LONG-TERM OBLIGATIONS

3 Months Ended

Mar. 31, 2016

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.

At March 31, 2016, the Company’s long-term obligations consisted of the following:


			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.61% – 16.00%, due in monthly and annual installments through 2025	$	16,970	$	—	$	16,970
Senior unsecured notes 6.0%, due in 2016		50,000		1		49,999
Senior unsecured notes 6.0%, due in 2018		75,000		56		74,944
Senior unsecured notes 3.8%, due in 2020		84,000		143		83,857
Senior unsecured notes 3.2%, due in 2022		75,000		156		74,844
Senior unsecured notes 3.5%, due in 2023		125,000		284		124,716
Senior unsecured notes 3.4%, due in 2024		50,000		114		49,886
Senior unsecured notes 3.5%, due in 2024		100,000		284		99,716
Senior unsecured notes 3.6%, due in 2025		125,000		291		124,709
Senior unsecured notes 3.6%, due in 2026		125,000		291		124,709
Capital lease obligations		2,141		—		2,141
	$	828,111	$	1,620	$	826,491
Current maturities of long-term obligations		(53,310)		(1)		(53,309)
Total long-term obligations	$	774,801	$	1,619	$	773,182

At December 31, 2015, the Company’s long-term obligations consisted of the following:


			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.61% – 14.50%, due in monthly and annual installments through 2025	$	3,785	$	—	$	3,785
Senior unsecured notes 6.0%, due in 2016		50,000		5		49,995
Senior unsecured notes 6.0%, due in 2018		75,000		63		74,937
Senior unsecured notes 3.8%, due in 2020		84,000		150		83,850
Senior unsecured notes 3.2%, due in 2022		75,000		163		74,837
Senior unsecured notes 3.5%, due in 2023		125,000		293		124,707
Senior unsecured notes 3.4%, due in 2024		50,000		118		49,882
Senior unsecured notes 3.5%, due in 2024		100,000		293		99,707
Senior unsecured notes 3.6%, due in 2025		125,000		298		124,702
Senior unsecured notes 3.6%, due in 2026		125,000		298		124,702
Capital lease obligations		1,628		—		1,628
	$	814,413	$	1,681	$	812,732
Current maturities of long-term obligations		(51,889)		(5)		(51,884)
Total long-term obligations	$	762,524	$	1,676	$	760,848

Aggregate long-term maturities, excluding capital lease obligations, due annually from the current balance sheet date for the next five years are $52,450, $2,006, $77,612, $2,548, $85,839 and $605,515 thereafter.