6. Debt

Debt comprised the following at December 31, 2016 and 2015:

(In thousands)	Maturity Dates	December 31, 2016		December 31, 2015 (1)
Unsecured private placement notes
3.95% (net of unamortized debt issuance cost of $382 and $383 for 2016 and 2015, respectively)	2021-2027	$	99,618	$	99,617
3.86% (net of unamortized debt issuance cost of $390 and $440 for 2016 and 2015, respectively)	2019-2025		99,610		99,560
4.86% (net of unamortized debt issuance cost of $225 and $260 for 2016 and 2015, respectively)	2017-2023		64,775		64,740
5.88% (net of unamortized debt issuance cost of $116 and $140 for 2016 and 2015, respectively)	2017-2022		34,170		39,860
5.69% (net of unamortized debt issuance cost of $28 and $46 for 2016 and 2015, respectively)	2017-2018		11,400		17,096
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency	2017		432		4,810
Unsecured bank term loan, foreign currency	2021		—		3,724
Secured bank debt, foreign currency	2017		7,008		1,947
Total debt		$	317,013	$	331,354
Less current maturities			28,154		18,806
Long-term debt		$	288,859	$	312,548

(1)

Certain balances have been reclassified from those originally presented at December 31, 2015, due to the Company’s January 1, 2016, adoption of the new U.S. GAAP guidance regarding the classification of debt issuance costs. See Note 1 for additional information regarding ASU No. 2015-3.

The majority of the Company’s long-term debt financing is composed of unsecured private placement notes issued to insurance companies, totaling $310,714,000 as of December 31, 2016. These notes are denominated in U.S. dollars and have fixed interest rates ranging from 3.86 percent to 5.88 percent. At inception, these notes had final maturities of 12 to 13 years with remaining amortization scheduled from 2017 to 2027.

The Company has a committed $125,000,000 multi-currency five-year revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and four U.S. banks named as lenders thereunder. This unsecured facility is the Company’s primary source of short-term borrowings, which the Company may draw on as needed to finance certain acquisitions, working capital and for general corporate purposes. This facility is secured through July 10, 2019. As of December 31, 2016, the Company had outstanding letters of credit of $4,802,000 and no borrowings under this agreement with $120,198,000 remaining available.

Loans under the credit agreement may be incurred, at the discretion of the Company, with terms to maturity of 1 to 180 days. The Company may choose from several interest rate options, including (1) LIBOR applicable to each currency plus spreads ranging from 0.975 percent to 1.525 percent, depending on the Company’s leverage ratio or (2) the prime rate plus zero percent to 0.525 percent, depending on the leverage ratio. The credit agreement requires the Company to pay a facility fee ranging from 0.150 percent to 0.350 percent, which also depends on the leverage ratio. The credit agreement requires the maintenance of certain financial ratios and compliance with certain other covenants that are similar to the Company’s existing debt agreements, including net worth, interest coverage and leverage financial covenants and limitations on restricted payments, indebtedness and liens.

In addition to the unsecured private placement notes and the revolving credit facility, the Company’s foreign subsidiaries had $432,000 of unsecured debt and $7,008,000 of secured debt at December 31, 2016. The secured foreign debt is secured only by the assets of the respective entities.

The Company’s loan agreements in the U.S. and Philippines 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 $157,606,000 and $119,891,000 at December 31, 2016, and 2015, respectively.

Debt at December 31, 2016, matures as follows: $28,154,000 in 2017; $20,714,000 in 2018; $29,286,000 in 2019; $29,286,000 in 2020; $43,572,000 in 2021 and $167,142,000 after 2021. Debt maturing in 2017 includes $20,714,000 of scheduled repayments under long-term debt agreements and $7,440,000 of debt of foreign subsidiaries under short-term working capital loans. These short-term loan agreements are routinely renewed, but could be supplemented or replaced, if necessary, by the Company’s $125,000,000 revolving credit agreement.

Net interest expense for the years ended December 31, 2016, 2015 and 2014, comprised the following:

(In thousands)	2016			2015			2014
Interest expense	$	15,240		$	15,488		$	12,542
Interest income		(1,247	)		(217	)		(262	)
		13,993			15,271			12,280
Capitalized interest		(788	)		(738	)		(839	)
Interest expense, net	$	13,205		$	14,533		$	11,441