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Debt and Credit Arrangements
 12 Months Ended
Dec. 31, 2011
Debt and Credit Arrangements [Abstract]  
Debt and Credit Arrangements

Note D—Debt and Credit Arrangements

 

      September 30,       September 30,  
    December 31  
     2011     2010  

Short-term debt

                

Secured notes

                

Brazilian Real denominated (R$3,808k) at 2.95% to 6.00% due 2012

   $ 2,030     $ 633  

New Zealand Dollar (NZ$796k) at 5.38 to 5.47%

     —         613  

Current portion of long-term debt

     601       1,276  
   

 

 

    

 

 

  

Total short-term debt

     2,631       2,522  
   

 

 

    

 

 

  
     

Long-term debt

                

USD denominated at 1.42%, due 2015

     27,633       8,349  

Australian dollar denominated term loans (A$467), at 4.19% to 5.83% (4.19% to 5.83% in 2010), due 2013, secured by land and building

     470       1,389  

Brazilian Real denominated term loan (R$918k) at .4% to .7% due 2014 secured by capital equipment

     489       774  

Polish Zloty denominated loans (PLN810) at 4.75% in 2010), secured by building, capital equipment and commercial note

     —         84  

Polish Zloty denominated loans (PLN593) at 4.33% in 2010), secured by corporate guarantee

     —         54  
   

 

 

    

 

 

  

Total long-term debt

     28,592       10,650  

Less current portion

     (601 )      (1,276 ) 
   

 

 

    

 

 

  

Total long-term debt, less current portion

     27,991       9,374  
     
   

 

 

    

 

 

  

Total debt

   $ 30,622     $ 11,896  
   

 

 

    

 

 

  

A PLP-USA line of credit makes $70 million available to the Company at an interest rate of LIBOR plus 1.125% with a term expiring January 2015. At December 31, 2011, the interest rate on the line of credit agreement was 1.4203%. There was $27.6 million outstanding at December 31, 2011 under the line of credit. The line of credit agreement contains, among other provisions, requirements for maintaining levels of working capital, net worth and profitability. At December 31, 2011, the Company was in compliance with these covenants.

Aggregate maturities of long-term debt during the next five years are as follows: $.6 million for 2012, $.3 million for 2013, $.1 million for 2014, $27.6 million for 2015, and $0 thereafter.

Interest paid was $.8 million in 2011 and $.5 million annually for 2010 and 2009.

Guarantees and Letters of Credit

The Company has provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from the current year through the completion of such transactions. The guarantees would typically be triggered in the event of nonperformance. As of December 31, 2011, the Company had total outstanding guarantees of $2.4 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of December 31, 2011, the Company had total outstanding letters of credit of $6 million.