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Debt | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt | Debt Short-term and long-term debt at September 30, 2021, December 31, 2020 and September 30, 2020 consisted of the following:
(in thousands) | September 30, 2021 |  | December 31, 2020 |  | September 30, 2020
Short-term debt – non-recourse | $ | 81,494 |  |  | $ | 93,192 |  |  | $ | 40,985 |
Short-term debt – recourse | 199,705 |  |  | 310,511 |  |  | 59,420 |
Total short-term debt | $ | 281,199 |  |  | $ | 403,703 |  |  | $ | 100,405 |
Current maturities of long-term debt – non-recourse | $ | 69,932 |  |  | $ | 678 |  |  | $ | 211 |
Current maturities of long-term debt – recourse | 36,323 |  |  | 68,688 |  |  | 62,288 |
Total current maturities of long-term debt | $ | 106,255 |  |  | $ | 69,366 |  |  | $ | 62,499 |
Long-term debt, less: current maturities – non-recourse | $ | — |  |  | $ | 127,192 |  |  | $ | 89,419 |
Long-term debt, less: current maturities – recourse | 542,821 |  |  | 759,261 |  |  | 627,779 |
Total long-term debt, less: current maturities | $ | 542,821 |  |  | $ | 886,453 |  |  | $ | 717,198 |
On February 4, 2021, the Company completed the second amendment to its credit agreement dated January 11, 2019. The amendment, which replaced an underwritten bridge loan received on January 21, 2021, provided for a short-term $250 million term note in which the entire stated principal is due on December 31, 2021. The entire principal balance was repaid as of September 30, 2021. On May 6, 2021, the Company completed the third amendment to its credit agreement dated January 11, 2019. The amendment provides for a short-term note of approximately $358 million in which the entire stated principal is due on March 31, 2022. The term note will bear interest at variable rates, which are based on LIBOR plus an applicable spread. As of September 30, 2021 $200 million of principal remains outstanding. The total borrowing capacity of the Company's lines of credit at September 30, 2021 was $1,297.5 million of which the Company had a total of $1,169.9 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. As of September 30, 2021, December 31, 2020 and September 30, 2020, the estimated fair value of long-term debt, including the current portion, was $667.9 million, $1,003.1 million and $831.3 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities. As part of the Company's ongoing covenant monitoring process, the Company determined that it was virtually certain that ELEMENT will be out of compliance with its debt service coverage ratio covenant of no less than 1.4 to be initially measured on December 31, 2021. If ELEMENT is not in compliance with the debt service coverage ratio at December 31, 2021, it would result in an event of default, which if not cured or waived, could result in the lender accelerating the maturity of the ELEMENT’s indebtedness or preventing access to additional funds under the line of credit agreement, or requiring prepayment of outstanding indebtedness under the loan agreement or the line of credit agreement. Because it was determined that it was virtually certain that ELEMENT would violate this covenant in the future and has not yet received a waiver, the $70 million of non-recourse debt associated with ELEMENT has been classified as current maturity of long-term debt. The Company is in compliance with all other financial covenants as of September 30, 2021.

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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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