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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
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 were used to pay down a portion of outstanding line of credit borrowings. Payment of principal and interest is made on a quarterly basis. The loan bears interest at variable rates.

On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its 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 in the second quarter of 2023. See Note 19 in the Consolidated Financial Statements for additional information.

The capacity of the Company's short-term lines of credit at December 31, 2023 was $1,863.9 million, of which the Company had a total of $1,817.5 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, 2023 and 2022, was 7.28% and 5.67%, respectively.

The Company was in compliance with all financial covenants at and during the years ended December 31, 2023, and 2022, other than with respect to the ELEMENT non-recourse debt as discussed in Note 19 of the Consolidated Financial Statements.

Total interest paid was $47.0 million, $56.7 million and $38.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.
As of December 31, 2023 and 2022, the estimated fair value of long-term debt, including the current portion, was $585.1 million and $595.7 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
December 31,
(in thousands, except percentages)20232022
Note payable, variable rate (7.08% at December 31, 2023), payable in increasing amounts plus interest, due 2029
$191,055 $201,524 
Note payable, variable rate (6.95% at December 31, 2023), payable in increasing amounts plus interest, due 2027
128,320 135,352 
Note payable, variable rate (7.03% at December 31, 2023), payable in increasing amounts plus interest, due 2031
97,500 — 
Note payable, 4.50%, payable at maturity, due 2034 (a)
91,744 95,500 
Note payable, 4.85%, payable at maturity, due 2026
25,000 25,000 
Industrial revenue bond, variable rate (5.22% at December 31, 2023), 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 2043 (a)
9,013 9,965 
Note payable, variable rate, payable at maturity, due 2023— 63,335 
Note payable, 4.55%, payable at maturity, due 2023
— 24,000 
593,632 605,676 
Less: current maturities27,561 110,155 
Less: unamortized prepaid debt issuance costs3,111 3,003 
$562,960 $492,518 
(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $50.7 million.

The aggregate annual maturities of long-term debt are as follows: 2024 -- $27.6 million; 2025 -- $27.8 million; 2026 -- $53.0 million; 2027 -- $128.5 million; 2028 -- $21.5 million; and $335.2 million thereafter.