Preformed Line Products (PLPC) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PLPC
Entity Registrant Name	PREFORMED LINE PRODUCTS CO
Entity Central Index Key	80,035
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,118,088

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 31,034	$ 30,737
Accounts receivable, less allowances of $3,276 ($3,210 in 2016)	70,513	63,415
Inventories - net	77,440	74,484
Prepaids	4,248	3,353
Prepaid taxes	6,389	8,682
Other current assets	6,385	8,436
TOTAL CURRENT ASSETS	196,009	189,107
Property, plant and equipment - net	106,812	105,104
Intangibles - net	10,504	10,475
Goodwill	16,145	15,769
Deferred income taxes	10,469	10,208
Other assets	10,601	10,274
TOTAL ASSETS	350,540	340,937
LIABILITIES AND SHAREHOLDERS’ EQUITY
Trade accounts payable	23,893	21,978
Notes payable to banks	664	1,315
Current portion of long-term debt	1,448	1,448
Accrued compensation and amounts withheld from employees	10,465	10,040
Accrued expenses and other liabilities	14,690	12,331
Accrued profit-sharing and other benefits	2,703	6,251
Dividends payable	1,055	1,037
Income taxes payable	972	1,055
TOTAL CURRENT LIABILITIES	55,890	55,455
Long-term debt, less current portion	45,319	42,943
Unfunded pension obligation	10,368	10,423
Deferred income taxes	2,126	2,078
Other noncurrent liabilities	6,704	6,495
Shareholders’ equity:
Common shares - $2 par value per share, 15,000,000 shares authorized, 5,118,088 and 5,117,753 issued and outstanding, at March 31, 2017 and December 31, 2016, respectively	12,513	12,508
Common shares issued to rabbi trust, 297,408 and 297,281 shares at March 31, 2017 and December 31, 2016, respectively	(12,069)	(12,054)
Deferred compensation liability	12,069	12,054
Paid-in capital	25,315	24,629
Retained earnings	303,877	303,415
Treasury shares, at cost, 1,138,277 and 1,136,443 shares at March 31, 2017 and December 31, 2016, respectively	(59,747)	(59,640)
Accumulated other comprehensive loss	(51,825)	(57,369)
TOTAL SHAREHOLDERS’ EQUITY	230,133	223,543
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 350,540	$ 340,937

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Accounts receivable, less allowances	$ 3,276	$ 3,210
Common stock, par value	$ 2	$ 2
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	5,118,088	5,117,753
Common stock, shares outstanding	5,118,088	5,117,753
Common stock, shares issued to rabbi trust	297,408	297,281
Treasury stock shares	1,138,277	1,136,443

Statements of Consolidated Inco

Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 84,569	$ 78,682
Cost of products sold	59,904	54,393
GROSS PROFIT	24,665	24,289
Costs and expenses
Selling	8,284	7,631
General and administrative	10,329	10,086
Research and engineering	3,690	3,738
Other operating (income) expense - net	104	(853)
Total costs and expenses	22,407	20,602
OPERATING INCOME	2,258	3,687
Other income (expense)
Interest income	104	75
Interest expense	(299)	(158)
Other income - net	55	52
Total other income (expense)	(140)	(31)
INCOME BEFORE INCOME TAXES	2,118	3,656
Income taxes	600	998
NET INCOME	$ 1,518	$ 2,658
BASIC EARNINGS PER SHARE
Net income	$ 0.30	$ 0.51
DILUTED EARNINGS PER SHARE
Net income	0.30	0.51
Cash dividends declared per share	$ 0.20	$ 0.20
Weighted-average number of shares outstanding - basic	5,118	5,211
Weighted-average number of shares outstanding - diluted	5,130	5,229

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Comprehensive Income Net Of Tax [Abstract]
Net income	$ 1,518	$ 2,658
Other comprehensive income, net of tax
Foreign currency translation adjustment	5,472	3,867
Other comprehensive income, net of tax	5,544	3,944
Recognized net actuarial gain (net of tax provision of $44 and $46 for the three months ended March 31, 2017 and 2016, respectively.	72	77
Comprehensive income	$ 7,062	$ 6,602

Statements of Consolidated Com6

Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Comprehensive Income Net Of Tax [Abstract]
Net of tax provision on recognized net actuarial loss	$ 44	$ 46

Statements of Consolidated Cash

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES
Net income	$ 1,518	$ 2,658
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	2,972	2,710
Provision for accounts receivable allowances	287	(10)
Provision for inventory reserves	457	9
Deferred income taxes	(289)	(23)
Share-based compensation expense	561	363
Gain on sale of property and equipment	(7)	(48)
Other - net	193	57
Changes in operating assets and liabilities
Accounts receivable	(6,144)	(2,368)
Inventories	(1,517)	1,657
Trade accounts payable and accrued liabilities	(210)	(2,331)
Income taxes - net	1,997	(196)
Other - net	(1,387)	(1,284)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(1,569)	1,194
INVESTING ACTIVITIES
Capital expenditures	(2,217)	(5,508)
Proceeds from the sale of property and equipment	17	61
Restricted cash and maturity (purchase) of fixed-term deposits - net	2,551	3,216
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	351	(2,231)
FINANCING ACTIVITIES
(Decrease) increase in notes payable to banks	(695)	351
Proceeds from the issuance of long-term debt	15,463	15,706
Payments of long-term debt	(13,155)	(11,674)
Dividends paid	(1,037)	(1,056)
Excess tax expenses from share-based awards	0	(8)
Purchase of common shares for treasury	0	(627)
Purchase of common shares for treasury from related parties	(107)	(33)
NET CASH PROVIDED BY FINANCING ACTIVITIES	469	2,659
Effects of exchange rate changes on cash and cash equivalents	1,046	(652)
Net increase in cash and cash equivalents	297	970
Cash and cash equivalents at beginning of year	30,737	30,393
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 31,034	$ 31,363

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE A – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States of America (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2017. The Consolidated Balance Sheet at December 31, 2016 has been derived from the audited consolidated financial statements, but does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes to consolidated financial statements included in the Company’s 2016 Annual Report on Form 10-K filed on March 10, 2017 with the Securities and Exchange Commission.

