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DEBT | 9 Months Ended
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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.
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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