Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 06, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PLPC | ||
Entity Registrant Name | PREFORMED LINE PRODUCTS CO | ||
Entity Central Index Key | 80035 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 5,396,004 | ||
Entity Public Float | $143,235,709 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $29,643 | $24,291 |
Accounts receivable, less allowances of $2,370 ($2,136 in 2013) | 67,942 | 67,587 |
Inventories - net | 80,037 | 73,835 |
Deferred income taxes | 7,249 | 7,022 |
Prepaids | 6,926 | 6,112 |
Prepaid taxes | 2,241 | 3,733 |
Other current assets | 6,625 | 3,154 |
TOTAL CURRENT ASSETS | 200,663 | 185,734 |
Property, plant and equipment - net | 102,531 | 100,461 |
Patents and other intangibles - net | 14,121 | 11,787 |
Goodwill | 17,792 | 13,873 |
Deferred income taxes | 5,773 | 3,416 |
Other assets | 13,087 | 17,135 |
TOTAL ASSETS | 353,967 | 332,406 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable to banks | 1,809 | 1,105 |
Current portion of long-term debt | 116 | 195 |
Trade accounts payable | 22,332 | 21,750 |
Accrued compensation and amounts withheld from employees | 9,876 | 10,787 |
Accrued expenses and other liabilities | 13,021 | 11,118 |
Accrued profit-sharing and other benefits | 5,151 | 5,086 |
Dividends payable | 1,220 | 1,098 |
Income taxes payable and deferred income taxes | 1,802 | 1,076 |
TOTAL CURRENT LIABILITIES | 55,327 | 52,215 |
Long-term debt, less current portion | 31,749 | 13,054 |
Unfunded pension obligation | 12,503 | 5,027 |
Income taxes payable | 1,735 | 1,556 |
Deferred income taxes | 3,283 | 3,621 |
Other noncurrent liabilities | 6,445 | 4,603 |
PLPC Shareholders' equity: | ||
Common shares - $2 par value per share, 15,000,000 shares authorized, 5,397,138 and 5,391,074 issued and outstanding, net of 819,424 and 779,279 treasury shares at par, respectively, at December 31, 2014 and December 31, 2013 | 10,794 | 10,782 |
Common shares issued to rabbi trust, 292,609 and 253,156 shares at December 31, 2014 and December 31, 2013 | -11,790 | -9,306 |
Deferred compensation liability | 11,790 | 9,306 |
Paid-in capital | 22,795 | 21,082 |
Retained earnings | 244,470 | 238,168 |
Accumulated other comprehensive loss | -35,134 | -17,702 |
TOTAL SHAREHOLDERS' EQUITY | 242,925 | 252,330 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $353,967 | $332,406 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, less allowances | $2,370 | $2,136 |
Common stock, par value | $2 | $2 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,397,138 | 5,391,074 |
Common stock, shares outstanding | 5,397,138 | 5,391,074 |
Treasury shares, at par | 819,424 | 779,279 |
Common stock, shares issued to rabbi trust | 292,609 | 253,156 |
Statements_of_Consolidated_Inc
Statements of Consolidated Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $388,185 | $409,776 | $439,192 |
Cost of products sold | 267,237 | 278,875 | 294,754 |
GROSS PROFIT | 120,948 | 130,901 | 144,438 |
Costs and expenses | |||
Selling | 35,655 | 35,704 | 37,093 |
General and administrative | 42,563 | 44,557 | 46,222 |
Research and engineering | 16,302 | 14,708 | 15,447 |
Other operating expenses - net | 5,190 | 3,922 | 1,554 |
Goodwill impairment | 0 | 862 | 0 |
Total costs and expenses | 99,710 | 99,753 | 100,316 |
OPERATING INCOME | 21,238 | 31,148 | 44,122 |
Other income (expense) | |||
Interest income | 483 | 618 | 648 |
Interest expense | -658 | -450 | -597 |
Other income | 347 | 478 | 654 |
Total other income (expense) | 172 | 646 | 705 |
INCOME BEFORE INCOME TAXES | 21,410 | 31,794 | 44,827 |
Income taxes | 8,549 | 11,207 | 15,541 |
NET INCOME | $12,861 | $20,587 | $29,286 |
BASIC EARNINGS PER SHARE | |||
Net income | $2.39 | $3.84 | $5.50 |
DILUTED EARNINGS PER SHARE | |||
Net income | $2.39 | $3.77 | $5.45 |
Cash dividends declared per share | $0.80 | $0.60 | $1 |
Weighted-average number of shares outstanding - basic | 5,377 | 5,361 | 5,324 |
Weighted-average number of shares outstanding - diluted | 5,382 | 5,467 | 5,371 |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net income | $12,861 | $20,587 | $29,286 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -12,330 | -8,457 | 1,680 |
Recognized net actuarial loss | 10 | 306 | 466 |
Gain (loss) on unfunded pension obligations | -5,112 | 4,113 | -2,670 |
Gain on pension curtailment | 0 | 0 | 3,899 |
Other comprehensive income (loss), net of tax | -17,432 | -4,038 | 3,375 |
Less: Other comprehensive income, net of tax attributable to noncontrolling interest | 0 | 0 | 19 |
Comprehensive income (loss) | ($4,571) | $16,549 | $32,680 |
Statements_of_Consolidated_Cas
Statements of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $12,861 | $20,587 | $29,286 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 12,857 | 12,088 | 11,564 |
Provision for accounts receivable allowances | 1,211 | 837 | 1,416 |
Provision for inventory reserves | 2,244 | 2,672 | 1,981 |
Deferred income taxes | -1,697 | -1,105 | -2,927 |
Share-based compensation expense | 1,542 | 3,057 | 3,080 |
Excess tax benefits from share-based awards | -97 | -357 | -197 |
Goodwill impairment | 0 | 862 | 0 |
Loss (gain) on sale of property and equipment | 115 | -57 | -141 |
Other - net | 26 | 11 | 1 |
Changes in operating assets and liabilities (excluding impact of acquired assets): | |||
Accounts receivable | -2,435 | -10,273 | 5,047 |
Inventories | -5,704 | 3,040 | 1,290 |
Trade accounts payables and accrued liabilities | 6,716 | -3,906 | -3,196 |
Income taxes payable | -882 | -4,670 | 3,381 |
Other - net | -1,501 | -1,247 | -200 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 25,256 | 21,539 | 50,385 |
INVESTING ACTIVITIES | |||
Capital expenditures | -17,663 | -21,034 | -21,043 |
Business acquisitions, net of cash acquired | -14,975 | 0 | -5,173 |
Proceeds from the sale of property and equipment | 142 | 532 | 1,965 |
Restricted cash and purchase of fixed-term deposits | -797 | -3,642 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -33,293 | -24,144 | -24,251 |
FINANCING ACTIVITIES | |||
Increase (decrease) in notes payable to banks | 941 | 922 | -1,734 |
Proceeds from the issuance of long-term debt | 75,774 | 73,638 | 70,058 |
Payments of long-term debt | -57,123 | -69,884 | -89,060 |
Dividends paid | -4,412 | -2,305 | -6,492 |
Excess tax benefits from share-based awards | 97 | 357 | 197 |
Earn-out consideration payments | 0 | -513 | -1,148 |
Proceeds from issuance of common shares | 166 | 1,519 | 549 |
Purchase of common shares for treasury | -104 | -2,881 | -333 |
Purchase of common shares for treasury from related parties | -2,130 | -4,030 | -2,457 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 13,209 | -3,177 | -30,420 |
Effects of exchange rate changes on cash and cash equivalents | 180 | 1,953 | 280 |
Net increase (decrease) in cash and cash equivalents | 5,352 | -3,829 | -4,006 |
Cash and cash equivalents at beginning of year | 24,291 | 28,120 | 32,126 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $29,643 | $24,291 | $28,120 |
Statements_of_Consolidated_Sha
Statements of Consolidated Shareholders' Equity (USD $) | Total | Common Shares [Member] | Common Shares Issued to Rabbi Trust [Member] | Deferred Compensation Liability [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Cumulative Translation Adjustment [Member] | Unrecognized Pension Benefit Cost [Member] |
In Thousands | ||||||||
Beginning Balance at Dec. 31, 2011 | $212,858 | $10,667 | ($3,812) | $3,812 | $12,718 | $206,512 | ($9,020) | ($8,019) |
Net income | 29,286 | 29,286 | ||||||
Acquisition of noncontrolling interest | 19 | 19 | ||||||
Foreign currency translation adjustment | 1,680 | 1,680 | ||||||
Recognized net actuarial loss, net of tax provision of $284, $187 and $6 for 2012, 2013 and 2014 respectively | 466 | 466 | ||||||
Gain (loss) on unfunded pension obligations, net of tax (benefit) provision of $1,627, $2,506 and $3,115 for 2012, 2013 and 2014 respectively | -2,670 | -2,670 | ||||||
Gain on pension curtailment, net of tax provision of $2,376 | 3,899 | 3,899 | ||||||
Comprehensive income (loss) | 32,680 | |||||||
Share-based compensation | 2,891 | 3,080 | -189 | |||||
Excess tax benefits from share-based awards | 197 | 197 | ||||||
Purchase of 50,334 and 89,807 and 40,145 common shares for 2012, 2013 and 2014 respectively | -2,790 | -101 | -2,689 | |||||
Issuance of 20,365 and 34,575 and 3,531 common shares for 2012 and 2013 and 2014 respectively | 550 | 41 | 509 | |||||
Restricted shares awards of 74,276, 68,369 and 42,678 for 2012, 2013 and 2014 respectively | 0 | 149 | -149 | |||||
Common shares issued to rabbi trust of 74,996, 69,120 and 43,592 for 2012, 2013 and 2014 respectively | 0 | -2,710 | 2,710 | |||||
Cash dividends declared - $1.00, $0.60 and $0.80 per share for 2012, 2013 and 2014 respectively | -5,317 | -5,317 | ||||||
Ending Balance at Dec. 31, 2012 | 241,069 | 10,756 | -6,522 | 6,522 | 16,355 | 227,622 | -7,340 | -6,324 |
Net income | 20,587 | 20,587 | ||||||
Foreign currency translation adjustment | -8,457 | -8,457 | ||||||
Recognized net actuarial loss, net of tax provision of $284, $187 and $6 for 2012, 2013 and 2014 respectively | 306 | 0 | 306 | |||||
Gain (loss) on unfunded pension obligations, net of tax (benefit) provision of $1,627, $2,506 and $3,115 for 2012, 2013 and 2014 respectively | 4,113 | 0 | 4,113 | |||||
Gain on pension curtailment, net of tax provision of $2,376 | 0 | |||||||
Comprehensive income (loss) | 16,549 | |||||||
Share-based compensation | 2,957 | 3,057 | -100 | |||||
Excess tax benefits from share-based awards | 357 | 357 | ||||||
Purchase of 50,334 and 89,807 and 40,145 common shares for 2012, 2013 and 2014 respectively | -6,911 | -180 | -6,731 | |||||
Issuance of 20,365 and 34,575 and 3,531 common shares for 2012 and 2013 and 2014 respectively | 1,519 | 69 | 1,450 | |||||
Restricted shares awards of 74,276, 68,369 and 42,678 for 2012, 2013 and 2014 respectively | 0 | 137 | -137 | |||||
Common shares issued to rabbi trust of 74,996, 69,120 and 43,592 for 2012, 2013 and 2014 respectively | 0 | -2,784 | 2,784 | |||||
Cash dividends declared - $1.00, $0.60 and $0.80 per share for 2012, 2013 and 2014 respectively | -3,210 | -3,210 | ||||||
Ending Balance at Dec. 31, 2013 | 252,330 | 10,782 | -9,306 | 9,306 | 21,082 | 238,168 | -15,797 | -1,905 |
Net income | 12,861 | 12,861 | ||||||
Foreign currency translation adjustment | -12,330 | -12,330 | ||||||
Recognized net actuarial loss, net of tax provision of $284, $187 and $6 for 2012, 2013 and 2014 respectively | 10 | 0 | 10 | |||||
Gain (loss) on unfunded pension obligations, net of tax (benefit) provision of $1,627, $2,506 and $3,115 for 2012, 2013 and 2014 respectively | -5,112 | 0 | -5,112 | |||||
Gain on pension curtailment, net of tax provision of $2,376 | 0 | |||||||
Comprehensive income (loss) | -4,571 | |||||||
Share-based compensation | 1,435 | 1,542 | -107 | |||||
Excess tax benefits from share-based awards | 97 | 97 | ||||||
Purchase of 50,334 and 89,807 and 40,145 common shares for 2012, 2013 and 2014 respectively | -2,234 | -80 | -2,154 | |||||
Issuance of 20,365 and 34,575 and 3,531 common shares for 2012 and 2013 and 2014 respectively | 166 | 7 | 159 | |||||
Restricted shares awards of 74,276, 68,369 and 42,678 for 2012, 2013 and 2014 respectively | 0 | 85 | -85 | |||||
Common shares issued to rabbi trust of 74,996, 69,120 and 43,592 for 2012, 2013 and 2014 respectively | 0 | -2,484 | 2,484 | |||||
Cash dividends declared - $1.00, $0.60 and $0.80 per share for 2012, 2013 and 2014 respectively | -4,405 | -4,298 | ||||||
Ending Balance at Dec. 31, 2014 | $242,925 | $10,794 | ($11,790) | $11,790 | $22,795 | $244,470 | ($28,127) | ($7,007) |
Statements_of_Consolidated_Sha1
Statements of Consolidated Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax provision (benefit) for recognized net actuarial loss | $6 | $187 | $284 |
Tax provision (benefit) | -3,115 | 2,506 | -1,627 |
Curtailment net of tax provision | 2,376 | ||
Purchase of common shares | 40,145 | 89,807 | 50,334 |
Issuance of common shares | 3,531 | 34,575 | 20,365 |
Restricted shares awards | 42,678 | 68,369 | 74,276 |
Common shares issued to rabbi trust | 43,592 | 69,120 | 74,996 |
Cash dividends declared per share | $0.80 | $0.60 | $1 |
Common Shares [Member] | |||
Purchase of common shares | 40,145 | 89,807 | 50,334 |
Issuance of common shares | 3,531 | 34,575 | 20,365 |
Restricted shares awards | 42,678 | 68,369 | 74,276 |
Common Shares Issued to Rabbi Trust [Member] | |||
Common shares issued to rabbi trust | 43,592 | 69,120 | 74,996 |
Deferred Compensation Liability [Member] | |||
Common shares issued to rabbi trust | 43,592 | 69,120 | 74,996 |
Paid In Capital [Member] | |||
Issuance of common shares | 3,531 | 34,575 | 20,365 |
Restricted shares awards | 42,678 | 68,369 | 74,276 |
Retained Earnings [Member] | |||
Purchase of common shares | 40,145 | 89,807 | 50,334 |
Cash dividends declared per share | $0.80 | $0.60 | $1 |
Unrecognized Pension Benefit Cost [Member] | |||
Tax provision (benefit) for recognized net actuarial loss | 6 | 187 | 284 |
Tax provision (benefit) | -3,115 | 2,506 | -1,627 |
Curtailment net of tax provision | $2,376 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note A - Significant Accounting Policies |
Nature of Operations | |
Preformed Line Products Company and subsidiaries (the “Company”) is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, data communication and other similar industries. The Company’s primary products support, protect, connect, terminate and secure cables and wires. The Company also provides solar hardware systems and mounting hardware for a variety of solar power applications. The Company’s customers include public and private energy utilities and communication companies, cable operators, governmental agencies, contractors and subcontractors, distributors and value-added resellers. The Company serves its worldwide markets through strategically located domestic and international manufacturing facilities. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. All intercompany accounts and transactions have been eliminated upon consolidation. | |
Investments in Foreign Joint Ventures | |
Investments in joint ventures, where the Company owns between 20% and 50%, or where the Company does not have control but has the ability to exercise significant influence over operations or financial policies, are accounted for by the equity method. As of December 31, 2014, the Company owned 25.93% in Proxisafe Ltd. (“Proxisafe”), located in Calgary, Alberta. The Company accounts for its joint venture interest in Proxisafe accounts using the equity method. | |
Cash and Cash Equivalents | |
Cash equivalents are stated at fair value and consist of highly liquid investments with original maturities of three months or less at the time of acquisition. | |
Receivable Allowances | |
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for uncollectible accounts receivable is based upon the number of days the accounts are past due, the current business environment and specific information such as bankruptcy or liquidity issues of customers. The Company also maintains an allowance for future sales credits related to sales recorded during the year. The estimated allowance is based on historical sales credits issued in the subsequent year related to the prior year and any significant, preapproved open return good authorizations as of the balance sheet date. | |
Inventories | |
The Company uses the last-in, first-out (LIFO) method of determining cost for the majority of its material portion of inventories in PLP-USA. All other inventories are determined by the first-in, first-out (FIFO) or average cost methods. Inventories are carried at the lower of cost or market. Reserves are maintained for estimated obsolescence or excess inventory based on past usage and future demand. | |
Fair Value of Financial Instruments | |
Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 825, Disclosures about Fair Value of Financial Instruments, requires disclosures of the fair value of financial instruments. The carrying value of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments. At December 31, 2014, the fair value of the Company’s long-term debt was estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, which is considered to be a level two input. Based on the analysis performed, the carrying value of the Company’s long-term debt approximates fair value at December 31, 2014. | |
Property, Plant and Equipment and Depreciation | |
Property, plant, and equipment is recorded at cost. Depreciation is computed using the straight line method over the estimated useful lives. The estimated useful lives used, when purchased new, are: land improvements, ten years; buildings, forty years; building improvements, five to forty years; and machinery and equipment, three to ten years. Appropriate reductions in estimated useful lives are made for property, plant and equipment purchased in connection with an acquisition of a business or in a used condition when purchased. | |
Long-Lived Assets | |
The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the carrying value of the assets might be impaired and the discounted future cash flows estimated to be generated by such assets are less than the carrying value. The Company’s cash flows are based on historical results adjusted to reflect the Company’s best estimate of future market and operating conditions. The net carrying value of assets not recoverable is then reduced to fair value. The estimates of fair value represent the Company’s best estimate based on industry trends and reference to market rates and transactions. The Company did not record any impairment to long-lived assets during the years ended December 31, 2014 and 2013. | |
Goodwill and Other Intangibles | |
Goodwill and other intangible assets generally result from business acquisitions. Goodwill and intangible assets with indefinite lives are not subject to amortization, but are subject to annual impairment testing. Intangible assets with definite lives, consisting primarily of purchased customer relationships, patents, technology, customer backlogs, trademarks and land use rights, are generally amortized over periods from less than one year to twenty years. The Company’s intangible assets with finite lives are generally amortized using a projected cash flow basis method over their useful lives unless another method was demonstrated to be more appropriate. Customer relationships, technology and trademark intangibles acquired in 2014 and 2012 are amortized using a projected cash flow basis method over the period in which the economic benefits of the intangibles are consumed. Customer relationships, technology and trademarks acquired in July 2010 are being amortized using the straight-line method over their useful lives. This straight-line method was more appropriate because it better reflected the pattern in which the economic benefits of the intangible asset are consumed or otherwise expire compared to using a projected cash flow basis method. An evaluation of the remaining useful life of intangible assets with a determinable life is performed on a periodic basis and when events and circumstances warrant an evaluation. The Company assesses intangible assets with a determinable life for impairment consistent with its policy for assessing other long-lived assets. Goodwill and intangible assets are also reviewed for impairment annually or more frequently when changes in circumstances indicate the carrying amount may be impaired, or in the case of finite-lived intangible assets, when the carrying amount may not be recoverable. Events or circumstances that would result in an impairment review primarily include operations reporting losses or a significant change in the use of an asset. Impairment charges are recognized pursuant to FASB ASC 350-20, Goodwill. | |
The Company performs the 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 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 changed. However, the Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units. | |
