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Financing Agreement (Tables) | 12 Months Ended
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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%

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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