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LONG-TERM OBLIGATIONS | 9 Months Ended
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Sep. 30, 2017
LONG-TERM OBLIGATIONS |
LONG-TERM OBLIGATIONS | NOTE 5 – LONG –TERM OBLIGATIONS During the third quarter of 2017, the Company entered into the borrowing arrangements summarized below through our wholly owned UK subsidiary to better balance our capital structure.
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 |
The Company also maintains a 5-year revolving credit facility that provides for unsecured financing of up to $300 million and matures in July 2022. Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
|  | Requirement |  | Level at September 30, 2017
Consolidated Leverage Ratio (a) |  | Maximum of 3.50 to 1.00 |  | 1.17 to 1.00
Consolidated Interest Coverage Ratio (a) |  | Minimum of 3.00 to 1.00 |  | 13.38 to 1.00
| (a) |  | Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.
At September 30, 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 |  | $ | 17,103 |  | $ | — |  | $ | 17,103 |
Senior unsecured notes 6.0%, due in 2018 |  |  | 75,000 |  |  | 62 |  |  | 74,938 |
Senior unsecured notes 3.8%, due in 2020 |  |  | 84,000 |  |  | 138 |  |  | 83,862 |
Senior unsecured notes 3.2%, due in 2022 |  |  | 75,000 |  |  | 156 |  |  | 74,844 |
Senior unsecured debts 2.6% floating, equal annual installments through 2022 |  |  | 280,000 |  |  | 755 |  |  | 279,245 |
Senior unsecured notes 3.5%, due in 2023 |  |  | 125,000 |  |  | 291 |  |  | 124,709 |
Senior unsecured notes 1.0%, due in 2023 |  |  | 118,190 |  |  | 418 |  |  | 117,772 |
Senior unsecured notes 3.4%, due in 2024 |  |  | 50,000 |  |  | 118 |  |  | 49,882 |
Senior unsecured notes 3.5%, due in 2024 |  |  | 100,000 |  |  | 291 |  |  | 99,709 |
Senior unsecured notes 1.2%, due in 2024 |  |  | 236,380 |  |  | 835 |  |  | 235,545 |
Senior unsecured notes 3.6%, due in 2025 |  |  | 125,000 |  |  | 314 |  |  | 124,686 |
Senior unsecured notes 3.6%, due in 2026 |  |  | 125,000 |  |  | 314 |  |  | 124,686 |
Capital lease obligations |  |  | 879 |  |  | — |  |  | 879 |
|  | $ | 1,411,552 |  | $ | 3,692 |  | $ | 1,407,860 |
Current maturities of long-term obligations |  |  | (136,392) |  |  | (62) |  |  | (136,330) |
Total long-term obligations |  | $ | 1,275,161 |  | $ | 3,631 |  | $ | 1,271,530 |
At December 31, 2016, the Company’s long-term obligations consisted of the following:
|  |  |  | Unamortized |  |  |
|  |  |  | Debt Issuance |  |  |
|  | Principal |  | Costs |  | Net |
Notes payable 0.61% – 16.00%, due in monthly and annual installments through 2025 |  | $ | 18,246 |  | $ | — |  | $ | 18,246 |
Senior unsecured notes 6.0%, due in 2018 |  |  | 75,000 |  |  | 37 |  |  | 74,963 |
Senior unsecured notes 3.8%, due in 2020 |  |  | 84,000 |  |  | 119 |  |  | 83,881 |
Senior unsecured notes 3.2%, due in 2022 |  |  | 75,000 |  |  | 138 |  |  | 74,862 |
Senior unsecured notes 3.5%, due in 2023 |  |  | 125,000 |  |  | 256 |  |  | 124,744 |
Senior unsecured notes 3.4%, due in 2024 |  |  | 50,000 |  |  | 104 |  |  | 49,896 |
Senior unsecured notes 3.5%, due in 2024 |  |  | 100,000 |  |  | 256 |  |  | 99,744 |
Senior unsecured notes 3.6%, due in 2025 |  |  | 125,000 |  |  | 269 |  |  | 124,731 |
Senior unsecured notes 3.6%, due in 2026 |  |  | 125,000 |  |  | 269 |  |  | 124,731 |
Capital lease obligations |  |  | 1,542 |  |  | — |  |  | 1,542 |
|  | $ | 778,788 |  | $ | 1,448 |  | $ | 777,340 |
Current maturities of long-term obligations |  |  | (4,603) |  |  | — |  |  | (4,603) |
Total long-term obligations |  | $ | 774,185 |  | $ | 1,448 |  | $ | 772,737 |
Aggregate long-term maturities, excluding capital lease obligations, due annually from the current balance sheet date for the next five years are $136,105, $60,750, $57,909, $141,911 and $132,912 and $881,086 thereafter.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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