Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 29, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PLPC | |
Entity Registrant Name | PREFORMED LINE PRODUCTS CO | |
Entity Central Index Key | 0000080035 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 5,030,181 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-31164 | |
Entity Tax Identification Number | 340676895 | |
Entity Address, Address Line One | 660 Beta Drive | |
Entity Address, City or Town | Mayfield Village | |
Entity Address, State or Province | Ohio | |
Entity Address, Postal Zip Code | 44143 | |
City Area Code | 440 | |
Local Phone Number | 461-5200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 41,260 | $ 43,609 |
Accounts receivable, less allowances of $3,753 ($3,178 in 2018) | 91,767 | 73,139 |
Inventories - net | 92,732 | 85,259 |
Prepaids | 7,299 | 6,205 |
Prepaid taxes | 2,127 | 3,169 |
Other current assets | 2,036 | 2,882 |
TOTAL CURRENT ASSETS | 237,221 | 214,263 |
Property, plant and equipment - net | 112,263 | 102,955 |
Operating lease, right-of-use assets | 13,011 | 0 |
Intangibles - net | 12,859 | 8,458 |
Goodwill | 28,726 | 15,621 |
Deferred income taxes | 7,462 | 6,900 |
Other assets | 13,611 | 10,600 |
TOTAL ASSETS | 425,153 | 358,797 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Trade accounts payable | 28,727 | 26,414 |
Notes payable to banks | 9,846 | 9,042 |
Operating lease liabilities, current | 2,142 | 0 |
Current portion of long-term debt | 2,279 | 1,448 |
Accrued compensation and amounts withheld from employees | 14,413 | 11,153 |
Accrued expenses and other liabilities | 19,354 | 12,582 |
Accrued profit-sharing and other benefits | 4,312 | 6,982 |
Dividends payable | 1,092 | 1,051 |
Income taxes payable | 1,337 | 815 |
TOTAL CURRENT LIABILITIES | 83,502 | 69,487 |
Long-term debt, less current portion | 55,222 | 24,960 |
Unfunded pension obligation | 5,085 | 5,259 |
Operating lease liabilities, non-current | 8,806 | 0 |
Deferred income taxes | 3,198 | 1,711 |
Other noncurrent liabilities | 11,526 | 8,010 |
Shareholders’ equity: | ||
Common shares - $2 par value per share, 15,000,000 shares authorized, 5,030,181 and 5,020,410 issued and outstanding, at June 30, 2019 and December 31, 2018, respectively | 12,822 | 12,662 |
Common shares issued to rabbi trust, 270,860 and 269,630 shares at June 30, 2019 and December 31, 2018, respectively | (11,066) | (11,008) |
Deferred compensation liability | 11,066 | 11,008 |
Paid-in capital | 36,200 | 34,401 |
Retained earnings | 341,804 | 334,170 |
Treasury shares, at cost, 1,381,002 and 1,310,387 shares at June 30, 2019 and December 31, 2018, respectively | (76,030) | (72,280) |
Accumulated other comprehensive loss | (56,944) | (59,583) |
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS’ EQUITY | 257,852 | 249,370 |
Noncontrolling interest | (38) | 0 |
TOTAL SHAREHOLDERS’ EQUITY | 257,814 | 249,370 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 425,153 | $ 358,797 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, less allowances | $ 3,753 | $ 3,178 |
Common stock, par value | $ 2 | $ 2 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,030,181 | 5,020,410 |
Common stock, shares outstanding | 5,030,181 | 5,020,410 |
Common stock, shares issued to rabbi trust | 270,860 | 269,630 |
Treasury stock shares | 1,381,002 | 1,310,387 |
Statements of Consolidated Inco
Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 114,842 | $ 108,915 | $ 211,995 | $ 207,054 |
Cost of products sold | 77,035 | 73,712 | 146,923 | 140,333 |
GROSS PROFIT | 37,807 | 35,203 | 65,072 | 66,721 |
Costs and expenses | ||||
Selling | 9,046 | 9,471 | 17,458 | 18,332 |
General and administrative | 12,893 | 11,288 | 25,211 | 22,203 |
Research and engineering | 4,428 | 3,646 | 8,569 | 7,307 |
Other operating expense - net | 325 | 1,465 | 673 | 1,800 |
Total costs and expenses | 26,692 | 25,870 | 51,911 | 49,642 |
OPERATING INCOME | 11,115 | 9,333 | 13,161 | 17,079 |
Other income (expense) | ||||
Interest income | 223 | 134 | 402 | 229 |
Interest expense | (585) | (348) | (952) | (628) |
Other income - net | 97 | 105 | 167 | 173 |
Total other income (expense) | (265) | (109) | (383) | (226) |
INCOME BEFORE INCOME TAXES | 10,850 | 9,224 | 12,778 | 16,853 |
Income tax expense | 2,984 | 2,489 | 3,088 | 4,590 |
NET INCOME | 7,866 | 6,735 | 9,690 | 12,263 |
Less: Net loss attributable to noncontrolling interests | (38) | 0 | (38) | 0 |
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS | $ 7,904 | $ 6,735 | $ 9,728 | $ 12,263 |
WEIGHTED EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS: | ||||
Basic | $ 1.57 | $ 1.34 | $ 1.93 | $ 2.43 |
Diluted | $ 1.56 | $ 1.33 | $ 1.92 | $ 2.42 |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING: | ||||
Basic | 5,049 | 5,044 | 5,047 | 5,045 |
Diluted | 5,058 | 5,064 | 5,056 | 5,064 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Comprehensive Income Net Of Tax [Abstract] | ||||
Net income | $ 7,866 | $ 6,735 | $ 9,690 | $ 12,263 |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustment | 1,100 | (13,367) | 2,453 | (9,535) |
Recognized net actuarial gain (net of tax provision of $31 and $29 for the three months ended June 30, 2019 and 2018, respectively, and net of tax provision of $63 and $59 for the six months ended June 30, 2019 and 2018, respectively). | 93 | 92 | 186 | 183 |
Other comprehensive income (loss), net of tax | 1,193 | (13,275) | 2,639 | (9,352) |
Add: Comprehensive loss attributable to noncontrolling interests | 38 | 0 | 38 | 0 |
Comprehensive income (loss) attributable to Preformed Line Products Company shareholders | $ 9,097 | $ (6,540) | $ 12,367 | $ 2,911 |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Comprehensive Income Net Of Tax [Abstract] | ||||
Net of tax provision on recognized net actuarial gain | $ 31 | $ 29 | $ 63 | $ 59 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
OPERATING ACTIVITIES | |||
Net income | $ 9,690 | $ 12,263 | |
Adjustments to reconcile net income to net cash provided by (used in) operations: | |||
Depreciation and amortization | 6,539 | 6,524 | |
Provision for accounts receivable allowances | 737 | 575 | |
Provision for inventory reserves | 895 | 1,455 | |
Deferred income taxes | (712) | (462) | |
Share-based compensation expense | 1,956 | 1,717 | |
Gain on sale of property and equipment | 0 | (99) | |
Other - net | 67 | 54 | |
Changes in operating assets and liabilities | |||
Accounts receivable | (16,162) | (7,595) | |
Inventories | (4,114) | (10,280) | |
Trade accounts payable and accrued liabilities | 8,765 | 3,732 | |
Income taxes - net | 211 | 2,305 | |
Other - net | (2,037) | (2,510) | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 5,835 | 7,679 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (11,983) | (5,573) | |
Proceeds from the sale of property and equipment | 0 | 3 | |
Purchase of marketable securities | (496) | (4,690) | |
Proceeds from marketable securities | 2,309 | 2,953 | |
Purchase of company owned life insurance policy | (2,309) | (2,953) | |
Acquisition of businesses, net of cash acquired | (18,974) | 0 | |
NET CASH USED IN INVESTING ACTIVITIES | (31,453) | (10,260) | |
FINANCING ACTIVITIES | |||
Increase in notes payable to banks | 578 | 2,055 | |
Proceeds from long-term debt | 55,636 | 35,272 | |
Payments of long-term debt | (25,581) | (32,430) | |
Dividends paid | (2,220) | (2,065) | |
Proceeds from issuance of common shares | 0 | 252 | |
Purchase of common shares for treasury | (1,695) | (110) | |
Purchase of common shares for treasury from related parties | (2,055) | (1,705) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 24,663 | 1,269 | |
Effects of exchange rate changes on cash and cash equivalents | (1,370) | (2,570) | |
Net decrease in cash, cash equivalents and restricted cash | (2,325) | (3,882) | |
Cash, cash equivalents and restricted cash at beginning of year | 43,910 | 45,579 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | [1] | $ 41,585 | $ 41,697 |
[1] | Includes restricted cash of $.3 million at both June 30, 2019 and December 31, 2018. For further information regarding restricted cash, refer to Note P, “Debt Arrangements.” |
Statements of Consolidated Ca_2
Statements of Consolidated Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Asia Pacific [Member] | ||
Restricted cash | $ 0.3 | $ 0.3 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2019. The Consolidated Balance Sheet at December 31, 2018 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 2018 Annual Report on Form 10-K filed on March 8, 2019 with the Securities and Exchange Commission. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE B – REVENUE 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. The Company estimates product returns based on historical return rates. Disaggregated revenue The Company’s revenues by segment and product type are as follows: Three Months Ended June 30, 2019 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 63 % 66 % 48 % 66 % 62 % Communications 30 29 32 10 25 Special Industries 7 5 20 24 13 Total 100 % 100 % 100 % 100 % 100 % Three Months Ended June 30, 2018 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 57 % 77 % 75 % 70 % 68 % Communications 36 19 6 4 19 Special Industries 7 4 19 26 13 Total 100 % 100 % 100 % 100 % 100 % Six Months Ended June 30, 2019 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 64 % 63 % 61 % 64 % 63 % Communications 30 31 24 8 24 Special Industries 6 6 15 28 13 Total 100 % 100 % 100 % 100 % 100 % Six Months Ended June 30, 2018 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 58 % 77 % 78 % 74 % 69 % Communications 36 19 6 5 20 Special Industries 6 4 16 21 11 Total 100 % 100 % 100 % 100 % 100 % |
Other Financial Statement Infor
