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Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt The Company’s short-term and long-term debt at December 31, 2020 and 2019 consisted of the following:
| December 31,
(in thousands) | 2020 |  | 2019
Short-term debt – non-recourse | $ | 93,192 |  |  | $ | 54,029 |
Short-term debt – recourse | 310,511 |  |  | 93,002 |
Total short-term debt | 403,703 |  |  | 147,031 |
Current maturities of long-term debt – non-recourse | 6,438 |  |  | 9,545 |
Current maturities of long-term debt – recourse | 69,037 |  |  | 53,354 |
Total current maturities of long-term debt | 75,475 |  |  | 62,899 |
Long-term debt, less: current maturities – non-recourse | 143,406 |  |  | 330,250 |
Long-term debt, less: current maturities – recourse | 773,134 |  |  | 685,998 |
Total long-term debt, less: current maturities | $ | 916,540 |  |  | $ | 1,016,248 |
On October 23, 2020, the Company entered into a new amendment to its credit agreement dated January 11, 2019. The amendment provides for an incremental $150.0 million term loan maturing January 11, 2026, with quarterly principal payments. This term loan replaced The Andersons Railcar Leasing Company LLC’s (“TARLC”) existing credit facility. Borrowings under the loan bear interest at variable rates, which are based on LIBOR plus an applicable spread. Proceeds from the loan have been used to extinguish debt of TARLC, a wholly owned subsidiary. The TARLC debt was hedged by interest rate swaps and due to the debt prepayment, these swaps were redesignated or terminated which resulted in an approximately $2.8 million loss on existing Accumulated Other Comprehensive Income balances which were reclassified into earnings. The Company also incurred approximately $0.3 million of losses due to the write off of unamortized debt issuance costs associated to the TARLC debt. The Company was in compliance with all financial covenants at and during the years ended December 31, 2020 and 2019. Total interest paid was $51.6 million, $59.6 million and $29.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, the estimated fair value of long-term debt, including the current portion, was $1,026.8 million and $1,096.0 million, respectively. The Company estimates the fair value of it's long-term debt based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities. At December 31, 2020, the Company had short-term lines of credit capacity totaling $1,157.2 million, of which $728.6 million was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2020 and 2019, were 1.66% and 3.24%, respectively. Long-Term Debt Recourse Long-Term Debt
| December 31,
(in thousands, except percentages) | 2020 |  | 2019
Note payable, variable rate (1.85% at December 31, 2020), payable in increasing amounts plus interest, due 2026 | $ | 225,000 |  |  | $ | 237,500 |
Note payable, variable rate (1.60% at December 31, 2020), payable in increasing amounts plus interest, due 2026 | 150,000 |  |  | — |
Note payable, variable rate (1.60% at December 31, 2020), payable in increasing amounts plus interest, due 2024 | 145,000 |  |  | 157,500 |
Note payable, 4.50%, payable at maturity, due 2034 (a) | 102,524 |  |  | 105,000 |
Finance lease obligations, due serially to 2030 (a) | 36,484 |  |  | 38,482 |
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) | 22,634 |  |  | 23,780 |
Note payable, 3.29%, payable in increasing amounts plus interest, due 2022 (a) | 16,028 |  |  | 17,497 |
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 (1.77% at December 31, 2020), payable quarterly, due 2024 (a) | 11,250 |  |  | 12,250 |
Industrial revenue bond, variable rate (1.88% at December 31, 2020), payable at maturity, due 2036 | 21,000 |  |  | 21,000 |
Debenture bonds, 2.65% to 4.50%, payable in increasing amounts plus interest, due 2021 through 2031 | 12,730 |  |  | 26,075 |
Industrial revenue bond, variable rate, paid 2020 | — |  |  | 3,100 |
| 847,650 |  |  | 747,184 |
Less: current maturities | 69,037 |  |  | 53,353 |
Less: unamortized prepaid debt issuance costs | 5,479 |  |  | 7,833 |
| $ | 773,134 |  |  | $ | 685,998 |
(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value $172.4 million. The aggregate annual maturities of recourse, long-term debt are as follows: 2021 -- $69.0 million; 2022 -- $57.0 million; 2023 -- $65.2 million; 2024 -- $143.6 million; 2025 -- $44.6 million; and $468.2 million thereafter. Non-Recourse Long-Term Debt The Company's non-recourse long-term debt consists of the following:
| December 31,
(in thousands) | 2020 |  | 2019
Note payable, variable rate (3.29% at December 31, 2020), payable at maturity, due 2027 | $ | 70,000 |  |  | $ | 66,094 |
Note payable, variable rate (2.89% at December 31, 2020) payable at maturity, due 2024 | 56,600 |  |  | — |
Non-recourse financing obligations, 3.89% to 4.94%, payable at maturity, due 2021 through 2026 | 21,974 |  |  | 28,855 |
Finance lease obligations, due serially to 2023 | 2,825 |  |  | 655 |
Line of credit, variable rate, paid 2020 | — |  |  | 180,000 |
Industrial revenue bond, variable rate, paid 2020 | — |  |  | 49,500 |
Note payable, variable rate, paid 2020 | — |  |  | 15,465 |
| 151,399 |  |  | 340,569 |
Less: current maturities | 6,438 |  |  | 9,545 |
Less: unamortized prepaid debt issuance costs | 1,555 |  |  | 774 |
| $ | 143,406 |  |  | $ | 330,250 |
The aggregate annual maturities of non-recourse, long-term debt are as follows: 2021 -- $6.4 million; 2022 -- $15.5 million; 2023 -- $11.6 million; 2024 -- $74.9 million; 2025 -- $10.5 million; and $32.5 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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