Debt

6 Months Ended

Jun. 30, 2012

Debt [Abstract]

DEBT

11. DEBT

At June 30, 2012, and December 31, 2011, debt comprised the following:

(In thousands)	Maturity Dates	June 30, 2012		December 31, 2011
Unsecured private placement notes
4.86%	2017-2023	$	65,000	$	65,000
5.88%	2016-2022		40,000		40,000
5.69%	2012-2018		40,000		40,000
6.86%	2012-2015		17,142		17,142
6.59%	2012-2012		2,727		2,727
Debt of foreign subsidiaries
Secured bank term loans, foreign currency	2012-2016		10,688		12,496
Secured bank term loan, U.S. dollars	2012-2014		4,667		5,833
Other loans, foreign currency	2012-2015		15,119		16,256
Total debt		$	195,343	$	199,454
Less current maturities			33,294		34,487
Long-term debt		$	162,049	$	164,967

The Company has a $60,000,000 U.S. revolving credit agreement scheduled to expire in August 2013. The Company also maintains 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, 2012, the Company had outstanding letters of credit totaling $2,627,000 and no outstanding debt under this agreement. There was $57,373,000 available under the revolving credit agreement as of June 30, 2012.

The various loan agreements contain provisions, which, among others, 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 $211,664,000 and $184,738,000 at June 30, 2012, and December 31, 2011, respectively.