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.