NOTE 6 – DEBT

We hold U.S. dollar and euro-denominated debt to align our capital structure with our earnings base. At March 31, 2019, our long-term obligations consisted of the following:


			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028	$	23,421	$	—	$	23,421
Senior unsecured notes 3.2%, due in 2022		75,000		83		74,917
Senior unsecured debts 4.3% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022		224,000		503		223,497
Senior unsecured notes 3.5%, due in 2023		125,000		172		124,828
Senior unsecured notes 1.0%, due in 2023		112,165		408		111,757
Senior unsecured notes 3.4%, due in 2024		50,000		73		49,927
Senior unsecured notes 3.5%, due in 2024		100,000		172		99,828
Senior unsecured notes 1.2%, due in 2024		224,330		863		223,467
Senior unsecured notes 3.6%, due in 2025		125,000		200		124,800
Senior unsecured notes 3.6%, due in 2026		125,000		200		124,800
Financial lease liabilities		23,801		—		23,801
	$	1,207,717	$	2,674	$	1,205,043
Current maturities of long-term obligations		(63,981)		—		(63,981)
Total long-term obligations	$	1,143,736	$	2,674	$	1,141,062

At December 31, 2018, our long-term obligations consisted of the following:


			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028	$	15,531	$	—	$	15,531
Senior unsecured notes 3.2%, due in 2022		75,000		88		74,912
Senior unsecured debts 4.0% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022		224,000		541		223,459
Senior unsecured notes 3.5%, due in 2023		125,000		181		124,819
Senior unsecured notes 1.0%, due in 2023		114,535		432		114,103
Senior unsecured notes 3.4%, due in 2024		50,000		76		49,924
Senior unsecured notes 3.5%, due in 2024		100,000		181		99,819
Senior unsecured notes 1.2%, due in 2024		229,070		904		228,166
Senior unsecured notes 3.6%, due in 2025		125,000		207		124,793
Senior unsecured notes 3.6%, due in 2026		125,000		208		124,792
Capital lease obligations		8,353		—		8,353
	$	1,191,489	$	2,818	$	1,188,671
Current maturities of long-term obligations		(62,678)		—		(62,678)
Total long-term obligations	$	1,128,811	$	2,818	$	1,125,993

Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:


	Requirement	Level at March 31, 2019
Consolidated Leverage Ratio (1)	Maximum of 3.50 to 1.00	2.00 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	14.75 to 1.00

(1)

Definitions of ratios are included as part of the revolving credit facility agreement and the note purchase agreements.

We also maintain a multi-currency revolving credit facility with two tranches, providing for unsecured financing of up to $300 million that is available in the U.S. and up to €150 million that is available to our wholly-owned UK subsidiary. Each borrowing under the credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. The December 31, 2018 outstanding balance of €69.0 million on the euro-based revolving credit facility was paid in the first quarter of 2019. No balances were drawn as of March 31, 2019. Credit facility balances are included in notes payable, including revolving credit facilities on the Condensed Consolidated Balance Sheet.

Aggregate long-term maturities, excluding finance lease obligations, due annually from the current balance sheet date for the next five years are $60,592, $62,195, $61,111, $135,252, $339,883 and $524,883 thereafter.