Other Financial Statement Infor

Other Financial Statement Information	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Other Financial Statement Information	NOTE B – OTHER FINANCIAL STATEMENT INFORMATION Inventories – net March 31, 2017 December 31, 2016 Raw materials $ 41,570 $ 37,535 Work-in-process 10,249 9,057 Finished Goods 33,569 35,629 85,388 82,221 Excess of current cost over LIFO cost (2,837 ) (2,784 ) Noncurrent portion of inventory (5,111 ) (4,953 ) $ 77,440 $ 74,484 Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $27.9 million at March 31, 2017 and $28.6 million at December 31, 2016. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three months ended March 31, 2017 and March 31, 2016, the net change in LIFO inventories resulted in a $.1 million and $.4 million benefit to Income before income taxes, respectively. Noncurrent inventory is included in Other assets on the Consolidated Balance Sheets. Property, plant and equipment—net Major classes of Property, plant and equipment are stated at cost and were as follows: March 31, 2017 December 31, 2016 Land and improvements $ 12,960 $ 12,584 Buildings and improvements 74,085 72,662 Machinery, equipment and aircraft 162,441 158,078 Construction in progress 4,084 3,877 253,570 247,201 Less accumulated depreciation 146,758 142,097 $ 106,812 $ 105,104 Legal proceedings The Company and its subsidiaries Helix Uniformed Ltd. (“Helix”) and Preformed Line Products (Canada) Limited (“PLPC Canada”), were each named, jointly and severally, with each of SNC-Lavalin ATP, Inc. (“SNC ATP”), HD Supply Canada Inc., by its trade names HD Supply Power Solutions and HD Supply Utilities (“HD Supply”), and Anixter Power Solutions Canada Inc. (the corporate successor to HD Supply, “Anixter” and, together with the Company, PLPC Canada, Helix, SNC ATP and HD Supply, the “Defendants”) in a complaint filed by Altalink, L.P. (the “Plaintiff”) in the Court of Queen’s Bench of Alberta in Alberta, Canada in November 2016 (the “Complaint”). The Complaint states that Plaintiff engaged SNC ATP to design, engineer, procure and construct numerous power distribution and transmission facilities in Alberta (the “Projects”) and that through SNC ATP and HD Supply (now Anixter), spacer dampers manufactured by Helix were procured and installed in the Projects. The Complaint alleges that the spacer dampers have and may continue to become loose, open and detach from the conductors, resulting in damage and potential injury and a failure to perform the intended function of providing spacing and damping to the Project. The Plaintiffs are seeking an estimated $56 million in damages jointly and severally from the Defendants, representing the costs of monitoring and replacing the spacer dampers and remediating property damage, due to alleged defects in the design and construction of, and supply of materials for, the Projects by SNC ATP and HD Supply/Anixter and in the design of the spacer dampers by Helix. The lawsuit is in its very early stages, but the Company believes the claims against it are without merit and intends to vigorously defend against such claims. However, the Company is unable to predict the outcome of this case and, if determined adversely to the Company, it could have a material effect on the Company’s financial results. The Company is not a party to any other pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flows.

Pension Plans

Pension Plans	3 Months Ended
	Mar. 31, 2017
Compensation And Retirement Disclosure [Abstract]
Pension Plans	NOTE C – PENSION PLANS The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “Plan”). Net periodic benefit cost for this plan included the following components: Three Months Ended March 31, 2017 2016 Service cost $ 56 $ 55 Interest cost 365 365 Expected return on plan assets (475 ) (450 ) Recognized net actuarial loss 116 123 Net periodic benefit cost $ 62 $ 93 No contributions were made to the Plan during the three months ended March 31, 2017. The Company does not anticipate contributing additional funding to the Plan in 2017.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income ("AOCI")	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income ("AOCI")	NOTE D – ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”) The following tables set forth the total changes in AOCI by component, net of tax: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Defined pension plan activity Currency Translation Adjustment Total Defined benefit pension plan activity Currency Translation Adjustment Total Balance at January 1 $ (5,874 ) $ (51,495 ) $ (57,369 ) $ (6,235 ) $ (47,916 ) $ (54,151 ) Other comprehensive income (loss) before reclassifications: Gain on foreign currency translation adjustment 0 5,472 5,472 0 3,867 3,867 Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial gain (a) 72 0 72 77 0 77 Net current period other comprehensive income 72 5,472 5,544 77 3,867 3,944 Balance at March 31 $ (5,802 ) $ (46,023 ) $ (51,825 ) $ (6,158 ) $ (44,049 ) $ (50,207 ) (a) This AOCI component is included in the computation of net periodic pension costs.

Computation of Earnings Per Sha

Computation of Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation of Earnings Per Share	NOTE E – COMPUTATION OF EARNINGS PER SHARE Basic earnings per share were computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income by the weighted-average of all potentially dilutive common stock that was outstanding during the periods presented. The calculation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016 was as follows: Three Months Ended March 31, 2017 2016 Numerator Net income $ 1,518 $ 2,658 Denominator Determination of shares Weighted-average common shares outstanding 5,118 5,211 Dilutive effect - share-based awards 12 18 Diluted weighted-average common shares outstanding 5,130 5,229 Earnings per common share Basic $ 0.30 $ 0.51 Diluted $ 0.30 $ 0.51 For the three months ended March 31, 2017 and 2016, 33,350 and 61,800 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	NOTE F – GOODWILL AND OTHER INTANGIBLES The Company’s finite and indefinite-lived intangible assets consist of the following: March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets Patents $ 4,819 $ (4,795 ) $ 4,816 $ (4,799 ) Land use rights 1,136 (184 ) 1,070 (180 ) Trademarks 1,744 (1,056 ) 1,725 (1,039 ) Technology 3,114 (1,091 ) 3,057 (1,031 ) Customer relationships 12,220 (5,403 ) 12,073 (5,217 ) $ 23,033 $ (12,529 ) $ 22,741 $ (12,266 ) Indefinite-lived intangible assets Goodwill $ 16,145 $ 15,769 The aggregate amortization expense for other intangibles with finite lives for each of the three months ended March 31, 2017 and 2016 was $.3 million. Amortization expense is estimated to be $.8 million for the remaining period of 2017, $1.0 million annually for 2018, 2019, and $.9 million for both 2020 and 2021. The weighted-average remaining amortization period is approximately 16.8 years. The weighted-average remaining amortization period by intangible asset class is as follows: patents, 8.8 years; land use rights, 57.8 years; trademarks, 9.6 years; technology, 14.6 years; and customer relationships, 12.9 years. The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs its annual impairment test for goodwill utilizing a discounted cash flow methodology, market comparables, and an overall market capitalization reasonableness test in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. Based on the assumptions as to growth, discount rates and the weighting used for each respective valuation methodology, results of the valuations could be significantly different. However, the Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units. The Company’s valuation method uses Level 3 inputs under the fair value hierarchy. The Company’s only intangible asset with an indefinite life is goodwill. The changes in the carrying amount of goodwill, by segment, for the three months ended March 31, 2017 are as follows: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2017 $ 3,078 $ 4,017 $ 1,287 $ 7,387 $ 15,769 Currency translation 0 61 86 229 376 Balance at March 31, 2017 $ 3,078 $ 4,078 $ 1,373 $ 7,616 $ 16,145

