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Debt
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt
14.
DEBT

At June 30, 2023 and December 31, 2022, debt was comprised of the following:

 

(In thousands)

 

Maturity
Dates

 

June 30,
2023

 

 

December 31,
2022

 

Senior unsecured notes

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost
   of $
164 and $186 for 2023 and 2022, respectively)

 

2023-2027

 

$

71,265

 

 

$

71,243

 

3.86% (net of unamortized debt issuance cost
   of $
98 and $125 for 2023 and 2022, respectively)

 

2023-2025

 

 

28,473

 

 

 

42,732

 

4.86% (net of unamortized debt issuance cost
   of $
0 and $30 for 2023 and 2022, respectively)

 

2023

 

 

9,286

 

 

 

9,260

 

2.30% (net of unamortized debt issuance cost
   of $
110 and $122 for 2023 and 2022, respectively)

 

2024-2028

 

 

49,890

 

 

 

49,878

 

2.37% (net of unamortized debt issuance cost
   of $
117 and $128 for 2023 and 2022, respectively)

 

2024-2028

 

 

49,883

 

 

 

49,872

 

2.73% (net of unamortized debt issuance cost
   of $
97 and $55 for 2023 and 2022, respectively)

 

2025-2031

 

 

99,903

 

 

 

99,945

 

2.83% (net of unamortized debt issuance cost
   of $
74 and $40 for 2023 and 2022, respectively)

 

2026-2032

 

 

74,926

 

 

 

74,960

 

Revolving credit facility and term loan borrowing

 

2023-2027

 

 

294,000

 

 

 

189,250

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

Unsecured bank debt, foreign currency

 

2023

 

 

5,003

 

 

 

 

Total debt

 

 

 

$

682,629

 

 

$

587,140

 

Less current maturities

 

 

 

 

244,360

 

 

 

132,111

 

Long-term debt

 

 

 

$

438,269

 

 

$

455,029

 

The Company's long-term debt financing is currently comprised of certain senior unsecured notes issued to insurance companies in private placement transactions, totaling $383,626,000 as of June 30, 2023. These notes are denominated in U.S. dollars and have fixed interest rates ranging from 2.30 percent to 4.86 percent. The notes had original maturities of seven to 12 years with mandatory principal payments beginning four, five and six years after issuance. The Company will be required to make principal payments on the currently outstanding notes from 2023 to 2032.

The Company's credit agreement with a syndicate of banks provides for credit facilities in an initial aggregate principal amount of $450,000,000, consisting of (a) a $350,000,000 multi-currency revolving credit facility and (b) a $100,000,000 delayed draw term loan credit facility, each of which matures on June 24, 2027. The Company maintains import letters of credit, and standby letters of credit under its workers’ compensation insurance agreements and for other purposes, as needed from time to time, which are issued under the revolving credit agreement. As of June 30, 2023, the Company had outstanding letters of credit totaling $11,331,000 and $294,000,000 of outstanding borrowings under the credit agreement, inclusive of a $97,500,000 delayed draw term loan ($2,500,000 of the term loan principal has been permanently repaid as scheduled). There was $142,169,000 available under the credit agreement as of June 30, 2023.

The Company’s material debt agreements contain provisions which, among other covenants, require maintenance of certain financial ratios and place limitations on additional debt, investments and payment of dividends. Based on the loan agreement provisions that place limitations on dividend payments, unrestricted retained earnings (i.e., retained earnings available for dividend distribution) were $238,614,000 and $224,189,000 at June 30, 2023 and December 31, 2022, respectively.