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Debt and Credit Arrangements | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Note E - Debt and Credit Arrangements
|  | December 31 |
|  | 2015 |  |  | 2014 |
Short-term debt |  |  |  |  |  |  |  |
Secured notes |  |  |  |  |  |  |  |
Brazilian Real denominated at 5.35% in 2015 and 3.38% to 3.69% in 2014, due 2016 |  | $ | 301 |  |  | $ | 1,809 |
Australian dollar denominated at 3.17% in 2015, due 2016 |  |  | 112 |  |  |  | 0 |
Current portion of long-term debt |  |  | 110 |  |  |  | 116 |
Total short-term debt |  |  | 523 |  |  |  | 1,925 |
Long-term debt |  |  |  |  |  |  |  |
USD denominated at 1.29%, due 2017 |  |  | 30,505 |  |  |  | 31,451 |
Australian dollar denominated at 3.185%, due 2017 |  |  | 1,093 |  |  |  | 0 |
Australian dollar denominated term loans, at 5.59% in 2015 and 2014, due 2018, secured by land and building |  |  | 266 |  |  |  | 414 |
Total long-term debt |  |  | 31,864 |  |  |  | 31,865 |
Less current portion |  |  | (110 | ) |  |  | (116 | )
Total long-term debt, less current portion |  |  | 31,754 |  |  |  | 31,749 |
Total debt |  | $ | 32,277 |  |  | $ | 33,674 |
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 August 2017. The PLP-USA line of credit makes $5.0 million available to the Company’s subisidiaries. At December 31, 2015, our Australian subsidiary had borrowed $1.5 million Australian dollars at a rate of 1.125% plus the Australian Bank Bill Swap Bid Rate with a term expiring August 2017. At December 31, 2015, the interest rate on the Australian line of credit agreement was 3.185%. There was $16.8 million available at December 31, 2015 under the line of credit net of long-term outstanding letter of credits. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At December 31, 2015, 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 2016, $31.7 million for 2017, less than $.1 million for 2018, and $0 thereafter. Interest paid was $.5 million in 2015, $.6 million in 2014 and $.4 million in 2013. 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, 2015, the Company had total outstanding guarantees of $.5 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, 2015, the Company had total outstanding letters of credit of $6.1 million.

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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