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	NOTE G – SHARE-BASED COMPENSATION The 1999 Stock Option Plan Activity in the Company’s 1999 Stock Option Plan for the three months ended March 31, 2017 as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2017 5,550 $ 48.35 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at March 31, 2017 5,550 $ 48.35 1.6 $ 21 There were no stock options exercised during the three months ended March 31, 2017 or 2016 . The Company recorded no compensation expense related to stock options for the three months ended March 31, 2017 and 2016. Long Term Incentive Plan of 2008 and 2016 Incentive Plan The Company maintains an equity award program to give the Company a competitive advantage in attracting, retaining, and motivating officers, employees and directors and to provide an incentive to those individuals to increase shareholder value through long-term incentives directly linked to the Company’s performance. Under the Preformed Line Products Company Long Term Incentive Plan of 2008 (the “LTIP”), certain employees, officers, and directors were eligible to receive awards of options, restricted shares and restricted share units (RSUs). . . Restricted Share Units For the regular annual grants, a portion of the RSUs is subject to time-based cliff vesting and a portion is subject to vesting based upon the Company’s performance over a set period for all participants except the CEO. All of the CEO’s regular annual RSUs are subject to vesting based upon the Company’s performance over a set-year period . The RSUs are offered at no cost to the employees. The fair value of RSUs is based on the market price of a common share on the grant date. The Company currently estimates that the only time-based RSUs to be forfeited are those from the 2015, 2016 and 2017 grants due to the retirement of the Company’s Chief Financial Officer in May 2017. Dividends declared are accrued in cash. A summary of the RSUs outstanding under the LTIP for the three months ended March 31, 2017 is as follows: Restricted Share Units Performance and Service Required (1) Service Required Total Restricted Share Units Weighted-Average Grant-Date Fair Value Nonvested as of January 1, 2017 130,168 15,974 146,142 $ 38.46 Granted 80,247 10,560 90,807 54.60 Vested 0 0 0 0.00 Forfeited 0 0 0 0.00 Nonvested as of March 31, 2017 210,415 26,534 236,949 $ 44.64 (1) Nonvested performance-based RSUs are reflected at the maximum performance achievement level. For time-based RSUs, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the award in General and administrative expense in the accompanying Statements of Consolidated Income. For the performance-based RSUs, the number of RSUs in which the participants will vest depends on the Company’s level of performance measured by growth in either operating or pre-tax income and sales growth over a requisite performance period. Depending on the extent to which the performance criterions are satisfied under the LTIP, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the three months ended March 31, 2017 and 2016 was $.4 million and $.3 million, respectively. As of March 31, 2017, the remaining performance-based RSUs compensation expense of $3.6 million is expected to be recognized over a period . In the event of a Change in Control (as defined in the LTIP), vesting of the RSUs will be accelerated and all restrictions will lapse. Unvested performance-based awards are based on a target potential payout. Actual shares awarded at the end of the performance period may be less than the target potential payout level depending on achievement of performance-based award objectives. To satisfy the vesting of its RSU awards, the Company has reserved new shares from its authorized but unissued shares. Any additional awards granted will also be issued from the Company’s authorized but unissued shares. Share Option Awards The LTIP permitted and now the Incentive Plan permits the grant of 100,000 options to buy common shares of the Company to certain employees at not less than fair market value of the shares on the date of grant. Options issued to date under the LTIP vest 50% after one year following the date of the grant, 75% after two years, and 100% after three years, and expire from five to ten years from the date of grant. Shares issued as a result of stock option exercises will be funded with the issuance of new shares. The Company utilizes the Black-Scholes option pricing model for estimating fair values of options. The Black-Scholes model requires assumptions regarding the volatility of the Company’s stock, the expected life of the stock award and the Company’s dividend yield. The Company utilizes historical data in determining these assumptions. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated to be zero. There were no options granted for the three months ended March 31, 2017 or 2016. Stock option activity under the Company’s LTIP for three months ended March 31, 2017 was as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2017 52,750 $ 54.54 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (vested and expected to vest) at March 31, 2017 52,750 $ 54.54 5.6 $ 158 Exercisable at March 31, 2017 42,875 $ 56.55 6.7 $ 90 There were no stock options exercised during the three months ended March 31, 2017 or 2016. For the three months ended March 31, 2017 and March 31, 2016, the Company recorded compensation expense related to the stock options currently vested of less than $.1 million. The total compensation cost related to nonvested awards not yet recognized at March 31, 2017 is expected to be $.1 million over a weighted-average period of approximately 1.1 years. Deferred Compensation Plan The Company maintains a trust, commonly referred to as a rabbi trust, in connection with the Company’s deferred compensation plan. This plan allows for two deferrals. First, Directors make elective deferrals of Director fees payable and held in the rabbi trust. The deferred compensation plan allows the Directors to elect to receive Director fees in common shares of the Company at a later date instead of fees paid each quarter in cash. Second, this plan allows certain Company employees to defer restricted shares or RSUs for future distribution in the form of common shares. Assets of the rabbi trust are consolidated, and the value of the Company’s common shares held in the rabbi trust is classified in Shareholders’ equity and generally accounted for in a manner similar to treasury stock. The Company recognizes the original amount of the deferred compensation (fair value of the deferred stock award at the date of grant) as the basis for recognition in common shares issued to the rabbi trust. Changes in the fair value of amounts owed to certain employees or Directors are not recognized as the Company’s deferred compensation plan does not permit diversification and must be settled by the delivery of a fixed number of the Company’s common shares. As of March 31, 2017, 297,408 shares have been deferred and are being held in the rabbi trust.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	NOTE H – FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The carrying value of the Company’s current financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable, notes payable, and short-term debt, approximates its fair value because of the short-term maturity of these instruments. At March 31, 2017, the fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements which are considered to be Level 2 inputs. There have been no transfers in or out of Level 2 for the three months ended March 31, 2017. Based on the analysis performed, the carrying value of the Company’s long-term debt approximates fair value at March 31, 2017 and December 31, 2016.

