LONG-TERM OBLIGATIONS

9 Months Ended

Sep. 30, 2015

NOTE 5 – LONG–TERM OBLIGATIONS

In December 2014, we executed a $475 million private placement to take advantage of low long-term interest rates. At that time, we closed on $250 million of the private placement to fund our accelerated share repurchase (“ASR”) program (see Note 11). This closing consisted of two maturity tranches, with $125 million of 9 year notes at an interest rate of 3.49% and $125 million of 11 year notes at an interest rate of 3.61%. We closed on the remaining $225 million of the private placement in February 2015, consisting of $100 million of 9 year notes at an interest rate of 3.49% and $125 million of 11 year notes at an interest rate of 3.61%. The proceeds from this closing were used to pay down the existing revolving line of credit.

The Company’s long-term obligations consisted of the following:

	September 30,			December 31,
	2015			2014

Notes payable 0.61% - 27.26%, due in monthly and annual installments through 2025	$	5,074		$	5,160
Senior unsecured notes 2.3%, due in 2015	16,000			16,000
Senior unsecured notes 6.0%, due in 2016	50,000			50,000
Senior unsecured notes 6.0%, due in 2018	75,000			75,000
Senior unsecured notes 3.8%, due in 2020	84,000			84,000
Senior unsecured notes 3.2%, due in 2022	75,000			75,000
Senior unsecured notes 3.5%, due in 2023	125,000			125,000
Senior unsecured notes 3.4%, due in 2024	50,000			50,000
Senior unsecured notes 3.5%, due in 2024	100,000			--
Senior unsecured notes 3.6%, due in 2025	125,000			125,000
Senior unsecured notes 3.6%, due in 2026	125,000			--
Capital lease obligations	1,802			2,424

	831,876			607,584
Current maturities of long-term obligations	(68,145		)	(18,692		)

Total long-term obligations	$	763,731		$	588,892

Aggregate long-term maturities, excluding capital lease obligations, due annually for the five years beginning in 2015 are $17,912; $51,119; $385; $75,304 and $190 and the amount thereafter is $685,164.