Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PLPC | |
Entity Registrant Name | PREFORMED LINE PRODUCTS CO | |
Entity Central Index Key | 80,035 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,159,075 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 28,143 | $ 30,393 |
Accounts receivable, less allowances of $2,485 ($2,326 in 2015) | 65,060 | 63,626 |
Inventories - net | 72,139 | 69,912 |
Prepaids | 4,686 | 4,030 |
Prepaid taxes | 6,394 | 5,585 |
Other current assets | 6,209 | 6,343 |
TOTAL CURRENT ASSETS | 182,631 | 179,889 |
Property, plant and equipment - net | 107,235 | 91,965 |
Patents and other intangibles - net | 11,400 | 11,288 |
Goodwill | 16,282 | 15,821 |
Deferred income taxes | 13,642 | 12,704 |
Other assets | 11,055 | 11,703 |
TOTAL ASSETS | 342,245 | 323,370 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable to banks | 826 | 413 |
Current portion of long-term debt | 1,564 | 110 |
Trade accounts payable | 20,677 | 20,377 |
Accrued compensation and amounts withheld from employees | 11,338 | 9,306 |
Accrued expenses and other liabilities | 13,990 | 13,334 |
Accrued profit -sharing and other benefits | 4,028 | 5,648 |
Dividends payable | 1,059 | 1,057 |
Income taxes payable | 907 | 1,423 |
TOTAL CURRENT LIABILITIES | 54,389 | 51,668 |
Long-term debt, less current portion | 44,593 | 31,754 |
Unfunded pension obligation | 11,567 | 11,627 |
Income taxes payable | 200 | 195 |
Deferred income taxes | 2,529 | 2,467 |
Other noncurrent liabilities | 5,950 | 6,675 |
Shareholders' equity: | ||
Common shares - $2 par value per share, 15,000,000 shares authorized, 5,170,214 and 5,221,062 issued and outstanding, at June 30, 2016 and December 31, 2015, respectively | 12,484 | 12,478 |
Common shares issued to rabbi trust, 296,817 and 296,635 shares at June 30, 2016 and December 31, 2015, respectively | (12,034) | (12,052) |
Deferred compensation liability | 12,034 | 12,052 |
Paid-in capital | 23,536 | 22,916 |
Retained earnings | 295,618 | 292,311 |
Treasury shares, at cost, 1,071,589 and 1,018,013 shares at June 30, 2016 and December 31, 2015, respectively | (56,635) | (54,570) |
Accumulated other comprehensive loss | (51,986) | (54,151) |
TOTAL SHAREHOLDERS' EQUITY | 223,017 | 218,984 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 342,245 | $ 323,370 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, less allowances | $ 2,485 | $ 2,326 |
Common stock, par value | $ 2 | $ 2 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,170,214 | 5,221,062 |
Common stock, shares outstanding | 5,170,214 | 5,221,062 |
Common stock, shares issued to rabbi trust | 296,817 | 296,635 |
Treasury stock shares | 1,071,589 | 1,018,013 |
Statements of Consolidated Oper
Statements of Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 83,220 | $ 87,869 | $ 161,903 | $ 173,659 |
Cost of products sold | 56,414 | 61,425 | 110,807 | 122,455 |
GROSS PROFIT | 26,806 | 26,444 | 51,096 | 51,204 |
Costs and expenses | ||||
Selling | 8,183 | 7,752 | 15,814 | 14,960 |
General and administrative | 10,962 | 9,391 | 21,049 | 19,577 |
Research and engineering | 3,609 | 3,864 | 7,347 | 7,585 |
Other operating (income) expense - net | (27) | 252 | (880) | 3,983 |
Total costs and expenses | 22,727 | 21,259 | 43,330 | 46,105 |
OPERATING INCOME | 4,079 | 5,185 | 7,766 | 5,099 |
Other income (expense) | ||||
Interest income | 68 | 112 | 143 | 214 |
Interest expense | (166) | (149) | (324) | (282) |
Other expense - net | (208) | (682) | (156) | (625) |
Total other income (expense) | (306) | (719) | (337) | (693) |
INCOME BEFORE INCOME TAXES | 3,773 | 4,466 | 7,429 | 4,406 |
Income taxes | 1,018 | 786 | 2,016 | 982 |
NET INCOME | $ 2,755 | $ 3,680 | $ 5,413 | $ 3,424 |
BASIC EARNINGS PER SHARE | ||||
Net income | $ 0.53 | $ 0.68 | $ 1.04 | $ 0.63 |
DILUTED EARNINGS PER SHARE | ||||
Net income | 0.53 | 0.68 | 1.04 | 0.63 |
Cash dividends declared per share | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Weighted-average number of shares outstanding - basic | 5,186 | 5,392 | 5,198 | 5,394 |
Weighted-average number of shares outstanding - diluted | 5,208 | 5,393 | 5,218 | 5,396 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 2,755 | $ 3,680 | $ 5,413 | $ 3,424 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustment | (1,855) | (431) | 2,012 | (9,045) |
Recognized net actuarial loss (net of tax provision of $46 and $52 for the three months ended June 30, 2016 and 2015, respectively, and net provision $92 and $104 for the six months ended June 30, 2016 and 2015, respectively) | 76 | 88 | 153 | 174 |
Other comprehensive income (loss), net of tax | (1,779) | (343) | 2,165 | (8,871) |
Comprehensive income (loss) | $ 976 | $ 3,337 | $ 7,578 | $ (5,447) |
Statements of Consolidated Com6
Statements of Consolidated Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net of tax provision on recognized net actuarial loss | $ 46 | $ 52 | $ 92 | $ 104 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 5,413 | $ 3,424 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | ||
Depreciation and amortization | 5,602 | 6,196 |
Provision for accounts receivable allowances | 132 | 320 |
Provision for inventory reserves | 864 | 784 |
Deferred income taxes | (815) | (1,109) |
Share-based compensation expense | 506 | 436 |
Excess tax benefits from share-based awards | (8) | (20) |
Other - net | 412 | 96 |
Changes in operating assets and liabilities | ||
Accounts receivable | 116 | 2,648 |
Inventories | (1,585) | (2,043) |
Trade accounts payable and accrued liabilities | 887 | 2,699 |
Income taxes payable | (1,695) | (2,883) |
Other - net | 207 | (2,892) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 10,036 | 7,656 |
INVESTING ACTIVITIES | ||
Capital expenditures | (19,677) | (4,640) |
Proceeds from the sale of property and equipment | 61 | 526 |
Restricted cash and purchase of fixed-term deposits | (1,314) | (1,195) |
NET CASH USED IN INVESTING ACTIVITIES | (20,930) | (5,309) |
FINANCING ACTIVITIES | ||
Increase in notes payable to banks | 337 | 883 |
Proceeds from the issuance of long-term debt | 43,132 | 26,623 |
Payments of long-term debt | (28,862) | (27,608) |
Dividends paid | (2,102) | (2,331) |
Excess tax benefits from share-based awards | 8 | 20 |
Proceeds from issuance of common shares | 110 | 60 |
Purchase of common shares for treasury | (2,032) | (204) |
Purchase of common shares for treasury from related parties | (33) | (140) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 10,558 | (2,697) |
Effects of exchange rate changes on cash and cash equivalents | (1,914) | 1,437 |
Net increase in cash and cash equivalents | (2,250) | 1,087 |
Cash and cash equivalents at beginning of year | 30,393 | 29,643 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 28,143 | $ 30,730 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE A – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States of America (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2016. The Consolidated Balance Sheet at December 31, 2015 has been derived from the audited consolidated financial statements, but does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes to consolidated financial statements included in the Company’s 2015 Annual Report on Form 10-K filed on March 11, 2016 with the Securities and Exchange Commission. Reclassifications Certain prior period amounts have been reclassified to conform to current year presentation, as discussed in Note K segment information. |
Other Financial Statement Infor