Recently Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Changes And Error Corrections [Abstract]
Recently Adopted Accounting Pronouncements	NOTE I – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “ASU 2016-09”, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 amends several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted ASU 2016-09 effective January 1, 2017. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies resulting from stock-based compensation awards vesting and exercises to be recognized as a discrete income tax adjustment in the income statement. Previously, these amounts were recognized in Paid in capital. The Company had $0 excess tax benefit recorded during the three months ended March 31, 2017. In addition, ASU 2016-09 requires excess tax benefits and deficiencies to be prospectively excluded from the assumed future proceeds in the calculation of diluted shares, resulting in an insignificant increase in diluted weighted average number of shares outstanding for the three months ended March 31, 2017 and an immaterial impact on earnings per share. ASU 2016-09 requires that excess tax benefits from share-based compensation awards be reported as operating activities in the Statements of Consolidated Cash Flows. Previously, this activity was included in financing activities on the Statements of Consolidated Cash Flows. As permitted, the Company has elected to apply this change prospectively. ASU 2016-09 requires that employee taxes paid when an employer withholds shares for tax withholding purposes be reported as financing activities in the Statements of Consolidated Cash Flows on a retrospective basis. Previously, this activity was included in financing activities and, therefore, this resulted in no impact to the Statements of Consolidated Cash Flows. The Company has elected to account for forfeitures as they occur to estimate the number of stock-based awards expected to vest as permitted by ASU 2016-09. In July 2015, the FASB issued Accounting Standards Update 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). The Company adopted ASU 2015-11 effective January 1, 2017. Under ASU 2015-11, an entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update are effective for fiscal years beginning after December 15, 2016 including interim periods within those fiscal years. The amendments in this Update have been applied prospectively and did not have an effect on Company’s consolidated financial statements for the three months ended March 31, 2017.

New Accounting Standards to be

New Accounting Standards to be Adopted	3 Months Ended
	Mar. 31, 2017
Accounting Changes And Error Corrections [Abstract]
New Accounting Standards to be Adopted	NOTE J – NEW ACCOUNTING STANDARDS TO BE ADOPTED In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The guidance is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendment in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period as well as the nature and reason for the change in accounting principle. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” to eliminate Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. The guidance is effective for fiscal years beginning after December 15, 2019. Early application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within the annual reporting period. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” ASU 2016-16 modifies the recognition of income tax expense resulting from intra-entity transfers of assets other than inventory. Pursuant to this amendment, entities should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amendment eliminates the exception for an intra-entity transfer of assets other than inventory. This ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within the annual reporting period. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this Update require the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 requires an entity to recognize revenue in a matter that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with cumulative effect of initially applying the update recognized at the date of initial application. In August 2015, the FASB issued ASU No. 2015-14 deferring the effective date of the amendment to annual reporting periods beginning after December 15, 2017, including interim periods therein. Although early adoption is permitted, the Company plans to adopt the new guidance effective January 1, 2018. The Company in the process of identifying changes to our processes and controls to meet the standard’s reporting and disclosure requirements. The Company will continue to update the assessment of the impact of ASU 2014-09 and related updates to the Company’s consolidated financial statements and will disclose material impacts, if any.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	NOTE K – SEGMENT INFORMATION The following tables present a summary of the Company’s reportable segments for the three months ended March 31, 2017 and 2016. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. Three Months Ended March 31 2017 2016 Net sales PLP-USA $ 34,861 $ 34,647 The Americas 16,570 12,452 EMEA 13,852 13,918 Asia-Pacific 19,286 17,665 Total net sales $ 84,569 $ 78,682 Intersegment sales PLP-USA $ 3,007 $ 2,213 The Americas 1,241 1,292 EMEA 315 399 Asia-Pacific 2,051 1,748 Total intersegment sales $ 6,614 $ 5,652 Income taxes PLP-USA $ (422 ) $ (20 ) The Americas 711 547 EMEA 203 505 Asia-Pacific 108 (34 ) Total income taxes $ 600 $ 998 Net income (loss) PLP-USA $ (632 ) $ (123 ) The Americas 1,785 1,095 EMEA 619 1,694 Asia-Pacific (254 ) (8 ) Total net income $ 1,518 $ 2,658 March 31, 2017 December 31, 2016 Assets PLP-USA $ 121,452 $ 122,326 The Americas 65,578 63,643 EMEA 59,086 54,493 Asia-Pacific 104,424 100,475 Total identifiable assets $ 350,540 $ 340,937

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	NOTE L – INCOME TAXES The Company’s effective tax rate was 28% and 27% for the three months ended March 31, 2017 and 2016, respectively. The lower effective tax rate for the three months ended March 31, 2017 and 2016 compared to the U.S. federal statutory tax rate of 35% was primarily due to an increase in earnings in jurisdictions with lower tax rates than the U.S. federal statutory tax rate where such earnings are permanently reinvested. As described in Note I, effective January 1, 2017, the Company adopted the new guidance (ASU 2016-09) and will record excess tax benefits or tax deficiencies from stock-based compensation in the Statements of Consolidated Income within the provision for income taxes rather than in the Consolidated Balance Sheets within Paid-in capital. The adoption of ASU 2016-09 did not have a material impact to the Company’s consolidated financial statements. The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. No significant changes to the valuation allowance were reflected for the period ended March 31, 2017. During the period ended March 31, 2017, the Company did not record any unrecognized tax benefits and as of March 31, 2017, the Company had no unrecognized tax benefits. The Company does not anticipate any significant changes to its gross unrecognized tax benefits within the next twelve months.

