Debt

3 Months Ended

Mar. 31, 2013

Debt [Abstract]

DEBT

12. DEBT

At March 31, 2013, and December 31, 2012, debt comprised the following:

(In thousands)	Maturity Dates		March 31, 2013		December 31, 2012
Unsecured private placement notes
4.86%		2017-2023	$	65,000	$	65,000
5.88%		2016-2022		40,000		40,000
5.69%		2013-2018		34,286		34,286
6.86%		2013-2015		12,856		12,856
Unsecured U.S. bank debt		2017		2,600		—
Debt of foreign subsidiaries
Secured bank term loans, foreign currency		2013-2016		7,694		9,531
Secured bank term loan, U.S. dollars		—		—		3,500
Unsecured bank debt, U.S. dollars		2014		3,706		—
Unsecured bank debt, foreign currency		2014		1,507		—
Other loans, foreign currency		2013-2015		26,267		17,229
Total debt			$	193,916	$	182,402
Less current maturities				44,044		32,838
Long-term debt			$	149,872	$	149,564

The Company has a committed $125,000,000 multi-currency revolving credit agreement that expires in September 2017. The Company 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 March 31, 2013, the Company had outstanding letters of credit totaling $2,877,000 and outstanding debt totaling $2,600,000 under this agreement. There was $119,523,000 available under the revolving credit agreement as of March 31, 2013.

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 $125,422,000 and $114,204,000 at March 31, 2013, and December 31, 2012, respectively.