Financing Agreement (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The carrying value of debt, finance lease obligations, and notes payable and the average related interest rates were as follows (in thousands):

	Average interest rate at December 31, 2019	Maturity	December 31, 2019			December 31, 2018
Revolving loan facility	1.10%	July 2023	$	75,183		$	187,631
Term loan facility	3.05%	July 2023	1,000,000			1,150,000
Senior notes—fixed rate	4.60%	May 2021	75,000			75,000
Senior notes—fixed rate	3.13%	December 2020	100,000			100,000
Senior notes—fixed rate	4.23%	July 2028	350,000			350,000
Finance lease obligations	5.18%	Various through 2029	16,073			17,587
Notes payable and other	4.23%	Various through 2030	81,388			87,608
Debt issuance costs			(4,135		)	(5,256		)
Total debt, finance lease obligations, and notes payable			$	1,693,509		$	1,962,570
Less: current maturities			166,695			66,543
Total long-term debt, finance lease obligations, and notes payable			$	1,526,814		$	1,896,027

Summary of Activity Under Credit Arrangements, Excluding Acquired Borrowings

The following summarizes activity under Polaris’ credit arrangements (dollars in thousands):

	2019			2018			2017
Total borrowings at December 31	$	1,600,183		$	1,862,631		$	883,000
Average outstanding borrowings during year	$	1,911,982		$	1,474,485		$	1,133,641
Maximum outstanding borrowings during year	$	2,127,940		$	1,999,731		$	1,319,105
Interest rate at December 31	3.29		%	3.64		%	2.91		%