Other Financial Statement Information | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Statement Information | NOTE B – OTHER FINANCIAL STATEMENT INFORMATION Inventories – net June 30, December 31, 2016 2015 Finished products $ 35,442 $ 37,812 Work-in-process 8,003 6,902 Raw materials 37,691 34,854 81,136 79,568 Excess of current cost over LIFO cost (3,402 ) (3,538 ) Noncurrent portion of inventory (5,595 ) (6,118 ) $ 72,139 $ 69,912 Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $27.9 million at June 30, 2016 and $26.8 million at December 31, 2015. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three and six months ended June 30, 2016, the net change in LIFO inventories resulted in a $.5 million and $.1 million benefit to Income before income taxes, respectively. During the three and six months ended June 30, 2015, the net change in LIFO inventories resulted in a $.1 million charge to Income before income taxes and less than $.1 million benefit to Income before income taxes, respectively. Noncurrent inventory is included in Other assets on the Consolidated Balance Sheets. Property, plant and equipment - net Major classes of Property, plant and equipment are stated at cost and were as follows: June 30, December 31, 2016 2015 Land and improvements $ 12,860 $ 12,260 Buildings and improvements 72,307 71,711 Machinery and equipment 157,009 137,599 Construction in progress 4,088 3,369 246,264 224,939 Less accumulated depreciation 139,029 132,974 $ 107,235 $ 91,965 Legal proceedings From time to time, the Company may be subject to litigation incidental to its business. The Company is not a party to any 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 flows. |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans | NOTE C – PENSION PLANS The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “Plan”). Net periodic benefit cost for this plan included the following components: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Service cost $ 55 $ 27 $ 110 $ 54 Interest cost 364 358 729 716 Expected return on plan assets (449 ) (465 ) (899 ) (930 ) Recognized net actuarial loss 123 139 246 278 Net periodic benefit cost $ 93 $ 59 $ 186 $ 118 No contributions were made to the Plan during the six months ended June 30, 2016. The Company does not anticipate contributing to the Plan in 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | NOTE D – ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”) The following tables set forth the total changes in AOCI by component, net of tax: Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Defined benefit Currency Defined benefit Currency pension plan Translation pension plan Translation activity Adjustment Total activity Adjustment Total Balance at April 1 $ (6,158 ) $ (44,049 ) $ (50,207 ) $ (6,921 ) $ (36,741 ) $ (43,662 ) Other comprehensive income (loss) before reclassifications: Loss on foreign currency translation adjustment 0 (1,855 ) (1,855 ) 0 (431 ) (431 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial loss (a) 76 0 76 88 0 88 Net current period other comprehensive income (loss) 76 (1,855 ) (1,779 ) 88 (431 ) (343 ) Balance at June 30 $ (6,082 ) $ (45,904 ) $ (51,986 ) $ (6,833 ) $ (37,172 ) $ (44,005 ) Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Defined benefit Currency Defined benefit Currency pension plan Translation pension plan Translation activity Adjustment Total activity Adjustment Total Balance at January 1 $ (6,235 ) $ (47,916 ) $ (54,151 ) $ (7,007 ) $ (28,127 ) $ (35,134 ) Other comprehensive income before reclassifications: Gain (loss) on foreign currency translation adjustment 0 2,012 2,012 0 (9,045 ) (9,045 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial loss (a) 153 0 153 174 0 174 Net current period other comprehensive income (loss) 153 2,012 2,165 174 (9,045 ) (8,871 ) Balance at June 30 $ (6,082 ) $ (45,904 ) $ (51,986 ) $ (6,833 ) $ (37,172 ) $ (44,005 ) (a) This AOCI component is included in the computation of net periodic pension costs. |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | NOTE E – 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 stock that was outstanding during the periods presented. The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Numerator Net income $ 2,755 $ 3,680 $ 5,413 $ 3,424 Denominator Determination of shares Weighted-average common shares outstanding 5,186 5,392 5,198 5,394 Dilutive effect - share-based awards 22 1 20 2 Diluted weighted-average common shares outstanding 5,208 5,393 5,218 5,396 Earnings per common share Basic $ 0.53 $ 0.68 $ 1.04 $ 0.63 Diluted $ 0.53 $ 0.68 $ 1.04 $ 0.63 For the three and six months ended June 30, 2016, 60,350 and 61,800 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the three and six months ended June 30, 2015, 53,100 and 51,650 stock options, respectively, were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive. For the three and six months ended June 30, 2016, there were no restricted share units excluded from the calculation of diluted earnings per share. For the three and six months ended June 30, 2015, 16,486 and 14,641 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the settlement in common shares would have been anti-dilutive. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | NOTE F – GOODWILL AND OTHER INTANGIBLES The Company’s finite and indefinite-lived intangible assets consist of the following: June 30, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Finite-lived intangible assets Patents $ 4,818 $ (4,802 ) $ 4,815 $ (4,799 ) Land use rights 1,125 (179 ) 1,155 (173 ) Trademarks 1,758 (976 ) 1,713 (899 ) Technology 3,130 (968 ) 3,021 (860 ) Customer relationships 12,390 (4,896 ) 11,816 (4,501 ) $ 23,221 $ (11,821 ) $ 22,520 $ (11,232 ) Indefinite-lived intangible assets Goodwill $ 16,282 $ 15,821 The aggregate amortization expense for other intangibles with finite lives for the three and six months ended June 30, 2016 was $.2 million and $.5 million, respectively. The aggregate amortization expense for the other intangibles with finite lives for the three and six months ended June 30, 2015 was $.3 million and $.6 million, respectively. Amortization expense is estimated to be $.6 million for the remaining period of 2016, $1.0 million annually for 2017, 2018 and 2019 and $.9 million for 2020. The weighted-average remaining amortization period is approximately 17.7 years. The weighted-average remaining amortization period by intangible asset class is as follows: patents, 9.5 years; land use rights, 58.6 years; trademarks, 9.8 years; technology, 15.4 years; and customer relationships, 13.3 years. The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs its annual impairment test for goodwill utilizing a discounted cash flow methodology, market comparables, and an overall market capitalization reasonableness test 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. Based on the assumptions as to growth, discount rates and the weighting used for each respective valuation methodology, results of the valuations could be significantly different. However, the Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units. The Company’s only intangible asset with an indefinite life is goodwill. The changes in the carrying amount of goodwill, by segment, for the six months ended June 30, 2016, are as follows: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2016 $ 3,078 $ 3,918 $ 1,301 $ 7,524 $ 15,821 Currency translation 0 259 (13 ) 215 461 Balance at June 30, 2016 $ 3,078 $ 4,177 $ 1,288 $ 7,739 $ 16,282 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | NOTE G – SHARE-BASED COMPENSATION The 1999 Stock Option Plan Activity in the Company’s 1999 Stock Option Plan for the six months ended June 30, 2016 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2016 12,000 $ 41.44 