The Company performed its annual impairment test for goodwill as of October 1, 2014 and 2013 and determined that no adjustment to the carrying value was required for the year ended December 31, 2014. The Company recorded impairment for goodwill during the year ended December 31, 2013 of $.9 million. See Note J for additional information. | |
Revenue Recognition | |
Sales are recognized when title passes to the customer either when goods are shipped or when they are delivered and based on the terms of the sale, there is persuasive evidence of an agreement, the price is fixed or determinable and collectability is reasonably assured. Revenue related to shipping and handling costs billed to customers is included in net sales and the related shipping and handling costs are included in cost of products sold. | |
Research and Development | |
Research and development costs for new products are expensed as incurred and totaled $2.7 million in 2014, $2.3 million in 2013 and $2.1 million in 2012. | |
Income Taxes | |
Income taxes are computed in accordance with the provisions of ASC 740, Income Taxes. In the Consolidated Financial Statements, the benefits of a consolidated return have been reflected where such returns have or could be filed based on the entities and jurisdictions included in the financial statements. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected on the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carryforwards using tax rates in effect for the years in which the differences are expected to reverse. | |
Net deferred tax assets are recognized to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |
Uncertain tax positions are recorded in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |
Advertising | |
Advertising costs are expensed as incurred and totaled $2 million in both 2014 and 2013 and $1.8 million in 2012. | |
Foreign Currency Translation | |
Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the date of the Consolidated Balance Sheet. The translation adjustments are recorded in Accumulated other comprehensive income (loss). Revenues and expenses are translated at weighted average exchange rates in effect during the period. Transaction gains and losses arising from exchange rate changes on transactions denominated in a currency other than the functional currency are included in income and expense as incurred. Aggregate transaction gains and losses for the year ended December 31, 2014, 2013 and 2012 were $2.9 million loss, $3.8 million loss and a less than $.1 million loss, respectively. Upon sale or substantially complete liquidation of an investment in a foreign entity, the cumulative translation adjustment for that entity is reclassified from Accumulated other comprehensive income (loss) to earnings. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Business Combinations | |
The Company accounts for acquisitions in accordance with ASC 805. | |
Derivative Financial Instruments | |
The Company does not hold derivatives for trading purposes. | |
Recently Adopted Accounting Pronouncements | |
In March 2013, the FASB issued Accounting Standards Update (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 adopted the guidance in the first quarter of 2014 and it did not have an effect on the Company’s results of operations, financial condition or cash flow. | |
In November 2014, the FASB issued ASU 2014-17 “Business Combinations (Topic 805): Pushdown Accounting.” ASU 2014-17 provides specific guidance regarding pushdown accounting for all entities including the ability of an acquired entity to elect to apply pushdown accounting in its separate financial statements upon a change in control event. The Company adopted ASU 2014-17 prospectively effective November 18, 2014. The adoption of ASU 2014-17 had no impact to the presentation of the Company’s consolidated financial statements for the year ended December 31, 2014. | |
New Accounting Standards To Be Adopted | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” or ASU 2014-08. ASU 2014-08 changes the criteria for reporting a discontinued operation. Under the new pronouncement, a disposal of a part of an organization that has a major effect on its operations and financial results is a discontinued operation. The Company is required to adopt ASU 2014-08 prospectively for all disposals or components of the business classified as held for sale during the fiscal period beginning after December 15, 2014 and is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 requires an entity to recognize revenue in a matter that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating what impact, if any, its adoption will have to the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The Company is required to adopt ASU 2014-15 prospectively for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. |
Other_Financial_Statement_Info
Other Financial Statement Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Other Financial Statement Information | Note B - Other Financial Statement Information | ||||||||
Inventories – net | |||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Finished products | $ | 41,634 | $ | 37,301 | |||||
Work-in-process | 7,964 | 7,779 | |||||||
Raw materials | 40,423 | 40,251 | |||||||
90,021 | 85,331 | ||||||||
Excess of current cost over LIFO cost | (4,471 | ) | (4,146 | ) | |||||
Noncurrent portion of inventory | (5,513 | ) | (7,350 | ) | |||||
$ | 80,037 | $ | 73,835 | ||||||
Costs for inventories of certain material are determined using the LIFO method and totaled approximately $27 million and $25.1 million at December 31, 2014 and 2013, respectively. | |||||||||
Property and equipment – net | |||||||||
Major classes of property, plant and equipment are as follows: | |||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 14,173 | $ | 12,141 | |||||
Buildings and improvements | 75,587 | 69,963 | |||||||
Machinery and equipment | 144,213 | 141,940 | |||||||
Construction in progress | 3,382 | 7,185 | |||||||
237,355 | 231,229 | ||||||||
Less accumulated depreciation | 134,824 | 130,768 | |||||||
$ | 102,531 | $ | 100,461 | ||||||
Depreciation of property and equipment was $11.3 million in 2014, $10.6 million in 2013 and $10 million in 2012. Machinery and equipment includes $.3 million and $.4 million of capital leases at December 31, 2014 and 2013, respectively. | |||||||||
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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension Plans | Note C - Pension Plans | ||||||||||||||||
PLP-USA hourly employees of the Company who meet specific requirements as to age and length and date of 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 Plan and notified the participants of the freeze on December 19, 2012. Beginning February 1, 2013, participants ceased earning additional benefits under the Plan and no new participants entered the Plan. The Plan freeze required an evaluation 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 Other comprehensive income (loss) during the fourth quarter 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 evaluation did not have an effect on net periodic pension expense for the year ended December 31, 2012. The Company uses a December 31 measurement date for its Plan. | |||||||||||||||||
Net periodic pension cost for the Plan consists of the following components for the year ended December 31: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 118 | $ | 222 | $ | 1,300 | |||||||||||
Interest cost | 1,362 | 1,251 | 1,411 | ||||||||||||||
Expected return on plan assets | (1,792 | ) | (1,436 | ) | (1,186 | ) | |||||||||||
Recognized net actuarial loss | 16 | 493 | 750 | ||||||||||||||
Net periodic pension cost (income) | $ | (296 | ) | $ | 530 | $ | 2,275 | ||||||||||
The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Projected benefit obligation at beginning of the year | $ | 27,525 | $ | 31,590 | |||||||||||||
Service cost | 118 | 222 | |||||||||||||||
Interest cost | 1,362 | 1,251 | |||||||||||||||
Actuarial (gain) loss | 7,991 | (4,901 | ) | ||||||||||||||
Benefits paid | (803 | ) | (637 | ) | |||||||||||||
Projected benefit obligation at end of year | $ | 36,193 | $ | 27,525 | |||||||||||||
Fair value of plan assets at beginning of the year | $ | 22,499 | $ | 18,406 | |||||||||||||
Actual return on plan assets | 1,555 | 3,154 | |||||||||||||||
Employer contributions | 439 | 1,576 | |||||||||||||||
Benefits paid | (803 | ) | (637 | ) | |||||||||||||
Fair value of plan assets at end of the year | $ | 23,690 | $ | 22,499 | |||||||||||||
Unfunded pension obligation | $ | 12,503 | $ | 5,026 | |||||||||||||
In accordance with ASC 715-20, the Company recognizes the underfunded status of the Plan as a liability. The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at January 1 | $ | (1,886 | ) | $ | (6,305 | ) | |||||||||||
Reclassification adjustments: | |||||||||||||||||
Pretax amortized net actuarial loss | 16 | 493 | |||||||||||||||
Tax provision | (6 | ) | (187 | ) | |||||||||||||
10 | 306 | ||||||||||||||||
Adjustment to recognize gain (loss) on unfunded pension obligations: | |||||||||||||||||
Pretax gain (loss) | (8,227 | ) | 6,619 | ||||||||||||||
Tax (benefit) provision | 3,115 | (2,506 | ) | ||||||||||||||
(5,112 | ) | 4,113 | |||||||||||||||
Balance at December 31 | $ | (6,988 | ) | $ | (1,886 | ) | |||||||||||
The pretax unfunded pension obligation loss of $8.2 million included an increased cost of $5.1 million resulting from a 1% decline in the discount rate used to calculate the estimated future benefit costs along with an additional loss of $2.9 million associated with the industry updates to the mortality table used. The estimated net loss for the Plan that will be amortized from Accumulated other comprehensive income into periodic benefit cost for 2015 is $.6 million. There is no prior service cost to be amortized in the future. | |||||||||||||||||
The Plan had accumulated benefit obligations in excess of Plan assets as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated benefit obligation | $ | 36,193 | $ | 27,525 | |||||||||||||
Fair market value of assets | 23,690 | 22,499 | |||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 4 | % | 5 | % | |||||||||||||
Rate of compensation increase | n/a | n/a | |||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | |||||||||||
Rate of compensation increase | n/a | n/a | 2.5 | ||||||||||||||
Expected long-term return on plan assets | 8 | 8 | 8 | ||||||||||||||
The net periodic pension cost for 2014 was based on a long-term asset rate of return of 8.0%. This rate is based upon management’s estimate of future long-term rates of return on similar assets and is consistent with historical returns on such assets. Using the Plan’s current mix of assets and based on the average historical returns and expected future returns for such mix, an expected long-term rate-of-return of 8.0% is justified. | |||||||||||||||||
At December 31, 2014, the fair value of the Plan assets included inputs in Level 1: Quoted market prices in active markets for identical assets or liabilities and Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. The fair value of the Plan assets as of December 31, 2014 and 2013, by category, are as follows: | |||||||||||||||||
At December 31, 2014 | |||||||||||||||||
Total Assets at | Quoted Prices in | Significant | Significant | ||||||||||||||
Fair Value | Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | |||||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 410 | $ | 410 | $ | 0 | $ | 0 | |||||||||
Equity Securities | 8,231 | 8,231 | 0 | 0 | |||||||||||||
U.S. Treasury Bonds | 4,834 | 4,834 | 0 | 0 | |||||||||||||
Mutual Funds - Equity | 6,474 | 6,474 | 0 | 0 | |||||||||||||
Corporate Bonds | 3,741 | 0 | 3,741 | 0 | |||||||||||||
Total | $ | 23,690 | $ | 19,949 | $ | 3,741 | $ | 0 | |||||||||
At December 31, 2013 | |||||||||||||||||
Total Assets at | Quoted Prices in | Significant | Significant | ||||||||||||||
Fair Value | Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | |||||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 1,127 | $ | 1,127 | $ | 0 | $ | 0 | |||||||||
Equity Securities | 7,455 | 7,455 | 0 | 0 | |||||||||||||
U.S. Treasury Bonds | 4,161 | 4,161 | 0 | 0 | |||||||||||||
Mutual Funds - Equity | 6,776 | 6,776 | 0 | 0 | |||||||||||||
Corporate Bonds | 2,950 | 0 | 2,950 | 0 | |||||||||||||
Mortgage-Backed Securities | 30 | 0 | 30 | 0 | |||||||||||||
Total | $ | 22,499 | $ | 19,519 | $ | 2,980 | $ | 0 | |||||||||
The Plan weighted-average asset allocations at December 31, 2014 and 2013, by asset category, are as follows: | |||||||||||||||||
Plan assets at | |||||||||||||||||
31-Dec | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset category | |||||||||||||||||
Equity securities | 62 | % | 63 | % | |||||||||||||
Debt securities | 36 | 32 | |||||||||||||||
Cash and equivalents | 2 | 5 | |||||||||||||||
100 | % | 100 | % | ||||||||||||||
Management seeks to maximize the long-term total return of financial assets consistent with the fiduciary standards of ERISA. The ability to achieve these returns is dependent upon the need to accept moderate risk to achieve long-term capital appreciation. | |||||||||||||||||
In recognition of the expected returns and volatility from financial assets, Plan assets are invested in the following ranges with the target allocation noted: | |||||||||||||||||
Range | Target | ||||||||||||||||
Equities | 30-80 | % | 60 | % | |||||||||||||
Fixed Income | 20-70 | % | 40 | % | |||||||||||||
Cash Equivalents | 0-10 | % | |||||||||||||||
Investment in these markets is projected to provide performance consistent with expected long-term returns with appropriate diversification. | |||||||||||||||||
The Company’s policy is to fund amounts deductible for federal income tax purposes. The Company does not expect to contribute to the Plan in 2015. | |||||||||||||||||
The benefits expected to be paid out of the Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows: | |||||||||||||||||
Year | Pension Benefits | ||||||||||||||||
2015 | $ | 767,571 | |||||||||||||||
2016 | 849,366 | ||||||||||||||||
2017 | 927,494 | ||||||||||||||||
2018 | 1,004,453 | ||||||||||||||||
2019 | 1,098,536 | ||||||||||||||||
2020-2024 | 7,133,715 | ||||||||||||||||
The Company also provides retirement benefits through various defined contribution plans including PLP-USA’s Profit Sharing Plan. Expense for these defined contribution plans was $6.1 million in 2014, $5.6 million in 2013 and $5.7 million in 2012. | |||||||||||||||||
Further, the Company also provides retirement benefits through the Supplemental Profit Sharing Plan. To the extent an employee’s award under PLP-USA’s Profit Sharing Plan exceeds the maximum allowable contribution permitted under existing tax laws, the excess is accrued for (but not funded) under a non-qualified Supplemental Profit Sharing Plan. The return under this Supplemental Profit Sharing Plan is calculated at a weighted average of the one-year Treasury Bill rate plus 1%. At December 31, 2014 and 2013, the interest rate for the Supplemental Profit Sharing Plan was 1.12% and 1.15%, respectively. Expense for the Supplemental Profit Sharing Plan was $.5 million for 2014, $.3 million for 2013 and $.4 million and 2012. The Supplemental Profit Sharing Plan unfunded status as of December 31, 2014 and 2013 was $3.5 million and $3 million and is included in Other noncurrent liabilities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income ("AOCI") | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||
Unrecognized | Cumulative | Total | Unrecognized | Cumulative | Total | ||||||||||||||||||||
Benefit Cost | Translation | Benefit Cost | Translation | ||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||
Balance at January 1 | $ | (1,905 | ) | $ | (15,797 | ) | $ | (17,702 | ) | $ | (6,324 | ) | $ | (7,340 | ) | $ | (13,664 | ) | |||||||
Other comprehensive income before reclassifications: | |||||||||||||||||||||||||
Loss on foreign currency translation adjustment | 0 | (12,330 | ) | (12,330 | ) | 0 | (8,457 | ) | (8,457 | ) | |||||||||||||||
Gain (loss) on unfunded pension obligations | (5,112 | ) | 0 | (5,112 | ) | 4,113 | 0 | 4,113 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||||
Amortization of defined benefit pension actuarial loss (a) | 10 | 0 | 10 | 306 | 0 | 306 | |||||||||||||||||||
Net current period other comprehensive income (loss) | (5,102 | ) | (12,330 | ) | (17,432 | ) | 4,419 | (8,457 | ) | (4,038 | ) | ||||||||||||||
Balance at December 31 | $ | (7,007 | ) | $ | (28,127 | ) | $ | (35,134 | ) | $ | (1,905 | ) | $ | (15,797 | ) | $ | (17,702 | ) | |||||||
(a) | This AOCI component is included in the computation of net periodic pension costs as noted in Note C – Pension Plans. |
Debt_and_Credit_Arrangements
Debt and Credit Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Credit Arrangements | Note E - Debt and Credit Arrangements | ||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Short-term debt | |||||||||
Secured notes | |||||||||
Brazilian Real denominated (R$4,805k) at 3.38% to 3.69% (3.25% to 3.6% in 2013), due 2015 | $ | 1,809 | $ | 1,105 | |||||
Current portion of long-term debt | 116 | 195 | |||||||
Total short-term debt | 1,925 | 1,300 | |||||||
Long-term debt | |||||||||
USD denominated at 1.29%, due 2017 | 31,451 | 12,604 | |||||||
Australian dollar denominated term loans (A$1,065), at 5.59% (6.0% in 2013), due 2018, secured by land and building | 414 | 570 | |||||||
Brazilian Real denominated term loan (R$918k) at 4.5% to 8.12% secured by capital equipment | 0 | 75 | |||||||
Total long-term debt | 31,865 | 13,249 | |||||||
Less current portion | (116 | ) | (195 | ) | |||||
Total long-term debt, less current portion | 31,749 | 13,054 | |||||||
Total debt | $ | 33,674 | $ | 14,354 | |||||
The PLP-USA line of credit makes $50 million available to the Company at an interest rate of LIBOR plus 1.125% with a term expiring January 2017. At December 31, 2014, the interest rate on the line of credit agreement was 1.29%. There was $14.9 million available at December 31, 2014 under the line of credit net of long-term outstanding letter of credits. On January 23, 2014, the Company extended the term to January 2017. The line of credit agreement contains, among other provisions, requirements for maintaining levels of working capital, net worth and profitability. At December 31, 2014, the Company was in compliance with these covenants. | |||||||||
Aggregate maturities of long-term debt during the next five years are as follows: $.1 million for 2015, $.1 million for 2016, $31.6 million for 2017, less than $.1 million for 2018, and $0 thereafter. | |||||||||
Interest paid was $.6 million in 2014, $.4 million in 2013 and $.9 million in 2012. | |||||||||
Guarantees and Letters of Credit | |||||||||
The Company has provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from the current year through the completion of such transactions. The guarantees would typically be triggered in the event of nonperformance. As of December 31, 2014, the Company had total outstanding guarantees of $2.4 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of December 31, 2014, the Company had total outstanding letters of credit of $5.5 million. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Leases | Note F - Leases |
The Company has commitments under operating leases primarily for office and manufacturing space, transportation equipment, office equipment and computer equipment. Rental expense was $3.8 million in both 2014 and 2013, and $3.7 million in 2012. Future minimum rental commitments having non-cancelable terms exceeding one year are $2.5 million in 2015, $1.5 million in 2016, $1.3 million in 2017, $1.2 million in 2018, $1.2 million in 2019, and an aggregate $11.3 million thereafter. One such lease is for the Company’s aircraft with a lease commitment through December 2015. Under the terms of the lease, the Company maintains the risk to make up a deficiency from market value attributable to damage, extraordinary wear and tear, excess air hours or exceeding maintenance overhaul schedules required by the Federal Aviation Administration. At the present time, the Company does not believe it has incurred any obligation for any contingent rent under the lease. | |
