XML 51 R14.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt Borrowing Arrangements On April 13, 2017, the Company amended its line of credit agreement with a syndicate of banks. The amended agreement provides for a credit facility in the amount of $800 million. The Company can designate up to $400 million of borrowings as long-term when the debt is used for long-term purposes, such as replacing long-term debt that is maturing, funding the purchase of long-term assets, or increasing permanent working capital when needed. It also provides the Company with up to $90 million in letters of credit. Any amounts outstanding on letters of credit will reduce the amount available on the lines of credit. The Company had standby letters of credit outstanding of $32.9 million at December 31, 2018. As of December 31, 2018, the Company had $255.0 million of outstanding borrowings on the lines of credit of which $205.0 million is classified as short-term debt. Borrowings under the lines of credit bear interest at variable interest rates, which are based off LIBOR plus an applicable spread. The maturity date for the line of credit is April 2022. Draw downs and repayments that are less than 90 days are recorded on a net basis in the Consolidated Statements of Cash Flows. ELEMENT, a consolidated subsidiary of the Company, entered into a financing agreement during the first quarter of 2018. This agreement provides a construction loan of up to $70 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 December 31, 2018. The agreements include both financial and non-financial covenants that ELEMENT, 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 new line of credit agreement in the first quarter of 2018 and which was subsequently amended and restated during the third quarter of 2018. The amended agreement provides for a credit facility in the amount of $200 million. The maturity date of the loan agreement is August 2, 2021. Borrowings under the agreement bear interest at market driven, variable interest rates, which are based off LIBOR plus an applicable spread. 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 $118.0 million of outstanding borrowings, classified as non-recourse debt, under this agreement as of December 31, 2018, the proceeds of which were used to purchase Rail Group assets. The Company’s short-term and long-term debt at December 31, 2018 and 2017 consisted of the following:
| December 31,
(in thousands) | 2018 |  | 2017
Short-term debt - non-recourse | $ | — |  |  | $ | — |
Short-term debt - recourse | 205,000 |  |  | 22,000 |
Total short-term debt | $ | 205,000 |  |  | $ | 22,000 |
Current maturities of long-term debt – non-recourse | $ | 4,842 |  |  | $ | — |
Current maturities of long-term debt – recourse | 16,747 |  |  | 54,205 |
Total current maturities of long-term debt | $ | 21,589 |  |  | $ | 54,205 |
Long-term debt, less current maturities – non-recourse | $ | 146,353 |  |  | $ | — |
Long-term debt, less current maturities – recourse | 349,834 |  |  | 418,339 |
Total long-term debt, less current maturities | $ | 496,187 |  |  | $ | 418,339 |
The following information relates to short-term borrowings:
(in thousands, except percentages) | 2018 |  | 2017 |  | 2016
Maximum amount borrowed | $ | 555,000 |  |  | $ | 367,000 |  |  | $ | 412,000 |
Weighted average interest rate | 3.32 | % |  | 2.56 | % |  | 1.94 | %
Long-Term Debt Recourse Debt Long-term debt consists of the following:
| December 31,
(in thousands, except percentages) | 2018 |  | 2017
Note payable, 4.07%, payable at maturity, due 2021 | $ | 26,000 |  |  | $ | 26,000 |
Note payable, 4.55%, payable at maturity, due 2023 | 24,000 |  |  | 24,000 |
Note payable, 4.85%, payable at maturity, due 2026 | 25,000 |  |  | 25,000 |
