Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

14. DEBT

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

(In thousands)	Maturity Dates	September 30, 2021		December 31, 2020
Unsecured private placement notes
3.95% (net of unamortized debt issuance cost of $240 and $273 for 2021 and 2020, respectively)	2021-2027	$	85,474	$	99,727
3.86% (net of unamortized debt issuance cost of $195 and $236 for 2021 and 2020, respectively)	2021-2025		56,948		71,193
4.86% (net of unamortized debt issuance cost of $78 and $108 for 2021 and 2020, respectively)	2021-2023		27,779		27,749
2.30% (net of unamortized debt issuance cost of $75 and $0 for 2021 and 2020, respectively)	2024-2028		49,925		—
2.37% (net of unamortized debt issuance cost of $85 and $0 for 2021 and 2020, respectively)	2024-2028		49,915		—
Revolving credit facility borrowing	2021		6,000		—
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency	2021		3,799		—
Total debt		$	279,840	$	198,669
Less current maturities			47,656		37,857
Long-term debt		$	232,184	$	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 its 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. In addition, on September 23, 2021, the Company entered into a note purchase agreement pursuant to which it issued and sold $50,000,000 in aggregate principal amount of its 2.37% Senior Notes, Series 2021-B, due September 23, 2028 (the Series 2021-B Notes). The Series 2021-B Notes bear interest at a fixed rate of 2.37% with interest to be paid semi-annually and with equal annual principal payments beginning on September 23, 2024 and continuing through final maturity on September 23, 2028. The proceeds of the issuance of the Series 2021-B 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 September 30, 2021, the Company had outstanding borrowings totaling $6,000,000 and outstanding letters of credit totaling $7,067,000. There was $336,933,000 available under the revolving credit agreement as of September 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 $458,266,000 and $373,884,000 at September 30, 2021 and December 31, 2020, respectively.