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Debt | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Debt | Debt The Company’s short-term and long-term debt at December 31, 2019 and 2018 consisted of the following:
| December 31,
(in thousands) | 2019 |  | 2018
Short-term Debt – Non-Recourse | $ | 54,029 |  |  | $ | — |
Short-term Debt – Recourse | 93,002 |  |  | 205,000 |
Total Short-term Debt | 147,031 |  |  | 205,000 |
Current Maturities of Long-term Debt – Non-Recourse | 9,250 |  |  | 4,842 |
Current Maturities of Long-term Debt – Recourse | 36,013 |  |  | 16,747 |
Finance lease liability | 17,636 |  |  | — |
Total Current Maturities of Long-term Debt | 62,899 |  |  | 21,589 |
Long-term Debt, Less: Current Maturities – Non-Recourse | 329,891 |  |  | 146,353 |
Long-term Debt, Less: Current Maturities – Recourse | 664,856 |  |  | 349,834 |
Finance lease liability | 21,501 |  |  | — |
Total Long-term Debt, Less: Current Maturities | $ | 1,016,248 |  |  | $ | 496,187 |
On January 2, 2019, in conjunction with the 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 $184.8 million and had $130.8 million available for borrowing on this line of credit as of December 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 note assumed in conjunction with the LTG acquisition was non-recourse to the Company with a syndicate of banks and had a balance of $15.5 million at December 31, 2019. The interest rate for the term loan was 4.51% as of December 31, 2019 and is based on LIBOR plus an applicable spread. Payments on the term loans are made on a quarterly basis. On January 11, 2019, the Company entered into a 5-year recourse term loan in the amount of $250 million and a 7-year recourse 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 December 31, 2019, the interest rates for the 5-year and 7-year term loan were 3.13% and 3.38%, respectively. Payments on the term loans are made on a quarterly basis. On October 1, 2019, in conjunction with the TAMH Merger Agreement, TAMH, a consolidated subsidiary of the Company, entered into a non-recourse Credit Agreement that included a $70 million term note and a $130 million revolving credit facility. Borrowings under the Credit Agreement bear interest at variable interest rates, which are based on LIBOR plus an applicable spread. Payments on the term loan will be made on a quarterly basis. As of December 31, 2019, no amounts were drawn on either the term loan or revolving credit facility. Effective November 14, 2019, the Company entered into a 15-year loan agreement in the amount of $105 million, of which $73 million of the proceeds were used to extinguish existing long-term debt. The remainder of the proceeds were used to pay down a portion of outstanding line of credit borrowings. The agreement was secured by first mortgages on certain real and personal property held by the Company. Borrowings under the agreement bear a fixed interest rate of 4.50% and payments of principal and interest will be made on a quarterly basis. The Company was in compliance with all financial covenants at and during the years ended December 31, 2019 and 2018. At December 31, 2019, the Company had short-term lines of credit capacity totaling $1,507.8 million, of which $1,281.4 million was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2019 and 2018, were 3.24% and 3.32%, respectively. Long-Term Debt Recourse Long-Term Debt
| December 31,
(in thousands, except percentages) | 2019 |  | 2018
Note payable, variable rate (3.38% at December 31, 2019), payable in increasing amounts plus interest, due 2026 | $ | 237,500 |  |  | $ | — |
Note payable, variable rate (3.13% at December 31, 2019), payable in increasing amounts plus interest, due 2024 | 157,500 |  |  | — |
