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DEBT | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT Notes Payable, Revolving Credit Facility and Overdrafts At December 31, 2020 and 2019, our notes payable, revolving credit facility and overdrafts, consisted of the following:
| 2020 |  | 2019
Notes payable 0.0% | $ | 200 |  |  | $ | 1,436 |
Revolving credit facility 1.45% | 52,000 |  |  | 25,000 |
Overdrafts 5.68% - 7.82% | — |  |  | 17,823 |
| $ | 52,200 |  |  | $ | 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. We utilized $52 million under our U.S. facility and no balance was utilized under our euro-based revolving credit facility as of December 31, 2020. We utilized $25 million under our U.S. facility and no balance was utilized under 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 AptarGroup’s consolidated leverage ratio. We incurred approximately $2.5 million and $1.5 million in interest and fees related to this credit facility during both 2020 and 2019. Average borrowings under the revolving credit facility and notes payable were $108.1 million and $34.1 million for 2020 and 2019, respectively. The average annual interest rate on the revolving credit facility and notes payable was 1.5% and 1.6% for 2020 and 2019, respectively. In October 2020, we entered into an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of December 31, 2020. Long-Term Obligations At December 31, 2020 and 2019, our long-term obligations consisted of the following:
| December 31, 2020 |  | December 31, 2019
Notes payable 0.00% – 10.90%, due in monthly and annual installments through 2028 | $ | 14,002 |  |  | $ | 19,220 |
Senior unsecured notes 3.2%, due in 2022 | 75,000 |  |  | 75,000 |
Senior unsecured debts 1.7% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022 | 112,000 |  |  | 168,000 |
Senior unsecured notes 3.5%, due in 2023 | 125,000 |  |  | 125,000 |
Senior unsecured notes 1.0%, due in 2023 | 122,100 |  |  | 112,170 |
Senior unsecured notes 3.4%, due in 2024 | 50,000 |  |  | 50,000 |
Senior unsecured notes 3.5%, due in 2024 | 100,000 |  |  | 100,000 |
Senior unsecured notes 1.2%, due in 2024 | 244,200 |  |  | 224,340 |
Senior unsecured notes 3.6%, due in 2025 | 125,000 |  |  | 125,000 |
Senior unsecured notes 3.6%, due in 2026 | 125,000 |  |  | 125,000 |
Finance Lease Liabilities | 30,025 |  |  | 29,952 |
Unamortized debt issuance costs | (1,663) |  |  | (2,241) |
| $ | 1,120,664 |  |  | $ | 1,151,441 |
Current maturities of long-term obligations | (65,666) |  |  | (65,988) |
Total long-term obligations | $ | 1,054,998 |  |  | $ | 1,085,453 |
The aggregate long-term maturities, excluding finance lease liabilities, which are discussed in Note 8, due annually for the next five years and thereafter are:
2021 | $ | 61,408 |
2022 | 135,550 |
2023 | 249,788 |
2024 | 395,215 |
2025 | 125,251 |
Thereafter | 125,090 |
Covenants Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
| Requirement |  | Level at December 31, 2020
Consolidated Leverage Ratio (1) | Maximum of 3.50 to 1.00 |  | 1.63 to 1.00
Consolidated Interest Coverage Ratio (1) | Minimum of 3.00 to 1.00 |  | 16.86 to 1.00
(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement 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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