The Company has commitments under capital leases for equipment and vehicles. Amounts recognized as capital lease obligations are reported in Accrued expense and other liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Future minimum rental commitments for capital leases are approximately $.1 million in 2015 and less than $.1 million in 2016, 2017 and 2018, and $0 in 2019. The imputed interest for the capital leases is less than $.1 million. Leased property and equipment under capital leases are amortized using the straight-line method over the term of the lease. Routine maintenance, repairs and replacements are expensed as incurred. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note G - Income Taxes | ||||||||||||
Income before income taxes was derived from the following sources: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 11,810 | $ | 16,388 | $ | 21,754 | |||||||
Foreign | 9,600 | 15,406 | 23,073 | ||||||||||
$ | 21,410 | $ | 31,794 | $ | 44,827 | ||||||||
The components of income taxes for the year ended December 31 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 4,718 | $ | 6,308 | $ | 9,663 | |||||||
Foreign | 5,081 | 5,018 | 7,885 | ||||||||||
State and local | 447 | 986 | 920 | ||||||||||
10,246 | 12,312 | 18,468 | |||||||||||
Deferred | |||||||||||||
Federal | (425 | ) | (1,081 | ) | (1,443 | ) | |||||||
Foreign | (1,110 | ) | 157 | (1,310 | ) | ||||||||
State and local | (162 | ) | (181 | ) | (174 | ) | |||||||
(1,697 | ) | (1,105 | ) | (2,927 | ) | ||||||||
Income taxes | $ | 8,549 | $ | 11,207 | $ | 15,541 | |||||||
The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the year ended December 31 are summarized as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U. S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Federal tax at statutory rate | $ | 7,494 | $ | 11,128 | $ | 15,689 | |||||||
State and local taxes, net of federal benefit | 290 | 583 | 485 | ||||||||||
U.S. federal permanent items | 208 | 124 | 332 | ||||||||||
Domestic production activities deduction | (536 | ) | (372 | ) | (669 | ) | |||||||
Foreign earnings and related tax credits | 700 | 701 | 1,377 | ||||||||||
Non-U.S. tax rate variances | (1,313 | ) | (1,467 | ) | (1,175 | ) | |||||||
Unrecognized tax benefits | 186 | (770 | ) | 310 | |||||||||
Valuation allowance | 1,925 | 1,091 | (337 | ) | |||||||||
Tax credits | (184 | ) | (453 | ) | (85 | ) | |||||||
Other, net | (221 | ) | 642 | (386 | ) | ||||||||
$ | 8,549 | $ | 11,207 | $ | 15,541 | ||||||||
Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax basis of assets and liabilities and their carrying value for financial statement purposes. The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued compensation and benefits | $ | 1,358 | $ | 1,463 | |||||||||
Inventory valuation reserves | 2,849 | 2,581 | |||||||||||
Benefit plan reserves | 11,331 | 7,773 | |||||||||||
Net operating loss carryforwards | 2,751 | 1,244 | |||||||||||
Tax credit carryforwards | 745 | 0 | |||||||||||
Other accrued expenses | 2,542 | 2,926 | |||||||||||
Unrealized foreign exchange | 1,805 | 743 | |||||||||||
Gross deferred tax assets | 23,381 | 16,730 | |||||||||||
Valuation allowance | (3,614 | ) | (1,420 | ) | |||||||||
Net deferred tax assets | 19,767 | 15,310 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and other basis differences | (5,814 | ) | (5,533 | ) | |||||||||
Intangibles | (3,706 | ) | (2,828 | ) | |||||||||
Undistributed foreign earnings | (444 | ) | (61 | ) | |||||||||
Other | (65 | ) | (71 | ) | |||||||||
Deferred tax liabilities | (10,029 | ) | (8,493 | ) | |||||||||
Net deferred tax assets | $ | 9,738 | $ | 6,817 | |||||||||
2013 | |||||||||||||
2014 | |||||||||||||
Change in net deferred tax assets: | |||||||||||||
Deferred income tax benefit | $ | 1,697 | $ | 1,105 | |||||||||
Items of other comprehensive income (loss) | 3,108 | (2,692 | ) | ||||||||||
Currency translation | 141 | 263 | |||||||||||
Deferred tax balances from business acquisition | (2,025 | ) | 0 | ||||||||||
Total change in net deferred tax assets | $ | 2,921 | $ | (1,324 | ) | ||||||||
Deferred taxes are recorded at a rate at which such items are expected to reverse, based on currently enacted tax rates for temporary differences between the financial reporting and income tax bases of assets and liabilities and operating loss and tax credit carryforwards. | |||||||||||||
At December 31, 2014, the Company has $2.6 million of foreign net operating loss carryfowards of which $1 million will expire between the years 2017 and 2024. | |||||||||||||
The Company assesses the available positive and negative evidence to determine if it is more likely than not sufficient future taxable income will be generated to utilize the existing deferred tax assets by jurisdiction. Based on this evaluation, the Company has established a valuation allowance of $3.6 million at December 31, 2014 in order to measure only the portion of the deferred tax asset that is more likely than not to be realized. The total increase in valuation allowance during the year was $2.2 million, of which $1.9 million impacts the income tax provision. | |||||||||||||
The Company has not established a deferred tax liability associated with approximately $131 million of its undistributed foreign earnings at December 31, 2014 as these earnings are considered to be permanently reinvested outside the U.S. These earnings would be taxable upon the sale or liquidation of these foreign subsidiaries, or upon the remittance of such earnings. While the measurement of the unrecognized U.S. income taxes with respect to these earnings is not practicable, foreign tax credits would be available to offset some or all of such earnings that would be remitted as dividends. | |||||||||||||
Income taxes paid net of refunds were approximately $7.7 million in 2014, $19.9 million in 2013 and $16 million in 2012. | |||||||||||||
The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. As of December 31, 2014, with few exceptions, the Company is no longer subject to U.S. federal, state, local or foreign examinations by tax authorities for years before 2008. | |||||||||||||
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the year ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 608 | $ | 1,361 | $ | 1,015 | |||||||
Additions for tax positions of prior years | 186 | 0 | 511 | ||||||||||
Reductions for tax positions of prior years | 0 | (588 | ) | 0 | |||||||||
Expiration of statutes of limitations | 0 | (165 | ) | (165 | ) | ||||||||
Balance at December 31 | $ | 794 | $ | 608 | $ | 1,361 | |||||||
Accrued interest and penalties are not included in the above unrecognized tax balances. The Company records accrued interest as well as penalties related to unrecognized tax benefits as part of the provision for income taxes. The Company recognized less than $.1 million, net of the amount lapsed through expiring statutes, during each of the years ended December 31, 2014, 2013 and 2012. The Company had approximately $.6 million accrued for the payment of interest at December 31, 2014, 2013 and 2012. The Company had approximately $.3 million accrued for the payment of penalties at December 31, 2014, 2013 and 2012. If recognized, approximately $.2 million, $0, and $.7 million of unrecognized tax benefits would affect the tax rate for the year ended December 31, 2014, 2013 and 2012 respectively. The Company may decrease its unrecognized tax benefits by approximately $.6 million within the next twelve months due to effective settlement. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Note H – Share-Based Compensation | ||||||||||||||||
The 1999 Stock Option Plan | |||||||||||||||||
Activity in the Company’s 1999 Stock Option Plan for the year ended December 31, 2014 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at January 1, 2014 | 13,000 | $ | 39.95 | ||||||||||||||
Exercised | (1,000 | ) | $ | 22.1 | |||||||||||||
Outstanding (exercisable and vested) at December 31, 2014 | 12,000 | $ | 41.44 | 2.8 | $ | 158 | |||||||||||
There were 1,000, 19,150 and 17,757 in stock options exercised during the years ended December 31, 2014, 2013 and 2012, respectively. The total intrinsic value of stock options exercised during the year ended December 31, 2014, 2013 and 2012 was less than $.1 million, $.6 million and $.6 million, respectively. Cash received for the exercise of stock options during 2014 and 2013 was less than $.1 million and $.8 million, respectively. | |||||||||||||||||
The Company recorded compensation expense related to the stock options currently vesting of $0 for the years ended December 31, 2014 and 2013 and less than $.1 million for the year ended December 31, 2012. All compensation cost has been recognized as of December 31, 2012. | |||||||||||||||||
The excess tax benefits from share-based awards for the year ended December 31, 2014, 2013 and 2012 were $0, $.2 million and $.1 million, respectively, as reported on the Consolidated Statements of Cash Flows in financing activities, and represents the reduction in income taxes otherwise payable during the period, attributable to the actual gross tax benefits in excess of the expected tax benefits for options exercised in the current period. | |||||||||||||||||
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 a competitive advantage in attracting, retaining and motivating officers, employees and directors and to provide an incentive to those individuals to increase shareholder value through long-term incentives directly linked to the Company’s performance. The total number of Company 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 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. Dividends declared are accrued in cash. | |||||||||||||||||
A summary of the restricted share awards for the year ended December 31, 2014 is as follows: | |||||||||||||||||
Restricted Share Awards | |||||||||||||||||
Performance | Service | Total | Weighted-Average | ||||||||||||||
and Service | Required | Restricted | Grant-Date | ||||||||||||||
Required | Awards | Fair Value | |||||||||||||||
Nonvested as of January 1, 2014 | 89,459 | 10,202 | 99,661 | $ | 65.86 | ||||||||||||
Granted | 40,676 | 4,799 | 45,475 | 63.95 | |||||||||||||
Vested | (38,090 | ) | (4,588 | ) | (42,678 | ) | 60.77 | ||||||||||
Forfeited | (3,537 | ) | 0 | (3,537 | ) | 60.77 | |||||||||||
Nonvested as of December 31, 2014 | 88,508 | 10,413 | 98,921 | $ | 67.36 | ||||||||||||
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 year ended December 31, 2014, 2013 and 2012 was $.3 million annually for each year. As of December 31, 2014, there was $.4 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 1.6 years. | |||||||||||||||||
For the performance-based awards, the number of restricted shares in which the participants will vest depends on the Company’s level of performance measured by growth in pretax income and sales over a requisite performance period. Depending on the extent to which the performance criterion is probable of being satisfied under the LTIP, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the year ended December 31, 2014, 2013 and 2012 was $1 million, $2.7 million and $2.5 million, respectively. During the year ended December 31, 2014, a $.2 million reduction in performance-based compensation expense was recorded related to the 2012 performance-based RSU grant, due to lower results for growth in pretax income, resulting in a forfeiture of 3,537 RSU’s granted in 2012. During the year ended December 31, 2014, a $1.3 million reduction in performance-based compensation expense was recorded related to the 2013 performance-based RSU grant, due to changes in estimates for growth in pretax income. As of December 31, 2014, the remaining performance-based restricted share awards compensation expense of $2.1 million is expected to be recognized over a period of approximately 1.9 years. | |||||||||||||||||
The excess tax benefits from service and performance-based awards for the year ended December 31, 2014, 2013 and 2012 was $.1 million for each year, as reported on the Consolidated Statements of Cash Flows in financing activities, and represents the reduction in income taxes otherwise payable during the period, attributable to the actual gross tax benefits in excess of the expected tax benefits for restricted shares vested in the current period. | |||||||||||||||||
In the event of a Change in Control (as defined in the LTIP), 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 granted awards will also be issued from the Company’s authorized but unissued shares. Under the LTIP, there are 384,398 common shares currently 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 December 31, 2014, 292,609 LTIP shares have been deferred and are being held by the rabbi trust. | |||||||||||||||||
Share Option Awards | |||||||||||||||||
The LTIP plan permits the grant of 100,000 options to buy common shares of the Company to certain employees at not less than fair market value of the shares on the date of grant. At December 31, 2014, there were 21,500 shares remaining available for issuance under the LTIP. Options issued to date 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 utilizes the Black-Scholes option pricing model for estimating fair values of options. The Black-Scholes model requires assumptions regarding the volatility of the Company’s stock, the expected life of the stock award and the Company’s dividend yield. The company utilizes historical data in determining these assumptions. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated to be zero. | |||||||||||||||||
There were 35,500, 0, and 8,000 options granted for the year ended December 31, 2014, 2013 and 2012, respectively. The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||
2014 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 1.9 | % | 1.3 | % | 1.4 | % | |||||||||||
Dividend yield | 1.7 | % | 1.9 | % | 1.9 | % | |||||||||||
Expected life (years) | 5 | 6 | 6 | ||||||||||||||
Expected volatility | 42.9 | % | 47 | % | 47.1 | % | |||||||||||
Activity in the Company’s LTIP plan for the year ended December 31, 2014 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at January 1, 2014 | 17,000 | $ | 54.2 | ||||||||||||||
Granted | 35,500 | $ | 60.47 | ||||||||||||||
Exercised | (1,250 | ) | $ | 52.1 | |||||||||||||
Forfeited | (3,500 | ) | $ | 65.15 | |||||||||||||
Outstanding (vested and expected to vest) at December 31, 2014 | 47,750 | $ | 58.11 | 8.8 | $ | 114 | |||||||||||
Exercisable at December 31, 2014 | 13,000 | $ | 53.79 | 7.1 | $ | 22 | |||||||||||
The weighted-average grant-date fair value of options granted during 2014 and 2012 was $20.83 and $21.76, respectively. There were 1,250, 14,250 and 1,250 stock options exercised during the years ended December 31, 2014, 2013 and 2012, respectively. The total intrinsic value of stock options exercised during the year ended December 31, 2014 and 2013 was less than $.1 million and $.4 million, respectively. Cash received for the exercise of stock options during 2014 and 2013 was $.1 million and $.6 million, respectively. | |||||||||||||||||
For the year ended December 31, 2014, 2013 and 2012, the Company recorded compensation expense related to the stock options currently vesting of $.3 million, $.1 million and $.3 million, respectively. The total compensation cost related to nonvested awards not yet recognized at December 31, 2014 is expected to be a combined total of $.5 million over a weighted-average period of approximately 2.5 years. | |||||||||||||||||
The excess tax benefits from share based awards for the year ended December 31, 2014, 2013 and 2012 was less than $.1 million, $.1 million and $0, respectively, as reported on the Consolidated Statements of Cash Flows in financing activities, and represents the reduction in income taxes otherwise payable during the period, attributable to the actual gross tax benefits in excess of the expected tax benefits for options exercised in the current period. |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Earnings Per Share | Note I - Computation of Earnings Per Share | ||||||||||||
Basic earnings per share were computed by dividing net income by the weighted-average number of shares of common stock outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive shares of common stock that were outstanding during the years presented. | |||||||||||||
The calculation of basic and diluted earnings per share for the year ended December 31 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income | $ | 12,861 | $ | 20,587 | $ | 29,286 | |||||||
Denominator | |||||||||||||
Determination of shares (in thousands) | |||||||||||||
Weighted-average common shares outstanding | 5,377 | 5,361 | 5,324 | ||||||||||
Dilutive effect - share-based awards | 5 | 106 | 47 | ||||||||||
Diluted weighted-average common shares outstanding | 5,382 | 5,467 | 5,371 | ||||||||||
Earnings per common share attributable to PLPC shareholders | |||||||||||||
Basic | $ | 2.39 | $ | 3.84 | $ | 5.5 | |||||||
Diluted | $ | 2.39 | $ | 3.77 | $ | 5.45 | |||||||
For the year ended December 31, 2014, 2013 and 2012, 25,000, 1,500 and 17,750 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. | |||||||||||||
For the year ended December 31, 2014, 2013 and 2012, 52,368, 0 and 37,985 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the exercise would have been anti-dilutive. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangibles | Note J - Goodwill and Other Intangibles | ||||||||||||||||
The Company’s finite and indefinite-lived intangible assets consist of the following: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Finite-lived intangible assets | |||||||||||||||||
Patents | $ | 4,823 | $ | (4,730 | ) | $ | 4,824 | $ | (4,434 | ) | |||||||
Land use rights | 1,247 | (164 | ) | 1,380 | (153 | ) | |||||||||||
Trademark | 1,888 | (814 | ) | 1,590 | (680 | ) | |||||||||||
Customer backlog | 605 | (605 | ) | 578 | (578 | ) | |||||||||||
Technology | 3,432 | (734 | ) | 2,751 | (538 | ) | |||||||||||
Customer relationships | 13,104 | (3,931 | ) | 10,133 | (3,086 | ) | |||||||||||
$ | 25,099 | $ | (10,978 | ) | $ | 21,256 | $ | (9,469 | ) | ||||||||
Indefinite-lived intangible assets | |||||||||||||||||
Goodwill | $ | 17,792 | $ | 13,873 | |||||||||||||
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. The Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units. | |||||||||||||||||
The Company performed its annual impairment test for goodwill as of October 1, 2014 and determined that no adjustment to the carrying value was required. | |||||||||||||||||
The Company performed its annual impairment tests for goodwill as of October 1, 2013. In the fourth quarter of 2013, the Company recorded two non-cash goodwill impairment charges within the Asia-Pacific reporting segment totaling $.9 million. The goodwill impairment testing revealed that the carrying values of these two businesses exceeded their fair values. The goodwill impairment charges were due to a combination of factors including reported net losses in 2013, forecasted net losses in 2014, reduction in future discounted cash flow, higher market discount rates and changes in the utility and solar markets. | |||||||||||||||||
The changes in the carrying amount of goodwill by segment for the year ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||
The Americas | EMEA | Asia-Pacific | Total | ||||||||||||||
Balance at January 1, 2013 | $ | 3,078 | $ | 1,819 | $ | 10,640 | $ | 15,537 | |||||||||
Impairment | 0 | 0 | (862 | ) | (862 | ) | |||||||||||
Curency translation | 0 | (65 | ) | (737 | ) | (802 | ) | ||||||||||
Balance at December 31, 2013 | 3,078 | 1,754 | 9,041 | 13,873 | |||||||||||||
Additions | 4,909 | 0 | 0 | 4,909 | |||||||||||||
Curency translation | (237 | ) | (226 | ) | (527 | ) | (990 | ) | |||||||||
Balance at December 31, 2014 | $ | 7,750 | $ | 1,528 | $ | 8,514 | $ | 17,792 | |||||||||
