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DEBT
3 Months Ended
Mar. 31, 2020
DEBT  
DEBT

NOTE 6 – DEBT

Notes Payable, Revolving Credit Facility and Overdrafts

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

​

​

​

​

​

​

​

​

​

​

​

March 31,

​

December 31,

​

​

  

2020

    

2019

    

Notes payable 8.10% due in 2020

​

$

2,664

​

$

1,436

​

Revolving credit facility 1.88% due in 2020

​

​

200,000

​

​

25,000

​

Overdrafts 5.68% - 7.82% due in 2020

​

​

17,847

​

​

17,823

​

​

​

$

220,511

​

$

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. $200.0 million was utilized under our U.S. facility and no balance was utilized under our euro-based revolving credit facility as of March 31, 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 March 31, 2020, our long-term obligations consisted of the following:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unamortized

​

​

​

​

    

​

    

Debt Issuance

    

​

 

​

    

Principal

    

Costs

    

Net

 

Notes payable 0.00% – 10.90%, due in monthly and annual installments through 2028

​

$

15,551

​

$

—

​

$

15,551

​

Senior unsecured notes 3.2%, due in 2022

​

 

75,000

​

 

59

​

 

74,941

​

Senior unsecured debts 3.1% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022

​

 

168,000

​

 

352

​

 

167,648

​

Senior unsecured notes 3.5%, due in 2023

​

​

125,000

​

​

135

​

​

124,865

​

Senior unsecured notes 1.0%, due in 2023

​

​

110,315

​

​

341

​

​

109,974

​

Senior unsecured notes 3.4%, due in 2024

​

 

50,000

​

 

60

​

 

49,940

​

Senior unsecured notes 3.5%, due in 2024

​

​

100,000

​

​

135

​

​

99,865

​

Senior unsecured notes 1.2%, due in 2024

​

​

220,630

​

​

701

​

​

219,929

​

Senior unsecured notes 3.6%, due in 2025

​

​

125,000

​

​

157

​

​

124,843

​

Senior unsecured notes 3.6%, due in 2026

​

​

125,000

​

​

157

​

​

124,843

​

Finance Lease Liabilities

​

 

28,395

​

 

—

​

 

28,395

​

​

​

$

1,142,891

​

$

2,097

​

$

1,140,794

​

Current maturities of long-term obligations

​

 

(65,049)

​

 

—

​

 

(65,049)

​

Total long-term obligations

​

$

1,077,842

​

$

2,097

​

$

1,075,745

​

​

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 $61,181, $60,285, $134,343, $337,444, $270,846 and $250,397 thereafter.

Covenants

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

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​

​

​

​

​

​

​

    

Requirement

    

Level at March 31, 2020

Consolidated Leverage Ratio (1)

 

Maximum of 3.50 to 1.00

 

1.73 to 1.00

Consolidated Interest Coverage Ratio (1)

 

Minimum of 3.00 to 1.00

 

16.32 to 1.00

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