Financing Agreement (Tables)

12 Months Ended

Dec. 31, 2020

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 millions):

	Average interest rate at December 31, 2020	Maturity	December 31, 2020		December 31, 2019
Revolving loan facility	—	July 2023	$	—	$	75.1
Term loan facility	1.40%	July 2023	940.0		1,000.0
Senior notes—fixed rate	4.60%	May 2021	75.0		75.0
Senior notes—fixed rate	—	December 2020	—		100.0
Senior notes—fixed rate	4.23%	July 2028	350.0		350.0
Finance lease obligations	5.20%	Various through 2029	16.2		16.1
Notes payable and other	4.24%	Various through 2030	75.0		81.4
Debt issuance costs			(5.5)		(4.1)
Total debt, finance lease obligations, and notes payable			$	1,450.7	$	1,693.5
Less: current maturities			142.1		166.7
Total long-term debt, finance lease obligations, and notes payable			$	1,308.6	$	1,526.8

Summary of Activity Under Credit Arrangements, Excluding Acquired Borrowings

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

	2020		2019		2018
Total borrowings at December 31	$	1,365.0	$	1,600.1	$	1,862.6
Average outstanding borrowings during year	$	1,879.7	$	1,912.0	$	1,474.5
Maximum outstanding borrowings during year	$	2,370.6	$	2,127.9	$	1,999.7
Weighted-average interest rate at December 31	2.30%		3.29%		3.64%