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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of open foreign currency contracts | At December 31, 2020 and 2019, the Company had the following open foreign currency contracts (in millions):
|  | December 31, 2020 |  | December 31, 2019
Foreign Currency |  | Notional Amounts (in U.S. dollars) |  | Net Unrealized Gain (Loss) |  | Notional Amounts (in U.S. dollars) |  | Net Unrealized Gain (Loss)
Australian Dollar |  | $ | 26.0 |  |  | $ | (0.5) |  |  | $ | 16.0 |  |  | $ | (0.1) |
Canadian Dollar |  | 169.8 |  |  | (2.8) |  |  | 101.4 |  |  | (1.1) |
Mexican Peso |  | 13.5 |  |  | 1.0 |  |  | 17.0 |  |  | 1.1 |
Total |  | $ | 209.3 |  |  | $ | (2.3) |  |  | $ | 134.4 |  |  | $ | (0.1) |
Schedule of open interest rate swap contracts | , Polaris had the following open interest rate swap contracts (in millions):
|  |  |  | December 31, 2020 |  | December 31, 2019
Effective Date |  | Termination Date |  | Notional Amounts |  | Net Unrealized Gain (Loss) |  | Notional Amounts |  | Net Unrealized Gain (Loss)
May 2, 2018 |  | May 4, 2021 |  | $ | 25.0 |  |  | $ | (0.2) |  |  | $ | 25.0 |  |  | $ | (0.1) |
September 30, 2019 |  | September 30, 2023 |  | 150.0 |  |  | (11.3) |  |  | 150.0 |  |  | (7.7) |
May 3, 2019 |  | May 3, 2020 |  | — |  |  | — |  |  | 100.0 |  |  | (0.2) |
March 3, 2020 |  | February 28, 2023 |  | 400.0 |  |  | (6.6) |  |  | — |  |  | — |
Total |  |  |  | $ | 575.0 |  |  | $ | (18.1) |  |  | $ | 275.0 |  |  | $ | (8.0) |
Schedule of carrying values of derivative instruments | The table below summarizes the carrying values of derivative instruments as of December 31, 2020 and 2019 (in millions):
| Carrying Values of Derivative Instruments as of December 31, 2020
| Fair Value— Assets |  | Fair Value— (Liabilities) |  | Derivative Net Carrying Value
Derivatives designated as hedging instruments |  |  |  |  |
Foreign exchange contracts | $ | 1.0 |  |  | $ | (3.3) |  |  | $ | (2.3) |
Interest rate contracts | — |  |  | (18.1) |  |  | (18.1) |
Total derivatives designated as hedging instruments | $ | 1.0 |  |  | $ | (21.4) |  |  | $ | (20.4) |
| Carrying Values of Derivative Instruments as of December 31, 2019
| Fair Value— Assets |  | Fair Value— (Liabilities) |  | Derivative Net Carrying Value
Derivatives designated as hedging instruments |  |  |  |  |
Foreign exchange contracts | $ | 1.1 |  |  | $ | (1.2) |  |  | $ | (0.1) |
Interest rate contracts | — |  |  | (8.0) |  |  | (8.0) |
Total derivatives designated as hedging instruments | $ | 1.1 |  |  | $ | (9.2) |  |  | $ | (8.1) |
Assets are included in prepaid expenses and other and liabilities are included in other accrued expenses on the accompanying consolidated balance sheets.

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- Definition Tabular disclosure of the information required in the supplementary schedule applicable to management investment companies listing written option contracts. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611282-123010 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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