Other Financial Statement Information | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Other Financial Statement Information | NOTE C – OTHER FINANCIAL STATEMENT INFORMATION Inventories – net June 30, 2019 December 31, 2018 Raw materials $ 48,324 $ 43,041 Work-in-process 9,888 8,818 Finished Goods 43,328 42,163 101,540 94,022 Excess of current cost over LIFO cost (4,852 ) (4,474 ) Noncurrent portion of inventory (3,956 ) (4,289 ) $ 92,732 $ 85,259 Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $29.2 million at June 30, 2019 and $29.5 million at December 31, 2018. 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 are 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-month periods ended June 30, 2019, the net change in LIFO inventories resulted in no change and $.3 million of expense, respectively, to Income before income taxes. During the three and six-month periods ended June 30, 2018, the net change in LIFO inventories resulted in $.2 million and $.4 million of expense, respectively, to Income before income taxes. 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, 2019 December 31, 2018 Land and improvements $ 16,821 $ 12,552 Buildings and improvements 78,051 74,743 Machinery, equipment and aircraft 179,200 171,015 Construction in progress 5,874 3,392 279,946 261,702 Less accumulated depreciation (167,683 ) (158,747 ) $ 112,263 $ 102,955 Legal proceedings 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. 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 states that 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 alleges 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 Plaintiffs were initially 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. The Plaintiffs reduced their demand for damages to $29.4 million Canadian dollars on June 1, 2018. The Company believes the claims against it are without merit and intends to vigorously defend against such claims. The Company is unable to predict the outcome of this case and cannot reasonably estimate a potential range of loss. However, if it is to be determined to be adverse to the Company, it could have a material effect on the Company’s financial results. 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 flows. |
Share Holders Equity
Share Holders Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Share Holders Equity | NOTE D – SHARE HOLDERS EQUITY The following table reflects the changes in shareholders equity for the three and six months ended June 30, 2019 and 2018: Accumulated Other Comprehensive Income (Loss) Common Shares Common Shares Issued to Rabbi Trust Deferred Compensation Liability Paid in Capital Retained Earnings Treasury Shares Cumulative Translation Adjustment Unrecognized Pension Benefit Cost Total Preformed Line Products Company Equity (In thousands, except share and per share data) Balance at December 31, 2018 $ 12,662 $ (11,008 ) $ 11,008 $ 34,401 $ 334,170 $ (72,280 ) $ (53,710 ) $ (5,873 ) $ 249,370 Net income 1,824 1,824 Foreign currency translation adjustment 1,353 1,353 Recognized net actuarial gain, net of tax provision of $32 93 93 Total comprehensive income 3,270 Share-based compensation 928 (36 ) 892 Purchase of 40,891 common shares (2,294 ) (2,294 ) Issuance of 78,821 common shares 159 (18 ) 141 Common shares issued to rabbi trust of 705, net (30 ) 30 0 Cash dividends declared - $.20 per share (165 ) (1,011 ) (1,176 ) Balance at March 31, 2019 $ 12,821 $ (11,038 ) $ 11,038 $ 35,146 $ 334,947 $ (74,574 ) $ (52,357 ) $ (5,780 ) $ 250,203 Net income 7,904 7,904 Foreign currency translation adjustment 1,100 1,100 Recognized net actuarial gain, net of tax provision of $31 93 93 Total comprehensive income 9,097 Share-based compensation 1,028 (43 ) 985 Purchase of 29,724 common shares (1,456 ) (1,456 ) Issuance of 525 common shares 1 26 27 Common shares issued to rabbi trust of 525, net (28 ) 28 0 Cash dividends declared - $.20 per share (1,004 ) (1,004 ) Balance at June 30, 2019 $ 12,822 $ (11,066 ) $ 11,066 $ 36,200 $ 341,804 $ (76,030 ) $ (51,257 ) $ (5,687 ) $ 257,852 Accumulated Other Comprehensive Income (Loss) Common Shares Common Shares Issued to Rabbi Trust Deferred Compensation Liability Paid in Capital Retained Earnings Treasury Shares Cumulative Translation Adjustment Unrecognized Pension Benefit Cost Total (In thousands, except share and per share data) Balance at December 31, 2017 $ 12,593 $ (11,834 ) $ 11,834 $ 29,734 $ 311,765 $ (68,115 ) $ (41,425 ) $ (6,015 ) $ 238,537 Net income 5,528 5,528 Foreign currency translation adjustment 3,832 3,832 Recognized net actuarial gain, net of tax provision of $30 91 91 Total comprehensive income 9,451 Share-based compensation 790 (9 ) 781 Purchase of 10,907 common shares (833 ) (833 ) Issuance of 21,458 common shares 42 52 94 Common shares issued to rabbi trust of 112, net (15 ) 15 0 Cash dividends declared - $.20 per share (1,009 ) (1,009 ) Balance at March 31, 2018 $ 12,635 $ (11,849 ) $ 11,849 $ 30,576 $ 316,275 $ (68,948 ) $ (37,593 ) $ (5,924 ) $ 247,021 Net income 6,735 6,735 Foreign currency translation adjustment (13,367 ) (13,367 ) Recognized net actuarial gain, net of tax provision of $29 92 92 Total comprehensive income (6,540 ) Share-based compensation 927 (49 ) 878 Purchase of 13,500 common shares (981 ) (981 ) Issuance of 1,730 common shares 4 154 158 Common shares distributed from rabbi trust of 19,780, net 861 (861 ) 0 Cash dividends declared - $.20 per share (1,007 ) (1,007 ) Balance at June 30, 2018 $ 12,639 $ (10,988 ) $ 10,988 $ 31,657 $ 321,954 $ (69,929 ) $ (50,960 ) $ (5,832 ) $ 239,529 |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Plans | NOTE E – PENSION PLANS The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “Plan”). Net periodic pension cost for this plan included the following components: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Service cost $ 48 $ 84 $ 95 $ 166 Interest cost 354 333 708 666 Expected return on plan assets (488 ) (496 ) (976 ) (991 ) Recognized net actuarial loss 125 121 250 242 Net periodic pension cost $ 39 $ 42 $ 77 $ 83 No contributions were made to the Plan during the three months ended June 30, 2019. The Company does not plan to contribute additional funds to the Plan during the remainder of 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | NOTE F – 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, 2019 Three Months Ended June 30, 2018 Defined pension plan activity Currency Translation Adjustment Total Defined benefit pension plan activity Currency Translation Adjustment Total Balance at April 1 $ (5,780 ) $ (52,357 ) $ (58,137 ) $ (5,924 ) $ (37,593 ) $ (43,517 ) Other comprehensive income (loss) before reclassifications: Gain (loss) on foreign currency translation adjustment 0 1,100 1,100 0 (13,367 ) (13,367 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial gain (a) 93 0 93 92 0 92 Net current period other comprehensive income (loss) 93 1,100 1,193 92 (13,367 ) (13,275 ) Balance at June 30 $ (5,687 ) $ (51,257 ) $ (56,944 ) $ (5,832 ) $ (50,960 ) $ (56,792 ) Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Defined pension plan activity Currency Translation Adjustment Total Defined benefit pension plan activity Currency Translation Adjustment Total Balance at January 1 $ (5,873 ) $ (53,710 ) $ (59,583 ) $ (6,015 ) $ (41,425 ) $ (47,440 ) Other comprehensive income (loss) before reclassifications: Gain (loss) on foreign currency translation adjustment 0 2,453 2,453 0 (9,535 ) (9,535 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial gain (a) 186 0 186 183 0 183 Net current period other comprehensive income (loss) 186 2,453 2,639 183 (9,535 ) (9,352 ) Balance at June 30 $ (5,687 ) $ (51,257 ) $ (56,944 ) $ (5,832 ) $ (50,960 ) $ (56,792 ) (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, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | NOTE G – 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, 2019 and 2018 was as follows: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Numerator Net income attributable to Preformed Line Products Company Shareholders $ 7,904 $ 6,735 $ 9,728 $ 12,263 Denominator Determination of shares Weighted-average common shares outstanding 5,049 5,044 5,047 5,045 Dilutive effect - share-based awards 9 20 9 19 Diluted weighted-average common shares outstanding 5,058 5,064 5,056 5,064 Earnings per common share Basic $ 1.57 $ 1.34 $ 1.93 $ 2.43 Diluted $ 1.56 $ 1.33 $ 1.92 $ 2.42 For both the three and six-month periods ended June 30, 2019, 15,000 stock options were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. Also, for the three and six-month periods ended June 30, 2018, no stock options were excluded from the calculation of diluted earnings per share as there was no anti-dilutive effect. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | NOTE H – GOODWILL AND OTHER INTANGIBLES The Company’s finite and indefinite-lived intangible assets consist of the following: June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets Patents $ 4,806 $ (4,806 ) $ 4,806 $ (4,788 ) Land use rights 1,134 (203 ) 1,134 (203 ) Trademarks 1,712 (1,297 ) 1,707 (1,247 ) Technology 5,387 (1,439 ) 2,994 (1,334 ) Customer relationships 14,340 (6,775 ) 11,804 (6,415 ) $ 27,379 $ (14,520 ) $ 22,445 $ (13,987 ) Indefinite-lived intangible assets Goodwill $ 28,726 $ 15,621 The aggregate amortization expense for other intangibles with finite lives for the three and six months ended June 30, 2019 was $.3 million and $.6 million, respectively. The aggregate amortization expense for other intangibles with finite lives for the three and six months ended June 30, 2018 was $.3 million and $.5 million, respectively. Amortization expense is estimated to be $1.1 million for the remaining period of 2019, $1.2 million for 2020 and 2021, and $1.1 million for and 2022 and 2023. The weighted-average remaining amortization period is approximately 15.3 years. The weighted-average remaining amortization period by intangible asset class is as follows: patents, 6.5 years; land use rights, 56.5 years; trademarks, 8.1 years; technology, 13.6 years; and customer relationships, 12.0 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 valuation method uses Level 3 inputs under the fair value hierarchy. 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, 2019 are as follows: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2019 $ 3,078 $ 3,997 $ 1,355 $ 7,191 $ 15,621 Currency translation 0 135 (151 ) (71 ) (87 ) Additions 13,192 13,192 Balance at June 30, 2019 $ 3,078 $ 4,132 $ 14,396 $ 7,120 $ 28,726 Refer to Note S, “Business Combinations” for further information regarding additions. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | NOTE I – SHARE-BASED COMPENSATION The 1999 Stock Option Plan Activity in the Company’s 1999 Stock Option Plan for the six months ended June 30, 2019 was as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000's) Outstanding at January 1, 2019 750 $ 39.10 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at June 30, 2019 750 $ 39.10 0.3 $ 12 There were no stock options exercised under this Plan during either of the six months ended June 30, 2019 or 2018. As all stock options from the 1999 Stock Option Plan are fully vested, the Company recorded no compensation expense related to stock options for the six months ended June 30, 2019 and 2018. 