v3.22.2.2
Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
Short-term and long-term debt at September 30, 2022, December 31, 2021 and September 30, 2021 consisted of the following:
(in thousands)September 30,
2022		December 31,
2021		September 30,
2021
Short-term debt – non-recourse$77,564 $65,485 $81,494 
Short-term debt – recourse575,383 436,307 199,705 
Total short-term debt$652,947 $501,792 $281,199 
Current maturities of long-term debt – non-recourse$65,738 $7,601 $69,932 
Current maturities of long-term debt – recourse46,291 24,655 36,323 
Total current maturities of long-term debt$112,029 $32,256 $106,255 
Long-term debt, less: current maturities – non-recourse$404 $64,972 $— 
Long-term debt, less: current maturities – recourse497,584 535,515 542,821 
Total long-term debt, less: current maturities$497,988 $600,487 $542,821 

On March 2, 2022, the Company completed an incremental term loan amendment to its credit agreement dated January 11, 2019. The amendment provided for a short-term note of $250.0 million in which the entire stated principal was due on May 31, 2022 (subsequently extended to August 31, 2022 as described below). 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. On May 27, 2022, the Company completed an additional amendment to convert the $350.0 million then outstanding balance from the $450.0 million incremental term loan amendment to a revolving credit agreement with a capacity of up to $450.0 million. The entire amount outstanding was due on August 31, 2022 and was fully repaid during the third quarter of 2022.

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.

During the first quarter of 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 September 30, 2022 was $1,978.6 million of which the Company had a total of $1,302.6 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 September 30, 2022, December 31, 2021 and September 30, 2021, the estimated fair value of long-term debt, including the current portion, was $602.2 million, $650.7 million and $667.9 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's non-recourse debt was out of compliance regarding the minimum working capital covenant as of August 31, 2022, and is virtually certain to be out of compliance for an owner's equity ratio covenant within the next 12 months. If ELEMENT does not cure or obtain a waiver for the covenants, it would result in an event of default, which could result in the lender accelerating the maturity of 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. As ELEMENT was out of compliance and has not yet cured or obtained a waiver, the $65.2 million of non-recourse debt associated with ELEMENT has been classified as current maturity of long-term debt as of September 30, 2022.
The Company is in compliance with all other financial covenants as of September 30, 2022.