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Debt
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Debt

12.

DEBT

At September 30, 2017, and December 31, 2016, debt comprised the following: 

(In thousands)

 

Maturity

Dates

 

September 30,

2017

 

 

December 31,

2016

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of

    $354 and $382 for 2017 and 2016, respectively)

 

2021-2027

 

$

99,646

 

 

$

99,618

 

3.86% (net of unamortized debt issuance cost of

    $355 and $390 for 2017 and 2016, respectively)

 

2019-2025

 

 

99,645

 

 

 

99,610

 

4.86% (net of unamortized debt issuance cost of

    $200 and $225 for 2017 and 2016, respectively)

 

2017-2023

 

 

64,800

 

 

 

64,775

 

5.88% (net of unamortized debt issuance cost of

    $100 and $116 for 2017 and 2016, respectively)

 

2017-2022

 

 

28,471

 

 

 

34,170

 

5.69% (net of unamortized debt issuance cost of

    $16 and $28 for 2017 and 2016, respectively)

 

2017-2018

 

 

11,412

 

 

 

11,400

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

 

 

Unsecured bank term loan, foreign currency

 

2017

 

 

452

 

 

 

432

 

Secured bank debt, foreign currency

 

2017

 

 

—

 

 

 

7,008

 

Total debt

 

 

 

$

304,426

 

 

$

317,013

 

Less current maturities

 

 

 

 

21,165

 

 

 

28,154

 

Long-term debt

 

 

 

$

283,261

 

 

$

288,859

 

 

The Company has a committed $125,000,000 multi-currency revolving credit agreement that expires on July 10, 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 September 30, 2017, the Company had outstanding letters of credit totaling $4,677,000 and no outstanding borrowing under the revolving credit agreement. There was $120,323,000 available under the revolving credit agreement as of September 30, 2017.

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 $200,112,000 and $157,606,000 at September 30, 2017 and December 31, 2016, respectively.