Product Warranty Reserve

Product Warranty Reserve	3 Months Ended
	Mar. 31, 2017
Guarantees [Abstract]
Product Warranty Reserve	NOTE M – PRODUCT WARRANTY RESERVE The Company records an accrual for estimated warranty costs to Costs of products sold in the Statements of Consolidated Income. These amounts are recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company records and accounts for its warranty reserve based on specific claim incidents. Should the Company become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim information changes. The following is a rollforward of the product warranty reserve: Three Months Ended March 31, 2017 2016 Beginning of period balance $ 1,058 $ 714 Additions charged to income 27 3 Warranty usage (103 ) (41 ) Currency translation 31 12 End of period balance $ 1,013 $ 688

Charges Related to Restructurin

Charges Related to Restructuring Activities	3 Months Ended
	Mar. 31, 2017
Restructuring And Related Activities [Abstract]
Charges Related to Restructuring Activities	NOTE N – CHARGES RELATED TO RESTRUCTURING ACTIVITIES The Company previously reconfigured one of its operations within its Asia Pacific segment by reducing its workforce and manufacturing facilities while outsourcing production predominantly to its locations with lower cost operations. This was done in response to a slowdown in economic activity in the region as well as continued downward market pressure on prices. These actions reduced go-forward infrastructure and manufacturing costs. There was no expense in the three months ended March 31, 2017 and expense of $.1 million recognized in the three months ended March 31, 2016 for these restructuring activities. The restructuring liability remaining at March 31, 2017 of $.5 million was recorded in Accrued expenses. A summary by reporting segment of the accruals recorded as a result of the restructuring is as follows: Lease Termination Severance Costs Other Total December 31, 2016 Balance Asia-Pacific 0 478 0 478 Total $ 0 $ 478 $ 0 $ 478 Charges Asia-Pacific 0 0 0 0 Total 0 0 0 0 Payments and other adjustments Asia-Pacific 0 (14 ) 21 7 Total 0 (14 ) 21 7 March 31, 2017 Balance Asia-Pacific 0 464 21 485 Total $ 0 $ 464 $ 21 $ 485

Debt Arrangements

Debt Arrangements	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt Arrangements	NOTE O – DEBT ARRANGEMENTS At June 27, 2016, the Company borrowed $14.5 million at a fixed rate of 2.71%, due July 1, 2026 to finance the purchase of a Company aircraft. The loan is secured by the newly purchased aircraft. On August 22, 2016, the Company increased its borrowing capacity under the credit facility from $50 million to $65 million and extended the term to June 30, 2019. All other terms remain the same, including the interest rate at LIBOR plus 1.125% unless its funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, then the LIBOR spread becomes 1.500%. In 2016, the Company’s Australian subsidiary borrowed $1.5 million Australian dollars at a rate of 1.125 plus the Australian Bank Bill Swap Bid Rate with a term expiring June 30, 2019. At March 31, 2017, the interest on the Australian line of credit agreement was 2.745%. Under the credit facility, at March 31, 2017, the Company had utilized $33.2 million with $31.8 million available under the line of credit net of long-term outstanding letters of credit. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At March 31, 2017, the Company was in compliance with these covenants.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE P – RELATED PARTY TRANSACTIONS On January 3, 2017, the Company purchased 1,834 shares of the Company from Officers at a price per share of $58.58, which was calculated from a 30-day average of market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction.

Other Financial Statement Inf24

Other Financial Statement Information (Tables)	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Inventories - Net	Inventories – net March 31, 2017 December 31, 2016 Raw materials $ 41,570 $ 37,535 Work-in-process 10,249 9,057 Finished Goods 33,569 35,629 85,388 82,221 Excess of current cost over LIFO cost (2,837 ) (2,784 ) Noncurrent portion of inventory (5,111 ) (4,953 ) $ 77,440 $ 74,484
Property, Plant and Equipment - Net	Major classes of Property, plant and equipment are stated at cost and were as follows: March 31, 2017 December 31, 2016 Land and improvements $ 12,960 $ 12,584 Buildings and improvements 74,085 72,662 Machinery, equipment and aircraft 162,441 158,078 Construction in progress 4,084 3,877 253,570 247,201 Less accumulated depreciation 146,758 142,097 $ 106,812 $ 105,104

Pension Plans (Tables)

Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation And Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	Net periodic benefit cost for this plan included the following components: Three Months Ended March 31, 2017 2016 Service cost $ 56 $ 55 Interest cost 365 365 Expected return on plan assets (475 ) (450 ) Recognized net actuarial loss 116 123 Net periodic benefit cost $ 62 $ 93

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Income ("AOCI") (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Total Changes in AOCI by Component, Net of Tax	The following tables set forth the total changes in AOCI by component, net of tax: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Defined pension plan activity Currency Translation Adjustment Total Defined benefit pension plan activity Currency Translation Adjustment Total Balance at January 1 $ (5,874 ) $ (51,495 ) $ (57,369 ) $ (6,235 ) $ (47,916 ) $ (54,151 ) Other comprehensive income (loss) before reclassifications: Gain on foreign currency translation adjustment 0 5,472 5,472 0 3,867 3,867 Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial gain (a) 72 0 72 77 0 77 Net current period other comprehensive income 72 5,472 5,544 77 3,867 3,944 Balance at March 31 $ (5,802 ) $ (46,023 ) $ (51,825 ) $ (6,158 ) $ (44,049 ) $ (50,207 ) (a) This AOCI component is included in the computation of net periodic pension costs.

Computation of Earnings Per S27

Computation of Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016 was as follows: Three Months Ended March 31, 2017 2016 Numerator Net income $ 1,518 $ 2,658 Denominator Determination of shares Weighted-average common shares outstanding 5,118 5,211 Dilutive effect - share-based awards 12 18 Diluted weighted-average common shares outstanding 5,130 5,229 Earnings per common share Basic $ 0.30 $ 0.51 Diluted $ 0.30 $ 0.51

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets Patents $ 4,819 $ (4,795 ) $ 4,816 $ (4,799 ) Land use rights 1,136 (184 ) 1,070 (180 ) Trademarks 1,744 (1,056 ) 1,725 (1,039 ) Technology 3,114 (1,091 ) 3,057 (1,031 ) Customer relationships 12,220 (5,403 ) 12,073 (5,217 ) $ 23,033 $ (12,529 ) $ 22,741 $ (12,266 ) Indefinite-lived intangible assets Goodwill $ 16,145 $ 15,769
Changes in Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill, by segment, for the three months ended March 31, 2017 are as follows: USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2017 $ 3,078 $ 4,017 $ 1,287 $ 7,387 $ 15,769 Currency translation 0 61 86 229 376 Balance at March 31, 2017 $ 3,078 $ 4,078 $ 1,373 $ 7,616 $ 16,145

