DEBT

9 Months Ended

Sep. 30, 2019

DEBT

DEBT

NOTE 6 – DEBT

We hold U.S. dollar and euro-denominated debt to align our capital structure with our earnings base. At September 30, 2019, our long-term obligations consisted of the following:

			Unamortized
			Debt Issuance
	Principal		Costs		Net
Notes payable 0.00% – 10.90%, due in monthly and annual installments through 2028	$	19,907	$	—	$	19,907
Senior unsecured notes 3.2%, due in 2022		75,000		70		74,930
Senior unsecured debts 3.8% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022		168,000		428		167,572
Senior unsecured notes 3.5%, due in 2023		125,000		153		124,847
Senior unsecured notes 1.0%, due in 2023		109,005		371		108,634
Senior unsecured notes 3.4%, due in 2024		50,000		66		49,934
Senior unsecured notes 3.5%, due in 2024		100,000		153		99,847
Senior unsecured notes 1.2%, due in 2024		218,010		782		217,228
Senior unsecured notes 3.6%, due in 2025		125,000		181		124,819
Senior unsecured notes 3.6%, due in 2026		125,000		181		124,819
Finance Lease Liabilities		27,557		—		27,557
	$	1,142,479	$	2,385	$	1,140,094
Current maturities of long-term obligations		(64,941)		—		(64,941)
Total long-term obligations	$	1,077,538	$	2,385	$	1,075,153

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

Aggregate long-term maturities, excluding finance lease liabilities, due annually from the current balance sheet date for the next five years are $61,085, $61,515, $135,217, $112,121, $494,402 and $250,582 thereafter.

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. €27.0 million was utilized as of September 30, 2019. Credit facility balances are included in notes payable, including revolving credit facilities on the Condensed Consolidated Balance Sheet.

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

	Requirement	Level at September 30, 2019
Consolidated Leverage Ratio (1)	Maximum of 3.50 to 1.00	1.68 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	16.07 to 1.00

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