Debt

12 Months Ended

Dec. 31, 2020

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.