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of RSUs Outstanding Under LTIP	A summary of the RSUs outstanding under the LTIP for the three months ended March 31, 2017 is as follows: Restricted Share Units Performance and Service Required (1) Service Required Total Restricted Share Units Weighted-Average Grant-Date Fair Value Nonvested as of January 1, 2017 130,168 15,974 146,142 $ 38.46 Granted 80,247 10,560 90,807 54.60 Vested 0 0 0 0.00 Forfeited 0 0 0 0.00 Nonvested as of March 31, 2017 210,415 26,534 236,949 $ 44.64 (1) Nonvested performance-based RSUs are reflected at the maximum performance achievement level.
Long Term Incentive Plan [Member]
Stock Option Activity in Company's Plan	Stock option activity under the Company’s LTIP for three months ended March 31, 2017 was as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2017 52,750 $ 54.54 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (vested and expected to vest) at March 31, 2017 52,750 $ 54.54 5.6 $ 158 Exercisable at March 31, 2017 42,875 $ 56.55 6.7 $ 90
Stock Options [Member]
Stock Option Activity in Company's Plan	Activity in the Company’s 1999 Stock Option Plan for the three months ended March 31, 2017 as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2017 5,550 $ 48.35 Granted 0 $ 0.00 Exercised 0 $ 0.00 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at March 31, 2017 5,550 $ 48.35 1.6 $ 21

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Summary of Company's Reportable Segment	The following tables present a summary of the Company’s reportable segments for the three months ended March 31, 2017 and 2016. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory. Three Months Ended March 31 2017 2016 Net sales PLP-USA $ 34,861 $ 34,647 The Americas 16,570 12,452 EMEA 13,852 13,918 Asia-Pacific 19,286 17,665 Total net sales $ 84,569 $ 78,682 Intersegment sales PLP-USA $ 3,007 $ 2,213 The Americas 1,241 1,292 EMEA 315 399 Asia-Pacific 2,051 1,748 Total intersegment sales $ 6,614 $ 5,652 Income taxes PLP-USA $ (422 ) $ (20 ) The Americas 711 547 EMEA 203 505 Asia-Pacific 108 (34 ) Total income taxes $ 600 $ 998 Net income (loss) PLP-USA $ (632 ) $ (123 ) The Americas 1,785 1,095 EMEA 619 1,694 Asia-Pacific (254 ) (8 ) Total net income $ 1,518 $ 2,658 March 31, 2017 December 31, 2016 Assets PLP-USA $ 121,452 $ 122,326 The Americas 65,578 63,643 EMEA 59,086 54,493 Asia-Pacific 104,424 100,475 Total identifiable assets $ 350,540 $ 340,937

Product Warranty Reserve (Table

Product Warranty Reserve (Tables)	3 Months Ended
	Mar. 31, 2017
Guarantees [Abstract]
Roll Forward of Product Warranty Reserve	The following is a rollforward of the product warranty reserve: Three Months Ended March 31, 2017 2016 Beginning of period balance $ 1,058 $ 714 Additions charged to income 27 3 Warranty usage (103 ) (41 ) Currency translation 31 12 End of period balance $ 1,013 $ 688

Charges Related to Restructur32

Charges Related to Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring And Related Activities [Abstract]
Summary by Reporting Segment of Accruals as a Result of Restructuring	A summary by reporting segment of the accruals recorded as a result of the restructuring is as follows: Lease Termination Severance Costs Other Total December 31, 2016 Balance Asia-Pacific 0 478 0 478 Total $ 0 $ 478 $ 0 $ 478 Charges Asia-Pacific 0 0 0 0 Total 0 0 0 0 Payments and other adjustments Asia-Pacific 0 (14 ) 21 7 Total 0 (14 ) 21 7 March 31, 2017 Balance Asia-Pacific 0 464 21 485 Total $ 0 $ 464 $ 21 $ 485

Other Financial Statement Inf33

Other Financial Statement Information - Inventories - Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 41,570	$ 37,535
Work-in-process	10,249	9,057
Finished Goods	33,569	35,629
Inventory, gross	85,388	82,221
Excess of current cost over LIFO cost	(2,837)	(2,784)
Noncurrent portion of inventory	(5,111)	(4,953)
Inventories - net	$ 77,440	$ 74,484

Other Financial Statement Inf34

Other Financial Statement Information - Additional Information (Detail) - USD ($) $ in Millions	Nov. 02, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Inventory Disclosure [Abstract]
Cost of inventories for certain materials using LIFO method		$ 27.9		$ 28.6
(Benefit) charge to earnings from LIFO inventory changes		$ (0.1)	$ (0.4)
Name of plaintiff		Altalink, L.P.
Complaint filling date		November 2,016
Estimated damages from defendants	$ 56

Other Financial Statement Inf35

Other Financial Statement Information - Property, Plant and Equipment - Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment - Gross	$ 253,570	$ 247,201
Less accumulated depreciation	146,758	142,097
Property, plant and equipment - Net	106,812	105,104
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment - Gross	12,960	12,584
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment - Gross	74,085	72,662
Machinery, Equipment and Aircraft [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment - Gross	162,441	158,078
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment - Gross	$ 4,084	$ 3,877

Pension Plans - Components of N

Pension Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Service cost	$ 56	$ 55
Interest cost	365	365
Expected return on plan assets	(475)	(450)
Recognized net actuarial loss	116	123
Net periodic benefit cost	$ 62	$ 93

Pension Plans - Additional Info

Pension Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
Compensation And Retirement Disclosure [Abstract]
Contribution to pension plan	$ 0
Anticipated pension plan contributions to be made during the remainder of the fiscal year	$ 0

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income ("AOCI") - Summary of Total Changes in AOCI by Component, Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (57,369)	$ (54,151)
Other comprehensive income (loss) before reclassifications:
Gain on foreign currency translation adjustment	5,472	3,867
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain	72	77
Other comprehensive income, net of tax	5,544	3,944
Ending Balance	(51,825)	(50,207)
Defined Benefit Pension Plan Activity [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5,874)	(6,235)
Other comprehensive income (loss) before reclassifications:
Gain on foreign currency translation adjustment	0	0
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain	72	77
Other comprehensive income, net of tax	72	77
Ending Balance	(5,802)	(6,158)
Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(51,495)	(47,916)
Other comprehensive income (loss) before reclassifications:
Gain on foreign currency translation adjustment	5,472	3,867
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain	0	0
Other comprehensive income, net of tax	5,472	3,867
Ending Balance	$ (46,023)	$ (44,049)

Computation of Earnings Per S39

Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator
Net income	$ 1,518	$ 2,658
Determination of shares
Weighted-average common shares outstanding	5,118	5,211
Dilutive effect - share-based awards	12	18
Diluted weighted-average common shares outstanding	5,130	5,229
Earnings per common share
Basic	$ 0.30	$ 0.51
Diluted	$ 0.30	$ 0.51

