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Debt | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt | Debt On January 11, 2019, the Company entered into a credit agreement with a syndicate of banks. The agreement provides a credit facility of up to $1,650 million. This amount is comprised of a 5-year revolving credit facility in the amount of $900 million, a 364-day revolving credit facility in the amount of $250 million, a 5-year term loan in the amount of $250 million, and a 7-year term loan in the amount of $250 million. The 5-year revolving credit facility replaced the $800 million revolving line of credit. A portion of the term loan was used to pay down debt assumed in the LTG acquisition. Interest rates for the term loans are based on LIBOR plus an applicable spread. Payments on the term loans will be made on a quarterly basis. As of March 31, 2019, $3.12 million has been paid down on the 5-year term loan and $3.12 million has been paid down on the 7-year term loan. The Company was in compliance with all financial covenants as of March 31, 2019. On January 11, 2019, the Company entered into a credit agreement of $25 million, with a maturity date of January 11, 2020. The interest rate for the line of credit equals the LIBOR Daily Floating Rate plus an applicable spread. As of March 31, 2019, there was no borrowing against the line of credit. Total borrowing capacity for the Company under all revolving lines of credit, including those discussed above, is currently at $1,625 million including $70 million for ELEMENT LLC, $200 million for The Andersons Railcar Leasing Company LLC, and $179.6 million for Thompsons Limited ("Thompsons"). At March 31, 2019, the Company had a total of $1,029 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, 2019. In conjunction with the recent acquisition, the Company also assumed Thompsons' revolving line of credit and a term loan with a syndicate of banks, which are non-recourse to the Company. The credit agreement provides the Company with a maximum availability of $179.6 million and had $90.9 million available for borrowing on this line of credit as of March 31, 2019. Any borrowings under the line of credit bear interest at variable rates, which are based on LIBOR or Bankers’ Acceptances plus an applicable spread. The maturity date for the revolving line of credit is June 26, 2023. The term loan had a balance of $33.8 million at March 31, 2019. Interest rates for the term loans are based on LIBOR plus an applicable spread. Payments of $0.6 million are made on a quarterly basis. The Company’s short-term and long-term debt at March 31, 2019, December 31, 2018 and March 31, 2018 consisted of the following:
(in thousands) | March 31, 2019 |  | December 31, 2018 |  | March 31, 2018
Short-term Debt – Non-Recourse | $ | 97,304 |  |  | $ | — |  |  | $ | — |
Short-term Debt – Recourse | 337,000 |  |  | 205,000 |  |  | 489,000 |
Total Short-term Debt | $ | 434,304 |  |  | $ | 205,000 |  |  | $ | 489,000 |
Current Maturities of Long-term Debt – Non-Recourse | $ | 7,147 |  |  | $ | 4,842 |  |  | $ | 2,922 |
Current Maturities of Long-term Debt – Recourse | 42,006 |  |  | 16,747 |  |  | 11,212 |
Finance lease liability (a) | 6,007 |  |  | — |  |  | — |
Total Current Maturities of Long-term Debt | $ | 55,160 |  |  | $ | 21,589 |  |  | $ | 14,134 |
Long-term Debt, Less: Current Maturities – Non-Recourse | $ | 177,233 |  |  | $ | 146,353 |  |  | $ | 72,977 |
Long-term Debt, Less: Current Maturities – Recourse | 781,734 |  |  | 349,834 |  |  | 365,651 |
Finance lease liability (a) | 23,058 |  |  | — |  |  | — |
Total Long-term Debt, Less: Current Maturities | $ | 982,025 |  |  | $ | 496,187 |  |  | $ | 438,628 |
(a) See Note 14, Leases, for additional information. March 31, 2019 balances include the former build-to-suit lease that was reclassed from other current liabilities and other long-term liabilities as a result of the new lease standard.

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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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