The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Of the $1.7 million decrease in goodwill in 2013, $.8 million is related to foreign currency translation and $.9 million is due to goodwill impairment. The increase in goodwill of $3.9 million in 2014 is related to the acquisition by the Company of Helix resulting in an incremental $4.9 million of goodwill which was partially offset by a $1 million decline related to foreign currency translation. | |||||||||||||||||
The aggregate amortization expense for other intangibles with finite lives, ranging from 4 to 82 years, for the year ended December 31, 2014, 2013 and 2012 was $1.6 million, $1.5 million and $1.5 million, respectively. Amortization expense is estimated to be $1.3 million for 2015, $1.1 million for 2016, $1.1 million for 2017, $1 million for 2018 and $1 million for 2019. The weighted-average remaining amortization period is approximately 21.6 years. The weighted-average remaining amortization period by intangible asset class; patents, 2.3 years; land use rights, 61.1 years; trademark, 10.6 years; technology, 16.9 years and customer relationships, 15.2 years. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Assets and Liabilities | Note K – Fair Value of Financial Assets and Liabilities | ||||||||||||||||
The carrying value of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable, notes payable and short-term debt, approximates its fair value because of the short-term maturity of these instruments. At December 31, 2014, the fair value of the Company’s long-term debt was estimated using discounted cash flows analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs. There have been no transfers in or out of Level 2 for the year ended December 31, 2014. Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Long-term debt and related current maturities | $ | 31,876 | $ | 31,865 | $ | 13,279 | $ | 13,249 | |||||||||
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. This amount represented the fair value of the potential 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. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | Note L – Segment Information | ||||||||||||
The Company designs, manufactures and sells hardware employed in the construction and maintenance of telecommunication, energy and other utility networks, data communication products and mounting hardware for solar power applications. Principal products include cable anchoring, control hardware and splice enclosures which are sold primarily to customers in North and South America, Europe, South Africa and Asia Pacific. | |||||||||||||
The Company reports its segments in four geographic regions: PLP-USA, The Americas, EMEA (Europe, Middle East & Africa) and Asia-Pacific in accordance with accounting standards codified in FASB ASC 280, Segment Reporting. Each segment distributes a full range of the Company’s primary products. The PLP-USA segment is comprised of U.S. operations manufacturing the Company’s traditional products primarily supporting domestic energy and telecommunications products. The other three segments, The Americas, EMEA and Asia-Pacific support the Company’s energy, telecommunications, data communication and solar products in each respective geographical region. | |||||||||||||
The segment managers responsible for each region report directly to the Company’s Chief Executive Officer, who is the chief operating decision maker and are accountable for the financial results and performance of their entire segment for which they are responsible. The business components within each segment are managed to maximize the results of the entire company rather than the results of any individual business component of the segment. | |||||||||||||
The amount of each segment’s performance reported to the chief operating decision maker is for purposes of making decisions about allocating resources to the segment and assessing its performance. The Company evaluates segment performance and allocates resources based on several factors primarily based on sales and income from continuing operations, net of tax. | |||||||||||||
The accounting policies of the operating segments are the same as those described in Note A in the Notes To Consolidated Financial Statements. No single customer accounts for more than ten percent of the Company’s consolidated revenues. It is not practical to present revenues by product line. U.S. net sales for the year ended December 31, 2014, 2013, and 2012 were $152.6 million, $163 million and $179.4 million, respectively. U.S. long-lived assets as of December 31, 2014 and 2013 were $41.1 million and $38.4 million, respectively. | |||||||||||||
The following table presents a summary of the Company’s reportable segments for the year ended December 31, 2014, 2013 and 2012. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory. | |||||||||||||
Year Ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
PLP-USA | $ | 137,564 | $ | 144,054 | $ | 162,027 | |||||||
The Americas | 90,871 | 91,497 | 92,584 | ||||||||||
EMEA | 65,446 | 61,543 | 66,272 | ||||||||||
Asia-Pacific | 94,304 | 112,682 | 118,309 | ||||||||||
Total net sales | $ | 388,185 | $ | 409,776 | $ | 439,192 | |||||||
Intersegment sales | |||||||||||||
PLP-USA | $ | 12,721 | $ | 12,939 | $ | 8,537 | |||||||
The Americas | 5,908 | 6,204 | 7,501 | ||||||||||
EMEA | 1,848 | 2,080 | 4,582 | ||||||||||
Asia-Pacific | 11,921 | 10,491 | 14,766 | ||||||||||
Total intersegment sales | $ | 32,398 | $ | 31,714 | $ | 35,386 | |||||||
Interest income | |||||||||||||
PLP-USA | $ | 0 | $ | 0 | $ | 3 | |||||||
The Americas | 129 | 290 | 283 | ||||||||||
EMEA | 223 | 215 | 209 | ||||||||||
Asia-Pacific | 131 | 113 | 153 | ||||||||||
Total interest income | $ | 483 | $ | 618 | $ | 648 | |||||||
Interest expense | |||||||||||||
PLP-USA | $ | (427 | ) | $ | (305 | ) | $ | (437 | ) | ||||
The Americas | (130 | ) | (41 | ) | (58 | ) | |||||||
EMEA | (54 | ) | (68 | ) | (50 | ) | |||||||
Asia-Pacific | (47 | ) | (36 | ) | (52 | ) | |||||||
Total interest expense | $ | (658 | ) | $ | (450 | ) | $ | (597 | ) | ||||
Income taxes | |||||||||||||
PLP-USA | $ | 5,053 | $ | 6,286 | $ | 9,581 | |||||||
The Americas | 453 | 2,585 | 2,722 | ||||||||||
EMEA | 2,122 | 2,052 | 2,769 | ||||||||||
Asia-Pacific | 921 | 284 | 469 | ||||||||||
Total income taxes | $ | 8,549 | $ | 11,207 | $ | 15,541 | |||||||
Net income (loss) | |||||||||||||
PLP-USA | $ | 7,933 | $ | 10,875 | $ | 13,290 | |||||||
The Americas | 1,947 | 5,896 | 6,763 | ||||||||||
EMEA | 6,192 | 6,047 | 6,840 | ||||||||||
Asia-Pacific | (3,211 | ) | (2,231 | ) | 2,393 | ||||||||
Total net income | $ | 12,861 | $ | 20,587 | $ | 29,286 | |||||||
Year Ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expenditure for long-lived assets | |||||||||||||
PLP-USA | $ | 7,536 | $ | 12,262 | $ | 6,702 | |||||||
The Americas | 4,925 | 3,107 | 2,781 | ||||||||||
EMEA | 1,375 | 2,573 | 2,816 | ||||||||||
Asia-Pacific | 3,827 | 3,092 | 8,744 | ||||||||||
Total expenditures for long-lived assets | $ | 17,663 | $ | 21,034 | $ | 21,043 | |||||||
Depreciation and amortization | |||||||||||||
PLP-USA | $ | 4,140 | $ | 3,793 | $ | 3,520 | |||||||
The Americas | 2,845 | 2,444 | 2,565 | ||||||||||
EMEA | 1,790 | 1,792 | 1,714 | ||||||||||
Asia-Pacific | 4,082 | 4,059 | 3,765 | ||||||||||
Total depreciation and amortization | $ | 12,857 | $ | 12,088 | $ | 11,564 | |||||||
As of December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Identifiable assets | |||||||||||||
PLP-USA | $ | 99,850 | $ | 90,414 | |||||||||
The Americas | 85,017 | 73,200 | |||||||||||
EMEA | 51,691 | 51,345 | |||||||||||
Asia-Pacific | 117,093 | 117,129 | |||||||||||
353,651 | 332,088 | ||||||||||||
Corporate assets | 316 | 318 | |||||||||||
Total identifiable assets | $ | 353,967 | $ | 332,406 | |||||||||
Long-lived assets | |||||||||||||
PLP-USA | $ | 39,848 | $ | 36,888 | |||||||||
The Americas | 20,734 | 19,168 | |||||||||||
EMEA | 12,504 | 14,467 | |||||||||||
Asia-Pacific | 29,445 | 29,938 | |||||||||||
Total long-lived assets | $ | 102,531 | $ | 100,461 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note M -Related Party Transactions |
On March 20, 2014, the Company purchased 2,098 common shares of the Company from Robert G. Ruhlman, at a price per share of $62.99, which was calculated from a 30-day average of market price. Mr. Ruhlman is Chairman, President and Chief Executive Officer (CEO) of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
On August 14, 2014, the Company purchased 34,106 Common Shares of the Company from a trust for the benefit of Barbara P. Ruhlman and a foundation of which Barbara P. Ruhlman, Robert G. Ruhlman, Randall M. Ruhlman and Bernard Karr are officers, at a price per share of $54.83. Barbara P. Ruhlman is a member of the Company’s Board of Directors and the mother of Robert G. Ruhlman and Randall M. Ruhlman, both of whom are also members of the Board of Directors. Robert G. Ruhlman is Chairman, President and CEO of the Company. The purchase was consummated pursuant to Share Purchase Agreements both dated August 14, 2014, between the Company and the foundation. The Audit Committee of the Board of Directors approved this transaction. | |
Ryan Ruhlman has worked for the Company for over ten years, recently being promoted to the role of Director, Marketing and Business Development. He is the son of Robert G. Ruhlman, President and CEO of the Company, and received $153,273 in reportable compensation for 2014 of which $39,100 is attributable to his 2014 award of stock options, in line with the Company’s compensation for mid-level managers. | |
On May 8, 2013, the Company purchased 2,500 common shares of the Company from Ryan Ruhlman, at a price per share of $76.98, which was calculated from a 30-day average of market price. On November 12, 2013, the Company purchased 3,200 common shares of the Company from Ryan Ruhlman, at a price per share of $78.91, which was calculated from a 30-day average of market price. Mr. Ruhlman is the son of Robert G. Ruhlman, Chairman, President and Chief Executive Officer (CEO) of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
On May 8, 2013, the Company purchased 3,000 common shares of the Company from David C. Sunkle, at a price per share of $76.98, which was calculated from a 30-day average of market price. Additionally, on November 12, 2013, the Company purchased 1,000 common shares of the Company from David C. Sunkle, at a price per share of $78.91, which was calculated from a 30-day average of market price. Mr. Sunkle is an Officer of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
On May 9, 2013, the Company purchased 9,757 Common Shares of the Company from a foundation of which Barbara P. Ruhlman, Robert G. Ruhlman, Randall M. Ruhlman and Bernard Karr are officers, at a price per share of $76.87. Barbara P. Ruhlman is a member of the Company’s Board of Directors and the mother of Robert G. Ruhlman and Randall M. Ruhlman, both of whom are also members of the Board of Directors. Robert G. Ruhlman is Chairman, President and CEO of the Company. The purchase was consummated pursuant to a Shares Purchase Agreement dated May 9, 2013, between the Company and the foundation. The Audit Committee of the Board of Directors approved this transaction. | |
On November 12, 2013, the Company purchased 25,000 common shares of the Company from Robert G. Ruhlman, at a price per share of $78.91, which was calculated from a 30-day average of market price. Mr. Ruhlman is Chairman, President and CEO of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
On November 12, 2013, the Company purchased 2,750 common shares of the Company from Dennis F. McKenna, at a price per share of $78.91, which was calculated from a 30-day average of market price. Mr. McKenna is an Officer of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
On November 12, 2013, the Company purchased 2,500 common shares of the Company from J. Cecil Curlee, at a price per share of $78.91, which was calculated from a 30-day average of market price. Mr. Curlee is an Officer of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
On November 12, 2013, the Company purchased 1,750 common shares of the Company from Caroline S. Vaccariello, at a price per share of $78.91, which was calculated from a 30-day average of market price. Mrs. Vaccariello is an Officer of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
In August 2012, the Company purchased 30,410 common shares of the Company from a trust for the benefit of Barbara P. Ruhlman and a foundation of which Barbara P. Ruhlman, Robert G. Ruhlman and Randall M. Ruhlman are officers, at a price per share of $54.92, which was calculated from a 30-day average of market price. Barbara P. Ruhlman is a member of the Company’s Board of Directors and the mother of Robert G. Ruhlman and Randall M. Ruhlman, both of whom are also members of the Board of Directors. Robert G. Ruhlman is Chairman, President and CEO of the Company. The purchase was consummated pursuant to two Shares Purchase Agreements both dated August 14, 2012, one between the Company and the trust and the other between the Company and the foundation. The Audit Committee of the Board of Directors approved these transactions. | |
In August 2012, the Company purchased 4,100 common shares of the Company from Dennis F. McKenna, at a price per share of $55.91, which was calculated from a 30-day average of market price. Mr. McKenna is an Officer of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
In December 2012, the Company purchased 7,408 common shares of the Company from William H. Haag, at a price per share of $54.71, which was calculated from a 30-day average of market price. Mr. Haag is an Officer of the Company. The Audit Committee of the Board of Directors approved this transaction. | |
The Company’s Australian subsidiary utilizes information technology services from X Information Technology (“XIT”). For the year ended December 31, 2014, 2013 and 2012, PLP-Australia incurred a total of $0, $0 and $.7 million for these expenses, respectively. XIT was once owned and operated by Paul Cascun, Regional IT Manager, a current PLP employee. Prior to his employment at PLP, Mr. Cascun sold his shares in XIT to his sister who now owns and operates the company. The Audit Committee of the Board of Directors approved this transaction. | |
The Company’s New Zealand subsidiary, Electropar currently leases two parcels of property, on which it has its corporate office, manufacturing and warehouse space. The entities leasing the property to Electropar are owned, in part, by Grant Wallace a Director. For each year ended December 31, 2014, 2013 and 2012, Electropar incurred a total of $.3 million annually for such lease expense. The Audit Committee of the Board of Directors approved this transaction. | |
The Company’s DPW operation rents two properties owned by RandReau Properties, LLC and RaRe Properties, LLC., which are owned by Kevin Goodreau, Vice President of Business Development – Solar Division, and Jeffrey Randall, Vice President of Product Design – Solar Division. For the year ended December 31, 2014, 2013 and 2012, DPW paid rent expense of $.2 million, $.3 million and $.3 million, respectively, for the properties. The Audit Committee of the Board of Directors approved this transaction. | |
The Company’s Belos operation hires temporary employees through a temporary work agency, Flex-Work Sp. Z.o.o., which is 50% owned by Agnieszka Rozwadowska. Agnieszka Rozwadowska is the wife of Piotr Rozwadowski, the Managing Director of the Belos operation located in Poland. For the year ended December 31, 2014, 2013 and 2012, Belos incurred a total of $.5 million, $.3 million and $.7 million, respectively, for such temporary labor expense. The Audit Committee of the Board of Directors approved this transaction. |
Business_Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Business Combinations | Note N -Business Combinations |
On January 31, 2014, the Company acquired Helix Uniformed Limited (Helix), located in Montreal, Quebec, Canada. From an accounting perspective, the acquisition is not considered material. The acquisition of Helix will diversify the Company’s business in Canada, expand its manufacturing footprint and enhance its engineering capabilities. The results of Helix are included in The Americas reportable segment. The values related to the acquisition have been finalized. | |
The Company acquired Australian Electricity Systems PTY Ltd (AES) on January 31, 2012. Pursuant to the Purchase Agreement, the Company acquired all of the outstanding shares of AES for $6.3 million Australian dollars including acquired cash of $1.8 million Australian dollars, net of customary post-working capital adjustments of $.5 million Australian dollars. As part of the purchase agreement to acquire AES, the Company recorded on January 31, 2012 a $1.1 million Australian dollars earn-out consideration payment. 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 fair value of the contingent consideration arrangement was determined by estimating the (probability-weighted) expected earn-out payment discounted to present value and is considered a level three input. The parties agreed this contingent consideration was $.4 million which was included in the Accrued expenses and other liabilities line on the Consolidated Balance Sheet at December 31, 2012. The Company paid this $.4 million consideration to the former owner in April 2013. The acquisition of AES was immaterial to the Company. AES is reported as part of the Company’s Asia-Pacific segment. |
Product_Warranty_Reserve
Product Warranty Reserve | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Guarantees [Abstract] | |||||||||||||
Product Warranty Reserve | Note O – Product Warranty Reserve | ||||||||||||
The Company records an accrual for estimated warranty costs to Costs of products sold in the Consolidated Statements of 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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 1,140 | $ | 1,229 | $ | 824 | |||||||
Additions charged to income | (45 | ) | 443 | 1,384 | |||||||||
Warranty usage | (133 | ) | (475 | ) | (983 | ) | |||||||
Currency translation | (70 | ) | (57 | ) | 4 | ||||||||
Balance at December 31 | $ | 892 | $ | 1,140 | $ | 1,229 | |||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information (unaudited) | Note P - Quarterly Financial Information (unaudited) | ||||||||||||||||
The following table summarizes our results of operations for each of the quarters in 2014 and 2013: | |||||||||||||||||
Quarter ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 89,925 | $ | 99,981 | $ | 102,100 | $ | 96,179 | |||||||||
Gross profit | 27,448 | 31,197 | 32,455 | 29,848 | |||||||||||||
Income before income taxes | 4,137 | 7,606 | 5,294 | 4,373 | |||||||||||||
Net income | 2,738 | 5,080 | 2,555 | 2,488 | |||||||||||||
Net income, basic | $ | 0.51 | $ | 0.94 | $ | 0.48 | $ | 0.46 | |||||||||
Net income, diluted | $ | 0.5 | $ | 0.94 | $ | 0.48 | $ | 0.46 | |||||||||
2013 | |||||||||||||||||
Net sales | $ | 98,689 | $ | 111,716 | $ | 100,828 | $ | 98,543 | |||||||||
Gross profit | 31,299 | 37,549 | 31,660 | 30,393 | |||||||||||||
Income before income taxes | 6,917 | 10,680 | 8,544 | 5,653 | |||||||||||||
Net income | 4,965 | 6,386 | 6,104 | 3,132 | |||||||||||||
Net income, basic | $ | 0.92 | $ | 1.19 | $ | 1.14 | $ | 0.59 | |||||||||
Net income, diluted | $ | 0.91 | $ | 1.17 | $ | 1.12 | $ | 0.58 | |||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation and Qualifying Accounts | PREFORMED LINE PRODUCTS COMPANY | ||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Year Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||
For the year ended December 31, 2014: | Balance at | Additions | Deductions | Other | Balance at | ||||||||||||||||
beginning | charged to | additions or | end of | ||||||||||||||||||
of period | costs and | deductions (a) | period | ||||||||||||||||||
expenses | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,441 | $ | 803 | $ | (260 | ) | $ | (41 | ) | $ | 1,943 | |||||||||
Reserve for credit memos | 672 | 408 | (652 | ) | 0 | 428 | |||||||||||||||
