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Debt
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Debt

15.

DEBT

At June 30, 2019, and December 31, 2018, debt comprised the following: 

 

(In thousands)

 

Maturity

Dates

 

June 30,

2019

 

 

December 31,

2018

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of $338 and $360 for 2019 and 2018, respectively)

 

2021-2027

 

$

99,662

 

 

$

99,640

 

3.86% (net of unamortized debt issuance cost of $319 and $347 for 2019 and 2018, respectively)

 

2019-2025

 

 

85,395

 

 

 

99,653

 

4.86% (net of unamortized debt issuance cost of $166 and $186 for 2019 and 2018, respectively)

 

2019-2023

 

 

46,262

 

 

 

46,243

 

5.88% (net of unamortized debt issuance cost of $0 and $85 for 2019 and 2018, respectively)

 

2019-2022

 

 

-

 

 

 

22,772

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

 

 

      Unsecured bank debt, foreign currency

 

2019

 

 

1,318

 

 

 

7,772

 

Total debt

 

 

 

$

232,637

 

 

$

276,080

 

Less current maturities

 

 

 

 

24,889

 

 

 

37,058

 

Long-term debt

 

 

 

$

207,748

 

 

$

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 June 30, 2019, the Company had outstanding letters of credit totaling $5,202,000 and no outstanding debt under this agreement. There was $344,798,000 available under the revolving credit agreement as of June 30, 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 $253,985,000 and $214,101,000 at June 30, 2019 and December 31, 2018, respectively.

 

On June 12, 2019, the Company prepaid the $17,100,000 outstanding principal balance of its 5.88 percent Series 2010-A Senior Notes due June 1, 2022 (Notes) and the related make-whole amount of $1,173,000.  The make-whole amount reflected the net present value of the remaining scheduled interest payments on the Notes, calculated in accordance with the applicable note purchase agreement.   The prepayment was made with cash on hand.  The Company also expensed remaining unamortized debt issuance costs of $74,000.