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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Short-term and long-term debt at March 31, 2023, December 31, 2022 and March 31, 2022 consisted of the following:
(in thousands)March 31,
2023		December 31,
2022		March 31,
2022
Short-term debt – non-recourse$100,228 $81,475 $148,216 
Short-term debt – recourse537,982 191,100 1,301,552 
Total short-term debt$638,210 $272,575 $1,449,768 
Current maturities of long-term debt – non-recourse$63,176 $63,815 $7,959 
Current maturities of long-term debt – recourse22,391 46,340 46,199 
Total current maturities of long-term debt$85,567 $110,155 $54,158 
Long-term debt, less: current maturities – non-recourse$285 $414 $62,675 
Long-term debt, less: current maturities – recourse486,607 492,104 508,506 
Total long-term debt, less: current maturities$486,892 $492,518 $571,181 

The total borrowing capacity of the Company's lines of credit at March 31, 2023, was $1,991.8 million of which the Company had a total of $1,294.9 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, 2023, December 31, 2022 and March 31, 2022, the estimated fair value of long-term debt, including the current portion, was $569.0 million, $595.7 million and $633.9 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.

As part of the Company's ongoing covenant monitoring process, the Company determined that ELEMENT was out of compliance with its working capital covenant as of January 31, 2023, and is also out of compliance with an owner's equity ratio covenant as of March 31, 2023. In addition, ELEMENT did not make its required February 2023 debt payment and subsequently received a default notice from the lender on February 17, 2023. As such, the $62.8 million of non-recourse debt associated with ELEMENT continues to be classified in Current maturities of long-term debt as of March 31, 2023. On April 18, 2023, ELEMENT was placed into receivership.
The Company is in compliance with all other financial covenants as of March 31, 2023.