Financing Arrangements

3 Months Ended

Mar. 31, 2017

FINANCING ARRANGEMENTS

The Company's borrowings under existing financing arrangements consist of the following:



	March 31,			December 31,
	2017			2016
Term debt:
Long-term notes	$	40,027		$	40,823
Less: current portion	(3,188		)	(3,188		)
Total long-term debt	$	36,839		$	37,635

The U.S. and Euro lines-of-credit are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. The U.S. line-of-credit is also available to the Company. At March 31, 2017 and December 31, 2016, there were no amounts drawn on the U.S. line-of-credit, and there were $22 and $2,828, respectively, of guarantees issued against the facility which reduces the amount of the facility available to draw. At March 31, 2017 and December 31, 2016, there were no amounts drawn on the Euro line-of-credit, and there were $12,716 and $8,221, respectively, of guarantees issued against the facility which reduces the amount of the facility available to draw.

At March 31, 2017, the amount due on the two long-term notes was $40,027 of which $3,188 is the current portion. The Company has an unsecured note of $22,860 of which $1,188 is the current portion. The interest on this unsecured note is variable at 1.20% above the LIBOR rate and is fixed using an interest rate swap at 2.85% per annum. The unsecured note matures in May 2023, at which time the outstanding debt balance will be $15,438. The Company has another note that is secured by the Company's corporate aircraft of $17,167 of which $2,000 is the current portion. The interest rate on this secured note is fixed at 2.81% per annum and the collateralized long-term note matures in October 2019, at which time the outstanding debt balance will be $12,000.