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Long term obligations (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Vendor obligations    
Capital lease obligations $ 874 [1] $ 17 [1]
Deferred lease payments 792 [2] 764 [2]
Microsoft licenses 1,205 [3] 0 [3]
Pension obligations    
Accrued pension liability 3,443 3,317
Long-term Debt 6,314 4,098
Less: Current portion of long term obligations 1,060 351
Totals $ 5,254 $ 3,747
[1] In March 2014 the Company entered into a Master Lease agreement with a financing company involving certain equipment. Under the terms of the contract the Company leased the equipment for a period of 36 months at an effective interest rate of approximately 6% and had the option to purchase the equipment at a nominal amount at the end of the lease term. The Company has accounted for this as a financing arrangement, wherein the equipment remains on the Company’s books and will continue to be depreciated. The cash proceeds from the transaction were $0.9 million.
[2] Deferred lease payment represents the effect of straight-lining lease payments over the contractual lease term.
[3] In March 2014, the Company renewed a vendor agreement to acquire certain additional software licenses and to receive support and subsequent software upgrades on these and other currently owned software licenses through February 2017. Pursuant to this agreement, the Company is obligated to pay approximately $0.4 million annually over the term of the agreement. The total cost, net of deferred interest (in thousands), was allocated to the following asset accounts in 2014: Prepaid expenses and other current assets $ 356 Other assets 713 Property and equipment 136 $ 1,205