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at June 30, 2016 12,000 $ 41.44 1.3 $ 33 There were no stock options exercised during the six months ended June 30, 2016 or 2015. The Company recorded no compensation expense related to stock options for the six months ended June 30, 2016 and 2015 as all options were fully vested. Long Term Incentive Plan of 2008 and 2016 Incentive Plan The Company maintains an equity award program to give 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. Under the Preformed Line Products Company Long Term Incentive Plan of 2008 (the “LTIP”), certain employees, officers, and directors were eligible to receive awards of options, restricted shares and restricted share units (RSUs). The total number of Company common shares reserved for awards under the LTIP was 900,000, of which 800,000 common shares were reserved for RSUs and 100,000 common shares have been reserved for share options. The LTIP was terminated and replaced with the Preformed Line Products Company 2016 Incentive Plan (the “Incentive Plan”) in May 2016 upon approval by the Company’s Shareholders at the 2016 Annual Meeting of Shareholders on May 10, 2016. No further awards will be made under the LTIP and previously granted awards remain outstanding in accordance with their terms. Under the Incentive Plan, certain employees, officers, and directors will be eligible to receive awards of options, restricted shares and RSUs. The total number of Company common shares reserved for awards under the Incentive Plan is 1,000,000. Of the 1,000,000 common shares, 900,000 common shares have been reserved for restricted share awards and 100,000 common shares have been reserved for share options. As of June 30, 2016, no options or restricted shares 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 three-year 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 three-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. The Company currently estimates that no time-based RSUs will be forfeited. Dividends declared are accrued in cash. A summary of the RSUs outstanding under the LTIP for the six months ended June 30, 2016 is as follows: Restricted Share Units Performance Total Weighted-Average and Service Service Restricted Grant-Date Required Required Share Units Fair Value Nonvested as of January 1, 2016 91,603 10,872 102,475 $ 53.88 Granted 79,241 9,901 89,142 33.73 Vested 0 0 0 0.00 Forfeited 0 0 0 0.00 Nonvested as of June 30, 2016 170,844 20,773 191,617 $ 44.51 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. Compensation expense related to the time-based RSUs for the three and six months ended June 30, 2016 was $.1 million and $.2 million, respectively. Compensation expense related to the time-based RSUs for the three and six months ended June 30, 2015 was $.1 million and $.2 million, respectively. As of June 30, 2016, there was $.5 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 2 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 criterions are satisfied under the LTIP, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the three and six months ended June 30, 2016 was $.1 million and $.3 million, respectively. During the three and six months ended June 30, 2016, a $.3 million and $.3 million reduction in performance-based compensation expense was recorded related to the 2015 performance-based RSU grant, due to changes in estimates for growth in sales and operating income. Performance-based compensation expense for the three months ended June 30, 2015 was income of $.2 million. Performance-based compensation expense for the six months ended June 30, 2015 was expense of $.2 million. During the three and six months ended June 30, 2015, a $.5 million and $.1 million reduction, respectively, in performance-based compensation expense was recorded related to the 2013 performance-based RSU grant, due to changes in estimates for growth in sales. During the three and six months ended June 30, 2015, a $.4 million and $.6 million reduction, respectively, in performance-based compensation expense was recorded related to the 2014 performance-based RSU grant, due to changes in estimates for growth in sales and pre-tax income. As of June 30, 2016, the remaining performance-based RSUs compensation expense of $2.6 million is expected to be recognized over a period of approximately 2.4 years. The excess tax benefits from time and performance-based RSUs for the six months ended June 30, 2016 and 2015, was less than $.1 million for each period, as reported on the Statements of Consolidated Cash Flows in financing activities, and 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 RSUs vested in the current period. In the event of a Change in Control (as defined in the LTIP), vesting of the RSUs will be accelerated and all restrictions will lapse. Unvested performance-based awards are based on a maximum 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 RSU awards, 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. Share Option Awards The LTIP plan permitted 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 LTIP 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 for the six months ended June 30, 2016 and 2015, respectively. Activity in the Company’s LTIP plan for six months ended June 30, 2016 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2016 56,250 $ 55.30 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited (3,000 ) $ 71.62 Outstanding (vested and expected to vest) at June 30, 2016 53,250 $ 54.38 6.3 $ 5 Exercisable at June 30, 2016 30,500 $ 58.24 7 $ 0 For the three and six months ended June 30, 2016, the Company recorded compensation expense related to the stock options currently vesting of less than $.1 million and $.1 million, respectively. For the three and six months ended June 30, 2015, the Company recorded compensation expense related to the stock options currently vesting of less than $.1 million and $.1 million, respectively. The total compensation cost related to nonvested awards not yet recognized at June 30, 2016 is expected to be $.2 million over a weighted-average period of approximately 1.6 years. 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 LTIP 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 June 30, 2016, 296,817 shares have been deferred and are being held by the rabbi trust. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | NOTE H – FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The carrying value of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable, notes payable, and short-term debt, approximates its fair value because of the short-term maturity of these instruments. At June 30, 2016, the fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements which are considered to be Level 2 inputs. There have been no transfers in or out of Level 2 for the six months ended June 30, 2016. Based on the analysis performed, the carrying value of the Company’s long-term debt approximates fair value at June 30, 2016 and December 31, 2015. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Pronouncements | NOTE I – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, “Income Taxes - Balance Sheet Classification of Deferred Taxes” which requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. Prior to the issuance of the standard, deferred tax liabilities and assets were required to be separately classified into a current amount and a noncurrent amount in the balance sheet. The new accounting guidance represents a change in accounting principle and the standard is required to be adopted in annual periods beginning after December 15, 2016. Early adoption is permitted and the Company elected to early adopt this guidance as of March 31, 2016 and to apply the guidance retrospectively to all periods presented. Accordingly, as of December 31, 2015, the Company reclassified the prior period amount of $8.6 million related to its deferred tax assets and $.2 million related to its deferred tax liabilities from current to noncurrent, resulting in an increase of $7.4 million to its noncurrent deferred tax assets and a decrease of $1.0 million to the noncurrent deferred income tax liabilities. Because the application of this guidance affects classification only, such reclassifications did not have a material effect on the Company’s consolidated financial position or results of its operations. |
New Accounting Standards to be
New Accounting Standards to be Adopted | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards to be Adopted | NOTE J – NEW ACCOUNTING STANDARDS TO BE ADOPTED In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 provides guidance in GAAP for the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company is required to adopt ASU 2016-09 for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this Update require the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update are effective for fiscal years beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. The amendments in this Update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 requires an entity to recognize revenue in a matter that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with cumulative effect of initially applying the update recognized at the date of initial application. In August 2015, the FASB issued ASU No. 2015-14 deferring the effective date of the amendment to annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE K – SEGMENT INFORMATION The following tables present a summary of the Company’s reportable segments for the three and six months ended June 30, 2016 and 2015. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. During the fourth quarter of 2015, the Company reconfigured a product line in The Americas segment and consolidated its manufacturing processes into the PLP-USA segment. As such, prior year amounts have been reclassified to conform to the current year presentation. Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Net sales PLP-USA $ 34,183 $ 38,283 $ 68,830 $ 72,413 The Americas 14,515 14,656 26,969 28,632 EMEA 14,660 12,811 28,578 27,007 Asia-Pacific 19,862 22,119 37,526 45,607 Total net sales $ 83,220 $ 87,869 $ 161,903 $ 173,659 Intersegment sales PLP-USA $ 1,965 $ 2,029 $ 4,178 $ 4,859 The Americas 1,274 1,321 2,566 2,696 EMEA 257 219 656 642 Asia-Pacific 2,311 2,042 4,059 3,934 Total intersegment sales $ 5,807 $ 5,611 $ 11,459 $ 12,131 Income taxes PLP-USA $ 126 $ 1,314 $ 106 $ 1,094 The Americas 694 222 1,240 134 EMEA 674 206 1,180 734 Asia-Pacific (476 ) (956 ) (510 ) (980 ) Total income taxes $ 1,018 $ 786 $ 2,016 $ 982 Net income (loss) PLP-USA $ (37 ) $ 2,796 $ (157 ) $ 1,560 The Americas 1,107 499 2,188 313 EMEA 1,933 570 3,632 2,369 Asia-Pacific (248 ) (185 ) (250 ) (818 ) Total net income (loss) $ 2,755 $ 3,680 $ 5,413 $ 3,424 June 30, December 31, 2016 2015 Assets PLP-USA $ 122,966 $ 106,854 The Americas 64,075 60,010 EMEA 52,788 50,755 Asia-Pacific 102,416 105,437 342,245 323,056 Corporate assets 0 314 Total assets $ 342,245 $ 323,370 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE L – INCOME TAXES The Company’s effective tax rate was 27% and 18% for the three months ended June 30, 2016 and 2015, respectively, and 27% and 22% for the six months ended June 30, 2016 and 2015, respectively. The lower effective tax rate for the three and six months ended June 30, 2016 compared to the U.S. federal statutory tax rate of 35% was primarily due to an increase in earnings in jurisdictions with lower tax rates than the U.S. federal statutory tax rate, where such earnings are permanently reinvested coupled with a $.4 million release of valuation allowance in the Asia Pacific region. The higher effective tax rate for the three and six months ended June 30, 2016 compared with the same periods for 2015 was primarily due to a favorable resolution of a foreign tax audit in the Asia Pacific region in 2015. As described in Note I, the Company elected to early adopt FASB guidance ASU 2015-17 “Income Taxes – Balance Sheet Classification of Deferred Taxes” as of March 31, 2016 and to apply the guidance retrospectively to all periods presented related to the classification of current and noncurrent deferred tax assets and liabilities. Accordingly, as of December 31, 2015, the Company reclassified the prior period amount of $8.6 million related to its deferred tax asset and $.2 million related to its deferred tax liability from current to noncurrent, resulting in an increase of $7.4 million to the Company’s noncurrent deferred tax asset and a decrease of $1.0 million to the noncurrent deferred income tax liability. The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. The Company recognized a $.4 million benefit for the three and six months ended June 30, 2016 due to the release of valuation allowance in the Asia Pacific Region. As of June 30, 2016, the Company had gross unrecognized tax benefits of approximately $.2 million with no significant changes during this period. The Company may decrease its unrecognized tax benefits by $.2 million within the next twelve months. |
Product Warranty Reserve
Product Warranty Reserve | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees [Abstract] | |
Product Warranty Reserve | NOTE M – PRODUCT WARRANTY RESERVE The Company records an accrual for estimated warranty costs to Costs of products sold in the Consolidated Statements of Operations. These amounts are recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company records and accounts for its warranty reserve based on specific claim incidents. Should the Company become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim information changes. The following is a rollforward of the product warranty reserve: Six Months Ended June 30 2016 2015 Beginning of period balance $ 714 $ 892 Additions charged to income 310 42 Warranty usage (28 ) (139 ) Currency translation (18 ) (44 ) End of period balance $ 978 $ 751 |
Charges Related to Restructurin
Charges Related to Restructuring Activities | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Charges Related to Restructuring Activities | NOTE N – CHARGES RELATED TO RESTRUCTURING ACTIVITIES During the year ended December 2015, the Company reconfigured one of its operations within its Asia Pacific segment by reducing its workforce and manufacturing facilities while outsourcing production predominantly to its locations with lower cost operations. This was done in response to a slowdown in economic activity in the region as well as continued downward market pressure on prices. Additionally, the Company reduced the number of personnel and facilities in the PLP-USA segment in response to downward market pressure on prices. Both of these actions reduced infrastructure and manufacturing costs. There was $.1 million and $.5 million of expense recognized in the six months ended June 30, 2016 and 2015, respectively, for these restructuring activities. The restructuring liability remaining at June 30, 2016 of $.6 million was recorded in Accrued expenses. A summary by reporting segment of the accruals recorded as a result of the restructuring is as follows: Severance Lease Other Total December 31, 2015 Balance PLP-USA $ 150 $ 304 $ 5 $ 459 Asia-Pacific 0 604 0 604 Total $ 150 $ 908 $ 5 $ 1,063 Charges PLP-USA 59 0 0 59 Asia-Pacific 0 0 0 0 Total 59 0 0 59 Payments and other adjustments PLP-USA (209 ) (205 ) (5 ) (419 ) Asia-Pacific 0 (91 ) 0 (91 ) Total (209 ) (296 ) (5 ) (510 ) June 30, 2016 Balance PLP-USA 0 99 0 99 Asia-Pacific 0 513 0 513 Total $ 0 $ 612 $ 0 $ 612 |
Debt Arrangements
Debt Arrangements | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Arrangements | NOTE O – DEBT ARRANGEMENTS At June 27, 2016, the Company borrowed $14.5 million at a fixed rate of 2.71%, due July 1, 2026 to finance the purchase of a Company aircraft. The loan is secured by the newly purchased aircraft and fees related to the new debt were immaterial and expensed as of June 30, 2016. The net worth and profitability requirements are calculated based on the line of credit agreement. At June 30, 2016, the Company was in compliance with these covenants. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to current year presentation, as discussed in Note K segment information. |
Other Financial Statement Inf24
Other Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Inventories - Net | Inventories – net June 30, December 31, 2016 2015 Finished products $ 35,442 $ 37,812 Work-in-process 8,003 6,902 Raw materials 37,691 34,854 81,136 79,568 Excess of current cost over LIFO cost (3,402 ) (3,538 ) Noncurrent portion of inventory (5,595 ) (6,118 ) $ 72,139 $ 69,912 |
Property, Plant and Equipment - Net | Major classes of Property, plant and equipment are stated at cost and were as follows: June 30, December 31, 2016 2015 Land and improvements $ 12,860 $ 12,260 Buildings and improvements 72,307 71,711 Machinery and equipment 157,009 137,599 Construction in progress 4,088 3,369 246,264 224,939 Less accumulated depreciation 139,029 132,974 $ 107,235 $ 91,965 |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | Net periodic benefit cost for this plan included the following components: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Service cost $ 55 $ 27 $ 110 $ 54 Interest cost 364 358 729 716 Expected return on plan assets (449 ) (465 ) (899 ) (930 ) Recognized net actuarial loss 123 139 246 278 Net periodic benefit cost $ 93 $ 59 $ 186 $ 118 |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Defined benefit Currency Defined benefit Currency pension plan Translation pension plan Translation activity Adjustment Total activity Adjustment Total Balance at April 1 $ (6,158 ) $ (44,049 ) $ (50,207 ) $ (6,921 ) $ (36,741 ) $ (43,662 ) Other comprehensive income (loss) before reclassifications: Loss on foreign currency translation adjustment 0 (1,855 ) (1,855 ) 0 (431 ) (431 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial loss (a) 76 0 76 88 0 88 Net current period other comprehensive income (loss) 76 (1,855 ) (1,779 ) 88 (431 ) (343 ) Balance at June 30 $ (6,082 ) $ (45,904 ) $ (51,986 ) $ (6,833 ) $ (37,172 ) $ (44,005 ) Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Defined benefit Currency Defined benefit Currency pension plan Translation pension plan Translation activity Adjustment Total activity Adjustment Total Balance at January 1 $ (6,235 ) $ (47,916 ) $ (54,151 ) $ (7,007 ) $ (28,127 ) $ (35,134 ) Other comprehensive income before reclassifications: Gain (loss) on foreign currency translation adjustment 0 2,012 2,012 0 (9,045 ) (9,045 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial loss (a) 153 0 153 174 0 174 Net current period other comprehensive income (loss) 153 2,012 2,165 174 (9,045 ) (8,871 ) Balance at June 30 $ (6,082 ) $ (45,904 ) $ (51,986 ) $ (6,833 ) $ (37,172 ) $ (44,005 ) (a) This AOCI component is included in the computation of net periodic pension costs. |
Computation of Earnings Per S27
Computation of Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Numerator Net income $ 2,755 $ 3,680 $ 5,413 $ 3,424 Denominator Determination of shares Weighted-average common shares outstanding 5,186 5,392 5,198 5,394 Dilutive effect - share-based awards 22 1 20 2 Diluted weighted-average common shares outstanding 5,208 5,393 5,218 5,396 Earnings per common share Basic $ 0.53 $ 0.68 $ 1.04 $ 0.63 Diluted $ 0.53 $ 0.68 $ 1.04 $ 0.63 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Finite-lived intangible assets Patents $ 4,818 $ (4,802 ) $ 4,815 $ (4,799 ) Land use rights 1,125 (179 ) 1,155 (173 ) Trademarks 1,758 (976 ) 1,713 (899 ) Technology 3,130 (968 ) 3,021 (860 ) Customer relationships 12,390 (4,896 ) 11,816 (4,501 ) $ 23,221 $ (11,821 ) $ 22,520 $ (11,232 ) Indefinite-lived intangible assets Goodwill $ 16,282 $ 15,821 |
Changes in Carrying Amount of Goodwill by Segment | The Company’s only intangible asset with an indefinite life is goodwill. The changes in the carrying amount of goodwill, by segment, for the six months ended June 30, 2016, are as follows: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2016 $ 3,078 $ 3,918 $ 1,301 $ 7,524 $ 15,821 Currency translation 0 259 (13 ) 215 461 Balance at June 30, 2016 $ 3,078 $ 4,177 $ 1,288 $ 7,739 $ 16,282 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of RSUs Outstanding Under LTIP | A summary of the RSUs outstanding under the LTIP for the six months ended June 30, 2016 is as follows: Restricted Share Units Performance Total Weighted-Average and Service Service Restricted Grant-Date Required Required Share Units Fair Value Nonvested as of January 1, 2016 91,603 10,872 102,475 $ 53.88 Granted 79,241 9,901 89,142 33.73 Vested 0 0 0 0.00 Forfeited 0 0 0 0.00 Nonvested as of June 30, 2016 170,844 20,773 191,617 $ 44.51 |
Long Term Incentive Plan [Member] | |
Activity in Company's Plan | Activity in the Company’s LTIP plan for six months ended June 30, 2016 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2016 56,250 $ 55.30 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited (3,000 ) $ 71.62 Outstanding (vested and expected to vest) at June 30, 2016 53,250 $ 54.38 6.3 $ 5 Exercisable at June 30, 2016 30,500 $ 58.24 7 $ 0 |
Stock Options [Member] | |
Activity in Company's Plan | Activity in the Company’s 1999 Stock Option Plan for the six months ended June 30, 2016 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2016 12,000 $ 41.44 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at June 30, 2016 12,000 $ 41.44 1.3 $ 33 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Company's Reportable Segment | The following tables present a summary of the Company’s reportable segments for the three and six months ended June 30, 2016 and 2015. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. During the fourth quarter of 2015, the Company reconfigured a product line in The Americas segment and consolidated its manufacturing processes into the PLP-USA segment. As such, prior year amounts have been reclassified to conform to the current year presentation. Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Net sales PLP-USA $ 34,183 $ 38,283 $ 68,830 $ 72,413 The Americas 14,515 14,656 26,969 28,632 EMEA 14,660 12,811 28,578 27,007 Asia-Pacific 19,862 22,119 37,526 45,607 Total net sales $ 83,220 $ 87,869 $ 161,903 $ 173,659 Intersegment sales PLP-USA $ 1,965 $ 2,029 $ 4,178 $ 4,859 The Americas 1,274 1,321 2,566 2,696 EMEA 257 219 656 642 Asia-Pacific 2,311 2,042 4,059 3,934 Total intersegment sales $ 5,807 $ 5,611 $ 11,459 $ 12,131 Income taxes PLP-USA $ 126 $ 1,314 $ 106 $ 1,094 The Americas 694 222 1,240 134 EMEA 674 206 1,180 734 Asia-Pacific (476 ) (956 ) (510 ) (980 ) Total income taxes $ 1,018 $ 786 $ 2,016 $ 982 Net income (loss) PLP-USA $ (37 ) $ 2,796 $ (157 ) $ 1,560 The Americas 1,107 499 2,188 313 EMEA 1,933 570 3,632 2,369 Asia-Pacific (248 ) (185 ) (250 ) (818 ) Total net income (loss) $ 2,755 $ 3,680 $ 5,413 $ 3,424 June 30, December 31, 2016 2015 Assets PLP-USA $ 122,966 $ 106,854 The Americas 64,075 60,010 EMEA 52,788 50,755 Asia-Pacific 102,416 105,437 342,245 323,056 Corporate assets 0 314 Total assets $ 342,245 $ 323,370 |
Product Warranty Reserve (Table
Product Warranty Reserve (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees [Abstract] | |
Roll Forward of Product Warranty Reserve | The following is a rollforward of the product warranty reserve: Six Months Ended June 30 2016 2015 Beginning of period balance $ 714 $ 892 Additions charged to income 310 42 Warranty usage (28 ) (139 ) Currency translation (18 ) (44 ) End of period balance $ 978 $ 751 |
Charges Related to Restructur32
Charges Related to Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Summary by Reporting Segment of Accruals as a Result of Restructuring | A summary by reporting segment of the accruals recorded as a result of the restructuring is as follows: Severance Lease Other Total December 31, 2015 Balance PLP-USA $ 150 $ 304 $ 5 $ 459 Asia-Pacific 0 604 0 604 Total $ 150 $ 908 $ 5 $ 1,063 Charges PLP-USA 59 0 0 59 Asia-Pacific 0 0 0 0 Total 59 0 0 59 Payments and other adjustments PLP-USA (209 ) (205 ) (5 ) (419 ) Asia-Pacific 0 (91 ) 0 (91 ) Total (209 ) (296 ) (5 ) (510 ) June 30, 2016 Balance PLP-USA 0 99 0 99 Asia-Pacific 0 513 0 513 Total $ 0 $ 612 $ 0 $ 612 |
Other Financial Statement Inf33
Other Financial Statement Information - Inventories - Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 35,442 | $ 37,812 |
Work-in-process | 8,003 | 6,902 |
Raw materials | 37,691 | 34,854 |
Inventory, gross | 81,136 | 79,568 |
Excess of current cost over LIFO cost | (3,402) | (3,538) |
Noncurrent portion of inventory | (5,595) | (6,118) |
Inventories - net | $ 72,139 | $ 69,912 |
Other Financial Statement Inf34
Other Financial Statement Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |||||
Cost of inventories for certain materials using LIFO method | $ 27.9 | $ 27.9 | $ 26.8 | ||
(Benefit) charge to earnings from LIFO inventory changes | $ (0.5) | $ 0.1 | $ (0.1) | $ (0.1) |
Other Financial Statement Inf35
Other Financial Statement Information - Property, Plant and Equipment - Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | $ 246,264 | $ 224,939 |
Less accumulated depreciation | 139,029 | 132,974 |
Property and equipment - Net | 107,235 | 91,965 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | 12,860 | 12,260 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | 72,307 | 71,711 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | 157,009 | 137,599 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | $ 4,088 | $ 3,369 |
Pension Plans - Components of N
Pension Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 55 | $ 27 | $ 110 | $ 54 |
Interest cost | 364 | 358 | 729 | 716 |
Expected return on plan assets | (449) | (465) | (899) | (930) |
Recognized net actuarial loss | 123 | 139 | 246 | 278 |
Net periodic benefit cost | $ 93 | $ 59 | $ 186 | $ 118 |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Contribution to pension plan | $ 0 |
Anticipated pension plan contributions to be made during the remainder of the fiscal year | $ 0 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income ("AOCI") - Summary of Total Changes in AOCI by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (50,207) | $ (43,662) | $ (54,151) | $ (35,134) |
Other comprehensive income (loss) before reclassifications: | ||||
Gain (loss) on foreign currency translation adjustment | (1,855) | (431) | 2,012 | (9,045) |
Amounts reclassified from AOCI: | ||||
Amortization of defined benefit pension actuarial loss | 76 | 88 | 153 | 174 |
Net current period other comprehensive income (loss) | (1,779) | (343) | 2,165 | (8,871) |
Ending Balance | (51,986) | (44,005) | (51,986) | (44,005) |
Defined Benefit Pension Plan Activity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,158) | (6,921) | (6,235) | (7,007) |
Other comprehensive income (loss) before reclassifications: | ||||
Gain (loss) on foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI: | ||||
Amortization of defined benefit pension actuarial loss | 76 | 88 | 153 | 174 |
Net current period other comprehensive income (loss) | 76 | 88 | 153 | 174 |
Ending Balance | (6,082) | (6,833) | (6,082) | (6,833) |
Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (44,049) | (36,741) | (47,916) | (28,127) |
Other comprehensive income (loss) before reclassifications: | ||||
Gain (loss) on foreign currency translation adjustment | (1,855) | (431) | 2,012 | (9,045) |
Amounts reclassified from AOCI: | ||||
Amortization of defined benefit pension actuarial loss | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (1,855) | (431) | 2,012 | (9,045) |
Ending Balance | $ (45,904) | $ (37,172) | $ (45,904) | $ (37,172) |
Computation of Earnings Per S39
Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator | ||||
Net income | $ 2,755 | $ 3,680 | $ 5,413 | $ 3,424 |
Determination of shares | ||||
Weighted-average common shares outstanding | 5,186 | 5,392 | 5,198 | 5,394 |
Dilutive effect - share-based awards | 22 | 1 | 20 | 2 |
Diluted weighted-average common shares outstanding | 5,208 | 5,393 | 5,218 | 5,396 |
Earnings per common share | ||||
Basic | $ 0.53 | $ 0.68 | $ 1.04 | $ 0.63 |
Diluted | $ 0.53 | $ 0.68 | $ 1.04 | $ 0.63 |
Computation of Earnings Per S40
Computation of Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Restricted share units excluded from calculation of diluted earnings (loss) per share | 60,350 | 53,100 | 61,800 | 51,650 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Restricted share units excluded from calculation of diluted earnings (loss) per share | 0 | 16,486 | 0 | 14,641 |
Goodwill and Other Intangible41
Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-lived intangible assets | ||
Gross Carrying Amount | $ 23,221 | $ 22,520 |
Accumulated Amortization | (11,821) | (11,232) |
Indefinite-lived intangible assets Goodwill | 16,282 | 15,821 |
Patents [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 4,818 | 4,815 |
Accumulated Amortization | (4,802) | (4,799) |
Land Use Rights [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,125 | 1,155 |
Accumulated Amortization | (179) | (173) |
Trademarks [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,758 | 1,713 |
Accumulated Amortization | (976) | (899) |
Technology [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 3,130 | 3,021 |
Accumulated Amortization | (968) | (860) |
Customer Relationships [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 12,390 | 11,816 |
Accumulated Amortization | $ (4,896) | $ (4,501) |
Goodwill and Other Intangible42
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||||
Amortization of Intangible Assets | $ 0.2 | $ 0.3 | $ 0.5 | $ 0.6 |
2,016 | 0.6 | 0.6 | ||
2,017 | 1 | 1 | ||
2,018 | 1 | 1 | ||
2,019 | 1 | 1 | ||
2,020 | $ 0.9 | $ 0.9 | ||
Remaining amortization period | 17 years 8 months 12 days | |||
Patents [Member] | ||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||||
Remaining amortization period | 9 years 6 months | |||
Land Use Rights [Member] | ||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||||
Remaining amortization period | 58 years 7 months 6 days | |||
Trademarks [Member] | ||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||||
Remaining amortization period | 9 years 9 months 18 days | |||
Technology [Member] | ||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||||
Remaining amortization period | 15 years 4 months 24 days | |||
Customer Relationships [Member] | ||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||||
Remaining amortization period | 13 years 3 months 18 days |
Goodwill and Other Intangible43
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 15,821 |
Currency translation | 461 |
Ending Balance | 16,282 |
USA [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,078 |
Currency translation | 0 |
Ending Balance | 3,078 |
The Americas [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,918 |
Currency translation | 259 |
Ending Balance | 4,177 |
EMEA [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 1,301 |
Currency translation | (13) |
Ending Balance | 1,288 |
Asia-Pacific [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 7,524 |
Currency translation | 215 |
Ending Balance | $ 7,739 |
Share-Based Compensation - Acti
Share-Based Compensation - Activity in Company's Plan (Detail) - 1999 Stock Option Plan [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 1, 2016, Number of Shares | shares | 12,000 |
Granted, Number of Shares | shares | 0 |
Exercised, Number of Shares | shares | 0 |
Forfeited, Number of Shares | shares | 0 |
Outstanding (exercisable and vested) at June 30, 2016, Number of Shares | shares | 12,000 |
Outstanding at January 1, 2016, Weighted Average Exercise Price per Share | $ / shares | $ 41.44 |
Granted, Weighted Average Exercise Price per Share | $ / shares | 0 |
Exercised, Weighted Average Exercise Price per Share | $ / shares | 0 |
Forfeited, Weighted Average Exercise Price per Share | $ / shares | 0 |
Outstanding (exercisable and vested) at June 30, 2016, Weighted Average Exercise Price per Share | $ / shares | $ 41.44 |
Outstanding (exercisable and vested), Weighted Average Remaining Contractual Term | 1 year 3 months 18 days |
Outstanding (exercisable and vested) Aggregate Intrinsic Value | $ | $ 33 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | May 10, 2016shares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Deferralsshares | Jun. 30, 2015USD ($)shares | Dec. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted under incentive plan | 89,142 | |||||
Deferred shares and held by the rabbi trust | 296,817 | 296,817 | 296,635 | |||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercised, Number of Shares | 0 | 0 | ||||
Compensation expenses | $ | $ 0 | $ 0 | ||||
Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expenses | $ | $ 100,000 | $ 100,000 | 200,000 | 200,000 | ||
Compensation cost expected to be recognized over period | $ | $ 500,000 | $ 500,000 | ||||
Weighted-average period | 2 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares reserved for awards | 800,000 | 800,000 | ||||
Performance period | 3 years | |||||
Performance-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average period | 2 years 4 months 24 days | |||||
Performance-based compensation expense (income) | $ | $ 100,000 | (200,000) | $ 300,000 | 200,000 | ||
Maximum [Member] | Service and Performance-based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Excess tax benefits from restricted share awards | $ | 100,000 | 100,000 | ||||
Grant 2015 [Member] | Performance-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reduction in performance-based compensation expense | $ | (300,000) | (300,000) | ||||
Grant 2013 [Member] | Performance-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reduction in performance-based compensation expense | $ | (500,000) | (100,000) | ||||
Grant 2014 [Member] | Performance-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reduction in performance-based compensation expense | $ | (400,000) | $ (600,000) | ||||
Remaining performance-based compensation expense | $ | 2,600,000 | $ 2,600,000 | ||||
Long Term Incentive Plan Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercised, Number of Shares | 0 | |||||
Granted, Number of Shares | 0 | 0 | ||||
Weighted-average period | 1 year 7 months 6 days | |||||
Option issued under plan vest | 50.00% | |||||
Option issued under plan vest and granted after 2 years | 75.00% | |||||
Option issued under plan vest and granted after 3 years | 100.00% | |||||
Estimated Forfeitures | $ | $ 0 | |||||
Expected compensation cost related to unvested awards not yet recognized | $ | 200,000 | 200,000 | ||||
Long Term Incentive Plan Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expenses | $ | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | ||
Deferred Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of deferrals | Deferrals | 2 | |||||
Long Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares reserved for awards | 900,000 | 900,000 | ||||
Long Term Incentive Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares reserved for awards | 100,000 | 100,000 | ||||
Long Term Incentive Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option issued under plan vest and expire | 10 years | |||||
Long Term Incentive Stock Option [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] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares reserved for awards | 1,000,000 | |||||
Incentive plan expiry date | May 10, 2026 | |||||
2016 Incentive Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares reserved for awards | 100,000 | |||||
Granted, Number of Shares | 0 | |||||
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 | 900,000 | |||||
Restricted shares granted under incentive plan | 0 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of RSUs Outstanding Under LTIP (Detail) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2016 | 102,475 |
Granted | 89,142 |
Vested | 0 |
Forfeited | 0 |
Nonvested as of June 30, 2016 | 191,617 |
Nonvested as of January 1, 2016, Weighted-Average Grant-Date Fair Value | $ / shares | $ 53.88 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 33.73 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 0 |
Nonvested as of June 30, 2016, Weighted-Average Grant- Date Fair Value | $ / shares | $ 44.51 |
Performance Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2016 | 91,603 |
Granted | 79,241 |
Vested | 0 |
Forfeited | 0 |
Nonvested as of June 30, 2016 | 170,844 |
Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2016 | 10,872 |
Granted | 9,901 |
Vested | 0 |
Forfeited | 0 |
Nonvested as of June 30, 2016 | 20,773 |
Share-Based Compensation - Ac47
Share-Based Compensation - Activity in Company's Plan - Long Term Incentive Plan (Detail) - Long Term Incentive Plan Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at January 1, 2016, Number of Shares | 56,250 | |
Granted, Number of Shares | 0 | 0 |
Exercised, Number of Shares | 0 | |
Forfeited, Number of Shares | (3,000) | |
Outstanding (vested and expected to vest) at June 30, 2016, Number of Shares | 53,250 | |
Exercisable at June 30, 2016, Number of Shares | 30,500 | |
Outstanding at January 1, 2016, Weighted Average Exercise Price per Share | $ 55.30 | |
Granted, Weighted Average Exercise Price per Share | 0 | |
Exercised, Weighted Average Exercise Price per Share | 0 | |
Forfeited, Weighted Average Exercise Price per Share | 71.62 | |
Outstanding (vested and expected to vest) at June 30, 2016, Weighted Average Exercise Price per Share | 54.38 | |
Exercisable at June 30, 2016, Weighted Average Exercise Price per Share | $ 58.24 | |
Outstanding (vested and expected to vest) at June 30, 2016, Weighted Average Remaining Contractual Term | 6 years 3 months 18 days | |
Exercisable at June 30, 2016, Weighted Average Remaining Contractual Term | 7 years | |
Outstanding (vested and expected to vest) at June 30, 2016 , Aggregate Intrinsic Value | $ 5 | |
Exercisable at June 30, 2016 , Aggregate Intrinsic Value | $ 0 |
Fair Value of Financial Asset48
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair value liabilities Level 2 | $ 0 |
Recently Adopted Accounting P49
Recently Adopted Accounting Pronouncements - Additional Information (Detail) - Adjustments for New Accounting Pronouncement [Member] $ in Millions | Dec. 31, 2015USD ($) |
Significant Accounting Policies [Line Items] | |
Increase (decrease) in deferred tax assets | $ 7.4 |
Increase (decrease) in deferred tax liabilities | (1) |
Restatement Adjustment [Member] | |
Significant Accounting Policies [Line Items] | |
Deferred tax assets current | (8.6) |
Deferred tax liabilities current | $ (0.2) |
Segment Information - Summary o
Segment Information - Summary of Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Net sales | |||||
Net sales | $ 83,220 | $ 87,869 | $ 161,903 | $ 173,659 | |
Income taxes | |||||
Income taxes | 1,018 | 786 | 2,016 | 982 | |
Net income (loss) | |||||
Net income (loss) | 2,755 | 3,680 | 5,413 | 3,424 | |
ASSETS | |||||
Assets | 342,245 | 342,245 | $ 323,370 | ||
Operating Segments [Member] | PLP-USA [Member] | |||||
Net sales | |||||
Net sales | 34,183 | 38,283 | 68,830 | 72,413 | |
Income taxes | |||||
Income taxes | 126 | 1,314 | 106 | 1,094 | |
Net income (loss) | |||||
Net income (loss) | (37) | 2,796 | (157) | 1,560 | |
ASSETS | |||||
Assets | 122,966 | 122,966 | 106,854 | ||
Operating Segments [Member] | The Americas [Member] | |||||
Net sales | |||||
Net sales | 14,515 | 14,656 | 26,969 | 28,632 | |
Income taxes | |||||
Income taxes | 694 | 222 | 1,240 | 134 | |
Net income (loss) | |||||
Net income (loss) | 1,107 | 499 | 2,188 | 313 | |
ASSETS | |||||
Assets | 64,075 | 64,075 | 60,010 | ||
Operating Segments [Member] | EMEA [Member] | |||||
Net sales | |||||
Net sales | 14,660 | 12,811 | 28,578 | 27,007 | |
Income taxes | |||||
Income taxes | 674 | 206 | 1,180 | 734 | |
Net income (loss) | |||||
Net income (loss) | 1,933 | 570 | 3,632 | 2,369 | |
ASSETS | |||||
Assets | 52,788 | 52,788 | 50,755 | ||
Operating Segments [Member] | Asia-Pacific [Member] | |||||
Net sales | |||||
Net sales | 19,862 | 22,119 | 37,526 | 45,607 | |
Income taxes | |||||
Income taxes | (476) | (956) | (510) | (980) | |
Net income (loss) | |||||
Net income (loss) | (248) | (185) | (250) | (818) | |
ASSETS | |||||
Assets | 102,416 | 102,416 | 105,437 | ||
Segment Reconciling Items [Member] | |||||
Net sales | |||||
Net sales | 83,220 | 87,869 | 161,903 | 173,659 | |
Income taxes | |||||
Income taxes | 1,018 | 786 | 2,016 | 982 | |
Net income (loss) | |||||
Net income (loss) | 2,755 | 3,680 | 5,413 | 3,424 | |
ASSETS | |||||
Assets | 342,245 | 342,245 | 323,056 | ||
Intersegment Eliminations [Member] | |||||
Intersegment sales | |||||
Intersegment sales | 5,807 | 5,611 | 11,459 | 12,131 | |
Intersegment Eliminations [Member] | PLP-USA [Member] | |||||
Intersegment sales | |||||
Intersegment sales | 1,965 | 2,029 | 4,178 | 4,859 | |
Intersegment Eliminations [Member] | The Americas [Member] | |||||
Intersegment sales | |||||
Intersegment sales | 1,274 | 1,321 | 2,566 | 2,696 | |
Intersegment Eliminations [Member] | EMEA [Member] | |||||
Intersegment sales | |||||
Intersegment sales | 257 | 219 | 656 | 642 | |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | |||||
Intersegment sales | |||||
Intersegment sales | 2,311 | $ 2,042 | 4,059 | $ 3,934 | |
Corporate, Non-Segment [Member] | |||||
ASSETS | |||||
Assets | $ 0 | $ 0 | $ 314 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 |
Income Tax Reconciliation [Line Items] | ||||||
Effective income tax rate | 27.00% | 18.00% | 27.00% | 22.00% | ||
U.S.federal statutory tax rate | 35.00% | |||||
Deferred tax asset noncurrent | $ 12,704 | $ 13,642 | $ 13,642 | |||
Deferred tax liability noncurrent | 2,467 | 2,529 | 2,529 | |||
Unrecognized tax benefits | 200 | 200 | ||||
Asia-Pacific [Member] | ||||||
Income Tax Reconciliation [Line Items] | ||||||
Valuation allowance | 400 | 400 | ||||
Deferred tax benefit recognized due to release of valuation allowance | $ 400 | $ 400 | ||||
Adjustments for New Accounting Pronouncement [Member] | ||||||
Income Tax Reconciliation [Line Items] | ||||||
Increase (decrease) in deferred tax asset | 7,400 | |||||
Increase (decrease) in deferred tax liability | (1,000) | |||||
Scenario, Forecast [Member] | ||||||
Income Tax Reconciliation [Line Items] | ||||||
Decrease in unrecognized tax benefits within next twelve months | $ 200 | |||||
Restatement Adjustment [Member] | Adjustments for New Accounting Pronouncement [Member] | ||||||
Income Tax Reconciliation [Line Items] | ||||||
Deferred tax asset current | (8,600) | |||||
Deferred tax asset noncurrent | 8,600 | |||||
Deferred tax liability current | (200) | |||||
Deferred tax liability noncurrent | $ 200 |
Product Warranty Reserve - Roll
Product Warranty Reserve - Roll Forward of Product Warranty Reserve (Detail) - Warranty Reserves [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning of period balance | $ 714 | $ 892 |
Additions charged to income | 310 | 42 |
Warranty usage | (28) | (139) |
Currency translation | (18) | (44) |
End of period balance | $ 978 | $ 751 |
Charges Related to Restructur53
Charges Related to Restructuring Activities - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Operations | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 59 | ||
Accrued expenses and other liabilities | 13,990 | $ 13,334 | |
Restructuring Liability [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued expenses and other liabilities | 600 | ||
Infrastructure and Manufacturing Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 100 | $ 500 | |
Asia-Pacific [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | ||
Number of reconfigured operations | Operations | 1 |
Charges Related to Restructur54
Charges Related to Restructuring Activities - Summary by Reporting Segment of Accruals as a Result of Restructuring (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Total | $ 1,063 |
Charges | 59 |
Payments and other adjustments | (510) |
Total | 612 |
PLP-USA [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 459 |
Charges | 59 |
Payments and other adjustments | (419) |
Total | 99 |
Asia-Pacific [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 604 |
Charges | 0 |
Payments and other adjustments | (91) |
Total | 513 |
Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 150 |
Charges | 59 |
Payments and other adjustments | (209) |
Total | 0 |
Severance [Member] | PLP-USA [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 150 |
Charges | 59 |
Payments and other adjustments | (209) |
Total | 0 |
Severance [Member] | Asia-Pacific [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 0 |
Charges | 0 |
Payments and other adjustments | 0 |
Total | 0 |
Lease Termination Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 908 |
Charges | 0 |
Payments and other adjustments | (296) |
Total | 612 |
Lease Termination Costs [Member] | PLP-USA [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 304 |
Charges | 0 |
Payments and other adjustments | (205) |
Total | 99 |
Lease Termination Costs [Member] | Asia-Pacific [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 604 |
Charges | 0 |
Payments and other adjustments | (91) |
Total | 513 |
Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 5 |
Charges | 0 |
Payments and other adjustments | (5) |
Total | 0 |
Other [Member] | PLP-USA [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 5 |
Charges | 0 |
Payments and other adjustments | (5) |
Total | 0 |
Other [Member] | Asia-Pacific [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Total | 0 |
Charges | 0 |
Payments and other adjustments | 0 |
Total | $ 0 |
Debt Arrangements - Additional
Debt Arrangements - Additional Information (Detail) $ in Millions | Jun. 27, 2016USD ($) |
Debt Instruments [Abstract] | |
Borrowed amount | $ 14.5 |
Fixed rate on borrowing | 2.71% |
Maturity date | Jul. 1, 2026 |