Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 Common Stock, Shares Outstanding | ' | 5,358,655 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $31,153 | $28,120 |
Accounts receivable, less allowances of $2,032 ($2,039 in 2012) | 73,917 | 61,695 |
Inventories-net | 73,930 | 86,916 |
Deferred income taxes | 6,752 | 6,557 |
Prepaids | 6,108 | 5,652 |
Prepaid taxes | 3,193 | 2,729 |
Other current assets | 3,638 | 2,432 |
TOTAL CURRENT ASSETS | 198,691 | 194,101 |
Property, plant and equipment-net | 98,453 | 93,326 |
Patents and other intangibles-net | 12,365 | 14,038 |
Goodwill | 14,972 | 15,537 |
Deferred income taxes | 6,989 | 6,069 |
Other assets | 13,572 | 9,993 |
TOTAL ASSETS | 345,042 | 333,064 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Notes payable to banks | 501 | 217 |
Current portion of long-term debt | 191 | 251 |
Trade accounts payable | 23,837 | 21,822 |
Accrued compensation and amounts withheld from employees | 15,214 | 12,271 |
Accrued expenses and other liabilities | 10,286 | 11,967 |
Accrued profit-sharing and other benefits | 4,842 | 5,387 |
Dividends payable | 1,106 | 0 |
Income taxes payable and deferred income taxes | 1,099 | 6,328 |
TOTAL CURRENT LIABILITIES | 57,076 | 58,243 |
Long-term debt, less current portion | 14,951 | 9,322 |
Unfunded pension obligation | 11,636 | 13,184 |
Income taxes payable, noncurrent | 1,585 | 2,304 |
Deferred income taxes | 4,047 | 4,485 |
Other noncurrent liabilities | 4,692 | 4,457 |
PLPC Shareholders' equity: | ' | ' |
Common shares-$2 par value per share, 15,000,000 shares authorized, 5,361,155 and 5,377,937 issued and outstanding, net of 732,579 and 689,472 treasury shares at par, respectively, at September 30, 2013 and December 31, 2012 | 10,722 | 10,756 |
Common shares issued to rabbi trust, 184,787 and 184,036 shares at September 30, 2013 and December 31, 2012 | -6,577 | -6,522 |
Deferred compensation liability | 6,577 | 6,522 |
Paid in capital | 19,828 | 16,355 |
Retained earnings | 239,703 | 227,622 |
Accumulated other comprehensive loss | -19,198 | -13,664 |
TOTAL SHAREHOLDERS' EQUITY | 251,055 | 241,069 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $345,042 | $333,064 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, less allowances | $2,032 | $2,039 |
Common stock, par value | $2 | $2 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,361,155 | 5,377,937 |
Common stock, shares outstanding | 5,361,155 | 5,377,937 |
Treasury shares, at par | 732,579 | 689,472 |
Common stock, shares issued to rabbi trust | 184,787 | 184,036 |
Statements_of_Consolidated_Inc
Statements of Consolidated Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $100,828 | $114,206 | $311,233 | $334,992 |
Cost of products sold | 69,168 | 75,699 | 210,725 | 223,507 |
GROSS PROFIT | 31,660 | 38,507 | 100,508 | 111,485 |
Costs and expenses | ' | ' | ' | ' |
Selling | 8,874 | 9,344 | 27,226 | 27,746 |
General and administrative | 10,386 | 12,788 | 33,993 | 36,944 |
Research and engineering | 3,714 | 3,893 | 11,055 | 11,295 |
Other operating expense (income) | 419 | -677 | 2,611 | 562 |
Total costs and expenses | 23,393 | 25,348 | 74,885 | 76,547 |
OPERATING INCOME | 8,267 | 13,159 | 25,623 | 34,938 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 204 | 160 | 454 | 476 |
Interest expense | -121 | -144 | -329 | -489 |
Other income | 194 | 235 | 393 | 589 |
Total other income (expense) | 277 | 251 | 518 | 576 |
INCOME BEFORE INCOME TAXES | 8,544 | 13,410 | 26,141 | 35,514 |
Income taxes | 2,440 | 4,126 | 8,686 | 11,501 |
NET INCOME | $6,104 | $9,284 | $17,455 | $24,013 |
BASIC EARNINGS PER SHARE | ' | ' | ' | ' |
Net income | $1.14 | $1.75 | $3.25 | $4.51 |
DILUTED EARNINGS PER SHARE | ' | ' | ' | ' |
Net income | $1.12 | $1.71 | $3.20 | $4.42 |
Cash dividends declared per share | $0.20 | $0.20 | $0.40 | $0.60 |
Weighted-average number of shares outstanding-basic | 5,361 | 5,319 | 5,369 | 5,328 |
Weighted-average number of shares outstanding-diluted | 5,449 | 5,431 | 5,450 | 5,432 |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income Net Of Tax [Abstract] | ' | ' | ' | ' |
Net income | $6,104 | $9,284 | $17,455 | $24,013 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustment | 2,376 | 2,660 | -5,764 | 774 |
Recognized net acturial loss (net of tax provision $46 and $71 for the three months ended September 30, 2013 and 2012, and net of tax provision $140 and $213 for the nine months ended September 30, 2013 and 2012) | 77 | 117 | 230 | 350 |
Other comprehensive income (loss), net of tax | 2,453 | 2,777 | -5,534 | 1,124 |
Comprehensive income | $8,557 | $12,061 | $11,921 | $25,137 |
Statements_of_Consolidated_Com1
Statements of Consolidated Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income Net Of Tax [Abstract] | ' | ' | ' | ' |
Net of tax provision on recognized net actuarial loss | $46 | $71 | $140 | $213 |
Statements_of_Consolidated_Cas
Statements of Consolidated Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $17,455 | $24,013 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | ' | ' |
Depreciation and amortization | 8,987 | 8,233 |
Provision for accounts receivable allowances | 494 | 1,111 |
Provision for inventory reserves | 2,031 | 1,109 |
Deferred income taxes | -1,693 | -59 |
Share-based compensation expense | 2,199 | 2,179 |
Excess tax benefits from share-based awards | -159 | -116 |
Loss (gain) on sale of property and equipment | -57 | -133 |
Other-net | -11 | -18 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -16,079 | -8,460 |
Inventories | 5,204 | 654 |
Trade accounts payables and accrued liabilities | 3,522 | 8,504 |
Income taxes payable | -5,153 | -359 |
Other-net | -2,203 | -1,351 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 14,537 | 35,307 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -15,861 | -15,540 |
Business acquisitions, net of cash acquired | 0 | -5,173 |
Proceeds from the sale of property and equipment | 455 | 1,910 |
NET CASH USED IN INVESTING ACTIVITIES | -15,406 | -18,803 |
FINANCING ACTIVITIES | ' | ' |
Increase (decrease) in notes payable to banks | 312 | -1,260 |
Proceeds from the issuance of long-term debt | 49,319 | 51,974 |
Payments of long-term debt | -43,631 | -65,254 |
Dividends paid | -1,201 | -3,305 |
Excess tax benefits from share-based awards | 159 | 116 |
Earn-out consideration payment | -520 | -1,148 |
Proceeds from issuance of common shares | 1,167 | 324 |
Purchase of common shares for treasury | -3,248 | -2,094 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 2,357 | -20,647 |
Effects of exchange rate changes on cash and cash equivalents | 1,544 | 132 |
Net increase (decrease) in cash and cash equivalents | 3,033 | -4,011 |
Cash and cash equivalents at beginning of year | 28,120 | 32,126 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $31,153 | $28,115 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [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 financial statements and the accompanying notes. Actual results could differ from these estimates. However, 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 nine month periods ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |
The Consolidated Balance Sheet at December 31, 2012 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 2012 Annual Report on Form 10-K filed on March 15, 2013 with the Securities and Exchange Commission. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to current year presentation. |
Other_Financial_Statement_Info
Other Financial Statement Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Other Financial Statement Information | ' | ||||||||
NOTE B – OTHER FINANCIAL STATEMENT INFORMATION | |||||||||
Inventories – net | |||||||||
September 30 | December 31 | ||||||||
2013 | 2012 | ||||||||
Finished products | $ | 34,836 | $ | 41,474 | |||||
Work-in-process | 7,700 | 7,940 | |||||||
Raw materials | 43,623 | 46,133 | |||||||
86,159 | 95,547 | ||||||||
Excess of current cost over LIFO cost | (4,825 | ) | (4,674 | ) | |||||
Noncurrent portion of inventory | (7,404 | ) | (3,957 | ) | |||||
$ | 73,930 | $ | 86,916 | ||||||
Cost of inventories for certain materials are determined using the last-in-first-out (LIFO) method and totaled approximately $25.2 million at September 30, 2013 and $30.2 million at December 31, 2012. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three and nine month periods ended September 30, 2013, the net change in LIFO inventories resulted in a less than $.1 million benefit to and $.2 million charge to Income before income taxes, respectively. During the three and nine month periods ended September 30, 2012, the net change in LIFO inventories resulted in a benefit of $.2 million and a $.2 million charge to Income before income taxes, respectively. | |||||||||
