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Long-Term Debt

Long-term debt consists of the following:

	December 31,
	2011		2010
18 million euro fixed rate facility at 4.1%, payable in 20 quarterly installments	$	—	$	5,211

22 million euro variable rate facility at three month EURIBOR plus 0.40%, payable in 20 equal quarterly installments		4,339		10,621
Other		141		297
		4,480		16,129
Less current maturities		4,480		11,090

Total	$	—	$	5,039

In connection with the 22 million euro variable rate facility, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of 4.42%. This derivative instrument is recorded at fair value and changes in fair value which resulted in gains of $0.3 million in 2011 and $0.4 million in 2010 are reflected in interest expense on the consolidated statements of income.

Some of the Company’s long-term debt facilities require the maintenance of certain financial covenants including a debt to equity ratio of less than one and a debt to adjusted net income ratio of less than three. One facility contains cross default provisions by permitting acceleration of the debt if any affiliated company of the debtor defaults in any other debt facility, and the creditor of such other debt facility accelerates such debt and such affiliated debtor does not in good faith contest such default and acceleration. The Company is in compliance with all of the covenants and other restrictions of its debt agreements.