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 which 900,000 common shares have been reserved for restricted share awards and 100,000 common shares have been reserved for share options. 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. The fair value of RSUs is based on the market price of a common share on the grant date and the shares underlying the awards are not issued until they vest. Dividends declared are accrued in cash. A summary of the RSUs outstanding under the LTIP for the six months ended June 30, 2019 is as follows: Restricted Share Units Performance and Service Required (1) Service Required Total Restricted Share Units Weighted-Average Grant-Date Fair Value Nonvested as of January 1, 2019 213,624 17,298 230,922 $ 76.20 Granted 65,392 8,123 73,515 56.22 Vested (75,921 ) (1,292 ) (77,213 ) 34.16 Forfeited (6,753 ) (1,068 ) (7,821 ) 68.95 Nonvested as of June 30, 2019 196,342 23,061 219,403 $ 60.86 (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. Compensation expense related to the time-based RSUs for the three and six-month periods ended June 30, 2019 was $.1 million and $.2 million, respectively. Compensation expense related to the time-based RSUs for the three and six-month periods ended June 30, 2018 was $.1 million and $.2 million, respectively. As of June 30, 2019, there was $.7 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 1.9 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 either operating or 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 and the Incentive Plan, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the three and six-month periods ended June 30, 2019 was $.9 million and $1.7 million, respectively. Performance-based compensation expense for the three and six-month periods ended June 30, 2018 was $.7 million and $1.4 million, respectively. As of June 30, 2019, the remaining compensation expense of $4.4 million for outstanding performance-based RSU’s is expected to be recognized over a period of approximately 1.7 years. In the event of a Change in Control (as defined in the LTIP and the Incentive Plan), vesting of the RSUs will be accelerated and all restrictions will lapse. Unvested performance-based awards will vest on a target potential payout. To satisfy the vesting of its RSU awards, the Company has reserved new shares from its authorized but unissued shares. Any additional awards granted will also be issued from the Company’s authorized but unissued shares. Share Option Awards The LTIP permitted and now 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 LTIP and 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. There were no options granted for either of the six-month periods ended June 30, 2019 and 2018. Stock option activity under the Company’s LTIP for six months ended June 30, 2019 was as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000's) Outstanding at January 1, 2019 30,750 $ 56.81 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (vested and expected to vest) at June 30, 2019 30,750 $ 56.81 6.4 $ 151 Exercisable at June 30, 2019 24,500 $ 56.33 5.7 $ 141 There were no stock options exercised during the six-month period ended June 30, 2019. There were 1,500 shares exercised during the six-month period ended June 30, 2018. For both three and six-month periods ended June 30, 2019, the Company recorded compensation expense related to the stock options currently vested of less than $.1 million. For both three and six-month periods ended June 30, 2018, the Company recorded compensation expense related to the stock options currently vested of less than $.1 million. The total compensation cost related to nonvested awards not yet recognized at June 30, 2019 is expected to be less than $.1 million over a weighted-average period of approximately 2.1 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 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 common shares 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, 2019, 270,860 shares have been deferred and are being held in the rabbi trust. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | NOTE J – 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 to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs other than Level 1 inputs that are either directly or indirectly observable, which may include: o Quoted prices for similar assets in active markets; o Quoted prices for identical or similar assets or liabilities in inactive markets; o Inputs other than quoted prices that are observable for the asset or liability; and o Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and developed using estimates and assumptions developed by the Company which reflect those that a market participant would use. The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the consolidated balance sheets as of June 30, 2019 and December 31, 2018: Description Balance as of June 30, 2019 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Supplemental profit sharing plan $ 5,316 $ 0 $ 5,316 $ 0 Total Liabilities $ 5,316 $ 0 $ 5,316 $ 0 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities $ 1,648 $ 1,648 $ 0 $ 0 Total Assets $ 1,648 $ 1,648 $ 0 $ 0 Liabilities: Supplemental profit sharing plan $ 4,946 $ 0 $ 4,946 $ 0 Total Liabilities $ 4,946 $ 0 $ 4,946 $ 0 The Company has a non-qualified Supplemental Profit Sharing Plan for its executives. The liability for this unfunded Supplemental Profit Sharing Plan was $5.3 million at June 30, 2019 and $4.9 million at December 31, 2018. These amounts are recorded within Other noncurrent liabilities on the Company’s consolidated balance sheets. During January 2018, the Company amended the Supplemental Profit Sharing Plan to allow the participants the ability to hypothetically invest 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. In order to mitigate the risk associated with the Supplemental Profit Sharing Plan, the Company had invested in marketable securities, principally equity based mutual funds, which were all transferred to the Company’s Corporate Owned Life Insurance Policy (“COLI”) as of June 30, 2019. In April 2019, the full mutual fund investment balance was transferred to the Company’s COLI. The balance in the marketable securities of $0 million and $1.6 million were reported at fair value within Other current assets on the Company’s consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, the cash surrender value of the COLI was $5.3 million and $2.8 million, respectively, and is recorded in Other assets on the Company’s consolidated balance sheet. Changes in the fair value of the securities of $.1 million and $.2 million were recognized within Other income, net within the consolidated statements of income for the three and six-month periods ended June 30, 2019, respectively. Changes in the fair value of the securities of less than $.1 million were recognized within Other income, net within the consolidated statements of income for both the three and six-month periods ended June 30, 2018. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Adopted Accounting Pronouncements | NOTE K – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In August 2018, the SEC issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. The new rule requires a presentation of changes in shareholders’ equity and noncontrolling interest in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company adopted the new disclosure requirements for the period ending June 30, 2019. The additional components of this release did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement (Topic 220), Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) which gives the entity the option to reclassify to retained earnings the tax effect resulting the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act”) related items that the FASB refers to as having been stranded in accumulated other comprehensive income (“OCI”). The Company adopted ASU 2018-02 effective January 1, 2019 and did not elect the option to reclassify to retained earnings the tax effects resulting from the Tax Act that are stranded in OCI. The adoption of this new guidance did not have a material effect on 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 for leases classified as operating leases under previous guidance. 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, the lessee is permitted to make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. The lessee is also 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. This ASU was applied using a modified retrospective adoption method with the option of applying the guidance either retrospectively to each prior comparative reporting period presented or retrospectively at the beginning of the period of adoption, effective January 1, 2019. The Company applied the transitional package of practical expedients allowed by the standard to not reassess the identification, classification and initial direct costs of leases commencing before this ASU's effective date, however, the Company did not elect the hindsight transitional practical expedient. The Company also applied the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company also elected the practical expedient allowed under “Leases (Topic 842)” to exclude leases with a term of twelve months or less form the calculation of the lease liabilities and right-of-use assets. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements to ASC 842,” which includes an option to not restate comparative periods in transition and elect to use the effective date of ASC 842 as the initial application of transition. The amendments in Topic 842 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company has finalized its policy elections, the discount rate used and data to support recognition and disclosure under the new standard. The adoption of this ASU resulted in recognition of right-of-use assets and corresponding current and long-term lease obligations, on a discounted basis, of its lease obligations of $10.9 million on the Company’s balance sheet at June 30, 2019. Refer to Note Q “Leases” for additional details regarding the Company’s leases. The adoption of ASU 842 did not have a material impact on the Company’s results of operations, cash flows or debt covenants. |
New Accounting Standards to be
New Accounting Standards to be Adopted | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Standards to be Adopted | NOTE L – NEW ACCOUNTING STANDARDS TO BE ADOPTED The Company considers the applicability and impact of all ASUs. Recently issued ASUs that are not listed below were assessed and determined to be not applicable in the current reporting period. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which will modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the removal of certain disclosure requirements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until the effective date. The Company is currently evaluating what impact its adoption, effective January 1, 2020, will have to the presentation of the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes how entities will measure credit losses for most financial assets and other instruments that are not measured at fair value through net income. This update introduces the current expected credit loss (CECL) model, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating what impact its adoption, effective January 1, 2020, will have to the presentation of the Company’s consolidated financial statements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE M – SEGMENT INFORMATION The following tables present a summary of the Company’s reportable segments for the three and six months ended June 30, 2019 and 2018. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Net sales PLP-USA $ 46,369 $ 42,665 $ 87,794 $ 82,107 The Americas 17,708 18,008 31,479 37,555 EMEA 22,610 21,402 38,244 36,483 Asia-Pacific 28,155 26,840 54,478 50,909 Total net sales $ 114,842 $ 108,915 $ 211,995 $ 207,054 Intersegment sales PLP-USA $ 2,166 $ 2,252 $ 4,429 $ 4,434 The Americas 1,626 2,614 3,756 4,582 EMEA 326 506 563 840 Asia-Pacific 3,932 3,562 7,127 5,272 Total intersegment sales $ 8,050 $ 8,934 $ 15,875 $ 15,128 Income taxes PLP-USA $ 1,766 $ 854 $ 1,252 $ 1,228 The Americas 870 979 1,046 2,368 EMEA 3 421 78 659 Asia-Pacific 345 235 712 335 Total income taxes $ 2,984 $ 2,489 $ 3,088 $ 4,590 Net income PLP-USA $ 4,278 $ 1,843 $ 4,197 $ 3,556 The Americas 1,659 2,657 2,623 5,800 EMEA 805 1,561 1,317 1,925 Asia-Pacific 1,162 674 1,591 982 Total net income $ 7,904 $ 6,735 $ 9,728 $ 12,263 June 30, 2019 December 31, 2018 Assets PLP-USA $ 127,315 $ 118,171 The Americas 79,423 69,764 EMEA 94,884 57,263 Asia-Pacific 123,531 113,599 Total identifiable assets $ 425,153 $ 358,797 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE N – INCOME TAXES The Company’s effective tax rate was 28% and 27% for the three months ended June 30, 2019 and 2018, respectively, and 24% and 27% for the six months ended June 30, 2019 and 2018, respectively. As described in Note K, effective January 1, 2019, the Company adopted the new guidance under ASU 2018-02 and has elected not to reclassify the income tax effects of the U.S. Tax Act from accumulated other comprehensive income to retained earnings . 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. No significant changes to the valuation allowances were reflected for the periods ended June 30, 2019 and 2018. The Company has no unrecognized tax benefits for the periods ending June 30, 2019 and 2018. The Company does not anticipate any significant changes to its gross unrecognized tax benefits within the next twelve months. The Company previously considered the majority of the earnings in non-U.S. subsidiaries to be permanently reinvested and accordingly did not record any associated deferred income taxes on such earnings. The Company intends to continue to invest most or all of these earnings, as well as our capital in these subsidiaries, indefinitely outside of the U.S. and does not expect to incur any significant additional taxes related to such amounts. |
Product Warranty Reserve
Product Warranty Reserve | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees [Abstract] | |
Product Warranty Reserve | NOTE O – PRODUCT WARRANTY RESERVE The Company records an accrual for estimated warranty costs to Costs of products sold in the Statements of Consolidated Income. 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 2019 2018 Beginning of period balance $ 928 $ 1,076 Additions charged to income 506 14 Warranty usage (5 ) (143 ) Currency translation 1 (68 ) End of period balance $ 1,430 $ 879 |
Debt Arrangements
Debt Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Arrangements | NOTE P – DEBT ARRANGEMENTS On March 13, 2018, the Company extended the term on its $65 million credit facility from June 30, 2019 to June 30, 2021. All other terms remain the same, including the interest rate at LIBOR plus 1.125% unless its funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, at which point the LIBOR spread becomes 1.500%. At June 30, 2019, the Company’s Polish subsidiary had borrowed $2.2 million U.S. dollars at a rate of 1.125% plus the Warsaw Interbank Offer Rate with a term expiring June 30, 2021. At June 30, 2019, the Company’s Australian subsidiary had borrowed $6.3 million U.S. dollars, also with a term expiring June 30, 2021. At June 30, 2019, the interest rates on the U.S., Polish and Australian line of credit agreement were 3.523%, 2.765% and 2.515%, respectively. Under the credit facility, at June 30, 2019, the Company had utilized $38.1 million with $26.9 million available under the line of credit, net of long-term outstanding letters of credit. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At June 30, 2019, the Company was in compliance with these covenants. On February 28, 2019, the Company acquired SubCon Electrical Fittings GmbH (“SubCon”), headquartered in Dornbirn, Austria. The Company’s Austrian subsidiary has a line of credit with a term expiration of May 31, 2020 with the option to renew for an additional twelve months indefinitely. At June 30, 2019, the Company’s Austrian subsidiary had borrowed its full capacity on the line of credit at $1.0 million euros, or $1.1 million U.S. dollars, at an interest rate of 1.200%. On April 25, 2019, the Company borrowed $8.0 million U.S. dollars on behalf of its Indonesian subsidiary at a rate of 3.501% with a term expiring on April 30, 2024. At June 30, 2019, $7.9 million was outstanding on this debt facility, of which $.8 million is classified as current. For both periods ended June 30, 2019 and December 31, 2018, the Company’s Asia Pacific segment had $.3 million in restricted cash used to secure bank debt. The restricted cash is shown on the balance sheet in Other assets. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE Q – LEASES The Company adopted guidance effective in ASU 2016-02, “Leases (Topic 842)” on January 1, 2019. Adoption of this guidance did not change the Company’s balance sheet or income statement recognition of finance leases. As a result of adopting this guidance, the Company recorded short and long-term lease liabilities and corresponding right-of-use assets related to its operating leases. The Company regularly enters into leases in the normal course of business. As of June 30, 2019, 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. The Company often has the option to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at the Company’s sole 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 June 30, 2019 was 17.4 and 1.0, 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 three and six months ended June 30, 2019 were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Components of Lease Expense Operating lease cost $ 814 $ 1,479 Finance lease cost Amortization of right-of-use assets 16 34 Interest on lease liabilities 3 6 Total lease cost $ 833 $ 1,519 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, adjusted for impacts of collateral. The weighted average discount rate used to measure the Company’s operating and finance lease liabilities as of June 30, 2019 was 5.16% and 1.58%, respectively. Future maturities of the Company’s lease liabilities as of June 30, 2019 are as follows: Operating Leases Finance Leases 2019 $ 1,463 $ 55 2020 2,312 109 2021 1,935 45 2022 1,497 24 2022 1,031 21 2023 and thereafter 8,762 0 Total lease payments $ 17,000 $ 254 Less amount of lease payment representing interest 6,052 60 Total present value of lease payments $ 10,948 $ 194 The total minimum sublease rentals under noncancelable subleases to be received through 2023 is $4.1 million. Supplemental cash flow information related to leases for the three-month period ended June 30, 2019 was as follows: Six Months Ended June 30, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases 3,676 Operating cash flows for finance leases 6 Financing cash flows for finance leases 49 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE R – RELATED PARTY TRANSACTIONS On February 6, 2019, the Company purchased 36,413 shares of the Company from current Officers at a price per share of $56.44, which was calculated from a 30-day average market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE S – BUSINESS COMBINATIONS On February 28, 2019, the Company acquired 100% of SubCon. Subcon is headquartered in Dornbirn, Austria with manufacturing operations in Brno, Czech Republic. The acquisition of SubCon will strengthen the Company’s position in the global substation market and will expand its operational presence in Europe. The majority of assets acquired were intangible assets and are reported as Goodwill and Intangibles - net on the Company’s consolidated balance sheet in the amounts of $7.0 million and $4.8 million, respectively, at June 30, 2019. The values related to the acquisition are preliminary and subject to final opening balance sheet adjustments. On April 1, 2019, the Company acquired MICOS Telcom s.r.o (“MICOS Telcom”) headquartered in Prostějov, Czech Republic. The acquisition of MICOS Telcom will strengthen the Company’s position in the global telecom market and will also expand its operational presence in Europe. The majority of assets acquired were intangible assets and are reported as Goodwill on the Company’s consolidated balance sheet in the amount of $6.2 million at June 30, 2019. The values related to the acquisition are preliminary and subject to final opening balance sheet adjustments. The Company paid $19.0 million, net of cash acquired, for the two acquisitions. The purchase price was predominantly allocated to goodwill of $13.2 million, intangible assets of $4.8 million and net working capital of $4.2 million. The remaining purchase price was allocated to other long-term liabilities, net of long-term assets. The overall purchase price includes an earn-out consideration payment for SubCon that will be considered for remeasurement each reporting period as the operating results of SubCon are evaluated. From an accounting perspective, the acquisitions are not considered material to the Company’s Consolidated Balance Sheets or Statements of Consolidated Income. The values related to the acquisitions are preliminary and subject to final opening balance sheet adjustments. The operating results and financial positions of SubCon and MICOS Telcom are included in the Company’s EMEA reportable segment. |
