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Debt | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt The Company has a line of credit agreement with a syndicate of banks. The agreement provides for a credit facility in the amount of $800 million. Total borrowing capacity for the Company under all lines of credit is currently at $950.0 million, including subsidiary debt that is non-recourse to the Company of $15.0 million for The Andersons Denison Ethanol LLC ("TADE"), $70 million for ELEMENT LLC and $65 million for The Andersons Railcar Leasing Company LLC. At March 31, 2018, the Company had a total of $338.3 million available for borrowing under its lines of credit. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of March 31, 2018. ELEMENT, LLC, a consolidated subsidiary of the Company, entered into a financing agreement during the first quarter. This agreement provides a construction loan of up to $70.0 million. Upon project completion, the agreement provides the opportunity for the Company to convert the construction loan to a term loan of up to $50.0 million and a revolving term loan of up to $20.0 million. The maturity date of the credit agreement is March 2, 2025. During the construction period, borrowings under the credit agreement bear interest at variable interest rates, which are based off LIBOR plus an applicable spread. Upon conversion of the construction loan to a term loan, the Company will have the option of fixing the interest on portions of the loans, or continuing at the previously described variable interest rates. There are no outstanding borrowings under this agreement as of March 31, 2018. The agreements include both financial and non-financial covenants that ELEMENT LLC, among other things, is required at a minimum to maintain various working capital levels and debt service coverage ratios based on project milestones as well as a minimum owner's equity level. The Andersons Railcar Leasing Company LLC, a consolidated subsidiary of the Company, entered into a revolving asset based loan agreement on March 22, 2018 that provides for a credit facility in the amount of $65 million. The maturity date of the loan agreement is March 23, 2021. Borrowings under the agreement bear interest at market driven, variable interest rates which was 3.88% as of March 31, 2018 The agreement includes both financial and non-financial covenants, including maintaining certain leverage and interest coverage ratios, tangible net worth and utilization levels. There are $40.0 million of outstanding borrowings under this agreement as of March 31, 2018, the proceeds of which were used to pay down outstanding balances of the Company's primary credit facility agreement. The Company’s short-term and long-term debt at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following:
(in thousands) | March 31, 2018 |  | December 31, 2017 |  | March 31, 2017
Short-term Debt – Non-Recourse | $ | — |  |  | $ | — |  |  | $ | — |
Short-term Debt – Recourse | 489,000 |  |  | 22,000 |  |  | 255,000 |
Total Short-term Debt | $ | 489,000 |  |  | $ | 22,000 |  |  | $ | 255,000 |
Current Maturities of Long-term Debt – Non-Recourse | $ | 2,922 |  |  | $ | — |  |  | $ | — |
Current Maturities of Long-term Debt – Recourse | 11,212 |  |  | 54,205 |  |  | 56,144 |
Total Current Maturities of Long-term Debt | $ | 14,134 |  |  | $ | 54,205 |  |  | $ | 56,144 |
Long-term Debt, Less: Current Maturities – Non-Recourse | $ | 72,977 |  |  | $ | — |  |  | $ | — |
Long-term Debt, Less: Current Maturities – Recourse | 365,651 |  |  | 418,339 |  |  | 365,971 |
Total Long-term Debt, Less: Current Maturities | $ | 438,628 |  |  | $ | 418,339 |  |  | $ | 365,971 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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