Slow-moving and obsolete inventory reserves | 8,075 | 2,244 | (701 | ) | (435 | ) | 9,183 | ||||||||||||||
Accrued product warranty | 1,140 | (45 | ) | (133 | ) | (70 | ) | 892 | |||||||||||||
Foreign net operating loss tax carryforwards | 1,420 | 2,553 | (232 | ) | (127 | ) | 3,614 | ||||||||||||||
For the year ended December 31, 2013: | Balance at | Additions | Deductions | Other | Balance at | ||||||||||||||||
beginning | charged to | additions or | end of | ||||||||||||||||||
of period | costs and | deductions (a) | period | ||||||||||||||||||
expenses | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,395 | $ | 419 | $ | (368 | ) | $ | (5 | ) | $ | 1,441 | |||||||||
Reserve for credit memos | 644 | 418 | (390 | ) | 0 | 672 | |||||||||||||||
Slow-moving and obsolete inventory reserves | 6,773 | 2,672 | (1,006 | ) | (364 | ) | 8,075 | ||||||||||||||
Accrued product warranty | 1,229 | 443 | (475 | ) | (57 | ) | 1,140 | ||||||||||||||
U.S. tax capital loss | 2,034 | 0 | (49 | ) | (1,985 | ) | 0 | ||||||||||||||
Foreign net operating loss tax carryforwards | 295 | 1,310 | (115 | ) | (70 | ) | 1,420 | ||||||||||||||
For the year ended December 31, 2012: | Balance at | Additions | Deductions | Other | Balance at | ||||||||||||||||
beginning | charged to | additions or | end of | ||||||||||||||||||
of period | costs and | deductions (a) | period | ||||||||||||||||||
expenses | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,258 | $ | 774 | $ | (651 | ) | $ | 14 | $ | 1,395 | ||||||||||
Reserve for credit memos | 369 | 642 | (367 | ) | 0 | 644 | |||||||||||||||
Slow-moving and obsolete inventory reserves | 5,875 | 1,981 | (828 | ) | (255 | ) | 6,773 | ||||||||||||||
Accrued product warranty | 824 | 1,384 | (983 | ) | 4 | 1,229 | |||||||||||||||
U.S. tax capital loss | 2,053 | 0 | (19 | ) | 0 | 2,034 | |||||||||||||||
Foreign net operating loss tax carryforwards | 1,062 | 0 | (760 | ) | (7 | ) | 295 | ||||||||||||||
(a) | Other additions or deductions relate to translation adjustments and 2013 reflects the expiration of U.S. capital loss and certain foreign net operating loss carryforwards and 2014 reflects the expiration of certain foreign net operating loss carryforwards. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations |
Preformed Line Products Company and subsidiaries (the “Company”) is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, data communication and other similar industries. The Company’s primary products support, protect, connect, terminate and secure cables and wires. The Company also provides solar hardware systems and mounting hardware for a variety of solar power applications. The Company’s customers include public and private energy utilities and communication companies, cable operators, governmental agencies, contractors and subcontractors, distributors and value-added resellers. The Company serves its worldwide markets through strategically located domestic and international manufacturing facilities. | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. All intercompany accounts and transactions have been eliminated upon consolidation. | |
Investments in Foreign Joint Ventures | Investments in Foreign Joint Ventures |
Investments in joint ventures, where the Company owns between 20% and 50%, or where the Company does not have control but has the ability to exercise significant influence over operations or financial policies, are accounted for by the equity method. As of December 31, 2014, the Company owned 25.93% in Proxisafe Ltd. (“Proxisafe”), located in Calgary, Alberta. The Company accounts for its joint venture interest in Proxisafe accounts using the equity method. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash equivalents are stated at fair value and consist of highly liquid investments with original maturities of three months or less at the time of acquisition. | |
Receivable Allowances | Receivable Allowances |
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for uncollectible accounts receivable is based upon the number of days the accounts are past due, the current business environment and specific information such as bankruptcy or liquidity issues of customers. The Company also maintains an allowance for future sales credits related to sales recorded during the year. The estimated allowance is based on historical sales credits issued in the subsequent year related to the prior year and any significant, preapproved open return good authorizations as of the balance sheet date. | |
Inventories | Inventories |
The Company uses the last-in, first-out (LIFO) method of determining cost for the majority of its material portion of inventories in PLP-USA. All other inventories are determined by the first-in, first-out (FIFO) or average cost methods. Inventories are carried at the lower of cost or market. Reserves are maintained for estimated obsolescence or excess inventory based on past usage and future demand. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 825, Disclosures about Fair Value of Financial Instruments, requires disclosures of the fair value of financial instruments. The carrying value of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments. At December 31, 2014, the fair value of the Company’s long-term debt was estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, which is considered to be a level two input. Based on the analysis performed, the carrying value of the Company’s long-term debt approximates fair value at December 31, 2014. | |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation |
Property, plant, and equipment is recorded at cost. Depreciation is computed using the straight line method over the estimated useful lives. The estimated useful lives used, when purchased new, are: land improvements, ten years; buildings, forty years; building improvements, five to forty years; and machinery and equipment, three to ten years. Appropriate reductions in estimated useful lives are made for property, plant and equipment purchased in connection with an acquisition of a business or in a used condition when purchased. | |
Long-Lived Assets | Long-Lived Assets |
The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the carrying value of the assets might be impaired and the discounted future cash flows estimated to be generated by such assets are less than the carrying value. The Company’s cash flows are based on historical results adjusted to reflect the Company’s best estimate of future market and operating conditions. The net carrying value of assets not recoverable is then reduced to fair value. The estimates of fair value represent the Company’s best estimate based on industry trends and reference to market rates and transactions. The Company did not record any impairment to long-lived assets during the years ended December 31, 2014 and 2013. | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles |
Goodwill and other intangible assets generally result from business acquisitions. Goodwill and intangible assets with indefinite lives are not subject to amortization, but are subject to annual impairment testing. Intangible assets with definite lives, consisting primarily of purchased customer relationships, patents, technology, customer backlogs, trademarks and land use rights, are generally amortized over periods from less than one year to twenty years. The Company’s intangible assets with finite lives are generally amortized using a projected cash flow basis method over their useful lives unless another method was demonstrated to be more appropriate. Customer relationships, technology and trademark intangibles acquired in 2014 and 2012 are amortized using a projected cash flow basis method over the period in which the economic benefits of the intangibles are consumed. Customer relationships, technology and trademarks acquired in July 2010 are being amortized using the straight-line method over their useful lives. This straight-line method was more appropriate because it better reflected the pattern in which the economic benefits of the intangible asset are consumed or otherwise expire compared to using a projected cash flow basis method. An evaluation of the remaining useful life of intangible assets with a determinable life is performed on a periodic basis and when events and circumstances warrant an evaluation. The Company assesses intangible assets with a determinable life for impairment consistent with its policy for assessing other long-lived assets. Goodwill and intangible assets are also reviewed for impairment annually or more frequently when changes in circumstances indicate the carrying amount may be impaired, or in the case of finite-lived intangible assets, when the carrying amount may not be recoverable. Events or circumstances that would result in an impairment review primarily include operations reporting losses or a significant change in the use of an asset. Impairment charges are recognized pursuant to FASB ASC 350-20, Goodwill. | |
The Company performs the 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 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 changed. However, the Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units. | |
The Company performed its annual impairment test for goodwill as of October 1, 2014 and 2013 and determined that no adjustment to the carrying value was required for the year ended December 31, 2014. The Company recorded impairment for goodwill during the year ended December 31, 2013 of $.9 million. See Note J for additional information. | |
Revenue Recognition | Revenue Recognition |
Sales are recognized when title passes to the customer either when goods are shipped or when they are delivered and based on the terms of the sale, there is persuasive evidence of an agreement, the price is fixed or determinable and collectability is reasonably assured. Revenue related to shipping and handling costs billed to customers is included in net sales and the related shipping and handling costs are included in cost of products sold. | |
Research and Development | Research and Development |
Research and development costs for new products are expensed as incurred and totaled $2.7 million in 2014, $2.3 million in 2013 and $2.1 million in 2012. | |
Income Taxes | Income Taxes |
Income taxes are computed in accordance with the provisions of ASC 740, Income Taxes. In the Consolidated Financial Statements, the benefits of a consolidated return have been reflected where such returns have or could be filed based on the entities and jurisdictions included in the financial statements. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected on the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carryforwards using tax rates in effect for the years in which the differences are expected to reverse. | |
Net deferred tax assets are recognized to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |
Uncertain tax positions are recorded in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |
Advertising | Advertising |
Advertising costs are expensed as incurred and totaled $2 million in both 2014 and 2013 and $1.8 million in 2012. | |
Foreign Currency Translation | Foreign Currency Translation |
Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the date of the Consolidated Balance Sheet. The translation adjustments are recorded in Accumulated other comprehensive income (loss). Revenues and expenses are translated at weighted average exchange rates in effect during the period. Transaction gains and losses arising from exchange rate changes on transactions denominated in a currency other than the functional currency are included in income and expense as incurred. Aggregate transaction gains and losses for the year ended December 31, 2014, 2013 and 2012 were $2.9 million loss, $3.8 million loss and a less than $.1 million loss, respectively. Upon sale or substantially complete liquidation of an investment in a foreign entity, the cumulative translation adjustment for that entity is reclassified from Accumulated other comprehensive income (loss) to earnings. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Business Combinations | Business Combinations |
The Company accounts for acquisitions in accordance with ASC 805. | |
Derivative Financial Instruments | Derivative Financial Instruments |
The Company does not hold derivatives for trading purposes. | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements |
In March 2013, the FASB issued Accounting Standards Update (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 adopted the guidance in the first quarter of 2014 and it did not have an effect on the Company’s results of operations, financial condition or cash flow. | |
In November 2014, the FASB issued ASU 2014-17 “Business Combinations (Topic 805): Pushdown Accounting.” ASU 2014-17 provides specific guidance regarding pushdown accounting for all entities including the ability of an acquired entity to elect to apply pushdown accounting in its separate financial statements upon a change in control event. The Company adopted ASU 2014-17 prospectively effective November 18, 2014. The adoption of ASU 2014-17 had no impact to the presentation of the Company’s consolidated financial statements for the year ended December 31, 2014. | |
New Accounting Standards to be Adopted | New Accounting Standards To Be Adopted |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” or ASU 2014-08. ASU 2014-08 changes the criteria for reporting a discontinued operation. Under the new pronouncement, a disposal of a part of an organization that has a major effect on its operations and financial results is a discontinued operation. The Company is required to adopt ASU 2014-08 prospectively for all disposals or components of the business classified as held for sale during the fiscal period beginning after December 15, 2014 and is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 requires an entity to recognize revenue in a matter that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating what impact, if any, its adoption will have to the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The Company is required to adopt ASU 2014-15 prospectively for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. |
Other_Financial_Statement_Info1
Other Financial Statement Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Inventories - Net | Inventories – net | ||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Finished products | $ | 41,634 | $ | 37,301 | |||||
Work-in-process | 7,964 | 7,779 | |||||||
Raw materials | 40,423 | 40,251 | |||||||
90,021 | 85,331 | ||||||||
Excess of current cost over LIFO cost | (4,471 | ) | (4,146 | ) | |||||
Noncurrent portion of inventory | (5,513 | ) | (7,350 | ) | |||||
$ | 80,037 | $ | 73,835 | ||||||
Property, Plant and Equipment - Net | Major classes of property, plant and equipment are as follows: | ||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 14,173 | $ | 12,141 | |||||
Buildings and improvements | 75,587 | 69,963 | |||||||
Machinery and equipment | 144,213 | 141,940 | |||||||
Construction in progress | 3,382 | 7,185 | |||||||
237,355 | 231,229 | ||||||||
Less accumulated depreciation | 134,824 | 130,768 | |||||||
$ | 102,531 | $ | 100,461 | ||||||
Pension_Plans_Tables
Pension Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Components of Net Periodic Benefit Cost | Net periodic pension cost for the Plan consists of the following components for the year ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 118 | $ | 222 | $ | 1,300 | |||||||||||
Interest cost | 1,362 | 1,251 | 1,411 | ||||||||||||||
Expected return on plan assets | (1,792 | ) | (1,436 | ) | (1,186 | ) | |||||||||||
Recognized net actuarial loss | 16 | 493 | 750 | ||||||||||||||
Net periodic pension cost (income) | $ | (296 | ) | $ | 530 | $ | 2,275 | ||||||||||
Projected Benefit Obligation and Fair Value of Plan Assets | The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Projected benefit obligation at beginning of the year | $ | 27,525 | $ | 31,590 | |||||||||||||
Service cost | 118 | 222 | |||||||||||||||
Interest cost | 1,362 | 1,251 | |||||||||||||||
Actuarial (gain) loss | 7,991 | (4,901 | ) | ||||||||||||||
Benefits paid | (803 | ) | (637 | ) | |||||||||||||
Projected benefit obligation at end of year | $ | 36,193 | $ | 27,525 | |||||||||||||
Fair value of plan assets at beginning of the year | $ | 22,499 | $ | 18,406 | |||||||||||||
Actual return on plan assets | 1,555 | 3,154 | |||||||||||||||
Employer contributions | 439 | 1,576 | |||||||||||||||
Benefits paid | (803 | ) | (637 | ) | |||||||||||||
Fair value of plan assets at end of the year | $ | 23,690 | $ | 22,499 | |||||||||||||
Unfunded pension obligation | $ | 12,503 | $ | 5,026 | |||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan | In accordance with ASC 715-20, the Company recognizes the underfunded status of the Plan as a liability. The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at January 1 | $ | (1,886 | ) | $ | (6,305 | ) | |||||||||||
Reclassification adjustments: | |||||||||||||||||
Pretax amortized net actuarial loss | 16 | 493 | |||||||||||||||
Tax provision | (6 | ) | (187 | ) | |||||||||||||
10 | 306 | ||||||||||||||||
Adjustment to recognize gain (loss) on unfunded pension obligations: | |||||||||||||||||
Pretax gain (loss) | (8,227 | ) | 6,619 | ||||||||||||||
Tax (benefit) provision | 3,115 | (2,506 | ) | ||||||||||||||
(5,112 | ) | 4,113 | |||||||||||||||
Balance at December 31 | $ | (6,988 | ) | $ | (1,886 | ) | |||||||||||
Accumulated Benefit Obligations in Excess of Plan Assets | The Plan had accumulated benefit obligations in excess of Plan assets as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated benefit obligation | $ | 36,193 | $ | 27,525 | |||||||||||||
Fair market value of assets | 23,690 | 22,499 | |||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31 are as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 4 | % | 5 | % | |||||||||||||
Rate of compensation increase | n/a | n/a | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | |||||||||||
Rate of compensation increase | n/a | n/a | 2.5 | ||||||||||||||
Expected long-term return on plan assets | 8 | 8 | 8 | ||||||||||||||
Fair Value of the Plan Assets | The fair value of the Plan assets as of December 31, 2014 and 2013, by category, are as follows: | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||
Total Assets at | Quoted Prices in | Significant | Significant | ||||||||||||||
Fair Value | Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | |||||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 410 | $ | 410 | $ | 0 | $ | 0 | |||||||||
Equity Securities | 8,231 | 8,231 | 0 | 0 | |||||||||||||
U.S. Treasury Bonds | 4,834 | 4,834 | 0 | 0 | |||||||||||||
Mutual Funds - Equity | 6,474 | 6,474 | 0 | 0 | |||||||||||||
Corporate Bonds | 3,741 | 0 | 3,741 | 0 | |||||||||||||
Total | $ | 23,690 | $ | 19,949 | $ | 3,741 | $ | 0 | |||||||||
At December 31, 2013 | |||||||||||||||||
Total Assets at | Quoted Prices in | Significant | Significant | ||||||||||||||
Fair Value | Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | |||||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 1,127 | $ | 1,127 | $ | 0 | $ | 0 | |||||||||
Equity Securities | 7,455 | 7,455 | 0 | 0 | |||||||||||||
U.S. Treasury Bonds | 4,161 | 4,161 | 0 | 0 | |||||||||||||
Mutual Funds - Equity | 6,776 | 6,776 | 0 | 0 | |||||||||||||
Corporate Bonds | 2,950 | 0 | 2,950 | 0 | |||||||||||||
Mortgage-Backed Securities | 30 | 0 | 30 | 0 | |||||||||||||
Total | $ | 22,499 | $ | 19,519 | $ | 2,980 | $ | 0 | |||||||||
Weighted-Average Asset Allocations of Plan Assets | The Plan weighted-average asset allocations at December 31, 2014 and 2013, by asset category, are as follows: | ||||||||||||||||
Plan assets at | |||||||||||||||||
31-Dec | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset category | |||||||||||||||||
Equity securities | 62 | % | 63 | % | |||||||||||||
Debt securities | 36 | 32 | |||||||||||||||
Cash and equivalents | 2 | 5 | |||||||||||||||
100 | % | 100 | % | ||||||||||||||
