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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

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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