Noncurrent inventory is included in Other assets on the Consolidated Balance Sheets. | |||||||||
Property, plant and equipment—net | |||||||||
Major classes of Property, plant and equipment, net are stated at cost and were as follows: | |||||||||
September 30 | December 31 | ||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 12,700 | $ | 13,190 | |||||
Buildings and improvements | 59,909 | 59,505 | |||||||
Machinery and equipment | 142,105 | 138,533 | |||||||
Construction in progress | 13,903 | 7,242 | |||||||
228,617 | 218,470 | ||||||||
Less accumulated depreciation | 130,164 | 125,144 | |||||||
$ | 98,453 | $ | 93,326 | ||||||
Legal proceedings | |||||||||
From time to time, the Company may be subject to litigation incidental to its business. The Company is not a party to any pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations, or cash flows. |
Pension_Plans
Pension Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension Plans | ' | ||||||||||||||||
NOTE C – PENSION PLANS | |||||||||||||||||
PLP-USA hourly employees of the Company who met specific requirements as to age and service are covered by a defined benefit pension plan (“Plan”). On December 12, 2012, the Company approved a freeze on further benefit accruals under the PLP-USA hourly employee pension plan and notified the participants of the freeze on December 19, 2012. Beginning February 1, 2013, participants have ceased earning additional benefits under the Plan and no new participants will enter the Plan. The Plan freeze required a valuation of the Plan’s assets and obligations as of December 31, 2012, which resulted in a non-cash curtailment gain of $6.3 million, which was recognized in the Other comprehensive income (loss) during the fourth quarter of 2012. The measurement of the Plan’s assets and obligations also resulted in a reduction in the Company’s pension liability of $6.3 million. The Company uses a December 31 measurement date for the Plan. Net periodic benefit cost for the Plan included the following components: | |||||||||||||||||
Three month period | Nine month period | ||||||||||||||||
ended September 30 | ended September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 56 | $ | 325 | $ | 167 | $ | 975 | |||||||||
Interest cost | 313 | 353 | 938 | 1,058 | |||||||||||||
Expected return on plan assets | (359 | ) | (297 | ) | (1,077 | ) | (890 | ) | |||||||||
Recognized net actuarial loss | 123 | 187 | 370 | 562 | |||||||||||||
Net periodic benefit cost | $ | 133 | $ | 568 | $ | 398 | $ | 1,705 | |||||||||
During the nine month period ended September 30, 2013, $1.6 million of contributions were made to the Plan. The Company presently anticipates not contributing any additional funds to the Plan in 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income ("AOCI") | ' | ||||||||||||
NOTE D – ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”) | |||||||||||||
The following tables set forth the total changes in AOCI by component, net of tax: | |||||||||||||
Three Month Period | |||||||||||||
Ended September 30, 2013 | |||||||||||||
Defined benefit | Currency | ||||||||||||
pension plan | Translation | ||||||||||||
activity | Adjustment | Total | |||||||||||
Balance at July 1, 2013 | $ | (6,171 | ) | $ | (15,480 | ) | $ | (21,651 | ) | ||||
Other comprehensive income before reclassifications | 0 | 2,376 | 2,376 | ||||||||||
Amounts reclassified from AOCI: | |||||||||||||
Amortization of defined benefit pension actuarial loss (a) | 77 | 0 | 77 | ||||||||||
Net current period other comprehensive income | 77 | 2,376 | 2,453 | ||||||||||
Balance at September 30, 2013 | $ | (6,094 | ) | $ | (13,104 | ) | $ | (19,198 | ) | ||||
Nine Month Period | |||||||||||||
Ended September 30, 2013 | |||||||||||||
Defined benefit | Currency | ||||||||||||
pension plan | Translation | ||||||||||||
activity | Adjustment | Total | |||||||||||
Balance at January 1, 2013 | $ | (6,324 | ) | $ | (7,340 | ) | $ | (13,664 | ) | ||||
Other comprehensive income before reclassifications | 0 | (5,764 | ) | (5,764 | ) | ||||||||
Amounts reclassified from AOCI: | |||||||||||||
Amortization of defined benefit pension actuarial loss (a) | 230 | 0 | 230 | ||||||||||
Net current period other comprehensive income | 230 | (5,764 | ) | (5,534 | ) | ||||||||
Balance at September 30, 2013 | $ | (6,094 | ) | $ | (13,104 | ) | $ | (19,198 | ) | ||||
(a) | This AOCI component is included in the computation of net periodic pension costs. |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Earnings Per Share | ' | ||||||||||||||||
NOTE E – COMPUTATION OF EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share were computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income by the weighted-average of all potentially dilutive common shares that were outstanding during the periods presented. | |||||||||||||||||
The calculation of basic and diluted earnings per share for the three and nine month periods ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Month Period | Nine Month Period | ||||||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 6,104 | $ | 9,284 | $ | 17,455 | $ | 24,013 | |||||||||
Denominator | |||||||||||||||||
Determination of shares | |||||||||||||||||
Weighted-average common shares outstanding | 5,361 | 5,319 | 5,369 | 5,328 | |||||||||||||
Dilutive effect—share-based awards | 88 | 112 | 81 | 104 | |||||||||||||
Diluted weighted-average common shares outstanding | 5,449 | 5,431 | 5,450 | 5,432 | |||||||||||||
Earnings per common share attributable to PLPC shareholders | |||||||||||||||||
Basic | $ | 1.14 | $ | 1.75 | $ | 3.25 | $ | 4.51 | |||||||||
Diluted | $ | 1.12 | $ | 1.71 | $ | 3.2 | $ | 4.42 | |||||||||
For the three and nine month period ended September 30, 2012, 22,500 and 17,750 stock options, respectively, were excluded from the calculation of diluted earnings per share due to the average market price being lower than the exercise price plus any unearned compensation on unvested options, and as such they were anti-dilutive. | |||||||||||||||||
For the three and nine month periods ended September 30, 2012, zero and 3,496 restricted shares, respectively, were excluded from the calculation of diluted earnings per shares due to the average market price being lower than the date of grant fair value plus any unearned compensation on unvested options, and as such they were anti-dilutive. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||
NOTE F – GOODWILL AND OTHER INTANGIBLES | |||||||||||||||||
The Company’s finite and indefinite-lived intangible assets consist of the following: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Finite-lived intangible assets | |||||||||||||||||
Patents | $ | 4,822 | $ | (4,360 | ) | $ | 4,819 | $ | (4,135 | ) | |||||||
Land use rights | 1,339 | (142 | ) | 1,322 | (125 | ) | |||||||||||
Trademark | 1,625 | (655 | ) | 1,674 | (529 | ) | |||||||||||
Customer backlog | 578 | (578 | ) | 578 | (578 | ) | |||||||||||
Technology | 2,816 | (513 | ) | 2,924 | (361 | ) | |||||||||||
Customer relationships | 10,357 | (2,924 | ) | 10,728 | (2,279 | ) | |||||||||||
$ | 21,537 | $ | (9,172 | ) | $ | 22,045 | $ | (8,007 | ) | ||||||||
Indefinite-lived intangible assets | |||||||||||||||||
Goodwill | $ | 14,972 | $ | 15,537 | |||||||||||||
The aggregate amortization expense for other intangibles with finite lives for the three and nine month periods ended September 30, 2013 was $.4 million and $1.2 million, respectively. The aggregate amortization expense for other intangibles with finite lives for the three and nine month periods ended September 30, 2012 was $.4 million and $1.1 million, respectively. Amortization expense is estimated to be $.4 million for the remainder of 2013, $1.3 million for 2014, $1.1 million for 2015, $.9 million for 2016 and $.9 million for 2017. The weighted-average remaining amortization period by intangible asset class is as follows: patents, 1.9 years; land use rights, 62.9 years; trademark, 12.5 years; technology, 17.3 years and customer relationships, 14.3 years. | |||||||||||||||||
The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs its annual impairment test for goodwill utilizing a combination of 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 assumptions used are reasonable and result in appropriate fair values of the reporting units. | |||||||||||||||||
The Company’s only intangible asset with an indefinite life is goodwill. The change to goodwill is related to foreign currency translation. The changes in the carrying amount of goodwill, by segment, for the nine month period ended September 30, 2013, are as follows: | |||||||||||||||||
