Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Short-term and Long-term Debt

The Company’s short-term and long-term debt at December 31, 2019 and 2018 consisted of the following:

	December 31,
(in thousands)	2019		2018
Short-term Debt – Non-Recourse	$	54,029	$	—
Short-term Debt – Recourse	93,002		205,000
Total Short-term Debt	147,031		205,000
Current Maturities of Long-term Debt – Non-Recourse	9,250		4,842
Current Maturities of Long-term Debt – Recourse	36,013		16,747
Finance lease liability	17,636		—
Total Current Maturities of Long-term Debt	62,899		21,589
Long-term Debt, Less: Current Maturities – Non-Recourse	329,891		146,353
Long-term Debt, Less: Current Maturities – Recourse	664,856		349,834
Finance lease liability	21,501		—
Total Long-term Debt, Less: Current Maturities	$	1,016,248	$	496,187

Schedule of Long-term Debt

	December 31,
(in thousands, except percentages)	2019		2018
Note payable, variable rate (3.38% at December 31, 2019), payable in increasing amounts plus interest, due 2026	$	237,500	$	—
Note payable, variable rate (3.13% at December 31, 2019), payable in increasing amounts plus interest, due 2024	157,500		—
Note payable, 4.50%, payable at maturity, due 2034 (a)	105,000		—
Note payable, 4.07%, payable at maturity, due 2021	26,000		26,000
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
Note payable, 3.33%, payable in increasing amounts plus interest, due 2025 (a)	23,780		24,888
Note payable, 3.29%, payable in increasing amounts plus interest, due 2022 (a)	17,497		18,918
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
Note payable, variable rate (3.43% at December 31, 2019), payable quarterly, due 2024 (a)	12,250		13,250
Line of credit, variable rate, paid 2019	—		50,000
Note payable, 4.92%, payable in increasing amounts, plus interest, paid 2019 (a)	—		16,227
Note payable, 4.23%, payable in increasing amounts plus interest, paid 2019 (a)	—		9,948
Note payable, 4.76%, payable in increasing amounts plus interest, paid 2019 (a)	—		44,330
Note payable, variable rate, payable in increasing amounts plus interest, paid 2019 (a)	—		16,452
Note payable, variable rate, payable in increasing amounts plus interest, paid 2019 (a)	—		8,417
Note payable, 4.76%, payable in increasing amounts plus interest, paid 2019 (a)	—		8,288
Industrial development revenue bonds:
Variable rate (3.41% at December 31, 2019), payable at maturity, due 2036	21,000		21,000
Variable rate (3.44% at December 31, 2019), payable at maturity, due 2025 (a)	3,100		3,100
Variable rate, paid 2019 (a)	—		4,650
Debenture bonds, 2.65% to 5.00%, payable in increasing amounts plus interest, due 2020 through 2031	26,075		27,323
Finance lease obligations, due serially to 2030 (a)	38,482		—
	747,184		371,791
Less: current maturities	53,353		16,747
Less: unamortized prepaid debt issuance costs	7,833		5,210
	$	685,998	$	349,834

(a) Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value $435.8 million

The Company's non-recourse long-term debt consists of the following:

	December 31,
(in thousands)	2019		2018
Line of credit, 3.76%, payable at maturity, due 2021	$	180,000	$	118,000
Note Payable, variable rate (4.92% at December 31, 2019), payable at maturity, due 2026	66,094		—
Industrial revenue bond, variable rate (3.44% at December 31, 2019), payable at maturity, due 2032 (a)	49,500		—
Note payable, variable rate (4.51% at December 31, 2019), payable in increasing amounts plus interest, due 2023	15,465		—
Non-recourse financing obligations, 3.60% to 4.94%, payable at maturity, due 2020 through 2026	28,855		34,019
Finance lease obligations, due serially to 2023	655		—
	340,569		152,019
Less: current maturities	9,545		4,842
Less: unamortized prepaid debt issuance costs	774		824
	$	330,250	$	146,353