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Financing Arrangements

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Financing Arrangements

Financing Arrangements

The outstanding principal amount of long-term debt (in thousands, except interest rates):

		September 30, 2017				December 31, 2016				Maturity		Interest Rate
European Investment Bank (1)		$	78,590			$	78,987			June 2021		0.95	%
Mediocredito Italiano (3)		7,719				7,276				December 2023		0.50% - 3.07%
Banca del Mezzogiorno (2)		6,490				6,747				December 2019		0.50% - 3.15%
Bpifrance (ex-Oséo)		1,603				1,909				October 2019		2.58	%
Region Wallonne		831				798				December 2023 and June 2033		0.00% - 2.45%
Mediocredito Italiano - mortgages and other		742				799				September 2021 and September 2026		0.40% - 0.65%
Total debt		95,975				96,516
Less current portion of long-term debt		24,122				21,301
Total long-term debt		$	71,853			$	75,215

(1) The European Investment Bank (“EIB”) loan was obtained in July 2014 to support product development projects. The interest rate for the EIB loan is reset by the lender each quarter based on the Euribor. Interest payments are paid quarterly and principal payments are paid semi-annually.

(2) The Banca del Mezzogiorno loan was obtained in January 2015 to support R&D projects as a part of the Large Strategic Project program of the Italian Ministry of Education.

(3) We obtained the Mediocredito Italiano Bank loan in July 2016 as part of the Fondo Innovazione Teconologica program implemented by the Italian Ministry of Education.

Revolving Credit

The outstanding principal amount of our short-term unsecured revolving credit agreements and other agreements with various banks was $28.0 million and $26.4 million, at September 30, 2017 and December 31, 2016, respectively, with interest rates ranging from 0.2% to 10.5% and loan terms ranging from one day to 365 days.

European Investment Bank Financing Agreement

On June 29, 2017, we entered into a new finance contract (the “Finance Contract”) with the EIB to support financing of certain R&D projects. The Finance Contract has a borrowing base of €100 million (or approximately $118 million USD equivalent) and can be drawn in up to two tranches, each in a minimum amount of €50 million (or approximately $59 million USD equivalent). Drawdowns must occur by December 30, 2018, and the last repayment date of any tranche will be no earlier than four years and no later than eight years after the disbursement of the relevant tranche. Loans under the Finance Contract are subject to certain covenants and other terms and conditions. No loan drawdowns have occurred as of September 30, 2017.

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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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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