DEBT

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

Notes Payable, Revolving Credit Facility and Overdrafts

At September 30, 2021 and December 31, 2020, our notes payable, revolving credit facility and overdrafts consisted of the following:

	September 30, 2021		December 31, 2020
Notes payable 0.0%	$	—	$	200
Revolving credit facility 1.00% to 1.08%	58,583		52,000
	$	58,583	$	52,200

On June 30, 2021, we entered into an amended and restated multi-currency revolving credit facility (the "revolving credit facility") with a syndicate of banks to replace the existing facility (the "prior credit facility") maturing July 2022 and to amend and restate the unsecured term loan facility extended to our wholly-owned UK subsidiary under the prior credit facility (as amended, the "amended term facility"). The revolving credit facility matures in June 2026, subject to a maximum of two one-year extensions in certain circumstances, and provides for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The amended term facility matures in July 2022. The revolving credit facility can be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions. As of September 30, 2021, $47 million was utilized under the revolving credit facility in the U.S., €10 million (approximately $11.6 million) was utilized by our wholly-owned UK subsidiary and $56 million remained outstanding under the amended term facility. As of December 31, 2020, under our prior credit facility, we utilized $52.0 million under the U.S. revolving facility and no balance was utilized under the euro-based revolving credit facility.

There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the revolving credit facility will bear interest at rates based on LIBOR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The revolving credit facility provides mechanics relating to a transition away from LIBOR (in the case of USD) and the designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.

In October 2020, we entered into an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of September 30, 2021 or December 31, 2020.

Long-Term Obligations

At September 30, 2021 and December 31, 2020, our long-term obligations consisted of the following:

	September 30, 2021		December 31, 2020
Notes payable 0.00% – 8.92%, due in monthly and annual installments through 2028	$	24,967	$	14,002
Senior unsecured notes 3.2%, due in 2022	75,000		75,000
Senior unsecured debts 1.26% USD floating swapped to 1.36% EUR fixed, due in 2022	56,000		112,000
Senior unsecured notes 3.5%, due in 2023	125,000		125,000
Senior unsecured notes 1.0%, due in 2023	115,830		122,100
Senior unsecured notes 3.4%, due in 2024	50,000		50,000
Senior unsecured notes 3.5%, due in 2024	100,000		100,000
Senior unsecured notes 1.2%, due in 2024	231,660		244,200
Senior unsecured notes 3.6%, due in 2025	125,000		125,000
Senior unsecured notes 3.6%, due in 2026	125,000		125,000
Finance Lease Liabilities	31,197		30,025
Unamortized debt issuance costs	(1,230)		(1,663)
	$	1,058,424	$	1,120,664
Current maturities of long-term obligations	(142,674)		(65,666)
Total long-term obligations	$	915,750	$	1,054,998

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:

Year One	$	138,734
Year Two	121,784
Year Three	460,593
Year Four	53,725
Year Five	253,471
Thereafter	150

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, 2021
Consolidated Leverage Ratio (1)	Maximum of 3.50 to 1.00	1.76 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	19.39 to 1.00

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