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Debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt | Debt The Company’s short-term and long-term debt at December 31, 2022 and 2021 consisted of the following:
| December 31,
(in thousands) | 2022 |  | 2021
Short-term debt – non-recourse | $ | 81,475 |  |  | $ | 65,485 |
Short-term debt – recourse | 191,100 |  |  | 436,307 |
Total short-term debt | 272,575 |  |  | 501,792 |
Current maturities of long-term debt – non-recourse | 63,815 |  |  | 7,601 |
Current maturities of long-term debt – recourse | 46,340 |  |  | 24,655 |
Total current maturities of long-term debt | 110,155 |  |  | 32,256 |
Long-term debt, less: current maturities – non-recourse | 414 |  |  | 64,972 |
Long-term debt, less: current maturities – recourse | 492,104 |  |  | 535,515 |
Total long-term debt, less: current maturities | $ | 492,518 |  |  | $ | 600,487 |
On March 2, 2022, the Company completed an incremental term loan amendment to its credit agreement dated January 11, 2019. The amendment provided for a short-term note of $250.0 million in which the entire stated principal was due on May 31, 2022 (subsequently extended to August 31, 2022). On March 9, 2022, the Company completed an additional term loan amendment that expanded the short-term note capacity from $250.0 million to $450.0 million. On May 27, 2022, the Company completed an additional amendment to convert the $350.0 million then outstanding balance from the $450.0 million incremental term loan amendment to a revolving credit agreement with a capacity of up to $450.0 million. The entire amount outstanding was due on August 31, 2022, and was fully repaid during the third quarter of 2022. On March 28, 2022, the Company continued to amend its credit agreement dated January 11, 2019. The amendment increased borrowing capacity on the revolver from $900.0 million to $1,550.0 million and extended the maturity dates of the $140.6 million and $209.4 million long-term notes originally due in 2026 to March 26, 2027, and March 28, 2029, respectively. The amendment also transitions the reference rate in the credit agreement from LIBOR to "SOFR" (Standard Overnight Financing Rate). The revolver and term notes will bear interest at variable rates, which are based on SOFR plus an applicable spread. During the first quarter of 2022, the Company repaid the remaining $200.0 million balance that was outstanding as of December 31, 2021, on a short-term note that was classified as recourse debt to the Company. The capacity of the Company's short-term lines of credit at December 31, 2022 was $1,990.8 million of which the Company had a total of $1,659.6 million available for borrowing. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The weighted-average interest rate on short-term borrowings outstanding at December 31, 2022 and 2021, were 5.67% and 1.49%, respectively. As part of the Company's ongoing covenant monitoring process, the Company determined that as of December 31, 2022, ELEMENT is virtually certain to be out of compliance with an owner's equity ratio covenant within the next 12 months. As such, the $63.3 million of non-recourse debt associated with ELEMENT has been classified in Current maturities of long-term debt as of December 31, 2022. Additionally, ELEMENT did not make a required debt payment in February 2023 and subsequently received a default notice from the lender on February 17, 2023. This event of default could result in the lender accelerating the maturity of 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. Subsequent to year end, the Company began to consider various strategies related to the investment. The Company was in compliance with all financial covenants at and during the years ended December 31, 2022 and 2021, other than with respect to the ELEMENT non-recourse debt as discussed above. Total interest paid was $56.7 million, $38.2 million and $33.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the estimated fair value of long-term debt, including the current portion, was $595.7 million and $650.7 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. Long-Term Debt Recourse Long-Term Debt
| December 31,
(in thousands, except percentages) | 2022 |  | 2021
Note payable, variable rate (6.08% at December 31, 2022), payable in increasing amounts plus interest, due 2029 | $ | 201,524 |  |  | $ | 212,500 |
Note payable, variable rate (5.96% at December 31, 2022), payable in increasing amounts plus interest, due 2027 | 135,352 |  |  | 142,500 |
Note payable, 4.50%, payable at maturity, due 2034 (a) | 95,500 |  |  | 99,090 |
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 (4.81% at December 31, 2022), 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) | 9,071 |  |  | 10,135 |
| 541,447 |  |  | 564,225 |
Less: current maturities | 46,340 |  |  | 24,655 |
Less: unamortized prepaid debt issuance costs | 3,003 |  |  | 4,055 |
| $ | 492,104 |  |  | $ | 535,515 |
(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $56.6 million. Th e aggregate annual maturities of recourse, long-term debt are as follows: 2023 -- $46.3 million; 2024 -- $22.6 million; 2025 -- $22.8 million; 2026 -- $48.0 million; 2027 -- $123.4 million; and $278.3 million thereafter. Non-Recourse Long-Term Debt The Company's non-recourse long-term debt consists of the following:
| December 31,
(in thousands) | 2022 |  | 2021
Note payable, variable rate (7.59% at December 31, 2022), payable at maturity, due 2023 (a) | $ | 63,335 |  |  | $ | 70,000 |
Finance lease obligations, due serially to 2024 | 894 |  |  | 2,745 |
| 64,229 |  |  | 72,745 |
Less: current maturities | 63,815 |  |  | 7,601 |
Less: unamortized prepaid debt issuance costs | — |  |  | 172 |
| $ | 414 |  |  | $ | 64,972 |
(a) Debt is collateralized by a first mortgages on the ELEMENT facility and related equipment or other assets with a book value of $128.9 million. Th e aggregate annual maturities of non-recourse long-term debt a re $63.8 million and $0.4 million for the years ended December 31, 2023 and 2024, respectively.

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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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