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LONG-TERM DEBT & CREDIT AGREEMENTS | 12 Months Ended
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Dec. 31, 2011
LONG-TERM DEBT & CREDIT AGREEMENTS [Abstract] |
LONG-TERM DEBT & CREDIT AGREEMENTS | NOTE 7 - LONG-TERM DEBT & CREDIT AGREEMENTS The Company and a bank have a Loan Agreement (the “European Loan Agreement”) providing for an unsecured term loan of $9,713 (the “European Term Loan”). The European Term Loan is payable in equal monthly installments of principal, each equal to 1/84th of the principal of the European Term Loan, together with accrued interest, with remaining principal and interest payable at maturity. Effective April 30, 2010, the European Term Loan was renewed with a new maturity date of May 1, 2014, and is subject to a monthly interest rate equal to EURIBOR plus 1%. At December 31, 2011, this interest rate was 2.21%. At December 31, 2011, the European Term Loan had an outstanding balance of €1,089, translated to $1,410. The European Loan Agreement also provides for a short-term revolving credit facility of €3,000, translated to $3,885 as of December 31, 2011 (the "European Revolving Facility"). The European Revolving Facility has been renewed for a period of one year as of May 1, 2011. The European Revolving Facility is subject to a monthly interest rate equal to EURIBOR plus 1.45%, and accrued interest is payable monthly. No amounts were outstanding on the European Revolving Facility as of December 31, 2011 and 2010. Management believes that such facility will be renewed in the normal course of business. The Company and a bank have a Loan Agreement (the “Loan Agreement”), which provides for a short-term revolving credit facility of $6,000 (the "Revolving Facility"). The Revolving Facility is subject to a monthly interest rate equal to LIBOR plus 1%, and accrued interest is payable monthly. At December 31, 2011, this interest rate was 1.30%. No amounts are outstanding on the Revolving Facility as of the date hereof. The Revolving Facility has been renewed with a new maturity date of May 31, 2012. Management believes that such facility will be renewed in the normal course of business. At December 31, 2011, we had a total of $1,410 of debt outstanding, as compared to a total of $4,914 debt outstanding at December 31, 2010. Indebtedness under the Company's loan agreements are secured by assets of the Company. The Company's debt obligations, excluding revolver borrowings, as of December 31, 2011, are summarized in the table below:
|  | Payments due by period |  |  |  |
|  | Total |  |  | Year 1 |  |  | Year 2 |  |  | Year 3 |  |  | Year 4 |  |  | Thereafter |
Long-term debt obligations |  | $ | 1,410 |  |  | $ | 1,387 |  |  | $ | 23 |  |  | $ | - |  |  | $ | - |  |  | $ | - |

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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 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: 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 + Details
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