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Shareholders' Equity
12 Months Ended
Dec. 31, 2022
Disclosure Shareholders Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Stock repurchase program. The Company has made the following share repurchases (in millions):
For the Years Ended December 31,
 202220212020
Total number of shares repurchased and retired4.4 3.8 0.6 
Total investment$505.0 $461.6 $50.3 
As of December 31, 2022, the Polaris Board of Directors has authorized the Company to repurchase up to an additional $349.1 million of the Company’s common stock. The repurchase of any shares will be dependent on management’s assessment of market conditions.
Stock purchase plan. The Company maintains an employee stock purchase plan (“Purchase Plan”). A total of 3.0 million shares of common stock are reserved for this plan. The Purchase Plan permits eligible employees to purchase common stock monthly at 95 percent of the average of the beginning and end of month stock prices. As of December 31, 2022, approximately 1.6 million shares had been purchased under the Purchase Plan.
Dividends. Quarterly and total year cash dividends declared per common share for the years ended December 31, 2022, 2021, and 2020 were as follows: 
For the Years Ended December 31,
 202220212020
Quarterly dividend declared and paid per common share$0.64 $0.63 $0.62 
Total dividends declared and paid per common share$2.56 $2.52 $2.48 
On February 2, 2023, the Polaris Board of Directors declared a regular cash dividend of $0.65 per share payable on March 15, 2023 to holders of record of such shares at the close of business on March 1, 2023.
Net income per share. Basic net income per share was computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under The Deferred Compensation Plan for Directors (“Director Plan”) and the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted net income per share was computed under the treasury stock method and was calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan.
Reconciliations of these amounts are as follows (in millions):
For the Years Ended December 31,
202220212020
Weighted average number of common shares outstanding 58.9 61.0 61.5
Director Plan and deferred stock units 0.2 0.2 0.2
ESOP 0.2 0.1 0.2
Common shares outstanding—basic 59.3 61.3 61.9
Dilutive effect of restricted stock awards0.4 0.7 0.5
Dilutive effect of stock option awards0.4 0.7 0.2
Common and potential common shares outstanding—diluted 60.1 62.7 62.6
During 2022, 2021 and 2020, the number of options that were not included in the computation of diluted net income per share because the option exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive, was 1.6 million, 0.9 million and 4.4 million, respectively.
Accumulated other comprehensive loss. Changes in the accumulated other comprehensive loss balance were as follows (in millions):
Foreign Currency TranslationCash Flow Hedging DerivativesRetirement Plan ActivityAccumulated Other Comprehensive Loss
Balance as of December 31, 2021$(69.5)$(4.4)$(3.5)$(77.4)
Reclassification to the statement of income(15.0)0.3 (14.7)
Change in fair value (25.3)29.9 — 4.6 
Balance as of December 31, 2022$(94.8)$10.5 $(3.2)$(87.5)
The table below provides the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the income statement for cash flow derivatives designated as hedging instruments and retirement plan activity for the years ended December 31, 2022 and 2021 (in millions): 
Derivatives in Cash Flow Hedging Relationships and Other ActivityLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeFor the Years Ended December 31,
20222021
Foreign currency contractsOther (income) expense, net$12.2 $(0.3)
Foreign currency contractsCost of sales2.1 0.5 
Interest rate contractsInterest expense1.0 (8.1)
Other activityCost of sales / operating expenses(0.6)(0.3)
Total$14.7 $(8.2)
The net amount of the existing gains or losses as of December 31, 2022 that are expected to be reclassified into the statements of income within the next 12 months is not expected to be material. See Note 15 for additional information regarding hedging activities.