The Americas | EMEA | Asia-Pacific | Total | ||||||||||||||
Balance at January 1, 2013 | $ | 3,078 | $ | 1,819 | $ | 10,640 | $ | 15,537 | |||||||||
Currency translation | 0 | (87 | ) | (478 | ) | (565 | ) | ||||||||||
Balance at September 30, 2013 | $ | 3,078 | $ | 1,732 | $ | 10,162 | $ | 14,972 | |||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
NOTE G – SHARE-BASED COMPENSATION | |||||||||||||||||
The 1999 Stock Option Plan | |||||||||||||||||
The 1999 Stock Option Plan (the “Plan”) permitted the grant of 300,000 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 under the 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 historically elected to use the simplified method of calculating the expected term of the stock options and historical volatility to compute fair value under the Black-Scholes option-pricing model. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated to be zero. | |||||||||||||||||
Activity in the Company’s 1999 Stock Option Plan for the nine month period ended September 30, 2013 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price per | Contractual | ||||||||||||||||
Share | Term (Years) | ||||||||||||||||
Outstanding at January 1, 2013 | 32,150 | $ | 40.93 | ||||||||||||||
Granted | 0 | $ | 0 | ||||||||||||||
Exercised | (12,400 | ) | $ | 42.73 | |||||||||||||
Forfeited | 0 | $ | 0 | ||||||||||||||
Outstanding (vested and expected to vest) at September 30, 2013 | 19,750 | $ | 39.8 | 3.5 | $ | 635 | |||||||||||
Exercisable at September 30, 2013 | 19,750 | $ | 39.8 | 3.5 | $ | 635 | |||||||||||
There were 12,400 and 9,111 stock options exercised during the nine month periods ended September 30, 2013 and 2012, respectively. The total intrinsic value of stock options exercised during the nine month periods ended September 30, 2013 and 2012 was $.3 million and $.4 million, respectively. Cash received for the exercise of stock options during the nine month periods ended September 30, 2013 and 2012 was $.5 million and $.2 million, respectively. Excess tax benefits from share-based awards for the nine month periods ended September 30, 2013 and 2012 was $.1 million for both periods. | |||||||||||||||||
For the three and nine month periods ended September 30, 2013, the Company recorded no compensation expense related to the stock options as all options are fully vested. For the three and nine month periods ended September 30, 2012, the Company recorded compensation expenses related to the stock options currently vesting reducing income before taxes and net income by less than $.1 million for both periods. | |||||||||||||||||
Long Term Incentive Plan of 2008 | |||||||||||||||||
Under the Preformed Line Products Company Long Term Incentive Plan of 2008 (the “LTIP”), certain employees, officers, and directors are eligible to receive awards of options and restricted shares. The purpose of this LTIP is to give the Company and its subsidiaries 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. As of September 30, 2013, the total number of common shares reserved for awards under the LTIP is 900,000. Of the 900,000 common shares, 800,000 common shares have been reserved for restricted share awards and 100,000 common shares have been reserved for share options. The LTIP expires on April 17, 2018. | |||||||||||||||||
Restricted Share Awards | |||||||||||||||||
For all of the participants except the CEO, a portion of the restricted share award is subject to time-based cliff vesting and a portion is subject to vesting based upon the Company’s performance over a three year period. All of the CEO’s restricted shares are subject to vesting based upon the Company’s performance over a three year period. The restricted shares are offered at no cost to the employees; however, the participant must remain employed with the Company until the restrictions on the restricted shares lapse. The fair value of restricted share awards is based on the market price of a common share on the grant date. The Company currently estimates that no awards will be forfeited. | |||||||||||||||||
A summary of the restricted share awards under the LTIP for the nine month period ended September 30, 2013 is as follows: | |||||||||||||||||
Restricted Share Awards | |||||||||||||||||
Total | Weighted-Average | ||||||||||||||||
Performance | Service | Restricted | Grant-Date | ||||||||||||||
Required | Required | Awards | Fair Value | ||||||||||||||
Nonvested as of January 1, 2013 | 103,221 | 11,363 | 114,584 | $ | 48.33 | ||||||||||||
Granted | 47,832 | 5,614 | 53,446 | 70.27 | |||||||||||||
Vested | 0 | 0 | 0 | 0 | |||||||||||||
Forfeited | 0 | 0 | 0 | 0 | |||||||||||||
Nonvested as of September 30, 2013 | 151,053 | 16,977 | 168,030 | $ | 55.31 | ||||||||||||
For time-based restricted shares, 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 Statement of Consolidated Income. Compensation expense related to the time-based restricted shares for the three and nine month periods ended September 30, 2013 was $.1 million and $.2 million, respectively. Compensation expense related to the time-based restricted shares for the three and nine month periods ended September 30, 2012 was $.1 million and $.2 million, respectively. As of September 30, 2013, there was $.5 million of total unrecognized compensation cost related to time-based restricted share awards that is expected to be recognized over the weighted-average remaining period of approximately 1.9 years. | |||||||||||||||||
For the performance-based awards, the number of restricted shares that will vest depends on the Company’s level of performance measured by growth in pretax income and sales growth over a requisite performance period. Depending on the extent to which the performance criteria are satisfied under the LTIP, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the three and nine month periods ended September 30, 2013 was $.7 million and $2 million, respectively. Performance-based compensation expense for the three and nine month periods ended September 30, 2012 was $.6 million and $1.8 million, respectively. As of September 30, 2013, the remaining performance-based restricted share awards compensation expense of $4 million is expected to be recognized over a period of approximately 1.9 years. | |||||||||||||||||
The excess tax benefits from restricted share awards for the nine month periods ended September 30, 2013 and 2012 was $0 for each period. | |||||||||||||||||
In the event of a Change in Control, vesting of the restricted shares will be accelerated and all restrictions will lapse. Unvested performance-based awards are based on a maximum potential payout. Actual shares awarded at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance-based award objectives. | |||||||||||||||||
To satisfy the vesting of its restricted share 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. As of September 30, 2013, under the LTIP there were 429,837 common shares available for additional restricted share grants. | |||||||||||||||||
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 shares of common stock of the Company at a later date instead of fees paid each quarter in cash. Second, this plan allows certain Company employees to defer LTIP restricted shares for future distribution in the form of common shares. Assets of the rabbi trust are consolidated, and the value of the Company’s stock held in the rabbi trust is classified in Shareholders’ equity and generally accounted for in a manner similar to treasury stock. The Company recognizes the original amount of the deferred compensation (fair value of the deferred stock award at the date of grant) as the basis for recognition in common shares issued to the rabbi trust. Changes in the fair value of amounts owed to certain employees or Directors are not recognized as the Company’s deferred compensation plan does not permit diversification and must be settled by the delivery of a fixed number of the Company’s common shares. As of September 30, 2013, 184,787 LTIP shares have been deferred and are being held by the rabbi trust. | |||||||||||||||||
Share Option Awards | |||||||||||||||||
The LTIP permits the grant of up to 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. At September 30, 2013 there were 57,000 shares remaining available for issuance under the LTIP. Options issued to date under the LTIP vest 50% after one year following the date of the grant, 75% after two years, and 100% after three years and expire from five to ten years from the date of grant. Shares issued as a result of stock option exercises will be funded with the issuance of new shares. | |||||||||||||||||