Note payable, 4.50%, payable at maturity, due 2034 (a) | 105,000 |  |  | — |
Note payable, 4.07%, payable at maturity, due 2021 | 26,000 |  |  | 26,000 |
Note payable, 4.85%, payable at maturity, due 2026 | 25,000 |  |  | 25,000 |
Note payable, 4.55%, payable at maturity, due 2023 | 24,000 |  |  | 24,000 |
Note payable, 3.33%, payable in increasing amounts plus interest, due 2025 (a) | 23,780 |  |  | 24,888 |
Note payable, 3.29%, payable in increasing amounts plus interest, due 2022 (a) | 17,497 |  |  | 18,918 |
Note payable, 4.50%, payable at maturity, due 2030 | 16,000 |  |  | 16,000 |
Note payable, 5.00%, payable at maturity, due 2040 | 14,000 |  |  | 14,000 |
Note payable, variable rate (3.43% at December 31, 2019), payable quarterly, due 2024 (a) | 12,250 |  |  | 13,250 |
Line of credit, variable rate, paid 2019 | — |  |  | 50,000 |
Note payable, 4.92%, payable in increasing amounts, plus interest, paid 2019 (a) | — |  |  | 16,227 |
Note payable, 4.23%, payable in increasing amounts plus interest, paid 2019 (a) | — |  |  | 9,948 |
Note payable, 4.76%, payable in increasing amounts plus interest, paid 2019 (a) | — |  |  | 44,330 |
Note payable, variable rate, payable in increasing amounts plus interest, paid 2019 (a) | — |  |  | 16,452 |
Note payable, variable rate, payable in increasing amounts plus interest, paid 2019 (a) | — |  |  | 8,417 |
Note payable, 4.76%, payable in increasing amounts plus interest, paid 2019 (a) | — |  |  | 8,288 |
Industrial development revenue bonds: |  |  |
Variable rate (3.41% at December 31, 2019), payable at maturity, due 2036 | 21,000 |  |  | 21,000 |
Variable rate (3.44% at December 31, 2019), payable at maturity, due 2025 (a) | 3,100 |  |  | 3,100 |
Variable rate, paid 2019 (a) | — |  |  | 4,650 |
Debenture bonds, 2.65% to 5.00%, payable in increasing amounts plus interest, due 2020 through 2031 | 26,075 |  |  | 27,323 |
Finance lease obligations, due serially to 2030 (a) | 38,482 |  |  | — |
| 747,184 |  |  | 371,791 |
Less: current maturities | 53,353 |  |  | 16,747 |
Less: unamortized prepaid debt issuance costs | 7,833 |  |  | 5,210 |
| $ | 685,998 |  |  | $ | 349,834 |
(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value $435.8 million. The aggregate annual maturities of recourse, long-term debt are as follows: 2020 -- $53.4 million; 2021 -- $66.6 million; 2022 -- $49.9 million; 2023 -- $58.6 million; 2024 -- $135.4 million; and $383.3 million thereafter. Non-Recourse Long-Term Debt The Company's non-recourse long-term debt consists of the following:
| December 31,
(in thousands) | 2019 |  | 2018
Line of credit, 3.76%, payable at maturity, due 2021 | $ | 180,000 |  |  | $ | 118,000 |
Note Payable, variable rate (4.92% at December 31, 2019), payable at maturity, due 2026 | 66,094 |  |  | — |
Industrial revenue bond, variable rate (3.44% at December 31, 2019), payable at maturity, due 2032 (a) | 49,500 |  |  | — |
Note payable, variable rate (4.51% at December 31, 2019), payable in increasing amounts plus interest, due 2023 | 15,465 |  |  | — |
Non-recourse financing obligations, 3.60% to 4.94%, payable at maturity, due 2020 through 2026 | 28,855 |  |  | 34,019 |
Finance lease obligations, due serially to 2023 | 655 |  |  | — |
| 340,569 |  |  | 152,019 |
Less: current maturities | 9,545 |  |  | 4,842 |
Less: unamortized prepaid debt issuance costs | 774 |  |  | 824 |
| $ | 330,250 |  |  | $ | 146,353 |
The aggregate annual maturities of non-recourse, long-term debt are as follows: 2020 - $9.5 million; 2021 -- $188.1 million; 2022 -- $22.0 million; 2023 -- $19.0 million; 2024 -- $12.1 million; and $89.9 million thereafter.

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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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