DEBT (Tables)

3 Months Ended

Mar. 31, 2019

DEBT

Schedule of long-term obligations

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

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

	Requirement	Level at March 31, 2019
Consolidated Leverage Ratio (1)	Maximumof 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.