Revenue (Policies)
Revenue (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
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. The Company estimates product returns based on historical return rates. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues by Segment and Product Type | The Company’s revenues by segment and product type are as follows: Three Months Ended June 30, 2019 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 63 % 66 % 48 % 66 % 62 % Communications 30 29 32 10 25 Special Industries 7 5 20 24 13 Total 100 % 100 % 100 % 100 % 100 % Three Months Ended June 30, 2018 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 57 % 77 % 75 % 70 % 68 % Communications 36 19 6 4 19 Special Industries 7 4 19 26 13 Total 100 % 100 % 100 % 100 % 100 % Six Months Ended June 30, 2019 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 64 % 63 % 61 % 64 % 63 % Communications 30 31 24 8 24 Special Industries 6 6 15 28 13 Total 100 % 100 % 100 % 100 % 100 % Six Months Ended June 30, 2018 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 58 % 77 % 78 % 74 % 69 % Communications 36 19 6 5 20 Special Industries 6 4 16 21 11 Total 100 % 100 % 100 % 100 % 100 % |
Other Financial Statement Inf_2
Other Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Inventories - Net | Inventories – net June 30, 2019 December 31, 2018 Raw materials $ 48,324 $ 43,041 Work-in-process 9,888 8,818 Finished Goods 43,328 42,163 101,540 94,022 Excess of current cost over LIFO cost (4,852 ) (4,474 ) Noncurrent portion of inventory (3,956 ) (4,289 ) $ 92,732 $ 85,259 |
Property, Plant and Equipment - Net | Major classes of Property, plant and equipment are stated at cost and were as follows: June 30, 2019 December 31, 2018 Land and improvements $ 16,821 $ 12,552 Buildings and improvements 78,051 74,743 Machinery, equipment and aircraft 179,200 171,015 Construction in progress 5,874 3,392 279,946 261,702 Less accumulated depreciation (167,683 ) (158,747 ) $ 112,263 $ 102,955 |
Share Holders Equity (Tables)
Share Holders Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Changes in Shareholders Equity | The following table reflects the changes in shareholders equity for the three and six months ended June 30, 2019 and 2018: Accumulated Other Comprehensive Income (Loss) Common Shares Common Shares Issued to Rabbi Trust Deferred Compensation Liability Paid in Capital Retained Earnings Treasury Shares Cumulative Translation Adjustment Unrecognized Pension Benefit Cost Total Preformed Line Products Company Equity (In thousands, except share and per share data) Balance at December 31, 2018 $ 12,662 $ (11,008 ) $ 11,008 $ 34,401 $ 334,170 $ (72,280 ) $ (53,710 ) $ (5,873 ) $ 249,370 Net income 1,824 1,824 Foreign currency translation adjustment 1,353 1,353 Recognized net actuarial gain, net of tax provision of $32 93 93 Total comprehensive income 3,270 Share-based compensation 928 (36 ) 892 Purchase of 40,891 common shares (2,294 ) (2,294 ) Issuance of 78,821 common shares 159 (18 ) 141 Common shares issued to rabbi trust of 705, net (30 ) 30 0 Cash dividends declared - $.20 per share (165 ) (1,011 ) (1,176 ) Balance at March 31, 2019 $ 12,821 $ (11,038 ) $ 11,038 $ 35,146 $ 334,947 $ (74,574 ) $ (52,357 ) $ (5,780 ) $ 250,203 Net income 7,904 7,904 Foreign currency translation adjustment 1,100 1,100 Recognized net actuarial gain, net of tax provision of $31 93 93 Total comprehensive income 9,097 Share-based compensation 1,028 (43 ) 985 Purchase of 29,724 common shares (1,456 ) (1,456 ) Issuance of 525 common shares 1 26 27 Common shares issued to rabbi trust of 525, net (28 ) 28 0 Cash dividends declared - $.20 per share (1,004 ) (1,004 ) Balance at June 30, 2019 $ 12,822 $ (11,066 ) $ 11,066 $ 36,200 $ 341,804 $ (76,030 ) $ (51,257 ) $ (5,687 ) $ 257,852 Accumulated Other Comprehensive Income (Loss) Common Shares Common Shares Issued to Rabbi Trust Deferred Compensation Liability Paid in Capital Retained Earnings Treasury Shares Cumulative Translation Adjustment Unrecognized Pension Benefit Cost Total (In thousands, except share and per share data) Balance at December 31, 2017 $ 12,593 $ (11,834 ) $ 11,834 $ 29,734 $ 311,765 $ (68,115 ) $ (41,425 ) $ (6,015 ) $ 238,537 Net income 5,528 5,528 Foreign currency translation adjustment 3,832 3,832 Recognized net actuarial gain, net of tax provision of $30 91 91 Total comprehensive income 9,451 Share-based compensation 790 (9 ) 781 Purchase of 10,907 common shares (833 ) (833 ) Issuance of 21,458 common shares 42 52 94 Common shares issued to rabbi trust of 112, net (15 ) 15 0 Cash dividends declared - $.20 per share (1,009 ) (1,009 ) Balance at March 31, 2018 $ 12,635 $ (11,849 ) $ 11,849 $ 30,576 $ 316,275 $ (68,948 ) $ (37,593 ) $ (5,924 ) $ 247,021 Net income 6,735 6,735 Foreign currency translation adjustment (13,367 ) (13,367 ) Recognized net actuarial gain, net of tax provision of $29 92 92 Total comprehensive income (6,540 ) Share-based compensation 927 (49 ) 878 Purchase of 13,500 common shares (981 ) (981 ) Issuance of 1,730 common shares 4 154 158 Common shares distributed from rabbi trust of 19,780, net 861 (861 ) 0 Cash dividends declared - $.20 per share (1,007 ) (1,007 ) Balance at June 30, 2018 $ 12,639 $ (10,988 ) $ 10,988 $ 31,657 $ 321,954 $ (69,929 ) $ (50,960 ) $ (5,832 ) $ 239,529 |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension Cost | Net periodic pension cost for this plan included the following components: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Service cost $ 48 $ 84 $ 95 $ 166 Interest cost 354 333 708 666 Expected return on plan assets (488 ) (496 ) (976 ) (991 ) Recognized net actuarial loss 125 121 250 242 Net periodic pension cost $ 39 $ 42 $ 77 $ 83 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 Three Months Ended June 30, 2018 Defined pension plan activity Currency Translation Adjustment Total Defined benefit pension plan activity Currency Translation Adjustment Total Balance at April 1 $ (5,780 ) $ (52,357 ) $ (58,137 ) $ (5,924 ) $ (37,593 ) $ (43,517 ) Other comprehensive income (loss) before reclassifications: Gain (loss) on foreign currency translation adjustment 0 1,100 1,100 0 (13,367 ) (13,367 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial gain (a) 93 0 93 92 0 92 Net current period other comprehensive income (loss) 93 1,100 1,193 92 (13,367 ) (13,275 ) Balance at June 30 $ (5,687 ) $ (51,257 ) $ (56,944 ) $ (5,832 ) $ (50,960 ) $ (56,792 ) Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Defined pension plan activity Currency Translation Adjustment Total Defined benefit pension plan activity Currency Translation Adjustment Total Balance at January 1 $ (5,873 ) $ (53,710 ) $ (59,583 ) $ (6,015 ) $ (41,425 ) $ (47,440 ) Other comprehensive income (loss) before reclassifications: Gain (loss) on foreign currency translation adjustment 0 2,453 2,453 0 (9,535 ) (9,535 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial gain (a) 186 0 186 183 0 183 Net current period other comprehensive income (loss) 186 2,453 2,639 183 (9,535 ) (9,352 ) Balance at June 30 $ (5,687 ) $ (51,257 ) $ (56,944 ) $ (5,832 ) $ (50,960 ) $ (56,792 ) (a) This AOCI component is included in the computation of net periodic pension costs. |
Computation of Earnings Per S_2
Computation of Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018 was as follows: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Numerator Net income attributable to Preformed Line Products Company Shareholders $ 7,904 $ 6,735 $ 9,728 $ 12,263 Denominator Determination of shares Weighted-average common shares outstanding 5,049 5,044 5,047 5,045 Dilutive effect - share-based awards 9 20 9 19 Diluted weighted-average common shares outstanding 5,058 5,064 5,056 5,064 Earnings per common share Basic $ 1.57 $ 1.34 $ 1.93 $ 2.43 Diluted $ 1.56 $ 1.33 $ 1.92 $ 2.42 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets Patents $ 4,806 $ (4,806 ) $ 4,806 $ (4,788 ) Land use rights 1,134 (203 ) 1,134 (203 ) Trademarks 1,712 (1,297 ) 1,707 (1,247 ) Technology 5,387 (1,439 ) 2,994 (1,334 ) Customer relationships 14,340 (6,775 ) 11,804 (6,415 ) $ 27,379 $ (14,520 ) $ 22,445 $ (13,987 ) Indefinite-lived intangible assets Goodwill $ 28,726 $ 15,621 |
Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill, by segment, for the six months ended June 30, 2019 are as follows: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2019 $ 3,078 $ 3,997 $ 1,355 $ 7,191 $ 15,621 Currency translation 0 135 (151 ) (71 ) (87 ) Additions 13,192 13,192 Balance at June 30, 2019 $ 3,078 $ 4,132 $ 14,396 $ 7,120 $ 28,726 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of RSUs Outstanding Under LTIP | A summary of the RSUs outstanding under the LTIP for the six months ended June 30, 2019 is as follows: Restricted Share Units Performance and Service Required (1) Service Required Total Restricted Share Units Weighted-Average Grant-Date Fair Value Nonvested as of January 1, 2019 213,624 17,298 230,922 $ 76.20 Granted 65,392 8,123 73,515 56.22 Vested (75,921 ) (1,292 ) (77,213 ) 34.16 Forfeited (6,753 ) (1,068 ) (7,821 ) 68.95 Nonvested as of June 30, 2019 196,342 23,061 219,403 $ 60.86 (1) Nonvested performance-based RSUs are reflected above at the maximum performance achievement level. |
Long Term Incentive Plan [Member] | |
Stock Option Activity in Company's Plan | Stock option activity under the Company’s LTIP for six months ended June 30, 2019 was as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000's) Outstanding at January 1, 2019 30,750 $ 56.81 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (vested and expected to vest) at June 30, 2019 30,750 $ 56.81 6.4 $ 151 Exercisable at June 30, 2019 24,500 $ 56.33 5.7 $ 141 |
Stock Options [Member] | |
Stock Option Activity in Company's Plan | Activity in the Company’s 1999 Stock Option Plan for the six months ended June 30, 2019 was as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000's) Outstanding at January 1, 2019 750 $ 39.10 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at June 30, 2019 750 $ 39.10 0.3 $ 12 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018: Description Balance as of June 30, 2019 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Supplemental profit sharing plan $ 5,316 $ 0 $ 5,316 $ 0 Total Liabilities $ 5,316 $ 0 $ 5,316 $ 0 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities $ 1,648 $ 1,648 $ 0 $ 0 Total Assets $ 1,648 $ 1,648 $ 0 $ 0 Liabilities: Supplemental profit sharing plan $ 4,946 $ 0 $ 4,946 $ 0 Total Liabilities $ 4,946 $ 0 $ 4,946 $ 0 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Net sales PLP-USA $ 46,369 $ 42,665 $ 87,794 $ 82,107 The Americas 17,708 18,008 31,479 37,555 EMEA 22,610 21,402 38,244 36,483 Asia-Pacific 28,155 26,840 54,478 50,909 Total net sales $ 114,842 $ 108,915 $ 211,995 $ 207,054 Intersegment sales PLP-USA $ 2,166 $ 2,252 $ 4,429 $ 4,434 The Americas 1,626 2,614 3,756 4,582 EMEA 326 506 563 840 Asia-Pacific 3,932 3,562 7,127 5,272 Total intersegment sales $ 8,050 $ 8,934 $ 15,875 $ 15,128 Income taxes PLP-USA $ 1,766 $ 854 $ 1,252 $ 1,228 The Americas 870 979 1,046 2,368 EMEA 3 421 78 659 Asia-Pacific 345 235 712 335 Total income taxes $ 2,984 $ 2,489 $ 3,088 $ 4,590 Net income PLP-USA $ 4,278 $ 1,843 $ 4,197 $ 3,556 The Americas 1,659 2,657 2,623 5,800 EMEA 805 1,561 1,317 1,925 Asia-Pacific 1,162 674 1,591 982 Total net income $ 7,904 $ 6,735 $ 9,728 $ 12,263 June 30, 2019 December 31, 2018 Assets PLP-USA $ 127,315 $ 118,171 The Americas 79,423 69,764 EMEA 94,884 57,263 Asia-Pacific 123,531 113,599 Total identifiable assets $ 425,153 $ 358,797 |
Product Warranty Reserve (Table
Product Warranty Reserve (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees [Abstract] | |
Roll Forward of Product Warranty Reserve | The following is a rollforward of the product warranty reserve: Six Months Ended June 30 2019 2018 Beginning of period balance $ 928 $ 1,076 Additions charged to income 506 14 Warranty usage (5 ) (143 ) Currency translation 1 (68 ) End of period balance $ 1,430 $ 879 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The Company’s operating and finance lease costs for the three and six months ended June 30, 2019 were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Components of Lease Expense Operating lease cost $ 814 $ 1,479 Finance lease cost Amortization of right-of-use assets 16 34 Interest on lease liabilities 3 6 Total lease cost $ 833 $ 1,519 |
Schedule of Future Maturities of Lease Liabilities | Future maturities of the Company’s lease liabilities as of June 30, 2019 are as follows: Operating Leases Finance Leases 2019 $ 1,463 $ 55 2020 2,312 109 2021 1,935 45 2022 1,497 24 2022 1,031 21 2023 and thereafter 8,762 0 Total lease payments $ 17,000 $ 254 Less amount of lease payment representing interest 6,052 60 Total present value of lease payments $ 10,948 $ 194 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the three-month period ended June 30, 2019 was as follows: Six Months Ended June 30, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases 3,676 Operating cash flows for finance leases 6 Financing cash flows for finance leases 49 |
Revenue - Revenues by Segment a
Revenue - Revenues by Segment and Product Type (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Energy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 62.00% | 68.00% | 63.00% | 69.00% |
Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 25.00% | 19.00% | 24.00% | 20.00% |
Special Industries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 13.00% | 13.00% | 13.00% | 11.00% |
PLP-USA [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 100.00% | 100.00% | 100.00% | 100.00% |
PLP-USA [Member] | Energy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 63.00% | 57.00% | 64.00% | 58.00% |
PLP-USA [Member] | Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 30.00% | 36.00% | 30.00% | 36.00% |
PLP-USA [Member] | Special Industries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 7.00% | 7.00% | 6.00% | 6.00% |
The Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 100.00% | 100.00% | 100.00% | 100.00% |
The Americas [Member] | Energy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 66.00% | 77.00% | 63.00% | 77.00% |
The Americas [Member] | Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 29.00% | 19.00% | 31.00% | 19.00% |
The Americas [Member] | Special Industries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 5.00% | 4.00% | 6.00% | 4.00% |
EMEA [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 100.00% | 100.00% | 100.00% | 100.00% |
EMEA [Member] | Energy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 48.00% | 75.00% | 61.00% | 78.00% |
EMEA [Member] | Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 32.00% | 6.00% | 24.00% | 6.00% |
EMEA [Member] | Special Industries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 20.00% | 19.00% | 15.00% | 16.00% |
Asia-Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Asia-Pacific [Member] | Energy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 66.00% | 70.00% | 64.00% | 74.00% |
Asia-Pacific [Member] | Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 10.00% | 4.00% | 8.00% | 5.00% |
Asia-Pacific [Member] | Special Industries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of disaggregated revenue | 24.00% | 26.00% | 28.00% | 21.00% |
Other Financial Statement Inf_3
Other Financial Statement Information - Inventories - Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 48,324 | $ 43,041 |
Work-in-process | 9,888 | 8,818 |
Finished Goods | 43,328 | 42,163 |
Inventory, gross | 101,540 | 94,022 |
Excess of current cost over LIFO cost | (4,852) | (4,474) |
Noncurrent portion of inventory | (3,956) | (4,289) |
Inventories - net | $ 92,732 | $ 85,259 |
Other Financial Statement Inf_4
Other Financial Statement Information - Additional Information (Detail) - USD ($) | Jun. 01, 2018 | Nov. 02, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | |||||||
Cost of inventories for certain materials using LIFO method | $ 29,200,000 | $ 29,200,000 | $ 29,500,000 | ||||
Expense (benefit) charge to earnings from LIFO inventory changes | $ 0 | $ 200,000 | $ 300,000 | $ 400,000 | |||
Name of plaintiff | Altalink, L.P. | ||||||
Complaint filling date | November 2016 | ||||||
Estimated damages from defendants | $ 29,400,000 | $ 56,000,000 |
Other Financial Statement Inf_5
Other Financial Statement Information - Property, Plant and Equipment - Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | $ 279,946 | $ 261,702 |
Less accumulated depreciation | (167,683) | (158,747) |
Property, plant and equipment - Net | 112,263 | 102,955 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | 16,821 | 12,552 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | 78,051 | 74,743 |
Machinery, Equipment and Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | 179,200 | 171,015 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | $ 5,874 | $ 3,392 |
Shareholders Equity - Summary o
Shareholders Equity - Summary of Changes in Shareholders Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | $ 250,203 | $ 249,370 | $ 247,021 | $ 238,537 | $ 249,370 | $ 238,537 |
Net income | 7,904 | 1,824 | 6,735 | 5,528 | 9,728 | 12,263 |
Foreign currency translation adjustment | 1,100 | 1,353 | (13,367) | 3,832 | 2,453 | (9,535) |
Recognized net actuarial gain, net of tax provision | 93 | 93 | 92 | 91 | 186 | 183 |
Comprehensive income (loss) attributable to Preformed Line Products Company shareholders | 9,097 | 3,270 | (6,540) | 9,451 | 12,367 | 2,911 |
Share-based compensation | 985 | 892 | 878 | 781 | ||
Purchase of common shares | (1,456) | (2,294) | (981) | (833) | ||
Issuance of common shares | 27 | 141 | 158 | 94 | ||
Common shares issued to rabbi trust | 0 | 0 | 0 | 0 | ||
Cash dividends declared per share | (1,004) | (1,176) | (1,007) | (1,009) | ||
Ending Balance | 257,852 | 250,203 | 239,529 | 247,021 | 257,852 | 239,529 |
Common Shares [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | 12,821 | 12,662 | 12,635 | 12,593 | 12,662 | 12,593 |
Issuance of common shares | 1 | 159 | 4 | 42 | ||
Ending Balance | 12,822 | 12,821 | 12,639 | 12,635 | 12,822 | 12,639 |
Common Shares Issued to Rabbi Trust [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | (11,038) | (11,008) | (11,849) | (11,834) | (11,008) | (11,834) |
Common shares issued to rabbi trust | (28) | (30) | 861 | (15) | ||
Ending Balance | (11,066) | (11,038) | (10,988) | (11,849) | (11,066) | (10,988) |
Deferred Compensation Liability [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | 11,038 | 11,008 | 11,849 | 11,834 | 11,008 | 11,834 |
Common shares issued to rabbi trust | 28 | 30 | (861) | 15 | ||
Ending Balance | 11,066 | 11,038 | 10,988 | 11,849 | 11,066 | 10,988 |
Paid In Capital [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | 35,146 | 34,401 | 30,576 | 29,734 | 34,401 | 29,734 |
Share-based compensation | 1,028 | 928 | 927 | 790 | ||
Issuance of common shares | 26 | (18) | 154 | 52 | ||
Cash dividends declared per share | (165) | |||||
Ending Balance | 36,200 | 35,146 | 31,657 | 30,576 | 36,200 | 31,657 |
Retained Earnings [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | 334,947 | 334,170 | 316,275 | 311,765 | 334,170 | 311,765 |
Net income | 7,904 | 1,824 | 6,735 | 5,528 | ||
Share-based compensation | (43) | (36) | (49) | (9) | ||
Cash dividends declared per share | (1,004) | (1,011) | (1,007) | (1,009) | ||
Ending Balance | 341,804 | 334,947 | 321,954 | 316,275 | 341,804 | 321,954 |
Treasury Stock [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | (74,574) | (72,280) | (68,948) | (68,115) | (72,280) | (68,115) |
Purchase of common shares | (1,456) | (2,294) | (981) | (833) | ||
Ending Balance | (76,030) | (74,574) | (69,929) | (68,948) | (76,030) | (69,929) |
Cumulative Translation Adjustment [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | (52,357) | (53,710) | (37,593) | (41,425) | (53,710) | (41,425) |
Foreign currency translation adjustment | 1,100 | 1,353 | (13,367) | 3,832 | ||
Ending Balance | (51,257) | (52,357) | (50,960) | (37,593) | (51,257) | (50,960) |
Unrecognized Pension Benefit Cost [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Beginning Balance | (5,780) | (5,873) | (5,924) | (6,015) | (5,873) | (6,015) |
Recognized net actuarial gain, net of tax provision | 93 | 93 | 92 | 91 | ||
Ending Balance | $ (5,687) | $ (5,780) | $ (5,832) | $ (5,924) | $ (5,687) | $ (5,832) |
Shareholders Equity - Summary_2
