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Debt
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Debt

15.

DEBT

At March 31, 2019, and December 31, 2018, debt comprised the following: 

 

(In thousands)

 

Maturity

Dates

 

March 31,

2019

 

 

December 31,

2018

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of $349 and $360 for 2019 and 2018, respectively)

 

2021-2027

 

$

99,651

 

 

$

99,640

 

3.86% (net of unamortized debt issuance cost of $333 and $347 for 2019 and 2018, respectively)

 

2019-2025

 

 

99,667

 

 

 

99,653

 

4.86% (net of unamortized debt issuance cost of $176 and $186 for 2019 and 2018, respectively)

 

2019-2023

 

 

46,253

 

 

 

46,243

 

5.88% (net of unamortized debt issuance cost of $80 and $85 for 2019 and 2018, respectively)

 

2019-2022

 

 

22,777

 

 

 

22,772

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

 

 

      Unsecured bank debt, foreign currency

 

2019

 

 

3,514

 

 

 

7,772

 

Total debt

 

 

 

$

271,862

 

 

$

276,080

 

Less current maturities

 

 

 

 

32,799

 

 

 

37,058

 

Long-term debt

 

 

 

$

239,063

 

 

$

239,022

 

 

The Company has a committed $350,000,000 multi-currency revolving credit agreement that expires on January 30, 2023.   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, 2019, the Company had outstanding letters of credit totaling $5,271,000 and no outstanding debt under this agreement. There was $344,729,000 available under the revolving credit agreement as of March 31, 2019.    

 

The Company’s 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 $235,249,000 and $214,101,000 at March 31, 2019 and December 31, 2018, respectively.