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Debt
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt

14.

DEBT

Debt was comprised of the following at March 31, 2020, and December 31, 2019: 

 

(In thousands)

 

Maturity

Dates

 

March 31,

2020

 

 

December 31,

2019

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of $305 and $316 for 2020 and 2019, respectively)

 

2021-2027

 

$

99,695

 

 

$

99,684

 

3.86% (net of unamortized debt issuance cost of $278 and $291 for 2020 and 2019, respectively)

 

2020-2025

 

 

85,436

 

 

 

85,423

 

4.86% (net of unamortized debt issuance cost of $137 and $147 for 2020 and 2019, respectively)

 

2020-2023

 

 

37,006

 

 

 

36,996

 

Total debt

 

 

 

$

222,137

 

 

$

222,103

 

Less current maturities

 

 

 

 

23,571

 

 

 

23,571

 

Long-term debt

 

 

 

$

198,566

 

 

$

198,532

 

 

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, 2020, the Company had outstanding letters of credit totaling $4,929,000 and no borrowings under the revolving credit agreement. There was $345,071,000 available under the revolving credit agreement as of March 31, 2020.    

 

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 $298,207,000 and $283,956,000 at March 31, 2020 and December 31, 2019, respectively.