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Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt | Debt Short-term and long-term debt at September 30, 2019, December 31, 2018 and September 30, 2018 consisted of the following:
(in thousands) | September 30, 2019 |  | December 31, 2018 |  | September 30, 2018
Short-term Debt – Non-Recourse (a) | $ | 35,278 |  |  | $ | — |  |  | $ | — |
Short-term Debt – Recourse | 102,971 |  |  | 205,000 |  |  | 132,000 |
Total Short-term Debt | $ | 138,249 |  |  | $ | 205,000 |  |  | $ | 132,000 |
Current Maturities of Long-term Debt – Non-Recourse (b) | $ | 9,835 |  |  | $ | 4,842 |  |  | $ | 3,772 |
Current Maturities of Long-term Debt – Recourse (c) | 39,733 |  |  | 16,747 |  |  | 11,905 |
Finance lease liability (d) | 17,331 |  |  | — |  |  | — |
Total Current Maturities of Long-term Debt | $ | 66,899 |  |  | $ | 21,589 |  |  | $ | 15,677 |
Long-term Debt, Less: Current Maturities – Non-Recourse (b) | $ | 242,895 |  |  | $ | 146,353 |  |  | $ | 77,114 |
Long-term Debt, Less: Current Maturities – Recourse (c) | 703,297 |  |  | 349,834 |  |  | 360,166 |
Finance lease liability (d) | 21,925 |  |  | — |  |  | — |
Total Long-term Debt, Less: Current Maturities | $ | 968,117 |  |  | $ | 496,187 |  |  | $ | 437,280 |
(a) In conjunction with the Lansing Trade Group ("LTG") acquisition, the Company assumed a 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 $181.2 million and had $146.0 million available for borrowing on this line of credit as of September 30, 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. (b) In conjunction with the LTG acquisition, the Company also assumed a term loan with a syndicate of banks. The term loan had a balance of $32.9 million at September 30, 2019. Interest rates for the term loans were 4.45% as of September 30, 2019 and are based on LIBOR plus an applicable spread. Payments of $0.6 million are made on a quarterly basis. (c) On January 11, 2019 the Company entered into a 5-year term loan in the amount of $250 million and a 7-year term loan of $250 million. A portion of the term loans were used to pay down debt assumed in the LTG acquisition. Interest rates are based on LIBOR plus an applicable spread. At September 30, 2019, the interest rates for the 5-year and 7-year term loan were 3.77% and 4.02%, respectively. Payments on the term loans will be made on a quarterly basis. (d) See Note 14, Leases, for additional information. September 30, 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 adoption of ASC 842. The total borrowing capacity of the Company's lines of credit at September 30, 2019 was $1,628.7 million of which the Company had a total of $1,207.7 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 is in compliance with all financial covenants as of September 30, 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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