Table of Contents Other Matters Concerning Liquidity and Capital Resources Our short-term debt obligations typically peak during the first quarter of each year due to the payment of incentive compensation awards, contributions to retirement plans, and certain other recurring payments, and generally decline during the balance of the year. Our maximum month-end short-term debt obligations were $36.6 million and $36.1 million in 2019 and 2018, respectively. Our average month-end short-term debt obligations were $30.8 million and $25.9 million in 2019 and 2018, respectively. The outstanding balance of our short-term borrowings, excluding outstanding but undrawn letters of credit under our Credit Facility, was $28.5 million and $23.2 million at December 31, 2019 and 2018, respectively. The balance in short-term borrowings at December 31, 2019 represents amounts under our revolving Credit Facility that we expect, but are not required, to repay in the next twelve months. We have historically used the proceeds from our long-term borrowings to finance, among other things, business acquisitions. Based on our financial plans, we expect to be able to remain in compliance with all required covenants throughout 2020. Our compliance with the senior secured leverage ratio and fixed charge coverage ratio is particularly sensitive to changes in our EBITDA, and if our financial plans for 2020 or other future periods do not meet our current projections, we could fail to remain in compliance with these financial covenants in our Credit Facility. Our compliance with the senior secured leverage ratio covenant is also sensitive to changes in our level of consolidated total funded debt, as defined in our Credit Facility. In addition to short- and long-term borrowings, capital leases, and bank overdrafts, among other things, consolidated total funded debt includes letters of credit, the need for which can fluctuate based on our business requirements. An increase in borrowings under our Credit Facility could negatively impact our leverage ratio, unless those increased borrowings are offset by a corresponding increase in our EBITDA. In addition, a reduction in EBITDA in the future could limit our ability to utilize available credit under the Credit Facility, which could negatively impact our ability to fund our current operations or make needed capital investments. Our compliance with the fixed charge coverage ratio covenant, which measures our ability to pay certain recurring expenses such as interest and lease payments, is also sensitive to the level of capital expenditures and restricted payments, as defined in our Credit Facility. A decrease in EBITDA could negatively impact our fixed charge coverage ratio, as could increases in our capital expenditures, interest expense, tax expense or restricted payments. If we do not manage those items carefully, we could be in default under the Credit Agreement, which would negatively impact our ability to fund our current operations or make needed capital investments. We believe our current financial resources, together with funds generated from operations and existing and potential borrowing capabilities, will be sufficient to maintain our current operations for the next 12 months. As of December 31, 2019, the impact that our contractual obligations, including estimated interest payments, are expected to have on our liquidity and cash flow in future periods is as follows: (Note references in the following table refer to the note in the accompanying audited consolidated financial statements in Item 8 of this Annual Report on Form 10-K). Contractual Obligations Payments Due by Period One Year or Less 1 to 3 Years 3 to 5 Years After 5 Years Total (In thousands) Operating lease commitments (Note 6) $ 35,595 $ 47,802 $ 21,859 $ 33,043 $ 138,299 Long-term debt, including current portions (Note 5)  (1) 28,531 148,346 — — 176,877 Finance lease obligations (Note 5)  (1) 15 35 27 — 77 Total, before interest payments 64,141 196,183 21,886 33,043 315,253 Estimated interest payments under Credit Facility 11,091 21,020 — — 32,111 Total contractual obligations $ 75,232 $ 217,203 $ 21,886 $ 33,043 $ 347,364 $^{(1)}$ Assumes principal amounts are repaid at maturity and not refinanced. 43