| Three months ended June 30, |  |  |  | Six months ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average number of common shares outstanding | 61.3 |  |  | 61.1 |  |  | 61.3 |  |  | 61.1 |
Director Plan and deferred stock units | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |
ESOP | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.1 |
Common shares outstanding—basic | 61.6 |  |  | 61.4 |  |  | 61.7 |  |  | 61.4 |
Dilutive effect of Omnibus Plan | — |  |  | 0.8 |  |  | — |  |  | 0.7 |
Common and potential common shares outstanding—diluted | 61.6 |  |  | 62.2 |  |  | 61.7 |  |  | 62.1 |
During the three and six months ended June 30, 2020, the number of options that were not included in the computation of diluted income (loss) per share because the option exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive, was 5.3 million and 5.2 million, respectively, compared to 4.0 million and 4.1 million for the same periods in 2019. As a result of the Company’s net loss during the three and six month periods ended June 30, 2020, an additional 0.5 million and 0.6 million of outstanding stock options and certain share-based awards under the Omnibus Plan were not included in the computation of diluted income (loss) per share because the effect would have been anti-dilutive. Accumulated other comprehensive loss Changes in the accumulated other comprehensive loss balance are as follows (in millions):
| Foreign Currency Translation |  | Cash Flow Hedging Derivatives |  | Retirement Plan and Other Activity |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2019 | $ | (63.3) |  |  | $ | (6.1) |  |  | $ | (3.3) |  |  | $ | (72.7) |
Reclassification to the statement of income | — |  |  | (0.7) |  |  | 0.1 |  |  | (0.6) |
Change in fair value | (14.6) |  |  | (11.7) |  |  | — |  |  | (26.3) |
Balance as of June 30, 2020 | $ | (77.9) |  |  | $ | (18.5) |  |  | $ | (3.2) |  |  | $ | (99.6) |
The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income (loss) for cash flow derivatives designated as hedging instruments for the three and six months ended June 30, 2020 and 2019 (in millions):
Derivatives in Cash Flow Hedging Relationships and Other Activity | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income |  | Three months ended June 30, |  |  |  | Six months ended June 30, |  |
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency contracts | Other expense, net |  | $ | 3.5 |  |  | $ | 0.9 |  |  | $ | 3.5 |  |  | $ | 2.1 |
Foreign currency contracts | Cost of sales |  | (1.2) |  |  | 0.2 |  |  | (0.7) |  |  | 0.3 |
Interest rate contracts | Interest expense |  | (1.6) |  |  | (0.1) |  |  | (2.1) |  |  | (0.1) |
Retirement plan activity | Operating expenses |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |
Total |  |  | $ | 0.7 |  |  | $ | 1.0 |  |  | $ | 0.6 |  |  | $ | 2.2 |
The net amount of the existing gains or losses at June 30, 2020 that is expected to be reclassified into the statements of income (loss) within the next 12 months is not expected to be material. See Note 9 for further information regarding derivative activities.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration