Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PLPC | ||
Entity Registrant Name | Preformed Line Products Company | ||
Entity Central Index Key | 0000080035 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Common Stock, Shares Outstanding | 4,903,939 | ||
Entity Public Float | $ 376,004,998 | ||
Entity File Number | 0-31164 | ||
Entity Tax Identification Number | 34-0676895 | ||
Entity Address, Address Line One | 660 Beta Drive | ||
Entity Address, City or Town | Mayfield Village | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44143 | ||
City Area Code | 440 | ||
Local Phone Number | 461‑5200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Shares, $2 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Cleveland, Ohio | ||
Auditor Firm ID | 42 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement for the Annual Meeting of Shareholders to be held May 7, 2024 are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Cash, cash equivalents and restricted cash | [1] | $ 53,607 | $ 37,239 |
Accounts receivable, net | 106,892 | 125,261 | |
Inventories, net | 148,814 | 147,458 | |
Prepaid expenses | 8,246 | 13,283 | |
Other current assets | 7,256 | 4,929 | |
TOTAL CURRENT ASSETS | 324,815 | 328,170 | |
Property, plant and equipment, net | 207,892 | 175,011 | |
Operating lease, right-of-use assets | 11,671 | 10,752 | |
Goodwill | 29,497 | 28,004 | |
Other intangible assets, net | 12,981 | 14,082 | |
Deferred income taxes | 7,109 | 5,320 | |
Other assets | 9,186 | 7,140 | |
TOTAL ASSETS | 603,151 | 568,479 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Trade accounts payable | 37,788 | 46,839 | |
Notes payable to banks | 6,968 | 18,098 | |
Operating lease liabilities, current | 1,671 | 1,606 | |
Current portion of long-term debt | 6,486 | 3,018 | |
Accrued compensation | 18,441 | 14,962 | |
Accrued expenses and other liabilities | 27,414 | 17,635 | |
Accrued profit-sharing and other benefits | 9,577 | 9,394 | |
Dividends payable | 1,300 | 1,318 | |
Income taxes payable | 1,672 | 2,465 | |
TOTAL CURRENT LIABILITIES | 111,317 | 115,335 | |
Long-term debt, less current portion | 48,796 | 68,420 | |
Operating lease liabilities, non-current | 7,892 | 7,023 | |
Deferred income taxes | 3,536 | 4,165 | |
Other noncurrent liabilities | 15,454 | 14,912 | |
Shareholders' equity: | |||
Common shares $2 par value per share, 15,000,000 shares authorized, 4,908,413 and 4,917,020 issued and outstanding, at December 31, 2023 and December 31, 2022, respectively | 13,607 | 13,351 | |
Common shares issued to rabbi trust, 243,118 and 245,386 shares at December 31, 2023 and December 31, 2022, respectively | (10,183) | (10,261) | |
Deferred compensation liability | 10,183 | 10,261 | |
Paid-in capital | 60,958 | 53,646 | |
Retained earnings | 520,154 | 460,930 | |
Treasury shares, at cost, 1,894,419 and 1,758,901 shares at December 31, 2023 and December 31, 2022, respectively | (118,249) | (99,303) | |
Accumulated other comprehensive loss | (60,306) | (69,987) | |
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY | 416,164 | 358,637 | |
Noncontrolling interest | (8) | (13) | |
TOTAL SHAREHOLDERS' EQUITY | 416,156 | 358,624 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 603,151 | $ 568,479 | |
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $ 20.5 million. For further information regarding this transaction, refer to Note 7 of the Notes to the Consolidated Financial Statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 2 | $ 2 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 4,908,413 | 4,917,020 |
Common stock, shares outstanding | 4,908,413 | 4,917,020 |
Common stock, shares issued to rabbi trust | 243,118 | 245,386 |
Treasury stock shares | 1,894,419 | 1,758,901 |
Statements of Consolidated Inco
Statements of Consolidated Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 669,679 | $ 637,021 | $ 517,417 |
Cost of products sold | 434,831 | 421,841 | 351,175 |
GROSS PROFIT | 234,848 | 215,180 | 166,242 |
Costs and expenses | |||
Selling | 51,078 | 45,712 | 40,539 |
General and administrative | 74,643 | 70,317 | 55,257 |
Research and engineering | 22,481 | 19,661 | 19,188 |
Goodwill impairment | 0 | 6,529 | 0 |
Other operating expense, net | 2,492 | 3,600 | 3,709 |
Total costs and expenses | 150,694 | 145,819 | 118,693 |
OPERATING INCOME | 84,154 | 69,361 | 47,549 |
Other income (expense) | |||
Interest income | 1,811 | 631 | 169 |
Interest expense | (3,905) | (3,214) | (2,023) |
Other income, net | 284 | 6,926 | 3,201 |
Total other income (expense) | (1,810) | 4,343 | 1,347 |
INCOME BEFORE INCOME TAXES | 82,344 | 73,704 | 48,896 |
Income tax expense | 19,007 | 19,305 | 13,175 |
NET INCOME | 63,337 | 54,399 | 35,721 |
Net (income) loss attributable to noncontrolling interests | (5) | (4) | 8 |
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS | $ 63,332 | $ 54,395 | $ 35,729 |
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING: | |||
Basic | 4,920 | 4,931 | 4,907 |
Diluted | 4,997 | 4,999 | 4,970 |
EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS: | |||
Basic | $ 12.87 | $ 11.03 | $ 7.28 |
Diluted | $ 12.68 | $ 10.88 | $ 7.19 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net income | $ 63,337 | $ 54,399 | $ 35,721 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 9,667 | (9,272) | (8,376) |
Pension adjustment, net of tax | 14 | 1,004 | 1,208 |
Net current period other comprehensive income (loss) | 9,681 | (8,268) | (7,168) |
Comprehensive (income) loss attributable to noncontrolling interests | (5) | (4) | 8 |
Comprehensive income attributable to Preformed Line Products Company shareholders | $ 73,013 | $ 46,127 | $ 28,561 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
OPERATING ACTIVITIES | ||||||
Net income | $ 63,337 | $ 54,399 | $ 35,721 | |||
Adjustments to reconcile net income to net cash provided by operations: | ||||||
Depreciation and amortization | 18,914 | 16,430 | 15,564 | |||
Provision for accounts receivable allowances | 3,441 | 2,169 | 2,895 | |||
Provision for inventory reserves | 8,081 | 2,352 | 3,052 | |||
Deferred income taxes | (2,232) | (2,656) | 6,544 | |||
Share-based compensation expense | 4,948 | 4,596 | 4,163 | |||
Goodwill impairment | 0 | 6,529 | 0 | |||
Gain from company owned life insurance policy | (4,364) | |||||
Loss on exit of business | 1,025 | |||||
Gain on sale of property and equipment | (2,478) | (775) | (184) | |||
Other, net | 435 | 92 | 656 | |||
Changes in operating assets and liabilities | ||||||
Accounts receivable | 16,969 | (28,049) | (11,576) | |||
Inventories | (4,952) | (36,979) | (24,154) | |||
Prepaid expenses | 5,961 | 5,051 | (2,974) | |||
Trade accounts payable and accrued liabilities | 2,302 | 6,707 | 11,558 | |||
Accrued income and other taxes | (937) | 2,005 | (4,332) | |||
Contributions to company pension plan | (1,500) | (2,132) | ||||
Other, net | (4,647) | (247) | (3,335) | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 107,642 | 26,153 | 33,598 | |||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (35,332) | (40,598) | (18,384) | |||
Proceeds from the sale of property and equipment | 2,631 | 3,169 | 141 | |||
Proceeds from company owned life insurance policy | 6,909 | |||||
Acquisition of businesses, net of cash | (12,089) | (16,235) | ||||
NET CASH USED IN INVESTING ACTIVITIES | (44,790) | (46,755) | (18,243) | |||
FINANCING ACTIVITIES | ||||||
(Payments) Proceeds of notes payable to banks | (11,081) | 2,214 | 376 | |||
Proceeds from long-term debt | 169,172 | 185,016 | 98,919 | |||
Payments of long-term debt | (186,179) | (155,929) | (113,537) | |||
Dividends paid | (4,106) | (4,099) | (4,128) | |||
Proceeds from issuance of common shares | 2,164 | 808 | 409 | |||
Purchase of common shares for treasury | (728) | (158) | (177) | |||
Purchase of common shares for treasury from related parties | (18,164) | (5,309) | (5,092) | |||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (48,922) | 22,543 | (23,230) | |||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 2,438 | (1,108) | (894) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 16,368 | 833 | (8,769) | |||
Cash, cash equivalents and restricted cash at beginning of year | 37,239 | [1] | 36,406 | [1] | 45,175 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | [1] | $ 53,607 | $ 37,239 | $ 36,406 | ||
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $ 20.5 million. For further information regarding this transaction, refer to Note 7 of the Notes to the Consolidated Financial Statements. |
Statements of Consolidated Ca_2
Statements of Consolidated Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Corporate Aircraft [Member] | |
Non cash term loan | $ 20.5 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Common Shares Issued to Rabbi Trust [Member] | Deferred Compensation Liability [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Cumulative Translation Adjustment [Member] | Unrecognized Pension Benefit Cost [Member] | Total Preformed Line Products, Company Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2020 | $ 292,069 | $ 13,028 | $ (10,940) | $ 10,940 | $ 43,134 | $ 379,035 | $ (88,568) | $ (47,847) | $ (6,704) | $ 292,078 | $ (9) |
Net income | 35,721 | 35,729 | 35,729 | (8) | |||||||
Foreign currency translation adjustment | (8,376) | (8,376) | (8,376) | ||||||||
Pension adjustment, net of tax | 1,208 | 1,208 | 1,208 | ||||||||
Total comprehensive income | 28,553 | 28,561 | (8) | ||||||||
Share-based compensation | 3,997 | 4,163 | (166) | 3,997 | |||||||
Purchase of common shares | (5,268) | (5,268) | (5,268) | ||||||||
Issuance of common shares | 674 | 157 | 517 | 674 | |||||||
Common shares distributed from rabbi trust of net | 838 | (838) | |||||||||
Cash dividends declared | (3,925) | (3,925) | (3,925) | ||||||||
Ending Balance at Dec. 31, 2021 | 316,100 | 13,185 | (10,102) | 10,102 | 47,814 | 410,673 | (93,836) | (56,223) | (5,496) | 316,117 | (17) |
Net income | 54,399 | 54,395 | 54,395 | 4 | |||||||
Foreign currency translation adjustment | (9,272) | (9,272) | (9,272) | ||||||||
Pension adjustment, net of tax | 1,004 | 1,004 | 1,004 | ||||||||
Total comprehensive income | 46,131 | 46,127 | 4 | ||||||||
Share-based compensation | 4,403 | 4,596 | (193) | 4,403 | |||||||
Purchase of common shares | (5,467) | (5,467) | (5,467) | ||||||||
Issuance of common shares | 1,402 | 166 | 1,236 | 1,402 | |||||||
Common shares distributed from rabbi trust of net | (159) | 159 | |||||||||
Cash dividends declared | (3,945) | (3,945) | (3,945) | ||||||||
Ending Balance at Dec. 31, 2022 | 358,624 | 13,351 | (10,261) | 10,261 | 53,646 | 460,930 | (99,303) | (65,495) | (4,492) | 358,637 | (13) |
Net income | 63,337 | 63,332 | 63,332 | 5 | |||||||
Foreign currency translation adjustment | 9,667 | 9,667 | 9,667 | ||||||||
Pension adjustment, net of tax | 14 | 14 | 14 | ||||||||
Total comprehensive income | 73,018 | 73,013 | 5 | ||||||||
Share-based compensation | 4,773 | 4,948 | (175) | 4,773 | |||||||
Purchase of common shares | (18,946) | (18,946) | (18,946) | ||||||||
Issuance of common shares | 2,620 | 256 | 2,364 | 2,620 | |||||||
Common shares distributed from rabbi trust of net | 0 | 78 | (78) | 0 | |||||||
Cash dividends declared | (3,933) | (3,933) | (3,933) | ||||||||
Ending Balance at Dec. 31, 2023 | $ 416,156 | $ 13,607 | $ (10,183) | $ 10,183 | $ 60,958 | $ 520,154 | $ (118,249) | $ (55,828) | $ (4,478) | $ 416,164 | $ (8) |
Statements of Consolidated Sh_2
Statements of Consolidated Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax provision (benefit) for recognized net actuarial loss (gain) | $ 110 | $ 105 | |
Tax provision (benefit) | $ (106) | $ 206 | |
Common Shares [Member] | |||
Issuance of common shares | 126,911 | 83,391 | 78,730 |
Common Shares Issued to Rabbi Trust [Member] | |||
Common shares distributed from rabbi trust | 2,268 | 2,248 | 22,370 |
Deferred Compensation Liability [Member] | |||
Common shares distributed from rabbi trust | 2,268 | 2,248 | 22,370 |
Paid In Capital [Member] | |||
Issuance of common shares | 126,911 | 83,391 | 78,730 |
Retained Earnings [Member] | |||
Cash dividends declared per share | $ 0.8 | $ 0.8 | $ 0.8 |
Treasury Stock [Member] | |||
Purchase of common shares | 135,518 | 73,514 | 73,460 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 – Significant Accounting Policies Nature of Operations Preformed Line Products Company and subsidiaries (the “Company”) is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, data communication and other similar industries. The Company’s primary products support, protect, connect, terminate and secure cables and wires. The Company provides helical solutions, connectors, fiber optic and copper splice closures, solar framing applications, and electric vehicle charging station foundations. The Company’s customers include public and private energy utilities and communication companies, cable operators, contractors and subcontractors, distributors and value-added resellers. The Company serves its worldwide markets through strategically located domestic and international manufacturing facilities . Principles of Consolidation and Noncontrolling Interests The accompanying consolidated financial statements, including the accounts of the Company and its wholly-owned subsidiaries for which it has a controlling interest, were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercises control. Intercompany transactions and balances are eliminated in consolidation. Noncontrolling interests are presented in the Company’s Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in our Consolidated Financial Statements. Additionally, the Company’s Consolidated Financial Statements include 100 % of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash (“Cash”) are stated at fair value and consist of highly liquid investments with original maturities of three months or less at the time of acquisition. Restricted cash, which is not material, is included in Cash, cash equivalents and restricted cash on the Company’s Consolidated Balance Sheets . Accounts Receivable Allowances The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Board ("ASC") 326 “Financial Instruments – Credit Losses", the Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. The Company also maintains an allowance for future sales credits related to sales recorded during the year. The estimated allowance is based on historical sales credits issued in the subsequent year related to the prior year and any significant, preapproved open return good authorizations as of the balance sheet date. Inventories The Company uses the last-in, first-out (“LIFO”) method of determining cost for the majority of its material portion of inventories in PLP-USA. All other inventories are determined by the first-in, first-out (“FIFO”) or average cost methods. Inventories are carried at lower of cost or net realizable value. Reserves are maintained for estimated obsolescence or excess inventory based on past usage and future demand. Fair Value of Financial Instruments FASB ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosures of the fair value of financial instruments. The estimated fair value of financial instruments was principally based on market prices where such prices were available, and when unavailable, fair values were estimated based on market prices of similar instruments. Property, Plant and Equipment and Depreciation Property, plant, and equipment is recorded at cost less accumulated depreciation or amortization. Property under finance lease agreements is carried at the present value of lease payments over the lease term less accumulated amortization. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. The estimated useful lives for assets purchased new are: land improvements, ten years ; buildings, forty years ; building improvements, five to forty years ; machinery and equipment, three to ten years ; and aircraft, fifteen years . Appropriate reductions in estimated useful lives are made for property, plant and equipment purchased in connection with an acquisition of a business or in a used condition when purchased. Long-Lived Assets The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the carrying value of the assets are impaired and the undiscounted future cash flows estimated to be generated by such assets are less than the carrying value. The Company’s cash flows are based on historical results adjusted to reflect the Company’s best estimate of future market and operating conditions. The net carrying value of assets not recoverable is then reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market rates and transactions. The Company did not record an impairment to long-lived assets during the years ended December 31, 2023 and 2022, other than in the divestiture of the Russian operations during 2022, which is disclosed in Note 18. Goodwill and Other Intangibles In accordance with ASC 805, “Business Combinations,” the Company uses the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. Goodwill and other intangible assets are generally recorded as a result of a business acquisition. Goodwill represents the excess of purchase price over the fair value of the tangible and identifiable net assets acquired during a business combination and is not subject to amortization but is subject to annual impairment testing. Goodwill is reviewed for impairment annually on October 1 or more frequently when changes in circumstances indicate the carrying amount may be impaired. Such events or changes may include, but are not limited to, a significant deterioration in overall economic conditions, changes in the business climate of the Company's industry, overall performance indicators, a decline in the Company's market capitalization, business reorganization or restructuring or disposal of all or part of a reporting unit. Goodwill is tested for impairment at the reporting unit level, and is based on the net assets for each reporting unit, including goodwill and intangible assets. The Company’s reporting units are equivalent to the reportable operating segments, except for the Americas segment which has two reporting units (Canada and Other Americas). Goodwill is assigned to each reporting unit, as this represents the lowest level that constitutes a business and is the level at which management regularly reviews the operating results. Intangible assets with definite lives, consisting primarily of purchased cust omer relationships, patents, technology, customer backlogs, trademarks and land use rights, are generally amortized over periods from two years to ninety-nine years . The Company has no indefinite lived intangible assets other than goodwill. The Company’s intangible assets with finite lives are generally amortized over the period in which the economic benefits of the intangibles are consumed, using either a projected cash flo w basis method or the straight-line method. The straight-line method is used in circumstances in which it better reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise expire compared to using a projected cash flow basis method. An evaluation of the remaining useful life of intangible assets with a determinable life is performed on a periodic basis and when events and circumstances warrant an evaluation. The Company assesses intangible assets with a determinable life for impairment when the carrying amount may not be recoverable, consistent with its policy for assessing other long-lived assets. The Company did no t record an impairment to intangible assets with finite lives during the years ended December 31, 2023 and 2022. The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. A qualitative analysis is performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and gross profit margins, discount rates and other relevant qualitative factors. These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative analysis performed for each reporting unit to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit. For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples, in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as future cash flows, revenue growth rates, operating margins, the weighted-average cost of capital ("WACC"), and estimated market multiples, of which are affected by expectations of future market or economic conditions. The future cash flows are based on the Company’s long-term operating plan and a terminal value was used to estimate the reporting unit’s cash flows beyond the period covered by the operating plan. The WACC is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units. Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the multiple variables inherent in arriving at the estimates of the reporting unit's fair value, differences in assumptions could have an effect on the estimated fair value of a reporting unit and could result in goodwill impairment charges in a future period. Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies the performance obligations under the contract and control of the product is transferred to the customer, primarily based on shipping terms. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. Payment terms vary by the type and location of the customer and the products offered but are generally short-term in nature. The Company estimates product returns based on historical return rates. Research and Development Research and development costs for new products are expensed as incurred and totaled $ 5.2 million in 2023 , $ 4.5 million in 2022 and $ 3.3 million in 2021 . Income Taxes Income taxes are computed in accordance with the provisions of FASB ASC 740, “Income taxes” and includes U.S. (federal and state) and foreign income taxes. In the Consolidated Financial Statements, the benefits of a consolidated return have been reflected where such returns have or could be filed based on the entities and jurisdictions included in the financial statements. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book and tax basis of particular assets and liabilities and operating loss carryforwards using tax rates in effect for the years in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Uncertain tax positions are recorded in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Deferred Tax Assets Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial reporting and income tax basis of assets and liabilities and operating loss and tax credit carryforwards. We establish a valuation allowance to record our deferred tax assets at an amount that is more-likely-than-not to be realized. In the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of their recorded amount, an adjustment to the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the valuation allowance would be charged to expense in the period such determination was made. Uncertain Tax Positions We identify tax positions taken on the federal, state, local and foreign income tax returns filed or to be filed. A tax position can include: a reduction in taxable income reported in a previously filed tax return or expected to be reported on a future tax return that impacts the measurement of current or deferred income tax assets or liabilities in the period being reported; a decision not to file a tax return; an allocation or a shift of income between jurisdictions; the characterization of income or a decision to exclude reporting taxable income in a tax return; or a decision to classify a transaction, entity or other position in a tax return as tax exempt. We determine whether a tax position is an uncertain or a routine business transaction tax position that is more-likely-than-not to be sustained at the full amount upon examination. Under ASC 740, “Tax Benefits from Uncertain Tax Positions” that reduce our current or future income tax liability are reported in our financial statements only to the extent that each benefit is recognized and measured under a two-step approach. The first step requires us to assess whether each tax position based on its technical merits and facts and circumstances as of the reporting date, is more-likely-than-not to be sustained upon examination. The second step measures the amount of tax benefit that we would recognize in the financial statements based on a cumulative probability approach. A tax position that meets the more-likely-than-not threshold that is not highly certain is measured based on the largest amount of benefit that is greater than 50 % likely of being realized upon ultimate settlement with the tax authority, assuming that the tax authority has examined the position and has full knowledge of all relevant information. Advertising Advertising costs are expensed as incurred and totaled $ 2.4 million in 2023, $ 2.7 million in 2022 and $ 1.5 million in 2021 . Foreign Currency Translation Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the date of the Consolidated Balance Sheet. The translation adjustments are recorded in Accumulated other comprehensive income (loss). Revenues and expenses are translated at weighted average exchange rates in effect during the period. Transaction gains and losses arising from exchange rate changes on transactions denominated in a currency other than the functional currency are included in income and expensed as incurred. Aggregate transaction losses, including hedge activity, was $ 3.2 million for the year ended December 31, 2023, $ 0.4 million for the year ended December 31, 2022 and $ 1.0 million for the year ended December 31, 2021 . Upon sale or substantially complete liquidation of an investment in a foreign entity, the cumulative translation adjustment for that entity is reclassified from Accumulated other comprehensive loss to earnings. Effective July 1, 2018, Argentina was designated as a highly inflationary economy as the projected three-year cumulative inflation rate exceeded 100 %. As such, beginning July 1, 2018, the functional currency for the Company’s Argentina subsidiary became the U.S. dollar. Revenue from operations in Argentina was less than 1 % of total consolidated net sales for the years ended December 31, 2023, 2022 and 2021 . Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's consolidated financial statements include amounts that are based on management's best estimates and judgments. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to current year presentation. Business Combinations Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. The Company uses a discounted cash flow model to measure the fair value of intangible assets. The significant assumptions used to estimate the fair value of the intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, attrition rates, and royalty rates). These assumptions relate to the future performance of the acquired businesses, are forward-looking and could be affected by future economic and market conditions. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Derivative Financial Instruments The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other operating expense, net” on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. The Company records the contracts at fair value in the Consolidated Balance Sheets. The Company does not hold derivatives for trading purposes. Recently Adopted or Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASU"). In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Liabilities from Contracts with Customers.” This ASU requires an acquiring entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The ASU was effective for fiscal years and interim periods beginning after December 15, 2022, with early adoption permitted. The adoption of this new standard did not have a material impact on the consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others. Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The company is evaluating the impact of adopting this ASU. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 2 – Inventories, Net Inventories, net December 31, 2023 2022 Raw materials $ 98,708 $ 104,872 Work-in-process 14,397 14,450 Finished products 46,250 41,295 Inventories, net of excess and obsolete inventory reserve 159,355 160,617 Excess of current cost over LIFO cost ( 10,541 ) ( 13,159 ) Inventories at LIFO cost $ 148,814 $ 147,458 Costs for inventories of certain material, mainly in the U.S., are determined using the LIFO method and totaled approximately $ 60.1 million and $ 68.3 million at December 31, 2023 and 2022, respectively. The net change in LIFO inventories for December 31, 2023 and 2022 resulted in a benefit of $ 2.6 million and a charge of $ 3.7 million to Cost of products sold, respectively. The Company’s reserves for slow-moving and obsolete inventory at December 31, 2023 and 2022 were $ 17.6 million and $ 10.8 million, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 3 – Property and Equipment, Net Major classes of property, plant and equipment are as follows: December 31, 2023 2022 Land and improvements $ 21,374 $ 19,609 Buildings and improvements 129,369 102,245 Machinery, equipment and aircraft 238,868 218,549 Construction in progress 22,619 31,076 Property, plant and equipment, gross 412,230 371,479 Less accumulated depreciation ( 204,338 ) ( 196,468 ) Property, plant and equipment, net $ 207,892 $ 175,011 Depreciation of property and equipment was $ 17.0 million in 2023 , $ 14.3 million in 2022 and $ 13.6 million in 2021 . |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities | Note 4 – Contingent Liabilities The Company can be party to a variety of pending legal proceedings and claims arising in the normal course of business, including, but not limited to, litigation relating to employment, workers’ compensation, product liability, environmental and intellectual property. The Company has liability insurance to cover many of these claims. Although the outcomes of these matters are not predictable with certainty, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and the likelihood to develop what the Company believes to be a reasonable range of potential loss exists, the Company will include disclosure related to such matters. To the extent that there is a reasonable possibility the losses could exceed amounts already accrued, the Company will adjust the accrual in the period in which the determination is made, disclose an estimate of the additional loss or range of loss and if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. In November 2016, the Company and its subsidiaries Helix Uniformed Ltd. (“Helix”) and Preformed Line Products (Canada) Limited (“PLPC Canada”), were each named, jointly and severally, with each of SNC-Lavalin ATP, Inc. (“SNC ATP”), HD Supply Canada Inc., by its trade names HD Supply Power Solutions and HD Supply Utilities (“HD Supply”), and Anixter Power Solutions Canada Inc. (the corporate successor to HD Supply, “Anixter”) and, together with the Company, PLPC Canada, Helix, SNC ATP and HD Supply (the “Defendants”), in a complaint filed by Altalink, L.P. (the “Plaintiff”) in the Court of Queen’s Bench of Alberta in Alberta, Canada in November 2016 (the “Complaint”). The Complaint stated that the Plaintiff engaged SNC ATP to design, engineer, procure and construct numerous power distribution and transmission facilities in Alberta (the “Projects”) and that through SNC ATP and HD Supply (now Anixter), spacer dampers manufactured by Helix were procured and installed in the Projects. The Complaint alleged that the spacer dampers have and may continue to become loose, open and detach from the conductors, resulting in damage and potential injury and a failure to perform the intended function of providing spacing and damping to the Project. The Plaintiff was seeking an estimated $ 56.0 million Canadian dollars in damages jointly and severally from the Defendants, representing the costs of monitoring and replacing the spacer dampers and remediating property damage, due to alleged defects in the design and construction of, and supply of materials for, the Projects by SNC ATP and HD Supply/Anixter and in the design of the spacer dampers by Helix. On September 26, 2023, the Defendants and the Plaintiff entered into a settlement agreement which dismisses the action against all Defendants with prejudice. Net of insurance, the total settlement amount required to be paid by the Company is $ 4.3 million Canadian dollars ($ 3.2 million US dollars), of which $ 2.5 million Canadian dollars ($ 1.8 million US dollars) was previously recorded and $ 1.8 million Canadian dollars ($ 1.4 million US dollars) was recorded in the third quarter in General and administrative expense. The settlement reflects the Company’s desire to eliminate the burden, expense, distraction and further uncertainties of litigation, and settlement does not constitute an admission of liability, wrongdoing or fault by the Company and its subsidiaries . The settlement amount was paid during the fourth quarter of 2023. The Company is not a party to any other pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flow. For the years ended December 31, 2023 and 2022, reserves for global legal matters were zero and $ 1.8 million, respectively. |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension Plans | Note 5 – Pension Plans The Company maintains a noncontributory defined benefit pension plan covering eligible U.S. employees (the "U.S. Plan") and a defined contribution plan to provide retirement benefits for employees as well as other foreign defined benefit plans. These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"), local statutory law or as determined by the Board of Directors. The plans generally provide benefits based upon years of service and compensation. The Company also established arrangements for certain key employees, which provide for supplemental retirement benefits. The Company's plans are funded except for a U.S. non-qualified plan for certain key employees and certain foreign plans. Within the U.S., hourly employees of the Company who meet specific requirements as to age and length and date of service are covered by the U.S. Plan. On December 12, 2012, the Company approved a freeze on further benefit accruals under the U.S. Plan and notified the participants of the freeze on December 19, 2012. Beginning February 1, 2013, participants ceased earning additional benefits under the U.S. Plan and no new participants entered the U.S. Plan. The Company uses a December 31 measurement date for its Plan. In August 2023, the Board of Directors of the Company approved a resolution to terminate the U.S. Plan and preliminary administrative actions have been undertaken to proceed with the termination. During the fourth quarter of 2023, the Company made a $ 1.5 million contribution to the U.S. Plan. A summary of the U.S. Plan follows for the year ended December 31: 2023 2022 2021 Service cost $ — $ — $ — Interest cost 1,568 1,185 1,138 Expected return on plan assets ( 2,017 ) ( 2,455 ) ( 2,343 ) Recognized net actuarial loss 463 445 614 Net periodic pension cost (benefit) $ 14 $ ( 825 ) $ ( 591 ) Components of net pension cost (benefit), other than service cost, are included in other income, net in the Consolidated Statement of Income. The following tables set forth the changes in benefit obligations, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the U.S. Plan at December 31: 2023 2022 Projected benefit obligation at beginning of the year $ 29,013 $ 41,410 Interest cost 1,568 1,185 Actuarial loss (gain) 670 ( 12,185 ) Benefits paid ( 1,478 ) ( 1,397 ) Projected benefit obligation at end of year $ 29,773 $ 29,013 Fair value of plan assets at beginning of the year $ 29,632 $ 37,757 Actual return on plan assets 2,242 ( 8,859 ) Employer contributions 1,500 2,132 Benefits paid ( 1,478 ) ( 1,398 ) Fair value of plan assets at end of the year $ 31,896 $ 29,632 Pension asset $ ( 2,123 ) $ ( 619 ) In 2023, in accordance with ASC 715-20, the Company recognized the over-funded status of the U.S. Plan as a non-current asset. The amount recognized in Accumulated other comprehensive loss related to the U.S. Plan at December 31 is comprised of the following: 2023 2022 Balance at January 1 $ ( 4,492 ) $ ( 5,496 ) Reclassification adjustments: Pre-tax amortized net actuarial loss 463 445 Tax benefit ( 110 ) ( 105 ) 353 340 Adjustment to recognize (loss) gain on pension asset: Pre-tax (loss) gain ( 445 ) 870 Tax benefit 106 ( 206 ) ( 339 ) 664 Balance at December 31 $ ( 4,478 ) $ ( 4,492 ) The 2023 pre-tax pension loss of $ 0.7 million was the result of a decrease in the discount rate to 5.34 % from 5.55 % in 2022. There were no changes in the mortality rate used this year, and as a result, no mortality gain or loss for the last two years. There is no prior service cost to be amortized in the future. The U.S. Plan had assets in excess of accumulated benefit obligations as follows: 2023 2022 Accumulated benefit obligation $ 29,773 $ 29,013 Fair market value of assets 31,896 29,632 Weighted-average assumptions used to determine benefit obligations at December 31: 2023 2022 Discount rate 5.34 % 5.55 % Rate of compensation increase n/a n/a Weighted-average assumptions used to determine net periodic benefit cost at December 31: 2023 2022 2021 Discount rate 5.55 % 2.92 % 2.69 % Rate of compensation increase n/a n/a n/a Expected long-term return on plan assets 7.00 % 6.50 % 6.50 % The net periodic pension cost for 2023 was based on a long-term asset rate-of-return of 7.00 %. This rate is based upon management’s estimate of future long-term rates of return on similar assets and is consistent with historical returns on such assets. At December 31, 2023 and 2022, the Plan’s pooled investment funds were measured at fair value using the net asset value ("NAV"). The NAV is based on the value of the assets owned by the plan, less liabilities. These pooled assets are not quoted on an active exchange. The fair value of the Plan assets at December 31, 2023 and 2022 was $ 31.9 million and $ 29.6 milli on, respectively. The U.S. Plan weighted-average asset allocations at December 31, 2023 and 2022, by asset category, are as follows: Plan assets at December 31 Asset category 2023 2022 Equity securities 18 % 37 % Debt securities 77 63 Cash and equivalents 5 — 100 % 100 % Management seeks to maximize the long-term total return of financial assets consistent with the fiduciary standards of ERISA. The ability to achieve these returns is dependent upon the need to accept moderate risk to achieve long-term capital appreciation. In recognition of the expected returns and volatility from financial assets, U.S. Plan assets are invested in the following ranges with the target allocation noted below. The Company reassesses the target allocations periodically: Range Target Equities 10 - 30 % 20 % Fixed Income 70 - 90 % 80 % Cash Equivalents 0 - 10 % 0 % Investment in these markets is projected to provide performance consistent with expected long-term returns with appropriate diversification. The Company's policy is to fund amounts deductible for federal income tax purposes. If the U.S. Plan is not terminated, the benefits expected to be paid out of the U.S. Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows: Year Pension Benefits 2024 $ 1,521 2025 1,597 2026 1,674 2027 1,767 2028 1,852 2029-2033 10,137 Other Benefit Plans The Company also provides retirement benefits through various defined contribution plans including PLP-USA’s Profit Sharing Plan. Expense for these defined contribution plans w as $ 6.6 million in 2023, $ 6.3 million in 2022, and $ 5.8 million in 2021. The Company also provides retirement benefits through the Supplemental Profit Sharing Plan. To the extent an employee’s award under PLP-USA’s Profit Sharing Plan exceeds the maximum allowable contribution permitted under existing tax laws, the excess is accrued for (but not funded) under a non-qualified Supplemental Profit Sharing Plan. The Supplemental Profit Sharing Plan allows participant s the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. The benefit (expense) for the Supplemental Profit Sharing Plan for the year ended December 31, 2023, 2022 and 2021 was ($ 0.9 ) million, $ 1.3 million, and ($ 0.9 ) million, respectively. The Supplemental Profit Sharing Plan unfunded status for the years ended Decem ber 31, 2023 and 2022 was $ 8.2 million and $ 7.3 million, respectively, and is included in Other noncurrent liabilities . The Company also has established nonqualified foreign defined benefit plans, which provide post-employment benefits based on years of service. For the periods ending December 31, 2023 and 2022, the Company's benefit obligations related to these unfunded programs were $ 2.9 million and $ 2.1 million, respectively. During 2023, 2022 and 2021, the Company recorded benefit costs relating to these programs of $ 0.6 million, $ 0.2 million, and $ 0.3 million, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | Note 6 – Accumulated Other Comprehensive Income (“AOCI”) The following tables set forth the total changes in AOCI by component, net of tax: Year Ended December 31, 2023 Year Ended December 31, 2022 Cumulative Cumulative Unrecognized Translation Unrecognized Translation Benefit Cost Adjustment Total Benefit Cost Adjustment Total Balance at January 1 $ ( 4,492 ) $ ( 65,495 ) $ ( 69,987 ) $ ( 5,496 ) $ ( 56,223 ) $ ( 61,719 ) Other comprehensive income before reclassifications: Gain on foreign currency translation adjustment — 9,667 9,667 — ( 9,272 ) ( 9,272 ) (Loss) gain on pension asset ( 339 ) — ( 339 ) 664 — 664 Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial 353 — 353 340 — 340 Net current period other comprehensive income (loss) 14 9,667 9,681 1,004 ( 9,272 ) ( 8,268 ) Balance at December 31 $ ( 4,478 ) $ ( 55,828 ) $ ( 60,306 ) $ ( 4,492 ) $ ( 65,495 ) $ ( 69,987 ) (a) This AOCI component is included in the computation of net periodic pension income (costs) as noted in Note 5 – Pension Plans. |
Debt and Credit Arrangements
Debt and Credit Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Credit Arrangements | Note 7 – Debt and Credit Arrangements December 31, 2023 2022 Short-term debt Notes payable to banks Thailand Bhat denominated at 3.94 % $ 2,262 $ 3,119 Thailand Bhat denominated at 2.00 % — 926 Thailand Bhat denominated at 2.00 % — 181 France Euro denominated at 6.37 % 2,774 5,323 Brazil Real denominated at 5.40 % — 236 Brazil Real denominated at 15.09 % — 2,350 China Yuan Renminbi denominated at 4.50 % 1,314 5,665 Argentina Peso denominated at 37.00 % — 70 Vietnam Dong denominated at 7.30 % 18 228 Indonesia U.S. Dollar denominated at 6.82 % 600 — Current portion of long-term debt U.S. Dollar denominated at 2.74 % 2,050 2,050 Czech Republic Koruna denominated at 3.00 % 21 21 Indonesia U.S. Dollar denominated at 3.50 % 4,267 800 Czech Republic Koruna denominated at 3.69 % 94 147 Czech Republic Koruna denominated at 1.60 % 54 — Total short-term debt 13,454 21,116 Long-term debt, including current portion U.S. Dollar denominated at 6.62 %, due 2026 22,653 35,444 U.S. Dollar denominated at 2.74 %, due 2031 14,692 16,742 Brazilian Real denominated at 8.30 % due 2025 1,000 1,800 Poland Zloty denominated at 6.97 % due 2026 7,691 5,636 Australian Dollar denominated at 4.06 %, due 2026 — 1,350 Austria Euro denominated at 4.90 % due 2026 1,387 1,331 Indonesia U.S. Dollar denominated at 3.50 % due 2024 4,267 5,067 New Zealand Dollar denominated at 5.78 % due 2026 2,538 2,853 Czech Republic Koruna denominated at 3.00 % due 2025 191 226 Czech Republic Koruna denominated at 3.69 % due 2031 703 989 Czech Republic Koruna denominated at 1.60 % due 2026 160 — Total long-term debt 55,282 71,438 Less current portion ( 6,486 ) ( 3,018 ) Total long-term debt, less current portion 48,796 68,420 Total debt $ 62,250 $ 89,536 The Company maintains a credit facility (the "Facility") with a capacity of $ 90.0 million that expires March 2, 2026 . The interest rate is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.125 % unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, at which point the SOFR spread becomes 1.500 %. At December 31, 2023, the Company had utilized $ 34.3 million with $ 55.7 million available on the Facility. There were no long-term outstanding letters of credit as of December 31, 2023. Our bank debt to equity percentage was 15.0 %. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At December 31, 2023, the Company was in compliance with these covenants. On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $ 20.5 million for the full amount of the purchase price for a new corporate aircraft. The term of the loan is 120 months at a fixed interest rate of 2.744 %. The loan is payable in 119 equal monthly installments , which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $ 14.7 million outstanding on this debt facility at December 31, 2023, $ 2.1 million was classified as current. The loan is secured by the aircraft. The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At December 31, 2023, and December 31, 2022, $ 13.3 million and $ 26.1 million was outstanding, of which $ 11.4 million and $ 19.1 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business. The Company’s Asia-Pacific segment had $ 0.2 million in restricted cash used to secure bank debt as of December 31, 2023, and 2022, respectively. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash. Aggregate maturities of long-term debt during the next five years are as follows: $ 4.3 million for 2024, $ 1.2 million for 2025, $ 34.4 million for 2026, $ 0 for 2027, $ 0 for 2028, and $ 19.7 million thereafter. Interest paid was $ 3.8 million in 2023, $ 3.1 million in 2022, and $ 1.6 mil lion in 2021. Guarantees and Letters of Credit The Company has provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees v ary with end dates ranging from the current year through the completion of such transactions. The guarantees would typically be triggered in the event of non-performance. As of December 31, 2023, the Company had total outstanding guarantees of $ 14.1 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, 2023, the Company had total outstanding letters of credit of $ 1.0 million. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 8 – Leases The Company regularly enters into leases in the normal course of business. As of December 31, 2023 , the leases in effect were related to land, buildings, vehicles, office equipment and other production equipment under operating leases with lease terms of up to 99 years . Some of the Company's leases include one or more renewal options, the exercise of which is generally at the Company's discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at the Company’s discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if the Company is reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for the Company’s operating and financing leases as of December 31, 2023 was 16.9 and 2.8 years, respectively. Lease expense is recognized for these leases on a straight-line basis over the lease term with variable lease payments recognized in the period those payments are incurred. The components of operating and finance lease costs are recognized in Costs and expenses and Interest expense, respectively, on the Company’s Consolidated Statements of Income . The Company’s operating and finance lease costs for the years ended December 31 were as follows: Year Ended December 31, 2023 2022 2021 Components of lease expense: Operating lease cost $ 2,767 $ 2,538 $ 2,870 Finance lease cost: Amortization of right-of-use assets 119 189 388 Interest on lease liabilities 17 19 13 Total lease cost $ 2,903 $ 2,746 $ 3,271 The discount rate implicit within each lease is often not determinable and, therefore, the Company establishes the discount rate based on its incremental borrowing rate. The incremental borrowing rate for the Company’s leases is determined based on lease term and currency in which lease payments are made. The weighted average discount rate used to measure the Company’s operating and finance lease liabilities as of December 31, 2023 was 5.28 % and 3.84 %, respectively. The weighted average discount rate used to measure the Company’s operating and finance lease liabilities as of December 31, 2022 was 4.73 % and 3.92 %, respectively. Future maturities of the Company’s lease liabilities as of December 31, 2023 are as follows: Year Ended December 31, 2023 Operating Leases Finance Leases 2024 $ 2,194 $ 140 2025 1,944 137 2026 1,561 79 2027 1,097 28 2028 and thereafter 7,763 — Total lease payments 14,559 384 Less amount of lease payment representing interest 4,996 19 Total present value of lease payments $ 9,563 $ 365 Amounts recognized as finance lease obligations are reported in Accrued expense and other liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. The Company received sublease income of $ 0.5 million and $ 1.1 million for the years ended December 31, 2023 and 2022, respectively. Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows: Year Ended December 31, 2023 2022 2021 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,775 $ 2,528 $ 2,608 Operating cash flows for finance leases 17 19 13 Financing cash flows for finance leases 171 256 375 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes Income before income taxes was derived from the following sources: 2023 2022 2021 United States $ 57,736 $ 58,887 $ 32,570 Foreign 24,608 14,817 16,326 Total income before income taxes $ 82,344 $ 73,704 $ 48,896 The components of income taxes for the years ended December 31 are as follows: 2023 2022 2021 Current Federal $ 12,263 $ 12,529 $ 649 Foreign 6,654 7,346 5,065 State and local 2,322 2,086 917 21,239 21,961 6,631 Deferred Federal ( 1,866 ) 577 7,172 Foreign 11 ( 3,326 ) ( 75 ) State and local ( 377 ) 93 ( 553 ) ( 2,232 ) ( 2,656 ) 6,544 Income taxes $ 19,007 $ 19,305 $ 13,175 The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the years ended December 31 are summarized as follows: 2023 2022 2021 Federal tax at statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 2.2 2.2 1.5 Global intangible low-taxed income 3.6 0.9 1.6 Non-U.S. tax rate variances 2.0 ( 2.4 ) 6.0 Non-deductible officers' compensation 1.5 1.4 1.6 Valuation allowance 0.7 2.9 ( 1.5 ) Non-deductible Goodwill Impairment — 2.7 — Uncertain tax positions — 0.7 — Other Life Insurance Proceeds — ( 1.2 ) — Other U.S. federal permanent items ( 0.2 ) ( 0.1 ) 0.5 Tax credits ( 1.3 ) ( 0.3 ) ( 1.7 ) Other stock compensation ( 1.5 ) ( 0.3 ) ( 0.4 ) Foreign tax credits ( 4.5 ) ( 2.0 ) ( 2.5 ) Other, net ( 0.4 ) 0.7 0.8 Effective income tax rate 23.1 % 26.2 % 26.9 % Income tax expense for the periods ended December 31, 2023, 2022, and 2021 was $ 19.0 million, $ 19.3 million, and $ 13.2 million, respectively. The decrease in the effective tax rate from 2022 to 2023 was primarily due to the favorable impact related to increased stock compensation activity and valuation allowances recorded in 2022 that did not recur. This was offset by the unfavorable impact from the mix of income earned in jurisdictions with a higher tax rate than the U.S. It is also affected by discrete items in 2022 that did not recur including the non-deductible goodwill impairment in the Asia-Pacific region and a non-taxable benefit related to the proceeds from a settlement of a Company-owned life insurance policy. Deferred Income Tax Assets and Liabilities Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows: 2023 2022 Deferred tax assets: Benefit plan reserves $ 6,200 $ 6,348 Research and development capitalization 5,522 1,533 Inventory valuation reserves 4,041 2,548 Net operating loss carryforwards 1,940 2,722 Accrued compensation and benefits 1,374 994 Allowance for credit losses 1,329 917 Foreign tax credit 1,018 1,153 Other accrued expenses 972 2,531 Unrealized foreign exchange 314 215 Gross deferred tax assets 22,710 18,961 Valuation allowance ( 2,567 ) ( 3,080 ) Net deferred tax assets 20,143 15,881 Deferred tax liabilities: Depreciation and other basis differences ( 13,382 ) ( 10,825 ) Intangibles ( 2,579 ) ( 3,263 ) Other ( 609 ) ( 634 ) Deferred tax liabilities ( 16,570 ) ( 14,722 ) Net deferred tax assets $ 3,573 $ 1,159 2023 2022 Change in net deferred tax assets: Ordinary movement $ 2,232 $ 2,656 Deferred tax balances from business acquisitions 153 ( 1,999 ) Items of other comprehensive loss 216 ( 312 ) Currency translation ( 79 ) ( 7 ) Other ( 108 ) ( 208 ) Total change in net deferred tax assets $ 2,414 $ 130 As of December 31, 2023, various international subsidiaries had gross net operating losses totaling $ 8.1 million, resulting in deferred tax assets of $ 1.9 million. Of the international net operating losses, $ 0.5 million carryforward indefinitely, while the remainder, if not utilized, will expire between 2026 and 2033 . It is more likely than not that certain net operating loss carryforwards will not be realized; therefore, we have recorded a valuation allowance of $ 1.3 million against them. The net operating loss carryforwards are subject to various annual limitations under the tax laws of the different jurisdictions. The Company considers earnings in our non-U.S. subsidiaries to be permanently reinvested and therefore did not record any associated deferred income taxes on such earnings. Accordingly, the Company intends to continue to invest approximately $ 137.3 million of such earnings, as well as our capital in these subsidiaries, indefinitely outside of the U.S. Unrecognized Income Tax Benefits The following is a tabular reconciliation of the total amounts of unrecognized tax benefits related to uncertain tax positions, excluding interest and penalties, for the year ended December 31: 2023 2022 2021 Balance at January 1 $ 482 $ — $ 66 Additions for tax positions of prior years — 482 — Settlements with tax authorities ( 72 ) — — Expiration of statutes of limitations — — ( 66 ) Balance at December 31 $ 410 $ 482 $ — The decrease in unrecognized tax benefits was related to a settlement with foreign tax authorities. The Company records accrued interest as well as penalties related to unrecognized tax benefits as part of the provision for income taxes. The accrued interest and penalties related to the gross unrecognized tax benefits, excluded from above, was de minimis in all years presented. Preformed Line Products Company and its subsidiaries file income tax return in the United States and various countries around the world. With few exceptions, the Company is no longer subject to United States federal examinations by tax authorities for years before 2019 and foreign, state, and local examinations by authorities for years before 2017. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 10 – Share-Based Compensation 2016 Incentive Plan The Company maintains an equity award program to provide the Company a competitive advantage in attracting, retaining, and motivating officers, employees and directors and to provide an incentive to those individuals to increase shareholder value through long-term incentives directly linked to the Company’s performance. The Preformed Line Products Company 2016 Incentive Plan (the “Incentive Plan”) was put in place upon approval by the Company’s Shareholders at the 2016 Annual Meeting of Shareholders on May 10, 2016. Under the Incentive Plan, certain employees, officers, and directors will be eligible to receive awards of options and restricted stock units (RSUs) . The total number of Company common shares reserved for awards under the Incentive Plan is 1,000,000 of which 900,000 common shares have been reserved for RSUs and 100,000 common shares have been reserved for share options. As of December 31, 2023, 70,000 options and 507,912 RSUs have been granted under the Incentive Plan. The Incentive Plan expires on May 10, 2026 . Restricted Share Units For the regular annual grants, a portion of the RSUs is subject to time-based cliff vesting and a portion is subject to vesting based upon the Company’s performance over a set period for all participants except the CEO. All of the CEO’s regular annual RSUs are subject to vesting based upon the Company’s performance over a set-year period. The RSUs are offered at no cost to the employees, however, the participant must remain employed with the Company until the restrictions on the RSUs lapse. The fair value of RSUs is based on the market price of a common share on the grant date. Dividends declared are accrued. A summary of the RSUs for the year ended December 31, 2023 is as follows: Restricted Share Awards Performance Total Weighted-Average and Service Service Restricted Grant-Date Required (1) Required Awards Fair Value Nonvested as of January 1, 2023 178,536 28,039 206,575 $ 61.54 Granted 46,119 11,520 57,639 88.69 Vested ( 63,767 ) ( 13,245 ) ( 77,012 ) 57.28 Forfeited ( 4,411 ) ( 2,206 ) ( 6,617 ) 74.93 Nonvested as of December 31, 2023 156,477 24,108 180,585 71.61 (1) Nonvested, performance-based RSUs are reflected above at the maximum performance achievement level. For time-based RSUs, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the award in General and administrative expense in the accompanying Statements of Consolidated Income. Annual compensation expense related to the time-based RSUs for the years ended December 31, 2023, 2022 and 2021 was $ 0.9 million, $ 0.7 million, and $ 0.5 million, respectively. As of December 31, 2023, there was $ 0.9 million of total unrecognized compensation cost related to time-based RSUs that is expected to be recognized over the weighted-average remaining period of approximately 1.7 years. For the performance-based RSUs, the number of RSUs in which the participants will vest depends on the Company’s level of performance measured by growth in pre-tax income and sales growth over a requisite performance period. Depending on the extent to which the performance criteria are satisfied under the Incentive Plan, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the years ended December 31, 2023, 2022 and 2021 was $ 3.8 million, $ 3.6 million, and $ 3.4 million, respectively. As of December 31, 2023, the remaining performance-based RSUs compensation expense of $ 4.4 million at maximum performance achievement level is expected to be recognized over a period of approximately 1.7 years. The excess tax benefits from service and performance-based RSUs wa s $ 2.6 million, $ 0.3 million, and $ 0.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. This represents the reduction in income taxes otherwise payable during the period attributable to the actual gross tax benefits in excess of the expected tax benefits for restricted shares vested in the current period. In the event of a Change in Control (as defined in the Incentive Plan), vesting of the RSUs will be accelerated and all restrictions will lapse. Nonvested performance-based awards are based on a maximum target potential payout. Actual shares awarded at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance-based award objectives. To satisfy the vesting of its RSUs, the Company has reserved new shares from its authorized but unissued shares. Any additional granted awards will also be issued from the Company’s authorized but unissued shares. Deferred Compensation Plan The Company maintains a trust, commonly referred to as a rabbi trust, in connection with the Company’s deferred compensation plan. This plan allows for two deferrals. First, Directors make elective deferrals of Director fees payable and held in the rabbi trust. The deferred compensation plan allows the Directors to elect to receive Director fees in common shares of the Company at a later date instead of fees paid each quarter in cash. Second, this plan allows certain Company employees to defer restricted shares or RSUs for future distribution in the form of common shares. Assets of the rabbi trust are consolidated, and the value of the Company’s stock held in the rabbi trust is classified in Shareholders’ equity and generally accounted for in a manner similar to treasury stock. The Company recognizes the original amount of the deferred compensation (fair value of the deferred stock award at the date of grant) as the basis for recognition in common shares issued to the rabbi trust. Changes in the fair value of amounts owed to certain employees or Directors are not recognized as the Company’s deferred compensation plan does not permit diversification and must be settled by the delivery of a fixed number of the Company’s common shares. As of December 31, 2023, 243,118 shares have been deferred and are being held by the rabbi trust. Share Option Awards The Incentive Plan permits the grant of 100,000 options to buy common shares of the Company to certain employees at not less than fair market value of the shares on the date of grant. Options issued to date under the Incentive Plan vest 50 % after one year following the date of the grant, 75 % after two years, and 100 % after three years and expire from five to ten years from the date of grant. Shares issued as a result of stock option exercises will be funded with the issuance of new shares. The Company utilizes the Black-Scholes option pricing model for estimating fair values of options. The Black-Scholes model requires assumptions regarding the volatility of the Company’s stock, the expected life of the stock award and the Company’s dividend yield. The Company utilizes historical data in determining these assumptions. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated to be zero . There were no options granted during the year ended December 31, 2023 and 26,500 and 3,000 options granted in the years ended December 31, 2022 and 2021, respectively . The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2022 2021 Risk-free interest rate 3.1 % 1.1 % Dividend yield 1.3 % 1.4 % Expected life (years) 5 5 Expected volatility 37.1 % 39.7 % Activity in the Company’s Incentive Plan for the year ended December 31, 2023 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2023 60,300 $ 57.75 Granted — — Exercised ( 37,800 ) 57.07 Forfeited — — Outstanding (vested and expected to vest) at December 31, 2023 22,500 58.89 8.0 $ 1,687 Exercisable at December 31, 2023 8,500 54.26 7.1 $ 677 There were 37,800 , 13,150 , and 7,000 stock options exercised during the years ended December 31, 2023, 2022 and 2021, respectively. The total intrinsic value of stock options exercised was $ 3.5 million, $ 0.3 million, and $ 0.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Cash received for the exercise of stock options during the year ended December 31, 2023 and 2022 was $ 2.2 million and $ 0.8 million, respectively. The Company recorded compensation expense related to the stock options currently vested of $ 0.3 million, $ 0.3 million and $ 0.2 million during the years ended December 31, 2023, 2022 and 2021, respectively. The total compensation cost related to nonvested awards not yet recognized at December 31, 2023 is expected to be $ 0.2 million over a weighted-average period of approximately 1.5 years. The excess tax benefits from share-based awards for the year ended December 31, 2023 was $ 2.4 million. The excess tax benefits from share-based awards for each of the years ended December 31, 2022 and 2021 was less than $ 0.1 million. This represents the reduction in income taxes otherwise payable during the period attributable to the actual gross tax benefits in excess of the expected tax benefits for options exercised in the current period. |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | Note 11 – Computation of Earnings Per Share Basic earnings per share were computed by dividing net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the years presented. The calculation of basic and diluted earnings per share for the year ended December 31 was as follows: 2023 2022 2021 Numerator Net income $ 63,332 $ 54,395 $ 35,729 Denominator Determination of shares (in thousands) Weighted-average common shares outstanding 4,920 4,931 4,907 Dilutive effect – share-based awards 77 68 63 Diluted weighted-average common shares outstanding 4,997 4,999 4,970 Earnings per common share Basic $ 12.87 $ 11.03 $ 7.28 Diluted $ 12.68 $ 10.88 $ 7.19 For the year ended December 31, 2023, 2022 and 2021, zero , 31,500 , and 13,000 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Note 12 – Goodwill and Other Intangibles The Company’s finite and indefinite-lived intangible assets consist of the following: December 31, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Finite-lived intangible assets Patents $ 4,806 $ ( 4,806 ) $ 4,806 $ ( 4,806 ) Land use rights 1,109 ( 307 ) 1,175 ( 414 ) Trademark 1,988 ( 1,682 ) 1,963 ( 1,576 ) Technology 7,104 ( 3,738 ) 6,950 ( 3,189 ) Customer relationships 19,240 ( 10,733 ) 18,637 ( 9,464 ) $ 34,247 $ ( 21,266 ) $ 33,531 $ ( 19,449 ) Indefinite-lived intangible assets Goodwill $ 29,497 $ 28,004 The aggregate amortization expense for other intangibles with finite lives, ranging from 1 to 67 years, for the years ended December 31, 2023, 2022 and 2021 wa s $ 1.8 , $ 2.2 million, and $ 1.9 million, respectively. Amortization expense is estimated to be $ 1.8 million for 2024, $ 1.6 million for 2025, and $ 1.5 million for 2026, 2027 and 2028. The weighted-average remaining amortization period is approximately 11.8 years. The weighted-average remaining amortization period by intangible asset class; land use rights, 52.8 years; trademark, 14.3 years; technology, 7.1 years and customer relationships, 9.8 years. The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. For selected reporting units where the qualitative approach is utilized, a qualitative evaluation of events and circumstances impacting the reporting unit is performed to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit. For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the WACC, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units. There were no impairment charges recorded in 2023. Based on the interim impairment assessment performed as of September 30, 2022, the Asia-Pacific reporting unit’s carrying value exceeded its fair value by more than the carrying amount of goodwill, which was caused by both a reduction in forecasted results and an increase in the weighted average cost of capital due to rising interest rates. As a result, the Company recognized a non-cash impairment charge of $ 6.5 million as of September 30, 2022. This charge was identified separately in the consolidated income statement and impacted income from operations. Total combined goodwill for the remaining reporting units was $ 29.5 million as shown in the following table: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2022 $ 3,078 $ 4,244 $ 13,561 7,311 $ 28,194 Acquisitions — $ 5,068 $ 2,455 — 7,523 Impairments — — — ( 6,529 ) ( 6,529 ) Currency translation — 285 ( 687 ) ( 782 ) ( 1,184 ) Balance at December 31, 2022 3,078 9,597 15,329 — 28,004 Acquisitions — 387 — — 387 Currency translation — 598 508 — 1,106 Balance at December 31, 2023 $ 3,078 $ 10,582 $ 15,837 $ — $ 29,497 Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the multiple variables inherent in arriving at the estimates of the reporting unit's fair value, differences in assumptions could have an effect on the estimated fair value of a reporting unit and could result in goodwill impairment charges in a future period. The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Note 13 – Fair Value of Financial Assets and Liabilities The Company measures and records certain assets and liabilities at fair value. A fair value hierarchy is used for those assets and liabilities measured at fair value that distinguishes between assumptions based on market data (observable inputs), and the Company’s assumptions (unobservable inputs). The hierarchy consists of the following three levels: Level 1 Inputs – Quoted market prices in active markets for identical assets or liabilities. Level 2 Inputs – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 Inputs – Unobservable inputs that are not corroborated by market data. The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the consolidated balance sheets as of December 31, 2023 and 2022: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets: Foreign currency forward contracts $ 158 $ — $ 158 $ — Total Assets $ 158 $ — $ 158 $ — Liabilities: Foreign currency forward contracts $ — $ — $ — $ — Supplemental profit sharing plan $ 8,222 — 8,222 — Total Liabilities $ 8,222 $ — $ 8,222 $ — Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets: Foreign currency forward contracts $ 548 $ — $ 548 $ — Total Assets $ 548 $ — $ 548 $ — Liabilities: Foreign currency forward contracts 81 — 81 — Supplemental profit sharing plan $ 7,299 $ — 7,299 $ — Total Liabilities $ 7,380 $ — $ 7,380 $ — The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other operating expense - net” on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the twelve months ended December 31, 2023 and 2022, the Company recognized net los ses of $ 0.7 million and $ 0.1 mi llion, respectively, on foreign currency forward contracts. The gains and losses on foreign currency forward contracts are recorded in Other operating expense, net on the Company’s Statement of Consolidated Income. The Company has a non-q ualified Supplemental Profit Sharing Plan for its executives. The liability for this unfunded Supplemental Profit Sharing Plan was $ 8.2 million at December 31, 2023 and $ 7.3 million at December 31, 2022. These amounts are recorded within Other noncurrent liabilities on the Company’s Consolidated Balance Sheets. The Supplemental Profit Sharing Plan allows participants the ability to hypothetically inve st their proportionate award into various investment options, which primarily includes mutual funds. The Company credits earnings, gains and losses to the participants’ deferred compensation account balances based on the investments selected by the participants. The Company measures the fair value of the Supplemental Profit Sharing Plan liability using the market values of the participants’ underlying investment accounts. The carrying value of the Company’s current financial instruments, which include cash, cash equivalents and restricted cash, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments. At December 31, 2023, the fair value of the Company’s long-term debt was estimated using discounted cash flows analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs . Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows: December 31, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Long-term debt and related current maturities $ 51,786 $ 55,282 $ 68,054 $ 71,438 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 14 – Revenue Revenue recognition Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products. Net sales include products and shipping and handling charges, net of estimates for product returns. The Company estimates product returns based on historical return rates. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized, and payment is due is not significant. Sales, value added, and other taxes collected concurrent with revenue are excluded from sales. PLP records reductions to sales for returns, and customer and distributor incentives, primarily comprised of rebates, at the time of the initial sale. Rebates are estimated based on sales terms, historical experience, trend analysis, and projected market conditions in the various markets served. Sales commissions are expensed when the amortization period is less than a year and are generally not capitalized as they are typically earned at the completion of the contract when the customer is invoiced or when the customer pays PLP. Sales of products and services varies by segment and are discussed in Note 15, "Segment Information". Disaggregated revenue The following table presents the Company’s revenues disaggregated by segment and product type: Year Ended December 31, 2023 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 63 % 74 % 52 % 73 % 64 % Communications 33 % 24 % 44 % 3 % 29 % Special Industries 4 % 2 % 4 % 24 % 7 % Total 100 % 100 % 100 % 100 % 100 % Year Ended December 31, 2022 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 53 % 70 % 62 % 73 % 59 % Communications 43 % 28 % 28 % 2 % 33 % Special Industries 4 % 2 % 10 % 25 % 8 % Total 100 % 100 % 100 % 100 % 100 % Credit losses for receivables The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. Receivable balances are written off against an allowance for credit losses after a final determination has been made. The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table: 2023 2022 2021 Allowance for credit losses, beginning of period $ 5,021 $ 3,091 $ 2,848 Additions charged to costs and expenses 3,250 2,108 931 Write-offs ( 218 ) ( 122 ) ( 435 ) Foreign exchange and other 207 ( 56 ) ( 253 ) Allowance for credit losses, end of period $ 8,260 $ 5,021 $ 3,091 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information The Company reports its segments in four geographic regions: PLP-USA, The Americas, EMEA (Europe, Middle East & Africa) and Asia-Pacific in accordance with accounting standards codified in FASB ASC 280, “Segment Reporting”. Each segment distributes a full range of the Company’s primary products. The PLP-USA segment is comprised of U.S. operations manufacturing the Company’s traditional products primarily supporting domestic energy, telecommunications and solar products. The other three segments, The Americas, EMEA and Asia-Pacific support the Company’s energy, telecommunications, data communication and solar products in each respective geographical region. The segment managers responsible for each region report directly to the Company’s Chief Executive Officer, who is the chief operating decision maker and are accountable for the financial results and performance of their entire segment for which they are responsible. The business components within each segment are managed to maximize the results of the entire company rather than the results of any individual business component of the segment. The amount of each segment’s performance reported to the chief operating decision maker is for purposes of making decisions about allocating resources to the segment and assessing its performance. The Company evaluates segment performance and allocates resources based on several factors primarily based on sales and income from continuing operations, net of tax. The accounting policies of the operating segments are the same as those described in Note 1. We have one customer accounting for 11.6 % of the Company’s consolidated revenue. In certain circumstances, PLP-USA performs all manufacturing and shipping activity to US-based entities on behalf of EMEA, where the sales order is recorded. These sales and related profits have been reclassified for segment purposes only from EMEA to PLP-USA. The following table presents a summary of the Company’s reportable segments for the years ended December 31, 2023, 2022 and 2021. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory. Year Ended December 31, 2023 2022 2021 Net sales PLP-USA $ 378,563 $ 366,819 $ 257,602 The Americas 86,059 85,200 70,732 EMEA 102,130 96,126 95,922 Asia-Pacific 102,927 88,876 93,161 Total net sales $ 669,679 $ 637,021 $ 517,417 Intersegment sales PLP-USA $ 9,350 $ 9,081 $ 6,176 The Americas 16,345 17,915 9,486 EMEA 8,531 3,280 2,784 Asia-Pacific 23,750 33,652 21,610 Total intersegment sales $ 57,976 $ 63,928 $ 40,056 Interest income PLP-USA $ — $ — $ — The Americas 1,615 534 138 EMEA 125 82 4 Asia-Pacific 71 15 27 Total interest income $ 1,811 $ 631 $ 169 Interest expense PLP-USA $ ( 1,991 ) $ ( 1,138 ) $ ( 665 ) The Americas ( 255 ) ( 678 ) ( 368 ) EMEA ( 899 ) ( 664 ) ( 309 ) Asia-Pacific ( 760 ) ( 734 ) ( 681 ) Total interest expense $ ( 3,905 ) $ ( 3,214 ) $ ( 2,023 ) Income taxes PLP-USA $ 12,342 $ 15,285 $ 8,185 The Americas 3,022 3,218 3,250 EMEA 1,670 1,918 1,492 Asia-Pacific 1,973 ( 1,116 ) 248 Total income taxes $ 19,007 $ 19,305 $ 13,175 Net income attributable to Preformed Line Products Company shareholders PLP-USA $ 45,392 $ 45,194 $ 24,384 The Americas 5,755 11,420 8,351 EMEA 5,796 1,379 3,715 Asia-Pacific 6,389 ( 3,598 ) ( 721 ) Total net income $ 63,332 $ 54,395 $ 35,729 2023 2022 2021 Expenditure for long-lived assets PLP-USA $ 25,317 $ 31,012 $ 12,750 The Americas 4,861 3,702 1,289 EMEA 2,849 2,247 2,785 Asia-Pacific 2,305 3,637 1,560 Total expenditures for long-lived assets $ 35,332 $ 40,598 $ 18,384 Depreciation and amortization PLP-USA $ 9,270 $ 7,104 $ 6,195 The Americas 2,702 2,452 1,855 EMEA 3,493 3,354 3,146 Asia-Pacific 3,449 3,520 4,368 Total depreciation and amortization $ 18,914 $ 16,430 $ 15,564 As of December 31, 2023 2022 Identifiable assets PLP-USA $ 256,508 $ 229,751 The Americas 111,056 108,560 EMEA 119,741 118,805 Asia-Pacific 115,846 111,363 $ 603,151 $ 568,479 Long-lived assets PLP-USA $ 125,035 $ 95,673 The Americas 24,618 20,539 EMEA 20,780 19,764 Asia-Pacific 37,459 39,035 Total long-lived assets $ 207,892 $ 175,011 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16 – Related Party Transactions The Company’s Czech Republic subsidiary leases a factory at its Prostějov, Czech Republic location from a company currently owned by two current employees. During each of the years ended December 31, 2023, 2022 and 2021, the Company paid $ 0.3 million in lease expenses. The lease term is for 10 years from its original effective date of April 1, 2019. During each year of the years ended December 31, 2023, 2022 and 2021, the Company paid app roximately $ 0.2 million, $ 0.1 million and $ 0.1 million, respectively, in legal fees to Baker & Hostetler LLP, of which Steven Kestner, a member of our Board of Directors, is a Partner. On October 28, 2020, the Board of the Directors of the Company approved the appointment of David C. Sunkle to serve on its Board of Directors effective upon his retirement at December 31, 2020 for a term commencing January 1, 2021 and ending in 2024. In addition, Mr. Sunkle has a consulting agreement with the Company that expires on December 31, 2025 . |
Acquisitions of Businesses
Acquisitions of Businesses | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination, Description [Abstract] | |
Acquisitions of Businesses | Note 17 – Acquisitions of Businesses Acquisition of Pilot Plastics On February 1, 2023, the Company acquired substantially all of the assets of Pilot Plastics, headquartered in Akron, Ohio. Pilot Plastics is an injection molding manufacturer and the acquisition expanded the Company's injection molding capabilities and further enhanced the Company's domestic manufacturing footprint. The purchase price was approximatel y $ 13.8 million, net of cash as of the closing date. The purchase price is subject to a holdback of approximately $ 1.7 million. To fund the Pilot Plastics acquisition, the Company borrowed on the Facility. The acquisition of Pilot Plastics is accounted for using the acquisition method of accounting, which requires the assets acquired and liabilities assumed to be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets, and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The table below summarizes the fair values of the assets acquired and liabilities assumed on the acquisition date, inclusive of the preliminary measurement period adjustments recorded as of December 31, 2023, which were not material. The measurement period remains open and future adjustments are not expected to have a material impact to the Consolidated Statements of Income. Adjusted Preliminary Allocation Accounts receivable $ 970 Inventory 585 Property, plant and equipment and other assets 13,628 Accounts payable ( 1,299 ) Other current liabilities ( 71 ) Total identifiable net assets 13,813 Total consideration, net of cash received $ 13,813 Due to the consideration transferred equaling the fair value of the assets acquired, no residual goodwill was recognized. From the date of the acquisition through December 31, 2023, the Company’s consolidated financial statements included Pilot Plastics sales of approximatel y $ 6.7 milli on and are reported in the PLP-USA segment. Acquisition of Delta Conectores , S.A. de C.V. On October 3, 2022, the Company acquired Delta Conectores, S.A. de C.V. ("Delta"), a Mexico entity headquartered in Aguascalientes, Mexico, from its shareholders. Delta designs and manufactures substation connector systems and accessory hardware for high voltage AC systems in Mexico. The acquisition of Delta expanded the Company's operational and technical capabilities in the region while supporting its overall substation strategy. The purchase price was $ 3.3 million, net of cash received, subject to a holdback of $ 0.6 million. The acquisition of Delta has been accounted for using the acquisition method of accounting, which requires the assets acquired and liabilities assumed to be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The fair value of t he identifiable net assets acquired was $ 2.9 million. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Delta. The goodwill recognized of $ 0.4 million is not deductible for tax purposes. All measurement period adjustments were completed within a year from the acquisition date, and such adjustments did not have a material impact on the Company's results of operations and financial position. Acquisition of Holplast, s.r.o. On March 1, 2022, the Company acquired all issued and outstanding shares of Holplast, s.r.o (“Holplast”), an entity headquartered in Prostějov , Czech Republic, from its shareholder. Holplast specializes in injection molding and the acquisition expanded the Company’s operational capabilities in the region and strengthens the Company’s position in the global communications market. The purchase price was approximately $ 5.3 million with a holdback of $ 0.8 million, inclusive of cash and debt. The acquisition of Holplast has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. During the measurement period, opening balance sheet adjustments were made to finalize the fair value estimates based on the final valuations received, which are summarized in the table below. Final Allocation Cash $ 907 Accounts receivable 452 Inventory 308 Prepaid expenses and other current assets 7 Property, plant and equipment and other assets 2,981 Accounts payable ( 296 ) Other current liabilities ( 95 ) Other non-current liabilities ( 1,452 ) Total identifiable net assets 2,812 Goodwill 2,475 Total consideration, net of cash received $ 5,287 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Holplast. Other non-current liabilities assumed is mainly comprised of long-term debt totaling approximately $ 1.1 million at a rate of 3.21 % with terms expiring between May 2023 and December 2030 . The goodwill recognized of $ 2.5 million is not deductible for tax purposes. All measurement period adjustments were completed within a year from the acquisition date, and such adjustments did not have a material impact on the Company's results of operations and financial position. Acquisition of Maxxweld Conectores Electricos Ltda. On January 4, 2022, the Company acquired Maxxweld Conectores Eletricos Ltda. ("Maxxweld"), a Brazilian entity headquartered in Curitiba, Brazil, from its shareholders. Maxxweld designs and manufactures substation connector systems and accessory hardware for high voltage AC systems. The acquisition of Maxxweld expands and strengthens the Company's operational and technical capabilities in the region while supporting its overall substation strategy. The purchase price was approximately $ 11.2 million, net of cash received, as of the closing date. The purchase price is subject to a holdback of approximately $ 1.8 million. The acquisition of Maxxweld has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. During the measurement period, opening balance sheet adjustments were made to finalize the fair value estimates based on the final valuations received, which are summarized in the table below. Final Allocation Accounts receivable $ 2,132 Inventory 1,367 Prepaid expenses and other current assets 41 Equipment and other assets 725 Other intangible assets 4,359 Accounts payable ( 599 ) Other current liabilities ( 322 ) Other non-current liabilities ( 1,561 ) Total identifiable net assets 6,142 Goodwill 5,068 Total consideration, net of cash received $ 11,210 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Maxxweld. As a result of the acquisition, goodwill of $ 5.1 million recognized is not deductible for tax purposes. Other intangible assets of $ 4.4 million include customer relationships, tradenames and backlog. The preliminary estimated fair values of the customer relationships, trademarks and backlog were $ 4.0 million, $ 0.2 million and $ 0.2 million, respectively, were determined using either the relief-from-royalty model or the multi-period excess earnings model, which are discounted cash flow models that rely on the Company's estimates. These estimates require judgment of future revenue growth rates, future margins, and the applicable weighted-average cost of capital used to discount those estimated cash flows. The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. The estimated useful lives for customer relationships, trademarks and backlog were 15 years, 20 years, and 1 year, respectively. See Note 12 for additional information about goodwill and other intangible assets. All measurement period adjustments were completed within a year from the acquisition date, and such adjustments did not have a material impact on the Company's results of operations and financial position. |
Exit of Russian Operations
Exit of Russian Operations | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Exit of Russian Operations | Note 18 – Exit of Russian Operations Due to the ongoing conflict in Ukraine and overt hostilities shown by Russia in the conflict, the Company decided to exit its Russian operations in March 2022, which was completed during the third quarter of 2022. The Russian operations did not have a material impact to the consolidated financial statements with net sales of $ 0.3 million for the twelve months ended December 31, 2022, and $ 1.0 million for the twelve months ended December 31, 2021, respectively. As a result of the decision to exit operations, net charges of approximately $ 1.0 million were recorded for the twelve months ended December 31, 2022, mainly as a result of asset impairments and one-time termination benefits. These impacts were included in Cost of products sold, General and administrative expense, or Other income, net, as appropriate. In Note 15 – Segment Information, these charges are recorded in the EMEA segment. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | PREFORMED LINE PRODUCTS COMPANY SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Year Ended December 31, 2023, 2022 and 2021 (Thousands of dollars) For the year ended December 31, 2023: Balance at beginning of Additions Deductions Other Balance at Allowance for credit losses $ 5,021 $ 3,250 $ ( 218 ) $ 207 $ 8,260 Reserve for credit memos 579 476 ( 310 ) 1 746 Slow-moving and obsolete inventory reserves 10,835 9,950 ( 3,427 ) 221 17,579 Accrued product warranty 1,111 213 ( 70 ) 24 1,278 Foreign net operating loss tax carryforwards 2,722 367 ( 466 ) ( 683 ) 1,940 For the year ended December 31, 2022: Balance at beginning of Additions Deductions Other Balance at Allowance for credit losses $ 3,091 $ 2,108 $ ( 122 ) $ ( 56 ) $ 5,021 Reserve for credit memos 653 92 ( 161 ) ( 5 ) 579 Slow-moving and obsolete inventory reserves 10,636 4,001 ( 3,813 ) 11 10,835 Accrued product warranty 1,635 372 ( 931 ) 35 1,111 Foreign net operating loss tax carryforwards 3,550 1,812 ( 2,169 ) ( 471 ) 2,722 For the year ended December 31, 2021: Balance at beginning of Additions Deductions Other Balance at Allowance for credit losses $ 2,848 $ 931 $ ( 435 ) $ ( 253 ) $ 3,091 Reserve for credit memos 616 1,964 ( 1,918 ) ( 9 ) 653 Slow-moving and obsolete inventory reserves 9,900 3,052 ( 2,488 ) 172 10,636 Accrued product warranty 1,282 934 ( 553 ) ( 28 ) 1,635 Foreign net operating loss tax carryforwards 2,912 1,935 ( 1,297 ) — 3,550 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Preformed Line Products Company and subsidiaries (the “Company”) is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, data communication and other similar industries. The Company’s primary products support, protect, connect, terminate and secure cables and wires. The Company provides helical solutions, connectors, fiber optic and copper splice closures, solar framing applications, and electric vehicle charging station foundations. The Company’s customers include public and private energy utilities and communication companies, cable operators, contractors and subcontractors, distributors and value-added resellers. The Company serves its worldwide markets through strategically located domestic and international manufacturing facilities . |
Principles of Consolidation and Noncontrolling Interests | Principles of Consolidation and Noncontrolling Interests The accompanying consolidated financial statements, including the accounts of the Company and its wholly-owned subsidiaries for which it has a controlling interest, were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercises control. Intercompany transactions and balances are eliminated in consolidation. Noncontrolling interests are presented in the Company’s Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in our Consolidated Financial Statements. Additionally, the Company’s Consolidated Financial Statements include 100 % of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash (“Cash”) are stated at fair value and consist of highly liquid investments with original maturities of three months or less at the time of acquisition. Restricted cash, which is not material, is included in Cash, cash equivalents and restricted cash on the Company’s Consolidated Balance Sheets . |
Accounts Receivable Allowances | Accounts Receivable Allowances The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Board ("ASC") 326 “Financial Instruments – Credit Losses", the Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. The Company also maintains an allowance for future sales credits related to sales recorded during the year. The estimated allowance is based on historical sales credits issued in the subsequent year related to the prior year and any significant, preapproved open return good authorizations as of the balance sheet date. |
Inventories | Inventories The Company uses the last-in, first-out (“LIFO”) method of determining cost for the majority of its material portion of inventories in PLP-USA. All other inventories are determined by the first-in, first-out (“FIFO”) or average cost methods. Inventories are carried at lower of cost or net realizable value. Reserves are maintained for estimated obsolescence or excess inventory based on past usage and future demand. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosures of the fair value of financial instruments. The estimated fair value of financial instruments was principally based on market prices where such prices were available, and when unavailable, fair values were estimated based on market prices of similar instruments. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation Property, plant, and equipment is recorded at cost less accumulated depreciation or amortization. Property under finance lease agreements is carried at the present value of lease payments over the lease term less accumulated amortization. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. The estimated useful lives for assets purchased new are: land improvements, ten years ; buildings, forty years ; building improvements, five to forty years ; machinery and equipment, three to ten years ; and aircraft, fifteen years . Appropriate reductions in estimated useful lives are made for property, plant and equipment purchased in connection with an acquisition of a business or in a used condition when purchased. |
Long-Lived Assets | Long-Lived Assets The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the carrying value of the assets are impaired and the undiscounted future cash flows estimated to be generated by such assets are less than the carrying value. The Company’s cash flows are based on historical results adjusted to reflect the Company’s best estimate of future market and operating conditions. The net carrying value of assets not recoverable is then reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market rates and transactions. The Company did not record an impairment to long-lived assets during the years ended December 31, 2023 and 2022, other than in the divestiture of the Russian operations during 2022, which is disclosed in Note 18. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles In accordance with ASC 805, “Business Combinations,” the Company uses the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. Goodwill and other intangible assets are generally recorded as a result of a business acquisition. Goodwill represents the excess of purchase price over the fair value of the tangible and identifiable net assets acquired during a business combination and is not subject to amortization but is subject to annual impairment testing. Goodwill is reviewed for impairment annually on October 1 or more frequently when changes in circumstances indicate the carrying amount may be impaired. Such events or changes may include, but are not limited to, a significant deterioration in overall economic conditions, changes in the business climate of the Company's industry, overall performance indicators, a decline in the Company's market capitalization, business reorganization or restructuring or disposal of all or part of a reporting unit. Goodwill is tested for impairment at the reporting unit level, and is based on the net assets for each reporting unit, including goodwill and intangible assets. The Company’s reporting units are equivalent to the reportable operating segments, except for the Americas segment which has two reporting units (Canada and Other Americas). Goodwill is assigned to each reporting unit, as this represents the lowest level that constitutes a business and is the level at which management regularly reviews the operating results. Intangible assets with definite lives, consisting primarily of purchased cust omer relationships, patents, technology, customer backlogs, trademarks and land use rights, are generally amortized over periods from two years to ninety-nine years . The Company has no indefinite lived intangible assets other than goodwill. The Company’s intangible assets with finite lives are generally amortized over the period in which the economic benefits of the intangibles are consumed, using either a projected cash flo w basis method or the straight-line method. The straight-line method is used in circumstances in which it better reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise expire compared to using a projected cash flow basis method. An evaluation of the remaining useful life of intangible assets with a determinable life is performed on a periodic basis and when events and circumstances warrant an evaluation. The Company assesses intangible assets with a determinable life for impairment when the carrying amount may not be recoverable, consistent with its policy for assessing other long-lived assets. The Company did no t record an impairment to intangible assets with finite lives during the years ended December 31, 2023 and 2022. The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. A qualitative analysis is performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and gross profit margins, discount rates and other relevant qualitative factors. These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative analysis performed for each reporting unit to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit. For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples, in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as future cash flows, revenue growth rates, operating margins, the weighted-average cost of capital ("WACC"), and estimated market multiples, of which are affected by expectations of future market or economic conditions. The future cash flows are based on the Company’s long-term operating plan and a terminal value was used to estimate the reporting unit’s cash flows beyond the period covered by the operating plan. The WACC is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units. Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the multiple variables inherent in arriving at the estimates of the reporting unit's fair value, differences in assumptions could have an effect on the estimated fair value of a reporting unit and could result in goodwill impairment charges in a future period. |
Revenue Recognition | Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies the performance obligations under the contract and control of the product is transferred to the customer, primarily based on shipping terms. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. Payment terms vary by the type and location of the customer and the products offered but are generally short-term in nature. The Company estimates product returns based on historical return rates. |
Research and Development | Research and Development Research and development costs for new products are expensed as incurred and totaled $ 5.2 million in 2023 , $ 4.5 million in 2022 and $ 3.3 million in 2021 . |
Income Taxes | Income Taxes Income taxes are computed in accordance with the provisions of FASB ASC 740, “Income taxes” and includes U.S. (federal and state) and foreign income taxes. In the Consolidated Financial Statements, the benefits of a consolidated return have been reflected where such returns have or could be filed based on the entities and jurisdictions included in the financial statements. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book and tax basis of particular assets and liabilities and operating loss carryforwards using tax rates in effect for the years in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Uncertain tax positions are recorded in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Deferred Tax Assets | Deferred Tax Assets Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial reporting and income tax basis of assets and liabilities and operating loss and tax credit carryforwards. We establish a valuation allowance to record our deferred tax assets at an amount that is more-likely-than-not to be realized. In the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of their recorded amount, an adjustment to the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the valuation allowance would be charged to expense in the period such determination was made. |
Uncertain Tax Positions | Uncertain Tax Positions We identify tax positions taken on the federal, state, local and foreign income tax returns filed or to be filed. A tax position can include: a reduction in taxable income reported in a previously filed tax return or expected to be reported on a future tax return that impacts the measurement of current or deferred income tax assets or liabilities in the period being reported; a decision not to file a tax return; an allocation or a shift of income between jurisdictions; the characterization of income or a decision to exclude reporting taxable income in a tax return; or a decision to classify a transaction, entity or other position in a tax return as tax exempt. We determine whether a tax position is an uncertain or a routine business transaction tax position that is more-likely-than-not to be sustained at the full amount upon examination. Under ASC 740, “Tax Benefits from Uncertain Tax Positions” that reduce our current or future income tax liability are reported in our financial statements only to the extent that each benefit is recognized and measured under a two-step approach. The first step requires us to assess whether each tax position based on its technical merits and facts and circumstances as of the reporting date, is more-likely-than-not to be sustained upon examination. The second step measures the amount of tax benefit that we would recognize in the financial statements based on a cumulative probability approach. A tax position that meets the more-likely-than-not threshold that is not highly certain is measured based on the largest amount of benefit that is greater than 50 % likely of being realized upon ultimate settlement with the tax authority, assuming that the tax authority has examined the position and has full knowledge of all relevant information. |
Advertising | Advertising Advertising costs are expensed as incurred and totaled $ 2.4 million in 2023, $ 2.7 million in 2022 and $ 1.5 million in 2021 . |
Foreign Currency Translation | Foreign Currency Translation Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the date of the Consolidated Balance Sheet. The translation adjustments are recorded in Accumulated other comprehensive income (loss). Revenues and expenses are translated at weighted average exchange rates in effect during the period. Transaction gains and losses arising from exchange rate changes on transactions denominated in a currency other than the functional currency are included in income and expensed as incurred. Aggregate transaction losses, including hedge activity, was $ 3.2 million for the year ended December 31, 2023, $ 0.4 million for the year ended December 31, 2022 and $ 1.0 million for the year ended December 31, 2021 . Upon sale or substantially complete liquidation of an investment in a foreign entity, the cumulative translation adjustment for that entity is reclassified from Accumulated other comprehensive loss to earnings. Effective July 1, 2018, Argentina was designated as a highly inflationary economy as the projected three-year cumulative inflation rate exceeded 100 %. As such, beginning July 1, 2018, the functional currency for the Company’s Argentina subsidiary became the U.S. dollar. Revenue from operations in Argentina was less than 1 % of total consolidated net sales for the years ended December 31, 2023, 2022 and 2021 . |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's consolidated financial statements include amounts that are based on management's best estimates and judgments. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to current year presentation. |
Business Combinations | Business Combinations Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. The Company uses a discounted cash flow model to measure the fair value of intangible assets. The significant assumptions used to estimate the fair value of the intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, attrition rates, and royalty rates). These assumptions relate to the future performance of the acquired businesses, are forward-looking and could be affected by future economic and market conditions. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. |
Derivative Financial Instruments | Derivative Financial Instruments The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other operating expense, net” on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. The Company records the contracts at fair value in the Consolidated Balance Sheets. The Company does not hold derivatives for trading purposes. |
Recently Adopted or Issued Accounting Pronouncements | Recently Adopted or Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASU"). In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Liabilities from Contracts with Customers.” This ASU requires an acquiring entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The ASU was effective for fiscal years and interim periods beginning after December 15, 2022, with early adoption permitted. The adoption of this new standard did not have a material impact on the consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others. Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The company is evaluating the impact of adopting this ASU. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories - Net | Inventories, net December 31, 2023 2022 Raw materials $ 98,708 $ 104,872 Work-in-process 14,397 14,450 Finished products 46,250 41,295 Inventories, net of excess and obsolete inventory reserve 159,355 160,617 Excess of current cost over LIFO cost ( 10,541 ) ( 13,159 ) Inventories at LIFO cost $ 148,814 $ 147,458 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Major classes of property, plant and equipment are as follows: December 31, 2023 2022 Land and improvements $ 21,374 $ 19,609 Buildings and improvements 129,369 102,245 Machinery, equipment and aircraft 238,868 218,549 Construction in progress 22,619 31,076 Property, plant and equipment, gross 412,230 371,479 Less accumulated depreciation ( 204,338 ) ( 196,468 ) Property, plant and equipment, net $ 207,892 $ 175,011 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of U.S. Plans | A summary of the U.S. Plan follows for the year ended December 31: 2023 2022 2021 Service cost $ — $ — $ — Interest cost 1,568 1,185 1,138 Expected return on plan assets ( 2,017 ) ( 2,455 ) ( 2,343 ) Recognized net actuarial loss 463 445 614 Net periodic pension cost (benefit) $ 14 $ ( 825 ) $ ( 591 ) |
Changes in Benefit Obligations, Change in Plan Assets, Funded Status, and Amounts Recognized in Consolidated Financial Statements | The following tables set forth the changes in benefit obligations, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the U.S. Plan at December 31: 2023 2022 Projected benefit obligation at beginning of the year $ 29,013 $ 41,410 Interest cost 1,568 1,185 Actuarial loss (gain) 670 ( 12,185 ) Benefits paid ( 1,478 ) ( 1,397 ) Projected benefit obligation at end of year $ 29,773 $ 29,013 Fair value of plan assets at beginning of the year $ 29,632 $ 37,757 Actual return on plan assets 2,242 ( 8,859 ) Employer contributions 1,500 2,132 Benefits paid ( 1,478 ) ( 1,398 ) Fair value of plan assets at end of the year $ 31,896 $ 29,632 Pension asset $ ( 2,123 ) $ ( 619 ) |
Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan | In 2023, in accordance with ASC 715-20, the Company recognized the over-funded status of the U.S. Plan as a non-current asset. The amount recognized in Accumulated other comprehensive loss related to the U.S. Plan at December 31 is comprised of the following: 2023 2022 Balance at January 1 $ ( 4,492 ) $ ( 5,496 ) Reclassification adjustments: Pre-tax amortized net actuarial loss 463 445 Tax benefit ( 110 ) ( 105 ) 353 340 Adjustment to recognize (loss) gain on pension asset: Pre-tax (loss) gain ( 445 ) 870 Tax benefit 106 ( 206 ) ( 339 ) 664 Balance at December 31 $ ( 4,478 ) $ ( 4,492 ) |
Excess of U.S. Plan Assets of Accumulated Benefit Obligations | The U.S. Plan had assets in excess of accumulated benefit obligations as follows: 2023 2022 Accumulated benefit obligation $ 29,773 $ 29,013 Fair market value of assets 31,896 29,632 |
Weighted-Average Assumptions Used to Determine Benefit Obligations & Net Periodic Benefit Cost | Weighted-average assumptions used to determine benefit obligations at December 31: 2023 2022 Discount rate 5.34 % 5.55 % Rate of compensation increase n/a n/a Weighted-average assumptions used to determine net periodic benefit cost at December 31: 2023 2022 2021 Discount rate 5.55 % 2.92 % 2.69 % Rate of compensation increase n/a n/a n/a Expected long-term return on plan assets 7.00 % 6.50 % 6.50 % |
Weighted-Average Asset Allocations of Plan Assets | The U.S. Plan weighted-average asset allocations at December 31, 2023 and 2022, by asset category, are as follows: Plan assets at December 31 Asset category 2023 2022 Equity securities 18 % 37 % Debt securities 77 63 Cash and equivalents 5 — 100 % 100 % |
Weighted-Average Target Allocations of Plan Assets | In recognition of the expected returns and volatility from financial assets, U.S. Plan assets are invested in the following ranges with the target allocation noted below. The Company reassesses the target allocations periodically: Range Target Equities 10 - 30 % 20 % Fixed Income 70 - 90 % 80 % Cash Equivalents 0 - 10 % 0 % |
Aggregate Benefits Expected to be Paid Out of U.S. Plan Assets | If the U.S. Plan is not terminated, the benefits expected to be paid out of the U.S. Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows: Year Pension Benefits 2024 $ 1,521 2025 1,597 2026 1,674 2027 1,767 2028 1,852 2029-2033 10,137 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Total Changes in AOCI by Component, Net of Tax | The following tables set forth the total changes in AOCI by component, net of tax: Year Ended December 31, 2023 Year Ended December 31, 2022 Cumulative Cumulative Unrecognized Translation Unrecognized Translation Benefit Cost Adjustment Total Benefit Cost Adjustment Total Balance at January 1 $ ( 4,492 ) $ ( 65,495 ) $ ( 69,987 ) $ ( 5,496 ) $ ( 56,223 ) $ ( 61,719 ) Other comprehensive income before reclassifications: Gain on foreign currency translation adjustment — 9,667 9,667 — ( 9,272 ) ( 9,272 ) (Loss) gain on pension asset ( 339 ) — ( 339 ) 664 — 664 Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial 353 — 353 340 — 340 Net current period other comprehensive income (loss) 14 9,667 9,681 1,004 ( 9,272 ) ( 8,268 ) Balance at December 31 $ ( 4,478 ) $ ( 55,828 ) $ ( 60,306 ) $ ( 4,492 ) $ ( 65,495 ) $ ( 69,987 ) (a) This AOCI component is included in the computation of net periodic pension income (costs) as noted in Note 5 – Pension Plans. |
Debt and Credit Arrangements (T
Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Credit Arrangements | December 31, 2023 2022 Short-term debt Notes payable to banks Thailand Bhat denominated at 3.94 % $ 2,262 $ 3,119 Thailand Bhat denominated at 2.00 % — 926 Thailand Bhat denominated at 2.00 % — 181 France Euro denominated at 6.37 % 2,774 5,323 Brazil Real denominated at 5.40 % — 236 Brazil Real denominated at 15.09 % — 2,350 China Yuan Renminbi denominated at 4.50 % 1,314 5,665 Argentina Peso denominated at 37.00 % — 70 Vietnam Dong denominated at 7.30 % 18 228 Indonesia U.S. Dollar denominated at 6.82 % 600 — Current portion of long-term debt U.S. Dollar denominated at 2.74 % 2,050 2,050 Czech Republic Koruna denominated at 3.00 % 21 21 Indonesia U.S. Dollar denominated at 3.50 % 4,267 800 Czech Republic Koruna denominated at 3.69 % 94 147 Czech Republic Koruna denominated at 1.60 % 54 — Total short-term debt 13,454 21,116 Long-term debt, including current portion U.S. Dollar denominated at 6.62 %, due 2026 22,653 35,444 U.S. Dollar denominated at 2.74 %, due 2031 14,692 16,742 Brazilian Real denominated at 8.30 % due 2025 1,000 1,800 Poland Zloty denominated at 6.97 % due 2026 7,691 5,636 Australian Dollar denominated at 4.06 %, due 2026 — 1,350 Austria Euro denominated at 4.90 % due 2026 1,387 1,331 Indonesia U.S. Dollar denominated at 3.50 % due 2024 4,267 5,067 New Zealand Dollar denominated at 5.78 % due 2026 2,538 2,853 Czech Republic Koruna denominated at 3.00 % due 2025 191 226 Czech Republic Koruna denominated at 3.69 % due 2031 703 989 Czech Republic Koruna denominated at 1.60 % due 2026 160 — Total long-term debt 55,282 71,438 Less current portion ( 6,486 ) ( 3,018 ) Total long-term debt, less current portion 48,796 68,420 Total debt $ 62,250 $ 89,536 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | . The Company’s operating and finance lease costs for the years ended December 31 were as follows: Year Ended December 31, 2023 2022 2021 Components of lease expense: Operating lease cost $ 2,767 $ 2,538 $ 2,870 Finance lease cost: Amortization of right-of-use assets 119 189 388 Interest on lease liabilities 17 19 13 Total lease cost $ 2,903 $ 2,746 $ 3,271 |
Schedule of Future Maturities of Lease Liabilities | Future maturities of the Company’s lease liabilities as of December 31, 2023 are as follows: Year Ended December 31, 2023 Operating Leases Finance Leases 2024 $ 2,194 $ 140 2025 1,944 137 2026 1,561 79 2027 1,097 28 2028 and thereafter 7,763 — Total lease payments 14,559 384 Less amount of lease payment representing interest 4,996 19 Total present value of lease payments $ 9,563 $ 365 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows: Year Ended December 31, 2023 2022 2021 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,775 $ 2,528 $ 2,608 Operating cash flows for finance leases 17 19 13 Financing cash flows for finance leases 171 256 375 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income before income taxes was derived from the following sources: 2023 2022 2021 United States $ 57,736 $ 58,887 $ 32,570 Foreign 24,608 14,817 16,326 Total income before income taxes $ 82,344 $ 73,704 $ 48,896 |
Components of Income Taxes | The components of income taxes for the years ended December 31 are as follows: 2023 2022 2021 Current Federal $ 12,263 $ 12,529 $ 649 Foreign 6,654 7,346 5,065 State and local 2,322 2,086 917 21,239 21,961 6,631 Deferred Federal ( 1,866 ) 577 7,172 Foreign 11 ( 3,326 ) ( 75 ) State and local ( 377 ) 93 ( 553 ) ( 2,232 ) ( 2,656 ) 6,544 Income taxes $ 19,007 $ 19,305 $ 13,175 |
Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax | The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the years ended December 31 are summarized as follows: 2023 2022 2021 Federal tax at statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 2.2 2.2 1.5 Global intangible low-taxed income 3.6 0.9 1.6 Non-U.S. tax rate variances 2.0 ( 2.4 ) 6.0 Non-deductible officers' compensation 1.5 1.4 1.6 Valuation allowance 0.7 2.9 ( 1.5 ) Non-deductible Goodwill Impairment — 2.7 — Uncertain tax positions — 0.7 — Other Life Insurance Proceeds — ( 1.2 ) — Other U.S. federal permanent items ( 0.2 ) ( 0.1 ) 0.5 Tax credits ( 1.3 ) ( 0.3 ) ( 1.7 ) Other stock compensation ( 1.5 ) ( 0.3 ) ( 0.4 ) Foreign tax credits ( 4.5 ) ( 2.0 ) ( 2.5 ) Other, net ( 0.4 ) 0.7 0.8 Effective income tax rate 23.1 % 26.2 % 26.9 % |
Significant Components of Deferred Tax Assets and Liabilities | 2023 2022 Deferred tax assets: Benefit plan reserves $ 6,200 $ 6,348 Research and development capitalization 5,522 1,533 Inventory valuation reserves 4,041 2,548 Net operating loss carryforwards 1,940 2,722 Accrued compensation and benefits 1,374 994 Allowance for credit losses 1,329 917 Foreign tax credit 1,018 1,153 Other accrued expenses 972 2,531 Unrealized foreign exchange 314 215 Gross deferred tax assets 22,710 18,961 Valuation allowance ( 2,567 ) ( 3,080 ) Net deferred tax assets 20,143 15,881 Deferred tax liabilities: Depreciation and other basis differences ( 13,382 ) ( 10,825 ) Intangibles ( 2,579 ) ( 3,263 ) Other ( 609 ) ( 634 ) Deferred tax liabilities ( 16,570 ) ( 14,722 ) Net deferred tax assets $ 3,573 $ 1,159 2023 2022 Change in net deferred tax assets: Ordinary movement $ 2,232 $ 2,656 Deferred tax balances from business acquisitions 153 ( 1,999 ) Items of other comprehensive loss 216 ( 312 ) Currency translation ( 79 ) ( 7 ) Other ( 108 ) ( 208 ) Total change in net deferred tax assets $ 2,414 $ 130 |
Changes in Unrecognized Tax Benefits Excluding Interest and Penalties | 2023 2022 2021 Balance at January 1 $ 482 $ — $ 66 Additions for tax positions of prior years — 482 — Settlements with tax authorities ( 72 ) — — Expiration of statutes of limitations — — ( 66 ) Balance at December 31 $ 410 $ 482 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of RSUs | A summary of the RSUs for the year ended December 31, 2023 is as follows: Restricted Share Awards Performance Total Weighted-Average and Service Service Restricted Grant-Date Required (1) Required Awards Fair Value Nonvested as of January 1, 2023 178,536 28,039 206,575 $ 61.54 Granted 46,119 11,520 57,639 88.69 Vested ( 63,767 ) ( 13,245 ) ( 77,012 ) 57.28 Forfeited ( 4,411 ) ( 2,206 ) ( 6,617 ) 74.93 Nonvested as of December 31, 2023 156,477 24,108 180,585 71.61 |
Weighted-Average Assumptions for Estimating Fair Values | . The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2022 2021 Risk-free interest rate 3.1 % 1.1 % Dividend yield 1.3 % 1.4 % Expected life (years) 5 5 Expected volatility 37.1 % 39.7 % |
Long Term Incentive Plan [Member] | |
Activity in Company's Plan | Activity in the Company’s Incentive Plan for the year ended December 31, 2023 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2023 60,300 $ 57.75 Granted — — Exercised ( 37,800 ) 57.07 Forfeited — — Outstanding (vested and expected to vest) at December 31, 2023 22,500 58.89 8.0 $ 1,687 Exercisable at December 31, 2023 8,500 54.26 7.1 $ 677 |
Computation of Earnings Per S_2
Computation of Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings per share for the year ended December 31 was as follows: 2023 2022 2021 Numerator Net income $ 63,332 $ 54,395 $ 35,729 Denominator Determination of shares (in thousands) Weighted-average common shares outstanding 4,920 4,931 4,907 Dilutive effect – share-based awards 77 68 63 Diluted weighted-average common shares outstanding 4,997 4,999 4,970 Earnings per common share Basic $ 12.87 $ 11.03 $ 7.28 Diluted $ 12.68 $ 10.88 $ 7.19 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite and Indefinite-Lived Intangible Assets | The Company’s finite and indefinite-lived intangible assets consist of the following: December 31, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Finite-lived intangible assets Patents $ 4,806 $ ( 4,806 ) $ 4,806 $ ( 4,806 ) Land use rights 1,109 ( 307 ) 1,175 ( 414 ) Trademark 1,988 ( 1,682 ) 1,963 ( 1,576 ) Technology 7,104 ( 3,738 ) 6,950 ( 3,189 ) Customer relationships 19,240 ( 10,733 ) 18,637 ( 9,464 ) $ 34,247 $ ( 21,266 ) $ 33,531 $ ( 19,449 ) Indefinite-lived intangible assets Goodwill $ 29,497 $ 28,004 |
Changes in Carrying Amount of Goodwill by Segment | Total combined goodwill for the remaining reporting units was $ 29.5 million as shown in the following table: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2022 $ 3,078 $ 4,244 $ 13,561 7,311 $ 28,194 Acquisitions — $ 5,068 $ 2,455 — 7,523 Impairments — — — ( 6,529 ) ( 6,529 ) Currency translation — 285 ( 687 ) ( 782 ) ( 1,184 ) Balance at December 31, 2022 3,078 9,597 15,329 — 28,004 Acquisitions — 387 — — 387 Currency translation — 598 508 — 1,106 Balance at December 31, 2023 $ 3,078 $ 10,582 $ 15,837 $ — $ 29,497 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Recorded and Measured at Fair Value | The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the consolidated balance sheets as of December 31, 2023 and 2022: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets: Foreign currency forward contracts $ 158 $ — $ 158 $ — Total Assets $ 158 $ — $ 158 $ — Liabilities: Foreign currency forward contracts $ — $ — $ — $ — Supplemental profit sharing plan $ 8,222 — 8,222 — Total Liabilities $ 8,222 $ — $ 8,222 $ — Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets: Foreign currency forward contracts $ 548 $ — $ 548 $ — Total Assets $ 548 $ — $ 548 $ — Liabilities: Foreign currency forward contracts 81 — 81 — Supplemental profit sharing plan $ 7,299 $ — 7,299 $ — Total Liabilities $ 7,380 $ — $ 7,380 $ — |
Fair Value and Carrying Value of Long-Term Debt | . Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows: December 31, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Long-term debt and related current maturities $ 51,786 $ 55,282 $ 68,054 $ 71,438 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues Disaggregated by Segment and Product Type | The following table presents the Company’s revenues disaggregated by segment and product type: Year Ended December 31, 2023 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 63 % 74 % 52 % 73 % 64 % Communications 33 % 24 % 44 % 3 % 29 % Special Industries 4 % 2 % 4 % 24 % 7 % Total 100 % 100 % 100 % 100 % 100 % Year Ended December 31, 2022 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 53 % 70 % 62 % 73 % 59 % Communications 43 % 28 % 28 % 2 % 33 % Special Industries 4 % 2 % 10 % 25 % 8 % Total 100 % 100 % 100 % 100 % 100 % |
Schedule of Change in Allowance for Credit Losses | The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table: 2023 2022 2021 Allowance for credit losses, beginning of period $ 5,021 $ 3,091 $ 2,848 Additions charged to costs and expenses 3,250 2,108 931 Write-offs ( 218 ) ( 122 ) ( 435 ) Foreign exchange and other 207 ( 56 ) ( 253 ) Allowance for credit losses, end of period $ 8,260 $ 5,021 $ 3,091 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Company's Reportable Segments | The following table presents a summary of the Company’s reportable segments for the years ended December 31, 2023, 2022 and 2021. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory. Year Ended December 31, 2023 2022 2021 Net sales PLP-USA $ 378,563 $ 366,819 $ 257,602 The Americas 86,059 85,200 70,732 EMEA 102,130 96,126 95,922 Asia-Pacific 102,927 88,876 93,161 Total net sales $ 669,679 $ 637,021 $ 517,417 Intersegment sales PLP-USA $ 9,350 $ 9,081 $ 6,176 The Americas 16,345 17,915 9,486 EMEA 8,531 3,280 2,784 Asia-Pacific 23,750 33,652 21,610 Total intersegment sales $ 57,976 $ 63,928 $ 40,056 Interest income PLP-USA $ — $ — $ — The Americas 1,615 534 138 EMEA 125 82 4 Asia-Pacific 71 15 27 Total interest income $ 1,811 $ 631 $ 169 Interest expense PLP-USA $ ( 1,991 ) $ ( 1,138 ) $ ( 665 ) The Americas ( 255 ) ( 678 ) ( 368 ) EMEA ( 899 ) ( 664 ) ( 309 ) Asia-Pacific ( 760 ) ( 734 ) ( 681 ) Total interest expense $ ( 3,905 ) $ ( 3,214 ) $ ( 2,023 ) Income taxes PLP-USA $ 12,342 $ 15,285 $ 8,185 The Americas 3,022 3,218 3,250 EMEA 1,670 1,918 1,492 Asia-Pacific 1,973 ( 1,116 ) 248 Total income taxes $ 19,007 $ 19,305 $ 13,175 Net income attributable to Preformed Line Products Company shareholders PLP-USA $ 45,392 $ 45,194 $ 24,384 The Americas 5,755 11,420 8,351 EMEA 5,796 1,379 3,715 Asia-Pacific 6,389 ( 3,598 ) ( 721 ) Total net income $ 63,332 $ 54,395 $ 35,729 2023 2022 2021 Expenditure for long-lived assets PLP-USA $ 25,317 $ 31,012 $ 12,750 The Americas 4,861 3,702 1,289 EMEA 2,849 2,247 2,785 Asia-Pacific 2,305 3,637 1,560 Total expenditures for long-lived assets $ 35,332 $ 40,598 $ 18,384 Depreciation and amortization PLP-USA $ 9,270 $ 7,104 $ 6,195 The Americas 2,702 2,452 1,855 EMEA 3,493 3,354 3,146 Asia-Pacific 3,449 3,520 4,368 Total depreciation and amortization $ 18,914 $ 16,430 $ 15,564 As of December 31, 2023 2022 Identifiable assets PLP-USA $ 256,508 $ 229,751 The Americas 111,056 108,560 EMEA 119,741 118,805 Asia-Pacific 115,846 111,363 $ 603,151 $ 568,479 Long-lived assets PLP-USA $ 125,035 $ 95,673 The Americas 24,618 20,539 EMEA 20,780 19,764 Asia-Pacific 37,459 39,035 Total long-lived assets $ 207,892 $ 175,011 |
Acquisitions of Businesses (Tab
Acquisitions of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pilot Plastics [Member] | |
Business Acquisition [Line Items] | |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The measurement period remains open and future adjustments are not expected to have a material impact to the Consolidated Statements of Income. Adjusted Preliminary Allocation Accounts receivable $ 970 Inventory 585 Property, plant and equipment and other assets 13,628 Accounts payable ( 1,299 ) Other current liabilities ( 71 ) Total identifiable net assets 13,813 Total consideration, net of cash received $ 13,813 |
Holplast [Member] | |
Business Acquisition [Line Items] | |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | Final Allocation Cash $ 907 Accounts receivable 452 Inventory 308 Prepaid expenses and other current assets 7 Property, plant and equipment and other assets 2,981 Accounts payable ( 296 ) Other current liabilities ( 95 ) Other non-current liabilities ( 1,452 ) Total identifiable net assets 2,812 Goodwill 2,475 Total consideration, net of cash received $ 5,287 |
Maxxweld [Member] | |
Business Acquisition [Line Items] | |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | Final Allocation Accounts receivable $ 2,132 Inventory 1,367 Prepaid expenses and other current assets 41 Equipment and other assets 725 Other intangible assets 4,359 Accounts payable ( 599 ) Other current liabilities ( 322 ) Other non-current liabilities ( 1,561 ) Total identifiable net assets 6,142 Goodwill 5,068 Total consideration, net of cash received $ 11,210 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Jul. 01, 2018 | Dec. 31, 2023 USD ($) Unit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Percentage of ownership in earnings of subsidiary | 100% | |||
Number of reporting units | Unit | 2 | |||
Indefinite lived intangible assets other than goodwill | $ 0 | |||
Impairment charges recorded for intangible assets with finite lives | $ 0 | $ 0 | ||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | ||
Research and development costs | $ 5,200,000 | $ 4,500,000 | $ 3,300,000 | |
Advertising cost | 2,400,000 | 2,700,000 | 1,500,000 | |
Aggregate foreign currency transaction losses includes hedge activity | $ 3,200,000 | $ 400,000 | $ 1,000,000 | |
Foreign currency forward contracts maturity period | 90 days | |||
Argentina [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative inflation rate period | 3 years | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Amortization period of intangible assets | 2 years | |||
Percentage of tax benefit to be realized upon ultimate settlement with tax authority | 50% | |||
Minimum [Member] | Argentina [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative inflation rate | 100% | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Amortization period of intangible assets | 99 years | |||
Maximum [Member] | Argentina [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of consolidated net sales from revenue operations | 1% | 1% | 1% | |
Land and Improvements [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 10 years | |||
Building [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 40 years | |||
Building Improvements [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 5 years | |||
Building Improvements [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 40 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 10 years | |||
Aircraft [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of Property, Plant and Equipment | 15 years |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 98,708 | $ 104,872 |
Work-in-process | 14,397 | 14,450 |
Finished products | 46,250 | 41,295 |
Inventories, net of excess and obsolete inventory reserve | 159,355 | 160,617 |
Excess of current cost over LIFO cost | (10,541) | (13,159) |
Inventories at LIFO cost | $ 148,814 | $ 147,458 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | ||
Cost of inventories for certain materials using LIFO method | $ 60.1 | $ 68.3 |
Expense (benefit) charge to earnings from LIFO inventory changes | 2.6 | 3.7 |
Inventory reserves for slow-moving and obsolete inventory | $ 17.6 | $ 10.8 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 412,230 | $ 371,479 |
Less accumulated depreciation | (204,338) | (196,468) |
Property, plant and equipment, net | 207,892 | 175,011 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 21,374 | 19,609 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 129,369 | 102,245 |
Machinery, Equipment and Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 238,868 | 218,549 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 22,619 | $ 31,076 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation of property and equipment | $ 17 | $ 14.3 | $ 13.6 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 26, 2023 USD ($) | Sep. 26, 2023 CAD ($) | Nov. 02, 2016 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Name of plaintiff | SNC ATP | ||||||
Complaint filling date | November 2016 | ||||||
Estimated damages from defendants | $ 56 | ||||||
Accrued estimate for losses | $ 0 | $ 1.8 | |||||
Defendants And Plaintiff Settlement Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Total settlement required to be paid | $ 3.2 | $ 4.3 | |||||
Total settlement previously paid | $ 1.8 | $ 2.5 | |||||
Total settlement paid | $ 1.4 | $ 1.8 |
Pension Plans - Summary of U.S.
Pension Plans - Summary of U.S. Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,568 | 1,185 | 1,138 |
Expected return on plan assets | (2,017) | (2,455) | (2,343) |
Recognized net actuarial loss | $ 463 | $ 445 | $ 614 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Net periodic pension cost (benefit) | $ 14 | $ (825) | $ (591) |
Pension Plans - Changes in Bene
Pension Plans - Changes in Benefit Obligations, Change in Plan Assets, Funded Status, and Amounts Recognized in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Projected benefit obligation at beginning of the year | $ 29,013 | $ 41,410 | ||
Interest cost | 1,568 | 1,185 | $ 1,138 | |
Actuarial loss (gain) | 670 | (12,185) | ||
Benefits paid | (1,478) | (1,397) | ||
Projected benefit obligation at end of year | $ 29,773 | 29,773 | 29,013 | 41,410 |
Fair value of plan assets at beginning of the year | 29,632 | 37,757 | ||
Actual return on plan assets | 2,242 | (8,859) | ||
Employer contributions | 1,500 | 1,500 | 2,132 | |
Benefits paid | (1,478) | (1,398) | ||
Fair value of plan assets at end of the year | 31,896 | 31,896 | 29,632 | $ 37,757 |
Pension asset | $ (2,123) | $ (2,123) | $ (619) |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension And Other Employee Benefit Plans [Line Items] | ||||
Contribution to U.S. plan | $ 1,500,000 | $ 1,500,000 | $ 2,132,000 | |
Discount rate | 5.34% | 5.34% | 5.55% | |
Decrease in discount rate | 5.34% | 5.34% | 5.55% | |
Prior service cost | $ 0 | $ 0 | ||
Pre-tax unfunded pension obligation gain (loss) | $ (700,000) | |||
Expected long-term return on plan assets | 7% | 6.50% | 6.50% | |
Pension asset | 31,896,000 | $ 31,896,000 | $ 29,632,000 | $ 37,757,000 |
Expense for contribution plan | 6,600,000 | 6,300,000 | 5,800,000 | |
Retirement And Profit Sharing Plan Benefit Expenses | (900,000) | 1,300,000 | (900,000) | |
Supplemental profit sharing plan unfunded status | 8,200,000 | 8,200,000 | 7,300,000 | |
Company's benefit obligations related to unfunded | $ 2,900,000 | 2,900,000 | 2,100,000 | |
Company recorded benefit costs relating | $ 600,000 | 200,000 | 300,000 | |
Loss on Mortality [Member] | ||||
Pension And Other Employee Benefit Plans [Line Items] | ||||
Pre-tax unfunded pension obligation gain (loss) | $ 0 | $ 0 |
Pension Plans - Amount Recogniz
Pension Plans - Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Compensation Income Net Of Tax [Abstract] | ||
Beginning Balance | $ (4,492) | $ (5,496) |
Pre-tax amortized net actuarial loss | 463 | 445 |
Tax benefit | (110) | (105) |
Net of reclassification adjustments | (339) | 664 |
Pre-tax (loss) gain | (445) | 870 |
Tax benefit | 106 | (206) |
Adjustment to recognize (loss) gain on pension asset | 353 | 340 |
Ending Balance | $ (4,478) | $ (4,492) |
Pension Plans - Excess of U.S.
