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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Short-term and long-term debt at March 31, 2022, December 31, 2021 and March 31, 2021 consisted of the following:
(in thousands)March 31,
2022		December 31,
2021		March 31,
2021
Short-term debt – non-recourse$148,216 $65,485 $140,730 
Short-term debt – recourse1,301,552 436,307 774,475 
Total short-term debt$1,449,768 $501,792 $915,205 
Current maturities of long-term debt – non-recourse$7,959 $7,601 $118 
Current maturities of long-term debt – recourse46,199 24,655 42,706 
Total current maturities of long-term debt$54,158 $32,256 $42,824 
Long-term debt, less: current maturities – non-recourse$62,675 $64,972 $126,772 
Long-term debt, less: current maturities – recourse508,506 535,515 750,811 
Total long-term debt, less: current maturities$571,181 $600,487 $877,583 

On March 2, 2022, the Company completed an incremental term loan amendment to its credit agreement dated January 11, 2019. The amendment provides for a short-term note of $250.0 million in which the entire stated principal is due on May 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. The term note will bear interest at variable rates, which are based on SOFR plus an applicable spread. As of March 31, 2022, the Company had drawn $350.0 million on the short-term note.

On March 28, 2022, the Company amended 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. The revolver and term notes will bear interest at variable rates, which are based on SOFR plus an applicable spread.

As of March 31, 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 total borrowing capacity of the Company's lines of credit at March 31, 2022 was $2,031.4 million of which the Company had a total of $907.3 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, 2022, December 31, 2021 and March 31, 2021, the estimated fair value of long-term debt, including the current portion, was $633.9 million, $650.7 million and $940.7 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 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, 2022.