12.

DEBT

At June 30, 2016, and December 31, 2015, debt comprised the following:

(In thousands)	Maturity Dates	June 30, 2016		December 31, 2015
Unsecured private placement notes
3.95% (net of unamortized debt issuance cost of $366 and $383 for 2016 and 2015, respectively)	2021-2027	$	99,634	$	99,617
3.86% (net of unamortized debt issuance cost of $417 and $440 for 2016 and 2015, respectively)	2019-2025		99,583		99,560
4.86% (net of unamortized debt issuance cost of $244 and $260 for 2016 and 2015, respectively)	2017-2023		64,756		64,740
5.88% (net of unamortized debt issuance cost of $129 and $140 for 2016 and 2015, respectively)	2016-2022		34,157		39,860
5.69% (net of unamortized debt issuance cost of $38 and $46 for 2016 and 2015, respectively)	2016-2018		17,104		17,096
Unsecured U.S. Bank Debt	2019				—
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency	2016		151		4,810
Unsecured bank term loan, foreign currency	2021		3,491		3,724
Secured bank debt, foreign currency	2016		2,481		1,947
Total debt		$	321,357	$	331,354
Less current maturities			14,377		18,806
Long-term debt		$	306,980	$	312,548

The Company has a committed $125,000,000 multi-currency revolving credit agreement that expires in July 2019. 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 June 30, 2016, the Company had outstanding letters of credit totaling $4,927,000 and no outstanding borrowing under the revolving credit agreement. There was $120,073,000 available under the revolving credit agreement as of June 30, 2016.

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 $146,434,000 and $119,891,000 at June 30, 2016 and December 31, 2015, respectively.

Net debt (which is defined as total debt minus cash) was $130,946,000 at June 30, 2016 compared to $155,211,000 at December 31, 2015.