Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Disclosure Shareholders Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share repurchase program. The Company has made the following share repurchases (in millions):

	For the Years Ended December 31,
	2024		2023		2022
Total number of shares repurchased and retired	1.0		1.6		4.4
Total investment	$	82.7	$	178.6	$	505.0

In October 2023, the Polaris Board of Directors authorized the repurchase of up to an additional $1.0 billion of the Company’s outstanding common stock, in addition to the amount still outstanding on its April 2021 share repurchase program. As of December 31, 2024, the Company was authorized to repurchase up to an additional $1,109.3 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, 2024, approximately 1.6 million shares had been purchased under the Purchase Plan.

Dividends. Quarterly and total year cash dividends declared and paid per common share for the years ended December 31, 2024, 2023 and 2022 were as follows: 

	For the Years Ended December 31,
	2024		2023		2022
Quarterly dividend declared and paid per common share	$	0.66	$	0.65	$	0.64
Total dividends declared and paid per common share	$	2.64	$	2.60	$	2.56

On January 30, 2025, the Polaris Board of Directors declared a regular cash dividend of $0.67 per share payable on March 17, 2025 to holders of record of such shares at the close of business on March 3, 2025.

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”), the ESOP and deferred stock units under the 2024 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,
	2024	2023	2022
Weighted average number of common shares outstanding	56.0	56.7	58.9
Director Plan and deferred stock units	0.3	0.2	0.2
ESOP	0.2	0.2	0.2
Common shares outstanding—basic	56.5	57.1	59.3
Dilutive effect of restricted stock awards	0.3	0.3	0.4
Dilutive effect of stock option awards	—	0.3	0.4
Common and potential common shares outstanding—diluted	56.8	57.7	60.1

During 2024, 2023 and 2022, 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 2.8 million, 1.7 million and 1.6 million, respectively.

Accumulated other comprehensive loss. Changes in the accumulated other comprehensive loss balance were as follows (in millions):

	Foreign Currency Translation		Cash Flow Hedging Derivatives		Retirement Plan Activity		Accumulated Other Comprehensive Loss
Balance as of December 31, 2023	$	(62.6)	$	1.7	$	3.4	$	(57.5)
Reclassification to the statement of income	—		(11.2)		(0.6)		(11.8)
Change in fair value	(61.9)		5.7		—		(56.2)
Balance as of December 31, 2024	$	(124.5)	$	(3.8)	$	2.8	$	(125.5)

See Note 15 for information on gains and losses related to the Company’s cash flow derivatives designated as hedging instruments.