The Company has historically elected to use the simplified method of calculating the expected term of the stock options and historical volatility to compute fair value under the Black-Scholes option-pricing model. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated to be zero. | |||||||||||||||||
There were 0 and 8,000 options granted for the nine month periods ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Activity in the Company’s LTIP for the nine month period ended September 30, 2013 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price per | Contractual | ||||||||||||||||
Share | Term (Years) | ||||||||||||||||
Outstanding at January 1, 2013 | 33,750 | $ | 50.21 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | (12,750 | ) | 43.76 | ||||||||||||||
Forfeited | 0 | 0 | |||||||||||||||
Outstanding (vested and expected to vest) at September 30, 2013 | 21,000 | $ | 54.13 | 8.5 | $ | 374 | |||||||||||
Exercisable at September 30, 2013 | 8,625 | $ | 54.55 | 8.5 | $ | 150 | |||||||||||
There were 12,750 and 1,250 stock options exercised under the LTIP Plan during the nine month periods ended September 30, 2013 and 2012, respectively. The total intrinsic value of stock options exercised during the nine month periods ended September 30, 2013 and 2012 was $.3 million and less than $.1 million, respectively. Cash received for the exercise of stock options during the nine month periods ended September 30, 2013 and 2012 was $.6 million and less than $.1 million, respectively. Excess tax benefits from share-based options for the nine month periods ended September 30, 2013 and 2012 were $.1 million and less than $.1 million, respectively. | |||||||||||||||||
For the three and nine month periods ended September 30, 2013, the Company recorded compensation expense related to the stock options currently vesting, reducing Income before taxes and Net income by less than $.1 million and $.1 million, respectively. For the three and nine month periods ended September 30, 2012, the Company recorded compensation expense related to the stock options currently vesting, reducing Income before taxes and Net income by $.1 million and $.2 million, respectively. The total compensation cost related to nonvested awards not yet recognized at September 30, 2013 is expected to be a combined total of $.2 million over a weighted-average period of approximately 1.3 years. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | ||||||||||||||||
NOTE H – FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||
The carrying value of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable, notes payable, and short-term debt, approximates its fair value because of the short-term maturity of these instruments. On May 24, 2012, the Company amended its credit facility to increase the amount to $90 million, and extended the term to January 2015. The amendment to the credit facility lowered the interest rate from LIBOR plus 1.25% to LIBOR plus 1.125%. At September 30, 2013, the fair value of the Company’s long-term debt was estimated using a discounted cash flows analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements which are considered to be level two inputs. There have been no transfers in or out of level two for the nine month period ended September 30, 2013. Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt approximates its carrying value as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Long-term debt and related current maturities | $ | 15,114 | $ | 15,141 | $ | 9,573 | $ | 9,573 | |||||||||
As part of the January 31, 2012 Purchase Agreement to acquire Australian Electricity Systems PTY Ltd (AES), the Company recorded an additional earn-out consideration payment of $1.2 million US dollars. This amount represented the fair value of the earn-out consideration based on AES achieving a financial performance target over the twelve months ended June 30, 2012. The Company finalized the AES contingent consideration arrangement to $.4 million in 2012 which was paid to the former owner in April 2013. | |||||||||||||||||
Also, the Company acquired all the assets of Forma Line Industries CC on March 1, 2012 located in South Africa. As part of the Purchase Agreement for this acquisition, the Company entered into a one-year earn-out contingent consideration arrangement that ended on March 1, 2013. The fair value of this contingent consideration arrangement was $.1 million and was paid in March 2013. |
Recently_Adopted_Accounting_Pr
Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Recently Adopted Accounting Pronouncements | ' |
NOTE I – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same period. For other amounts, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted this guidance in the first quarter of 2013. As these amendments relate to presentation only, the provisions of ASU 2012-04 did not have an effect on the Company’s results of operations, financial condition, and cash flows. |
New_Accounting_Standards_to_be
New Accounting Standards to be Adopted | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Standards to be Adopted | ' |
NOTE J – NEW ACCOUNTING STANDARDS TO BE ADOPTED | |
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes (ASC 740). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this ASU on the Company’s financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU 2013-05 clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP by emphasizing that the accounting for the release of the cumulative translation adjustment into net income for sales or transfers of a controlling financial interest within a foreign Entity is the same irrespective of whether the sale or transfer is of a subsidiary or a group of assets that is a nonprofit activity or business. When a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company is currently evaluating the impact of the adoption of ASU 2013-05 on the Company’s financial statements. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
NOTE K – SEGMENT INFORMATION | |||||||||||||||||
The following tables present a summary of the Company’s reportable segments for the three and nine month periods ended September 30, 2013 and 2012. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. | |||||||||||||||||
Three month period | Nine month period | ||||||||||||||||
ended September 30 | ended September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | |||||||||||||||||
PLP-USA | $ | 33,763 | $ | 41,291 | $ | 112,297 | $ | 125,650 | |||||||||
The Americas | 23,507 | 23,791 | 65,672 | 69,844 | |||||||||||||
EMEA | 14,802 | 18,357 | 47,609 | 50,014 | |||||||||||||
Asia-Pacific | 28,756 | 30,767 | 85,655 | 89,484 | |||||||||||||
Total net sales | $ | 100,828 | $ | 114,206 | $ | 311,233 | $ | 334,992 | |||||||||
Intersegment sales | |||||||||||||||||
PLP-USA | $ | 4,141 | $ | 1,655 | $ | 9,859 | $ | 6,901 | |||||||||
The Americas | 1,576 | 1,684 | 4,851 | 5,921 | |||||||||||||
EMEA | 541 | 1,034 | 1,649 | 2,896 | |||||||||||||
Asia-Pacific | 2,766 | 4,205 | 7,645 | 11,892 | |||||||||||||
Total intersegment sales | $ | 9,024 | $ | 8,578 | $ | 24,004 | $ | 27,610 | |||||||||
Income taxes | |||||||||||||||||
PLP-USA | $ | 1,628 | $ | 2,081 | $ | 4,981 | $ | 6,664 | |||||||||
The Americas | 695 | 824 | 1,696 | 2,337 | |||||||||||||
EMEA | 545 | 964 | 1,663 | 2,211 | |||||||||||||
Asia-Pacific | (428 | ) | 257 | 346 | 289 | ||||||||||||
Total income taxes | $ | 2,440 | $ | 4,126 | $ | 8,686 | $ | 11,501 | |||||||||
Net income | |||||||||||||||||
PLP-USA | $ | 3,220 | $ | 3,404 | $ | 9,418 | $ | 10,965 | |||||||||
The Americas | 1,457 | 2,292 | 4,476 | 5,738 | |||||||||||||
EMEA | 1,618 | 3,254 | 4,907 | 6,806 | |||||||||||||
Asia-Pacific | (191 | ) | 334 | (1,346 | ) | 504 | |||||||||||
Total net income | $ | 6,104 | $ | 9,284 | $ | 17,455 | $ | 24,013 | |||||||||
September 30 | December 31 | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
PLP-USA | $ | 90,447 | $ | 84,192 | |||||||||||||
The Americas | 77,285 | 67,745 | |||||||||||||||
EMEA | 52,599 | 51,370 | |||||||||||||||
Asia-Pacific | 124,393 | 129,437 | |||||||||||||||
344,724 | 332,744 | ||||||||||||||||
Corporate assets | 318 | 320 | |||||||||||||||
Total assets | $ | 345,042 | $ | 333,064 | |||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
NOTE L – INCOME TAXES | |
The Company’s effective tax rate was 29% and 31% for the three month periods ended September 30, 2013 and 2012, respectively, and 33% and 32% for the nine month periods ended September 30, 2013 and 2012, respectively. The lower effective tax rate for the three and nine month periods ended September 30, 2013 compared to the U.S. federal statutory tax rate of 35% is primarily due to increased earnings in jurisdictions with lower tax rates than the U.S. federal statutory rate where such earnings are permanently reinvested. The lower effective tax rate for the three month period ending September 30, 2013 compared with the same period for 2012 was primarily related to favorable discrete items recognized in the quarter for a decrease of unrecognized tax benefits which the Company considers to have been effectively settled. The higher effective tax rate for the nine month period ending September 30, 2013 compared with the same period for 2012 was primarily due to the Company’s decision not to recognize the tax benefit attributable to operating losses in certain foreign jurisdictions, partially offset by favorable discrete items recognized in the quarter. | |
The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion, or all, of its deferred tax assets will not be realized. The Company recorded $.5 million valuation allowance as a discrete item against deferred tax assets existing as of December 31, 2012 for one of its foreign operations during the nine period ended September 30, 2013. | |
As of September 30, 2013, the Company had gross unrecognized tax benefits of approximately $.7 million. Under the provisions of ASC 740 Income Taxes, the Company reduced previously unrecognized tax benefits by $.2 million primarily due to the expiration of statute of limitations. The Company recognized $.5 million of additional unrecognized tax benefits for the three month period ended September 30, 2013 due to a decrease of unrecognized tax benefits which the Company considers to have been effectively settled. |
Product_Warranty_Reserve
Product Warranty Reserve | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Product Warranty Reserve | ' | ||||||||
NOTE M – PRODUCT WARRANTY RESERVE | |||||||||
The Company records an accrual for estimated warranty costs to Costs of products sold in the 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: | |||||||||
Nine month period | |||||||||
ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at the beginning of period | $ | 1,229 | $ | 824 | |||||
Additions charged to income | 245 | 1,009 | |||||||
Warranty usage | (357 | ) | (649 | ) | |||||
Currency translation | (32 | ) | 11 | ||||||
End of period balance | $ | 1,085 | $ | 1,195 |
New_Accounting_Standards_to_be1
New Accounting Standards to be Adopted (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Unrecognized Tax Benefit | ' |
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes (ASC 740). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this ASU on the Company’s financial statements. | |
Cumulative Translation Adjustments | ' |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU 2013-05 clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP by emphasizing that the accounting for the release of the cumulative translation adjustment into net income for sales or transfers of a controlling financial interest within a foreign Entity is the same irrespective of whether the sale or transfer is of a subsidiary or a group of assets that is a nonprofit activity or business. When a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company is currently evaluating the impact of the adoption of ASU 2013-05 on the Company’s financial statements. |
Other_Financial_Statement_Info1
Other Financial Statement Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Inventories - Net | ' | ||||||||
Inventories – net | |||||||||
September 30 | December 31 | ||||||||
2013 | 2012 | ||||||||
Finished products | $ | 34,836 | $ | 41,474 | |||||
Work-in-process | 7,700 | 7,940 | |||||||
Raw materials | 43,623 | 46,133 | |||||||
86,159 | 95,547 | ||||||||
Excess of current cost over LIFO cost | (4,825 | ) | (4,674 | ) | |||||
Noncurrent portion of inventory | (7,404 | ) | (3,957 | ) | |||||
$ | 73,930 | $ | 86,916 | ||||||
Property, Plant and Equipment - Net | ' | ||||||||
Major classes of Property, plant and equipment, net are stated at cost and were as follows: | |||||||||
September 30 | December 31 | ||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 12,700 | $ | 13,190 | |||||
Buildings and improvements | 59,909 | 59,505 | |||||||
Machinery and equipment | 142,105 | 138,533 | |||||||
Construction in progress | 13,903 | 7,242 | |||||||
228,617 | 218,470 | ||||||||
Less accumulated depreciation | 130,164 | 125,144 | |||||||
$ | 98,453 | $ | 93,326 |
Pension_Plans_Tables
Pension Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
Net periodic benefit cost for the Plan included the following components: | |||||||||||||||||
Three month period | Nine month period | ||||||||||||||||
ended September 30 | ended September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 56 | $ | 325 | $ | 167 | $ | 975 | |||||||||
Interest cost | 313 | 353 | 938 | 1,058 | |||||||||||||
Expected return on plan assets | (359 | ) | (297 | ) | (1,077 | ) | (890 | ) | |||||||||
Recognized net actuarial loss | 123 | 187 | 370 | 562 | |||||||||||||
Net periodic benefit cost | $ | 133 | $ | 568 | $ | 398 | $ | 1,705 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
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 Month Period | |||||||||||||
Ended September 30, 2013 | |||||||||||||
Defined benefit | Currency | ||||||||||||
pension plan | Translation | ||||||||||||
activity | Adjustment | Total | |||||||||||
Balance at July 1, 2013 | $ | (6,171 | ) | $ | (15,480 | ) | $ | (21,651 | ) | ||||
Other comprehensive income before reclassifications | 0 | 2,376 | 2,376 | ||||||||||
Amounts reclassified from AOCI: | |||||||||||||
Amortization of defined benefit pension actuarial loss (a) | 77 | 0 | 77 | ||||||||||
Net current period other comprehensive income | 77 | 2,376 | 2,453 | ||||||||||
Balance at September 30, 2013 | $ | (6,094 | ) | $ | (13,104 | ) | $ | (19,198 | ) | ||||
Nine Month Period | |||||||||||||
Ended September 30, 2013 | |||||||||||||
Defined benefit | Currency | ||||||||||||
pension plan | Translation | ||||||||||||
activity | Adjustment | Total | |||||||||||
Balance at January 1, 2013 | $ | (6,324 | ) | $ | (7,340 | ) | $ | (13,664 | ) | ||||
Other comprehensive income before reclassifications | 0 | (5,764 | ) | (5,764 | ) | ||||||||
Amounts reclassified from AOCI: | |||||||||||||
Amortization of defined benefit pension actuarial loss (a) | 230 | 0 | 230 | ||||||||||
Net current period other comprehensive income | 230 | (5,764 | ) | (5,534 | ) | ||||||||
Balance at September 30, 2013 | $ | (6,094 | ) | $ | (13,104 | ) | $ | (19,198 | ) | ||||
(a) | This AOCI component is included in the computation of net periodic pension costs. |
Computation_of_Earnings_Per_Sh1
Computation of Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 nine month periods ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Month Period | Nine Month Period | ||||||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 6,104 | $ | 9,284 | $ | 17,455 | $ | 24,013 | |||||||||
Denominator | |||||||||||||||||
Determination of shares | |||||||||||||||||
Weighted-average common shares outstanding | 5,361 | 5,319 | 5,369 | 5,328 | |||||||||||||
Dilutive effect—share-based awards | 88 | 112 | 81 | 104 | |||||||||||||
Diluted weighted-average common shares outstanding | 5,449 | 5,431 | 5,450 | 5,432 | |||||||||||||
Earnings per common share attributable to PLPC shareholders | |||||||||||||||||
Basic | $ | 1.14 | $ | 1.75 | $ | 3.25 | $ | 4.51 | |||||||||
Diluted | $ | 1.12 | $ | 1.71 | $ | 3.2 | $ | 4.42 |
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Finite-lived intangible assets | |||||||||||||||||
Patents | $ | 4,822 | $ | (4,360 | ) | $ | 4,819 | $ | (4,135 | ) | |||||||
Land use rights | 1,339 | (142 | ) | 1,322 | (125 | ) | |||||||||||
Trademark | 1,625 | (655 | ) | 1,674 | (529 | ) | |||||||||||
Customer backlog | 578 | (578 | ) | 578 | (578 | ) | |||||||||||
Technology | 2,816 | (513 | ) | 2,924 | (361 | ) | |||||||||||
Customer relationships | 10,357 | (2,924 | ) | 10,728 | (2,279 | ) | |||||||||||
$ | 21,537 | $ | (9,172 | ) | $ | 22,045 | $ | (8,007 | ) | ||||||||
Indefinite-lived intangible assets | |||||||||||||||||
Goodwill | $ | 14,972 | $ | 15,537 | |||||||||||||
Changes in Carrying Amount of Goodwill, by Segment | ' | ||||||||||||||||
The changes in the carrying amount of goodwill, by segment, for the nine month period ended September 30, 2013, are as follows: | |||||||||||||||||
The Americas | EMEA | Asia-Pacific | Total | ||||||||||||||
Balance at January 1, 2013 | $ | 3,078 | $ | 1,819 | $ | 10,640 | $ | 15,537 | |||||||||
Currency translation | 0 | (87 | ) | (478 | ) | (565 | ) | ||||||||||
Balance at September 30, 2013 | $ | 3,078 | $ | 1,732 | $ | 10,162 | $ | 14,972 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Restricted Share Awards under LTIP | ' | ||||||||||||||||
A summary of the restricted share awards under the LTIP for the nine month period ended September 30, 2013 is as follows: | |||||||||||||||||
Restricted Share Awards | |||||||||||||||||
Total | Weighted-Average | ||||||||||||||||
Performance | Service | Restricted | Grant-Date | ||||||||||||||
Required | Required | Awards | Fair Value | ||||||||||||||
Nonvested as of January 1, 2013 | 103,221 | 11,363 | 114,584 | $ | 48.33 | ||||||||||||
Granted | 47,832 | 5,614 | 53,446 | 70.27 | |||||||||||||
Vested | 0 | 0 | 0 | 0 | |||||||||||||
Forfeited | 0 | 0 | 0 | 0 | |||||||||||||
Nonvested as of September 30, 2013 | 151,053 | 16,977 | 168,030 | $ | 55.31 | ||||||||||||
Stock Options [Member] | ' | ||||||||||||||||
Activity in Company's Plan | ' | ||||||||||||||||
Activity in the Company’s 1999 Stock Option Plan for the nine month period ended September 30, 2013 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price per | Contractual | ||||||||||||||||
Share | Term (Years) | ||||||||||||||||
Outstanding at January 1, 2013 | 32,150 | $ | 40.93 | ||||||||||||||
Granted | 0 | $ | 0 | ||||||||||||||
Exercised | (12,400 | ) | $ | 42.73 | |||||||||||||
Forfeited | 0 | $ | 0 | ||||||||||||||
Outstanding (vested and expected to vest) at September 30, 2013 | 19,750 | $ | 39.8 | 3.5 | $ | 635 | |||||||||||
Exercisable at September 30, 2013 | 19,750 | $ | 39.8 | 3.5 | $ | 635 | |||||||||||
Long Term Incentive Plan [Member] | ' | ||||||||||||||||
Activity in Company's Plan | ' | ||||||||||||||||
Activity in the Company’s LTIP for the nine month period ended September 30, 2013 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price per | Contractual | ||||||||||||||||
Share | Term (Years) | ||||||||||||||||
Outstanding at January 1, 2013 | 33,750 | $ | 50.21 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | (12,750 | ) | 43.76 | ||||||||||||||
Forfeited | 0 | 0 | |||||||||||||||
Outstanding (vested and expected to vest) at September 30, 2013 | 21,000 | $ | 54.13 | 8.5 | $ | 374 | |||||||||||
Exercisable at September 30, 2013 | 8,625 | $ | 54.55 | 8.5 | $ | 150 |
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value and Carrying Value of Long-Term Debt | ' | ||||||||||||||||
Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt approximates its carrying value as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Long-term debt and related current maturities | $ | 15,114 | $ | 15,141 | $ | 9,573 | $ | 9,573 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Company's Reportable Segments | ' | ||||||||||||||||
The following tables present a summary of the Company’s reportable segments for the three and nine month periods ended September 30, 2013 and 2012. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. | |||||||||||||||||
Three month period | Nine month period | ||||||||||||||||
ended September 30 | ended September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | |||||||||||||||||
PLP-USA | $ | 33,763 | $ | 41,291 | $ | 112,297 | $ | 125,650 | |||||||||
The Americas | 23,507 | 23,791 | 65,672 | 69,844 | |||||||||||||
EMEA | 14,802 | 18,357 | 47,609 | 50,014 | |||||||||||||
Asia-Pacific | 28,756 | 30,767 | 85,655 | 89,484 | |||||||||||||
Total net sales | $ | 100,828 | $ | 114,206 | $ | 311,233 | $ | 334,992 | |||||||||
Intersegment sales | |||||||||||||||||
PLP-USA | $ | 4,141 | $ | 1,655 | $ | 9,859 | $ | 6,901 | |||||||||
The Americas | 1,576 | 1,684 | 4,851 | 5,921 | |||||||||||||
EMEA | 541 | 1,034 | 1,649 | 2,896 | |||||||||||||
Asia-Pacific | 2,766 | 4,205 | 7,645 | 11,892 | |||||||||||||
Total intersegment sales | $ | 9,024 | $ | 8,578 | $ | 24,004 | $ | 27,610 | |||||||||
Income taxes | |||||||||||||||||
PLP-USA | $ | 1,628 | $ | 2,081 | $ | 4,981 | $ | 6,664 | |||||||||
The Americas | 695 | 824 | 1,696 | 2,337 | |||||||||||||
EMEA | 545 | 964 | 1,663 | 2,211 | |||||||||||||
Asia-Pacific | (428 | ) | 257 | 346 | 289 | ||||||||||||
Total income taxes | $ | 2,440 | $ | 4,126 | $ | 8,686 | $ | 11,501 | |||||||||
Net income | |||||||||||||||||
PLP-USA | $ | 3,220 | $ | 3,404 | $ | 9,418 | $ | 10,965 | |||||||||
The Americas | 1,457 | 2,292 | 4,476 | 5,738 | |||||||||||||
EMEA | 1,618 | 3,254 | 4,907 | 6,806 | |||||||||||||
Asia-Pacific | (191 | ) | 334 | (1,346 | ) | 504 | |||||||||||
Total net income | $ | 6,104 | $ | 9,284 | $ | 17,455 | $ | 24,013 | |||||||||
September 30 | December 31 | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
PLP-USA | $ | 90,447 | $ | 84,192 | |||||||||||||
The Americas | 77,285 | 67,745 | |||||||||||||||
EMEA | 52,599 | 51,370 | |||||||||||||||
Asia-Pacific | 124,393 | 129,437 | |||||||||||||||
344,724 | 332,744 | ||||||||||||||||
Corporate assets | 318 | 320 | |||||||||||||||
Total assets | $ | 345,042 | $ | 333,064 | |||||||||||||
Product_Warranty_Reserve_Table
Product Warranty Reserve (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Roll Forward of Product Warranty Reserve | ' | ||||||||
The following is a rollforward of the product warranty reserve: | |||||||||
Nine month period | |||||||||
ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at the beginning of period | $ | 1,229 | $ | 824 | |||||
Additions charged to income | 245 | 1,009 | |||||||
Warranty usage | (357 | ) | (649 | ) | |||||
Currency translation | (32 | ) | 11 | ||||||
End of period balance | $ | 1,085 | $ | 1,195 |
Other_Financial_Statement_Info2
Other Financial Statement Information - Inventories - Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished products | $34,836 | $41,474 |
Work-in-process | 7,700 | 7,940 |
Raw materials | 43,623 | 46,133 |
Inventory, gross | 86,159 | 95,547 |
Excess of current cost over LIFO cost | -4,825 | -4,674 |
Noncurrent portion of inventory | -7,404 | -3,957 |
Inventory - net | $73,930 | $86,916 |
Other_Financial_Statement_Info3
Other Financial Statement Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 |
Maximum [Member] | |||||
Inventory [Line Items] | ' | ' | ' | ' | ' |
Cost of inventories for certain materials using LIFO method | ' | $25.20 | ' | $30.20 | ' |
(Benefit) charge to earnings from LIFO inventory changes | ($0.20) | $0.20 | $0.20 | ' | ($0.10) |
Other_Financial_Statement_Info4
Other Financial Statement Information - Property, Plant and Equipment - Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment - Gross | $228,617 | $218,470 |
Less accumulated depreciation | 130,164 | 125,144 |
Property and equipment - Net | 98,453 | 93,326 |
Land and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment - Gross | 12,700 | 13,190 |
Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment - Gross | 59,909 | 59,505 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment - Gross | 142,105 | 138,533 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment - Gross | $13,903 | $7,242 |
Pension_Plans_Additional_Infor
Pension Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Non-cash curtailment gain | $6,300,000 | ' | ' |
Pension liability | ' | ' | 6,300,000 |
Contribution to pension plan | ' | 1,600,000 | ' |
Contributions made by the entity | ' | $0 | ' |
Pension_Plans_Components_of_Ne
Pension Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $56 | $325 | $167 | $975 |
Interest cost | 313 | 353 | 938 | 1,058 |
Expected return on plan assets | -359 | -297 | -1,077 | -890 |
Recognized net actuarial loss | 123 | 187 | 370 | 562 |
Net periodic benefit cost | $133 | $568 | $398 | $1,705 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income ("AOCI") - Total Changes in AOCI by Component, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax, Beginning balance | ($21,651) | ' | ($13,664) | ' |
Other comprehensive income before reclassifications | 2,376 | ' | -5,764 | ' |
Amounts reclassified from AOCI: | ' | ' | ' | ' |
Amortization of defined benefit pension actuarial loss | 77 | ' | 230 | ' |
Net current period other comprehensive income | 2,453 | 2,777 | -5,534 | 1,124 |
Accumulated other comprehensive income (loss) net of tax, Ending balance | -19,198 | ' | -19,198 | ' |
Defined Benefit Pension Plan Activity [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax, Beginning balance | -6,171 | ' | -6,324 | ' |
Other comprehensive income before reclassifications | 0 | ' | 0 | ' |
Amounts reclassified from AOCI: | ' | ' | ' | ' |
Amortization of defined benefit pension actuarial loss | 77 | ' | 230 | ' |
Net current period other comprehensive income | 77 | ' | 230 | ' |
Accumulated other comprehensive income (loss) net of tax, Ending balance | -6,094 | ' | -6,094 | ' |
Currency Translation Adjustment [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax, Beginning balance | -15,480 | ' | -7,340 | ' |