Note payable, 6.78%, payable at maturity, paid 2018 | — |  |  | 41,500 |
Note payable, 4.92%, payable in increasing amounts ($2.0 million for 2018), plus interest, due 2021 (a) | 16,227 |  |  | 18,241 |
Note payable, 4.76%, payable in increasing amounts ($1.6 million for 2018) plus interest, due 2028 (a) | 44,330 |  |  | 45,936 |
Note payable, variable rate (4.85% at December 31, 2018), payable in increasing amounts ($1.3 million for 2018) plus interest, due 2023 (a) | 16,452 |  |  | 17,786 |
Note payable, 3.29%, payable in increasing amounts ($1.4 million for 2018) plus interest, due 2022 (a) | 18,918 |  |  | 20,293 |
Note payable, 4.23%, payable quarterly in varying amounts ($0.5 million for 2018) plus interest, due 2021 (a) | 9,948 |  |  | 10,479 |
Note payable, variable rate (4.19% at December 31, 2018), payable in varying amounts ($0.3 million for 2018), plus interest, due 2026 (a) | 8,417 |  |  | 8,762 |
Note payable, 4.76%, payable quarterly in varying amounts ($0.3 million for 2018) plus interest, due 2028 (a) | 8,288 |  |  | 8,581 |
Line of credit, variable rate (3.79% at December 31, 2018), payable at maturity, due 2022 | 50,000 |  |  | 100,000 |
Note payable, 3.33%, payable in increasing amounts ($1.1 million for 2018) plus interest, due 2025 (a) | 24,888 |  |  | 25,960 |
Note payable, 4.5%, payable at maturity, due 2030 | 16,000 |  |  | 16,000 |
Note payable, 5.0%, payable at maturity, due 2040 | 14,000 |  |  | 14,000 |
Note payable, variable rate (4.15% at December 31, 2018), payable quarterly, ($1.25 million for 2018) due 2024 (a) | 13,250 |  |  | 14,500 |
Industrial development revenue bonds: |  |  |
Variable rate (3.19% at December 31, 2018), payable at maturity, due 2019 (a) | 4,650 |  |  | 4,650 |
Variable rate (3.18% at December 31, 2018), payable at maturity, due 2025 (a) | 3,100 |  |  | 3,100 |
Variable rate (3.14% at December 31, 2018), payable at maturity, due 2036 | 21,000 |  |  | 21,000 |
Debenture bonds, 2.65% to 5.00%, due 2018 through 2032 | 27,323 |  |  | 30,432 |
| $ | 371,791 |  |  | $ | 476,220 |
Less: current maturities | 16,747 |  |  | 54,205 |
Less: unamortized prepaid debt issuance costs | 5,210 |  |  | 3,676 |
| $ | 349,834 |  |  | $ | 418,339 |
(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $143.8 million As of December 31, 2018, the Company's short-term and long-term borrowing agreements include both financial and non-financial covenants that, among other things, require the Company at a minimum to maintain:
• | long-term debt to capitalization of not more than 70%;
• | working capital of not less than $150 million; and
• | interest coverage ratio of not less than 2.65 to 1.00.
The Company was in compliance with these financial covenants at and during the years ended December 31, 2018 and 2017. The aggregate annual maturities of recourse, long-term debt are as follows: 2019 -- $16.5 million; 2020 -- $15.9 million; 2021 -- $61.8 million; 2022 -- $74.8 million; 2023 -- $41.7 million; and $160.5 million thereafter. Non-Recourse Debt The Company's non-recourse long-term debt consists of the following:
| December 31,
(in thousands) | 2018 |  | 2017
Line of credit, 4.46%, payable at maturity, due 2021 | $ | 118,000 |  |  | $ | — |
Non-recourse financing obligations, 3.60% to 4.94%, due 2019 through 2026 | 34,019 |  |  | — |
| $ | 152,019 |  |  | $ | — |
Less: current maturities | 4,842 |  |  | — |
Less: unamortized prepaid debt issuance costs | 824 |  |  | — |
| $ | 146,353 |  |  | $ | — |
The aggregate annual maturities of non-recourse, long-term debt are as follows: 2019 -- $4.8 million; 2020 -- $6.9 million; 2021 -- $123.9 million; 2022 -- $9.1 million; 2023 -- $0.9 million; and $6.4 million thereafter.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration