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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Short-term and long-term debt at June 30, 2023, December 31, 2022 and June 30, 2022 consisted of the following:
(in thousands)June 30,
2023		December 31,
2022		June 30,
2022
Short-term debt – non-recourse$33,555 $81,475 $97,668 
Short-term debt – recourse69,197 191,100 1,063,760 
Total short-term debt$102,752 $272,575 $1,161,428 
Current maturities of long-term debt – non-recourse$62 $63,815 $7,707 
Current maturities of long-term debt – recourse27,449 46,340 46,244 
Total current maturities of long-term debt$27,511 $110,155 $53,951 
Long-term debt, less: current maturities – non-recourse$— $414 $60,396 
Long-term debt, less: current maturities – recourse576,489 492,104 503,051 
Total long-term debt, less: current maturities$576,489 $492,518 $563,447 

The total borrowing capacity of the Company's lines of credit at June 30, 2023, was $1,869.1 million of which the Company had a total of $1,740.7 million available for borrowing. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit.

As of June 30, 2023, December 31, 2022 and June 30, 2022, the estimated fair value of long-term debt, including the current portion, was $597.6 million, $595.7 million and $617.5 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.

On April 3, 2023, the Company entered into a $100 million 8-year term loan with approximately half of the proceeds used to repay current maturities of long-term debt. The remainder of the proceeds will be used to pay down a portion of outstanding line of credit borrowings. Payment of principal and interest will be made on a quarterly basis. The loan will bear interest at variable rates.

On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT within the quarter, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of the deconsolidation, the $62.8 million of non-recourse debt associated with ELEMENT was removed from Current maturities of long-term debt as of June 30, 2023.
The Company is in compliance with all financial covenants as of June 30, 2023.