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Debt and Credit Arrangements
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Debt and Credit Arrangements

Note E – Debt and Credit Arrangements

 

     December 31  
     2013     2012  

Short-term debt

     

Secured notes

     

Brazilian Real denominated (R$3,808k) at 3.25% to 3.6% due 2014

    $ 1,105      $ 0   

New Zealand Dollar (NZ$264k) at 1.70% to 5.56%

      0        217   

Current portion of long-term debt

      195        251   
  

 

 

    

 

 

  

Total short-term debt

      1,300        468   
  

 

 

    

 

 

  

Long-term debt

     

USD denominated at 1.29%, due 2017

      12,604        9,236   

Australian dollar denominated term loans (A$1,065), at 6.0% (5.83% in 2012), due 2018, secured by land and building

      570        70   

Brazilian Real denominated term loan (R$918k) at 4.5% to 8.12% due 2014 secured by capital equipment

      75        267   
  

 

 

    

 

 

  

Total long-term debt

      13,249        9,573   

Less current portion

      (195 )      (251 ) 
  

 

 

    

 

 

  

Total long-term debt, less current portion

      13,054        9,322   

Total debt

    $ 14,354      $ 9,790   
  

 

 

    

 

 

  

The PLP-USA line of credit makes $50 million available to the Company at an interest rate of LIBOR plus 1.125% with a term expiring January 2017. At December 31, 2013, the interest rate on the line of credit agreement was 1.29%. There was $12.6 million outstanding at December 31, 2013 under the line of credit. On January 23, 2014, we extended the term to January 2017. The line of credit agreement contains, among other provisions, requirements for maintaining levels of working capital, net worth and profitability. At December 31, 2013, the Company was in compliance with these covenants.

Aggregate maturities of long-term debt during the next five years are as follows: $.2 million for 2014, $.1 million for 2015, $.1 million for 2016, $12.7 million for 2017, and $.1 million thereafter.

Interest paid was $.4 million in 2013, $.9 million in 2012 and $.8 million in 2011.

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, 2013, the Company had total outstanding guarantees of $2 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, 2013, the Company had total outstanding letters of credit of $4.7 million.