Weighted-Average Target Allocations of Plan Assets | In recognition of the expected returns and volatility from financial assets, Plan assets are invested in the following ranges with the target allocation noted: | ||||||||||||||||
Range | Target | ||||||||||||||||
Equities | 30-80 | % | 60 | % | |||||||||||||
Fixed Income | 20-70 | % | 40 | % | |||||||||||||
Cash Equivalents | 0-10 | % | |||||||||||||||
Aggregate Benefits Expected to be Paid Out of Plan Assets | The benefits expected to be paid out of the Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows: | ||||||||||||||||
Year | Pension Benefits | ||||||||||||||||
2015 | $ | 767,571 | |||||||||||||||
2016 | 849,366 | ||||||||||||||||
2017 | 927,494 | ||||||||||||||||
2018 | 1,004,453 | ||||||||||||||||
2019 | 1,098,536 | ||||||||||||||||
2020-2024 | 7,133,715 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Summary of Total Changes in AOCI by Component, Net of Tax | The following tables set forth the total changes in AOCI by component, net of tax: | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||
Unrecognized | Cumulative | Total | Unrecognized | Cumulative | Total | ||||||||||||||||||||
Benefit Cost | Translation | Benefit Cost | Translation | ||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||
Balance at January 1 | $ | (1,905 | ) | $ | (15,797 | ) | $ | (17,702 | ) | $ | (6,324 | ) | $ | (7,340 | ) | $ | (13,664 | ) | |||||||
Other comprehensive income before reclassifications: | |||||||||||||||||||||||||
Loss on foreign currency translation adjustment | 0 | (12,330 | ) | (12,330 | ) | 0 | (8,457 | ) | (8,457 | ) | |||||||||||||||
Gain (loss) on unfunded pension obligations | (5,112 | ) | 0 | (5,112 | ) | 4,113 | 0 | 4,113 | |||||||||||||||||
Amounts reclassified from AOCI: | |||||||||||||||||||||||||
Amortization of defined benefit pension actuarial loss (a) | 10 | 0 | 10 | 306 | 0 | 306 | |||||||||||||||||||
Net current period other comprehensive income (loss) | (5,102 | ) | (12,330 | ) | (17,432 | ) | 4,419 | (8,457 | ) | (4,038 | ) | ||||||||||||||
Balance at December 31 | $ | (7,007 | ) | $ | (28,127 | ) | $ | (35,134 | ) | $ | (1,905 | ) | $ | (15,797 | ) | $ | (17,702 | ) | |||||||
(a) | This AOCI component is included in the computation of net periodic pension costs as noted in Note C – Pension Plans. |
Debt_and_Credit_Arrangements_T
Debt and Credit Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Credit Arrangements | |||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Short-term debt | |||||||||
Secured notes | |||||||||
Brazilian Real denominated (R$4,805k) at 3.38% to 3.69% (3.25% to 3.6% in 2013), due 2015 | $ | 1,809 | $ | 1,105 | |||||
Current portion of long-term debt | 116 | 195 | |||||||
Total short-term debt | 1,925 | 1,300 | |||||||
Long-term debt | |||||||||
USD denominated at 1.29%, due 2017 | 31,451 | 12,604 | |||||||
Australian dollar denominated term loans (A$1,065), at 5.59% (6.0% in 2013), due 2018, secured by land and building | 414 | 570 | |||||||
Brazilian Real denominated term loan (R$918k) at 4.5% to 8.12% secured by capital equipment | 0 | 75 | |||||||
Total long-term debt | 31,865 | 13,249 | |||||||
Less current portion | (116 | ) | (195 | ) | |||||
Total long-term debt, less current portion | 31,749 | 13,054 | |||||||
Total debt | $ | 33,674 | $ | 14,354 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Before Income Taxes | Income before income taxes was derived from the following sources: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 11,810 | $ | 16,388 | $ | 21,754 | |||||||
Foreign | 9,600 | 15,406 | 23,073 | ||||||||||
$ | 21,410 | $ | 31,794 | $ | 44,827 | ||||||||
Components of Income Taxes | The components of income taxes for the year ended December 31 are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 4,718 | $ | 6,308 | $ | 9,663 | |||||||
Foreign | 5,081 | 5,018 | 7,885 | ||||||||||
State and local | 447 | 986 | 920 | ||||||||||
10,246 | 12,312 | 18,468 | |||||||||||
Deferred | |||||||||||||
Federal | (425 | ) | (1,081 | ) | (1,443 | ) | |||||||
Foreign | (1,110 | ) | 157 | (1,310 | ) | ||||||||
State and local | (162 | ) | (181 | ) | (174 | ) | |||||||
(1,697 | ) | (1,105 | ) | (2,927 | ) | ||||||||
Income taxes | $ | 8,549 | $ | 11,207 | $ | 15,541 | |||||||
Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax | The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the year ended December 31 are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U. S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Federal tax at statutory rate | $ | 7,494 | $ | 11,128 | $ | 15,689 | |||||||
State and local taxes, net of federal benefit | 290 | 583 | 485 | ||||||||||
U.S. federal permanent items | 208 | 124 | 332 | ||||||||||
Domestic production activities deduction | (536 | ) | (372 | ) | (669 | ) | |||||||
Foreign earnings and related tax credits | 700 | 701 | 1,377 | ||||||||||
Non-U.S. tax rate variances | (1,313 | ) | (1,467 | ) | (1,175 | ) | |||||||
Unrecognized tax benefits | 186 | (770 | ) | 310 | |||||||||
Valuation allowance | 1,925 | 1,091 | (337 | ) | |||||||||
Tax credits | (184 | ) | (453 | ) | (85 | ) | |||||||
Other, net | (221 | ) | 642 | (386 | ) | ||||||||
$ | 8,549 | $ | 11,207 | $ | 15,541 | ||||||||
Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued compensation and benefits | $ | 1,358 | $ | 1,463 | |||||||||
Inventory valuation reserves | 2,849 | 2,581 | |||||||||||
Benefit plan reserves | 11,331 | 7,773 | |||||||||||
Net operating loss carryforwards | 2,751 | 1,244 | |||||||||||
Tax credit carryforwards | 745 | 0 | |||||||||||
Other accrued expenses | 2,542 | 2,926 | |||||||||||
Unrealized foreign exchange | 1,805 | 743 | |||||||||||
Gross deferred tax assets | 23,381 | 16,730 | |||||||||||
Valuation allowance | (3,614 | ) | (1,420 | ) | |||||||||
Net deferred tax assets | 19,767 | 15,310 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and other basis differences | (5,814 | ) | (5,533 | ) | |||||||||
Intangibles | (3,706 | ) | (2,828 | ) | |||||||||
Undistributed foreign earnings | (444 | ) | (61 | ) | |||||||||
Other | (65 | ) | (71 | ) | |||||||||
Deferred tax liabilities | (10,029 | ) | (8,493 | ) | |||||||||
Net deferred tax assets | $ | 9,738 | $ | 6,817 | |||||||||
2013 | |||||||||||||
2014 | |||||||||||||
Change in net deferred tax assets: | |||||||||||||
Deferred income tax benefit | $ | 1,697 | $ | 1,105 | |||||||||
Items of other comprehensive income (loss) | 3,108 | (2,692 | ) | ||||||||||
Currency translation | 141 | 263 | |||||||||||
Deferred tax balances from business acquisition | (2,025 | ) | 0 | ||||||||||
Total change in net deferred tax assets | $ | 2,921 | $ | (1,324 | ) | ||||||||
Changes in Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 608 | $ | 1,361 | $ | 1,015 | |||||||
Additions for tax positions of prior years | 186 | 0 | 511 | ||||||||||
Reductions for tax positions of prior years | 0 | (588 | ) | 0 | |||||||||
Expiration of statutes of limitations | 0 | (165 | ) | (165 | ) | ||||||||
Balance at December 31 | $ | 794 | $ | 608 | $ | 1,361 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Restricted Share Awards | A summary of the restricted share awards for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Restricted Share Awards | |||||||||||||||||
Performance | Service | Total | Weighted-Average | ||||||||||||||
and Service | Required | Restricted | Grant-Date | ||||||||||||||
Required | Awards | Fair Value | |||||||||||||||
Nonvested as of January 1, 2014 | 89,459 | 10,202 | 99,661 | $ | 65.86 | ||||||||||||
Granted | 40,676 | 4,799 | 45,475 | 63.95 | |||||||||||||
Vested | (38,090 | ) | (4,588 | ) | (42,678 | ) | 60.77 | ||||||||||
Forfeited | (3,537 | ) | 0 | (3,537 | ) | 60.77 | |||||||||||
Nonvested as of December 31, 2014 | 88,508 | 10,413 | 98,921 | $ | 67.36 | ||||||||||||
Weighted-Average Assumptions for Estimating Fair Values | The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||
2014 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 1.9 | % | 1.3 | % | 1.4 | % | |||||||||||
Dividend yield | 1.7 | % | 1.9 | % | 1.9 | % | |||||||||||
Expected life (years) | 5 | 6 | 6 | ||||||||||||||
Expected volatility | 42.9 | % | 47 | % | 47.1 | % | |||||||||||
Long Term Incentive Plan [Member] | |||||||||||||||||
Activity in Company's Plan | Activity in the Company’s LTIP plan for the year ended December 31, 2014 was as follows: | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at January 1, 2014 | 17,000 | $ | 54.2 | ||||||||||||||
Granted | 35,500 | $ | 60.47 | ||||||||||||||
Exercised | (1,250 | ) | $ | 52.1 | |||||||||||||
Forfeited | (3,500 | ) | $ | 65.15 | |||||||||||||
Outstanding (vested and expected to vest) at December 31, 2014 | 47,750 | $ | 58.11 | 8.8 | $ | 114 | |||||||||||
Exercisable at December 31, 2014 | 13,000 | $ | 53.79 | 7.1 | $ | 22 | |||||||||||
Stock Options [Member] | |||||||||||||||||
Activity in Company's Plan | Activity in the Company’s 1999 Stock Option Plan for the year ended December 31, 2014 was as follows: | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at January 1, 2014 | 13,000 | $ | 39.95 | ||||||||||||||
Exercised | (1,000 | ) | $ | 22.1 | |||||||||||||
Outstanding (exercisable and vested) at December 31, 2014 | 12,000 | $ | 41.44 | 2.8 | $ | 158 | |||||||||||
Computation_of_Earnings_Per_Sh1
Computation of Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Calculation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings per share for the year ended December 31 was as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income | $ | 12,861 | $ | 20,587 | $ | 29,286 | |||||||
Denominator | |||||||||||||
Determination of shares (in thousands) | |||||||||||||
Weighted-average common shares outstanding | 5,377 | 5,361 | 5,324 | ||||||||||
Dilutive effect - share-based awards | 5 | 106 | 47 | ||||||||||
Diluted weighted-average common shares outstanding | 5,382 | 5,467 | 5,371 | ||||||||||
Earnings per common share attributable to PLPC shareholders | |||||||||||||
Basic | $ | 2.39 | $ | 3.84 | $ | 5.5 | |||||||
Diluted | $ | 2.39 | $ | 3.77 | $ | 5.45 | |||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Finite and Indefinite-Lived Intangible Assets | The Company’s finite and indefinite-lived intangible assets consist of the following: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Finite-lived intangible assets | |||||||||||||||||
Patents | $ | 4,823 | $ | (4,730 | ) | $ | 4,824 | $ | (4,434 | ) | |||||||
Land use rights | 1,247 | (164 | ) | 1,380 | (153 | ) | |||||||||||
Trademark | 1,888 | (814 | ) | 1,590 | (680 | ) | |||||||||||
Customer backlog | 605 | (605 | ) | 578 | (578 | ) | |||||||||||
Technology | 3,432 | (734 | ) | 2,751 | (538 | ) | |||||||||||
Customer relationships | 13,104 | (3,931 | ) | 10,133 | (3,086 | ) | |||||||||||
$ | 25,099 | $ | (10,978 | ) | $ | 21,256 | $ | (9,469 | ) | ||||||||
Indefinite-lived intangible assets | |||||||||||||||||
Goodwill | $ | 17,792 | $ | 13,873 | |||||||||||||
Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment for the year ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
The Americas | EMEA | Asia-Pacific | Total | ||||||||||||||
Balance at January 1, 2013 | $ | 3,078 | $ | 1,819 | $ | 10,640 | $ | 15,537 | |||||||||
Impairment | 0 | 0 | (862 | ) | (862 | ) | |||||||||||
Curency translation | 0 | (65 | ) | (737 | ) | (802 | ) | ||||||||||
Balance at December 31, 2013 | 3,078 | 1,754 | 9,041 | 13,873 | |||||||||||||
Additions | 4,909 | 0 | 0 | 4,909 | |||||||||||||
Curency translation | (237 | ) | (226 | ) | (527 | ) | (990 | ) | |||||||||
Balance at December 31, 2014 | $ | 7,750 | $ | 1,528 | $ | 8,514 | $ | 17,792 | |||||||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 are as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Long-term debt and related current maturities | $ | 31,876 | $ | 31,865 | $ | 13,279 | $ | 13,249 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary of Company's Reportable Segment | The following table presents a summary of the Company’s reportable segments for the year ended December 31, 2014, 2013 and 2012. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory. | ||||||||||||
Year Ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
PLP-USA | $ | 137,564 | $ | 144,054 | $ | 162,027 | |||||||
The Americas | 90,871 | 91,497 | 92,584 | ||||||||||
EMEA | 65,446 | 61,543 | 66,272 | ||||||||||
Asia-Pacific | 94,304 | 112,682 | 118,309 | ||||||||||
Total net sales | $ | 388,185 | $ | 409,776 | $ | 439,192 | |||||||
Intersegment sales | |||||||||||||
PLP-USA | $ | 12,721 | $ | 12,939 | $ | 8,537 | |||||||
The Americas | 5,908 | 6,204 | 7,501 | ||||||||||
EMEA | 1,848 | 2,080 | 4,582 | ||||||||||
Asia-Pacific | 11,921 | 10,491 | 14,766 | ||||||||||
Total intersegment sales | $ | 32,398 | $ | 31,714 | $ | 35,386 | |||||||
Interest income | |||||||||||||
PLP-USA | $ | 0 | $ | 0 | $ | 3 | |||||||
The Americas | 129 | 290 | 283 | ||||||||||
EMEA | 223 | 215 | 209 | ||||||||||
Asia-Pacific | 131 | 113 | 153 | ||||||||||
Total interest income | $ | 483 | $ | 618 | $ | 648 | |||||||
Interest expense | |||||||||||||
PLP-USA | $ | (427 | ) | $ | (305 | ) | $ | (437 | ) | ||||
The Americas | (130 | ) | (41 | ) | (58 | ) | |||||||
EMEA | (54 | ) | (68 | ) | (50 | ) | |||||||
Asia-Pacific | (47 | ) | (36 | ) | (52 | ) | |||||||
Total interest expense | $ | (658 | ) | $ | (450 | ) | $ | (597 | ) | ||||
Income taxes | |||||||||||||
PLP-USA | $ | 5,053 | $ | 6,286 | $ | 9,581 | |||||||
The Americas | 453 | 2,585 | 2,722 | ||||||||||
EMEA | 2,122 | 2,052 | 2,769 | ||||||||||
Asia-Pacific | 921 | 284 | 469 | ||||||||||
Total income taxes | $ | 8,549 | $ | 11,207 | $ | 15,541 | |||||||
Net income (loss) | |||||||||||||
PLP-USA | $ | 7,933 | $ | 10,875 | $ | 13,290 | |||||||
The Americas | 1,947 | 5,896 | 6,763 | ||||||||||
EMEA | 6,192 | 6,047 | 6,840 | ||||||||||
Asia-Pacific | (3,211 | ) | (2,231 | ) | 2,393 | ||||||||
Total net income | $ | 12,861 | $ | 20,587 | $ | 29,286 | |||||||
Year Ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expenditure for long-lived assets | |||||||||||||
PLP-USA | $ | 7,536 | $ | 12,262 | $ | 6,702 | |||||||
The Americas | 4,925 | 3,107 | 2,781 | ||||||||||
EMEA | 1,375 | 2,573 | 2,816 | ||||||||||
Asia-Pacific | 3,827 | 3,092 | 8,744 | ||||||||||
Total expenditures for long-lived assets | $ | 17,663 | $ | 21,034 | $ | 21,043 | |||||||
Depreciation and amortization | |||||||||||||
PLP-USA | $ | 4,140 | $ | 3,793 | $ | 3,520 | |||||||
The Americas | 2,845 | 2,444 | 2,565 | ||||||||||
EMEA | 1,790 | 1,792 | 1,714 | ||||||||||
Asia-Pacific | 4,082 | 4,059 | 3,765 | ||||||||||
Total depreciation and amortization | $ | 12,857 | $ | 12,088 | $ | 11,564 | |||||||
As of December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Identifiable assets | |||||||||||||
PLP-USA | $ | 99,850 | $ | 90,414 | |||||||||
The Americas | 85,017 | 73,200 | |||||||||||
EMEA | 51,691 | 51,345 | |||||||||||
Asia-Pacific | 117,093 | 117,129 | |||||||||||
353,651 | 332,088 | ||||||||||||
Corporate assets | 316 | 318 | |||||||||||
Total identifiable assets | $ | 353,967 | $ | 332,406 | |||||||||
Long-lived assets | |||||||||||||
PLP-USA | $ | 39,848 | $ | 36,888 | |||||||||
The Americas | 20,734 | 19,168 | |||||||||||
EMEA | 12,504 | 14,467 | |||||||||||
Asia-Pacific | 29,445 | 29,938 | |||||||||||
Total long-lived assets | $ | 102,531 | $ | 100,461 | |||||||||
Product_Warranty_Reserve_Table
Product Warranty Reserve (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Guarantees [Abstract] | |||||||||||||
Roll Forward of Product Warranty Reserve | The following is a rollforward of the product warranty reserve: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 1,140 | $ | 1,229 | $ | 824 | |||||||
Additions charged to income | (45 | ) | 443 | 1,384 | |||||||||
Warranty usage | (133 | ) | (475 | ) | (983 | ) | |||||||
Currency translation | (70 | ) | (57 | ) | 4 | ||||||||
Balance at December 31 | $ | 892 | $ | 1,140 | $ | 1,229 | |||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results of Operations | The following table summarizes our results of operations for each of the quarters in 2014 and 2013: | ||||||||||||||||
Quarter ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 89,925 | $ | 99,981 | $ | 102,100 | $ | 96,179 | |||||||||
Gross profit | 27,448 | 31,197 | 32,455 | 29,848 | |||||||||||||
Income before income taxes | 4,137 | 7,606 | 5,294 | 4,373 | |||||||||||||
Net income | 2,738 | 5,080 | 2,555 | 2,488 | |||||||||||||
Net income, basic | $ | 0.51 | $ | 0.94 | $ | 0.48 | $ | 0.46 | |||||||||
Net income, diluted | $ | 0.5 | $ | 0.94 | $ | 0.48 | $ | 0.46 | |||||||||
2013 | |||||||||||||||||
Net sales | $ | 98,689 | $ | 111,716 | $ | 100,828 | $ | 98,543 | |||||||||
Gross profit | 31,299 | 37,549 | 31,660 | 30,393 | |||||||||||||
Income before income taxes | 6,917 | 10,680 | 8,544 | 5,653 | |||||||||||||
Net income | 4,965 | 6,386 | 6,104 | 3,132 | |||||||||||||
Net income, basic | $ | 0.92 | $ | 1.19 | $ | 1.14 | $ | 0.59 | |||||||||
Net income, diluted | $ | 0.91 | $ | 1.17 | $ | 1.12 | $ | 0.58 | |||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Goodwill impairment | $0 | $862,000 | $0 |
Research and development costs | 2,700,000 | 2,300,000 | 2,100,000 |
Minimum percentage of ownership in investments for consolidation | 50.00% | ||
Advertising cost | 2,000,000 | 2,000,000 | 1,800,000 |
Aggregate foreign currency transaction gain and losses | -2,900,000 | -3,800,000 | |
Land and Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of Property, Plant and Equipment | 10 years | ||
Building [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of Property, Plant and Equipment | 40 years | ||
Proxisafe [Member] | |||
Significant Accounting Policies [Line Items] | |||
Company acquired investment in Proxisafe Ltd | 25.93% | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortization period of intangible assets | 1 year | ||
Minimum [Member] | Building Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of Property, Plant and Equipment | 5 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of Property, Plant and Equipment | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortization period of intangible assets | 20 years | ||
Aggregate foreign currency transaction gain and losses | ($100,000) | ||
Maximum [Member] | Building Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of Property, Plant and Equipment | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of Property, Plant and Equipment | 10 years |
Other_Financial_Statement_Info2
Other Financial Statement Information - Inventories - Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished products | $41,634 | $37,301 |
Work-in-process | 7,964 | 7,779 |
Raw materials | 40,423 | 40,251 |
Inventory, gross | 90,021 | 85,331 |
Excess of current cost over LIFO cost | -4,471 | -4,146 |
Noncurrent portion of inventory | -5,513 | -7,350 |
Inventories - net | $80,037 | $73,835 |
Other_Financial_Statement_Info3
Other Financial Statement Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | |||
Cost of inventories for certain materials using LIFO method | $27 | $25.10 | |
Depreciation of property and equipment | 11.3 | 10.6 | 10 |
Capital leases of machinery and equipment | $0.30 | $0.40 |
Other_Financial_Statement_Info4
Other Financial Statement Information - Property, Plant and Equipment - Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | $237,355 | $231,229 |
Less accumulated depreciation | 134,824 | 130,768 |
Property and equipment - Net | 102,531 | 100,461 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | 14,173 | 12,141 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | 75,587 | 69,963 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | 144,213 | 141,940 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - Gross | $3,382 | $7,185 |
Pension_Plans_Additional_Infor
Pension Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension And Other Employee Benefit Plans [Line Items] | |||
Pretax curtailment gain | $6,300,000 | ||
Pension liability | 6,300,000 | ||
Estimated net loss for the PLP-USA pension plan | 600,000 | ||
Prior service cost | 0 | ||
Pretax unfunded pension obligation loss | 8,200,000 | ||
Increased cost resulting from a 1% decline in the discount rate | 5,100,000 | ||
