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Debt
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt

14.

DEBT

Debt was comprised of the following at March 31, 2021, and December 31, 2020: 

 

(In thousands)

 

Maturity

Dates

 

March 31,

2021

 

 

December 31,

2020

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of $262 and $273 for 2021 and 2020, respectively)

 

2021-2027

 

$

99,738

 

 

$

99,727

 

3.86% (net of unamortized debt issuance cost of $222 and $236 for 2021 and 2020, respectively)

 

2021-2025

 

 

71,207

 

 

 

71,193

 

4.86% (net of unamortized debt issuance cost of $98 and $108 for 2021 and 2020, respectively)

 

2021-2023

 

 

27,759

 

 

 

27,749

 

             Revolving credit facility borrowing

 

2021

 

 

45,000

 

 

 

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

 

 

Unsecured bank debt, foreign currency

 

2021

 

 

4,668

 

 

 

 

Total debt

 

 

 

$

248,372

 

 

$

198,669

 

Less current maturities

 

 

 

 

87,525

 

 

 

37,857

 

Long-term debt

 

 

 

$

160,847

 

 

$

160,812

 

 

The Company has a committed $350,000,000 multi-currency revolving credit agreement that expires on January 30, 2023. The Company maintains import letters of credit, and 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, 2021, the Company had outstanding borrowing totaling $45,000,000 with the weighted average interest rate of 1.36 percent and outstanding letters of credit totaling $6,767,000. There was $298,233,000 available under the revolving credit agreement as of March 31, 2021.

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 $407,026,000 and $373,884,000 at March 31, 2021 and December 31, 2020, respectively.