Pension Plans - Excess of U.S. Plan Assets of Accumulated Benefit Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | $ 29,773 | $ 29,013 |
Fair market value of assets | $ 31,896 | $ 29,632 |
Pension Plans - Weighted-Averag
Pension Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 5.34% | 5.55% |
Rate of compensation increase | 0% | 0% |
Pension Plans - Weighted-Aver_2
Pension Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 5.55% | 2.92% | 2.69% |
Rate of compensation increase | 0% | 0% | 0% |
Expected long-term return on plan assets | 7% | 6.50% | 6.50% |
Pension Plans - Weighted-Aver_3
Pension Plans - Weighted-Average Asset Allocations of Plan Assets (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 100% | 100% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 18% | 37% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 77% | 63% |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 5% | 0% |
Pension Plans - Weighted-Aver_4
Pension Plans - Weighted-Average Target Allocations of Plan Assets (Detail) | Dec. 31, 2023 |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 20% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 10% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 30% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 80% |
Fixed Income [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 70% |
Fixed Income [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 90% |
Cash and Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0% |
Cash and Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0% |
Cash and Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 10% |
Pension Plans - Aggregate Benef
Pension Plans - Aggregate Benefits Expected to be Paid Out of U.S. Plan Assets (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2024 | $ 1,521 |
2025 | 1,597 |
2026 | 1,674 |
2027 | 1,767 |
2028 | 1,852 |
2029-2033 | $ 10,137 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income ("AOCI") - Summary of Total Changes in AOCI by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 358,637 | ||
Other comprehensive income before reclassifications: | |||
(Loss) gain on pension asset | 353 | $ 340 | |
Amounts reclassified from AOCI: | |||
Net current period other comprehensive income (loss) | 9,681 | (8,268) | $ (7,168) |
Ending Balance | 416,164 | 358,637 | |
Unrecognized Benefit Cost [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (4,492) | (5,496) | |
Other comprehensive income before reclassifications: | |||
(Loss) gain on pension asset | (339) | 664 | |
Amounts reclassified from AOCI: | |||
Amortization of defined benefit pension actuarial loss | 353 | 340 | |
Net current period other comprehensive income (loss) | 14 | 1,004 | |
Ending Balance | (4,478) | (4,492) | (5,496) |
Cumulative Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (65,495) | (56,223) | |
Other comprehensive income before reclassifications: | |||
Gain on foreign currency translation adjustment | 9,667 | (9,272) | |
Amounts reclassified from AOCI: | |||
Net current period other comprehensive income (loss) | 9,667 | (9,272) | |
Ending Balance | (55,828) | (65,495) | (56,223) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (69,987) | (61,719) | |
Other comprehensive income before reclassifications: | |||
Gain on foreign currency translation adjustment | 9,667 | (9,272) | |
(Loss) gain on pension asset | (339) | 664 | |
Amounts reclassified from AOCI: | |||
Amortization of defined benefit pension actuarial loss | 353 | 340 | |
Net current period other comprehensive income (loss) | 9,681 | (8,268) | |
Ending Balance | $ (60,306) | $ (69,987) | $ (61,719) |
Debt and Credit Arrangements -
Debt and Credit Arrangements - Debt and Credit Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 6,486 | $ 3,018 |
Short-term debt | 13,454 | 21,116 |
Total long-term debt | 55,282 | 71,438 |
Total long-term debt, less current portion | 48,796 | 68,420 |
Total debt | 62,250 | 89,536 |
Thailand Bhat Denominated Notes Payable To Banks Short-term Debt at 3.94% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 2,262 | 3,119 |
Thailand Bhat Denominated Notes Payable To Banks Short-term Debt at 2.00% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 926 | |
Thailand Bhat Denominated Notes Payable To Banks Short-term Debt at 2.00% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 181 | |
France Euro Denominated Notes Payable To Banks Short-term Debt at 6.37% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 2,774 | 5,323 |
Brazil Real Denominated Notes Payable To Banks Short-term Debt at 5.40% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 236 | |
Brazil Real Denominated Notes Payable To Banks Short-term Debt at 15.09% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 2,350 | |
China Yuan Renminbi Denominated Notes Payable To Banks Short-term Debt at 4.50% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 1,314 | 5,665 |
Argentina Peso Denominated Notes Payable To Banks Short-term Debt at 37.00% [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 70 | |
Vietnam Dong Denominated Notes Payable To Banks Short Term Debt At 7.30% | ||
Debt Instrument [Line Items] | ||
Short-term debt | 18 | 228 |
Indonesia U.S. Dollar Denominated Notes Payable To Banks Short-Term Debt At 6.82 | ||
Debt Instrument [Line Items] | ||
Short-term debt | 600 | |
U.S. Dollar Denominated Current Portion Of Long Term Debt at 2.74% [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 2,050 | 2,050 |
Czech Republic Koruna Denominate Current Portion Of Long Term Debt At 3.00% Percent | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 21 | 21 |
Indonesia U.S. Dollar Denominated Current Portion of Long Term Debt at 3.50% [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 4,267 | 800 |
Czech Republic Koruna Denominated Current Portion Of Long Term Debt at 3.69% [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 94 | 147 |
Czech Republic Koruna Denominated Current Portion Of Long Term Debt At 1.60% | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 54 | |
U.S. Dollar Denominated Long Term Debt at 6.62%, Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 22,653 | 35,444 |
U.S. Dollar Denominated Long Term Debt at 2.74%, Due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 14,692 | 16,742 |
Brazilian Real Denominated Long-term Debt at 8.30%, Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,000 | 1,800 |
Poland Zloty Denominated Long Term Debt at 6.97% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,691 | 5,636 |
Australian Dollar Denominated Long Term Debt at 4.06% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,350 | |
Austria Euro Denominated Long Term Debt at 4.90% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,387 | 1,331 |
Indonesia U.S Dollar Denominated Long Term Debt at 3.50% Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,267 | 5,067 |
New Zealand Dollar Denominated Long Term Debt at 5.78% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 2,538 | 2,853 |
Czech Republic Koruna denominated at 3.00% due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 191 | 226 |
Czech Republic Koruna Denominated at 3.69% due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 703 | $ 989 |
Czech Republic Koruna denominated at 1.60% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 160 |
Debt and Credit Arrangements _2
Debt and Credit Arrangements - Debt and Credit Arrangements (Parenthetical) (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Thailand Bhat Denominated Notes Payable To Banks Short-term Debt at 3.94% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.94% | 3.94% |
Thailand Bhat Denominated Notes Payable To Banks Short-term Debt at 2.00% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2% | 2% |
Thailand Bhat Denominated Notes Payable To Banks Short-term Debt at 2.00% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2% | 2% |
France Euro Denominated Notes Payable To Banks Short-term Debt at 6.37% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.37% | 6.37% |
Brazil Real Denominated Notes Payable To Banks Short-term Debt at 5.40% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.40% | 5.40% |
Brazil Real Denominated Notes Payable To Banks Short-term Debt at 15.09% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 15.09% | 15.09% |
China Yuan Renminbi Denominated Notes Payable To Banks Short-term Debt at 4.50% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.50% | 4.50% |
Vietnam Dong Denominated Notes Payable To Banks Short Term Debt At 7.30% | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.30% | 7.30% |
Argentina Peso Denominated Notes Payable To Banks Short-term Debt at 37.00% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 37% | 37% |
Indonesia U.S. Dollar Denominated Notes Payable To Banks Short-Term Debt At 6.82 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.82% | 6.82% |
U.S. Dollar Denominated Current Portion Of Long Term Debt at 2.74% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.74% | 2.74% |
Czech Republic Koruna Denominate Current Portion Of Long Term Debt At 3.00% Percent | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3% | 3% |
Indonesia U.S. Dollar Denominated Current Portion of Long Term Debt at 3.50% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.50% | 3.50% |
Czech Republic Koruna Denominated Current Portion Of Long Term Debt at 3.69% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.69% | 3.69% |
Czech Republic Koruna Denominated Current Portion Of Long Term Debt At 1.60% | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.60% | 1.60% |
U.S. Dollar Denominated Long Term Debt at 6.62%, Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.62% | 6.62% |
U.S. Dollar Denominated Long Term Debt at 2.74%, Due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.74% | 2.74% |
Brazilian Real Denominated Long-term Debt at 8.30%, Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 8.30% | 8.30% |
Poland Zloty Denominated Long Term Debt at 6.97% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.97% | 6.97% |
Australian Dollar Denominated Long Term Debt at 4.06% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.06% | 4.06% |
Austria Euro Denominated Long Term Debt at 4.90% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.90% | 4.90% |
Indonesia U.S Dollar Denominated Long Term Debt at 3.50% Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.50% | 3.50% |
New Zealand Dollar Denominated Long Term Debt at 5.78% Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.78% | 5.78% |
Czech Republic Koruna denominated at 3.00% due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3% | 3% |
Czech Republic Koruna Denominated at 3.69% due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.69% | 3.69% |
Czech Republic Koruna denominated at 1.60% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.60% | 1.60% |
Debt and Credit Arrangements _3
Debt and Credit Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Mar. 02, 2022 | Jan. 19, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||||
Debt to earnings before Interest, Taxes and Depreciation ratio | 2.25% | |||||
Line of credit utilized borrowing capacity | $ 34,300,000 | |||||
Line of credit remaining borrowing capacity | 55,700,000 | |||||
Letters of credit outstanding amount | $ 0 | |||||
Bank debt to equity percentage | 15% | |||||
Aggregate maturities of long-term debt for 2024 | $ 4,300,000 | |||||
Aggregate maturities of long-term debt for 2025 | 1,200,000 | |||||
Aggregate maturities of long-term debt for 2026 | 34,400,000 | |||||
Aggregate maturities of long-term debt for 2027 | 0 | |||||
Aggregate maturities of long-term debt for 2028 | 0 | |||||
Aggregate maturities of long-term debt thereafter | 19,700,000 | |||||
Interest paid | 3,800,000 | $ 3,100,000 | $ 1,600,000 | |||
Total outstanding guarantees | 14,100,000 | |||||
Letter of credit outstanding | 1,000,000 | |||||
Borrowing capacity | $ 90,000,000 | |||||
Credit facility, expiration date | Mar. 02, 2026 | |||||
Asia Pacific [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Restricted cash used to secure bank debt | 200,000 | |||||
SOFR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate of SOFR plus | 1.125% | |||||
SOFR [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate of SOFR plus | 1.50% | |||||
PNC Equipment Finance, LLC [Member] | Corporate Aircraft [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit utilized borrowing capacity | $ 14,700,000 | |||||
Outstanding letters of credit, current | $ 2,100,000 | |||||
Debt instrument, face amount | $ 20,500,000 | |||||
Interest rate | 2.744% | |||||
Debt instrument, payment terms | 120 months | |||||
Debt instrument, description | The loan is payable in 119 equal monthly installments | |||||
Debt instrument, date of first required payment | Mar. 01, 2021 | |||||
Foreign Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit utilized borrowing capacity | $ 13,300,000 | 26,100,000 | ||||
Outstanding letters of credit, current | $ 11,400,000 | $ 19,100,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Line Items] | ||
Leases, term of description | the leases in effect were related to land, buildings, vehicles, office equipment and other production equipment under operating leases with lease terms of up to 99 years. | |
Finance lease, weighted average remaining lease term | 2 years 9 months 18 days | |
Operating lease, weighted average remaining lease term | 16 years 10 months 24 days | |
Operating lease, weighted average discount rate, percent | 5.28% | 4.73% |
Finance lease, weighted average discount rate, percent | 3.84% | 3.92% |
Sublease Income | $ 0.5 | $ 1.1 |
Maximum [Member] | ||
Leases [Line Items] | ||
Leases, term of contract | 99 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of lease expense | |||
Operating lease cost | $ 2,767 | $ 2,538 | $ 2,870 |
Finance lease cost | |||
Amortization of right-of-use assets | 119 | 189 | 388 |
Interest on lease liabilities | 17 | 19 | 13 |
Total lease cost | $ 2,903 | $ 2,746 | $ 3,271 |
Leases - Schedule of Future Mat
Leases - Schedule of Future Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 2,194 |
2025 | 1,944 |
2026 | 1,561 |
2027 | 1,097 |
2028 and thereafter | 7,763 |
Total lease payments | 14,559 |
Less amount of lease payment representing interest | 4,996 |
Total present value of lease payments | 9,563 |
Finance Leases | |
2024 | 140 |
2025 | 137 |
2026 | 79 |
2027 | 28 |
2028 and thereafter | 0 |
Total lease payments | 384 |
Less amount of lease payment representing interest | 19 |
Total present value of lease payments | $ 365 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent, Other Liabilities, Noncurrent |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ 2,775 | $ 2,528 | $ 2,608 |
Operating cash flows for finance leases | 17 | 19 | 13 |
Financing cash flows for finance leases | $ 171 | $ 256 | $ 375 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Reconciliation [Line Items] | |||
Net tax provision | $ 19,007 | $ 19,305 | $ 13,175 |
Deferred tax assets | 1,940 | 2,722 | |
Valuation allowance | 2,567 | $ 3,080 | |
Tax liability, undistributed earnings of foreign subsidiaries | 137,300 | ||
Foreign Country [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Net operating loss carryforwards | 8,100 | ||
Deferred tax assets | 1,900 | ||
Net operating loss can be carried forward, indefinite | $ 500 | ||
Foreign net operating loss carryforwards expiration period start year | 2026 | ||
Foreign net operating loss carryforwards expiration period end year | 2033 | ||
Valuation allowance | $ 1,300 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 57,736 | $ 58,887 | $ 32,570 |
Foreign | 24,608 | 14,817 | 16,326 |
INCOME BEFORE INCOME TAXES | $ 82,344 | $ 73,704 | $ 48,896 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
Federal | $ 12,263 | $ 12,529 | $ 649 |
Foreign | 6,654 | 7,346 | 5,065 |
State and local | 2,322 | 2,086 | 917 |
Current, Total | 21,239 | 21,961 | 6,631 |
Deferred | |||
Federal | (1,866) | 577 | 7,172 |
Foreign | 11 | (3,326) | (75) |
State and local | (377) | 93 | (553) |
Deferred Total | (2,232) | (2,656) | 6,544 |
Income taxes | $ 19,007 | $ 19,305 | $ 13,175 |
Income Taxes - Differences Betw
Income Taxes - Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal tax at statutory rate | 21% | 21% | 21% |
State and local taxes, net of federal benefit | 2.20% | 2.20% | 1.50% |
Global intangible low-taxed income | 3.60% | 0.90% | 1.60% |
Non-U.S. tax rate variances | 2% | (2.40%) | 6% |
Non-deductible officers' compensation | 1.50% | 1.40% | 1.60% |
Valuation allowance | 0.70% | 2.90% | (1.50%) |
Non-deductible Goodwill Impairment | 0% | 2.70% | 0% |
Uncertain tax positions | 0% | 0.70% | 0% |
Other Life Insurance Proceeds | 0% | 1.20% | 0% |
Other U.S. federal permanent items | (0.20%) | (0.10%) | 0.50% |
Tax credits | (1.30%) | (0.30%) | (1.70%) |
Other stock compensation | (1.50%) | (0.30%) | (0.40%) |
Foreign tax credits | (4.50%) | (2.00%) | (2.50%) |
Other, net | (0.40%) | 0.70% | 0.80% |
Effective income tax rate | 23.10% | 26.20% | 26.90% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred tax assets: | ||
Benefit plan reserves | $ 6,200 | $ 6,348 |
Research and development capitalization | 5,522 | 1,533 |
Inventory valuation reserves | 4,041 | 2,548 |
Net operating loss carryforwards | 1,940 | 2,722 |
Accrued compensation and benefits | 1,374 | 994 |
Allowance for credit losses | 1,329 | 917 |
Foreign tax credit | 1,018 | 1,153 |
Other accrued expenses | 972 | 2,531 |
Unrealized foreign exchange | 314 | 215 |
Gross deferred tax assets | 22,710 | 18,961 |
Valuation allowance | (2,567) | (3,080) |
Net deferred tax assets | 20,143 | 15,881 |
Deferred tax liabilities: | ||
Depreciation and other basis differences | (13,382) | (10,825) |
Intangibles | (2,579) | (3,263) |
Other | (609) | (634) |
Deferred tax liabilities | (16,570) | (14,722) |
Net deferred tax assets | 3,573 | 1,159 |
Deferred income tax expense | ||
Ordinary movement | 2,232 | 2,656 |
Deferred tax balances from business acquisitions | 153 | (1,999) |
Items of other comprehensive loss | 216 | (312) |
Currency translation | (79) | (7) |
Other | (108) | (208) |
Total change in net deferred tax assets | $ 2,414 | $ 130 |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 482 | $ 66 | |
Additions for tax positions of prior years | $ 482 | ||
Settlements with tax authorities | (72) | ||
Expiration of statutes of limitations | $ (66) | ||
Balance at December 31 | $ 410 | $ 482 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Deferral shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | May 10, 2016 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares granted under incentive plan | shares | 57,639 | |||
Deferred shares and held by the rabbi trust | shares | 243,118 | 245,386 | ||
Incentive Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | shares | 100,000 | |||
Time-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expenses | $ 900,000 | $ 700,000 | $ 500,000 | |
Compensation cost expected to be recognized over period | $ 900,000 | |||
Weighted-average period | 1 year 8 months 12 days | |||
Performance-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period | 1 year 8 months 12 days | |||
Performance-based compensation expense (income) | $ 3,800,000 | 3,600,000 | 3,400,000 | |
Remaining compensation expense | 4,400,000 | |||
Service and Performance-based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefits from restricted share awards | $ 2,600,000 | $ 300,000 | $ 200,000 | |
2016 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | shares | 1,000,000 | |||
Incentive plan expiry date | May 10, 2026 | |||
2016 Incentive Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option issued under plan vest and expire | 5 years | |||
2016 Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option issued under plan vest and expire | 10 years | |||
2016 Incentive Plan [Member] | After One Year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards vesting percentage | 50% | |||
2016 Incentive Plan [Member] | After Two Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards vesting percentage | 75% | |||
2016 Incentive Plan [Member] | After Three Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards vesting percentage | 100% | |||
2016 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | shares | 900,000 | |||
Restricted shares granted under incentive plan | shares | 507,912 | |||
2016 Incentive Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | shares | 100,000 | |||
Granted, Number of Shares | shares | 70,000 | |||
Deferred Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of deferrals | Deferral | 2 | |||
2016 Incentive Plan Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Number of Shares | shares | 0 | 26,500 | 3,000 | |
Compensation expenses | $ 300,000 | $ 300,000 | $ 200,000 | |
Weighted-average period | 1 year 6 months | |||
Estimated Forfeitures | $ 0 | |||
Exercised, Number of Shares | shares | 37,800 | 13,150 | 7,000 | |
Total intrinsic value of stock options | $ 3,500,000 | $ 300,000 | $ 200,000 | |
Cash received for the exercise of stock options | 2,200,000 | 800,000 | ||
Expected compensation cost related to unvested awards not yet recognized | 200,000 | |||
Excess tax benefits | $ 2,400,000 | |||
2016 Incentive Plan Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefits | $ 100,000 | $ 100,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of RSUs (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2023 | 206,575 |
Granted | 57,639 |
Vested | (77,012) |
Forfeited | (6,617) |
Nonvested as of December 31, 2023 | 180,585 |
