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Debt
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt

14.

DEBT

At March 31, 2022 and December 31, 2021, debt was comprised of the following: 

 

(In thousands)

 

Maturity

Dates

 

March 31,

2022

 

 

December 31,

2021

 

Unsecured private placement notes

 

 

 

 

 

 

 

 

 

 

3.95% (net of unamortized debt issuance cost of $218 and $230 for 2022 and 2021, respectively)

 

2022-2027

 

$

85,496

 

 

$

85,485

 

3.86% (net of unamortized debt issuance cost of $167 and $181 for 2022 and 2021, respectively)

 

2022-2025

 

 

56,976

 

 

 

56,962

 

4.86% (net of unamortized debt issuance cost of $60 and $69 for 2022 and 2021, respectively)

 

2022-2023

 

 

18,512

 

 

 

18,502

 

2.30% (net of unamortized debt issuance cost of $138 and $100 for 2022 and 2021, respectively)

 

2024-2028

 

 

49,862

 

 

 

49,900

 

2.37% (net of unamortized debt issuance cost of $145 and $108 for 2022 and 2021, respectively)

 

2024-2028

 

 

49,855

 

 

 

49,892

 

2.73% (net of unamortized debt issuance cost of $62 and $22 for 2022 and 2021, respectively)

 

2025-2031

 

 

99,938

 

 

 

99,978

 

2.83% (net of unamortized debt issuance cost of $22 and $0 for 2022 and 2021, respectively)

 

2026-2032

 

 

74,978

 

 

 

 

Revolving credit facility borrowing

 

2022

 

 

100,000

 

 

 

 

Debt of foreign subsidiaries

 

 

 

 

 

 

 

 

 

 

Unsecured bank debt, foreign currency

 

2022

 

 

1,497

 

 

 

2,861

 

Total debt

 

 

 

$

537,114

 

 

$

363,580

 

Less current maturities

 

 

 

 

139,354

 

 

 

40,718

 

Long-term debt

 

 

 

$

397,760

 

 

$

322,862

 

 

On March 1, 2022, pursuant to a note purchase and master note agreement dated as of June 10, 2021 (the NYL note purchase agreement), the Company issued and sold $25,000,000 in aggregate principal amount of its 2.83% Senior Notes, Series 2022-A, due March 1, 2032 (the Series 2022-A Notes). In addition, on March 1, 2022, pursuant to a note purchase and private shelf agreement dated as of June 10, 2021 (the Prudential note purchase agreement), the Company issued and sold $50,000,000 in aggregate principal amount of its 2.83% Senior Notes, Series 2022-B, due March 1, 2032 (the Series 2022-B Notes). The Series 2022-A Notes and the Series 2022-B Notes bear interest at a fixed rate of 2.83%, with interest to be paid semi-annually and with equal annual principal payments beginning on March 1, 2026 and continuing through final maturity on March 1, 2032. The proceeds of the issuance of the Series 2022-A Notes and the Series 2022-B Notes are being used primarily for capital expenditures, to pay down existing debt and for other corporate purposes. The NYL note purchase agreement and the Prudential note purchase agreement require the maintenance of certain financial ratios and covenants that are substantially similar to the Company’s existing long-term debt and provide 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 March 31, 2022, the Company had outstanding letters of credit totaling $6,993,000 and $100,000,000 outstanding borrowings under the revolving credit agreement. There was $243,007,000 available under the revolving credit agreement as of March 31, 2022.

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 $495,572,000 and $468,095,000 at March 31, 2022 and December 31, 2021, respectively.