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Debt and Credit Arrangements
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Debt and Credit Arrangements

Note E - Debt and Credit Arrangements

 

     December 31  
     2014      2013  

Short-term debt

      

Secured notes

      

Brazilian Real denominated (R$4,805k) at 3.38% to 3.69% (3.25% to 3.6% in 2013), due 2015

    $ 1,809       $ 1,105   

Current portion of long-term debt

      116         195   
  

 

 

     

 

 

  

Total short-term debt

   1,925      1,300   
  

 

 

     

 

 

  

Long-term debt

USD denominated at 1.29%, due 2017

   31,451      12,604   

Australian dollar denominated term loans (A$1,065), at 5.59% (6.0% in 2013), due 2018, secured by land and building

   414      570   

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

   0      75   
  

 

 

     

 

 

  

Total long-term debt

   31,865      13,249   

Less current portion

   (116 )    (195 ) 
  

 

 

     

 

 

  

Total long-term debt, less current portion

   31,749      13,054   
  

 

 

     

 

 

  

Total debt

 $ 33,674    $ 14,354   
  

 

 

     

 

 

  

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, 2014, the interest rate on the line of credit agreement was 1.29%. There was $14.9 million available at December 31, 2014 under the line of credit net of long-term outstanding letter of credits. On January 23, 2014, the Company 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, 2014, the Company was in compliance with these covenants.

Aggregate maturities of long-term debt during the next five years are as follows: $.1 million for 2015, $.1 million for 2016, $31.6 million for 2017, less than $.1 million for 2018, and $0 thereafter.

Interest paid was $.6 million in 2014, $.4 million in 2013 and $.9 million in 2012.

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, 2014, 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, 2014, the Company had total outstanding letters of credit of $5.5 million.