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Debt
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt

14.

DEBT

At June 30, 2021, and December 31, 2020, debt was comprised of the following: 

 

(In thousands)

 

Maturity

Dates

 

June 30,

2021

 

 

December 31,

2020

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of $251 and $273 for 2021 and 2020, respectively)

 

2021-2027

 

$

99,749

 

 

$

99,727

 

3.86% (net of unamortized debt issuance cost of $208 and $236 for 2021 and 2020, respectively)

 

2021-2025

 

 

56,935

 

 

 

71,193

 

4.86% (net of unamortized debt issuance cost of $89 and $108 for 2021 and 2020, respectively)

 

2021-2023

 

 

27,768

 

 

 

27,749

 

2.30% (net of unamortized debt issuance cost of $66 and $0 for 2021 and 2020, respectively)

 

2024-2028

 

 

49,934

 

 

 

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

 

 

Unsecured bank debt, foreign currency

 

2021

 

 

4,495

 

 

 

 

Total debt

 

 

 

$

238,881

 

 

$

198,669

 

Less current maturities

 

 

 

 

42,352

 

 

 

37,857

 

Long-term debt

 

 

 

$

196,529

 

 

$

160,812

 

 

On June 10, 2021, the Company entered into a note purchase agreement pursuant to which it issued and sold $50,000,000 in aggregate principal amount of 2.30% Senior Notes, Series 2021-A, due June 10, 2028 (the Series 2021-A Notes). The Series 2021-A Notes bear interest at a fixed rate of 2.30%, with interest to be paid semi-annually and with equal annual principal payments beginning on June 10, 2024 and continuing through final maturity on June 10, 2028. The proceeds of the issuance of the Series 2021-A Notes are being used primarily for capital expenditures, to pay down existing debt and for other corporate purposes. This note purchase agreement requires the maintenance of certain financial ratios and covenants that are substantially similar to the Company’s existing long-term debt and provides for customary events of default.

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 June 30, 2021, the Company had outstanding letters of credit totaling $6,993,000 and no borrowings under the revolving credit agreement. There was $343,007,000 available under the revolving credit agreement as of June 30, 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 $434,265,000 and $373,884,000 at June 30, 2021 and December 31, 2020, respectively.