8. Business Reorganization Accruals 9. Debt and Commitments Back to Table of Contents PAGE 27 The 7.13% Notes are payable in four equal annual installments of $6,250 that began on December 5, 2002. The 7.66% Notes are payable in 2007. The 7.80% Notes are payable in three equal annual installments beginning in 2008. The 9.34% Notes are payable in three equal installments beginning in 2006. In July 2001, the Company borrowed Yen 3,000 million, under a term loan facility with The Development Bank of Singapore Limited. The loan is payable in ten semi-annual installments of Yen 87.3 million that began on December 28, 2001, with a balloon payment of Yen 2,214.3 million due June 30, 2006. The borrowing has a stated interest rate of 2.15%. In connection with the Yen borrowing, the Company entered into a series of forward currency exchange contracts, a form of derivative, that effectively convert the Yen principal payments to Singapore dollar payments. The forward contracts are cash flow hedges, and increased the effective interest rate of the borrowing  to 5.5%. On December 30, 2002, the Company prepaid the next four consecutive semi-annual installments totaling Yen 349.2 million (U.S. equivalent $2,917). As a result of this prepayment, there are no scheduled principal payments due on the Yen note until June 2005. The Company also During the fourth quarter of 2001, the Company recorded pretax charges of $4,842, primarily for Associated Spring, related to actions aimed at reducing the Company’s infrastructure. Such actions included the closure of an Associated Spring plant in Texas. Additional costs to transfer certain retained business to other Associated Spring plants in 2002 were not accruable in 2001 and were recognized as incurred in 2002. The 2001 charges included $179 recorded in cost of sales and $4,663 in selling and administrative expenses, and related to net workforce reductions of approximately 122 salaried and hourly employees, the elimination of approximately 128,500 square feet of facilities and the disposal of assets. At December 31, 2001, the accrual balance of $2,223 related to facility holding costs and severance. During 2002, $1,695 of the accrual was utilized. As of December 31, 2002, the remaining balance of $528 related to post-closure holding costs for the Texas plant, which is currently for sale. In connection with the Curtis acquisition in May 2000, the Company incurred certain integration costs. The Company recorded total costs of $6,405 related primarily to lease consolidation costs, facility closure costs and reductions in personnel. At December 31, 2001, $5,537 remained as liabilities related to future lease payments and facility closure costs. During 2002, $2,010 of the accrual was utilized in connection with warehouse closures. In addition, $2,030 of accruals were reduced with a corresponding reduction to goodwill. As of December 31, 2002, an accrual of approxi- mately $1,497 remained which related to future lease payments, which will continue through the remaining lives of the leases. Business reorganization accruals are included in accrued liabilities. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Long-term debt at December 31 consisted of: BARNES GROUP INC. 2002 2001 7.13% Notes, including interest swap 7.66% Notes 7.80% Notes 9.34% Notes, including deferred gain 2.15% Notes Revolving Credit Industrial Revenue Bonds Borrowings under lines of credit  Capital leases Less current maturities Total Carrying Amount $ 19,028 24,500 45,500 64,379 20,205 32,000 7,000 6,000 2,350 220,962 (6,837) $^{$}$214,125 Fair Value $ 18,724 24,530 44,861 61,066 20,198 32,000 7,000 6,000 2,350 216,729 (6,837) $^{$}$209,892 Carrying Amount $ 25,000 24,500 45,500 61,741 22,200 40,000 7,000 — — 225,941 (47,576) $ 178,365