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Debt | 9 Months Ended
--- | ---
Sep. 30, 2015
Debt Disclosure [Abstract] |
Debt |
12. | DEBT
At September 30, 2015, and December 31, 2014, debt comprised the following:
(In thousands) |  |  | Maturity Dates |  | September 30, 2015 |  |  | December 31, 2014 |
Unsecured private placement notes |  |  |  |  |  |  |  |  |  |  |
| 3.95% |  |  | 2021-2027 |  | $ | 100,000 |  |  | $ | — |
| 3.86% |  |  | 2019-2025 |  |  | 100,000 |  |  |  | 100,000 |
| 4.86% |  |  | 2017-2023 |  |  | 65,000 |  |  |  | 65,000 |
| 5.88% |  |  | 2016-2022 |  |  | 40,000 |  |  |  | 40,000 |
| 5.69% |  |  | 2015-2018 |  |  | 22,857 |  |  |  | 22,857 |
| 6.86% |  |  | 2015 |  |  | — |  |  |  | 4,284 |
Unsecured U.S. bank debt |  |  | 2019 |  |  | — |  |  |  | 20,000 |
Debt of foreign subsidiaries |  |  |  |  |  |  |  |  |  |  |
Unsecured bank debt, foreign currency |  |  | 2015 |  |  | 7,892 |  |  |  | 12,043 |
Unsecured bank term loan, foreign currency |  |  | 2021 |  |  | 3,993 |  |  |  | 4,840 |
Secured bank term loan, foreign currency |  |  | 2015 |  |  | — |  |  |  | 2,723 |
Secured bank debt, foreign currency |  |  | 2015 |  |  | 1,211 |  |  |  | 1,638 |
Unsecured bank debt, U.S. dollars |  |  | 2015 |  |  | 500 |  |  |  | 546 |
Total debt |  |  |  |  | $ | 341,453 |  |  | $ | 273,931 |
Less current maturities |  |  |  |  |  | 21,671 |  |  |  | 27,034 |
Long-term debt |  |  |  |  | $ | 319,782 |  |  | $ | 246,897 |
On July 10, 2015, the Company completed a new $100,000,000 unsecured private placement loan. This loan bears interest at a fixed rate of 3.95% with interest to be paid semi-annually and with equal annual principal payments beginning on July 10, 2021, and continuing through final maturity on July 10, 2027. The proceeds of this loan are being used primarily for capital expenditures, to pay down existing debt in accordance with normal payment schedules and for other corporate purposes. This loan agreement requires the maintenance of certain financial ratios and covenants that are substantially identical to the Company’s existing long-term debt and customary events of default. The Company has a committed $125,000,000 multi-currency revolving credit agreement that expires on July 10, 2019. 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 September 30, 2015, the Company had outstanding letters of credit totaling $4,952,000 and no outstanding debt under this agreement. There was $120,048,000 available under the revolving credit agreement as of September 30, 2015. The various 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 $118,427,000 and $88,684,000 at September 30, 2015 and December 31, 2014, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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