Computation of Earnings Per S40

Computation of Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of earnings per share	33,350	61,800

Goodwill and Other Intangible41

Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-lived intangible assets
Gross Carrying Amount	$ 23,033	$ 22,741
Accumulated Amortization	(12,529)	(12,266)
Indefinite-lived intangible assets Goodwill	16,145	15,769
Patents [Member]
Finite-lived intangible assets
Gross Carrying Amount	4,819	4,816
Accumulated Amortization	(4,795)	(4,799)
Land Use Rights [Member]
Finite-lived intangible assets
Gross Carrying Amount	1,136	1,070
Accumulated Amortization	(184)	(180)
Trademarks [Member]
Finite-lived intangible assets
Gross Carrying Amount	1,744	1,725
Accumulated Amortization	(1,056)	(1,039)
Technology [Member]
Finite-lived intangible assets
Gross Carrying Amount	3,114	3,057
Accumulated Amortization	(1,091)	(1,031)
Customer Relationships [Member]
Finite-lived intangible assets
Gross Carrying Amount	12,220	12,073
Accumulated Amortization	$ (5,403)	$ (5,217)

Goodwill and Other Intangible42

Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]
Amortization of Intangible Assets	$ 0.3	$ 0.3
2,017	0.8
2,018	1
2,019	1
2,020	0.9
2,021	$ 0.9
Remaining amortization period	16 years 9 months 18 days
Patents [Member]
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]
Remaining amortization period	8 years 9 months 18 days
Land Use Rights [Member]
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]
Remaining amortization period	57 years 9 months 18 days
Trademarks [Member]
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]
Remaining amortization period	9 years 7 months 6 days
Technology [Member]
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]
Remaining amortization period	14 years 7 months 6 days
Customer Relationships [Member]
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]
Remaining amortization period	12 years 10 months 24 days

Goodwill and Other Intangible43

Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Line Items]
Beginning Balance	$ 15,769
Currency translation	376
Ending Balance	16,145
USA [Member]
Goodwill [Line Items]
Beginning Balance	3,078
Currency translation	0
Ending Balance	3,078
The Americas [Member]
Goodwill [Line Items]
Beginning Balance	4,017
Currency translation	61
Ending Balance	4,078
EMEA [Member]
Goodwill [Line Items]
Beginning Balance	1,287
Currency translation	86
Ending Balance	1,373
Asia-Pacific [Member]
Goodwill [Line Items]
Beginning Balance	7,387
Currency translation	229
Ending Balance	$ 7,616

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity in Company's Plan (Detail) - 1999 Stock Option Plan [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at January 1, 2017, Number of Shares | shares	5,550
Granted, Number of Shares | shares	0
Exercised, Number of Shares | shares	0
Forfeited, Number of Shares | shares	0
Outstanding (exercisable and vested) at March 31, 2017, Number of Shares | shares	5,550
Outstanding at January 1, 2017, Weighted Average Exercise Price per Share | $ / shares	$ 48.35
Granted, Weighted Average Exercise Price per Share | $ / shares	0
Exercised, Weighted Average Exercise Price per Share | $ / shares	0
Forfeited, Weighted Average Exercise Price per Share | $ / shares	0
Outstanding (exercisable and vested) at March 31, 2017, Weighted Average Exercise Price per Share | $ / shares	$ 48.35
Outstanding (exercisable and vested), Weighted Average Remaining Contractual Term	1 year 7 months 6 days
Outstanding (exercisable and vested) Aggregate Intrinsic Value | $	$ 21

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Deferralshares	Mar. 31, 2016USD ($)shares	Dec. 31, 2016shares	May 10, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted under incentive plan	90,807
Deferred shares and held by the rabbi trust	297,408		297,281
Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for awards	900,000
2016 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for awards	100,000			1,000,000
Incentive plan expiry date	May 10, 2026
Long Term Incentive Plan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised, Number of Shares	0	0
Granted, Number of Shares	0	0
Weighted-average period	1 year 1 month 6 days
Option issued under plan vest	50.00%
Option issued under plan vest and granted after 2 years	75.00%
Option issued under plan vest and granted after 3 years	100.00%
Estimated Forfeitures | $	$ 0
Expected compensation cost related to unvested awards not yet recognized | $	100,000
Long Term Incentive Plan Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expenses | $	$ 100,000	$ 100,000
Deferred Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of deferrals | Deferral	2
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised, Number of Shares	0	0
Compensation expenses | $	$ 0	$ 0
Stock Options [Member] | 2016 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for awards				100,000
Granted, Number of Shares	0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for awards	800,000
Restricted Stock Units (RSUs) [Member] | 2016 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for awards				900,000
Restricted shares granted under incentive plan	0
Long Term Incentive Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for awards	100,000
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 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
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expenses | $	$ 100,000	100,000
Compensation cost expected to be recognized over period | $	$ 700,000
Weighted-average period	2 years 3 months 18 days
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period	2 years 3 months 18 days
Performance-based compensation expense (income) | $	$ 400,000	$ 300,000
Remaining performance-based compensation expense | $	$ 3,600,000

Share-Based Compensation - Summ

Share-Based Compensation - Summary of RSUs Outstanding Under LTIP (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested as of January 1, 2017	146,142
Granted	90,807
Vested	0
Forfeited	0
Nonvested as of March 31, 2017	236,949
Nonvested as of January 1, 2017, Weighted-Average Grant-Date Fair Value | $ / shares	$ 38.46
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	54.60
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Nonvested as of March 31, 2017, Weighted-Average Grant- Date Fair Value | $ / shares	$ 44.64
Performance Required [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested as of January 1, 2017	130,168
Granted	80,247
Vested	0
Forfeited	0
Nonvested as of March 31, 2017	210,415
Service Required [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested as of January 1, 2017	15,974
Granted	10,560
Vested	0
Forfeited	0
Nonvested as of March 31, 2017	26,534

