Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

The total borrowing capacity of the Company's lines of credit at March 31, 2024, was $1,859.1 million, of which, the Company had a total of $1,845.6 million available for borrowing. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit.

As of March 31, 2024, December 31, 2023 and March 31, 2023, the estimated fair value of long-term debt, including the current portion, was $575.2 million, $585.1 million and $569.0 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.

As part of the Company's ongoing covenant monitoring process in the prior year, the Company determined that ELEMENT was out of compliance with its working capital and owner's equity ratio covenants 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 was classified in Current maturities of long-term debt as of March 31, 2023. On April 18, 2023, ELEMENT was placed into receivership and the related debt associated with ELEMENT was deconsolidated from the Company's Condensed Consolidated Financial Statements.

The Company is in compliance with all financial covenants as of March 31, 2024.