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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)20212020
Short-term debt – non-recourse$65,485 $93,192 
Short-term debt – recourse436,307 310,511 
Total short-term debt501,792 403,703 
Current maturities of long-term debt – non-recourse7,601 678 
Current maturities of long-term debt – recourse24,655 68,688 
Total current maturities of long-term debt32,256 69,366 
Long-term debt, less: current maturities – non-recourse64,972 127,192 
Long-term debt, less: current maturities – recourse535,515 759,261 
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)20212020
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 maturities24,655 68,688 
Less: unamortized prepaid debt issuance costs4,055 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)20212020
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 20232,745 2,825 
Long-term credit facility, variable rate, due 2024— 56,600 
72,745 129,425 
Less: current maturities7,601 678 
Less: unamortized prepaid debt issuance costs172 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.