Shareholders Equity - Summary of Changes in Shareholders Equity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stockholders Equity Note [Line Items] | ||||||
Tax provision (benefit) for recognized net actuarial loss (gain) | $ (31) | $ (29) | $ (63) | $ (59) | ||
Unrecognized Pension Benefit Cost [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Tax provision (benefit) for recognized net actuarial loss (gain) | $ 31 | $ 32 | $ 29 | $ 30 | ||
Treasury Stock [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Purchase of common shares | 29,724 | 40,891 | 13,500 | 10,907 | ||
Common Shares [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Issuance of common shares | 525 | 78,821 | 1,730 | 21,458 | ||
Paid In Capital [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Issuance of common shares | 525 | 78,821 | 1,730 | 21,458 | ||
Common Shares Issued to Rabbi Trust [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Common shares issued to rabbi trust | 525 | 705 | 19,780 | 112 | ||
Deferred Compensation Liability [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Common shares issued to rabbi trust | 525 | 705 | 19,780 | 112 | ||
Retained Earnings [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 |
Pension Plans - Components of N
Pension Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Service cost | $ 48 | $ 84 | $ 95 | $ 166 |
Interest cost | 354 | 333 | 708 | 666 |
Expected return on plan assets | (488) | (496) | (976) | (991) |
Recognized net actuarial loss | 125 | 121 | 250 | 242 |
Net periodic pension cost | $ 39 | $ 42 | $ 77 | $ 83 |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contribution to pension plan | $ 0 |
Pension plan contributions to be made during the remainder of 2019 | $ 0 |
Accumulated Other Comprehensi_3
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 250,203 | $ 247,021 | $ 249,370 | $ 238,537 |
Other comprehensive income (loss) before reclassifications: | ||||
Gain (loss) on foreign currency translation adjustment | 1,100 | (13,367) | 2,453 | (9,535) |
Amounts reclassified from AOCI: | ||||
Amortization of defined benefit pension actuarial gain | 93 | 92 | 186 | 183 |
Other comprehensive income (loss), net of tax | 1,193 | (13,275) | 2,639 | (9,352) |
Ending Balance | 257,852 | 239,529 | 257,852 | 239,529 |
Defined Benefit Pension Plan Activity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,780) | (5,924) | (5,873) | (6,015) |
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 gain | 93 | 92 | 186 | 183 |
Other comprehensive income (loss), net of tax | 93 | 92 | 186 | 183 |
Ending Balance | (5,687) | (5,832) | (5,687) | (5,832) |
Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (52,357) | (37,593) | (53,710) | (41,425) |
Other comprehensive income (loss) before reclassifications: | ||||
Gain (loss) on foreign currency translation adjustment | 1,100 | (13,367) | 2,453 | (9,535) |
Amounts reclassified from AOCI: | ||||
Amortization of defined benefit pension actuarial gain | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 1,100 | (13,367) | 2,453 | (9,535) |
Ending Balance | (51,257) | (50,960) | (51,257) | (50,960) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (58,137) | (43,517) | (59,583) | (47,440) |
Amounts reclassified from AOCI: | ||||
Ending Balance | $ (56,944) | $ (56,792) | $ (56,944) | $ (56,792) |
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 | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator | ||||||
Net income attributable to Preformed Line Products Company Shareholders | $ 7,904 | $ 1,824 | $ 6,735 | $ 5,528 | $ 9,728 | $ 12,263 |
Determination of shares | ||||||
Weighted-average common shares outstanding | 5,049 | 5,044 | 5,047 | 5,045 | ||
Dilutive effect - share-based awards | 9 | 20 | 9 | 19 | ||
Diluted weighted-average common shares outstanding | 5,058 | 5,064 | 5,056 | 5,064 | ||
Earnings per common share | ||||||
Basic | $ 1.57 | $ 1.34 | $ 1.93 | $ 2.43 | ||
Diluted | $ 1.56 | $ 1.33 | $ 1.92 | $ 2.42 |
Computation of Earnings Per S_4
Computation of Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from calculation of earnings per share | 15,000 | 0 | 15,000 | 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-lived intangible assets | ||
Gross Carrying Amount | $ 27,379 | $ 22,445 |
Accumulated Amortization | (14,520) | (13,987) |
Indefinite-lived intangible assets Goodwill | 28,726 | 15,621 |
Patents [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 4,806 | 4,806 |
Accumulated Amortization | (4,806) | (4,788) |
Land Use Rights [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,134 | 1,134 |
Accumulated Amortization | (203) | (203) |
Trademarks [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,712 | 1,707 |
Accumulated Amortization | (1,297) | (1,247) |
Technology [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 5,387 | 2,994 |
Accumulated Amortization | (1,439) | (1,334) |
Customer Relationships [Member] | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 14,340 | 11,804 |
Accumulated Amortization | $ (6,775) | $ (6,415) |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 0.3 | $ 0.3 | $ 0.6 | $ 0.5 |
2019 | 1.1 | 1.1 | ||
2020 | 1.2 | 1.2 | ||
2021 | 1.2 | 1.2 | ||
2022 | 1.1 | 1.1 | ||
2023 | $ 1.1 | $ 1.1 | ||
Remaining amortization period | 15 years 3 months 18 days | |||
Patents [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 6 years 6 months | |||
Land Use Rights [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 56 years 6 months | |||
Trademarks [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 8 years 1 month 6 days | |||
Technology [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 13 years 7 months 6 days | |||
Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Remaining amortization period | 12 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 15,621 |
Currency translation | (87) |
Additions | 13,192 |
Ending Balance | 28,726 |
USA [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,078 |
Currency translation | 0 |
Ending Balance | 3,078 |
The Americas [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,997 |
Currency translation | 135 |
Ending Balance | 4,132 |
EMEA [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 1,355 |
Currency translation | (151) |
Additions | 13,192 |
Ending Balance | 14,396 |
Asia-Pacific [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 7,191 |
Currency translation | (71) |
Ending Balance | $ 7,120 |
Share-Based Compensation - Acti
Share-Based Compensation - Activity in Company's Plan (Detail) - 1999 Stock Option Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at January 1, 2019, Number of Shares | 750 | |
Granted, Number of Shares | 0 | |
Exercised, Number of Shares | 0 | 0 |
Forfeited, Number of Shares | 0 | |
Outstanding (exercisable and vested) at June 30, 2019, Number of Shares | 750 | |
Outstanding at January 1, 2019, Weighted Average Exercise Price per Share | $ 39.10 | |
Granted, Weighted Average Exercise Price per Share | 0 | |
Exercised, Weighted Average Exercise Price per Share | 0 | |
Forfeited, Weighted Average Exercise Price per Share | 0 | |
Outstanding (exercisable and vested) at June 30, 2019, Weighted Average Exercise Price per Share | $ 39.10 | |
Outstanding (exercisable and vested), Weighted Average Remaining Contractual Term | 3 months | |
Outstanding (exercisable and vested) Aggregate Intrinsic Value | $ 12 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Deferralshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018shares | May 10, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred shares and held by the rabbi trust | 270,860 | 270,860 | 269,630 | |||
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 | ||||
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 | ||||
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 | $ | 700,000 | $ 700,000 | ||||
Weighted-average period | 1 year 10 months 24 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) | $ | 900,000 | 700,000 | $ 1,700,000 | $ 1,400,000 | ||
Remaining compensation expense | $ | $ 4,400,000 | $ 4,400,000 | ||||
1999 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercised, Number of Shares | 0 | 0 | ||||
Granted, Number of Shares | 0 | |||||
1999 Stock Option Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expenses | $ | $ 0 | $ 0 | ||||
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 | ||||
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 | |||||
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 | |||||
Long Term Incentive Plan and 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 | |||||
Long Term Incentive Plan and 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 | |||||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | After One Year [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards vesting percentage | 50.00% | |||||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards vesting percentage | 75.00% | |||||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards vesting percentage | 100.00% | |||||
Long Term Incentive Plan Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercised, Number of Shares | 0 | 1,500 | ||||
Weighted-average period | 2 years 1 month 6 days | |||||
Granted, Number of Shares | 0 | 0 | ||||
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 | ||
Expected compensation cost related to unvested awards not yet recognized | $ | $ 100,000 | $ 100,000 | ||||
Deferred Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of deferrals | Deferral | 2 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of RSUs Outstanding Under LTIP (Detail) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2019 | 230,922 |
Granted | 73,515 |
Vested | (77,213) |
Forfeited | (7,821) |
Nonvested as of June 30, 2019 | 219,403 |
Nonvested as of January 1, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 76.20 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 56.22 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 34.16 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 68.95 |
Nonvested as of June 30, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 60.86 |
Performance and Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2019 | 213,624 |
Granted | 65,392 |
Vested | (75,921) |
Forfeited | (6,753) |
Nonvested as of June 30, 2019 | 196,342 |
Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2019 | 17,298 |
Granted | 8,123 |
Vested | (1,292) |
Forfeited | (1,068) |
