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DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
Revolving Credit Facility and Overdrafts
At December 31, 2022 and 2021, our revolving credit facility and overdrafts consisted of the following:
20222021
Revolving credit facility 1.68%
$— $144,383 
Overdrafts 15.37%
3,810 2,893 
$3,810 $147,276 
On June 30, 2021, we entered into an amended and restated multi-currency revolving credit facility (the "revolving credit facility") with a syndicate of banks to replace the then-existing facility maturing July 2022 (the "prior credit facility") and to amend and restate the unsecured term loan facility extended to our wholly-owned UK subsidiary under the prior credit facility (as amended, the "amended term facility"). The revolving credit facility matures in June 2026, subject to a maximum of two one-year extensions in certain circumstances, and provides for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The amended term facility matured in July 2022 and was repaid in full. The revolving credit facility can be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions. As of December 31, 2022, there were no borrowings under the revolving credit facility in the U.S. or by our wholly-owned UK subsidiary. As of December 31, 2021, $133 million was utilized under the revolving credit facility in the U.S., €10 million (approximately $11.4 million based on the exchange rates at the end of 2021) was utilized by our wholly-owned UK subsidiary and $56 million remained outstanding under the amended term facility.
There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the revolving credit facility will bear interest at rates based on LIBOR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The revolving credit facility provides mechanics relating to a transition away from LIBOR (in the case of USD) and the designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. We incurred approximately $1.2 million and $1.1 million in interest and fees related to our credit facility during 2022 and 2021, respectively.
Average borrowings under the revolving credit facility and notes payable were $38.5 million and $37.8 million for 2022 and 2021, respectively. The average annual interest rate on the revolving credit facility and notes payable was 1.2% and 1.1% for 2022 and 2021, 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, 2022 or December 31, 2021.
Long-Term Obligations
On March 7, 2022, we issued $400 million aggregate principal amount of 3.60% Senior Notes due March 2032 in an underwritten public offering. The form and terms of the notes were established pursuant to an Indenture, dated as of March 7, 2022, as amended and supplemented by a First Supplemental Indenture, dated as of March 7, 2022, each between the Company and U.S. Bank Trust Company, National Association, as trustee. Interest is payable semi-annually in arrears. The notes are unsecured obligations and rank equally in right of payment with all of our other existing and future senior, unsecured indebtedness.
We redeemed all $75.0 million of our 3.25% senior unsecured notes during the second quarter of 2022 at a price equal to the principal amount plus accrued interest and a $0.4 million make-whole payment.
We redeemed all $125.0 million of our 3.49% senior unsecured notes during the third quarter of 2022 at a price equal to the principal amount plus accrued interest.
At December 31, 2022 and 2021, our long-term obligations consisted of the following:
December 31, 2022December 31, 2021
Notes payable 0.00% – 16.42%, due in monthly and annual installments through 2030
$29,167 $22,785 
Senior unsecured notes 3.2%, due in 2022
— 75,000 
Senior unsecured debts 2.19% USD floating swapped to 1.36% EUR fixed, due in 2022
— 56,000 
Senior unsecured notes 3.5%, due in 2023
— 125,000 
Senior unsecured notes 1.0%, due in 2023
106,995 113,830 
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
213,990 227,660 
Senior unsecured notes 3.6%, due in 2025
125,000 125,000 
Senior unsecured notes 3.6%, due in 2026
125,000 125,000 
Senior unsecured notes 3.6%, due in 2032, net of discount of $1.0 million
399,050 — 
Finance Lease Liabilities26,934 30,185 
Unamortized debt issuance costs(4,558)(1,085)
$1,171,578 $1,049,375 
Current maturities of long-term obligations(118,981)(142,351)
Total long-term obligations$1,052,597 $907,024 

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:
2023$115,815 
2024369,183 
2025133,313 
2026131,647 
202773 
Thereafter399,171 
Covenants
Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at December 31, 2022
Consolidated Leverage Ratio (1)
Maximum of 3.50 to 1.00
1.71 to 1.00
Consolidated Interest Coverage Ratio (1)
Minimum of 3.00 to 1.00
15.00 to 1.00
(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.