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Debt | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt The Company’s short-term and long-term debt at December 31, 2021 and 2020 consisted of the following:
| December 31,
(in thousands) | 2021 |  | 2020
Short-term debt – non-recourse | $ | 65,485 |  |  | $ | 93,192 |
Short-term debt – recourse | 436,307 |  |  | 310,511 |
Total short-term debt | 501,792 |  |  | 403,703 |
Current maturities of long-term debt – non-recourse | 7,601 |  |  | 678 |
Current maturities of long-term debt – recourse | 24,655 |  |  | 68,688 |
Total current maturities of long-term debt | 32,256 |  |  | 69,366 |
Long-term debt, less: current maturities – non-recourse | 64,972 |  |  | 127,192 |
Long-term debt, less: current maturities – recourse | 535,515 |  |  | 759,261 |
Total long-term debt, less: current maturities | $ | 600,487 |  |  | $ | 886,453 |
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 $250.0 million note in which the entire stated principal was 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 $358.0 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 December 31, 2021 $200.0 million of principal remains outstanding. As part of the Company's ongoing covenant monitoring process, at September 30, 2021, 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. It was determined that if ELEMENT was 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 had not yet received a waiver at that time, the $70.0 million of non-recourse debt associated with ELEMENT was classified as a current maturity of long-term debt as of September 30, 2021. On February 14, 2022, ELEMENT executed an amended agreement of the debt whereby the lender retrospectively waived the covenant violations and modified the existing covenants. The debt service coverage ratio covenant was waived as of December 31, 2021 and modified to a target of 1.0 for 2022. As the waiver and amended debt agreement was completed prior to the annual report filing, the debt was classified as noncurrent as of December 31, 2021. The Company was in compliance with all financial covenants at and during the years ended December 31, 2021 and 2020. Total interest paid was $38.2 million, $33.9 million and $43.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, the estimated fair value of long-term debt, including the current portion, was $650.7 million and $989.1 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 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, 2021, the Company had short-term lines of credit capacity totaling $1,195.8 million, of which $890.1 million was unused. The weighted-average interest rates on short-term borrowings outstanding at December 31, 2021 and 2020, were 1.49% and 1.66%, respectively. Long-Term Debt Recourse Long-Term Debt
| December 31,
(in thousands, except percentages) | 2021 |  | 2020
Note payable, variable rate (1.70% at December 31, 2021), payable in increasing amounts plus interest, due 2026 | $ | 212,500 |  |  | $ | 225,000 |
Note payable, variable rate (1.58% at December 31, 2021), payable in increasing amounts plus interest, due 2026 | 142,500 |  |  | 150,000 |
Note payable, 4.50%, payable at maturity, due 2034 (a) | 99,090 |  |  | 102,524 |
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 |
Industrial revenue bond, variable rate (1.22% at December 31, 2021), payable at maturity, due 2036 | 21,000 |  |  | 21,000 |
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 |
Finance lease obligations, due serially to 2030 (a) | 10,135 |  |  | 22,262 |
Note payable, variable rate, paid 2021 | — |  |  | 145,000 |
Note payable, 4.07%, paid 2021 | — |  |  | 26,000 |
Note payable, 3.33%, paid 2021 | — |  |  | 22,634 |
Note payable, 3.29%, paid 2021 | — |  |  | 16,028 |
Debenture bonds, 2.65% to 4.50%, paid 2021 | — |  |  | 12,730 |
Note payable, variable rate, paid 2021 | — |  |  | 11,250 |
| 564,225 |  |  | 833,428 |
Less: current maturities | 24,655 |  |  | 68,688 |
Less: unamortized prepaid debt issuance costs | 4,055 |  |  | 5,479 |
| $ | 535,515 |  |  | $ | 759,261 |
(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $61.9 million. The aggregate annual maturities of recourse, long-term debt are as follows: 2022 -- $24.7 million; 2023 -- $48.8 million; 2024 -- $25.1 million; 2025 -- $25.3 million; 2026 -- $305.5 million; and $134.8 million thereafter. Non-Recourse Long-Term Debt The Company's non-recourse long-term debt consists of the following:
| December 31,
(in thousands) | 2021 |  | 2020
Note payable, variable rate (3.55% at December 31, 2021), payable at maturity, due 2027 | $ | 70,000 |  |  | $ | 70,000 |
Finance lease obligations, due serially to 2023 | 2,745 |  |  | 2,825 |
Long-term credit facility, variable rate, due 2024 | — |  |  | 56,600 |
| 72,745 |  |  | 129,425 |
Less: current maturities | 7,601 |  |  | 678 |
Less: unamortized prepaid debt issuance costs | 172 |  |  | 1,555 |
| $ | 64,972 |  |  | $ | 127,192 |
The aggregate annual maturities of non-recourse, long-term debt are as follows: 2022 -- $7.6 million; 2023 -- $8.0 million; 2024 -- $7.9 million; 2025 -- $7.2 million; 2026 -- $7.1 million; and $34.9 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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