Nonvested as of June 30, 2019 | 23,061 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity under 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, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at January 1, 2019, Number of Shares | 30,750 | |
Granted, Number of Shares | 0 | 0 |
Exercised, Number of Shares | 0 | (1,500) |
Forfeited, Number of Shares | 0 | |
Outstanding (vested and expected to vest) at June 30, 2019, Number of Shares | 30,750 | |
Exercisable at June 30, 2019, Number of Shares | 24,500 | |
Outstanding at January 1, 2019, Weighted Average Exercise Price per Share | $ 56.81 | |
Granted, Weighted Average Exercise Price per Share | 0 | |
Exercised, Weighted Average Exercise Price per Share | 0 | |
Forfeited, Weighted Average Exercise Price per Share | 0 | |
Outstanding (vested and expected to vest) at June 30, 2019, Weighted Average Exercise Price per Share | 56.81 | |
Exercisable at June 30, 2019, Weighted Average Exercise Price per Share | $ 56.33 | |
Outstanding (vested and expected to vest) at June 30, 2019, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |
Exercisable at June 30, 2019, Weighted Average Remaining Contractual Term | 5 years 8 months 12 days | |
Outstanding (vested and expected to vest) at June 30, 2019, Aggregate Intrinsic Value | $ 151 | |
Exercisable at June 30, 2019, Aggregate Intrinsic Value | $ 141 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 1,648 |
Total Assets | 1,648 | |
Supplemental profit sharing plan | 5,316 | 4,946 |
Total Liabilities | 5,316 | 4,946 |
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] | ||
Marketable securities | 1,648 | |
Total Assets | 1,648 | |
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] | ||
Marketable securities | 0 | |
Total Assets | 0 | |
Supplemental profit sharing plan | 5,316 | 4,946 |
Total Liabilities | 5,316 | 4,946 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Total Assets | 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 ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Supplemental profit sharing plan | $ 5,316,000 | $ 5,316,000 | $ 4,946,000 | ||
Marketable securities | 0 | 0 | 1,648,000 | ||
Other Income [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Gain loss on change in fair value of securities | 100,000 | 200,000 | |||
Other Income [Member] | Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Gain loss on change in fair value of securities | $ 100,000 | $ 100,000 | |||
Other Assets [Member] | Corporate Owned Life Insurance Policy [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash surrender value | 5,300,000 | 5,300,000 | 2,800,000 | ||
Profit Sharing Plan [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Supplemental profit sharing plan | $ 5,300,000 | $ 5,300,000 | $ 4,900,000 |
Recently Adopted Accounting P_2
Recently Adopted Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Right-of-use assets | $ 13,011 | $ 0 |
Current and long-term lease obligations | 10,948 | |
ASU 842 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Right-of-use assets | 10,900 | |
Current and long-term lease obligations | $ 10,900 |
Segment Information - Summary o
Segment Information - Summary of Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Net sales | |||||||
Net sales | $ 114,842 | $ 108,915 | $ 211,995 | $ 207,054 | |||
Income taxes | |||||||
Income taxes | 2,984 | 2,489 | 3,088 | 4,590 | |||
Net income | |||||||
Net income | 7,904 | $ 1,824 | 6,735 | $ 5,528 | 9,728 | 12,263 | |
Assets | |||||||
Identifiable assets | 425,153 | 425,153 | $ 358,797 | ||||
PLP-USA [Member] | |||||||
Net sales | |||||||
Net sales | 46,369 | 42,665 | 87,794 | 82,107 | |||
Income taxes | |||||||
Income taxes | 1,766 | 854 | 1,252 | 1,228 | |||
Net income | |||||||
Net income | 4,278 | 1,843 | 4,197 | 3,556 | |||
Assets | |||||||
Identifiable assets | 127,315 | 127,315 | 118,171 | ||||
The Americas [Member] | |||||||
Net sales | |||||||
Net sales | 17,708 | 18,008 | 31,479 | 37,555 | |||
Income taxes | |||||||
Income taxes | 870 | 979 | 1,046 | 2,368 | |||
Net income | |||||||
Net income | 1,659 | 2,657 | 2,623 | 5,800 | |||
Assets | |||||||
Identifiable assets | 79,423 | 79,423 | 69,764 | ||||
EMEA [Member] | |||||||
Net sales | |||||||
Net sales | 22,610 | 21,402 | 38,244 | 36,483 | |||
Income taxes | |||||||
Income taxes | 3 | 421 | 78 | 659 | |||
Net income | |||||||
Net income | 805 | 1,561 | 1,317 | 1,925 | |||
Assets | |||||||
Identifiable assets | 94,884 | 94,884 | 57,263 | ||||
Asia-Pacific [Member] | |||||||
Net sales | |||||||
Net sales | 28,155 | 26,840 | 54,478 | 50,909 | |||
Income taxes | |||||||
Income taxes | 345 | 235 | 712 | 335 | |||
Net income | |||||||
Net income | 1,162 | 674 | 1,591 | 982 | |||
Assets | |||||||
Identifiable assets | 123,531 | 123,531 | $ 113,599 | ||||
Intersegment Eliminations [Member] | |||||||
Net sales | |||||||
Net sales | (8,050) | (8,934) | (15,875) | (15,128) | |||
Intersegment Eliminations [Member] | PLP-USA [Member] | |||||||
Net sales | |||||||
Net sales | (2,166) | (2,252) | (4,429) | (4,434) | |||
Intersegment Eliminations [Member] | The Americas [Member] | |||||||
Net sales | |||||||
Net sales | (1,626) | (2,614) | (3,756) | (4,582) | |||
Intersegment Eliminations [Member] | EMEA [Member] | |||||||
Net sales | |||||||
Net sales | (326) | (506) | (563) | (840) | |||
Intersegment Eliminations [Member] | Asia-Pacific [Member] | |||||||
Net sales | |||||||
Net sales | $ (3,932) | $ (3,562) | $ (7,127) | $ (5,272) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 28.00% | 27.00% | 24.00% | 27.00% |
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2019 | Jun. 30, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning of period balance | $ 928 | $ 1,076 |
Additions charged to income | 506 | 14 |
Warranty usage | (5) | (143) |
Currency translation | 1 | (68) |
End of period balance | $ 1,430 | $ 879 |
Debt Arrangements - Additional
Debt Arrangements - Additional Information (Detail) € in Millions | Apr. 25, 2019USD ($) | Mar. 13, 2018USD ($) | Aug. 22, 2016 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019EUR (€) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Increased borrowing capacity | $ 65,000,000 | ||||||
Extended debt instrument date | Jun. 30, 2021 | Jun. 30, 2019 | |||||
Debt to earnings before Interest, Taxes and Depreciation ratio | 225.00% | ||||||
Line of credit utilized borrowing capacity | $ 38,100,000 | ||||||
Line of credit remaining borrowing capacity | 26,900,000 | ||||||
Proceeds from long-term debt | $ 55,636,000 | $ 35,272,000 | |||||
U.S. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate for Line of credit | 3.523% | 3.523% | |||||
Asia Pacific [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Restricted cash used to secure bank debt | $ 300,000 | $ 300,000 | |||||
LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of LIBOR plus | 1.125% | ||||||
LIBOR [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of LIBOR plus | 1.50% | ||||||
Polish Subsidiary [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings | $ 2,200,000 | ||||||
Interest rate for Line of credit | 2.765% | 2.765% | |||||
Polish Subsidiary [Member] | Warsaw Interbank Offer Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of LIBOR plus | 1.125% | ||||||
Expiration date | Jun. 30, 2021 | ||||||
Australian subsidiary [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings | $ 6,300,000 | ||||||
Expiration date | Jun. 30, 2021 | ||||||
Interest rate for Line of credit | 2.515% | 2.515% | |||||
Austrian Subsidiary [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit utilized borrowing capacity | $ 1,100,000 | € 1 | |||||
Expiration date | May 31, 2020 | ||||||
Austrian Subsidiary [Member] | Line Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.20% | 1.20% | |||||
Indonesian Subsidiary [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit utilized borrowing capacity | $ 7,900,000 | ||||||
Expiration date | Apr. 30, 2024 | ||||||
Interest rate | 3.501% | ||||||
Proceeds from long-term debt | $ 8,000,000 | ||||||
Outstanding letters of credit, current | $ 800,000 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
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 | 1 year |
Operating lease, weighted average remaining lease term | 17 years 4 months 24 days |
Operating lease, weighted average discount rate, percent | 5.16% |
Finance lease, weighted average discount rate, percent | 1.58% |
Toal minimum sublease rentals under noncancelable subleases | $ 4.1 |
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 | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Components of Lease Expense | ||
Operating lease cost | $ 814 | $ 1,479 |
Finance lease cost | ||
Amortization of right-of-use assets | 16 | 34 |
Interest on lease liabilities | 3 | 6 |
Total lease cost | $ 833 | $ 1,519 |
Leases - Schedule of Future Mat
Leases - Schedule of Future Maturities of Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
2019 | $ 1,463 |
2020 | 2,312 |
2021 | 1,935 |
2022 | 1,497 |
2022 | 1,031 |
2023 and thereafter | 8,762 |
Total lease payments | 17,000 |
Less amount of lease payment representing interest | 6,052 |
Total present value of lease payments | 10,948 |
Finance Leases | |
2019 | 55 |
2020 | 109 |
2021 | 45 |
2022 | 24 |
2022 | 21 |
2023 and thereafter | 0 |
Total lease payments | 254 |
Less amount of lease payment representing interest | 60 |
Total present value of lease payments | $ 194 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows for operating leases | $ 3,676 |
Operating cash flows for finance leases | 6 |
Financing cash flows for finance leases | $ 49 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Officer [Member] | Feb. 06, 2019$ / sharesshares |
Related Party Transaction [Line Items] | |
Purchase of shares | shares | 36,413 |
Shares price per share | $ / shares | $ 56.44 |
Number of trading days to be considered for average price of stock repurchased | 30 days |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Feb. 28, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 28,726 | $ 15,621 | ||
Intangibles net | 12,859 | $ 8,458 | ||
Payments of business, net of cash acquired | 18,974 | $ 0 | ||
SubCon [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||
Goodwill | 7,000 | |||
Intangibles net | 4,800 | |||
MICOS Telecom [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 6,200 | |||
SubCon and MICOS Telcom [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 13,200 | |||
Intangibles net | 4,800 | |||
Payments of business, net of cash acquired | 19,000 | |||
Net working capital | $ 4,200 |