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Form 8-K Polaris Inc. For: Jun 13

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June 16, 2022 4:36 PM EDT
pii-20220613
0000931015false00009310152022-06-132022-06-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

June 13, 2022
Date of Report (date of earliest event reported)

POLARIS INC.
(Exact name of registrant as specified in its charter)
Minnesota
1-11411
41-1790959
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
2100 Highway 55
Medina
Minnesota
55340
(Address of Principal Executive Offices)
(Zip Code)
(763) 542-0500
Registrant's telephone number, including area code

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par value per sharePIINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.06 Material Impairments.

On June 13, 2022, certain wholly owned subsidiaries of Polaris Inc. (the "Company") entered into a definitive agreement to sell the Company's Transamerican Auto Parts business (the "TAP Business"). Under United States generally accepted accounting principles, the TAP Business will be classified as held for sale and discontinued operations. Accordingly, the Company will be required to record the assets related to the TAP Business at fair value, less an amount of estimated transaction costs. The Company expects this will result in an estimated pre-tax loss of approximately $185 million, or $140 million net of an expected tax benefit of approximately $45 million. The Company does not anticipate that this charge will result in material future cash expenditures. All of the estimates described in Item 2.06 of this Form 8-K may change in the future.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:June 16, 2022
 POLARIS INC.
/s/ Lucy Clark Dougherty
Lucy Clark Dougherty
Senior Vice President—General Counsel and Secretary



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