DEBT (Tables)

9 Months Ended

Sep. 30, 2018

DEBT

Schedule of long-term obligations

At September 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	$	17,521	$	—	$	17,521
Senior unsecured notes 3.2%, due in 2022		75,000		94		74,906
Senior unsecured debts 3.6% floating, equal annual installments through 2022		224,000		578		223,422
Senior unsecured notes 3.5%, due in 2023		125,000		190		124,810
Senior unsecured notes 1.0%, due in 2023		116,095		456		115,639
Senior unsecured notes 3.4%, due in 2024		50,000		80		49,920
Senior unsecured notes 3.5%, due in 2024		100,000		190		99,810
Senior unsecured notes 1.2%, due in 2024		232,190		944		231,246
Senior unsecured notes 3.6%, due in 2025		125,000		215		124,785
Senior unsecured notes 3.6%, due in 2026		125,000		215		124,785
Capital lease obligations		8,932		—		8,932
	$	1,198,738	$	2,962	$	1,195,776
Current maturities of long-term obligations		(64,039)		—		(64,039)
Total long-term obligations	$	1,134,699	$	2,962	$	1,131,737

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 September 30, 2018
Consolidated Leverage Ratio (1)	Maximumof 3.50 to 1.00	2.05 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	12.36 to 1.00

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

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