Other comprehensive income before reclassifications | 2,376 | ' | -5,764 | ' |
Amounts reclassified from AOCI: | ' | ' | ' | ' |
Amortization of defined benefit pension actuarial loss | 0 | ' | 0 | ' |
Net current period other comprehensive income | 2,376 | ' | -5,764 | ' |
Accumulated other comprehensive income (loss) net of tax, Ending balance | ($13,104) | ' | ($13,104) | ' |
Computation_of_Earnings_Per_Sh2
Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $6,104 | $9,284 | $17,455 | $24,013 |
Determination of shares | ' | ' | ' | ' |
Weighted-average common shares outstanding | 5,361 | 5,319 | 5,369 | 5,328 |
Dilutive effect-share-based awards | 88 | 112 | 81 | 104 |
Diluted weighted-average common shares outstanding | 5,449 | 5,431 | 5,450 | 5,432 |
Earnings per common share attributable to PLPC shareholders | ' | ' | ' | ' |
Basic | $1.14 | $1.75 | $3.25 | $4.51 |
Diluted | $1.12 | $1.71 | $3.20 | $4.42 |
Computation_of_Earnings_Per_Sh3
Computation of Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 23, 2012 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Restricted shares excluded from calculation of diluted earnings per share | 22,500 | 17,750 |
Restricted Stock [Member] | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Restricted shares excluded from calculation of diluted earnings per share | 0 | 3,496 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | $21,537 | $22,045 |
Accumulated Amortization | -9,172 | -8,007 |
Indefinite-lived intangible assets | ' | ' |
Goodwill | 14,972 | 15,537 |
Patents [Member] | ' | ' |
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 4,822 | 4,819 |
Accumulated Amortization | -4,360 | -4,135 |
Land Use Rights [Member] | ' | ' |
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 1,339 | 1,322 |
Accumulated Amortization | -142 | -125 |
Trademark [Member] | ' | ' |
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 1,625 | 1,674 |
Accumulated Amortization | -655 | -529 |
Customer Backlog [Member] | ' | ' |
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 578 | 578 |
Accumulated Amortization | -578 | -578 |
Technology [Member] | ' | ' |
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 2,816 | 2,924 |
Accumulated Amortization | -513 | -361 |
Customer Relationships [Member] | ' | ' |
Finite-lived intangible assets | ' | ' |
Gross Carrying Amount | 10,357 | 10,728 |
Accumulated Amortization | ($2,924) | ($2,279) |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $0.40 | $0.40 | $1.20 | $1.10 |
2013 | 0.4 | ' | 0.4 | ' |
2014 | 1.3 | ' | 1.3 | ' |
2015 | 1.1 | ' | 1.1 | ' |
2016 | 0.9 | ' | 0.9 | ' |
2017 | $0.90 | ' | $0.90 | ' |
Patents [Member] | ' | ' | ' | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' | ' | ' | ' |
Remaining amortization period | ' | ' | '1 year 10 months 24 days | ' |
Land Use Rights [Member] | ' | ' | ' | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' | ' | ' | ' |
Remaining amortization period | ' | ' | '62 years 10 months 24 days | ' |
Trademark [Member] | ' | ' | ' | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' | ' | ' | ' |
Remaining amortization period | ' | ' | '12 years 6 months | ' |
Technology [Member] | ' | ' | ' | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' | ' | ' | ' |
Remaining amortization period | ' | ' | '17 years 3 months 18 days | ' |
Customer Relationships [Member] | ' | ' | ' | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' | ' | ' | ' |
Remaining amortization period | ' | ' | '14 years 3 months 18 days | ' |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill, by Segment (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Line Items] | ' |
Beginning Balance | $15,537 |
Currency translation | -565 |
Ending Balance | 14,972 |
The Americas [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 3,078 |
Currency translation | 0 |
Ending Balance | 3,078 |
EMEA [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 1,819 |
Currency translation | -87 |
Ending Balance | 1,732 |
Asia-Pacific [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 10,640 |
Currency translation | -478 |
Ending Balance | $10,162 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Time-Based Restricted Stock [Member] | Time-Based Restricted Stock [Member] | Time-Based Restricted Stock [Member] | Time-Based Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Stock Option [Member] | Long Term Incentive Stock Option [Member] | Long Term Incentive Stock Option [Member] | Performance-Based Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Deferred Compensation Plan [Member] | Long Term Incentive Plan Stock Option [Member] | Long Term Incentive Plan Stock Option [Member] | Long Term Incentive Plan Stock Option [Member] | Long Term Incentive Plan Stock Option [Member] | Long Term Incentive Plan Stock Option [Member] | |||
Chief Executive Officer [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Deferrals | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares reserved for awards | ' | ' | 800,000 | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' | ' | 900,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option issued under vest plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Option issued under vest plan and granted after 2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' |
Option issued under vest plan and granted after 3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Option issued under vest plan and expire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '5 years | ' | ' | '10 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Stock options exercised | 12,400 | ' | ' | ' | ' | ' | ' | ' | ' | 12,400 | 9,111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,750 | 1,250 | ' | ' |
Total intrinsic value of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | 100,000 |
Cash received for exercise of stock options awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | 100,000 |
Excess tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 100,000 |
Compensation expenses | ' | ' | ' | ' | 100,000 | 100,000 | 200,000 | 200,000 | 0 | 0 | ' | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 200,000 | 100,000 | ' |
LTIP expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement share based payment award vesting period | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period | ' | ' | ' | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' | '1 year 3 months 18 days | ' | ' | ' |
Compensation cost expected to be recognized over period | ' | ' | ' | ' | 500,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Performance-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 600,000 | 2,000,000 | 1,800,000 | ' | ' | ' | ' | ' | ' |
Excess tax benefits from restricted share awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Shares remaining to be issued | ' | ' | 429,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of deferrals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Deferred shares and held by the rabbi trust | 184,787 | 184,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, Number of Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8,000 | ' | ' |
Expected compensation cost related to unvested awards not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' |
ShareBased_Compensation_Activi
Share-Based Compensation - Activity in Company's Plan (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding at January 1, 2013, Number of Shares | 32,150 |
Granted, Number of Shares | 0 |
Exercised, Number of Shares | -12,400 |
Forfeited, Number of Shares | 0 |
Outstanding (vested and expected to vest) at September 30, 2013, Number of Shares | 19,750 |
Exercisable at September 30, 2013, Number of Shares | 19,750 |
Outstanding at January 1, 2013, Weighted Average Exercise Price per Share | $40.93 |
Granted, Weighted Average Exercise Price per Share | $0 |
Exercised, Weighted Average Exercise Price per Share | $42.73 |
Forfeited, Weighted Average Exercise Price per Share | $0 |
Outstanding (vested and expected to vest) at September 30, 2013, Weighted Average Exercise Price per Share | $39.80 |
Exercisable at September 30, 2013, Weighted Average Exercise Price per Share | $39.80 |
Outstanding (vested and expected to vest), Weighted Average Remaining Contractual Term | '3 years 6 months |
Exercisable, Weighted Average Remaining Contractual Term | '3 years 6 months |
Outstanding (vested and expected to vest), Aggregate Intrinsic Value | $635 |
Exercisable, Aggregate Intrinsic Value | $635 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Restricted Share Awards under LTIP (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested as of January 1, 2013 | 114,584 |
