FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of (in thousands):

	December 31,
	2017		2016
Term loans, net of unamortized debt issuance fees	—		5,893
Current portion, net of unamortized debt issuance fees	—		(2,923		)
Total long-term debt, less current portion	$	—	$	2,970

Schedule of line of credit facilities

A summary of the credit facilities is as follows (in thousands):

December 31, 2017
Revolving Credit Facilities:		Purpose	Exp. Date	Interest Rate	Total Line (USD)	Borrowings Outstanding	Letters of Credit Outstanding	Total Availability (for purpose as noted)
Domestic Facilities:
	M&T Bank(1)	Working Capital and Letters of Credit	4/30/18	3.38%	$25,000	$—	$506	$24,494
	Chemung Canal Trust Company	Working Capital and Letters of Credit	6/30/18	5.00%	3,000	—	—	3,000
Foreign Facilities:
	Credit Suisse(2)	Working Capital and Letters of Credit	7/31/18	Variable	18,473	—	6,163	12,310
	UBS(3)	Working Capital and Letters of Credit	N/A	Variable	1,026	—	509	517
	Mega International Bank(4)	Working Capital and Letters of Credit	6/12/18	Variable	12,000	—	—	12,000
	China Construction Bank(5)	Working Capital and Letters of Credit	12/17/18	4.79%	3,074	—	—	3,074
	Bank of China(6)	Letters of Credit	7/5/18	—	3,074	—	452	2,622
	HSBC(7)	Letters of Credit	8/15/18	—	3,000	—	1,461	1,539
Total Revolving Debt Facilities					$68,647	$—	$9,091	$59,556

December 31, 2016
Revolving Credit Facilities:		Purpose	Exp. Date	Interest Rate	Total Line (USD)	Borrowings Outstanding	Letters of Credit Outstanding	Total Availability (for purpose as noted)
Domestic Facilities:
	M&T Bank(1)	Working Capital and Letters of Credit	4/30/18	2.94%	$25,000	$—	$1,107	$23,893
	Chemung Canal Trust Company	Working Capital and Letters of Credit	6/30/17	5.00%	3,000	24	—	2,976
Foreign Facilities:
	Credit Suisse(2)	Working Capital and Letters of Credit	7/31/18	Variable	17,661	—	4,979	12,682
	UBS(3)	Working Capital and Letters of Credit	N/A	Variable	6,868	—	155	6,713
	Mega International Bank(4)	Working Capital and Letters of Credit	6/12/17	Variable	12,000	679	—	11,321
	China Construction Bank(5)	Working Capital and Letters of Credit	12/10/17	4.79%	2,880	—	—	2,880
	Bank of China(6)	Letters of Credit	8/25/17	—	4,320	—	83	4,237
	Industrial and Commercial Bank of China	Letters of Credit	7/31/16	—	—	—	—	—
	HSBC(7)	Letters of Credit	8/15/17	—	3,000	—	605	2,395
Total Revolving Debt Facilities					$74,729	$703	$6,929	$67,097

⁽¹⁾ This credit facility is secured by substantially all of the Company's U.S. assets (exclusive of real property), a negative pledge on its worldwide headquarters in Elmira, NY, and a pledge of 65% of our investment in Hardinge Holdings GmbH. The credit facility charges a 0.25% commitment fee on unused funds and does not include any financial covenants.

⁽²⁾ This facility charges a commitment fee on the average unutilized amount of the facility of 30% of the applicable margin. The terms of the credit facility contains customary representations, affirmative, negative and financial covenants and events of default and is secured by mortgage notes in an aggregate amount of CHF 9.2 million ($9.0 million equivalent) on two buildings owned by Kellenberger. The facility is also subject to a minimum equity covenant requirement whereby the equity of both the Holdings Group and Kellenberger must be at least 35% of the subsidiary's balance sheet total assets. At December 31, 2017, the Company was in compliance with the covenants under the loan agreement.

⁽³⁾ In 2016 this facility was secured by Kellenberger's real property up to CHF 3.0 million ($2.9 million equivalent) and was subject to a minimum equity covenant requirement where the minimum equity for Kellenberger must be at least 35% of its balance sheet total assets. In 2017 the facility was renewed unsecured with no covenant requirements.

⁽⁴⁾ Secured by the buildings and land owned by Hardinge Taiwan Precision Machinery Limited.

⁽⁵⁾ This facility is secured by real property owned by Hardinge Machine Co. Ltd.

⁽⁶⁾ Individual letters of credit issued under this facility require a cash deposit of 30% of the face value of the letter of credit.

⁽⁷⁾ Secured with a $1.2 million cash deposit.