DEBT

9 Months Ended

Sep. 30, 2020

Notes Payable, Revolving Credit Facility and Overdrafts

At September 30, 2020 and December 31, 2019, our notes payable, revolving credit facility and overdrafts, consisted of the following:


	September 30, 2020		December 31, 2019
Notes payable 8%	$	200	$	1,436
Revolving credit facility 1.46%	95,000		25,000
Overdrafts 5.68% - 7.82%	—		17,823
	$	95,200	$	44,259

We maintain a multi-currency revolving credit facility with two tranches that matures in July 2022 which provides for unsecured financing of up to $300 million that is available in the U.S. and up to €150 million that is available to our wholly-owned UK subsidiary. $95.0 million was utilized under our U.S. facility and no balance was utilized under our euro-based revolving credit facility as of September 30, 2020. $25.0 million was utilized under our U.S. facility and no balance was utilized on our euro-based revolving credit facility as of December 31, 2019.

There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.

Long-Term Obligations

At September 30, 2020, our long-term obligations consisted of the following:



	Principal		Unamortized Debt Issuance Costs		Net
Notes payable 0.00% – 10.90%, due in monthly and annual installments through 2028	$	13,993	$	—	$	13,993
Senior unsecured notes 3.2%, due in 2022	75,000		44		74,956
Senior unsecured debts 1.8% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022	112,000		277		111,723
Senior unsecured notes 3.5%, due in 2023	125,000		116		124,884
Senior unsecured notes 1.0%, due in 2023	117,230		312		116,918
Senior unsecured notes 3.4%, due in 2024	50,000		53		49,947
Senior unsecured notes 3.5%, due in 2024	100,000		116		99,884
Senior unsecured notes 1.2%, due in 2024	234,460		621		233,839
Senior unsecured notes 3.6%, due in 2025	125,000		134		124,866
Senior unsecured notes 3.6%, due in 2026	125,000		134		124,866
Finance Lease Liabilities	30,115		—		30,115
	$	1,107,798	$	1,807	$	1,105,991
Current maturities of long-term obligations	(66,056)		—		(66,056)
Total long-term obligations	$	1,041,742	$	1,807	$	1,039,935

At December 31, 2019, our long-term obligations consisted of the following:



	Principal		Unamortized Debt Issuance Costs		Net
Notes payable 0.00% – 10.90%, due in monthly and annual installments through 2028	$	19,220	$	—	$	19,220
Senior unsecured notes 3.2%, due in 2022	75,000		64		74,936
Senior unsecured debts 3.2% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022	168,000		390		167,610
Senior unsecured notes 3.5%, due in 2023	125,000		144		124,856
Senior unsecured notes 1.0%, due in 2023	112,170		356		111,814
Senior unsecured notes 3.4%, due in 2024	50,000		63		49,937
Senior unsecured notes 3.5%, due in 2024	100,000		144		99,856
Senior unsecured notes 1.2%, due in 2024	224,340		742		223,598
Senior unsecured notes 3.6%, due in 2025	125,000		169		124,831
Senior unsecured notes 3.6%, due in 2026	125,000		169		124,831
Finance Lease Liabilities	29,952		—		29,952
	$	1,153,682	$	2,241	$	1,151,441
Current maturities of long-term obligations	(65,988)		—		(65,988)
Total long-term obligations	$	1,087,694	$	2,241	$	1,085,453

The aggregate long-term maturities, excluding finance lease liabilities, which are disclosed in Note 7, due annually from the current balance sheet date for the next five years are $62,023, $134,772, $119,655, $510,581, $229 and $250,423 thereafter.

Covenants

Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:

Requirement

Level at September 30, 2020

Consolidated Leverage Ratio (1)

Maximum of 3.50 to 1.00

1.81 to 1.00

Consolidated Interest Coverage Ratio (1)

Minimum of 3.00 to 1.00

15.92 to 1.00

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(1)Definitions of ratios are included as part of the revolving credit facility agreement and the note purchase agreements.