Share-Based Compensation - St47

Share-Based Compensation - Stock Option Activity under Company's Plan - Long Term Incentive Plan (Detail) - Long Term Incentive Plan Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at January 1, 2017, Number of Shares	52,750
Granted, Number of Shares	0	0
Exercised, Number of Shares	0	0
Forfeited, Number of Shares	0
Outstanding (vested and expected to vest) at March 31, 2017, Number of Shares	52,750
Exercisable at March 31, 2017, Number of Shares	42,875
Outstanding at January 1, 2017, Weighted Average Exercise Price per Share	$ 54.54
Granted, Weighted Average Exercise Price per Share	0
Exercised, Weighted Average Exercise Price per Share	0
Forfeited, Weighted Average Exercise Price per Share	0
Outstanding (vested and expected to vest) at March 31, 2017, Weighted Average Exercise Price per Share	54.54
Exercisable at March 31, 2017, Weighted Average Exercise Price per Share	$ 56.55
Outstanding (vested and expected to vest) at March 31, 2017, Weighted Average Remaining Contractual Term (Years)	5 years 7 months 6 days
Exercisable at March 31, 2017, Weighted Average Remaining Contractual Term (Years)	6 years 8 months 12 days
Outstanding (vested and expected to vest) at March 31, 2017, Aggregate Intrinsic Value	$ 158
Exercisable at March 31, 2017, Aggregate Intrinsic Value	$ 90

Fair Value of Financial Asset48

Fair Value of Financial Assets and Liabilities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Fair value liabilities Level 2	$ 0

Recently Adopted Accounting P49

Recently Adopted Accounting Pronouncements - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
ASU 2016-09 [Member]
Significant Accounting Policies [Line Items]
Excess tax benefit from stock-based compensation awards	$ 0

Segment Information - Summary o

Segment Information - Summary of Company's Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Net sales
Net sales	$ 84,569	$ 78,682
Income taxes
Income taxes	600	998
Net income (loss)
Net income (loss)	1,518	2,658
Assets
Total identifiable assets	350,540		$ 340,937
PLP-USA [Member]
Assets
Total identifiable assets	121,452		122,326
The Americas [Member]
Assets
Total identifiable assets	65,578		63,643
EMEA [Member]
Assets
Total identifiable assets	59,086		54,493
Asia-Pacific [Member]
Assets
Total identifiable assets	104,424		$ 100,475
Operating Segments [Member] | PLP-USA [Member]
Net sales
Net sales	34,861	34,647
Income taxes
Income taxes	(422)	(20)
Net income (loss)
Net income (loss)	(632)	(123)
Operating Segments [Member] | The Americas [Member]
Net sales
Net sales	16,570	12,452
Income taxes
Income taxes	711	547
Net income (loss)
Net income (loss)	1,785	1,095
Operating Segments [Member] | EMEA [Member]
Net sales
Net sales	13,852	13,918
Income taxes
Income taxes	203	505
Net income (loss)
Net income (loss)	619	1,694
Operating Segments [Member] | Asia-Pacific [Member]
Net sales
Net sales	19,286	17,665
Income taxes
Income taxes	108	(34)
Net income (loss)
Net income (loss)	(254)	(8)
Intersegment Eliminations [Member]
Intersegment sales
Intersegment sales	6,614	5,652
Intersegment Eliminations [Member] | PLP-USA [Member]
Intersegment sales
Intersegment sales	3,007	2,213
Intersegment Eliminations [Member] | The Americas [Member]
Intersegment sales
Intersegment sales	1,241	1,292
Intersegment Eliminations [Member] | EMEA [Member]
Intersegment sales
Intersegment sales	315	399
Intersegment Eliminations [Member] | Asia-Pacific [Member]
Intersegment sales
Intersegment sales	$ 2,051	$ 1,748

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	28.00%	27.00%
U.S.federal statutory tax rate	35.00%	35.00%
Unrecognized tax benefits	$ 0
Unrecognized tax benefits recorded during period	$ 0

Product Warranty Reserve - Roll

Product Warranty Reserve - Roll Forward of Product Warranty Reserve (Detail) - Warranty Reserves [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning of period balance	$ 1,058	$ 714
Additions charged to income	27	3
Warranty usage	(103)	(41)
Currency translation	31	12
End of period balance	$ 1,013	$ 688

Charges Related to Restructur53

Charges Related to Restructuring Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Operation	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0
Restructuring liability	485,000		$ 478,000
Accrued Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	500,000
Infrastructure and Manufacturing Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 100,000
Asia-Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Number of previously reconfigured operations | Operation	1
Restructuring charges	$ 0
Restructuring liability	$ 485,000		$ 478,000

Charges Related to Restructur54

Charges Related to Restructuring Activities - Summary by Reporting Segment of Accruals as a Result of Restructuring (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Total	$ 478
Charges	0
Payments and other adjustments	7
Total	485
Asia-Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Total	478
Charges	0
Payments and other adjustments	7
Total	485
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
Charges	0
Payments and other adjustments	0
Total	0
Severance [Member] | Asia-Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
Charges	0
Payments and other adjustments	0
Total	0
Lease Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Total	478
Charges	0
Payments and other adjustments	(14)
Total	464
Lease Termination Costs [Member] | Asia-Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Total	478
Charges	0
Payments and other adjustments	(14)
Total	464
Other [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
Charges	0
Payments and other adjustments	21
Total	21
Other [Member] | Asia-Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Total	0
Charges	0
Payments and other adjustments	21
Total	$ 21

Debt Arrangements - Additional

Debt Arrangements - Additional Information (Detail) AUD in Millions	Aug. 22, 2016USD ($)	Jun. 27, 2016USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016AUD	Aug. 21, 2016USD ($)
Debt Instrument [Line Items]
Borrowed amount		$ 14,500,000
Fixed rate on borrowing		2.71%
Maturity date		Jul. 1, 2026
Current borrowing capacity					$ 50,000,000
Increased borrowing capacity	$ 65,000,000
Debt to earnings before Interest, Taxes and Depreciation ratio	225.00%
Extended debt instrument date	Jun. 30, 2019
Line of credit utilized borrowing capacity			$ 33,200,000
Line of credit remaining borrowing capacity			$ 31,800,000
LIBOR [Member]
Debt Instrument [Line Items]
Interest rate of LIBOR plus	1.125%
LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate of LIBOR plus	1.50%
Australian Subsidiaries [Member]
Debt Instrument [Line Items]
Borrowings | AUD				AUD 1.5
Expiring date of Australian Bank Bill Swap Bid Rate			Jun. 30, 2019
Interest rate for Line of credit			2.745%
Australian Subsidiaries [Member] | Australian Bank Bill Swap Bid Rate [Member]
Debt Instrument [Line Items]
Interest rate of LIBOR plus				1.125%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Officers [Member]	Jan. 03, 2017$ / sharesshares
Related Party Transaction [Line Items]
Purchase of shares | shares	1,834
Shares price per share | $ / shares	$ 58.58
Number of trading days to be considered for average price of stock repurchased	30 days