Debt and Credit Arrangements

12 Months Ended

Dec. 31, 2015

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.