DEBT

6 Months Ended

Jun. 30, 2020

DEBT

DEBT

NOTE 6 – DEBT

Notes Payable, Revolving Credit Facility and Overdrafts

At June 30, 2020 and December 31, 2019, our notes payable, revolving credit facility and overdrafts, consisted of the following:

	June 30,		December 31,
	2020		2019
Notes payable 8.00%	$	831	$	1,436
Revolving credit facility 1.28%		150,000		25,000
Overdrafts 5.68% - 7.82%		—		17,823
	$	150,831	$	44,259

We maintain a multi-currency revolving credit facility with two tranches that matures in July 2022 which provides 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. $150.0 million was utilized under our U.S. facility and no balance was utilized under our euro-based revolving credit facility as of June 30, 2020. $25.0 million was utilized under our U.S. facility and no balance was utilized on our euro-based revolving credit facility as of December 31, 2019.

There are no compensating balance requirements associated with our revolving credit facility. 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.

Long-Term Obligations

At June 30, 2020, 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	$	15,358	$	—	$	15,358
Senior unsecured notes 3.2%, due in 2022		75,000		52		74,948
Senior unsecured debts 2.4% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022		168,000		315		167,685
Senior unsecured notes 3.5%, due in 2023		125,000		126		124,874
Senior unsecured notes 1.0%, due in 2023		112,340		326		112,014
Senior unsecured notes 3.4%, due in 2024		50,000		56		49,944
Senior unsecured notes 3.5%, due in 2024		100,000		126		99,874
Senior unsecured notes 1.2%, due in 2024		224,680		661		224,019
Senior unsecured notes 3.6%, due in 2025		125,000		145		124,855
Senior unsecured notes 3.6%, due in 2026		125,000		145		124,855
Finance Lease Liabilities		30,564		—		30,564
	$	1,150,942	$	1,952	$	1,148,990
Current maturities of long-term obligations		(66,248)		—		(66,248)
Total long-term obligations	$	1,084,694	$	1,952	$	1,082,742

At December 31, 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	$	19,220	$	—	$	19,220
Senior unsecured notes 3.2%, due in 2022		75,000		64		74,936
Senior unsecured debts 3.2% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022		168,000		390		167,610
Senior unsecured notes 3.5%, due in 2023		125,000		144		124,856
Senior unsecured notes 1.0%, due in 2023		112,170		356		111,814
Senior unsecured notes 3.4%, due in 2024		50,000		63		49,937
Senior unsecured notes 3.5%, due in 2024		100,000		144		99,856
Senior unsecured notes 1.2%, due in 2024		224,340		742		223,598
Senior unsecured notes 3.6%, due in 2025		125,000		169		124,831
Senior unsecured notes 3.6%, due in 2026		125,000		169		124,831
Finance Lease Liabilities		29,952		—		29,952
	$	1,153,682	$	2,241	$	1,151,441
Current maturities of long-term obligations		(65,988)		—		(65,988)
Total long-term obligations	$	1,087,694	$	2,241	$	1,085,453

The aggregate long-term maturities, excluding finance lease liabilities, which are disclosed in Note 7, due annually from the current balance sheet date for the next five years are $62,259, $59,990, $133,859, $338,967, $274,900 and $250,404 thereafter.

Covenants

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

	Requirement	Level at June 30, 2020
Consolidated Leverage Ratio (1)	Maximum of 3.50 to 1.00	1.98 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	15.50 to 1.00

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