Nonvested as of January 1, 2023, Weighted-Average Grant-Date Fair Value | $ / shares | $ 61.54 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 88.69 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 57.28 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 74.93 |
Nonvested as of December 31, 2023, Weighted-Average Grant- Date Fair Value | $ / shares | $ 71.61 |
Performance and Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2023 | 178,536 |
Granted | 46,119 |
Vested | (63,767) |
Forfeited | (4,411) |
Nonvested as of December 31, 2023 | 156,477 |
Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2023 | 28,039 |
Granted | 11,520 |
Vested | (13,245) |
Forfeited | (2,206) |
Nonvested as of December 31, 2023 | 24,108 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted-Average Assumptions for Estimating Fair Values (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 3.10% | 1.10% |
Dividend yield | 1.30% | 1.40% |
Expected life (years) | 5 years | 5 years |
Expected volatility | 37.10% | 39.70% |
Share-Based Compensation - Acti
Share-Based Compensation - Activity in Company's Plan - Incentive Plan (Detail) - 2016 Incentive Plan Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, 2023, Number of Shares | 60,300 | ||
Granted, Number of Shares | 0 | 26,500 | 3,000 |
Exercised, Number of Shares | (37,800) | (13,150) | (7,000) |
Forfeited, Number of Shares | 0 | ||
Outstanding (vested and expected to vest) at December 31, 2023, Number of Shares | 22,500 | ||
Exercisable at December 31, 2023, Number of Shares | 8,500 | ||
Outstanding at January 1, 2023, Weighted Average Exercise Price per Share | $ 57.75 | ||
Granted, Weighted Average Exercise Price per Share | 0 | ||
Exercised, Weighted Average Exercise Price per Share | 57.07 | ||
Forfeited, Weighted Average Exercise Price per Share | 0 | ||
Outstanding (vested and expected to vest) at December 31, 2023, Weighted Average Exercise Price per Share | 58.89 | ||
Exercisable at December 31, 2023, Weighted Average Exercise Price per Share | $ 54.26 | ||
Outstanding (vested and expected to vest) at December 31, 2023, Weighted Average Remaining Contractual Term | 8 years | ||
Exercisable at December 31, 2023, Weighted Average Remaining Contractual Term | 7 years 1 month 6 days | ||
Outstanding (vested and expected to vest) at December 31, 2023, Aggregate Intrinsic Value | $ 1,687 | ||
Exercisable at December 31, 2023, Aggregate Intrinsic Value | $ 677 |
Computation of Earnings Per S_3
Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | |||
Net income | $ 63,332 | $ 54,395 | $ 35,729 |
Determination of shares (in thousands) | |||
Weighted-average common shares outstanding | 4,920 | 4,931 | 4,907 |
Dilutive effect - share-based awards | 77 | 68 | 63 |
Diluted weighted-average common shares outstanding | 4,997 | 4,999 | 4,970 |
Earnings per common share | |||
Basic | $ 12.87 | $ 11.03 | $ 7.28 |
Diluted | $ 12.68 | $ 10.88 | $ 7.19 |
Computation of Earnings Per S_4
Computation of Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from calculation of earnings per share | 0 | 31,500 | 13,000 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-lived intangible assets | |||
Gross Carrying Amount | $ 34,247 | $ 33,531 | |
Accumulated Amortization | (21,266) | (19,449) | |
Indefinite-lived intangible assets Goodwill | 29,497 | 28,004 | $ 28,194 |
Patents [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 4,806 | 4,806 | |
Accumulated Amortization | (4,806) | (4,806) | |
Land Use Rights [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 1,109 | 1,175 | |
Accumulated Amortization | (307) | (414) | |
Trademark [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 1,988 | 1,963 | |
Accumulated Amortization | (1,682) | (1,576) | |
Technology [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 7,104 | 6,950 | |
Accumulated Amortization | (3,738) | (3,189) | |
Customer Relationships [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 19,240 | 18,637 | |
Accumulated Amortization | $ (10,733) | $ (9,464) |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 1,800,000 | $ 2,200,000 | $ 1,900,000 | |
2024 | 1,800,000 | |||
2025 | 1,600,000 | |||
2026 | 1,500,000 | |||
2027 | 1,500,000 | |||
2028 | $ 1,500,000 | |||
Remaining amortization period | 11 years 9 months 18 days | |||
Goodwill | $ 29,497,000 | 28,004,000 | 28,194,000 | |
Goodwill impairment | $ 0 | 6,529,000 | 0 | |
Land Use Rights [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 52 years 9 months 18 days | |||
Trademark [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 14 years 3 months 18 days | |||
Technology [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 7 years 1 month 6 days | |||
Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 9 years 9 months 18 days | |||
Minimum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization period of intangible assets | 2 years | |||
Minimum [Member] | Actual [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization period of intangible assets | 1 year | |||
Maximum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization period of intangible assets | 99 years | |||
Maximum [Member] | Actual [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization period of intangible assets | 67 years | |||
Asia-Pacific [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 0 | 0 | $ 7,311,000 | |
Goodwill impairment | $ 6,500,000 | 0 | $ 6,529,000 | |
USA, The Americas and EMEA [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 29,500,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||||
Beginning Balance | $ 28,194,000 | $ 28,004,000 | $ 28,194,000 | |
Acquisitions | 387,000 | 7,523,000 | ||
Impairments | 0 | (6,529,000) | $ 0 | |
Currency translation | 1,106,000 | (1,184,000) | ||
Ending Balance | 29,497,000 | 28,004,000 | 28,194,000 | |
USA [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 3,078,000 | 3,078,000 | 3,078,000 | |
Acquisitions | 0 | 0 | ||
Impairments | 0 | |||
Currency translation | 0 | 0 | ||
Ending Balance | 3,078,000 | 3,078,000 | 3,078,000 | |
The Americas [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 4,244,000 | 9,597,000 | 4,244,000 | |
Acquisitions | 387,000 | 5,068,000 | ||
Impairments | 0 | |||
Currency translation | 598,000 | 285,000 | ||
Ending Balance | 10,582,000 | 9,597,000 | 4,244,000 | |
EMEA [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 13,561,000 | 15,329,000 | 13,561,000 | |
Acquisitions | 0 | 2,455,000 | ||
Impairments | 0 | |||
Currency translation | 508,000 | (687,000) | ||
Ending Balance | 15,837,000 | 15,329,000 | 13,561,000 | |
Asia-Pacific [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 7,311,000 | 0 | 7,311,000 | |
Acquisitions | 0 | 0 | ||
Impairments | $ (6,500,000) | 0 | (6,529,000) | |
Currency translation | 0 | (782,000) | ||
Ending Balance | $ 0 | $ 0 | $ 7,311,000 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Summary of Assets and Liabilities Recorded and Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | $ 158 | $ 548 |
Total Assets | 158 | 548 |
Foreign currency forward contracts | 0 | 81 |
Supplemental profit sharing plan | 8,222 | 7,299 |
Total Liabilities | 8,222 | 7,380 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 0 | 0 |
Total Assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Supplemental profit sharing plan | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 158 | 548 |
Total Assets | 158 | 548 |
Foreign currency forward contracts | 0 | 81 |
Supplemental profit sharing plan | 8,222 | 7,299 |
Total Liabilities | 8,222 | 7,380 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 0 | 0 |
Total Assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Supplemental profit sharing plan | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts Maturity Period | 90 days | |
Foreign currency transaction net losses | $ (700) | $ (100) |
Supplemental profit sharing plan | 8,222 | 7,299 |
Profit Sharing Plan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Supplemental profit sharing plan | $ 8,200 | $ 7,300 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Long-term debt and related current maturities, Fair Value | $ 51,786 | $ 68,054 |
Long-term debt and related current maturities, Carrying Value | $ 55,282 | $ 71,438 |
Revenue - Revenues Disaggregate
Revenue - Revenues Disaggregated by Segment and Product Type (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100% | 100% |
Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 64% | 59% |
Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 29% | 33% |
Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 7% | 8% |
PLP-USA [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100% | 100% |
PLP-USA [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 63% | 53% |
PLP-USA [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 33% | 43% |
PLP-USA [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 4% | 4% |
The Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100% | 100% |
The Americas [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 74% | 70% |
The Americas [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 24% | 28% |
The Americas [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 2% | 2% |
EMEA [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100% | 100% |
EMEA [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 52% | 62% |
EMEA [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 44% | 28% |
EMEA [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 4% | 10% |
Asia-Pacific [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100% | 100% |
Asia-Pacific [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 73% | 73% |
Asia-Pacific [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 3% | 2% |
Asia-Pacific [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 24% | 25% |
Revenue - Schedule of Change in
Revenue - Schedule of Change in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Allowance for credit losses, beginning of period | $ 5,021 | $ 3,091 | $ 2,848 |
Additions charged to costs and expenses | 3,250 | 2,108 | 931 |
Write-offs | (218) | (122) | (435) |
Foreign exchange and other | 207 | (56) | (253) |
Allowance for credit losses, end of period | $ 8,260 | $ 5,021 | $ 3,091 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Customer Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of reportable segment | Segment | 4 | ||
Number of major customers accounted for revenue | Customer | 1 | ||
Net sales | $ | $ 669,679 | $ 637,021 | $ 517,417 |
Revenue [Member] | Customer Concentration Risk [Member] | USA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Customer concentration risk percentage | 11.60% |
Segment Information - Summary o
Segment Information - Summary of Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | |||
Net sales | $ 669,679 | $ 637,021 | $ 517,417 |
Interest income | |||
Interest income | 1,811 | 631 | 169 |
Interest expense | |||
Interest expense | (3,905) | (3,214) | (2,023) |
Income taxes | |||
Income taxes | 19,007 | 19,305 | 13,175 |
Net income attributable to Preformed Line Products Company shareholders | |||
Net income attributable to Preformed Line Products Company shareholders | 63,332 | 54,395 | 35,729 |
Expenditure for long-lived assets | |||
Expenditure for long-lived assets | 35,332 | 40,598 | 18,384 |
Depreciation and amortization | |||
Depreciation and amortization | 18,914 | 16,430 | 15,564 |
Identifiable assets | |||
Identifiable assets | 603,151 | 568,479 | |
Long-lived assets | |||
Long-lived assets | 207,892 | 175,011 | |
PLP-USA [Member] | |||
Net sales | |||
Net sales | 378,563 | 366,819 | 257,602 |
Interest income | |||
Interest income | 0 | 0 | 0 |
Interest expense | |||
Interest expense | (1,991) | (1,138) | (665) |
Income taxes | |||
Income taxes | 12,342 | 15,285 | 8,185 |
Net income attributable to Preformed Line Products Company shareholders | |||
Net income attributable to Preformed Line Products Company shareholders | 45,392 | 45,194 | 24,384 |
Expenditure for long-lived assets | |||
Expenditure for long-lived assets | 25,317 | 31,012 | 12,750 |
Depreciation and amortization | |||
Depreciation and amortization | 9,270 | 7,104 | 6,195 |
Identifiable assets | |||
Identifiable assets | 256,508 | 229,751 | |
Long-lived assets | |||
Long-lived assets | 125,035 | 95,673 | |
The Americas [Member] | |||
Net sales | |||
Net sales | 86,059 | 85,200 | 70,732 |
Interest income | |||
Interest income | 1,615 | 534 | 138 |
Interest expense | |||
Interest expense | (255) | (678) | (368) |
Income taxes | |||
Income taxes | 3,022 | 3,218 | 3,250 |
Net income attributable to Preformed Line Products Company shareholders | |||
Net income attributable to Preformed Line Products Company shareholders | 5,755 | 11,420 | 8,351 |
Expenditure for long-lived assets | |||
Expenditure for long-lived assets | 4,861 | 3,702 | 1,289 |
Depreciation and amortization | |||
Depreciation and amortization | 2,702 | 2,452 | 1,855 |
Identifiable assets | |||
Identifiable assets | 111,056 | 108,560 | |
Long-lived assets | |||
Long-lived assets | 24,618 | 20,539 | |
EMEA [Member] | |||
Net sales | |||
Net sales | 102,130 | 96,126 | 95,922 |
Interest income | |||
Interest income | 125 | 82 | 4 |
Interest expense | |||
Interest expense | (899) | (664) | (309) |
Income taxes | |||
Income taxes | 1,670 | 1,918 | 1,492 |
Net income attributable to Preformed Line Products Company shareholders | |||
Net income attributable to Preformed Line Products Company shareholders | 5,796 | 1,379 | 3,715 |
Expenditure for long-lived assets | |||
Expenditure for long-lived assets | 2,849 | 2,247 | 2,785 |
Depreciation and amortization | |||
Depreciation and amortization | 3,493 | 3,354 | 3,146 |
Identifiable assets | |||
Identifiable assets | 119,741 | 118,805 | |
Long-lived assets | |||
Long-lived assets | 20,780 | 19,764 | |
Asia-Pacific [Member] | |||
Net sales | |||
Net sales | 102,927 | 88,876 | 93,161 |
Interest income | |||
Interest income | 71 | 15 | 27 |
Interest expense | |||
Interest expense | (760) | (734) | (681) |
Income taxes | |||
Income taxes | 1,973 | (1,116) | 248 |
Net income attributable to Preformed Line Products Company shareholders | |||
Net income attributable to Preformed Line Products Company shareholders | 6,389 | (3,598) | (721) |
Expenditure for long-lived assets | |||
Expenditure for long-lived assets | 2,305 | 3,637 | 1,560 |
Depreciation and amortization | |||
Depreciation and amortization | 3,449 | 3,520 | 4,368 |
Identifiable assets | |||
Identifiable assets | 115,846 | 111,363 | |
Long-lived assets | |||
Long-lived assets | 37,459 | 39,035 | |
Intersegment Eliminations [Member] | |||
Net sales | |||
Net sales | 57,976 | 63,928 | 40,056 |
Intersegment Eliminations [Member] | PLP-USA [Member] | |||
Net sales | |||
Net sales | 9,350 | 9,081 | 6,176 |
Intersegment Eliminations [Member] | The Americas [Member] | |||
Net sales | |||
Net sales | 16,345 | 17,915 | 9,486 |
Intersegment Eliminations [Member] | EMEA [Member] | |||
Net sales | |||
Net sales | 8,531 | 3,280 | 2,784 |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | |||
Net sales | |||
Net sales | $ 23,750 | $ 33,652 | $ 21,610 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Employee | Dec. 31, 2022 USD ($) Employee | Dec. 31, 2021 USD ($) Employee | |
Related Party Transaction [Line Items] | |||
Loan amount due | $ 55,282 | $ 71,438 | |
Czech Republic Subsidiary [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction lease expenses paid | $ 300 | $ 300 | $ 300 |
Related party transaction lease expiration term | 10 years | 10 years | 10 years |
Number of employees | Employee | 2 | 2 | 2 |
Baker & Hostetler LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Legal fees | $ 200 | $ 100 | $ 100 |
Mr. Sunkle [Member] | |||
Related Party Transaction [Line Items] | |||
Consulting agreement expiration date | Dec. 31, 2025 |
Acquisitions of Businesses - Ad
Acquisitions of Businesses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Feb. 01, 2023 | Oct. 03, 2022 | Mar. 01, 2022 | Jan. 04, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 29,497 | $ 28,004 | $ 28,194 | ||||
Other intangible assets | 12,981 | 14,082 | |||||
Net sales | 669,679 | 637,021 | 517,417 | ||||
Other non-current liabilities | $ 1,100 | ||||||
PLP-USA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net sales | 378,563 | 366,819 | 257,602 | ||||
The Americas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 10,582 | 9,597 | 4,244 | ||||
Net sales | 86,059 | 85,200 | 70,732 | ||||
EMEA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 15,837 | 15,329 | 13,561 | ||||
Net sales | 102,130 | $ 96,126 | $ 95,922 | ||||
Maxxweld [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash received | $ 11,200 | ||||||
Purchase price holdback amount | 1,800 | ||||||
Fair value of identifiable net assets acquired | 6,142 | ||||||
Goodwill | 5,100 | 5,068 | |||||
Other intangible assets | 4,400 | ||||||
Maxxweld [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preliminary estimated fair value of intangible assets | $ 4,000 | ||||||
Estimated useful life | 15 years | ||||||
Maxxweld [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preliminary estimated fair value of intangible assets | $ 200 | ||||||
Estimated useful life | 20 years | ||||||
Maxxweld [Member] | Backlogs [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preliminary estimated fair value of intangible assets | $ 200 | ||||||
Estimated useful life | 1 year | ||||||
Holplast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash received | 5,300 | ||||||
Purchase price holdback amount | $ 800 | ||||||
Fair value of identifiable net assets acquired | 2,812 | ||||||
Goodwill | $ 2,475 | ||||||
Interest rate | 3.21% | ||||||
Goodwill not deductible for tax purposes | $ 2,500 | ||||||
Holplast [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Debt expiring month and year | 2030-12 | ||||||
Holplast [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Debt expiring month and year | 2023-05 | ||||||
Delta Conectores, S.A. de C.V. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash received | $ 3,300 | ||||||
Purchase price holdback amount | 600 | ||||||
Fair value of identifiable net assets acquired | 2,900 | ||||||
Goodwill | $ 400 | ||||||
Pilot Plastics [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash received | $ 13,800 | ||||||
Purchase price holdback amount | 1,700 | ||||||
Fair value of identifiable net assets acquired | $ 13,813 | ||||||
Pilot Plastics [Member] | PLP-USA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net sales | $ 6,700 |
Acquisitions of Businesses - Sc
Acquisitions of Businesses - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 04, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 29,497 | $ 28,004 | $ 28,194 | |
Pilot Plastics [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 970 | |||
Inventory | 585 | |||
Property, plant and equipment and other assets | 13,628 | |||
Accounts payable | (1,299) | |||
Other current liabilities | (71) | |||
Total identifiable net assets | 13,813 | |||
Total consideration, net of cash received | 13,813 | |||
Maxxweld [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 2,132 | |||
Inventory | 1,367 | |||
Prepaid expenses and other current assets | 41 | |||
Property, plant and equipment and other assets | 725 | |||
Other intangible assets | 4,359 | |||
Accounts payable | (599) | |||
Other current liabilities | (322) | |||
Other non-current liabilities | (1,561) | |||
Total identifiable net assets | 6,142 | |||
Goodwill | 5,068 | $ 5,100 | ||
Total consideration, net of cash received | 11,210 | |||
Holplast [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 907 | |||
Accounts receivable | 452 | |||
Inventory | 308 | |||
Prepaid expenses and other current assets | 7 | |||
Property, plant and equipment and other assets | 2,981 | |||
Accounts payable | (296) | |||
Other current liabilities | (95) | |||
Other non-current liabilities | (1,452) | |||
Total identifiable net assets | 2,812 | |||
Goodwill | 2,475 | |||
Total consideration, net of cash received | $ 5,287 |
Exit of Russian Operations - Ad
Exit of Russian Operations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Net sales | $ 669,679 | $ 637,021 | $ 517,417 |
Russia | |||
Restructuring Cost and Reserve [Line Items] | |||
Net sales | 300 | $ 1,000 | |
Net charges | $ 1,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Credit Losses [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 5,021 | $ 3,091 | $ 2,848 |
Additions charged to costs and expenses | 3,250 | 2,108 | 931 |
Deductions | (218) | (122) | (435) |
Other additions or deductions | 207 | (56) | (253) |
Balance at end of period | 8,260 | 5,021 | 3,091 |
Reserve for Credit Memos [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 579 | 653 | 616 |
Additions charged to costs and expenses | 476 | 92 | 1,964 |
Deductions | (310) | (161) | (1,918) |
Other additions or deductions | 1 | (5) | (9) |
Balance at end of period | 746 | 579 | 653 |
Slow-Moving and Obsolete Inventory Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 10,835 | 10,636 | 9,900 |
Additions charged to costs and expenses | 9,950 | 4,001 | 3,052 |
Deductions | (3,427) | (3,813) | (2,488) |
Other additions or deductions | 221 | 11 | 172 |
Balance at end of period | 17,579 | 10,835 | 10,636 |
Accrued Product Warranty [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,111 | 1,635 | 1,282 |
Additions charged to costs and expenses | 213 | 372 | 934 |
Deductions | (70) | (931) | (553) |
Other additions or deductions | 24 | 35 | (28) |
Balance at end of period | 1,278 | 1,111 | 1,635 |
Foreign Net Operating Loss Tax Carryforwards [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,722 | 3,550 | 2,912 |
Additions charged to costs and expenses | 367 | 1,812 | 1,935 |
Deductions | (466) | (2,169) | (1,297) |
Other additions or deductions | (683) | (471) | 0 |
Balance at end of period | $ 1,940 | $ 2,722 | $ 3,550 |