v2.4.0.6

Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2012
Open Contracts | At December 31, 2012, Polaris had the following open contracts, which have maturities through December 2013 (in thousands):
Foreign Currency |  | Notional Amounts (in US Dollars) |  |  | Net Unrealized Gain (Loss) |
Australian Dollar |  | $ | 11,210 |  |  | $ | (78 | )
Canadian Dollar |  |  | 99,001 |  |  |  | (1,185 | )
Euro |  |  | 3,130 |  |  |  | (70 | )
Japanese Yen |  |  | 49,566 |  |  |  | (1,817 | )
Mexican Peso |  |  | 10,647 |  |  |  | 692 |
Swedish Krona |  |  | 6,524 |  |  |  | (159 | )
Total |  | $ | 180,078 |  |  | $ | (2,617 | )
Carrying Values of Derivative Instruments | The tables below summarize the carrying values of derivative instruments as of December 31, 2012 and 2011 (in thousands):
|  | Carrying Values of Derivative Instruments as of December 31, 2012 |
|  | Fair Value—Assets |  |  | Fair Value—(Liabilities) |  |  | Derivative Net Carrying Value |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(1) |  | $ | 1,122 |  |  | $ | (3,739 | ) |  | $ | (2,617 | )
Total derivatives designated as hedging instruments |  | $ | 1,122 |  |  | $ | (3,739 | ) |  | $ | (2,617 | )
Commodity contracts(1) |  | $ | 114 |  |  | $ | (238 | ) |  | $ | (124 | )
Total derivatives not designated as hedging instruments |  | $ | 114 |  |  | $ | (238 | ) |  | $ | (124 | )
Total Derivatives |  | $ | 1,236 |  |  | $ | (3,977 | ) |  | $ | (2,741 | )
|  | Carrying Values of Derivative Instruments as of December 31, 2011 |
|  | Fair Value—Assets |  |  | Fair Value—(Liabilities) |  |  | Derivative Net Carrying Value |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(1) |  | $ | 4,738 |  |  | $ | (1,160 | ) |  | $ | 3,578 |
Total derivatives designated as hedging instruments |  | $ | 4,738 |  |  | $ | (1,160 | ) |  | $ | 3,578 |
Commodity contracts(1) |  | $ | 193 |  |  | $ | (1,530 | ) |  | $ | (1,337 | )
Total derivatives not designated as hedging instruments |  | $ | 193 |  |  | $ | (1,530 | ) |  | $ | (1,337 | )
Total Derivatives |  | $ | 4,931 |  |  | $ | (2,690 | ) |  | $ | 2,241 |
(1) | Assets are included in Prepaid expenses and other and liabilities are included in Other accrued expenses on the accompanying consolidated balance sheet.
Gains and Losses, Net of Tax, Related to Derivative Instruments Designated as Cash Flow Hedges Included in Accumulated Other Comprehensive Income, Net | The table below provides data about the amount of gains and losses, net of tax, related to derivative instruments designated as cash flow hedges included as a component of Accumulated other comprehensive income for the twelve month periods ended December 31 (in thousands):
|  | Amount of Loss Recognized in Accumulated OCI on Derivative (Effective Portion) |  |  | Amount of Gain Recognized in Accumulated OCI on Derivative (Effective Portion) |
Derivatives in Cash Flow Hedging Relationships |  | Twelve Months Ended December 31, 2012 |  |  | Twelve Months Ended December 31, 2011 |
Interest rate contracts |  | $ | (19 | ) |  | $ | 62 |
Foreign currency contracts |  |  | (3,890 | ) |  |  | 3,509 |
Total |  | $ | (3,909 | ) |  | $ | 3,571 |
Gains and Losses, Net of Tax, Reclassified from Accumulated Other Comprehensive Income into Income on Derivative Instruments Designated as Hedging Instruments | The table below provides data about the amount of gains and losses, net of tax, reclassified from Accumulated other comprehensive income into income on derivative instruments designated as hedging instruments for the twelve months ended December 31 (in thousands):
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Reclassified from Accumulated OCI Into Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income |  |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income |
|  | Twelve Months Ended December 31, 2012 |  |  | Twelve Months Ended December 31, 2011 |
Interest rate contracts |  | Interest expense |  |  | — |  |  | $ | (152 | )
Foreign currency contracts |  | Other income, net |  |  | (5,681 | ) |  |  | (807 | )
Foreign currency contracts |  | Cost of sales |  |  | (404 | ) |  |  | — |
Total |  |  |  | $ | (6,085 | ) |  | $ | (959 | )

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