Debt

3 Months Ended

Mar. 31, 2021

Short-term and long-term debt at March 31, 2021, December 31, 2020 and March 31, 2020 consisted of the following:


(in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Short-term debt – non-recourse	$	140,730	$	93,192	$	83,791
Short-term debt – recourse	774,475		310,511		308,659
Total short-term debt	$	915,205	$	403,703	$	392,450

Current maturities of long-term debt – non-recourse	$	6,062	$	6,438	$	5,212
Current maturities of long-term debt – recourse	43,875		69,037		75,546
Total current maturities of long-term debt	$	49,937	$	75,475	$	80,758

Long-term debt, less: current maturities – non-recourse	$	142,123	$	143,406	$	329,462
Long-term debt, less: current maturities – recourse	764,597		773,134		658,064
Total long-term debt, less: current maturities	$	906,720	$	916,540	$	987,526

On February 4, 2021, The Andersons, Inc. 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 term note bears interest at variable interest rates, which are based on LIBOR plus an applicable spread.

The total borrowing capacity of the Company's lines of credit at March 31, 2021 was $1,405.0 million of which the Company had a total of $635.8 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 March 31, 2021, December 31, 2020 and March 31, 2020, the estimated fair value of long-term debt, including the current portion, was $977.8 million, $1,026.8 million and $1,113.0 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.

The Company is in compliance with all financial covenants as of March 31, 2021.