Granted | 53,446 |
Vested | 0 |
Forfeited | 0 |
Nonvested as of September 30, 2013 | 168,030 |
Nonvested as of January 1, 2013, Weighted-Average Grant-Date Fair Value | $48.33 |
Weighted-Average Grant-Date Fair Value, Granted | $70.27 |
Weighted-Average Grant-Date Fair Value, Vested | $0 |
Weighted-Average Grant-Date Fair Value, Forfeited | $0 |
Nonvested as of September 30, 2013, Weighted-Average Grant-Date Fair Value | $55.31 |
Performance Required [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested as of January 1, 2013 | 103,221 |
Granted | 47,832 |
Vested | 0 |
Forfeited | 0 |
Nonvested as of September 30, 2013 | 151,053 |
Service Required [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested as of January 1, 2013 | 11,363 |
Granted | 5,614 |
Vested | 0 |
Forfeited | 0 |
Nonvested as of September 30, 2013 | 16,977 |
ShareBased_Compensation_Activi1
Share-Based Compensation - Activity in Company's Plan - Long Term Incentive Plan (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at January 1, 2013, Number of Shares | 32,150 | ' |
Granted, Number of Shares | 0 | ' |
Exercised, Number of Shares | -12,400 | ' |
Forfeited, Number of Shares | 0 | ' |
Outstanding (vested and expected to vest) at September 30, 2013, Number of Shares | 19,750 | ' |
Exercisable at September 30, 2013, Number of Shares | 19,750 | ' |
Outstanding at January 1, 2013, Weighted Average Exercise Price per Share | $40.93 | ' |
Granted, Weighted Average Exercise Price per Share | $0 | ' |
Exercised, Weighted Average Exercise Price per Share | $42.73 | ' |
Forfeited, Weighted Average Exercise Price per Share | $0 | ' |
Outstanding (vested and expected to vest) at September 30, 2013, Weighted Average Exercise Price per Share | $39.80 | ' |
Exercisable at September 30, 2013, Weighted Average Exercise Price per Share | $39.80 | ' |
Outstanding (vested and expected to vest) at September 30, 2013, Weighted Average Remaining Contractual Term | '3 years 6 months | ' |
Exercisable at September 30, 2013, Weighted Average Remaining Contractual Term | '3 years 6 months | ' |
Outstanding (vested and expected to vest), Aggregate Intrinsic Value | $635 | ' |
Exercisable, Aggregate Intrinsic Value | 635 | ' |
Long Term Incentive Plan Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at January 1, 2013, Number of Shares | 33,750 | ' |
Granted, Number of Shares | 0 | 8,000 |
Exercised, Number of Shares | -12,750 | -1,250 |
Forfeited, Number of Shares | 0 | ' |
Outstanding (vested and expected to vest) at September 30, 2013, Number of Shares | 21,000 | ' |
Exercisable at September 30, 2013, Number of Shares | 8,625 | ' |
Outstanding at January 1, 2013, Weighted Average Exercise Price per Share | $50.21 | ' |
Granted, Weighted Average Exercise Price per Share | $0 | ' |
Exercised, Weighted Average Exercise Price per Share | $43.76 | ' |
Forfeited, Weighted Average Exercise Price per Share | $0 | ' |
Outstanding (vested and expected to vest) at September 30, 2013, Weighted Average Exercise Price per Share | $54.13 | ' |
Exercisable at September 30, 2013, Weighted Average Exercise Price per Share | $54.55 | ' |
Outstanding (vested and expected to vest) at September 30, 2013, Weighted Average Remaining Contractual Term | '8 years 6 months | ' |
Exercisable at September 30, 2013, Weighted Average Remaining Contractual Term | '8 years 6 months | ' |
Outstanding (vested and expected to vest), Aggregate Intrinsic Value | 374 | ' |
Exercisable, Aggregate Intrinsic Value | $150 | ' |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | |||
24-May-12 | Sep. 30, 2013 | Jan. 31, 2012 | 24-May-12 | 24-May-12 | Apr. 30, 2013 | Mar. 31, 2013 | |
Maximum [Member] | Minimum [Member] | Australian Electricity Systems PTY Ltd [Member] | Forma Line Industries CC [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase in credit facility | $90,000,000 | ' | ' | ' | ' | ' | ' |
Carrying interest rate | ' | ' | ' | 'LIBOR plus 1.25% | 'LIBOR plus 1.125% | ' | ' |
Interest rate | ' | ' | ' | 1.25% | 1.13% | ' | ' |
Expiration date of credit facility | 1-Jan-15 | ' | ' | ' | ' | ' | ' |
Fair value liabilities Level 2 | ' | 0 | ' | ' | ' | ' | ' |
Additional earn-out consideration payment | ' | ' | 1,200,000 | ' | ' | ' | ' |
Accrued liability additional earn out consideration payment | ' | ' | ' | ' | ' | $400,000 | $100,000 |
Period of earn-out contingent consideration | ' | ' | ' | ' | ' | ' | '1 year |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities - Fair Value and Carrying Value of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Long-term debt, Fair Value | $15,114 | $9,573 |
Long-term debt, Carrying Value | $15,141 | $9,573 |
Segment_Information_Summary_of
Segment Information - Summary of Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Net sales | ' | ' | ' | ' | ' |
Net sales | $100,828 | $114,206 | $311,233 | $334,992 | ' |
Income taxes | ' | ' | ' | ' | ' |
Income taxes | 2,440 | 4,126 | 8,686 | 11,501 | ' |
Net income | ' | ' | ' | ' | ' |
Net income | 6,104 | 9,284 | 17,455 | 24,013 | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 345,042 | ' | 345,042 | ' | 333,064 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 344,724 | ' | 344,724 | ' | 332,744 |
Operating Segments [Member] | PLP-USA [Member] | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' |
Net sales | 33,763 | 41,291 | 112,297 | 125,650 | ' |
Income taxes | ' | ' | ' | ' | ' |
Income taxes | 1,628 | 2,081 | 4,981 | 6,664 | ' |
Net income | ' | ' | ' | ' | ' |
Net income | 3,220 | 3,404 | 9,418 | 10,965 | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 90,447 | ' | 90,447 | ' | 84,192 |
Operating Segments [Member] | The Americas [Member] | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' |
Net sales | 23,507 | 23,791 | 65,672 | 69,844 | ' |
Income taxes | ' | ' | ' | ' | ' |
Income taxes | 695 | 824 | 1,696 | 2,337 | ' |
Net income | ' | ' | ' | ' | ' |
Net income | 1,457 | 2,292 | 4,476 | 5,738 | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 77,285 | ' | 77,285 | ' | 67,745 |
Operating Segments [Member] | EMEA [Member] | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' |
Net sales | 14,802 | 18,357 | 47,609 | 50,014 | ' |
Income taxes | ' | ' | ' | ' | ' |
Income taxes | 545 | 964 | 1,663 | 2,211 | ' |
Net income | ' | ' | ' | ' | ' |
Net income | 1,618 | 3,254 | 4,907 | 6,806 | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 52,599 | ' | 52,599 | ' | 51,370 |
Operating Segments [Member] | Asia-Pacific [Member] | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' |
Net sales | 28,756 | 30,767 | 85,655 | 89,484 | ' |
Income taxes | ' | ' | ' | ' | ' |
Income taxes | -428 | 257 | 346 | 289 | ' |
Net income | ' | ' | ' | ' | ' |
Net income | -191 | 334 | -1,346 | 504 | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 124,393 | ' | 124,393 | ' | 129,437 |
Operating Segments [Member] | Corporate Assets [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Assets | 318 | ' | 318 | ' | 320 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Intersegment sales | ' | ' | ' | ' | ' |
Intersegment sales | 9,024 | 8,578 | 24,004 | 27,610 | ' |
Intersegment Eliminations [Member] | PLP-USA [Member] | ' | ' | ' | ' | ' |
Intersegment sales | ' | ' | ' | ' | ' |
Intersegment sales | 4,141 | 1,655 | 9,859 | 6,901 | ' |
Intersegment Eliminations [Member] | The Americas [Member] | ' | ' | ' | ' | ' |
Intersegment sales | ' | ' | ' | ' | ' |
Intersegment sales | 1,576 | 1,684 | 4,851 | 5,921 | ' |
Intersegment Eliminations [Member] | EMEA [Member] | ' | ' | ' | ' | ' |
Intersegment sales | ' | ' | ' | ' | ' |
Intersegment sales | 541 | 1,034 | 1,649 | 2,896 | ' |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | ' | ' | ' | ' | ' |
Intersegment sales | ' | ' | ' | ' | ' |
Intersegment sales | $2,766 | $4,205 | $7,645 | $11,892 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 29.00% | 31.00% | 33.00% | 32.00% |
U.S. federal statutory tax rate | 35.00% | ' | 35.00% | ' |
Valuation allowance against deferred tax | $0.50 | ' | $0.50 | ' |
Gross unrecognized tax benefits | 0.7 | ' | 0.7 | ' |
Unrecognized tax benefits | 0.2 | ' | 0.2 | ' |
Additional unrecognized tax benefits | $0.50 | ' | ' | ' |
Product_Warranty_Reserve_Roll_
Product Warranty Reserve - Roll Forward of Product Warranty Reserve (Detail) (Warranty Reserves [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Warranty Reserves [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Balance at the beginning of period | $1,229 | $824 |
Additions charged to income | 245 | 1,009 |
Warranty usage | -357 | -649 |
Currency translation | -32 | 11 |
End of period balance | $1,085 | $1,195 |