NOTE 7 : Long-Term Debt

French government agencies provide financing to French companies for research and development. At December 31, 2015 and 2014, the Company had outstanding loans of $1,118 and $3,717, respectively for various programs. These loans do not bear interest and are repayable only in the event the research project is technically or commercially successful. Potential repayment is scheduled to occur from 2015 through 2019.

During the years ended December 31, 2015, 2014 and 2013, the Company repaid $747, $355 and $475, of loans associated with specific research projects, respectively. In addition, during 2015 the Company received waivers of repayment for the remaining portion of certain loans of $1,498 on the basis of limited commercial and technical success. Amounts waived are reported as reductions to R&D expenses in the Company’s consolidated statements of income. No such waivers were received during 2014 or 2013.