Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of open foreign currency contracts

At March 31, 2016, Polaris had the following open foreign currency contracts (in thousands):

Foreign Currency	Notional Amounts (in U.S. Dollars)		Net Unrealized Gain (Loss)
Australian Dollar	$	21,613	$	(944	)
Canadian Dollar	193,261		(7,226		)
Japanese Yen	6,115		412
Mexican Peso	40,954		(924		)
Total	$	261,943	$	(8,682	)

Schedule of carrying values of derivative instruments

The table below summarizes the carrying values of derivative instruments as of March 31, 2016 and December 31, 2015 (in thousands):

	Carrying Values of Derivative Instruments as of March 31, 2016
	Fair Value— Assets		Fair Value— (Liabilities)			Derivative Net Carrying Value
Derivatives designated as hedging instruments
Foreign exchange contracts(1)	$	1,888	$	(10,570	)	$	(8,682	)
Total derivatives designated as hedging instruments	$	1,888	$	(10,570	)	$	(8,682	)
Total derivatives	$	1,888	$	(10,570	)	$	(8,682	)

	Carrying Values of Derivative Instruments as of December 31, 2015
	Fair Value— Assets		Fair Value— (Liabilities)			Derivative Net Carrying Value
Derivatives designated as hedging instruments
Foreign exchange contracts(1)	$	5,218	$	(2,451	)	$	2,767
Interest rate swap contracts(1)	186		—			186
Total derivatives designated as hedging instruments	$	5,404	$	(2,451	)	$	2,953
Commodity contracts(1)	—		$	(354	)	$	(354	)
Total derivatives not designated as hedging instruments	—		$	(354	)	$	(354	)
Total derivatives	$	5,404	$	(2,805	)	$	2,599

(1) Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses on the accompanying consolidated balance sheets.