LONG-TERM OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2018

LONG-TERM OBLIGATIONS

Schedule of borrowing arrangements through wholly owned UK subsidiary

Debt Type	Amount		Term/Maturity	Interest Rate
Bank term loan	$	280,000	5 year amortizing/July 2022	2.56% floating swapped to 1.36% fixed
Bank revolver	€	150,000	5 year/July 2022	1.10% floating
Private placement	€	100,000	6 year/July 2023	0.98% fixed
Private placement	€	200,000	7 year/July 2024	1.17% fixed

Schedule of long-term obligations

At June 30, 2018, the Company’s long-term obligations consisted of the following:

			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.00% – 18.00%, due in monthly and annual installments through 2025	$	17,748	$	—	$	17,748
Senior unsecured notes 3.2%, due in 2022		75,000		101		74,899
Senior unsecured debts 3.6% floating, equal annual installments through 2022		280,000		617		279,383
Senior unsecured notes 3.5%, due in 2023		125,000		199		124,801
Senior unsecured notes 1.0%, due in 2023		116,770		479		116,291
Senior unsecured notes 3.4%, due in 2024		50,000		83		49,917
Senior unsecured notes 3.5%, due in 2024		100,000		199		99,801
Senior unsecured notes 1.2%, due in 2024		233,540		985		232,555
Senior unsecured notes 3.6%, due in 2025		125,000		222		124,778
Senior unsecured notes 3.6%, due in 2026		125,000		222		124,778
Capital lease obligations		3,113		—		3,113
	$	1,251,171	$	3,107	$	1,248,064
Current maturities of long-term obligations		(65,170)		—		(65,170)
Total long-term obligations	$	1,186,001	$	3,107	$	1,182,894

At December 31, 2017, the Company’s long-term obligations consisted of the following:

			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.61% – 18.00%, due in monthly and annual installments through 2025	$	15,349	$	—	$	15,349
Senior unsecured notes 3.2%, due in 2022		75,000		113		74,887
Senior unsecured debts 2.6% floating, equal annual installments through 2022		280,000		692		279,308
Senior unsecured notes 3.5%, due in 2023		125,000		217		124,783
Senior unsecured notes 1.0%, due in 2023		120,095		526		119,569
Senior unsecured notes 3.4%, due in 2024		50,000		89		49,911
Senior unsecured notes 3.5%, due in 2024		100,000		217		99,783
Senior unsecured notes 1.2%, due in 2024		240,190		1,066		239,124
Senior unsecured notes 3.6%, due in 2025		125,000		238		124,762
Senior unsecured notes 3.6%, due in 2026		125,000		238		124,762
Capital lease obligations		741		—		741
	$	1,256,375	$	3,396	$	1,252,979
Current maturities of long-term obligations		(61,833)		—		(61,833)
Total long-term obligations	$	1,194,542	$	3,396	$	1,191,146

Schedule of covenants on revolving credit facility and corporate long-term obligations

	Requirement	Level at June 30, 2018
Consolidated Leverage Ratio (1)	Maximum of 3.50 to 1.00	1.15 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	12.31 to 1.00

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