Expected long-term return on plan assets | 8.00% | 8.00% | 8.00% |
Contribution to pension plan | 0 | ||
Expense for contribution plan | 6,100,000 | 5,600,000 | 5,700,000 |
Weighted average of one year treasury bill | 1.00% | ||
Interest rate for the supplemental profit sharing plan | 1.12% | 1.15% | |
Expense for the supplemental profit sharing plan | 500,000 | 300,000 | 400,000 |
Supplemental profit sharing plan unfunded status | 3,500,000 | 3,000,000 | |
Additional Loss [Member] | |||
Pension And Other Employee Benefit Plans [Line Items] | |||
Pretax unfunded pension obligation loss | $2,900,000 |
Pension_Plans_Components_of_Ne
Pension Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $118 | $222 | $1,300 |
Interest cost | 1,362 | 1,251 | 1,411 |
Expected return on plan assets | -1,792 | -1,436 | -1,186 |
Recognized net actuarial loss | 16 | 493 | 750 |
Net periodic pension cost (income) | ($296) | $530 | $2,275 |
Pension_Plans_Projected_Benefi
Pension Plans - Projected Benefit Obligation and Fair Value of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Projected benefit obligation at beginning of the year | $27,525 | $31,590 | |
Service cost | 118 | 222 | 1,300 |
Interest cost | 1,362 | 1,251 | 1,411 |
Actuarial (gain) loss | 7,991 | -4,901 | |
Benefits paid | -803 | -637 | |
Projected benefit obligation at end of year | 36,193 | 27,525 | 31,590 |
Fair value of plan assets at beginning of the year | 22,499 | 18,406 | |
Actual return on plan assets | 1,555 | 3,154 | |
Employer contributions | 439 | 1,576 | |
Benefits paid | -803 | -637 | |
Fair value of plan assets at end of the year | 23,690 | 22,499 | 18,406 |
Unfunded pension obligation | $12,503 | $5,026 |
Pension_Plans_Amount_Recognize
Pension Plans - Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation Income Net Of Tax [Abstract] | |||
Beginning Balance | ($1,886) | ($6,305) | |
Pretax amortized net actuarial loss | 16 | 493 | 750 |
Tax provision | -6 | -187 | -284 |
Net of reclassification adjustments | 10 | 306 | 466 |
Pretax gain (loss) | -8,227 | 6,619 | |
Tax (benefit) provision | 3,115 | -2,506 | 1,627 |
Net of tax adjustment to recognize (loss) gain on unfunded pension obligations | -5,112 | 4,113 | -2,670 |
Ending Balance | ($6,988) | ($1,886) | ($6,305) |
Pension_Plans_Accumulated_Bene
Pension Plans - Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | $36,193 | $27,525 |
Fair market value of assets | $23,690 | $22,499 |
Pension_Plans_WeightedAverage_
Pension Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.00% | 5.00% |
Rate of compensation increase | 0.00% | 0.00% |
Pension_Plans_WeightedAverage_1
Pension Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 5.00% | 4.00% | 4.50% |
Rate of compensation increase | 2.50% | ||
Expected long-term return on plan assets | 8.00% | 8.00% | 8.00% |
Pension_Plans_Fair_Value_of_th
Pension Plans - Fair Value of the Company's Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | $23,690 | $22,499 | $18,406 |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 410 | 1,127 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 8,231 | 7,455 | |
U.S. Treasury Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 4,834 | 4,161 | |
Mutual Funds-Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 6,474 | 6,776 | |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 3,741 | 2,950 | |
Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 30 | ||
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 19,949 | 19,519 | |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 410 | 1,127 | |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 8,231 | 7,455 | |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | U.S. Treasury Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 4,834 | 4,161 | |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | Mutual Funds-Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 6,474 | 6,776 | |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 3,741 | 2,980 | |
Significant Observable Inputs (Level 2) [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | U.S. Treasury Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Mutual Funds-Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 3,741 | 2,950 | |
Significant Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 30 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Mutual Funds-Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | $0 |
Pension_Plans_WeightedAverage_2
Pension Plans - Weighted-Average Asset Allocations of Plan Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 62.00% | 63.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 36.00% | 32.00% |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 2.00% | 5.00% |
Pension_Plans_WeightedAverage_3
Pension Plans - Weighted-Average Target Allocations of Plan Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation range, Minimum | 30.00% |
Target plan asset allocation range, Maximum | 80.00% |
Target plan asset allocations | 60.00% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation range, Minimum | 20.00% |
Target plan asset allocation range, Maximum | 70.00% |
Target plan asset allocations | 40.00% |
Cash and Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation range, Minimum | 0.00% |
Target plan asset allocation range, Maximum | 10.00% |
Pension_Plans_Aggregate_Benefi
Pension Plans - Aggregate Benefits Expected to be Paid Out of Plan Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $767,571 |
2016 | 849,366 |
2017 | 927,494 |
2018 | 1,004,453 |
2019 | 1,098,536 |
2020-2024 | $7,133,715 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income ("AOCI") - Summary of Total Changes in AOCI by Component, Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($17,702) | ($13,664) | |
Other comprehensive income before reclassifications: | |||
Loss on foreign currency translation adjustment | -12,330 | -8,457 | |
Gain (loss) on unfunded pension obligations | -5,112 | 4,113 | -2,670 |
Amounts reclassified from AOCI: | |||
Recognized net actuarial loss | 10 | 306 | 466 |
Other comprehensive income (loss), net of tax | -17,432 | -4,038 | 3,375 |
Ending Balance | -35,134 | -17,702 | -13,664 |
Unrecognized Pension Benefit Cost [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -1,905 | -6,324 | |
Other comprehensive income before reclassifications: | |||
Loss on foreign currency translation adjustment | 0 | 0 | |
Gain (loss) on unfunded pension obligations | -5,112 | 4,113 | -2,670 |
Amounts reclassified from AOCI: | |||
Recognized net actuarial loss | 10 | 306 | 466 |
Other comprehensive income (loss), net of tax | -5,102 | 4,419 | |
Ending Balance | -7,007 | -1,905 | -6,324 |
Cumulative Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -15,797 | -7,340 | |
Other comprehensive income before reclassifications: | |||
Loss on foreign currency translation adjustment | -12,330 | -8,457 | |
Gain (loss) on unfunded pension obligations | 0 | 0 | |
Amounts reclassified from AOCI: | |||
Recognized net actuarial loss | 0 | 0 | |
Other comprehensive income (loss), net of tax | -12,330 | -8,457 | |
Ending Balance | ($28,127) | ($15,797) |
Debt_and_Credit_Arrangements_D
Debt and Credit Arrangements - Debt and Credit Arrangements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term debt | ||
Current portion of long-term debt | $116 | $195 |
Short-term debt | 1,925 | 1,300 |
Long-term debt | ||
Total long-term debt | 31,865 | 13,249 |
Total long-term debt | 31,865 | 13,249 |
Less current portion | -116 | -195 |
Total long-term debt, less current portion | 31,749 | 13,054 |
Total debt | 33,674 | 14,354 |
Australian Dollar Denominated Term Loans Long-term Debt [Member] | ||
Long-term debt | ||
Total long-term debt | 414 | 570 |
Total long-term debt | 414 | 570 |
Brazilian Real Denominated Term Loan Long-Term Debt [Member] | ||
Long-term debt | ||
Total long-term debt | 0 | 75 |
Total long-term debt | 0 | 75 |
USD Denominated Long-term Debt [Member] | ||
Long-term debt | ||
Total long-term debt | 31,451 | 12,604 |
Total long-term debt | 31,451 | 12,604 |
Brazilian Real Denominated Secured Notes Short Term Debt [Member] | ||
Short-term debt | ||
Short-term debt | $1,809 | $1,105 |
Debt_and_Credit_Arrangements_D1
Debt and Credit Arrangements - Debt and Credit Arrangements (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Brazilian Real Denominated Secured Notes Short Term Debt [Member] | Australian Dollar Denominated Term Loans Long-term Debt [Member] | Australian Dollar Denominated Term Loans Long-term Debt [Member] | Brazilian Real Denominated Term Loan Long-Term Debt [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] |
BRL | AUD | BRL | Brazilian Real Denominated Secured Notes Short Term Debt [Member] | Brazilian Real Denominated Secured Notes Short Term Debt [Member] | Brazilian Real Denominated Term Loan Long-Term Debt [Member] | USD Denominated Long-term Debt [Member] | Brazilian Real Denominated Secured Notes Short Term Debt [Member] | Brazilian Real Denominated Secured Notes Short Term Debt [Member] | Brazilian Real Denominated Term Loan Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | |||||||||||
Debt instrument interest rate | 5.59% | 6.00% | 3.38% | 3.25% | 4.50% | 1.29% | 3.69% | 3.60% | 8.12% | ||
Debt instrument, face amount | 4,805 | 1,065 | 918 |
Debt_and_Credit_Arrangements_A
Debt and Credit Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Line of credit | $50 | ||
PLP-USA line of credit maturity date | 2017-01 | ||
Interest rate of LIBOR plus | 1.13% | ||
Interest rate for Line of credit | 1.29% | ||
Line of credit remaining borrowing capacity | 14.9 | ||
Aggregate maturities of long-term debt for 2015 | 0.1 | ||
Aggregate maturities of long-term debt for 2016 | 0.1 | ||
Aggregate maturities of long-term debt for 2017 | 31.6 | ||
Aggregate maturities of long-term debt there after | 0 | ||
Interest paid | 0.6 | 0.4 | 0.9 |
Total outstanding guarantees | 2.4 | ||
Letter of credit outstanding | 5.5 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate maturities of long-term debt for 2018 | $0.10 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Line Items] | |||
Rental expense | $3.80 | $3.80 | $3.70 |
Future minimum rental commitments, 2015 | 2.5 | ||
Future minimum rental commitments, 2016 | 1.5 | ||
Future minimum rental commitments, 2017 | 1.3 | ||
Future minimum rental commitments, 2018 | 1.2 | ||
Future minimum rental commitments, 2019 | 1.2 | ||
Future minimum rental commitments, Thereafter | 11.3 | ||
Future minimum rental commitments for capital leases, 2015 | 0.1 | ||
Future minimum rental commitments for capital leases, 2019 | 0 | ||
Maximum [Member] | |||
Leases [Line Items] | |||
Future minimum rental commitments for capital leases, 2016 | 0.1 | ||
Future minimum rental commitments for capital leases, 2017 | 0.1 | ||
Future minimum rental commitments for capital leases, 2018 | 0.1 | ||
Imputed interest maximum amount | $0.10 |
Income_Taxes_Income_Before_Inc
Income Taxes - Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $11,810 | $16,388 | $21,754 | ||||||||
Foreign | 9,600 | 15,406 | 23,073 | ||||||||
INCOME BEFORE INCOME TAXES | $4,373 | $5,294 | $7,606 | $4,137 | $5,653 | $8,544 | $10,680 | $6,917 | $21,410 | $31,794 | $44,827 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $4,718 | $6,308 | $9,663 |
Foreign | 5,081 | 5,018 | 7,885 |
State and local | 447 | 986 | 920 |
Current, Total | 10,246 | 12,312 | 18,468 |
Deferred | |||
Federal | -425 | -1,081 | -1,443 |
Foreign | -1,110 | 157 | -1,310 |
State and local | -162 | -181 | -174 |
Deferred Total | -1,697 | -1,105 | -2,927 |
Income taxes | $8,549 | $11,207 | $15,541 |
Income_Taxes_Differences_Betwe
Income Taxes - Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U. S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Federal tax at statutory rate | $7,494 | $11,128 | $15,689 |
State and local taxes, net of federal benefit | 290 | 583 | 485 |
U.S. federal permanent items | 208 | 124 | 332 |
Domestic production activities deduction | -536 | -372 | -669 |
Foreign earnings and related tax credits | 700 | 701 | 1,377 |
Non-U.S. tax rate variances | -1,313 | -1,467 | -1,175 |
Unrecognized tax benefits | 186 | -770 | 310 |
Valuation allowance | 1,925 | 1,091 | -337 |
Tax credits | -184 | -453 | -85 |
Other, net | -221 | 642 | -386 |
Income taxes | $8,549 | $11,207 | $15,541 |
Income_Taxes_Tax_Effects_of_Te
Income Taxes - Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Accrued compensation and benefits | $1,358 | $1,463 | |
Inventory valuation reserves | 2,849 | 2,581 | |
Benefit plan reserves | 11,331 | 7,773 | |
Net operating loss carryforwards | 2,751 | 1,244 | |
Tax credit carryforwards | 745 | 0 | |
Other accrued expenses | 2,542 | 2,926 | |
Unrealized foreign exchange | 1,805 | 743 | |
Gross deferred tax assets | 23,381 | 16,730 | |
Valuation allowance | -3,614 | -1,420 | |
Net deferred tax assets | 19,767 | 15,310 | |
Depreciation and other basis differences | -5,814 | -5,533 | |
Intangibles | -3,706 | -2,828 | |
Undistributed foreign earnings | -444 | -61 | |
Other | -65 | -71 | |
Deferred tax liabilities | -10,029 | -8,493 | |
Net deferred tax assets | 9,738 | 6,817 | |
Deferred income tax benefit | 1,697 | 1,105 | 2,927 |
Items of other comprehensive income (loss) | 3,108 | -2,692 | |
Currency translation | 141 | 263 | |
Deferred tax balances from business acquisition | -2,025 | 0 | |
Total change in net deferred tax assets | $2,921 | ($1,324) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Reconciliation [Line Items] | |||
Foreign net operating loss carryforwards expiration period start year | 2017 | ||
Foreign net operating loss carryforwards expiration period end year | 2024 | ||
Valuation allowance | $3,614,000 | $1,420,000 | |
Impact of valuation allowances on Income tax provision | 1,900,000 | ||
Net increase in valuation allowance from the prior year | 2,200,000 | ||
Deferred tax liability not established by the company | 131,000,000 | ||
Income taxes paid, net of refunds | 7,700,000 | 19,900,000 | 16,000,000 |
Recognized accrued interest and penalties lapsed | 100,000 | 100,000 | 100,000 |
Payment of interest accrued | 600,000 | 600,000 | 600,000 |
Accrued penalties payment | 300,000 | 300,000 | 300,000 |
Unrecognized tax benefits that would impact effective tax rate | 200,000 | 0 | 700,000 |
Scenario, Forecast [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Decrease in unrecognized tax benefits within next fiscal year due to effective settlement | 600,000 | ||
Maximum [Member] | Foreign Country [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Foreign net operating loss carryforwards | 2,600,000 | ||
Minimum [Member] | Foreign Country [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Foreign net operating loss carryforwards | $1,000,000 |
Income_Taxes_Changes_in_Unreco
Income Taxes - Changes in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $608 | $1,361 | $1,015 |
Additions for tax positions of prior years | 186 | 0 | 511 |
Reductions for tax positions of prior years | 0 | -588 | 0 |
Expiration of statutes of limitations | 0 | -165 | -165 |
Balance at December 31 | $794 | $608 | $1,361 |
ShareBased_Compensation_Activi
Share-Based Compensation - Activity in Company's Plan (Detail) (1999 Stock Option Plan [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
1999 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 1, 2014, Number of Shares | 13,000 |
Exercised, Number of Shares | -1,000 |
Outstanding (exercisable and vested) at December 31, 2014, Number of Shares | 12,000 |
Outstanding at January 1, 2014, Weighted Average Exercise Price per Share | $39.95 |
Exercised, Weighted Average Exercise Price per Share | $22.10 |
Outstanding (exercisable and vested) at December 31, 2014, Weighted Average Exercise Price per Share | $41.44 |
Outstanding (exercisable and vested), Weighted Average Remaining Contractual Term | 2 years 9 months 18 days |
Outstanding (exercisable and vested), Aggregate Intrinsic Value | $158 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeiture of restricted stock based unit | 3,537 | ||
Excess tax benefits from restricted share awards | $97,000 | $357,000 | $197,000 |
Deferred shares and held by the rabbi trust | 292,609 | 253,156 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for awards | 800,000 | ||
Shares remaining to be issued | 384,398 | ||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement share based payment award vesting period | 3 years | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised, Number of Shares | 1,000 | 19,150 | 17,757 |
Compensation expenses | 0 | 0 | |
Excess tax benefits | 0 | 200,000 | 100,000 |
Common shares reserved for awards | 100,000 | ||
Time-Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expenses | 300,000 | 300,000 | 300,000 |
Compensation cost expected to be recognized over period | 400,000 | ||
Weighted-average period | 1 year 7 months 6 days | ||
Performance-Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefits from restricted share awards | 100,000 | 100,000 | 100,000 |
Maximum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options | 100,000 | 600,000 | 600,000 |
Cash received for the exercise of stock options awards | 100,000 | 800,000 | |
Compensation expenses | 100,000 | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for awards | 900,000 | ||
LTIP expiry date | 17-Apr-18 | ||
Long Term Incentive Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for awards | 100,000 | ||
Shares remaining to be issued | 21,500 | ||
Long Term Incentive Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option issued under plan vest and expire | 10 years | ||
Long Term Incentive Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option issued under plan vest and expire | 5 years | ||
Long Term Incentive Plan Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised, Number of Shares | 1,250 | 14,250 | 1,250 |
Cash received for the exercise of stock options awards | 100,000 | 600,000 | |
Compensation expenses | 300,000 | 100,000 | 300,000 |
Weighted-average period | 2 years 6 months | ||
Option issued under plan vest | 50.00% | ||
Option issued under plan vest and granted after 2 years | 75.00% | ||
Option issued under plan vest and granted after 3 years | 100.00% | ||
Estimated Forfeitures | 0 | ||
Granted, Number of Shares | 35,500 | 0 | 8,000 |
Weighted average grant date fair value options granted | $20.83 | $21.76 | |
Expected compensation cost related to unvested awards not yet recognized | 500,000 | ||
Long Term Incentive Plan Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options | 100,000 | 400,000 | |
Excess tax benefits | 100,000 | 100,000 | 0 |
Deferred Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of deferrals | 2 | ||
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost expected to be recognized over period | 2,100,000 | ||
Weighted-average period | 1 year 10 months 24 days | ||
Performance-based compensation expense | 1,000,000 | 2,700,000 | 2,500,000 |
Forfeiture of restricted stock based unit | 3,537 | ||
Performance-Based RSUs [Member] | Performance Based RSU Grant 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based compensation expense | 200,000 | ||
Performance-Based RSUs [Member] | Performance Based RSU Grant 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based compensation expense | $1,300,000 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Restricted Share Awards (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2014 | 99,661 |
Granted | 45,475 |
Vested | -42,678 |
Forfeited | -3,537 |
Nonvested as of December 31, 2014 | 98,921 |
Nonvested as of January 1, 2014, Weighted-Average Grant-Date Fair Value | $65.86 |
Weighted-Average Grant-Date Fair Value, Granted | $63.95 |
Weighted-Average Grant-Date Fair Value, Vested | $60.77 |
Weighted-Average Grant-Date Fair Value, Forfeited | $60.77 |
Nonvested as of December 31, 2014, Weighted-Average Grant-Date Fair Value | $67.36 |
Performance Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2014 | 89,459 |
Granted | 40,676 |
Vested | -38,090 |
Forfeited | -3,537 |
Nonvested as of December 31, 2014 | 88,508 |
Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2014 | 10,202 |
Granted | 4,799 |
Vested | -4,588 |
Forfeited | 0 |
Nonvested as of December 31, 2014 | 10,413 |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted-Average Assumptions for Estimating Fair Values (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.90% | 1.30% | 1.40% |
Dividend yield | 1.70% | 1.90% | 1.90% |
Expected life (years) | 5 years | 6 years | 6 years |
Expected volatility | 42.90% | 47.00% | 47.10% |
ShareBased_Compensation_Activi1
Share-Based Compensation - Activity in Company's Plan - Long Term Incentive Plan (Detail) (Long Term Incentive Plan Stock Option [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Term Incentive Plan Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, 2014, Number of Shares | 17,000 | ||
Granted, Number of Shares | 35,500 | 0 | 8,000 |
Exercised, Number of Shares | -1,250 | -14,250 | -1,250 |
Forfeited, Number of Shares | -3,500 | ||
Outstanding (vested and expected to vest) at December 31, 2014, Number of Shares | 47,750 | ||
Exercisable at December 31, 2014, Number of Shares | 13,000 | ||
Outstanding at January 1, 2014, Weighted Average Exercise Price per Share | $54.20 | ||
Granted, Weighted Average Exercise Price per Share | $60.47 | ||
Exercised, Weighted Average Exercise Price per Share | $52.10 | ||
Forfeited, Weighted Average Exercise Price per Share | $65.15 | ||
Outstanding (vested and expected to vest) at December 31, 2014, Weighted Average Exercise Price per Share | $58.11 | ||
Exercisable at December 31, 2014, Weighted Average Exercise Price per Share | $53.79 | ||
Outstanding (vested and expected to vest) at December 31, 2014, Weighted Average Remaining Contractual Term | 8 years 9 months 18 days | ||
Exercisable at December 31, 2014, Weighted Average Remaining Contractual Term | 7 years 1 month 6 days | ||
Outstanding (vested and expected to vest) at December 31, 2014, Aggregate Intrinsic Value | $114 | ||
Exercisable at December 31, 2014, Aggregate Intrinsic Value | $22 |
Computation_of_Earnings_Per_Sh2
Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator | |||||||||||
Net income | $2,488 | $2,555 | $5,080 | $2,738 | $3,132 | $6,104 | $6,386 | $4,965 | $12,861 | $20,587 | $29,286 |
Determination of shares | |||||||||||
Weighted-average common shares outstanding | 5,377 | 5,361 | 5,324 | ||||||||
Dilutive effect - share-based awards | 5 | 106 | 47 | ||||||||
Diluted weighted-average common shares outstanding | 5,382 | 5,467 | 5,371 | ||||||||
Earnings per common share attributable to PLPC shareholders | |||||||||||
Basic | $0.46 | $0.48 | $0.94 | $0.51 | $0.59 | $1.14 | $1.19 | $0.92 | $2.39 | $3.84 | $5.50 |
Diluted | $0.46 | $0.48 | $0.94 | $0.50 | $0.58 | $1.12 | $1.17 | $0.91 | $2.39 | $3.77 | $5.45 |
Computation_of_Earnings_Per_Sh3
Computation of Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Restricted share units excluded from calculation of diluted earnings per share | 25,000 | 1,500 | 17,750 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Restricted share units excluded from calculation of diluted earnings per share | 52,368 | 0 | 37,985 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | $25,099 | $21,256 | |
Accumulated Amortization | -10,978 | -9,469 | |
Indefinite-lived intangible assets | |||
Goodwill | 17,792 | 13,873 | 15,537 |
Patents [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 4,823 | 4,824 | |
Accumulated Amortization | -4,730 | -4,434 | |
Land Use Rights [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 1,247 | 1,380 | |
Accumulated Amortization | -164 | -153 | |
Trademark [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 1,888 | 1,590 | |
Accumulated Amortization | -814 | -680 | |
Customer Backlog [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 605 | 578 | |
Accumulated Amortization | -605 | -578 | |
Technology [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 3,432 | 2,751 | |
Accumulated Amortization | -734 | -538 | |
Customer Relationships [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 13,104 | 10,133 | |
Accumulated Amortization | ($3,931) | ($3,086) |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | Dec. 31, 2013 | |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Increase(decrease) in goodwill impairment adjustments due | $0 | $862,000 | $0 | ||
Increase (decrease) in goodwill | 3,900,000 | -1,700,000 | |||
Decrease in goodwill related to foreign currency translation | -990,000 | -802,000 | |||
Incremental of goodwill related to business acquisition | 4,909,000 | ||||
Amortization of Intangible Assets | 1,600,000 | 1,500,000 | 1,500,000 | ||
2015 | 1,300,000 | ||||
2016 | 1,100,000 | ||||
2017 | 1,100,000 | ||||
2018 | 1,000,000 | ||||
2019 | 1,000,000 | ||||
Remaining amortization period | 21 years 7 months 6 days | ||||
Patents [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Remaining amortization period | 2 years 3 months 18 days | ||||
Land Use Rights [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Remaining amortization period | 61 years 1 month 6 days | ||||
Trademark [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Remaining amortization period | 10 years 7 months 6 days | ||||
Technology [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Remaining amortization period | 16 years 10 months 24 days | ||||
Customer Relationships [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Remaining amortization period | 15 years 2 months 12 days | ||||
Minimum [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Amortization period of intangible assets | 1 year | ||||
Minimum [Member] | Actual [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Amortization period of intangible assets | 4 years | ||||
Maximum [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Amortization period of intangible assets | 20 years | ||||
Maximum [Member] | Actual [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Amortization period of intangible assets | 82 years | ||||
Asia-Pacific [Member] | |||||
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | |||||
Goodwill and Intangible Asset Impairment | 0 | ||||
Increase(decrease) in goodwill impairment adjustments due | 862,000 | 900,000 | |||
Decrease in goodwill related to foreign currency translation | -527,000 | -737,000 | |||
Incremental of goodwill related to business acquisition | $0 |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Goodwill [Line Items] | ||||
Beginning Balance | $13,873 | $15,537 | ||
Additions | 4,909 | |||
Impairment | 0 | -862 | 0 | |
Currency translation | -990 | -802 | ||
Ending Balance | 17,792 | 13,873 | 15,537 | 13,873 |
The Americas [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 3,078 | 3,078 | ||
Additions | 4,909 | |||
Impairment | 0 | |||
Currency translation | -237 | 0 | ||
Ending Balance | 7,750 | 3,078 | 3,078 | |
EMEA [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 1,754 | 1,819 | ||
Additions | 0 | |||
Impairment | 0 | |||
Currency translation | -226 | -65 | ||
Ending Balance | 1,528 | 1,754 | 1,754 | |
Asia-Pacific [Member] | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 9,041 | 10,640 | ||
Additions | 0 | |||
Impairment | -862 | -900 | ||
Currency translation | -527 | -737 | ||
Ending Balance | $8,514 | $9,041 | $9,041 |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value liabilities Level 2 | $0 | |||
Additional earn-out consideration payment | 1,200,000 | |||
Forma Line Industries CC [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Accrued liability additional earn out consideration payment | 100,000 | |||
Period of earn-out contingent consideration | 1 year | |||
Australian Electricity Systems PTY Ltd [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Accrued liability additional earn out consideration payment | $400,000 |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities - Fair Value and Carrying Value of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Long-term debt and related current maturities, Fair Value | $31,876 | $13,279 |
Long-term debt and related current maturities, Carrying Value | $31,865 | $13,249 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer | |||
Segment | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of reportable segment | 4 | ||
Number of major customers accounted for revenue | 0 | ||
Net sales | $388,185 | $409,776 | $439,192 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 152,600 | 163,000 | 179,400 |
Long-lived assets | $41,100 | $38,400 |
Segment_Information_Summary_of
Segment Information - Summary of Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | |||||||||||
Net sales | $388,185 | $409,776 | $439,192 | ||||||||
Interest income | |||||||||||
Interest income | 483 | 618 | 648 | ||||||||
Interest expense | |||||||||||
Interest expense | -658 | -450 | -597 | ||||||||
Income taxes | |||||||||||
Income taxes | 8,549 | 11,207 | 15,541 | ||||||||
Net income | |||||||||||
Net income | 2,488 | 2,555 | 5,080 | 2,738 | 3,132 | 6,104 | 6,386 | 4,965 | 12,861 | 20,587 | 29,286 |
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 17,663 | 21,034 | 21,043 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 12,857 | 12,088 | 11,564 | ||||||||
Identifiable assets | |||||||||||
Assets | 353,967 | 332,406 | 353,967 | 332,406 | |||||||
Operating Segments [Member] | PLP-USA [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 137,564 | 144,054 | 162,027 | ||||||||
Interest income | |||||||||||
Interest income | 0 | 0 | 3 | ||||||||
Interest expense | |||||||||||
Interest expense | -427 | -305 | -437 | ||||||||
Income taxes | |||||||||||
Income taxes | 5,053 | 6,286 | 9,581 | ||||||||
Net income | |||||||||||
Net income | 7,933 | 10,875 | 13,290 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 7,536 | 12,262 | 6,702 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 4,140 | 3,793 | 3,520 | ||||||||
Identifiable assets | |||||||||||
Assets | 99,850 | 90,414 | 99,850 | 90,414 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 39,848 | 36,888 | 39,848 | 36,888 | |||||||
Operating Segments [Member] | The Americas [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 90,871 | 91,497 | 92,584 | ||||||||
Interest income | |||||||||||
Interest income | 129 | 290 | 283 | ||||||||
Interest expense | |||||||||||
Interest expense | -130 | -41 | -58 | ||||||||
Income taxes | |||||||||||
Income taxes | 453 | 2,585 | 2,722 | ||||||||
Net income | |||||||||||
Net income | 1,947 | 5,896 | 6,763 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 4,925 | 3,107 | 2,781 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 2,845 | 2,444 | 2,565 | ||||||||
Identifiable assets | |||||||||||
Assets | 85,017 | 73,200 | 85,017 | 73,200 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 20,734 | 19,168 | 20,734 | 19,168 | |||||||
Operating Segments [Member] | EMEA [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 65,446 | 61,543 | 66,272 | ||||||||
Interest income | |||||||||||
Interest income | 223 | 215 | 209 | ||||||||
Interest expense | |||||||||||
Interest expense | -54 | -68 | -50 | ||||||||
Income taxes | |||||||||||
Income taxes | 2,122 | 2,052 | 2,769 | ||||||||
Net income | |||||||||||
Net income | 6,192 | 6,047 | 6,840 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 1,375 | 2,573 | 2,816 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 1,790 | 1,792 | 1,714 | ||||||||
Identifiable assets | |||||||||||
Assets | 51,691 | 51,345 | 51,691 | 51,345 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 12,504 | 14,467 | 12,504 | 14,467 | |||||||
Operating Segments [Member] | Asia-Pacific [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 94,304 | 112,682 | 118,309 | ||||||||
Interest income | |||||||||||
Interest income | 131 | 113 | 153 | ||||||||
Interest expense | |||||||||||
Interest expense | -47 | -36 | -52 | ||||||||
Income taxes | |||||||||||
Income taxes | 921 | 284 | 469 | ||||||||
Net income | |||||||||||
Net income | -3,211 | -2,231 | 2,393 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 3,827 | 3,092 | 8,744 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 4,082 | 4,059 | 3,765 | ||||||||
Identifiable assets | |||||||||||
Assets | 117,093 | 117,129 | 117,093 | 117,129 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 29,445 | 29,938 | 29,445 | 29,938 | |||||||
Segment Reconciling Items [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 388,185 | 409,776 | 439,192 | ||||||||
Interest income | |||||||||||
Interest income | 483 | 618 | 648 | ||||||||
Interest expense | |||||||||||
Interest expense | -658 | -450 | -597 | ||||||||
Income taxes | |||||||||||
Income taxes | 8,549 | 11,207 | 15,541 | ||||||||
Net income | |||||||||||
Net income | 12,861 | 20,587 | 29,286 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 17,663 | 21,034 | 21,043 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 12,857 | 12,088 | 11,564 | ||||||||
Identifiable assets | |||||||||||
Assets | 353,651 | 332,088 | 353,651 | 332,088 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 102,531 | 100,461 | 102,531 | 100,461 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Intersegment sales | |||||||||||
Intersegment sales | 32,398 | 31,714 | 35,386 | ||||||||
Intersegment Eliminations [Member] | PLP-USA [Member] | |||||||||||
Intersegment sales | |||||||||||
Intersegment sales | 12,721 | 12,939 | 8,537 | ||||||||
Intersegment Eliminations [Member] | The Americas [Member] | |||||||||||
Intersegment sales | |||||||||||
Intersegment sales | 5,908 | 6,204 | 7,501 | ||||||||
Intersegment Eliminations [Member] | EMEA [Member] | |||||||||||
Intersegment sales | |||||||||||
Intersegment sales | 1,848 | 2,080 | 4,582 | ||||||||
Intersegment Eliminations [Member] | Asia-Pacific [Member] | |||||||||||
Intersegment sales | |||||||||||
Intersegment sales | 11,921 | 10,491 | 14,766 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Identifiable assets | |||||||||||
Assets | $316 | $318 | $316 | $318 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2014 | Aug. 31, 2012 | Dec. 31, 2012 | 9-May-13 | Mar. 20, 2014 | Nov. 12, 2013 | 8-May-13 | |
Lease | ||||||||||
Property | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 40,145 | 89,807 | 50,334 | |||||||
Compensation payment received | $153,273 | |||||||||
Ryan Ruhlman employee years of service | 10 years | |||||||||
Compensation attributable to stock option | 39,100 | |||||||||
Service expense | 0 | 0 | 700,000 | |||||||
Related party transactions number of property leased | 2 | |||||||||
Related party transaction lease expenses | 300,000 | 300,000 | 300,000 | |||||||
Related party transactions number of property rented | 2 | |||||||||
Rent Expenses | 200,000 | 300,000 | 300,000 | |||||||
Labor expense | $500,000 | $300,000 | $700,000 | |||||||
Ownership percentage owned by related party | 50.00% | |||||||||
Trust [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 34,106 | 30,410 | ||||||||
Common shares price per share | $54.83 | $54.92 | ||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | |||||||||
Mckenna [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 4,100 | |||||||||
Common shares price per share | $55.91 | |||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | |||||||||
Haag [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 7,408 | |||||||||
Common shares price per share | $54.71 | $54.71 | ||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | |||||||||
Ruhlman [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 9,757 | |||||||||
Common shares price per share | $76.87 | |||||||||
Robert G Ruhlman [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 2,098 | 25,000 | ||||||||
Common shares price per share | $62.99 | $78.91 | ||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | ||||||||
Dennis F Mckenna [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 2,750 | |||||||||
Common shares price per share | $78.91 | |||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | |||||||||
J Cecil Curlee [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 2,500 | |||||||||
Common shares price per share | $78.91 | |||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | |||||||||
Caroline S Vaccariello [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 1,750 | |||||||||
Common shares price per share | $78.91 | |||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | |||||||||
Ryan Ruhlman [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 3,200 | 2,500 | ||||||||
Common shares price per share | $78.91 | $76.98 | ||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | ||||||||
David C Sunkle [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase of common shares | 1,000 | 3,000 | ||||||||
Common shares price per share | $78.91 | $76.98 | ||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (Australian Electricity [Member]) | 0 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 |
AUD | USD ($) | USD ($) | AUD | |
Business Acquisition [Line Items] | ||||
Acquisition of outstanding equity | 6.3 | |||
Business combination working capital adjustment | 0.5 | |||
cash acquired from acquisition | 1.8 | |||
Additional earn-out consideration payment as of purchase price | 1.1 | |||
Contingent consideration liability | 0.4 | |||
Contingent consideration paid | $0.40 |
Product_Warranty_Reserve_Roll_
Product Warranty Reserve - Roll Forward of Product Warranty Reserve (Detail) (Warranty Reserves [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Warranty Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at the beginning of period | $1,140 | $1,229 | $824 |
Additions charged to income | -45 | 443 | 1,384 |
Warranty usage | -133 | -475 | -983 |
Currency translation | -70 | -57 | 4 |
End of period balance | $892 | $1,140 | $1,229 |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $96,179 | $102,100 | $99,981 | $89,925 | $98,543 | $100,828 | $111,716 | $98,689 | |||
Gross profit | 29,848 | 32,455 | 31,197 | 27,448 | 30,393 | 31,660 | 37,549 | 31,299 | 120,948 | 130,901 | 144,438 |
Income before income taxes | 4,373 | 5,294 | 7,606 | 4,137 | 5,653 | 8,544 | 10,680 | 6,917 | 21,410 | 31,794 | 44,827 |
Net income | $2,488 | $2,555 | $5,080 | $2,738 | $3,132 | $6,104 | $6,386 | $4,965 | $12,861 | $20,587 | $29,286 |
Net income, basic | $0.46 | $0.48 | $0.94 | $0.51 | $0.59 | $1.14 | $1.19 | $0.92 | $2.39 | $3.84 | $5.50 |
Net income, diluted | $0.46 | $0.48 | $0.94 | $0.50 | $0.58 | $1.12 | $1.17 | $0.91 | $2.39 | $3.77 | $5.45 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $1,441 | $1,395 | $1,258 |
Additions charged to costs and expenses | 803 | 419 | 774 |
Deductions | -260 | -368 | -651 |
Other additions or deductions | -41 | -5 | 14 |
Balance at end of period | 1,943 | 1,441 | 1,395 |
Reserve for Credit Memos [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 672 | 644 | 369 |
Additions charged to costs and expenses | 408 | 418 | 642 |
Deductions | -652 | -390 | -367 |
Other additions or deductions | 0 | 0 | 0 |
Balance at end of period | 428 | 672 | 644 |
Slow-Moving and Obsolete Inventory Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 8,075 | 6,773 | 5,875 |
Additions charged to costs and expenses | 2,244 | 2,672 | 1,981 |
Deductions | -701 | -1,006 | -828 |
Other additions or deductions | -435 | -364 | -255 |
Balance at end of period | 9,183 | 8,075 | 6,773 |
Accrued Product Warranty [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,140 | 1,229 | 824 |
Additions charged to costs and expenses | -45 | 443 | 1,384 |
Deductions | -133 | -475 | -983 |
Other additions or deductions | -70 | -57 | 4 |
Balance at end of period | 892 | 1,140 | 1,229 |
U.S.Tax Capital Loss [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,034 | 2,053 | |
Additions charged to costs and expenses | 0 | 0 | |
Deductions | -49 | -19 | |
Other additions or deductions | -1,985 | 0 | |
Balance at end of period | 0 | 2,034 | |
Foreign Net Operating Loss Tax Carryforwards [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,420 | 295 | 1,062 |
Additions charged to costs and expenses | 2,553 | 1,310 | 0 |
Deductions | -232 | -115 | -760 |
Other additions or deductions | -127 | -70 | -7 |
Balance at end of period | $3,614 | $1,420 | $295 |