XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt and Credit Arrangements | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Note E - Debt and Credit Arrangements
|  | December 31 |
|  | 2017 |  |  | 2016 |
Short-term debt |  |  |  |  |  |  |  |
Secured notes |  |  |  |  |  |  |  |
Thailand Bhat denominated at 3.95% |  |  | 864 |  |  |  | 1,315 |
Current portion of long-term debt |  |  | 1,448 |  |  |  | 1,448 |
Total short-term debt |  |  | 2,312 |  |  |  | 2,763 |
Long-term debt |  |  |  |  |  |  |  |
USD denominated at 2.69%, due 2019 |  |  | 23,133 |  |  |  | 29,429 |
USD denominated at 2.71%, due 2026 |  |  | 12,433 |  |  |  | 13,881 |
Brazilian real denominated at 4.60% due 2022 |  |  | 286 |  |  | 0 |
Australian dollar denominated at 2.83%, due 2019 |  |  | 194 |  |  |  | 1,081 |
Total long-term debt |  |  | 36,046 |  |  |  | 44,391 |
Less current portion |  |  | (1,448 | ) |  |  | (1,448 | )
Total long-term debt, less current portion |  |  | 34,598 |  |  |  | 42,943 |
Total debt |  | $ | 36,910 |  |  | $ | 45,706 |
On June 27, 2016, the Company borrowed $14.5 million at a fixed rate of 2.71%, due July 1, 2026 to finance the purchase of a Company aircraft. The loan is secured by the purchased aircraft. In August 2016, the Company increased its borrowing capacity on its existing line of credit from $50 million to $65 million and extended the term to June 30, 2019. All other terms remained the same, including the interest rate of LIBOR plus 1.125%, unless its funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, then the LIBOR spread becomes 1.500%. The PLP-USA line of credit provides for $5.0 million to be available to the Company’s subsidiaries. At December 31, 2017, the Company’s Australian subsidiary had borrowed $.3 million Australian dollars at a rate of 1.125% plus the Australian Bank Bill Swap Bid Rate with a term expiring June 30, 2019. At December 31, 2017, the interest rate on the Australian line of credit agreement was 2.83%. There was $41.5 million available at December 31, 2017 under the line of credit net of long-term outstanding letters of credit. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At both December 31, 2017 and 2016, the Company was in compliance with all covenants. Aggregate maturities of long-term debt during the next five years are as follows: $1.4 million for 2018, $24.8 million for 2019, $1.5 million for 2020, $1.5 million for 2021 and $6.8 million thereafter. Interest paid was $1.0 million in 2017, $.7 million in 2016 and $.5 million in 2015. 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, 2017, the Company had total outstanding guarantees of $5.4 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, 2017, the Company had total outstanding letters of credit of $.8 million.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration