Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 02, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PLPC | ||
Entity Registrant Name | PREFORMED LINE PRODUCTS CO | ||
Entity Central Index Key | 0000080035 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell company | false | ||
Entity Common Stock, Shares Outstanding | 5,023,812 | ||
Entity Public Float | $ 135,299,054 | ||
Entity File Number | 0-31164 | ||
Entity Tax Identification Number | 34-0676895 | ||
Entity Address, Address Line One | 660 Beta Drive | ||
Entity Address, City or Town | Mayfield Village | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44143 | ||
City Area Code | 440 | ||
Local Phone Number | 4615200 | ||
Document Annual Report | true | ||
Title of 12(b) Security | Common Shares, $2 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement for the Annual Meeting of Shareholders to be held May 5, 2020 are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 38,929 | $ 43,609 |
Accounts receivable, less allowances of $3,849 ($3,178 in 2018) | 83,517 | 73,139 |
Inventories - net | 95,718 | 85,259 |
Prepaids | 6,921 | 6,205 |
Prepaid taxes | 2,601 | 3,169 |
Other current assets | 4,289 | 2,882 |
TOTAL CURRENT ASSETS | 231,975 | 214,263 |
Property, plant and equipment - net | 124,018 | 102,955 |
Operating lease, right-of-use assets | 12,453 | 0 |
Intangibles - net | 15,116 | 8,458 |
Goodwill | 27,840 | 15,621 |
Deferred income taxes | 7,564 | 6,900 |
Other assets | 14,605 | 10,600 |
TOTAL ASSETS | 433,571 | 358,797 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Trade accounts payable | 28,282 | 26,414 |
Notes payable to banks | 8,696 | 9,042 |
Operating lease liabilities, current | 2,062 | 0 |
Current portion of long-term debt | 3,354 | 1,448 |
Accrued compensation and amounts withheld from employees | 11,817 | 11,153 |
Accrued expenses and other liabilities | 16,718 | 12,582 |
Accrued profit-sharing and other benefits | 7,213 | 6,982 |
Dividends payable | 1,173 | 1,051 |
Income taxes payable | 1,758 | 815 |
TOTAL CURRENT LIABILITIES | 81,073 | 69,487 |
Long-term debt, less current portion | 53,722 | 24,960 |
Unfunded pension obligation | 5,278 | 5,259 |
Operating lease liabilities, non-current | 8,246 | 0 |
Deferred income taxes | 3,116 | 1,711 |
Other noncurrent liabilities | 13,568 | 8,010 |
Shareholders' equity: | ||
Common shares - $2 par value per share, 15,000,000 shares authorized, 4,992,979 and 5,020,410 issued and outstanding, at December 31, 2019 and December 31, 2018, respectively | 12,848 | 12,662 |
Common shares issued to rabbi trust, 267,641 and 269,630 shares at December 31, 2019 and December 31, 2018, respectively | (10,981) | (11,008) |
Deferred compensation liability | 10,981 | 11,008 |
Paid-in capital | 38,854 | 34,401 |
Retained earnings | 353,292 | 334,170 |
Treasury shares, at cost, 1,431,235 and 1,310,387 shares at December 31, 2019 and December 31, 2018, respectively | (79,106) | (72,280) |
Accumulated other comprehensive loss | (57,353) | (59,583) |
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY | 268,535 | 249,370 |
Noncontrolling interest | 33 | 0 |
TOTAL SHAREHOLDERS' EQUITY | 268,568 | 249,370 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 433,571 | $ 358,797 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, less allowances | $ 3,849 | $ 3,178 |
Common stock, par value | $ 2 | $ 2 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 4,992,979 | 5,020,410 |
Common stock, shares outstanding | 4,992,979 | 5,020,410 |
Common stock, shares issued to rabbi trust | 267,641 | 269,630 |
Treasury stock shares | 1,431,235 | 1,310,387 |
Statements of Consolidated Inco
Statements of Consolidated Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 444,861 | $ 420,878 | $ 378,212 |
Cost of products sold | 304,266 | 288,647 | 259,584 |
GROSS PROFIT | 140,595 | 132,231 | 118,628 |
Costs and expenses | |||
Selling | 36,609 | 36,358 | 34,048 |
General and administrative | 51,806 | 45,398 | 43,160 |
Research and engineering | 17,187 | 15,107 | 14,327 |
Other operating expenses - net | 2,366 | 2,434 | 985 |
Total costs and expenses | 107,968 | 99,297 | 92,520 |
OPERATING INCOME | 32,627 | 32,934 | 26,108 |
Other income (expense) | |||
Interest income | 783 | 486 | 430 |
Interest expense | (2,217) | (1,290) | (1,061) |
Other income | 265 | 458 | 329 |
Total other income (expense) | (1,169) | (346) | (302) |
INCOME BEFORE INCOME TAXES | 31,458 | 32,588 | 25,806 |
Income taxes | 8,122 | 6,007 | 13,152 |
NET INCOME | 23,336 | 26,581 | 12,654 |
Less: Net income attributable to noncontrolling interests | (33) | 0 | 0 |
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS | $ 23,303 | $ 26,581 | $ 12,654 |
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING: | |||
Basic | 5,031 | 5,032 | 5,102 |
Diluted | 5,087 | 5,107 | 5,133 |
EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS: | |||
Basic | $ 4.63 | $ 5.28 | $ 2.48 |
Diluted | $ 4.58 | $ 5.21 | $ 2.47 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive Income Net Of Tax [Abstract] | |||
Net income | $ 23,336 | $ 26,581 | $ 12,654 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 2,028 | (12,285) | 10,070 |
Recognized net actuarial gains | 397 | 386 | 269 |
Loss on unfunded pension obligations | (195) | (244) | (410) |
Other comprehensive income (loss), net of tax | 2,230 | (12,143) | 9,929 |
Less: Comprehensive income attributable to noncontrolling interests | (33) | 0 | 0 |
Comprehensive income attributable to Preformed Line Products Company shareholders | $ 25,533 | $ 14,438 | $ 22,583 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
OPERATING ACTIVITIES | ||||||
Net income | $ 23,336 | $ 26,581 | $ 12,654 | |||
Adjustments to reconcile net income to net cash provided by operations: | ||||||
Depreciation and amortization | 13,748 | 12,444 | 12,790 | |||
Provision for accounts receivable allowances | 2,132 | 1,206 | 1,165 | |||
Provision for inventory reserves | 1,283 | 2,402 | 1,205 | |||
Deferred income taxes | (1,274) | 314 | 2,436 | |||
Share-based compensation expense | 4,396 | 4,236 | 3,055 | |||
Loss (gain) on sale of property and equipment | 10 | (156) | 160 | |||
Other - net | 292 | 192 | 213 | |||
Changes in operating assets and liabilities assets: | ||||||
Accounts receivable | (9,777) | (4,499) | (9,205) | |||
Inventories | (9,455) | (13,703) | (2,208) | |||
Trade accounts payables and accrued liabilities | 6,087 | 3,048 | 4,957 | |||
Income taxes, net | 634 | (1,896) | 7,134 | |||
Contributions to company pension plan | 0 | (5,340) | (225) | |||
Other - net | (4,195) | (1,853) | (301) | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 27,217 | 22,976 | 33,830 | |||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (29,467) | (9,528) | (11,233) | |||
Proceeds from the sale of property and equipment | 54 | 195 | 142 | |||
Purchase of marketable securities | (496) | (4,690) | 0 | |||
Proceeds from sale of marketable securities | 2,309 | 2,953 | 0 | |||
Purchase of company owned life insurance policies | (2,309) | (2,953) | 0 | |||
Acquisition of businesses, net of cash | (18,894) | 0 | 0 | |||
Fixed-term deposits | 0 | 0 | 8,527 | |||
NET CASH USED IN INVESTING ACTIVITIES | (48,803) | (14,023) | (2,564) | |||
FINANCING ACTIVITIES | ||||||
(Decrease) increase in notes payable to banks | (355) | 8,446 | (537) | |||
Proceeds from long-term debt | 93,036 | 76,030 | 55,581 | |||
Payments of long-term debt | (64,124) | (85,496) | (63,981) | |||
Dividends paid | (4,230) | (4,088) | (4,099) | |||
Proceeds from issuance of common shares | 213 | 222 | 1,962 | |||
Purchase of common shares for treasury | (2,800) | (191) | (2) | |||
Purchase of common shares for treasury from related parties | (4,026) | (3,974) | (8,475) | |||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 17,714 | (9,051) | (19,551) | |||
Effects of exchange rate changes on cash and cash equivalents | (775) | (1,591) | 1,359 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (4,647) | (1,689) | 13,074 | |||
Cash, cash equivalents and restricted cash at beginning of year | 43,910 | [1] | 45,599 | [1] | 32,525 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | [1] | $ 39,263 | $ 43,910 | $ 45,599 | ||
[1] | Includes restricted cash of $.3 million, $.3 million and $1.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. For further information regarding restricted cash, refer to Note E, “Debt Arrangements.” |
Statements of Consolidated Ca_2
Statements of Consolidated Cash Flows (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Asia Pacific [Member] | |||
Restricted cash | $ 0.3 | $ 0.3 | $ 1.2 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Common Shares Issued to Rabbi Trust [Member] | Deferred Compensation Liability [Member] | Paid In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Cumulative Translation Adjustment [Member] | Unrecognized Pension Benefit Cost [Member] | Total Preformed Line Products, Company Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2016 | $ 223,543 | $ 12,508 | $ (12,054) | $ 12,054 | $ 24,629 | $ 303,415 | $ (59,640) | $ (51,495) | $ (5,874) | $ 223,543 | $ 0 |
Net income | 12,654 | 12,654 | 12,654 | ||||||||
Foreign currency translation adjustment | 10,070 | 10,070 | 10,070 | ||||||||
Recognized net actuarial loss (gain), net of tax provision of $199, $139 and $123 for 2017, 2018 and 2019 respectively | 269 | 269 | 269 | ||||||||
(Gain) loss on unfunded pension obligations, net of tax provision (benefit) of $247, $77 and $60 for 2017, 2018 and 2019 respectively | (410) | (410) | (410) | ||||||||
Total comprehensive income | 22,583 | 22,583 | 0 | ||||||||
Share-based compensation | 2,824 | 3,055 | (231) | 2,824 | |||||||
Purchase of 121,626, 52,318 and 120,848 common shares for 2017, 2018 and 2019 respectively | (8,475) | (8,475) | (8,475) | ||||||||
Issuance of 42,080, 34,521 and 88,377 common shares for 2017, 2018 and 2019 respectively | 2,135 | 85 | 2,050 | 2,135 | |||||||
Common shares distributed from rabbi trust of 8,255, 19,396 and 1,989 for 2017, 2018 and 2019 net | 0 | 220 | (220) | 0 | |||||||
Cash dividends declared $.80, $.80 and $.80 per share for 2017, 2018 and 2019 respectively | (4,073) | (4,073) | (4,073) | ||||||||
Ending Balance at Dec. 31, 2017 | 238,537 | 12,593 | (11,834) | 11,834 | 29,734 | 311,765 | (68,115) | (41,425) | (6,015) | 238,537 | 0 |
Net income | 26,581 | 26,581 | 26,581 | ||||||||
Foreign currency translation adjustment | (12,285) | (12,285) | (12,285) | ||||||||
Recognized net actuarial loss (gain), net of tax provision of $199, $139 and $123 for 2017, 2018 and 2019 respectively | 386 | 386 | 386 | ||||||||
(Gain) loss on unfunded pension obligations, net of tax provision (benefit) of $247, $77 and $60 for 2017, 2018 and 2019 respectively | (244) | 0 | (244) | (244) | |||||||
Total comprehensive income | 14,438 | 14,438 | 0 | ||||||||
Share-based compensation | 4,084 | 4,236 | (152) | 4,084 | |||||||
Purchase of 121,626, 52,318 and 120,848 common shares for 2017, 2018 and 2019 respectively | (4,165) | (4,165) | (4,165) | ||||||||
Issuance of 42,080, 34,521 and 88,377 common shares for 2017, 2018 and 2019 respectively | 500 | 69 | 431 | 500 | |||||||
Common shares distributed from rabbi trust of 8,255, 19,396 and 1,989 for 2017, 2018 and 2019 net | 0 | 826 | (826) | 0 | |||||||
Cash dividends declared $.80, $.80 and $.80 per share for 2017, 2018 and 2019 respectively | (4,024) | (4,024) | (4,024) | ||||||||
Ending Balance at Dec. 31, 2018 | 249,370 | 12,662 | (11,008) | 11,008 | 34,401 | 334,170 | (72,280) | (53,710) | (5,873) | 249,370 | 0 |
Net income | 23,336 | 23,303 | 23,303 | 33 | |||||||
Foreign currency translation adjustment | 2,028 | 2,028 | 2,028 | ||||||||
Recognized net actuarial loss (gain), net of tax provision of $199, $139 and $123 for 2017, 2018 and 2019 respectively | 397 | 397 | 397 | ||||||||
(Gain) loss on unfunded pension obligations, net of tax provision (benefit) of $247, $77 and $60 for 2017, 2018 and 2019 respectively | (195) | 0 | (195) | (195) | |||||||
Total comprehensive income | 25,566 | 25,533 | 33 | ||||||||
Share-based compensation | 4,229 | 4,396 | (167) | 4,229 | |||||||
Purchase of 121,626, 52,318 and 120,848 common shares for 2017, 2018 and 2019 respectively | (6,826) | (6,826) | (6,826) | ||||||||
Issuance of 42,080, 34,521 and 88,377 common shares for 2017, 2018 and 2019 respectively | 243 | 186 | 57 | 243 | |||||||
Common shares distributed from rabbi trust of 8,255, 19,396 and 1,989 for 2017, 2018 and 2019 net | 0 | 27 | (27) | 0 | |||||||
Cash dividends declared $.80, $.80 and $.80 per share for 2017, 2018 and 2019 respectively | (4,014) | (4,014) | (4,014) | ||||||||
Ending Balance at Dec. 31, 2019 | $ 268,568 | $ 12,848 | $ (10,981) | $ 10,981 | $ 38,854 | $ 353,292 | $ (79,106) | $ (51,682) | $ (5,671) | $ 268,535 | $ 33 |
Statements of Consolidated Sh_2
Statements of Consolidated Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax provision (benefit) for recognized net actuarial loss (gain) | $ 123 | $ 139 | |
Tax provision (benefit) | $ (60) | $ (77) | |
Common Shares [Member] | |||
Issuance of common shares | 88,377 | 34,521 | 42,080 |
Common Shares Issued to Rabbi Trust [Member] | |||
Common shares distributed from rabbi trust | 1,989 | 19,396 | 8,255 |
Deferred Compensation Liability [Member] | |||
Common shares distributed from rabbi trust | 1,989 | 19,396 | 8,255 |
Paid In Capital [Member] | |||
Issuance of common shares | 88,377 | 34,521 | 42,080 |
Retained Earnings [Member] | |||
Cash dividends declared per share | $ 0.80 | $ 0.80 | $ 0.80 |
Treasury Stock [Member] | |||
Purchase of common shares | 120,848 | 52,318 | 121,626 |
Unrecognized Pension Benefit Cost [Member] | |||
Tax provision (benefit) for recognized net actuarial loss (gain) | $ 123 | $ 139 | $ 199 |
Tax provision (benefit) | $ (60) | $ (77) | $ 247 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 and Noncontrolling Interests The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries for which it has a controlling interest. All intercompany accounts and transactions have been eliminated upon consolidation. Noncontrolling interests are presented in the Company’s Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in our Consolidated Financial Statements. Additionally, the Company’s Consolidated Financial Statements include 100% of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. 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 are 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 estimated fair value of financial instruments was principally based on market prices where such prices were available, and when unavailable, fair values were estimated based on market prices of similar instruments. 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; machinery and equipment, three to ten years; and aircraft, fifteen 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 are impaired and the undiscounted 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 estimate of fair value represents 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, 2019 and 2018. Goodwill and Other Intangibles Goodwill and other intangible assets generally result from business acquisitions. Goodwill is not subject to amortization but is 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 2010 and 2019 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 assumptions and estimates regarding projected economic and market conditions, growth rates, operating margins and cash expenditures and the weighting used for each respective valuation methodology, results of the valuations could be significantly changed. The fair value of the reporting unit is based on a number of subjective factors including; the weighting used for each respective valuation methodology, consideration of the Company’s business outlook, and assumptions regarding the weighted average cost of capital (WACC) discount rate applied, growth rates in the discrete and terminal periods and market multiples for estimated cash flows. 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, 2019 and 2018 and determined that no adjustment to the carrying value was required for the years ended December 31, 2019 and 2018. Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies the performance obligations under the contract and control of the product is transferred to the customer, primarily based on shipping terms. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. The Company estimates product returns based on historical return rates. Research and Development Research and development costs for new products are expensed as incurred and totaled $3.0 million in 2019, $2.4 million in 2018 and $2.1 million in 2017. Income Taxes Income taxes are computed in accordance with the provisions of FASB ASC 740, “Income taxes” and includes U.S. (federal and state) and foreign 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. Provisions of the U.S. Tax Cuts and Jobs Act ("U.S. Tax Act") became effective for the Company in 2018. The Foreign-Derived Intangible Income (“FDII”) provision generates a deduction against the Company’s U.S. taxable income for U.S. earnings derived offshore that utilize intangibles held by the Company in the U.S. Conversely, the Global Intangible Low-Taxed Income (“GILTI”) provision requires the Company to subject to U.S. taxation a portion of its foreign subsidiary earnings that exceed an allowable return. The Company elects to treat any Global Intangible Low-Taxed Income (“GILTI”) inclusion as a period expense in the year incurred. Deferred Tax Assets Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial reporting and income tax basis of assets and liabilities and operating loss and tax credit carryforwards. The Company establishes a valuation allowance to record deferred tax assets at an amount that is more-likely-than-not to be realized. In the event the Company were to determine that it would be able to realize our deferred tax assets in the future in excess of the recorded amount, an adjustment to the valuation allowance would increase income in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of the net deferred tax assets in the future, an adjustment to the valuation allowance would be charged to expense in the period such determination was made. Uncertain Tax Positions The Company identifies tax positions taken on the federal, state, local and foreign income tax returns filed or to be filed. A tax position can include: a reduction in taxable income reported in a previously filed tax return or expected to be reported on a future tax return that impacts the measurement of current or deferred income tax assets or liabilities in the period being reported; a decision not to file a tax return; an allocation or a shift of income between jurisdictions; the characterization of income or a decision to exclude reporting taxable income in a tax return; or a decision to classify a transaction, entity or other position in a tax return as tax exempt. The Company determines whether a tax position is an uncertain or a routine business transaction tax position that is more-likely-than-not to be sustained at the full amount upon examination. Under FASB ASC 740, “Tax Benefits from Uncertain Tax Positions” that reduce our current or future income tax liability are reported in our financial statements only to the extent that each benefit is recognized and measured under a two-step approach. The first step requires us to assess whether each tax position based on its technical merits and facts and circumstances as of the reporting date, is more-likely-than-not to be sustained upon examination. The second step measures the amount of tax benefit that we would recognize in the financial statements based on a cumulative probability approach. A tax position that meets the more-likely-than-not threshold that is not highly certain is measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming that the tax authority has examined the position and has full knowledge of all relevant information. ASC 740 requires subjectivity to identify outcomes and to assign probability in order to estimate the settlement amount. The Company provides estimates in order to determine settlement amounts. During the year ended December 31, 2019, the Company recorded $.1 million of reserves for uncertain tax positions. At December 31, 2019, there was no reserve requirement for uncertain tax positions. Advertising Advertising costs are expensed as incurred and totaled $1.9 million in both 2019 and 2018 and $1.7 million in 2017. 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 years ended December 31, 2019, 2018 and 2017 were a loss of $.2 million, a loss of $1.5 million and a gain of $.3 million, 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. Effective July 1, 2018, Argentina was designated as a highly inflationary economy as the projected three-year cumulative inflation rate exceeded 100%. As such, beginning July 1, 2018, the functional currency for the Company’s Argentina subsidiary became the U.S. dollar. The impact to the Company’s Consolidated financial statements was not material and is included in the December 31, 2019 and 2018 results. Revenue from operations in Argentina was less than 2% of total consolidated net sales for both years ended December 31, 2019 and 2018. 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 revenue and expenses during the reporting period. Actual results could differ from these estimates. Business Combinations Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. The Company used a valuation model to measure the contingent consideration. The significant assumptions used in the simulation included volatility, discount rate, and revenue projections. The Company used a discounted cash flow model to measure the useful lives of intangible assets. The significant assumptions used to estimate the value of the intangible assets (customer relationships and developed technology) included discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates in the discrete and terminal periods, attrition rate, royalty rate). These assumptions relate to the future performance of the acquired businesses, are forward-looking and could be affected by future economic and market conditions. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company Derivative Financial Instruments The Company does not hold derivatives for trading purposes. Recently Adopted Accounting Pronouncements In August 2018, the SEC issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. The new rule requires a presentation of the changes in shareholders’ equity and noncontrolling interest in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company adopted the new disclosure requirements for the period ending December 31, 2019. The additional components of this release did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement (Topic 220), Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) which gives the entity the option to reclassify to retained earnings the tax effect resulting the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act”) related items that the FASB refers to as having been stranded in accumulated other comprehensive income (“OCI”). The Company adopted ASU 2018-02 effective January 1, 2019 and did not elect the option to reclassify to retained earnings the tax effects resulting from the Tax Act that are stranded in OCI. The adoption of this new guidance did not have a material effect on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update require the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation for leases classified as operating leases under previous guidance. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. The lessee is also required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. This ASU was applied using a modified retrospective adoption method with the option of applying the guidance either retrospectively to each prior comparative reporting period presented or retrospectively at the beginning of the period of adoption, effective January 1, 2019. The Company applied the transitional package of practical expedients allowed by the standard to not reassess the identification, classification and initial direct costs of leases commencing before this ASU's effective date, however, the Company did not elect the hindsight transitional practical expedient. The Company also applied the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company also elected the practical expedient allowed under “Leases (Topic 842)” to exclude leases with a term of twelve months or less form the calculation of the lease liabilities and right-of-use assets. The Company has finalized its policy elections, the discount rate used and data to support recognition and disclosure under the new standard. The adoption of this ASU resulted in an initial recognition of right-of-use assets and corresponding current and long-term lease obligations, on a discounted basis, of its lease obligations of $10.4 million on the Company’s balance sheet at January 1, 2019. Refer to Note F “Leases” for additional details regarding the Company’s leases. New Accounting Standards To Be Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) which simplifies certain specific aspects of ASC 740. ASU 2019-12 addresses the income tax accounting implications of hybrid tax regimes, which includes tax regimes that impose the greater of two taxes, one based on income or one based on items other than income, the treatment of tax basis step-up of goodwill in a transaction that does not qualify as a business combination, the application of the intra-period tax allocation rules in certain situations involving a valuation allowance, the income tax accounting impact on the change of the ownership of an investment from a subsidiary to an equity method investment and a change in an investment from an equity method investment to a subsidiary, income tax accounting related to interim reporting, including the treatment of enacted changes in tax law during interim periods and the treatment of year-to-date loss limitations. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not been issued. The Company has not yet adopted ASU 2019-12 and does not believe the adoption of this ASU will have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” (“ASU 2018-13”) which will modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the removal of certain disclosure requirements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until the effective date. The Company is currently evaluating what impact its adoption, effective January 1, 2020, will have to the presentation of the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes how entities will measure credit losses for most financial assets and other instruments that are not measured at fair value through net income. This update introduces the current expected credit loss (CECL) model, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is nearing the end of its evaluation process and does not expect the adoption to have a material impact to the Company’s consolidated financial statements upon its adoption that is effective January 1, 2020. |
Other Financial Statement Infor
Other Financial Statement Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Other Financial Statement Information | Note B - Other Financial Statement Information Inventories – net December 31 2019 2018 Raw materials $ 49,729 $ 43,041 Work-in-process 9,352 8,818 Finished products 45,760 42,163 104,841 94,022 Excess of current cost over LIFO cost (4,667 ) (4,474 ) Noncurrent portion of inventory (4,456 ) (4,289 ) $ 95,718 $ 85,259 Costs for inventories of certain material are determined using the LIFO method and totaled approximately $32.0 million and $29.5 million at December 31, 2019 and 2018, respectively. Property and equipment – net Major classes of property, plant and equipment are as follows: December 31 2019 2018 Land and improvements $ 22,218 $ 12,552 Buildings and improvements 82,811 74,743 Machinery, equipment and aircraft 180,221 171,015 Construction in progress 9,460 3,392 294,710 261,702 Less accumulated depreciation (170,692 ) (158,747 ) $ 124,018 $ 102,955 Depreciation of property and equipment was $12.3 million in 2019, $12.1 million in 2018 and $11.8 million in 2017. Machinery, equipment and aircraft includes $.2 million and $.1 million of financing leases at the years ended December 31, 2019 and 2018, respectively. Legal proceedings The Company can be party to a variety of pending legal proceedings and claims arising in the normal course of business, including, but not limited to, litigation relating to employment, workers’ compensation, product liability, environmental and intellectual property. The Company has liability insurance to cover many of these claims. Although the outcomes of these matters are not predictable with certainty, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and the likelihood to develop what the Company believes to be a reasonable range of potential loss exists, the Company will include disclosure related to such matters. To the extent that there is a reasonable possibility the losses could exceed amounts already accrued, the Company will adjust the accrual in the period in which the determination is made, disclose an estimate of the additional loss or range of loss and if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. The Company and its subsidiaries Helix Uniformed Ltd. (“Helix”) and Preformed Line Products (Canada) Limited (“PLPC Canada”), were each named, jointly and severally, with each of SNC-Lavalin ATP, Inc. (“SNC ATP”), HD Supply Canada Inc., by its trade names HD Supply Power Solutions and HD Supply Utilities (“HD Supply”), and Anixter Power Solutions Canada Inc. (the corporate successor to HD Supply, “Anixter” and, together with the Company, PLPC Canada, Helix, SNC ATP and HD Supply, the (“Defendants”) in a complaint filed by Altalink, L.P. (the “Plaintiff”) in the Court of Queen’s Bench of Alberta in Alberta, Canada in November 2016 (the “Complaint”). The Complaint states that Plaintiff engaged SNC ATP to design, engineer, procure and construct numerous power distribution and transmission facilities in Alberta (the “Projects”) and that through SNC ATP and HD Supply (now Anixter), spacer dampers manufactured by Helix were procured and installed in the Projects. The Complaint alleges that the spacer dampers have and may continue to become loose, open and detach from the conductors, resulting in damage and potential injury and a failure to perform the intended function of providing spacing and damping to the Project. The Plaintiffs were initially seeking an estimated $56.0 million Canadian dollars in damages jointly and severally from the Defendants, representing the costs of monitoring and replacing the spacer dampers and remediating property damage, due to alleged defects in the design and construction of, and supply of materials for, the Projects by SNC ATP and HD Supply/Anixter and in the design of the spacer dampers by Helix. The Plaintiffs reduced their demand for damages to $29.4 million Canadian dollars on June 1, 2018. The Company believes the claims against it are without merit and intends to vigorously defend against such claims. The Company is unable to predict the outcome of this case and cannot reasonably estimate a potential range of loss. However, if the matter is to be in a manner adverse to the Company, it could have a material effect on the Company’s financial results. |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2019 | |
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 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: 2019 2018 2017 Service cost $ 299 $ 250 $ 255 Interest cost 1,411 1,349 1,456 Expected return on plan assets (1,946 ) (1,985 ) (1,903 ) Recognized net actuarial loss 520 525 468 Net periodic pension cost $ 284 $ 139 $ 276 The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31: 2019 2018 Projected benefit obligation at beginning of the year $ 33,931 $ 36,031 Service cost 299 250 Interest cost 1,411 1,349 Actuarial loss (gain) 3,528 (2,409 ) Benefits paid (1,233 ) (1,290 ) Projected benefit obligation at end of year $ 37,936 $ 33,931 Fair value of plan assets at beginning of the year $ 28,672 $ 25,367 Actual return on plan assets 5,219 (745 ) Employer contributions 0 5,340 Benefits paid (1,233 ) (1,290 ) Fair value of plan assets at end of the year $ 32,658 $ 28,672 Unfunded pension obligation $ 5,278 $ 5,259 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: 2019 2018 Balance at January 1 $ (5,873 ) $ (6,015 ) Reclassification adjustments: Pre-tax amortized net actuarial loss 520 525 Tax provision (123 ) (139 ) 397 386 Adjustment to recognize gain (loss) on unfunded pension obligations: Pre-tax loss (255 ) (321 ) Tax provision 60 77 (195 ) (244 ) Balance at December 31 $ (5,671 ) $ (5,873 ) The 2019 pre-tax unfunded pension obligation loss of 0.2 million included a loss of $4.0 million due to a .75% decrease in the discount rate to 3.50%, a gain of less than $.1 million associated with the industry updates to the mortality table used, a gain of $.2 million due to demographic changes combined with a gain of $3.3 million resulting from asset performance above the 7.00% rate of return assumption and a gain of $.3 million to account for the service cost expense load on the Company’s frozen plan. The estimated net loss for the Plan that will be amortized from Accumulated other comprehensive income into periodic benefit cost for 2020 is $.5 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: 2019 2018 Accumulated benefit obligation $ 37,936 $ 33,931 Fair market value of assets 32,658 28,672 2019 2018 Discount rate 3.50% 4.25% 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: 2019 2018 2017 Discount rate 3.50% 4.25% 4.25% Rate of compensation increase n/a n/a n/a Expected long-term return on plan assets 7.00 8.00 8.00 The net periodic pension cost for 2019 was based on a long-term asset rate-of-return of 7.00%. 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 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 7.00% is justified. During the year ended December 31, 2019, the Company changed its Plan asset base from a combined Level 1 and Level 2 allocation to utilize net asset value (“NAV”) as the practical expedient for its pooled investment funds and the assets are no longer classified in the fair value hierarchy. At December 31, 2019, the Plan’s pooled investment funds were measured at fair value using the net asset value. The NAV is based on the value of the assets owned by the plan, less liabilities. These pooled assets are not quoted on an active exchange. At December 31, 2018, 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, 2019 and 2018, by category, are as follows: At December 31, 2019 Assets measured at net asset value Pooled investment fund $ 32,658 Total 32,658 At December 31, 2018 Total Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured at fair value Cash $ 462 $ 462 $ 0 $ 0 Equity Securities 10,470 10,470 0 0 U.S. Treasury Bonds 13,109 13,109 0 0 Corporate Bonds 4,631 0 4,631 0 Total $ 28,672 $ 24,041 $ 4,631 $ 0 The Plan weighted-average asset allocations at December 31, 2019 and 2018, by asset category, are as follows: Plan assets at December 31 2019 2018 Asset category Equity securities 48 % 37 % Debt securities 51 61 Cash and equivalents 1 2 100 % 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 40-60% 50% Fixed Income 40-60% 50% Cash Equivalents 0-10% 0.0% 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 2020. 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 2020 $ 1,225 2021 1,292 2022 1,382 2023 1,469 2024 1,566 2025-2029 9,077 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 $6.0 million in 2019, $5.6 million in 2018 and $5.1 million in 2017. 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. During January 2018, the Company amended the Supplemental Profit Sharing Plan to allow the participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. Expense for the Supplemental Profit Sharing Plan was $1.1 million for 2019, $.2 million for 2018 and $.5 million for 2017. The Supplemental Profit Sharing Plan unfunded status for the years ended December 31, 2019 and 2018 was $6.1 million and $4.9 million, respectively, and is included in Other noncurrent liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Year Ended December 31, 2018 Cumulative Cumulative Unrecognized Translation Unrecognized Translation Benefit Cost Adjustment Total Benefit Cost Adjustment Total Balance at January 1 $ (5,873 ) $ (53,710 ) $ (59,583 ) $ (6,015 ) $ (41,425 ) $ (47,440 ) Other comprehensive income before reclassifications: Gain (loss) on foreign currency translation adjustment 0 2,028 2,028 0 (12,285 ) (12,285 ) Loss on unfunded pension obligations (195 ) 0 (195 ) (244 ) 0 (244 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial loss (a) 397 0 397 386 0 386 Net current period other comprehensive income (loss) 202 2,028 2,230 142 (12,285 ) (12,143 ) Balance at December 31 $ (5,671 ) $ (51,682 ) $ (57,353 ) $ (5,873 ) $ (53,710 ) $ (59,583 ) (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, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Credit Arrangements | Note E - Debt and Credit Arrangements December 31 2019 2018 Short-term debt Secured notes Thailand Bhat denominated at 4.35% 3,670 1,797 Thailand Bhat denominated at 4.08% 1,882 683 Brazil Real denominated at 2.83% 1,152 802 Brazil Real denominated at 5.40% 752 842 Brazil Real denominated at 9.40% 1,240 4,918 Current portion of long-term debt U.S. dollar denominated at 2.71% 1,448 1,448 Austria Euro denominated at 2.32% 30 0 Austria Euro denominated at 1.40% 560 0 Austria Euro denominated at 3.00% 22 0 Indonesia U.S. Dollar denominated at 3.50% 800 0 New Zealand U.S. Dollar denominated at 3.90% 494 0 Total short-term debt 12,050 10,490 Long-term debt U.S. Dollar denominated at 2.89%, due 2021 21,552 12,189 U.S. Dollar denominated at 2.71%, due 2026 9,535 10,984 Brazilian Real denominated at 4.60% due 2022 147 214 Poland Zloty denominated at 2.76% due 2021 6,524 904 Australian Dollar denominated at 1.96%, due 2021 5,526 2,117 Austria Euro denominated at 2.32% due 2030 224 0 Austria Euro denominated at 1.40% due 2020 560 0 Austria Euro denominated at 3.00% due 2021 134 0 Indonesia U.S Dollar denominated at 3.50% due 2024 7,467 0 New Zealand Dollar denominated at 3.90% due 2021 5,407 0 Total long-term debt 57,076 26,408 Less current portion (3,354 ) (1,448 ) Total long-term debt, less current portion 53,722 24,960 Total debt $ 65,772 $ 35,450 On March 13, 2018, the Company extended the term on its $65.0 million credit facility from June 30, 2019 to June 30, 2021. All other terms remain the same, including the interest rate at LIBOR plus 1.125% unless its funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, then the LIBOR spread becomes 1.500%. As of December 31, 2019, the Company’s Polish subsidiary had borrowed $6.5 million at a rate of 1.125% plus the Warsaw Interbank Offer Rate with a term expiring June 30, 2021. At December 31, 2019, the Company’s Australian subsidiary had borrowed $5.5 million U.S. dollars, also with a term expiring June 30, 2021. As of December 31, 2019, the interest rates on the U.S., Polish and Australian lines of credit agreement were 2.89% and 2.76% and 1.96%, respectively. Under the credit facility, at December 31, 2019, the Company had utilized $33.6 million with $31.4 million available under the line of credit net of long-term outstanding letters of credit. The PLP-USA line of credit provides for $20.0 million to be available to the Company’s subsidiaries, of which $8.0 million was available to the subsidiaries at December 31, 2019. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At both December 31, 2019 and 2018, the Company was in compliance with all covenants. On February 28, 2019, the Company acquired its Austrian subsidiary, SubCon, headquartered in Dornbirn, Austria. SubCon has a 1.0 million euros, or $1.1 million U.S. dollars line of credit with a term expiration of May 31, 2020 with the option to renew for an additional twelve months indefinitely. At December 31, 2019, SubCon had borrowed $.6 million on the line of credit at an interest rate of 1.400%. On April 25, 2019, the Company borrowed $8.0 million U.S. dollars on behalf of its Indonesian subsidiary at a rate of 3.501% with a term expiring on April 30, 2024. At December 31, 2019, $7.5 million was outstanding on this debt facility, of which $.8 million is classified as current. On August 14, 2019, the Company’s New Zealand subsidiary borrowed the U.S equivalent dollar of $5.3 million at a rate of 3.900% with a term expiring on August 26, 2021. At December 31, 2019, $5.4 million was outstanding on this facility, of which $.5 million is classified as current. This loan is secured by the Company’s New Zealand subsidiary’s land and building. The Company owns a corporate aircraft with a remaining balance due on the loan of $9.5 million, of which $1.4 million is classified as short-term, with a term expiring in 2026. The loan is secured by the purchased aircraft. The Company’s Asia Pacific segment had $.3 million in restricted cash at both periods ended December 31, 2019 and 2018. The restricted cash is used to secure bank debt and is included in Other assets on the balance sheet. Aggregate maturities of long-term debt during the next five years are as follows: $3.4 million for 2020, $36.4 million for 2021, $2.8 million for 2022, $2.8 million for 2023 and $11.7 million thereafter. Interest paid was $2.0 million in 2019, $1.8 million in 2018 and $1.0 million in 2017. 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 non-performance. As of December 31, 2019, the Company had total outstanding guarantees of $11.5 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, 2019, the Company had total outstanding letters of credit of $7.6 million. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note F - Leases The Company adopted guidance effective in ASU 2016-02, “Leases (Topic 842)” on January 1, 2019. Adoption of this guidance did not change the Company’s balance sheet or income statement recognition of finance leases. As a result of adopting this guidance, the Company recorded short and long-term lease liabilities and corresponding right-of-use assets related to its operating leases. The Company regularly enters into leases in the normal course of business. As of December 31, 2019, the leases in effect were related to land, buildings, vehicles, office equipment and other production equipment under operating leases with lease terms of up to 99 years. The Company often has the option to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at the Company’s discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if the Company is reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for the Company’s operating and financing leases as of December 31, 2019 was 18.2 and 2.5 years, respectively. Lease expense is recognized for these leases on a straight-line basis over the lease term with variable lease payments recognized in the period those payments are incurred. The components of operating and finance lease costs are recognized in Costs and expenses and Interest expense, respectively, on the Company’s Consolidated Statements of Income. The Company’s operating and finance lease costs for the year ended December 31, 2019 were as follows: Year Ended December 31, 2019 Components of lease expense Operating lease cost $ 3,138 Finance lease cost Amortization of right-of-use assets 67 Interest on lease liabilities 11 Total lease cost $ 3,216 The discount rate implicit within each lease is often not determinable and, therefore, the Company establishes the discount rate based on its incremental borrowing rate. The incremental borrowing rate for the Company’s leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure the Company’s operating and finance lease liabilities as of December 31, 2019 was 5.02% and 4.54%, respectively. For both years ended December 31, 2018 and 2017, prior to the adoption of Topic 842, rental expense for leases was $2.6 million. Future maturities of the Company’s lease liabilities as of December 31, 2019 are as follows: Year Ended December 31, 2019 Operating Leases Finance Leases 2020 $ 2,462 $ 109 2021 2,026 45 2022 1,607 26 2023 1,066 22 2024 and thereafter 9,113 0 Total lease payments $ 16,274 $ 202 Less amount of lease payment representing interest 5,966 10 Total present value of lease payments $ 10,308 $ 192 Amounts recognized as finance lease obligations are reported in Accrued expense and other liabilities and Other noncurrent liabilities in the Consolidated Balance sheets. The total minimum sublease rentals under noncancelable subleases to be received through 2024 is $3.6 million. As of December 31, 2018, prior to the adoption of Topic 842, future minimum lease payments under operating leases were $2.2 million in 2019, $1.8 million in 2020, $1.6 million in 2021, $.9 million in 2022, $.2 million in 2023 and $6.3 million thereafter. Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows: Year Ended December 31, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,321 Operating cash flows from finance leases 11 Financing cash flows from finance leases 100 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note G - Income Taxes The Company recorded net tax provisions of $8.1 million, $6.0 million, and $13.2 million for the years ended December 31, 2019, 2018, and 2017, respectively. Cash taxes paid net of refunds were $7.8 million, $5.6 million, and $3.4 million for the years ending December 31, 2019, 2018, and 2017, respectively. As described in Note A, effective January 1, 2019, the Company adopted ASU 2018-02 and has elected not to reclassify the income tax effects of the U.S. Tax Act from Accumulated other comprehensive income to retained earnings. Income before income taxes was derived from the following sources: 2019 2018 2017 United States $ 11,353 $ 10,268 $ 4,774 Foreign 20,105 22,320 21,032 $ 31,458 $ 32,588 $ 25,806 The components of income taxes for the years ended December 31 are as follows: 2019 2018 2017 Current Federal $ 2,835 $ (904 ) $ 4,592 Foreign 6,170 6,247 5,998 State and local 391 350 126 9,396 5,693 10,716 Deferred Federal (10 ) 801 2,316 Foreign (1,347 ) (608 ) 12 State and local 83 121 108 (1,274 ) 314 2,436 Income taxes $ 8,122 $ 6,007 $ 13,152 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 years ended December 31 are summarized as follows: 2019 2018 2017 U. S. federal statutory tax rate 21% 21% 35% Federal tax at statutory rate $ 6,606 $ 6,843 $ 9,033 State and local taxes, net of federal benefit 308 273 82 U.S. federal permanent items 621 240 (60 ) Global intangible low-taxed income 1,738 1,721 (116 ) Foreign tax credits (1,422 ) (1,707 ) 0 Transition tax 0 (1,780 ) 2,592 Non-U.S. tax rate variances 929 1,011 (1,491 ) Valuation allowance (346 ) (57 ) 88 Tax credits (464 ) (295 ) (255 ) Tax act impact, deferred rate 0 (680 ) 3,161 Other, net 152 438 118 $ 8,122 $ 6,007 $ 13,152 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: 2019 2018 Deferred tax assets: Accrued compensation and benefits $ 1,180 $ 1,387 Inventory valuation reserves 2,384 2,256 Allowance for doubtful accounts 473 346 Benefit plan reserves 7,586 7,153 Net operating loss carryforwards 3,003 2,651 Other accrued expenses 3,012 2,830 Unrealized foreign exchange 718 1,217 Gross deferred tax assets 18,356 17,840 Valuation allowance (3,137 ) (3,495 ) Net deferred tax assets 15,219 14,345 Deferred tax liabilities: Depreciation and other basis differences (6,867 ) (6,855 ) Intangibles (3,742 ) (2,057 ) Undistributed foreign earnings 0 (172 ) Other (162 ) (72 ) Deferred tax liabilities (10,771 ) (9,156 ) Net deferred tax assets $ 4,448 $ 5,189 2019 2018 Change in net deferred tax assets: Deferred income tax expense Ordinary movement $ 1,275 $ (993 ) Deferred tax balances from business acquisition (1,883 ) 0 Tax impact deferred rate 0 680 Items of other comprehensive income (loss) (62 ) (62 ) Currency translation (71 ) (120 ) Total change in net deferred tax assets $ (741 ) $ (495 ) 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 basis of assets and liabilities and operating loss and tax credit carryforwards. At December 31, 2019, the Company had $10.6 million of foreign net operating loss carryforwards of which $8.7 million have an indefinite carryforward and $1.9 million will expire between the years 2024 and 2029. 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 $3.1 million at December 31, 2019 in order to measure only the portion of the deferred tax asset that is more likely than not to be realized. The net decrease in the valuation allowance during the year was $.4 million, of which $.3 million impacts the income tax provision and the remainder relates to currency translation. The Company considers the majority of the earnings in our non-U.S. subsidiaries to be permanently reinvested and accordingly did not record any associated deferred income taxes on such earnings. Accordingly, the Company intends to continue to invest approximately $110.6 million of the approximate $112.2 million of such earnings, as well as our capital in these subsidiaries, indefinitely outside of the U.S. The Company has recorded a tax liability of $.1 million related to the cost to remit such earnings not permanently reinvested, which is primarily related to local country withholding. The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. As of December 31, 2019, with few exceptions, the Company is no longer subject to U.S. federal examinations by tax authorities for years before 2015 and state, local or foreign examinations by tax authorities for years before 2013. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits related to uncertain tax positions, excluding interest and penalties, for the year ended December 31: 2019 2018 2017 Balance at January 1 $ 0 $ 0 $ 0 Additions for tax positions of current year 0 0 0 Additions for tax positions of prior years 118 0 0 Reductions for tax positions of prior years 0 0 0 Expiration of statutes of limitations 0 0 0 Balance at December 31 $ 118 $ 0 $ 0 The Company records accrued interest as well as penalties related to unrecognized tax benefits as part of the provision for income taxes. During the years ended December 31, 2019, 2018 and 2017, the Company had no significant activity with regard to unrecognized tax benefits. The Company had less than $.1 million of accrued interest and penalties as of December 31, 2019 and no accrued interest as of December 31, 2018 and 2017. The Company does not anticipate a change in the unrecognized tax benefits within the next twelve months. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased 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, 2019 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, 2019 750 $ 39.10 Exercised (750 ) $ 39.10 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at December 31, 2019 0 $ 0.00 0.0 $ 0 There were 750, 0 and 4,800 in stock options exercised during the years ended December 31, 2019, 2018 and 2017, respectively. The total intrinsic value of stock options exercised during the year ended December 31, 2019 was approximately $.1 million. Less than $.1 million in cash was received for the exercise of stock options during 2019. The Company recorded no compensation expense related to these stock options for the years ended December 31, 2019, 2018 and 2017, as all options were fully vested as of December 31, 2012. Long Term Incentive Plan of 2008 and 2016 Incentive Plan The Company maintains an equity award program to give the Company a competitive advantage in attracting, retaining, and motivating officers, employees and directors and to provide an incentive to those individuals to increase shareholder value through long-term incentives directly linked to the Company’s performance. Under the Preformed Line Products Company Long Term Incentive Plan of 2008 (the “LTIP”), certain employees, officers, and directors were eligible to receive awards of options, restricted shares and restricted share units (RSUs). The total number of Company common shares reserved for awards under the LTIP was 900,000, of which 800,000 common shares were reserved for RSUs and 100,000 common shares were reserved for share options. The Preformed Line Products Company 2016 Incentive Plan (the “Incentive Plan”) was put in place upon approval by the Company’s Shareholders at the 2016 Annual Meeting of Shareholders on May 10, 2016. No further awards will be made under the LTIP and previously granted awards remain outstanding in accordance with their terms. Under the Incentive Plan, certain employees, officers, and directors will be eligible to receive awards of options, restricted shares and RSUs. The total number of Company common shares reserved for awards under the Incentive Plan is 1,000,000 of which 900,000 common shares have been reserved for restricted share awards and 100,000 common shares have been reserved for share options. As of December 31, 2019, 15,000 options and 235,599 restricted shares have been granted under the Incentive Plan. The Incentive Plan expires on May 10, 2026. Restricted Share Units For the regular annual grants, a portion of the RSUs is subject to time-based cliff vesting and a portion is subject to vesting based upon the Company’s performance over a 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, however, the participant must remain employed with the Company until the restrictions on the RSUs lapse. The fair value of RSUs is based on the market price of a common share on the grant date. Dividends declared are accrued. A summary of the RSUs for the year ended December 31, 2019 is as follows: Restricted Share Awards Performance Total Weighted-Average and Service Service Restricted Grant-Date Required Required Awards Fair Value Nonvested as of January 1, 2019 213,624 17,298 230,922 $ 53.68 Granted 65,392 8,123 73,515 56.22 Vested (75,921 ) (9,061 ) (84,982 ) 36.03 Forfeited (6,753 ) (1,068 ) (7,821 ) 68.95 Nonvested as of December 31, 2019 196,342 15,292 211,634 $ 53.68 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. Annual compensation expense related to the time-based RSUs for the years ended December 31, 2019, 2018 and 2017 was $.5 million, $.5 million and $.4 million, respectively. During the year ended December 31, 2019, retired Officers of the Company forfeited 1,068 RSUs granted during 2018 and 2017. As of December 31, 2019, there was $.5 million of total unrecognized compensation cost related to time-based RSUs that is expected to be recognized over the weighted-average remaining period of approximately 1.6 years. For the performance-based RSUs, the number of RSUs in which the participants will vest depends on the Company’s level of performance measured by growth in pre-tax income and sales growth over a requisite performance period. Depending on the extent to which the performance criteria are satisfied under the LTIP, the participants are eligible to earn common shares over the vesting period. Performance-based compensation expense for the years ended December 31, 2019, 2018 and 2017 was $3.9 million, $3.7 million and $2.7 million, respectively. During the year ended December 31, 2019, Company participants and retired Officers of the Company forfeited 6,753 RSUs granted during 2018 and 2017. As of December 31, 2019, the remaining performance-based RSUs compensation expense of $3.9 million is expected to be recognized over a period of approximately 1.6 years. The excess tax benefits from service and performance-based RSUs was $.5 million, $.2 million and $.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. This 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 and Incentive Plan), vesting of the RSUs will be accelerated and all restrictions will lapse. Nonvested performance-based awards are based on a maximum target 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 RSUs, 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. 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 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, 2019, 267,641 LTIP shares have been deferred and are being held by the rabbi trust. Share Option Awards The LTIP permitted and now the Incentive Plan permits the grant of 100,000 options to buy common shares of the Company to certain employees at not less than fair market value of the shares on the date of grant. Options issued to date under the LTIP and Incentive Plan vest 50% after one year following the date of the grant, 75% after two years, and 100% after three years and expire from five to ten years from the date of grant. Shares issued as a result of stock option exercises will be funded with the issuance of new shares. The Company utilizes the Black-Scholes option pricing model for estimating fair values of options. The Black-Scholes model requires assumptions regarding the volatility of the Company’s stock, the expected life of the stock award and the Company’s dividend yield. The Company utilizes historical data in determining these assumptions. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated to be zero. There were 5,000 options granted during each of the years ended December 31, 2019, 2018 and 2017. 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: 2019 2018 2017 Risk-free interest rate 1.8 % 2.8 % 2.0 % Dividend yield 1.6 % 1.6 % 1.7 % Expected life (years) 5 5 5 Expected volatility 42.0 % 40.0 % 36.8 % Activity in the Company’s LTIP and Incentive Plan for the year ended December 31, 2019 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, 2019 30,750 $ 56.81 Granted 5,000 $ 60.60 Exercised (4,000 ) $ 45.96 Forfeited 0 $ 0.00 Outstanding (vested and expected to vest) at December 31, 2019 31,750 $ 58.77 6.6 $ 169 Exercisable at December 31, 2019 23,000 $ 58.68 5.6 $ 154 The weighted-average grant-date fair value of options granted during 2019 was $60.60. There were 4,000, 3,500, and 28,500 stock options exercised during the years ended December 31, 2019, 2018 and 2017, respectively. The total intrinsic value of stock options exercised was $.1 million, $.1 million and $.7 for the years ended December 31, 2019, 2018 and 2017, respectively. Cash received for the exercise of stock options during 2019 was $.2 million, $.2 million in 2018 and $1.5 million in 2017. For each of the three years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 is expected to be $.2 million over a weighted-average period of approximately 2.5 years. The excess tax benefits from share-based awards for each of the years ended December 31, 2019, 2018 and 2017 was less than $.1 million. This 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 Sha
Computation of Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the years presented. The calculation of basic and diluted earnings per share for the year ended December 31 was as follows: 2019 2018 2017 Numerator Net income $ 23,303 $ 26,581 $ 12,654 Denominator Determination of shares (in thousands) Weighted-average common shares outstanding 5,031 5,032 5,102 Dilutive effect - share-based awards 56 75 31 Diluted weighted-average common shares outstanding 5,087 5,107 5,133 Earnings per common share Basic $ 4.63 $ 5.28 $ 2.48 Diluted $ 4.58 $ 5.21 $ 2.47 For the year ended December 31, 2019, 2018 and 2017, 15,041, 260 and 13,000 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 | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Gross Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Finite-lived intangible assets Patents $ 4,806 $ (4,806 ) $ 4,806 $ (4,788 ) Land use rights 1,128 (331 ) 1,134 (203 ) Trademark 1,718 (1,358 ) 1,707 (1,247 ) Technology 7,185 (1,708 ) 2,994 (1,334 ) Customer relationships 15,811 (7,329 ) 11,804 (6,415 ) $ 30,648 $ (15,532 ) $ 22,445 $ (13,987 ) Indefinite-lived intangible assets Goodwill $ 27,840 $ 15,621 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, 2019 and October 1, 2018 and determined that no adjustment to the carrying value was required. USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2018 $ 3,078 $ 4,292 $ 1,495 $ 7,679 $ 16,544 Currency translation and other 0 (295 ) (140 ) (488 ) (923 ) Balance at December 31, 2018 3,078 3,997 1,355 7,191 15,621 Currency translation 0 161 (45 ) (29 ) 87 Goodwill acquired during the year 0 0 18,619 0 18,619 Purchase price allocation adjustments 0 0 (6,487 ) 0 (6,487 ) Balance at December 31, 2019 $ 3,078 $ 4,158 $ 13,442 $ 7,162 $ 27,840 The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Of the $6.5 million in purchase price allocation adjustments, $6.3 million represents an allocation to definite lived intangible assets and $.2 million represents an inventory step-up allocation. Refer to Note O “Business Combinations” for additional details regarding the Company’s purchase price allocations. The aggregate amortization expense for other intangibles with finite lives, ranging from 4 to 82 years, for the year ended December 31, 2019 was $1.5 million and was $1.0 million for both years ended December 31, 2018 and 2017. Amortization expense is estimated to be $1.6 million for 2020, and $1.5 million for 2021, 2022, 2023 and 2024. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Note K - Fair Value of Financial Assets and Liabilities The Company measures and records certain assets and liabilities at fair value. A fair value hierarchy is used for those assets and liabilities measured at fair value that distinguishes between assumptions based on market data (observable inputs), and the Company’s assumptions (unobservable inputs). The hierarchy consists of the following three levels: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs other than Level 1 inputs that are either directly or indirectly observable, which may include: o Quoted prices for similar assets in active markets; o Quoted prices for identical or similar assets or liabilities in inactive markets; o Inputs other than quoted prices that are observable for the asset or liability; and o Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and developed using estimates and assumptions developed by the Company which reflect those that a market participant would use. The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the consolidated balance sheets as of December 31, 2019 and 2018: Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Supplemental profit sharing plan $ 6,059 $ 0 $ 6,059 $ 0 Earn-out 581 0 0 581 Total Liabilities $ 6,640 $ 0 $ 6,059 $ 581 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities $ 1,648 $ 1,648 $ 0 $ 0 Total Assets $ 1,648 $ 1,648 $ 0 $ 0 Liabilities: Supplemental profit sharing plan 4,946 0 4,946 0 Total Liabilities $ 4,946 $ 0 $ 4,946 $ 0 The Company has a non-qualified Supplemental Profit Sharing Plan for its executives. The liability for this unfunded Supplemental Profit Sharing Plan was $6.1 million at December 31, 2019 and $4.9 million at December 31, 2018. These amounts are recorded within Other noncurrent liabilities on the Company’s consolidated balance sheets. During January 2018, the Company amended the Supplemental Profit Sharing Plan to allow the participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. The Company credits earnings, gains and losses to the participants’ deferred compensation account balances based on the investments selected by the participants. The Company measures the fair value of the Supplemental Profit Sharing Plan liability using the market values of the participants’ underlying investment accounts. In order to mitigate the risk associated with the Supplemental Profit Sharing Plan, the Company had invested in marketable securities, principally equity-based mutual funds, which were all transferred to the Company’s Corporate Owned Life Insurance Policy (“COLI”) in April 2019. The balance in the marketable securities of $0 million and $1.6 million were reported at fair value within Other current assets on the Company’s consolidated balance sheets as of December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, the cash surrender value of the COLI was $5.5 million and $2.8 million, respectively, and is recorded in Other assets on the Company’s consolidated balance sheets. Changes in the fair value of the marketable securities of $.2 million and $.1 million were recognized within Other income, net within the consolidated statements of income for the twelve-month periods ended December 30, 2019 and 2018, respectively. The earn-out represents the estimated fair value of additional cash consideration payable in connection with a recent acquisition that is contingent upon the achievement of certain performance milestones using expected future cash flows over the earn-out period and applied a discount rate that appropriately captures the risk associated with the obligation. These are considered to be Level 3 inputs. The contingent liabilities of $.6 million are recorded in Other noncurrent liabilities on the Company’s consolidated balance sheet. 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, 2019, 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, 2019. Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows: December 31, 2019 December 31, 2018 Fair Carrying Value Fair Value Carrying Value Long-term debt and related current maturities $ 56,539 $ 57,076 $ 27,017 $ 26,408 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note L - Revenue Revenue recognition Net sales include products and shipping and handling charges, net of estimates for product returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies the performance obligations under the contract and control of the product is transferred to the customer, primarily based on shipping terms. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. The Company estimates product returns based on historical return rates. Disaggregated revenue The Company’s revenues by segment and product type are as follows: Year Ended December 31, 2019 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 62 % 67 % 68 % 72 % 67 % Communications 30 % 27 % 24 % 6 % 22 % Special Industries 8 % 6 % 8 % 22 % 11 % Total 100 % 100 % 100 % 100 % 100 % Year Ended December 31, 2018 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 60 % 67 % 73 % 68 % 66 % Communications 34 % 29 % 12 % 4 % 21 % Special Industries 6 % 4 % 15 % 28 % 13 % Total 100 % 100 % 100 % 100 % 100 % |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Note M - 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 Financial Accounting Standards Board “FASB” Accounting Standards Codification “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, telecommunications and solar 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 . The following table presents a summary of the Company’s reportable segments for the year ended December 31, 2019, 2018 and 2017. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory. Year Ended December 31 2019 2018 2017 Net sales PLP-USA $ 178,301 $ 169,040 $ 147,646 The Americas 68,293 66,868 69,764 EMEA 79,158 69,773 63,916 Asia-Pacific 119,109 115,197 96,886 Total net sales $ 444,861 $ 420,878 $ 378,212 Intersegment sales PLP-USA $ 10,757 $ 11,648 $ 12,234 The Americas 7,774 9,480 5,570 EMEA 1,375 1,664 1,120 Asia-Pacific 12,720 11,907 8,596 Total intersegment sales $ 32,626 $ 34,699 $ 27,520 Interest income PLP-USA $ 0 $ 0 $ 0 The Americas 412 273 283 EMEA 192 102 47 Asia-Pacific 179 111 100 Total interest income $ 783 $ 486 $ 430 Interest expense PLP-USA $ (972 ) $ (1,023 ) $ (941 ) The Americas (466 ) (111 ) (10 ) EMEA (149 ) (58 ) (31 ) Asia-Pacific (630 ) (98 ) (79 ) Total interest expense $ (2,217 ) $ (1,290 ) $ (1,061 ) Income taxes PLP-USA $ 3,299 $ 367 $ 7,142 The Americas 2,551 3,349 3,593 EMEA 616 1,204 1,583 Asia-Pacific 1,656 1,087 834 Total income taxes $ 8,122 $ 6,007 $ 13,152 Net income (loss) attributable to Preformed Line Products Company shareholders PLP-USA $ 8,054 $ 9,900 $ (2,367 ) The Americas 6,657 8,479 8,169 EMEA 2,935 3,527 4,088 Asia-Pacific 5,657 4,675 2,764 Total net income $ 23,303 $ 26,581 $ 12,654 Year Ended December 31 2019 2018 2017 Expenditure for long-lived assets PLP-USA $ 4,928 $ 3,672 $ 4,474 The Americas 2,864 1,746 1,272 EMEA 5,304 1,591 2,329 Asia-Pacific 16,371 2,519 3,158 Total expenditures for long-lived assets $ 29,467 $ 9,528 $ 11,233 Depreciation and amortization PLP-USA $ 5,393 $ 5,452 $ 5,389 The Americas 1,862 1,488 1,985 EMEA 2,528 1,808 1,678 Asia-Pacific 3,965 3,696 3,738 Total depreciation and amortization $ 13,748 $ 12,444 $ 12,790 As of December 31 2019 2018 Identifiable assets PLP-USA $ 127,428 $ 118,171 The Americas 71,908 69,764 EMEA 97,126 57,263 Asia-Pacific 137,109 113,599 Total identifiable assets $ 433,571 $ 358,797 Long-lived assets PLP-USA $ 51,097 $ 51,506 The Americas 15,874 14,847 EMEA 16,419 11,768 Asia-Pacific 40,628 24,834 Total long-lived assets $ 124,018 $ 102,955 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note N - Related Party Transactions On February 6, 2019, the Company purchased 36,413 shares of the Company from current and retired Officers at a price per share of $56.44, which was calculated from a 30-day average market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction. On July 2, 2019, the Company purchased 952 shares of the Company from a retired Officer at a price per share of $51.20, which was calculated from a 30-day average market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction. On December 12, 2019, the Company purchased 20,862 shares of the Company from current Officers at a price per share of $70.39, which was calculated from a 30-day average market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction. On December 19, 2019, the Company purchased 6,326 shares of the Company from a retired Officer at a price per share of $71.75, which was calculated from a 30-day average market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction. On February 6, 2018, the Company purchased 7,877 shares of the Company from current Officers and a retired Officer at a price per share of $80.20, 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. On March 15, 2018, the Company purchased 1,430 shares of the Company from a current Officer at a price per share of $63.63, 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. On May 10, 2018, the Company purchased 3,200 shares of the Company from a current Officer at a price per share of $68.10, 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. On June 1, 2018, the Company purchased 8,800 shares of the Company from a retired Officer at a price per share of $73.53, 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. On June 15, 2018, the Company purchased 1,500 shares of the Company from current Officers at a price per share of $77.06, 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. On August 7, 2018, the Company purchased 17,141 shares of the Company from current Officers and a retired officer at a price per share of $87.19, 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. On August 23, 2018, the Company purchased 2,000 shares of the Company from a current employee at a price per share of $83.53, 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. On September 14, 2018, the Company purchased 7,500 shares of the Company from a current Officer at a price per share of $80.95, 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. On December 18, 2018, the Company purchased 35 shares of the Company from a retired Officer at a price per share of $57.85, 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. On January 3, 2017, the Company purchased 1,834 shares of the Company from current 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 these transactions. On May 9, 2017, the Company purchased 2,500 shares of the Company from a current Officer at a price per share of $52.05, 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. On August 16, 2017, the Company purchased 24,920 shares of the Company from a trust for the benefit of Barbara P. Ruhlman at a price per share of $50.16, which was calculated from a 30-day average of market price. Barbara P. Ruhlman is Director Emeritus On November 8, 2017, the Company purchased 24,874 shares of the Company from current Officers and other employees, at a price per share of $71.07, which was calculated from a 30-day average market price. Additionally, on November 8, 2017, the Company purchased 7,000 shares of the Company from Robert G. Ruhlman, at a price per share of $71.07, which was calculated from a 30-day average market price. Mr. Ruhlman is Chairman, President and Chief Executive Officer (CEO) of the Company, son of Barbara P. Ruhlman, Director Emeritus On November 17, 2017, the Company purchased 7,975 shares of the Company from current Officers and other employees, at a price per share of $74.51, which was calculated from a 30-day average market price. The Audit Committee of the Board of Directors approved these transactions. On November 30, 2017, the Company purchased 3,334 shares of the Company from a retired Officer of the Company, at a price per share of $75.37, which was calculated from a 30-day average market price. The Audit Committee of the Board of Directors approved this transaction. On December 13, 2017, the Company purchased 21,650 shares of the Company from current Officers and other employees, at a price per share of $78.68, which was calculated from a 30-day average market price. Additionally, on December 13, 2017, the Company purchased 7,500 shares of the Company from Randall M. Ruhlman at a price per share of $78.68, which was calculated from a 30-day average market price. Mr. Ruhlman is the son of Barbara P. Ruhlman, Director Emeritus On December 13, 2017, the Company purchased 15,000 shares of the Company from a trust for the benefit of Barbara P. Ruhlman, Director Emeritus The Company’s Australian subsidiary utilizes copper extrusion services from Cast Alloy. During the years ended December 31, 2019, 2018 and 2017, PLP-Australia incurred a total of $.1 million, $.2 million and $.2 million for these expenses. Cast Alloy is owned by Simi Almasan, Continuous Improvement Engineer, a current PLP employee. The Audit Committee of the Board of Directors approved these transactions. The Company’s New Zealand subsidiary, Electropar previously leased one parcel of property, on which it had its corporate office, manufacturing and warehouse space. The entities that leased the property to Electropar were owned, in part, by Grant Wallace, a former Director who is no longer with the Company as of March 2017, therefore, no related party expense was incurred in 2019 or 2018. For the year ended December 31, 2017, Electropar incurred less than $.1 million for such lease expense. The Company’s Austrian subsidiary currently has a loan due, carrying an interest rate of 3.0%, to one if its current employees which is reflected on the Company’s balance sheet in the amount of $.1 million. Interest incurred on this loan during the year ended December 31, 2019 was negligible. This loan is due in December of 2025. The Company’s Austrian subsidiary leases a portion of its Dornbirn, Austria location from a holding company owned by a current employee. During the year ended December 31, 2019, the Company paid $.1 million in lease expenses. The lease is valid for an indefinite period of time and can be terminated if the lessee and lessor provide a six-month notice at the end of any chosen calendar year. The Company’s Czech Republic subsidiary leases a factory at its Prostějov, Czech Republic location from a company currently owned by two current employees. During the year ended December 31, 2019, the Company paid $.2 million in lease expenses. The lease term is for 5 years from its original effective date of April 1, 2019. During each year ended December 31, 2019, 2018 and 2017, the Company paid approximately $.1 million in legal fees to Baker & Hostetler LLP, of which R. Steven Kestner was the Chairman and the chair of its policy committee. Mr. Kestner is a Director of the Company. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Note O - Business Combinations The Company accounts for business combinations using the acquisition method of accounting and, accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the date of acquisition. On February 28, 2019, the Company acquired 100% of SubCon. Subcon is headquartered in Dornbirn, Austria with manufacturing operations in Brno, Czech Republic. The acquisition of SubCon will strengthen the Company’s position in the global substation market and will expand its operational presence in Europe. The total purchase price was $10.1 million in cash, net of $1.9 million in cash acquired. The purchase price was predominantly allocated to Goodwill of $6.6 million and Intangible assets of $4.7 million with useful lives ranging from 10 to 11 years. SubCon’s overall purchase price includes an estimated contingent liability of $.6 million for an earn-out consideration with a potential maximum payment of 4.0 million Euros that will be considered for remeasurement during each reporting period as the operating results of SubCon are evaluated during each reporting period based upon operating results over a four year period. The earn-out of $.6 million is recorded in Other noncurrent liabilities on the Company’s consolidated balance sheet. On April 1, 2019, the Company acquired 90% of MICOS Telcom s.r.o. (“MICOS Telcom”) headquartered in Prostějov, Czech Republic with the remaining 10% to be acquired over the next three years. The acquisition of MICOS Telcom will strengthen the Company’s position in the global telecom market and will also expand its operational presence in Europe. The total purchase price was $8.8 million in cash, net of $.5 million in cash acquired and a hold-back liability of $1.5 million U.S. dollars payable in two years from the date of purchase and $.9 million of deferred consideration for the remaining 10%. The hold-back liability and deferred consideration are recorded in Other noncurrent liabilities on the Company’s consolidated balance sheet. The purchase price was predominantly allocated to Goodwill of $5.6 million and Intangible assets of $3.4 million. The Intangible assets included in the acquisition of MICOS have useful lives of 12 years. The operating results and financial position of both SubCon and MICOS Telcom are included in the Company’s EMEA reportable segment as of their respective dates of acquisition. Pro-forma results of the Company’s consolidated operations for the years ended December 31, 2019 and 2018 would not have been materially different from reported results and are therefore not presented. There was no material impact on the Company’s Consolidated Statements of Income as a result of the finalization of purchase price accounting. The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition dates: Assets acquired Current assets, net of cash $ 5,976 Property, plant and equipment 1,189 Goodwill 12,132 Finite-lived intangible assets 8,092 Other long-term assets 1,883 Total assets acquired $ 29,272 Liabilities assumed (10,378 ) Net assets acquired $ 18,894 |
Product Warranty Reserve
Product Warranty Reserve | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Product Warranty Reserve | Note P - 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: 2019 2018 2017 Balance at January 1 $ 928 $ 1,076 $ 1,058 Additions charged to costs and expenses 481 97 347 Warranty usage (317 ) (133 ) (399 ) Currency translation 217 (112 ) 70 Balance at December 31 $ 1,309 $ 928 $ 1,076 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Note Q - Quarterly Financial Information (unaudited) The following table summarizes the Company’s results of operations for each of the quarters in 2019 and 2018: Quarter ended March 31 June 30 September 30 December 31 2019 Net sales $ 97,153 $ 114,842 $ 119,217 $ 113,649 Gross profit 27,265 37,807 39,343 36,180 Income before income taxes 1,928 10,850 11,257 7,423 Net income 1,824 7,866 8,044 5,602 Net income attributable to Preformed Line Products Company Shareholders 1,824 7,904 7,951 5,624 Net income, basic $ 0.36 $ 1.57 $ 1.58 $ 1.12 Net income, diluted $ 0.36 $ 1.56 $ 1.55 $ 1.09 2018 Net sales $ 98,139 $ 108,915 $ 108,413 $ 105,411 Gross profit 31,518 35,203 33,491 32,019 Income before income taxes 7,629 9,224 7,856 7,879 Net income 5,528 6,735 9,054 5,264 Net income, basic $ 1.10 $ 1.34 $ 1.80 $ 1.05 Net income, diluted $ 1.09 $ 1.33 $ 1.76 $ 1.02 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note R - Subsequent Events None . |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | PREFORMED LINE PRODUCTS COMPANY Year Ended December 31, 2019, 2018 and 2017 (Thousands of dollars) For the year ended December 31, 2019: Balance at beginning of period Additions charged to costs and expenses Deductions Other additions or deductions Balance at end of period Allowance for doubtful accounts $ 2,652 $ 1,294 $ (697 ) $ (25 ) $ 3,224 Reserve for credit memos 526 817 (739 ) 21 625 Slow-moving and obsolete inventory reserves 8,462 1,283 (1,104 ) 236 8,877 Accrued product warranty 928 481 (317 ) 217 1,309 Foreign net operating loss tax carryforwards 3,495 153 (499 ) (12 ) 3,137 For the year ended December 31, 2018: Balance at beginning of period Additions charged to costs and expenses Deductions Other additions or deductions Balance at end of period Allowance for doubtful accounts $ 2,910 $ 449 $ (529 ) $ (178 ) $ 2,652 Reserve for credit memos 415 802 (688 ) (3 ) 526 Slow-moving and obsolete inventory reserves 9,066 1,341 (1,658 ) (287 ) 8,462 Accrued product warranty 1,076 97 (133 ) (112 ) 928 Foreign net operating loss tax carryforwards 3,965 568 (761 ) (277 ) 3,495 For the year ended December 31, 2017: Balance at beginning of period Additions charged to costs and expenses Deductions Other additions or deductions Balance at end of period Allowance for doubtful accounts $ 2,815 $ 472 $ (432 ) $ 55 $ 2,910 Reserve for credit memos 395 693 (675 ) 2 415 Slow-moving and obsolete inventory reserves 11,560 998 (3,855 ) 363 9,066 Accrued product warranty 1,058 347 (399 ) 70 1,076 Foreign net operating loss tax carryforwards 3,805 490 (312 ) (18 ) 3,965 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 and Noncontrolling Interests | Principles of Consolidation and Noncontrolling Interests The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries for which it has a controlling interest. All intercompany accounts and transactions have been eliminated upon consolidation. Noncontrolling interests are presented in the Company’s Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in our Consolidated Financial Statements. Additionally, the Company’s Consolidated Financial Statements include 100% of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. |
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 are 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 estimated fair value of financial instruments was principally based on market prices where such prices were available, and when unavailable, fair values were estimated based on market prices of similar instruments. |
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; machinery and equipment, three to ten years; and aircraft, fifteen 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 are impaired and the undiscounted 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 estimate of fair value represents 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, 2019 and 2018. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and other intangible assets generally result from business acquisitions. Goodwill is not subject to amortization but is 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 2010 and 2019 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 assumptions and estimates regarding projected economic and market conditions, growth rates, operating margins and cash expenditures and the weighting used for each respective valuation methodology, results of the valuations could be significantly changed. The fair value of the reporting unit is based on a number of subjective factors including; the weighting used for each respective valuation methodology, consideration of the Company’s business outlook, and assumptions regarding the weighted average cost of capital (WACC) discount rate applied, growth rates in the discrete and terminal periods and market multiples for estimated cash flows. 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, 2019 and 2018 and determined that no adjustment to the carrying value was required for the years ended December 31, 2019 and 2018. |
Revenue Recognition | Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies the performance obligations under the contract and control of the product is transferred to the customer, primarily based on shipping terms. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. The Company estimates product returns based on historical return rates. |
Research and Development | Research and Development Research and development costs for new products are expensed as incurred and totaled $3.0 million in 2019, $2.4 million in 2018 and $2.1 million in 2017. |
Income Taxes | Income Taxes Income taxes are computed in accordance with the provisions of FASB ASC 740, “Income taxes” and includes U.S. (federal and state) and foreign 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. Provisions of the U.S. Tax Cuts and Jobs Act ("U.S. Tax Act") became effective for the Company in 2018. The Foreign-Derived Intangible Income (“FDII”) provision generates a deduction against the Company’s U.S. taxable income for U.S. earnings derived offshore that utilize intangibles held by the Company in the U.S. Conversely, the Global Intangible Low-Taxed Income (“GILTI”) provision requires the Company to subject to U.S. taxation a portion of its foreign subsidiary earnings that exceed an allowable return. The Company elects to treat any Global Intangible Low-Taxed Income (“GILTI”) inclusion as a period expense in the year incurred. |
Deferred Tax Assets | Deferred Tax Assets Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial reporting and income tax basis of assets and liabilities and operating loss and tax credit carryforwards. The Company establishes a valuation allowance to record deferred tax assets at an amount that is more-likely-than-not to be realized. In the event the Company were to determine that it would be able to realize our deferred tax assets in the future in excess of the recorded amount, an adjustment to the valuation allowance would increase income in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of the net deferred tax assets in the future, an adjustment to the valuation allowance would be charged to expense in the period such determination was made. |
Uncertain Tax Positions | Uncertain Tax Positions The Company identifies tax positions taken on the federal, state, local and foreign income tax returns filed or to be filed. A tax position can include: a reduction in taxable income reported in a previously filed tax return or expected to be reported on a future tax return that impacts the measurement of current or deferred income tax assets or liabilities in the period being reported; a decision not to file a tax return; an allocation or a shift of income between jurisdictions; the characterization of income or a decision to exclude reporting taxable income in a tax return; or a decision to classify a transaction, entity or other position in a tax return as tax exempt. The Company determines whether a tax position is an uncertain or a routine business transaction tax position that is more-likely-than-not to be sustained at the full amount upon examination. Under FASB ASC 740, “Tax Benefits from Uncertain Tax Positions” that reduce our current or future income tax liability are reported in our financial statements only to the extent that each benefit is recognized and measured under a two-step approach. The first step requires us to assess whether each tax position based on its technical merits and facts and circumstances as of the reporting date, is more-likely-than-not to be sustained upon examination. The second step measures the amount of tax benefit that we would recognize in the financial statements based on a cumulative probability approach. A tax position that meets the more-likely-than-not threshold that is not highly certain is measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming that the tax authority has examined the position and has full knowledge of all relevant information. ASC 740 requires subjectivity to identify outcomes and to assign probability in order to estimate the settlement amount. The Company provides estimates in order to determine settlement amounts. During the year ended December 31, 2019, the Company recorded $.1 million of reserves for uncertain tax positions. At December 31, 2019, there was no reserve requirement for uncertain tax positions. |
Advertising | Advertising Advertising costs are expensed as incurred and totaled $1.9 million in both 2019 and 2018 and $1.7 million in 2017. |
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 years ended December 31, 2019, 2018 and 2017 were a loss of $.2 million, a loss of $1.5 million and a gain of $.3 million, 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. Effective July 1, 2018, Argentina was designated as a highly inflationary economy as the projected three-year cumulative inflation rate exceeded 100%. As such, beginning July 1, 2018, the functional currency for the Company’s Argentina subsidiary became the U.S. dollar. The impact to the Company’s Consolidated financial statements was not material and is included in the December 31, 2019 and 2018 results. Revenue from operations in Argentina was less than 2% of total consolidated net sales for both years ended December 31, 2019 and 2018. |
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 revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Business Combinations | Business Combinations Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. The Company used a valuation model to measure the contingent consideration. The significant assumptions used in the simulation included volatility, discount rate, and revenue projections. The Company used a discounted cash flow model to measure the useful lives of intangible assets. The significant assumptions used to estimate the value of the intangible assets (customer relationships and developed technology) included discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates in the discrete and terminal periods, attrition rate, royalty rate). These assumptions relate to the future performance of the acquired businesses, are forward-looking and could be affected by future economic and market conditions. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company |
Derivative Financial Instruments | Derivative Financial Instruments The Company does not hold derivatives for trading purposes. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the SEC issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. The new rule requires a presentation of the changes in shareholders’ equity and noncontrolling interest in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company adopted the new disclosure requirements for the period ending December 31, 2019. The additional components of this release did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement (Topic 220), Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) which gives the entity the option to reclassify to retained earnings the tax effect resulting the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act”) related items that the FASB refers to as having been stranded in accumulated other comprehensive income (“OCI”). The Company adopted ASU 2018-02 effective January 1, 2019 and did not elect the option to reclassify to retained earnings the tax effects resulting from the Tax Act that are stranded in OCI. The adoption of this new guidance did not have a material effect on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update require the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation for leases classified as operating leases under previous guidance. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. The lessee is also required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. This ASU was applied using a modified retrospective adoption method with the option of applying the guidance either retrospectively to each prior comparative reporting period presented or retrospectively at the beginning of the period of adoption, effective January 1, 2019. The Company applied the transitional package of practical expedients allowed by the standard to not reassess the identification, classification and initial direct costs of leases commencing before this ASU's effective date, however, the Company did not elect the hindsight transitional practical expedient. The Company also applied the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company also elected the practical expedient allowed under “Leases (Topic 842)” to exclude leases with a term of twelve months or less form the calculation of the lease liabilities and right-of-use assets. The Company has finalized its policy elections, the discount rate used and data to support recognition and disclosure under the new standard. The adoption of this ASU resulted in an initial recognition of right-of-use assets and corresponding current and long-term lease obligations, on a discounted basis, of its lease obligations of $10.4 million on the Company’s balance sheet at January 1, 2019. Refer to Note F “Leases” for additional details regarding the Company’s leases. |
New Accounting Standards to be Adopted | New Accounting Standards To Be Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) which simplifies certain specific aspects of ASC 740. ASU 2019-12 addresses the income tax accounting implications of hybrid tax regimes, which includes tax regimes that impose the greater of two taxes, one based on income or one based on items other than income, the treatment of tax basis step-up of goodwill in a transaction that does not qualify as a business combination, the application of the intra-period tax allocation rules in certain situations involving a valuation allowance, the income tax accounting impact on the change of the ownership of an investment from a subsidiary to an equity method investment and a change in an investment from an equity method investment to a subsidiary, income tax accounting related to interim reporting, including the treatment of enacted changes in tax law during interim periods and the treatment of year-to-date loss limitations. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not been issued. The Company has not yet adopted ASU 2019-12 and does not believe the adoption of this ASU will have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” (“ASU 2018-13”) which will modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the removal of certain disclosure requirements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of the ASU and delay adoption of the additional disclosures until the effective date. The Company is currently evaluating what impact its adoption, effective January 1, 2020, will have to the presentation of the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes how entities will measure credit losses for most financial assets and other instruments that are not measured at fair value through net income. This update introduces the current expected credit loss (CECL) model, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is nearing the end of its evaluation process and does not expect the adoption to have a material impact to the Company’s consolidated financial statements upon its adoption that is effective January 1, 2020. |
Other Financial Statement Inf_2
Other Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Inventories - Net | Inventories – net December 31 2019 2018 Raw materials $ 49,729 $ 43,041 Work-in-process 9,352 8,818 Finished products 45,760 42,163 104,841 94,022 Excess of current cost over LIFO cost (4,667 ) (4,474 ) Noncurrent portion of inventory (4,456 ) (4,289 ) $ 95,718 $ 85,259 |
Property, Plant and Equipment - Net | Major classes of property, plant and equipment are as follows: December 31 2019 2018 Land and improvements $ 22,218 $ 12,552 Buildings and improvements 82,811 74,743 Machinery, equipment and aircraft 180,221 171,015 Construction in progress 9,460 3,392 294,710 261,702 Less accumulated depreciation (170,692 ) (158,747 ) $ 124,018 $ 102,955 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension Cost | Net periodic pension cost for the Plan consists of the following components for the year ended December 31: 2019 2018 2017 Service cost $ 299 $ 250 $ 255 Interest cost 1,411 1,349 1,456 Expected return on plan assets (1,946 ) (1,985 ) (1,903 ) Recognized net actuarial loss 520 525 468 Net periodic pension cost $ 284 $ 139 $ 276 |
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: 2019 2018 Projected benefit obligation at beginning of the year $ 33,931 $ 36,031 Service cost 299 250 Interest cost 1,411 1,349 Actuarial loss (gain) 3,528 (2,409 ) Benefits paid (1,233 ) (1,290 ) Projected benefit obligation at end of year $ 37,936 $ 33,931 Fair value of plan assets at beginning of the year $ 28,672 $ 25,367 Actual return on plan assets 5,219 (745 ) Employer contributions 0 5,340 Benefits paid (1,233 ) (1,290 ) Fair value of plan assets at end of the year $ 32,658 $ 28,672 Unfunded pension obligation $ 5,278 $ 5,259 |
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: 2019 2018 Balance at January 1 $ (5,873 ) $ (6,015 ) Reclassification adjustments: Pre-tax amortized net actuarial loss 520 525 Tax provision (123 ) (139 ) 397 386 Adjustment to recognize gain (loss) on unfunded pension obligations: Pre-tax loss (255 ) (321 ) Tax provision 60 77 (195 ) (244 ) Balance at December 31 $ (5,671 ) $ (5,873 ) |
Accumulated Benefit Obligations in Excess of Plan Assets | The Plan had accumulated benefit obligations in excess of Plan assets as follows: 2019 2018 Accumulated benefit obligation $ 37,936 $ 33,931 Fair market value of assets 32,658 28,672 |
Weighted-Average Assumptions Used to Determine Benefit Obligations & Net Periodic Benefit Cost | 2019 2018 Discount rate 3.50% 4.25% 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: 2019 2018 2017 Discount rate 3.50% 4.25% 4.25% Rate of compensation increase n/a n/a n/a Expected long-term return on plan assets 7.00 8.00 8.00 |
Fair Value of the Plan Assets | The fair value of the Plan assets as of December 31, 2019 and 2018, by category, are as follows: At December 31, 2019 Assets measured at net asset value Pooled investment fund $ 32,658 Total 32,658 At December 31, 2018 Total Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets measured at fair value Cash $ 462 $ 462 $ 0 $ 0 Equity Securities 10,470 10,470 0 0 U.S. Treasury Bonds 13,109 13,109 0 0 Corporate Bonds 4,631 0 4,631 0 Total $ 28,672 $ 24,041 $ 4,631 $ 0 |
Weighted-Average Asset Allocations of Plan Assets | The Plan weighted-average asset allocations at December 31, 2019 and 2018, by asset category, are as follows: Plan assets at December 31 2019 2018 Asset category Equity securities 48 % 37 % Debt securities 51 61 Cash and equivalents 1 2 100 % 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 40-60% 50% Fixed Income 40-60% 50% Cash Equivalents 0-10% 0.0% |
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 2020 $ 1,225 2021 1,292 2022 1,382 2023 1,469 2024 1,566 2025-2029 9,077 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Total Changes in AOCI by Component, Net of Tax | The following tables set forth the total changes in AOCI by component, net of tax: Year Ended December 31, 2019 Year Ended December 31, 2018 Cumulative Cumulative Unrecognized Translation Unrecognized Translation Benefit Cost Adjustment Total Benefit Cost Adjustment Total Balance at January 1 $ (5,873 ) $ (53,710 ) $ (59,583 ) $ (6,015 ) $ (41,425 ) $ (47,440 ) Other comprehensive income before reclassifications: Gain (loss) on foreign currency translation adjustment 0 2,028 2,028 0 (12,285 ) (12,285 ) Loss on unfunded pension obligations (195 ) 0 (195 ) (244 ) 0 (244 ) Amounts reclassified from AOCI: Amortization of defined benefit pension actuarial loss (a) 397 0 397 386 0 386 Net current period other comprehensive income (loss) 202 2,028 2,230 142 (12,285 ) (12,143 ) Balance at December 31 $ (5,671 ) $ (51,682 ) $ (57,353 ) $ (5,873 ) $ (53,710 ) $ (59,583 ) (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, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Credit Arrangements | December 31 2019 2018 Short-term debt Secured notes Thailand Bhat denominated at 4.35% 3,670 1,797 Thailand Bhat denominated at 4.08% 1,882 683 Brazil Real denominated at 2.83% 1,152 802 Brazil Real denominated at 5.40% 752 842 Brazil Real denominated at 9.40% 1,240 4,918 Current portion of long-term debt U.S. dollar denominated at 2.71% 1,448 1,448 Austria Euro denominated at 2.32% 30 0 Austria Euro denominated at 1.40% 560 0 Austria Euro denominated at 3.00% 22 0 Indonesia U.S. Dollar denominated at 3.50% 800 0 New Zealand U.S. Dollar denominated at 3.90% 494 0 Total short-term debt 12,050 10,490 Long-term debt U.S. Dollar denominated at 2.89%, due 2021 21,552 12,189 U.S. Dollar denominated at 2.71%, due 2026 9,535 10,984 Brazilian Real denominated at 4.60% due 2022 147 214 Poland Zloty denominated at 2.76% due 2021 6,524 904 Australian Dollar denominated at 1.96%, due 2021 5,526 2,117 Austria Euro denominated at 2.32% due 2030 224 0 Austria Euro denominated at 1.40% due 2020 560 0 Austria Euro denominated at 3.00% due 2021 134 0 Indonesia U.S Dollar denominated at 3.50% due 2024 7,467 0 New Zealand Dollar denominated at 3.90% due 2021 5,407 0 Total long-term debt 57,076 26,408 Less current portion (3,354 ) (1,448 ) Total long-term debt, less current portion 53,722 24,960 Total debt $ 65,772 $ 35,450 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The Company’s operating and finance lease costs for the year ended December 31, 2019 were as follows: Year Ended December 31, 2019 Components of lease expense Operating lease cost $ 3,138 Finance lease cost Amortization of right-of-use assets 67 Interest on lease liabilities 11 Total lease cost $ 3,216 |
Schedule of Future Maturities of Lease Liabilities | Future maturities of the Company’s lease liabilities as of December 31, 2019 are as follows: Year Ended December 31, 2019 Operating Leases Finance Leases 2020 $ 2,462 $ 109 2021 2,026 45 2022 1,607 26 2023 1,066 22 2024 and thereafter 9,113 0 Total lease payments $ 16,274 $ 202 Less amount of lease payment representing interest 5,966 10 Total present value of lease payments $ 10,308 $ 192 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows: Year Ended December 31, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,321 Operating cash flows from finance leases 11 Financing cash flows from finance leases 100 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income before income taxes was derived from the following sources: 2019 2018 2017 United States $ 11,353 $ 10,268 $ 4,774 Foreign 20,105 22,320 21,032 $ 31,458 $ 32,588 $ 25,806 |
Components of Income Taxes | The components of income taxes for the years ended December 31 are as follows: 2019 2018 2017 Current Federal $ 2,835 $ (904 ) $ 4,592 Foreign 6,170 6,247 5,998 State and local 391 350 126 9,396 5,693 10,716 Deferred Federal (10 ) 801 2,316 Foreign (1,347 ) (608 ) 12 State and local 83 121 108 (1,274 ) 314 2,436 Income taxes $ 8,122 $ 6,007 $ 13,152 |
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 years ended December 31 are summarized as follows: 2019 2018 2017 U. S. federal statutory tax rate 21% 21% 35% Federal tax at statutory rate $ 6,606 $ 6,843 $ 9,033 State and local taxes, net of federal benefit 308 273 82 U.S. federal permanent items 621 240 (60 ) Global intangible low-taxed income 1,738 1,721 (116 ) Foreign tax credits (1,422 ) (1,707 ) 0 Transition tax 0 (1,780 ) 2,592 Non-U.S. tax rate variances 929 1,011 (1,491 ) Valuation allowance (346 ) (57 ) 88 Tax credits (464 ) (295 ) (255 ) Tax act impact, deferred rate 0 (680 ) 3,161 Other, net 152 438 118 $ 8,122 $ 6,007 $ 13,152 |
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: 2019 2018 Deferred tax assets: Accrued compensation and benefits $ 1,180 $ 1,387 Inventory valuation reserves 2,384 2,256 Allowance for doubtful accounts 473 346 Benefit plan reserves 7,586 7,153 Net operating loss carryforwards 3,003 2,651 Other accrued expenses 3,012 2,830 Unrealized foreign exchange 718 1,217 Gross deferred tax assets 18,356 17,840 Valuation allowance (3,137 ) (3,495 ) Net deferred tax assets 15,219 14,345 Deferred tax liabilities: Depreciation and other basis differences (6,867 ) (6,855 ) Intangibles (3,742 ) (2,057 ) Undistributed foreign earnings 0 (172 ) Other (162 ) (72 ) Deferred tax liabilities (10,771 ) (9,156 ) Net deferred tax assets $ 4,448 $ 5,189 2019 2018 Change in net deferred tax assets: Deferred income tax expense Ordinary movement $ 1,275 $ (993 ) Deferred tax balances from business acquisition (1,883 ) 0 Tax impact deferred rate 0 680 Items of other comprehensive income (loss) (62 ) (62 ) Currency translation (71 ) (120 ) Total change in net deferred tax assets $ (741 ) $ (495 ) |
Changes in Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits related to uncertain tax positions, excluding interest and penalties, for the year ended December 31: 2019 2018 2017 Balance at January 1 $ 0 $ 0 $ 0 Additions for tax positions of current year 0 0 0 Additions for tax positions of prior years 118 0 0 Reductions for tax positions of prior years 0 0 0 Expiration of statutes of limitations 0 0 0 Balance at December 31 $ 118 $ 0 $ 0 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of RSUs | A summary of the RSUs for the year ended December 31, 2019 is as follows: Restricted Share Awards Performance Total Weighted-Average and Service Service Restricted Grant-Date Required Required Awards Fair Value Nonvested as of January 1, 2019 213,624 17,298 230,922 $ 53.68 Granted 65,392 8,123 73,515 56.22 Vested (75,921 ) (9,061 ) (84,982 ) 36.03 Forfeited (6,753 ) (1,068 ) (7,821 ) 68.95 Nonvested as of December 31, 2019 196,342 15,292 211,634 $ 53.68 |
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: 2019 2018 2017 Risk-free interest rate 1.8 % 2.8 % 2.0 % Dividend yield 1.6 % 1.6 % 1.7 % Expected life (years) 5 5 5 Expected volatility 42.0 % 40.0 % 36.8 % |
Long Term Incentive Plan [Member] | |
Stock Option Activity in Company's Plan | Activity in the Company’s LTIP and Incentive Plan for the year ended December 31, 2019 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, 2019 30,750 $ 56.81 Granted 5,000 $ 60.60 Exercised (4,000 ) $ 45.96 Forfeited 0 $ 0.00 Outstanding (vested and expected to vest) at December 31, 2019 31,750 $ 58.77 6.6 $ 169 Exercisable at December 31, 2019 23,000 $ 58.68 5.6 $ 154 |
Stock Options [Member] | |
Stock Option Activity in Company's Plan | Activity in the Company’s 1999 Stock Option Plan for the year ended December 31, 2019 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, 2019 750 $ 39.10 Exercised (750 ) $ 39.10 Forfeited 0 $ 0.00 Outstanding (exercisable and vested) at December 31, 2019 0 $ 0.00 0.0 $ 0 |
Computation of Earnings Per S_2
Computation of Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 Numerator Net income $ 23,303 $ 26,581 $ 12,654 Denominator Determination of shares (in thousands) Weighted-average common shares outstanding 5,031 5,032 5,102 Dilutive effect - share-based awards 56 75 31 Diluted weighted-average common shares outstanding 5,087 5,107 5,133 Earnings per common share Basic $ 4.63 $ 5.28 $ 2.48 Diluted $ 4.58 $ 5.21 $ 2.47 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Finite and Indefinite-Lived Intangible Assets | The Company’s finite and indefinite-lived intangible assets consist of the following: December 31, 2019 December 31, 2018 Gross Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Finite-lived intangible assets Patents $ 4,806 $ (4,806 ) $ 4,806 $ (4,788 ) Land use rights 1,128 (331 ) 1,134 (203 ) Trademark 1,718 (1,358 ) 1,707 (1,247 ) Technology 7,185 (1,708 ) 2,994 (1,334 ) Customer relationships 15,811 (7,329 ) 11,804 (6,415 ) $ 30,648 $ (15,532 ) $ 22,445 $ (13,987 ) Indefinite-lived intangible assets Goodwill $ 27,840 $ 15,621 |
Changes in Carrying Amount of Goodwill by Segment | USA The Americas EMEA Asia-Pacific Total Balance at January 1, 2018 $ 3,078 $ 4,292 $ 1,495 $ 7,679 $ 16,544 Currency translation and other 0 (295 ) (140 ) (488 ) (923 ) Balance at December 31, 2018 3,078 3,997 1,355 7,191 15,621 Currency translation 0 161 (45 ) (29 ) 87 Goodwill acquired during the year 0 0 18,619 0 18,619 Purchase price allocation adjustments 0 0 (6,487 ) 0 (6,487 ) Balance at December 31, 2019 $ 3,078 $ 4,158 $ 13,442 $ 7,162 $ 27,840 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Recorded and Measured at Fair Value | The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the consolidated balance sheets as of December 31, 2019 and 2018: Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Supplemental profit sharing plan $ 6,059 $ 0 $ 6,059 $ 0 Earn-out 581 0 0 581 Total Liabilities $ 6,640 $ 0 $ 6,059 $ 581 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities $ 1,648 $ 1,648 $ 0 $ 0 Total Assets $ 1,648 $ 1,648 $ 0 $ 0 Liabilities: Supplemental profit sharing plan 4,946 0 4,946 0 Total Liabilities $ 4,946 $ 0 $ 4,946 $ 0 |
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, 2019 December 31, 2018 Fair Carrying Value Fair Value Carrying Value Long-term debt and related current maturities $ 56,539 $ 57,076 $ 27,017 $ 26,408 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues by Segment and Product Type | The Company’s revenues by segment and product type are as follows: Year Ended December 31, 2019 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 62 % 67 % 68 % 72 % 67 % Communications 30 % 27 % 24 % 6 % 22 % Special Industries 8 % 6 % 8 % 22 % 11 % Total 100 % 100 % 100 % 100 % 100 % Year Ended December 31, 2018 Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated Energy 60 % 67 % 73 % 68 % 66 % Communications 34 % 29 % 12 % 4 % 21 % Special Industries 6 % 4 % 15 % 28 % 13 % Total 100 % 100 % 100 % 100 % 100 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Company's Reportable Segments | The following table presents a summary of the Company’s reportable segments for the year ended December 31, 2019, 2018 and 2017. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory. Year Ended December 31 2019 2018 2017 Net sales PLP-USA $ 178,301 $ 169,040 $ 147,646 The Americas 68,293 66,868 69,764 EMEA 79,158 69,773 63,916 Asia-Pacific 119,109 115,197 96,886 Total net sales $ 444,861 $ 420,878 $ 378,212 Intersegment sales PLP-USA $ 10,757 $ 11,648 $ 12,234 The Americas 7,774 9,480 5,570 EMEA 1,375 1,664 1,120 Asia-Pacific 12,720 11,907 8,596 Total intersegment sales $ 32,626 $ 34,699 $ 27,520 Interest income PLP-USA $ 0 $ 0 $ 0 The Americas 412 273 283 EMEA 192 102 47 Asia-Pacific 179 111 100 Total interest income $ 783 $ 486 $ 430 Interest expense PLP-USA $ (972 ) $ (1,023 ) $ (941 ) The Americas (466 ) (111 ) (10 ) EMEA (149 ) (58 ) (31 ) Asia-Pacific (630 ) (98 ) (79 ) Total interest expense $ (2,217 ) $ (1,290 ) $ (1,061 ) Income taxes PLP-USA $ 3,299 $ 367 $ 7,142 The Americas 2,551 3,349 3,593 EMEA 616 1,204 1,583 Asia-Pacific 1,656 1,087 834 Total income taxes $ 8,122 $ 6,007 $ 13,152 Net income (loss) attributable to Preformed Line Products Company shareholders PLP-USA $ 8,054 $ 9,900 $ (2,367 ) The Americas 6,657 8,479 8,169 EMEA 2,935 3,527 4,088 Asia-Pacific 5,657 4,675 2,764 Total net income $ 23,303 $ 26,581 $ 12,654 Year Ended December 31 2019 2018 2017 Expenditure for long-lived assets PLP-USA $ 4,928 $ 3,672 $ 4,474 The Americas 2,864 1,746 1,272 EMEA 5,304 1,591 2,329 Asia-Pacific 16,371 2,519 3,158 Total expenditures for long-lived assets $ 29,467 $ 9,528 $ 11,233 Depreciation and amortization PLP-USA $ 5,393 $ 5,452 $ 5,389 The Americas 1,862 1,488 1,985 EMEA 2,528 1,808 1,678 Asia-Pacific 3,965 3,696 3,738 Total depreciation and amortization $ 13,748 $ 12,444 $ 12,790 As of December 31 2019 2018 Identifiable assets PLP-USA $ 127,428 $ 118,171 The Americas 71,908 69,764 EMEA 97,126 57,263 Asia-Pacific 137,109 113,599 Total identifiable assets $ 433,571 $ 358,797 Long-lived assets PLP-USA $ 51,097 $ 51,506 The Americas 15,874 14,847 EMEA 16,419 11,768 Asia-Pacific 40,628 24,834 Total long-lived assets $ 124,018 $ 102,955 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Final Fair Values of Assets Acquired and Liabilities Assumed | There was no material impact on the Company’s Consolidated Statements of Income as a result of the finalization of purchase price accounting. The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition dates: Assets acquired Current assets, net of cash $ 5,976 Property, plant and equipment 1,189 Goodwill 12,132 Finite-lived intangible assets 8,092 Other long-term assets 1,883 Total assets acquired $ 29,272 Liabilities assumed (10,378 ) Net assets acquired $ 18,894 |
Product Warranty Reserve (Table
Product Warranty Reserve (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Roll Forward of Product Warranty Reserve | The following is a rollforward of the product warranty reserve: 2019 2018 2017 Balance at January 1 $ 928 $ 1,076 $ 1,058 Additions charged to costs and expenses 481 97 347 Warranty usage (317 ) (133 ) (399 ) Currency translation 217 (112 ) 70 Balance at December 31 $ 1,309 $ 928 $ 1,076 |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | The following table summarizes the Company’s results of operations for each of the quarters in 2019 and 2018: Quarter ended March 31 June 30 September 30 December 31 2019 Net sales $ 97,153 $ 114,842 $ 119,217 $ 113,649 Gross profit 27,265 37,807 39,343 36,180 Income before income taxes 1,928 10,850 11,257 7,423 Net income 1,824 7,866 8,044 5,602 Net income attributable to Preformed Line Products Company Shareholders 1,824 7,904 7,951 5,624 Net income, basic $ 0.36 $ 1.57 $ 1.58 $ 1.12 Net income, diluted $ 0.36 $ 1.56 $ 1.55 $ 1.09 2018 Net sales $ 98,139 $ 108,915 $ 108,413 $ 105,411 Gross profit 31,518 35,203 33,491 32,019 Income before income taxes 7,629 9,224 7,856 7,879 Net income 5,528 6,735 9,054 5,264 Net income, basic $ 1.10 $ 1.34 $ 1.80 $ 1.05 Net income, diluted $ 1.09 $ 1.33 $ 1.76 $ 1.02 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2016 |
Significant Accounting Policies [Line Items] | ||||||
Percentage of ownership in earnings of subsidiary | 100.00% | |||||
Research and development costs | $ 3,000 | $ 2,400 | $ 2,100 | |||
Uncertain tax positions, settlement amount | 118 | 0 | 0 | $ 0 | ||
Advertising cost | 1,900 | 1,900 | 1,700 | |||
Aggregate foreign currency transaction gains and losses | $ (200) | (1,500) | $ 300 | |||
Operating lease terms | 12 months | |||||
Right-of-use assets | $ 12,453 | $ 0 | ||||
Current and long-term lease obligations | $ 10,308 | |||||
ASU 842 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Right-of-use assets | $ 10,400 | |||||
Current and long-term lease obligations | $ 10,400 | |||||
Argentina [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cumulative inflation rate period | 3 years | |||||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Amortization period of intangible assets | 1 year | |||||
Minimum [Member] | Argentina [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cumulative inflation rate | 100.00% | |||||
Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Amortization period of intangible assets | 20 years | |||||
Maximum [Member] | Argentina [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of consolidated net sales from revenue operations | 2.00% | 2.00% | ||||
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 | |||||
Building Improvements [Member] | Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of Property, Plant and Equipment | 5 years | |||||
Building Improvements [Member] | Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of Property, Plant and Equipment | 40 years | |||||
Machinery and Equipment [Member] | Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of Property, Plant and Equipment | 3 years | |||||
Machinery and Equipment [Member] | Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of Property, Plant and Equipment | 10 years | |||||
Aircraft [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of Property, Plant and Equipment | 15 years |
Other Financial Statement Inf_3
Other Financial Statement Information - Inventories - Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 49,729 | $ 43,041 |
Work-in-process | 9,352 | 8,818 |
Finished products | 45,760 | 42,163 |
Inventory, gross | 104,841 | 94,022 |
Excess of current cost over LIFO cost | (4,667) | (4,474) |
Noncurrent portion of inventory | (4,456) | (4,289) |
Inventories - net | $ 95,718 | $ 85,259 |
Other Financial Statement Inf_4
Other Financial Statement Information - Additional Information (Detail) - USD ($) $ in Millions | Jun. 01, 2018 | Nov. 02, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||||
Cost of inventories for certain materials using LIFO method | $ 32 | $ 29.5 | |||
Depreciation of property and equipment | 12.3 | 12.1 | $ 11.8 | ||
Financing leases of machinery, equipment and aircraft | $ 0.2 | $ 0.1 | |||
Name of plaintiff | Altalink, L.P. | ||||
Complaint filling date | November 2016 | ||||
Estimated damages from defendants | $ 29.4 | $ 56 |
Other Financial Statement Inf_5
Other Financial Statement Information - Property, Plant and Equipment - Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | $ 294,710 | $ 261,702 |
Less accumulated depreciation | (170,692) | (158,747) |
Property, plant and equipment - Net | 124,018 | 102,955 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | 22,218 | 12,552 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | 82,811 | 74,743 |
Machinery, Equipment and Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | 180,221 | 171,015 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - Gross | $ 9,460 | $ 3,392 |
Pension Plans - Components of N
Pension Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Service cost | $ 299 | $ 250 | $ 255 |
Interest cost | 1,411 | 1,349 | 1,456 |
Expected return on plan assets | (1,946) | (1,985) | (1,903) |
Recognized net actuarial loss | 520 | 525 | 468 |
Net periodic pension cost | $ 284 | $ 139 | $ 276 |
Pension Plans - Projected Benef
Pension Plans - Projected Benefit Obligation and Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Funded Status Of Plan [Abstract] | |||
Projected benefit obligation at beginning of the year | $ 33,931 | $ 36,031 | |
Service cost | 299 | 250 | $ 255 |
Interest cost | 1,411 | 1,349 | 1,456 |
Actuarial loss (gain) | 3,528 | (2,409) | |
Benefits paid | (1,233) | (1,290) | |
Projected benefit obligation at end of year | 37,936 | 33,931 | 36,031 |
Fair value of plan assets at beginning of the year | 28,672 | 25,367 | |
Actual return on plan assets | 5,219 | (745) | |
Employer contributions | 0 | 5,340 | |
Benefits paid | (1,233) | (1,290) | |
Fair value of plan assets at end of the year | 32,658 | 28,672 | $ 25,367 |
Unfunded pension obligation | $ 5,278 | $ 5,259 |
Pension Plans - Amount Recogniz
Pension Plans - Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation Income Net Of Tax [Abstract] | |||
Beginning Balance | $ (5,873) | $ (6,015) | |
Pre-tax amortized net actuarial loss | 520 | 525 | |
Tax provision | (123) | (139) | |
Net of reclassification adjustments | 397 | 386 | $ 269 |
Pre-tax loss | (255) | (321) | |
Tax provision | 60 | 77 | |
Net of tax adjustment to recognize (loss) gain on unfunded pension obligations | (195) | (244) | (410) |
Ending Balance | $ (5,671) | $ (5,873) | $ (6,015) |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension And Other Employee Benefit Plans [Line Items] | |||
Estimated net loss for the PLP-USA pension plan in 2019 | $ 500,000 | ||
Prior service cost | 0 | ||
Pre-tax unfunded pension obligation gain (loss) | $ (200,000) | ||
Discount rate | 3.50% | 4.25% | |
Asset performance rate of return assumption | 7.00% | ||
Expected long-term return on plan assets | 7.00% | 8.00% | 8.00% |
Contribution to pension plan | $ 0 | ||
Expense for contribution plan | 6,000,000 | $ 5,600,000 | $ 5,100,000 |
Expense for the supplemental profit sharing plan | 1,100,000 | 200,000 | $ 500,000 |
Supplemental profit sharing plan unfunded status | 6,100,000 | $ 4,900,000 | |
Decrease in Discount Rate [Member] | |||
Pension And Other Employee Benefit Plans [Line Items] | |||
Pre-tax unfunded pension obligation gain (loss) | $ (4,000,000) | ||
Discount rate | 0.75% | ||
Gain on Industry Updates to Mortality Table [Member] | Maximum [Member] | |||
Pension And Other Employee Benefit Plans [Line Items] | |||
Pre-tax unfunded pension obligation gain (loss) | $ 100,000 | ||
Demographic Changes [Member] | |||
Pension And Other Employee Benefit Plans [Line Items] | |||
Pre-tax unfunded pension obligation gain (loss) | 200,000 | ||
Asset Performance [Member] | |||
Pension And Other Employee Benefit Plans [Line Items] | |||
Pre-tax unfunded pension obligation gain (loss) | 3,300,000 | ||
Service Cost Expense Load [Member] | |||
Pension And Other Employee Benefit Plans [Line Items] | |||
Pre-tax unfunded pension obligation gain (loss) | $ 300,000 |
Pension Plans - Accumulated Ben
Pension Plans - Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Accumulated benefit obligation | $ 37,936 | $ 33,931 |
Fair market value of assets | $ 32,658 | $ 28,672 |
Pension Plans - Weighted-Averag
Pension Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.50% | 4.25% |
Rate of compensation increase | 0.00% | 0.00% |
Pension Plans - Weighted-Aver_2
Pension Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.50% | 4.25% | 4.25% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected long-term return on plan assets | 7.00% | 8.00% | 8.00% |
Pension Plans - Fair Value of t
Pension Plans - Fair Value of the Company's Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Assets measured at net asset value | $ 32,658 | ||
Fair market value of assets | 32,658 | $ 28,672 | $ 25,367 |
Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 24,041 | ||
Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 4,631 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Pooled Investment Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets measured at net asset value | $ 32,658 | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 462 | ||
Cash [Member] | Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 462 | ||
Cash [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Cash [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 10,470 | ||
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 10,470 | ||
Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
U.S. Treasury Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 13,109 | ||
U.S. Treasury Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 13,109 | ||
U.S. Treasury Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
U.S. Treasury Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 4,631 | ||
Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 0 | ||
Corporate Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | 4,631 | ||
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair market value of assets | $ 0 |
Pension Plans - Weighted-Aver_3
Pension Plans - Weighted-Average Asset Allocations of Plan Assets (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 48.00% | 37.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 51.00% | 61.00% |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations of pension plan assets | 1.00% | 2.00% |
Pension Plans - Weighted-Aver_4
Pension Plans - Weighted-Average Target Allocations of Plan Assets (Detail) | Dec. 31, 2019 |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 50.00% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 40.00% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 60.00% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 50.00% |
Fixed Income [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 40.00% |
Fixed Income [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 60.00% |
Cash and Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Cash and Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Cash and Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 10.00% |
Pension Plans - Aggregate Benef
Pension Plans - Aggregate Benefits Expected to be Paid Out of Plan Assets (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2020 | $ 1,225 |
2021 | 1,292 |
2022 | 1,382 |
2023 | 1,469 |
2024 | 1,566 |
2025-2029 | $ 9,077 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income ("AOCI") - Summary of Total Changes in AOCI by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 249,370 | ||
Other comprehensive income before reclassifications: | |||
Gain (loss) on foreign currency translation adjustment | 2,028 | $ (12,285) | |
Loss on unfunded pension obligations | (195) | (244) | $ (410) |
Amounts reclassified from AOCI: | |||
Amortization of defined benefit pension actuarial loss | 397 | 386 | |
Other comprehensive income (loss), net of tax | 2,230 | (12,143) | 9,929 |
Ending Balance | 268,535 | 249,370 | |
Unrecognized Benefit Cost [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (5,873) | (6,015) | |
Other comprehensive income before reclassifications: | |||
Gain (loss) on foreign currency translation adjustment | 0 | 0 | |
Loss on unfunded pension obligations | (195) | (244) | (410) |
Amounts reclassified from AOCI: | |||
Amortization of defined benefit pension actuarial loss | 397 | 386 | |
Other comprehensive income (loss), net of tax | 202 | 142 | |
Ending Balance | (5,671) | (5,873) | (6,015) |
Cumulative Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (53,710) | (41,425) | |
Other comprehensive income before reclassifications: | |||
Gain (loss) on foreign currency translation adjustment | 2,028 | (12,285) | |
Loss on unfunded pension obligations | 0 | 0 | |
Amounts reclassified from AOCI: | |||
Amortization of defined benefit pension actuarial loss | 0 | 0 | |
Other comprehensive income (loss), net of tax | 2,028 | (12,285) | |
Ending Balance | (51,682) | (53,710) | (41,425) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (59,583) | (47,440) | |
Amounts reclassified from AOCI: | |||
Ending Balance | $ (57,353) | $ (59,583) | $ (47,440) |
Debt and Credit Arrangements -
Debt and Credit Arrangements - Debt and Credit Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term debt | ||
Current portion of long-term debt | $ 3,354 | $ 1,448 |
Short-term debt | 12,050 | 10,490 |
Long-term debt | ||
Total long-term debt | 57,076 | 26,408 |
Total long-term debt, less current portion | 53,722 | 24,960 |
Total debt | 65,772 | 35,450 |
Thailand Bhat Denominated Secured Notes Short-term Debt at 4.35% [Member] | ||
Short-term debt | ||
Short-term debt | 3,670 | 1,797 |
Thailand Bhat Denominated Secured Notes Short-term Debt at 4.08% [Member] | ||
Short-term debt | ||
Short-term debt | 1,882 | 683 |
Brazil Real Denominated Secured Notes Short-term Debt at 2.83% [Member] | ||
Short-term debt | ||
Short-term debt | 1,152 | 802 |
Brazil Real Denominated Secured Notes Short-term Debt at 5.40% [Member] | ||
Short-term debt | ||
Short-term debt | 752 | 842 |
Brazil Real Denominated Secured Notes Short-term Debt at 9.40% [Member] | ||
Short-term debt | ||
Short-term debt | 1,240 | 4,918 |
U.S. Dollar Denominated Current Portion of Long Term Debt at 2.71% [Member] | ||
Short-term debt | ||
Current portion of long-term debt | 1,448 | 1,448 |
Austria Euro Denominated Current Portion of Long Term Debt at 2.32% [Member] | ||
Short-term debt | ||
Current portion of long-term debt | 30 | 0 |
Indonesia U.S. Dollar Denominated Current Portion of Long Term Debt at 3.50% [Member] | ||
Short-term debt | ||
Current portion of long-term debt | 800 | 0 |
New Zealand U.S. Dollar Denominated Current Portion of Long Term Debt at 3.90% [Member] | ||
Short-term debt | ||
Current portion of long-term debt | 494 | 0 |
Austria Euro Denominated Current Portion of Long Term Debt at 1.40% [Member] | ||
Short-term debt | ||
Current portion of long-term debt | 560 | 0 |
Austria Euro Denominated Current Portion of Long Term Debt at 3.00% [Member] | ||
Short-term debt | ||
Current portion of long-term debt | 22 | 0 |
Australian Dollar Denominated Long Term Debt at 1.96% Due 2021 [Member] | ||
Long-term debt | ||
Total long-term debt | 5,526 | 2,117 |
Brazilian Real Denominated Long-term Debt at 4.60%, due 2022 [Member] | ||
Long-term debt | ||
Total long-term debt | 147 | 214 |
U.S. Dollar Denominated Long Term Debt at 2.89%, Due 2021 [Member] | ||
Long-term debt | ||
Total long-term debt | 21,552 | 12,189 |
U.S. Dollar Denominated Long Term Debt at 2.71%, Due 2026 [Member] | ||
Long-term debt | ||
Total long-term debt | 9,535 | 10,984 |
Poland Zloty Denominated Long Term Debt at 2.76% Due 2021 [Member] | ||
Long-term debt | ||
Total long-term debt | 6,524 | 904 |
Austria Euro Denominated Long Term Debt at 2.32% Due 2030 [Member] | ||
Long-term debt | ||
Total long-term debt | 224 | 0 |
Austria Euro Denominated Loan Long Term Debt at 1.40% Due 2020 [Member] | ||
Long-term debt | ||
Total long-term debt | 560 | 0 |
Austria Euro Denominated Long Term Debt at 3.00% Due 2021 [Member] | ||
Long-term debt | ||
Total long-term debt | 134 | 0 |
Indonesia U.S Dollar Denominated Long Term Debt at 3.50% Due 2024 [Member] | ||
Long-term debt | ||
Total long-term debt | 7,467 | 0 |
New Zealand Dollar Denominated Long Term Debt at 3.90% Due 2021 [Member] | ||
Long-term debt | ||
Total long-term debt | $ 5,407 | $ 0 |
Debt and Credit Arrangements _2
Debt and Credit Arrangements - Debt and Credit Arrangements (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Dollar Denominated Long Term Debt at 2.89%, Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.89% | 2.89% |
U.S. Dollar Denominated Long Term Debt at 2.71%, Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.71% | 2.71% |
Brazilian Real Denominated Long-term Debt at 4.60%, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.60% | 4.60% |
Poland Zloty Denominated Long Term Debt at 2.76% Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.76% | 2.76% |
Australian Dollar Denominated Long Term Debt at 1.96% Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.96% | 1.96% |
Austria Euro Denominated Long Term Debt at 2.32% Due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.32% | 2.32% |
Austria Euro Denominated Loan Long Term Debt at 1.40% Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.40% | 1.40% |
Austria Euro Denominated Long Term Debt at 3.00% Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.00% | 3.00% |
Indonesia U.S Dollar Denominated Long Term Debt at 3.50% Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.50% | 3.50% |
New Zealand Dollar Denominated Long Term Debt at 3.90% Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.90% | 3.90% |
Thailand Bhat Denominated Secured Notes Short-term Debt at 4.35% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.35% | 4.35% |
Thailand Bhat Denominated Secured Notes Short-term Debt at 4.08% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.08% | 4.08% |
Brazil Real Denominated Secured Notes Short-term Debt at 2.83% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.83% | 2.83% |
Brazil Real Denominated Secured Notes Short-term Debt at 5.40% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.40% | 5.40% |
Brazil Real Denominated Secured Notes Short-term Debt at 9.40% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 9.40% | 9.40% |
U.S. Dollar Denominated Current Portion of Long Term Debt at 2.71% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.71% | 2.71% |
Austria Euro Denominated Current Portion of Long Term Debt at 2.32% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.32% | 2.32% |
Austria Euro Denominated Current Portion of Long Term Debt at 1.40% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.40% | 1.40% |
Austria Euro Denominated Current Portion of Long Term Debt at 3.00% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.00% | 3.00% |
Indonesia U.S. Dollar Denominated Current Portion of Long Term Debt at 3.50% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.50% | 3.50% |
New Zealand U.S. Dollar Denominated Current Portion of Long Term Debt at 3.90% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.90% | 3.90% |
Debt and Credit Arrangements _3
Debt and Credit Arrangements - Additional Information (Detail) € in Millions | Aug. 14, 2019USD ($) | Apr. 25, 2019USD ($) | Mar. 13, 2018USD ($) | Aug. 22, 2016 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) |
Debt Instrument [Line Items] | ||||||||
Increased borrowing capacity | $ 65,000,000 | |||||||
Extended debt instrument date | Jun. 30, 2021 | Jun. 30, 2019 | ||||||
Debt to earnings before Interest, Taxes and Depreciation ratio | 225.00% | |||||||
Line of credit utilized borrowing capacity | $ 33,600,000 | |||||||
Line of credit remaining borrowing capacity | 31,400,000 | |||||||
Proceeds from long-term debt | 93,036,000 | $ 76,030,000 | $ 55,581,000 | |||||
Remaining balance due on loan for purchased corporate aircraft | 57,076,000 | 26,408,000 | ||||||
Remaining balance due on loan for purchased corporate aircraft classified as short-term | 12,050,000 | 10,490,000 | ||||||
Aggregate maturities of long-term debt for 2020 | 3,400,000 | |||||||
Aggregate maturities of long-term debt for 2021 | 36,400,000 | |||||||
Aggregate maturities of long-term debt for 2022 | 2,800,000 | |||||||
Aggregate maturities of long-term debt for 2023 | 2,800,000 | |||||||
Aggregate maturities of long-term debt there after | 11,700,000 | |||||||
Interest paid | 2,000,000 | 1,800,000 | $ 1,000,000 | |||||
Total outstanding guarantees | 11,500,000 | |||||||
Letter of credit outstanding | 7,600,000 | |||||||
Aircraft [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Remaining balance due on loan for purchased corporate aircraft | 9,500,000 | |||||||
Remaining balance due on loan for purchased corporate aircraft classified as short-term | $ 1,400,000 | |||||||
Debt instrument expiration year | 2026 | |||||||
Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit utilized borrowing capacity | $ 20,000,000 | |||||||
Line of credit remaining borrowing capacity | $ 8,000,000 | |||||||
U.S. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate for Line of credit | 2.89% | 2.89% | ||||||
Asia Pacific [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Restricted cash used to secure bank debt | $ 300,000 | $ 300,000 | ||||||
LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of LIBOR plus | 1.125% | |||||||
LIBOR [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of LIBOR plus | 1.50% | |||||||
Polish Subsidiary [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | $ 6,500,000 | |||||||
Interest rate for Line of credit | 2.76% | 2.76% | ||||||
Polish Subsidiary [Member] | Warsaw Interbank Offer Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of LIBOR plus | 1.125% | |||||||
Expiration date | Jun. 30, 2021 | |||||||
Australian subsidiary [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings | $ 5,500,000 | |||||||
Expiration date | Jun. 30, 2021 | |||||||
Interest rate for Line of credit | 1.96% | 1.96% | ||||||
Austrian Subsidiary [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit utilized borrowing capacity | $ 1,100,000 | € 1 | ||||||
Expiration date | May 31, 2020 | |||||||
Interest rate | 3.00% | 3.00% | ||||||
Remaining balance due on loan for purchased corporate aircraft | $ 100,000 | |||||||
Debt instrument expiration year | 2025 | |||||||
Austrian Subsidiary [Member] | Line Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from long-term debt | $ 600,000 | |||||||
Interest rate | 1.40% | 1.40% | ||||||
Indonesian Subsidiary [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit utilized borrowing capacity | $ 7,500,000 | |||||||
Expiration date | Apr. 30, 2024 | |||||||
Proceeds from long-term debt | $ 8,000,000 | |||||||
Interest rate | 3.501% | |||||||
Outstanding letters of credit, current | 800,000 | |||||||
New Zealand Subsidiary {Member} | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit utilized borrowing capacity | 5,400,000 | |||||||
Expiration date | Aug. 26, 2021 | |||||||
Proceeds from long-term debt | $ 5,300,000 | |||||||
Interest rate | 3.90% | |||||||
Outstanding letters of credit, current | $ 500,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Line Items] | |||
Leases, term of description | the leases in effect were related to land, buildings, vehicles, office equipment and other production equipment under operating leases with lease terms of up to 99 years. | ||
Finance lease, weighted average remaining lease term | 2 years 6 months | ||
Operating lease, weighted average remaining lease term | 18 years 2 months 12 days | ||
Operating lease, weighted average discount rate, percent | 5.02% | ||
Finance lease, weighted average discount rate, percent | 4.54% | ||
Rental expense for leases | $ 2.6 | $ 2.6 | |
Total minimum sublease rentals under noncancelable subleases | $ 3.6 | ||
Future minimum lease payments, 2019 | 2.2 | ||
Future minimum lease payments, 2020 | 1.8 | ||
Future minimum lease payments, 2021 | 1.6 | ||
Future minimum lease payments, 2022 | 0.9 | ||
Future minimum lease payments, 2023 | 0.2 | ||
Future minimum lease payments, Thereafter | $ 6.3 | ||
Maximum [Member] | |||
Leases [Line Items] | |||
Leases, term of contract | 99 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Components of lease expense | |
Operating lease cost | $ 3,138 |
Finance lease cost | |
Amortization of right-of-use assets | 67 |
Interest on lease liabilities | 11 |
Total lease cost | $ 3,216 |
Leases - Schedule of Future Mat
Leases - Schedule of Future Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 2,462 |
2021 | 2,026 |
2022 | 1,607 |
2023 | 1,066 |
2024 and thereafter | 9,113 |
Total lease payments | 16,274 |
Less amount of lease payment representing interest | 5,966 |
Total present value of lease payments | 10,308 |
Finance Leases | |
2020 | 109 |
2021 | 45 |
2022 | 26 |
2023 | 22 |
2024 and thereafter | 0 |
Total lease payments | 202 |
Less amount of lease payment representing interest | 10 |
Total present value of lease payments | $ 192 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 5,321 |
Operating cash flows from finance leases | 11 |
Financing cash flows from finance leases | $ 100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Reconciliation [Line Items] | |||
Net tax provision | $ 8,122,000 | $ 6,007,000 | $ 13,152,000 |
Cash taxes paid net of refunds | 7,800,000 | 5,600,000 | 3,400,000 |
Net operating loss carryforwards, indefinite | $ 8,700,000 | ||
Foreign net operating loss carryforwards expiration period start year | 2024 | ||
Foreign net operating loss carryforwards expiration period end year | 2029 | ||
Valuation allowance | $ 3,137,000 | 3,495,000 | |
Net decrease in valuation allowance from the prior year | (400,000) | ||
Tax liability, undistributed earnings of foreign subsidiaries | 110,600,000 | ||
Deferred tax liabilities undistributed earnings of subsidiaries | 112,200,000 | ||
Deferred tax liabilities withholding cost related to earnings | 100,000 | ||
Accrued interest | $ 0 | $ 0 | |
Maximum [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Accrued interest | 100,000 | ||
Accrued penalties | 100,000 | ||
Income Tax Provision [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Net decrease in valuation allowance from the prior year | (300,000) | ||
Foreign Country [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Net operating loss carryforwards | 10,600,000 | ||
Net operating loss carryforwards, definite | $ 1,900,000 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 11,353 | $ 10,268 | $ 4,774 | ||||||||
Foreign | 20,105 | 22,320 | 21,032 | ||||||||
INCOME BEFORE INCOME TAXES | $ 7,423 | $ 11,257 | $ 10,850 | $ 1,928 | $ 7,879 | $ 7,856 | $ 9,224 | $ 7,629 | $ 31,458 | $ 32,588 | $ 25,806 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 2,835 | $ (904) | $ 4,592 |
Foreign | 6,170 | 6,247 | 5,998 |
State and local | 391 | 350 | 126 |
Current, Total | 9,396 | 5,693 | 10,716 |
Deferred | |||
Federal | (10) | 801 | 2,316 |
Foreign | (1,347) | (608) | 12 |
State and local | 83 | 121 | 108 |
Deferred Total | (1,274) | 314 | 2,436 |
Income taxes | $ 8,122 | $ 6,007 | $ 13,152 |
Income Taxes - Differences Betw
Income Taxes - Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U. S. federal statutory tax rate | 21.00% | 21.00% | 35.00% |
Federal tax at statutory rate | $ 6,606 | $ 6,843 | $ 9,033 |
State and local taxes, net of federal benefit | 308 | 273 | 82 |
U.S. federal permanent items | 621 | 240 | (60) |
Global intangible low-taxed income | 1,738 | 1,721 | (116) |
Foreign tax credits | (1,422) | (1,707) | 0 |
Transition tax | 0 | (1,780) | 2,592 |
Non-U.S. tax rate variances | 929 | 1,011 | (1,491) |
Valuation allowance | (346) | (57) | 88 |
Tax credits | (464) | (295) | (255) |
Tax act impact, deferred rate | 0 | (680) | 3,161 |
Other, net | 152 | 438 | 118 |
Income taxes | $ 8,122 | $ 6,007 | $ 13,152 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets: | ||
Accrued compensation and benefits | $ 1,180 | $ 1,387 |
Inventory valuation reserves | 2,384 | 2,256 |
Allowance for doubtful accounts | 473 | 346 |
Benefit plan reserves | 7,586 | 7,153 |
Net operating loss carryforwards | 3,003 | 2,651 |
Other accrued expenses | 3,012 | 2,830 |
Unrealized foreign exchange | 718 | 1,217 |
Gross deferred tax assets | 18,356 | 17,840 |
Valuation allowance | (3,137) | (3,495) |
Net deferred tax assets | 15,219 | 14,345 |
Deferred tax liabilities: | ||
Depreciation and other basis differences | (6,867) | (6,855) |
Intangibles | (3,742) | (2,057) |
Undistributed foreign earnings | 0 | (172) |
Other | (162) | (72) |
Deferred tax liabilities | (10,771) | (9,156) |
Net deferred tax assets | 4,448 | 5,189 |
Deferred income tax expense | ||
Ordinary movement | 1,275 | (993) |
Deferred tax balances from business acquisition | (1,883) | 0 |
Tax impact deferred rate | 0 | 680 |
Items of other comprehensive income (loss) | (62) | (62) |
Currency translation | (71) | (120) |
Total change in net deferred tax assets | $ (741) | $ (495) |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 0 | $ 0 | $ 0 |
Additions for tax positions of current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 118 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Expiration of statutes of limitations | 0 | 0 | 0 |
Balance at December 31 | $ 118 | $ 0 | $ 0 |
Share-Based Compensation - Acti
Share-Based Compensation - Activity in Company's Plan (Detail) - 1999 Stock Option Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, 2019, Number of Shares | 750 | ||
Exercised, Number of Shares | (750) | 0 | (4,800) |
Forfeited, Number of Shares | 0 | ||
Outstanding (exercisable and vested) at December 31, 2019, Number of Shares | 0 | ||
Outstanding at January 1, 2019, Weighted Average Exercise Price per Share | $ 39.10 | ||
Exercised, Weighted Average Exercise Price per Share | 39.10 | ||
Forfeited, Weighted Average Exercise Price per Share | 0 | ||
Outstanding (exercisable and vested) at December 31, 2019, Weighted Average Exercise Price per Share | $ 0 | ||
Outstanding (exercisable and vested), Weighted Average Remaining Contractual Term | 0 years | ||
Outstanding (exercisable and vested) Aggregate Intrinsic Value | $ 0 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Deferral$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | May 10, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares granted under incentive plan | 73,515 | |||
Forfeiture of restricted stock based unit | 7,821 | |||
Deferred shares and held by the rabbi trust | 267,641 | 269,630 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | 800,000 | |||
Long Term Incentive Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | 100,000 | |||
Time-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expenses | $ | $ 500,000 | $ 500,000 | $ 400,000 | |
Compensation cost expected to be recognized over period | $ | $ 500,000 | |||
Weighted-average period | 1 year 7 months 6 days | |||
Time-Based RSUs [Member] | Retired Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeiture of restricted stock based unit | 1,068 | |||
Performance-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period | 1 year 7 months 6 days | |||
Performance-based compensation expense (income) | $ | $ 3,900,000 | 3,700,000 | 2,700,000 | |
Performance-Based RSUs [Member] | Grant 2018 and 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeiture of restricted stock based unit | 6,753 | |||
Remaining compensation expense | $ | $ 3,900,000 | |||
Service and Performance-based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefits from restricted share awards | $ | $ 500,000 | $ 200,000 | $ 200,000 | |
1999 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercised, Number of Shares | 750 | 0 | 4,800 | |
1999 Stock Option Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of stock options | $ | $ 100,000 | |||
Compensation expenses | $ | 0 | $ 0 | $ 0 | |
1999 Stock Option Plan [Member] | Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received for the exercise of stock options | $ | $ 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 | |||
2016 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | 1,000,000 | |||
Incentive plan expiry date | May 10, 2026 | |||
2016 Incentive Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | 100,000 | |||
Granted, Number of Shares | 15,000 | |||
2016 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for awards | 900,000 | |||
Restricted shares granted under incentive plan | 235,599 | |||
Deferred Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of deferrals | Deferral | 2 | |||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | After One Year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards vesting percentage | 50.00% | |||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | After Two Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards vesting percentage | 75.00% | |||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | After Three Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards vesting percentage | 100.00% | |||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option issued under plan vest and expire | 10 years | |||
Long Term Incentive Plan and 2016 Incentive Plan [Member] | 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 | 4,000 | 3,500 | 28,500 | |
Total intrinsic value of stock options | $ | $ 100,000 | $ 100,000 | $ 700,000 | |
Cash received for the exercise of stock options | $ | $ 200,000 | $ 200,000 | $ 1,500,000 | |
Granted, Number of Shares | 5,000 | 5,000 | 5,000 | |
Weighted-average period | 2 years 6 months | |||
Estimated Forfeitures | $ | $ 0 | |||
Weighted average grant date fair value options granted | $ / shares | $ 60.60 | |||
Expected compensation cost related to unvested awards not yet recognized | $ | $ 200,000 | |||
Long Term Incentive Plan Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expenses | $ | 1,000,000 | $ 1,000,000 | $ 1,000,000 | |
Excess tax benefits | $ | $ 100,000 | $ 100,000 | $ 100,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of RSUs (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2019 | 230,922 |
Granted | 73,515 |
Vested | (84,982) |
Forfeited | (7,821) |
Nonvested as of December 31, 2019 | 211,634 |
Nonvested as of January 1, 2019, Weighted-Average Grant-Date Fair Value | $ / shares | $ 53.68 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 56.22 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 36.03 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 68.95 |
Nonvested as of December 31, 2019, Weighted-Average Grant- Date Fair Value | $ / shares | $ 53.68 |
Performance and Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2019 | 213,624 |
Granted | 65,392 |
Vested | (75,921) |
Forfeited | (6,753) |
Nonvested as of December 31, 2019 | 196,342 |
Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested as of January 1, 2019 | 17,298 |
Granted | 8,123 |
Vested | (9,061) |
Forfeited | (1,068) |
Nonvested as of December 31, 2019 | 15,292 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted-Average Assumptions for Estimating Fair Values (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 1.80% | 2.80% | 2.00% |
Dividend yield | 1.60% | 1.60% | 1.70% |
Expected life (years) | 5 years | 5 years | 5 years |
Expected volatility | 42.00% | 40.00% | 36.80% |
Share-Based Compensation - Ac_2
Share-Based Compensation - Activity in Company's Plan - Long Term Incentive Plan (Detail) - Long Term Incentive Plan Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, 2019, Number of Shares | 30,750 | ||
Granted, Number of Shares | 5,000 | 5,000 | 5,000 |
Exercised, Number of Shares | (4,000) | (3,500) | (28,500) |
Forfeited, Number of Shares | 0 | ||
Outstanding (vested and expected to vest) at December 31, 2019, Number of Shares | 31,750 | ||
Exercisable at December 31, 2019, Number of Shares | 23,000 | ||
Outstanding at January 1, 2019, Weighted Average Exercise Price per Share | $ 56.81 | ||
Granted, Weighted Average Exercise Price per Share | 60.60 | ||
Exercised, Weighted Average Exercise Price per Share | 45.96 | ||
Forfeited, Weighted Average Exercise Price per Share | 0 | ||
Outstanding (vested and expected to vest) at December 31, 2019, Weighted Average Exercise Price per Share | 58.77 | ||
Exercisable at December 31, 2019, Weighted Average Exercise Price per Share | $ 58.68 | ||
Outstanding (vested and expected to vest) at December 31, 2019, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | ||
Exercisable at December 31, 2019, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days | ||
Outstanding (vested and expected to vest) at December 31, 2019, Aggregate Intrinsic Value | $ 169 | ||
Exercisable at December 31, 2019, Aggregate Intrinsic Value | $ 154 |
Computation of Earnings Per S_3
Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator | |||||||||||
Net income | $ 5,624 | $ 7,951 | $ 7,904 | $ 1,824 | $ 5,264 | $ 9,054 | $ 6,735 | $ 5,528 | $ 23,303 | $ 26,581 | $ 12,654 |
Determination of shares (in thousands) | |||||||||||
Weighted-average common shares outstanding | 5,031 | 5,032 | 5,102 | ||||||||
Dilutive effect - share-based awards | 56 | 75 | 31 | ||||||||
Diluted weighted-average common shares outstanding | 5,087 | 5,107 | 5,133 | ||||||||
Earnings per common share | |||||||||||
Basic | $ 1.12 | $ 1.58 | $ 1.57 | $ 0.36 | $ 1.05 | $ 1.80 | $ 1.34 | $ 1.10 | $ 4.63 | $ 5.28 | $ 2.48 |
Diluted | $ 1.09 | $ 1.55 | $ 1.56 | $ 0.36 | $ 1.02 | $ 1.76 | $ 1.33 | $ 1.09 | $ 4.58 | $ 5.21 | $ 2.47 |
Computation of Earnings Per S_4
Computation of Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from calculation of earnings per share | 15,041 | 260 | 13,000 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-lived intangible assets | |||
Gross Carrying Amount | $ 30,648 | $ 22,445 | |
Accumulated Amortization | (15,532) | (13,987) | |
Indefinite-lived intangible assets Goodwill | 27,840 | 15,621 | $ 16,544 |
Patents [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 4,806 | 4,806 | |
Accumulated Amortization | (4,806) | (4,788) | |
Land Use Rights [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 1,128 | 1,134 | |
Accumulated Amortization | (331) | (203) | |
Trademark [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 1,718 | 1,707 | |
Accumulated Amortization | (1,358) | (1,247) | |
Technology [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 7,185 | 2,994 | |
Accumulated Amortization | (1,708) | (1,334) | |
Customer Relationships [Member] | |||
Finite-lived intangible assets | |||
Gross Carrying Amount | 15,811 | 11,804 | |
Accumulated Amortization | $ (7,329) | $ (6,415) |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) | Oct. 02, 2018 | Oct. 02, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill impairment adjustment | $ 0 | $ 0 | |||
Purchase price allocation adjustments | $ (6,487,000) | ||||
Definite lived intangible assets | 15,116,000 | $ 8,458,000 | |||
Amortization of Intangible Assets | 1,500,000 | $ 1,000,000 | $ 1,000,000 | ||
2020 | 1,600,000 | ||||
2021 | 1,500,000 | ||||
2022 | 1,500,000 | ||||
2023 | 1,500,000 | ||||
2024 | $ 1,500,000 | ||||
Remaining amortization period | 12 years 10 months 24 days | ||||
Patents [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Remaining amortization period | 6 years | ||||
Land Use Rights [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Remaining amortization period | 56 years | ||||
Trademark [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Remaining amortization period | 8 years 7 months 6 days | ||||
Technology [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Remaining amortization period | 11 years 1 month 6 days | ||||
Customer Relationships [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Remaining amortization period | 10 years 3 months 18 days | ||||
Minimum [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Amortization period of intangible assets | 1 year | ||||
Minimum [Member] | Actual [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Amortization period of intangible assets | 4 years | ||||
Maximum [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Amortization period of intangible assets | 20 years | ||||
Maximum [Member] | Actual [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Amortization period of intangible assets | 82 years | ||||
EMEA [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Purchase price allocation adjustments | $ (6,487,000) | ||||
Definite lived intangible assets | 6,300,000 | ||||
Inventory step-up allocation | $ 200,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 15,621 | $ 16,544 |
Currency translation and other | (923) | |
Currency translation | 87 | |
Goodwill acquired during the year | 18,619 | |
Purchase price allocation adjustments | (6,487) | |
Ending Balance | 27,840 | 15,621 |
USA [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 3,078 | 3,078 |
Currency translation and other | 0 | |
Currency translation | 0 | |
Goodwill acquired during the year | 0 | |
Purchase price allocation adjustments | 0 | |
Ending Balance | 3,078 | 3,078 |
The Americas [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 3,997 | 4,292 |
Currency translation and other | (295) | |
Currency translation | 161 | |
Goodwill acquired during the year | 0 | |
Purchase price allocation adjustments | 0 | |
Ending Balance | 4,158 | 3,997 |
EMEA [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,355 | 1,495 |
Currency translation and other | (140) | |
Currency translation | (45) | |
Goodwill acquired during the year | 18,619 | |
Purchase price allocation adjustments | (6,487) | |
Ending Balance | 13,442 | 1,355 |
Asia-Pacific [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 7,191 | 7,679 |
Currency translation and other | (488) | |
Currency translation | (29) | |
Goodwill acquired during the year | 0 | |
Purchase price allocation adjustments | 0 | |
Ending Balance | $ 7,162 | $ 7,191 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Summary of Assets and Liabilities Recorded and Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 1,648 |
Total Assets | 1,648 | |
Supplemental profit sharing plan | 6,059 | 4,946 |
Earn-out | 581 | |
Total Liabilities | 6,640 | 4,946 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,648 | |
Total Assets | 1,648 | |
Supplemental profit sharing plan | 0 | 0 |
Earn-out | 0 | |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Total Assets | 0 | |
Supplemental profit sharing plan | 6,059 | 4,946 |
Earn-out | 0 | |
Total Liabilities | 6,059 | 4,946 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Total Assets | 0 | |
Supplemental profit sharing plan | 0 | 0 |
Earn-out | 581 | |
Total Liabilities | $ 581 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Supplemental profit sharing plan | $ 6,059,000 | $ 4,946,000 |
Marketable securities | 0 | 1,648,000 |
Contingent liabilities | 581,000 | |
Fair value liabilities Level 2 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Supplemental profit sharing plan | 0 | 0 |
Marketable securities | 0 | |
Contingent liabilities | 581,000 | |
Other Income [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Gain loss on change in fair value of marketable securities | 2,000,000 | 1,000,000 |
Other Assets [Member] | Corporate Owned Life Insurance Policy [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash surrender value | 5,500,000 | 2,800,000 |
Other Noncurrent Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent liabilities | 600,000 | |
Profit Sharing Plan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Supplemental profit sharing plan | $ 6,100,000 | $ 4,900,000 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Long-term debt and related current maturities, Fair Value | $ 56,539 | $ 27,017 |
Long-term debt and related current maturities, Carrying Value | $ 57,076 | $ 26,408 |
Revenue - Revenues by Segment a
Revenue - Revenues by Segment and Product Type (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100.00% | 100.00% |
Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 67.00% | 66.00% |
Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 22.00% | 21.00% |
Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 11.00% | 13.00% |
PLP-USA [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100.00% | 100.00% |
PLP-USA [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 62.00% | 60.00% |
PLP-USA [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 30.00% | 34.00% |
PLP-USA [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 8.00% | 6.00% |
The Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100.00% | 100.00% |
The Americas [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 67.00% | 67.00% |
The Americas [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 27.00% | 29.00% |
The Americas [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 6.00% | 4.00% |
EMEA [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100.00% | 100.00% |
EMEA [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 68.00% | 73.00% |
EMEA [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 24.00% | 12.00% |
EMEA [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 8.00% | 15.00% |
Asia-Pacific [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 100.00% | 100.00% |
Asia-Pacific [Member] | Energy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 72.00% | 68.00% |
Asia-Pacific [Member] | Communications [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 6.00% | 4.00% |
Asia-Pacific [Member] | Special Industries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of disaggregated revenue | 22.00% | 28.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)SegmentCustomer | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of reportable segment | Segment | 4 | ||||||||||
Number of major customers accounted for revenue | Customer | 0 | ||||||||||
Net sales | $ 113,649 | $ 119,217 | $ 114,842 | $ 97,153 | $ 105,411 | $ 108,413 | $ 108,915 | $ 98,139 | $ 444,861 | $ 420,878 | $ 378,212 |
Long-lived assets | 124,018 | 102,955 | 124,018 | 102,955 | |||||||
USA [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 178,300 | 169,000 | $ 147,600 | ||||||||
Long-lived assets | $ 51,100 | $ 51,500 | $ 51,100 | $ 51,500 |
Segment Information - Summary o
Segment Information - Summary of Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | |||||||||||
Net sales | $ 113,649 | $ 119,217 | $ 114,842 | $ 97,153 | $ 105,411 | $ 108,413 | $ 108,915 | $ 98,139 | $ 444,861 | $ 420,878 | $ 378,212 |
Interest income | |||||||||||
Interest income | 783 | 486 | 430 | ||||||||
Interest expense | |||||||||||
Interest expense | (2,217) | (1,290) | (1,061) | ||||||||
Income taxes | |||||||||||
Income taxes | 8,122 | 6,007 | 13,152 | ||||||||
Net income (loss) attributable to Preformed Line Products Company shareholders | |||||||||||
Net income (loss) | 5,624 | $ 7,951 | $ 7,904 | $ 1,824 | 5,264 | $ 9,054 | $ 6,735 | $ 5,528 | 23,303 | 26,581 | 12,654 |
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 29,467 | 9,528 | 11,233 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 13,748 | 12,444 | 12,790 | ||||||||
Identifiable assets | |||||||||||
Identifiable assets | 433,571 | 358,797 | 433,571 | 358,797 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 124,018 | 102,955 | 124,018 | 102,955 | |||||||
PLP-USA [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 178,301 | 169,040 | 147,646 | ||||||||
Interest income | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | |||||||||||
Interest expense | (972) | (1,023) | (941) | ||||||||
Income taxes | |||||||||||
Income taxes | 3,299 | 367 | 7,142 | ||||||||
Net income (loss) attributable to Preformed Line Products Company shareholders | |||||||||||
Net income (loss) | 8,054 | 9,900 | (2,367) | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 4,928 | 3,672 | 4,474 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 5,393 | 5,452 | 5,389 | ||||||||
Identifiable assets | |||||||||||
Identifiable assets | 127,428 | 118,171 | 127,428 | 118,171 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 51,097 | 51,506 | 51,097 | 51,506 | |||||||
The Americas [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 68,293 | 66,868 | 69,764 | ||||||||
Interest income | |||||||||||
Interest income | 412 | 273 | 283 | ||||||||
Interest expense | |||||||||||
Interest expense | (466) | (111) | (10) | ||||||||
Income taxes | |||||||||||
Income taxes | 2,551 | 3,349 | 3,593 | ||||||||
Net income (loss) attributable to Preformed Line Products Company shareholders | |||||||||||
Net income (loss) | 6,657 | 8,479 | 8,169 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 2,864 | 1,746 | 1,272 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 1,862 | 1,488 | 1,985 | ||||||||
Identifiable assets | |||||||||||
Identifiable assets | 71,908 | 69,764 | 71,908 | 69,764 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 15,874 | 14,847 | 15,874 | 14,847 | |||||||
EMEA [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 79,158 | 69,773 | 63,916 | ||||||||
Interest income | |||||||||||
Interest income | 192 | 102 | 47 | ||||||||
Interest expense | |||||||||||
Interest expense | (149) | (58) | (31) | ||||||||
Income taxes | |||||||||||
Income taxes | 616 | 1,204 | 1,583 | ||||||||
Net income (loss) attributable to Preformed Line Products Company shareholders | |||||||||||
Net income (loss) | 2,935 | 3,527 | 4,088 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 5,304 | 1,591 | 2,329 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 2,528 | 1,808 | 1,678 | ||||||||
Identifiable assets | |||||||||||
Identifiable assets | 97,126 | 57,263 | 97,126 | 57,263 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | 16,419 | 11,768 | 16,419 | 11,768 | |||||||
Asia-Pacific [Member] | |||||||||||
Net sales | |||||||||||
Net sales | 119,109 | 115,197 | 96,886 | ||||||||
Interest income | |||||||||||
Interest income | 179 | 111 | 100 | ||||||||
Interest expense | |||||||||||
Interest expense | (630) | (98) | (79) | ||||||||
Income taxes | |||||||||||
Income taxes | 1,656 | 1,087 | 834 | ||||||||
Net income (loss) attributable to Preformed Line Products Company shareholders | |||||||||||
Net income (loss) | 5,657 | 4,675 | 2,764 | ||||||||
Expenditure for long-lived assets | |||||||||||
Expenditure for long-lived assets | 16,371 | 2,519 | 3,158 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 3,965 | 3,696 | 3,738 | ||||||||
Identifiable assets | |||||||||||
Identifiable assets | 137,109 | 113,599 | 137,109 | 113,599 | |||||||
Long-lived assets | |||||||||||
Long-lived assets | $ 40,628 | $ 24,834 | 40,628 | 24,834 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Net sales | |||||||||||
Net sales | (32,626) | (34,699) | (27,520) | ||||||||
Intersegment Eliminations [Member] | PLP-USA [Member] | |||||||||||
Net sales | |||||||||||
Net sales | (10,757) | (11,648) | (12,234) | ||||||||
Intersegment Eliminations [Member] | The Americas [Member] | |||||||||||
Net sales | |||||||||||
Net sales | (7,774) | (9,480) | (5,570) | ||||||||
Intersegment Eliminations [Member] | EMEA [Member] | |||||||||||
Net sales | |||||||||||
Net sales | (1,375) | (1,664) | (1,120) | ||||||||
Intersegment Eliminations [Member] | Asia-Pacific [Member] | |||||||||||
Net sales | |||||||||||
Net sales | $ (12,720) | $ (11,907) | $ (8,596) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Dec. 19, 2019$ / sharesshares | Dec. 12, 2019$ / sharesshares | Jul. 02, 2019$ / sharesshares | Feb. 06, 2019$ / sharesshares | Dec. 18, 2018$ / sharesshares | Sep. 14, 2018$ / sharesshares | Aug. 23, 2018$ / sharesshares | Aug. 07, 2018$ / sharesshares | Jun. 15, 2018$ / sharesshares | Jun. 01, 2018$ / sharesshares | May 10, 2018$ / sharesshares | Mar. 15, 2018$ / sharesshares | Feb. 06, 2018$ / sharesshares | Dec. 13, 2017$ / sharesshares | Nov. 30, 2017$ / sharesshares | Nov. 17, 2017$ / sharesshares | Nov. 08, 2017$ / sharesshares | Aug. 16, 2017$ / sharesshares | May 09, 2017$ / sharesshares | Jan. 03, 2017$ / sharesshares | Dec. 31, 2019USD ($)LeaseEmployee | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transactions number of property leased | Lease | 1 | ||||||||||||||||||||||
Related party transaction lease expenses | $ | $ 0 | $ 0 | |||||||||||||||||||||
Loan amount due | $ | $ 57,076,000 | 26,408,000 | |||||||||||||||||||||
Austrian Subsidiary [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Interest rate | 3.00% | ||||||||||||||||||||||
Loan amount due | $ | $ 100,000 | ||||||||||||||||||||||
Debt instrument expiration year | 2025 | ||||||||||||||||||||||
Related party transaction lease expenses paid | $ | $ 100,000 | ||||||||||||||||||||||
Czech Republic Subsidiary [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction lease expenses paid | $ | $ 200,000 | ||||||||||||||||||||||
Related party transaction lease expiration term | 5 years | ||||||||||||||||||||||
Number of employees | Employee | 2 | ||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party transaction lease expenses | $ | $ 100,000 | ||||||||||||||||||||||
Officers and Other Employees [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 21,650 | 7,975 | 24,874 | ||||||||||||||||||||
Shares price per share | $ / shares | $ 78.68 | $ 74.51 | $ 71.07 | ||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | 30 days | ||||||||||||||||||||
Retired Officer [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 3,334 | ||||||||||||||||||||||
Shares price per share | $ / shares | $ 75.37 | ||||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | ||||||||||||||||||||||
Randall M. Ruhlman [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 7,500 | ||||||||||||||||||||||
Shares price per share | $ / shares | $ 78.68 | ||||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | ||||||||||||||||||||||
Current Officers and Retired Officer [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 36,413 | 17,141 | 7,877 | ||||||||||||||||||||
Shares price per share | $ / shares | $ 56.44 | $ 87.19 | $ 80.20 | ||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | 30 days | ||||||||||||||||||||
Retired Officer [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 6,326 | 952 | 35 | 8,800 | |||||||||||||||||||
Shares price per share | $ / shares | $ 71.75 | $ 51.20 | $ 57.85 | $ 73.53 | |||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | 30 days | 30 days | |||||||||||||||||||
Officer [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 20,862 | 7,500 | 1,500 | 3,200 | 1,430 | 2,500 | 1,834 | ||||||||||||||||
Shares price per share | $ / shares | $ 70.39 | $ 80.95 | $ 77.06 | $ 68.10 | $ 63.63 | $ 52.05 | $ 58.58 | ||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | 30 days | 30 days | 30 days | 30 days | 30 days | ||||||||||||||||
Employee [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 2,000 | ||||||||||||||||||||||
Shares price per share | $ / shares | $ 83.53 | ||||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | ||||||||||||||||||||||
Trust [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 15,000 | 24,920 | |||||||||||||||||||||
Shares price per share | $ / shares | $ 78.68 | $ 50.16 | |||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | 30 days | |||||||||||||||||||||
Robert G Ruhlman [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Purchase of shares | shares | 7,000 | ||||||||||||||||||||||
Shares price per share | $ / shares | $ 71.07 | ||||||||||||||||||||||
Number of trading days to be considered for average price of stock repurchased | 30 days | ||||||||||||||||||||||
X Information Technology [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Service expense | $ | $ 100,000 | 200,000 | 200,000 | ||||||||||||||||||||
Baker & Hostetler LLP [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Legal fees | $ | $ 100,000 | $ 100,000 | $ 100,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands, € in Millions | Apr. 01, 2019USD ($) | Feb. 28, 2019USD ($) | Feb. 28, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||
Payments of business, net of cash acquired | $ 18,894 | $ 0 | $ 0 | |||
Goodwill | 27,840 | 15,621 | $ 16,544 | |||
Intangibles - net | $ 15,116 | $ 8,458 | ||||
SubCon [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||
Total purchase price | $ 10,100 | |||||
Payments of business, net of cash acquired | 1,900 | |||||
Goodwill | 6,600 | |||||
Intangibles - net | 4,700 | |||||
Purchase price estimated contingent liability | $ 600 | |||||
Potential maximum payment | € | € 4 | |||||
Remeasurement period | 4 years | 4 years | ||||
SubCon [Member] | Other Noncurrent Liabilities [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination earn-out liability | $ 600 | |||||
MICOS Telecom [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 90.00% | |||||
Total purchase price | $ 8,800 | |||||
Payments of business, net of cash acquired | 500 | |||||
Goodwill | 5,600 | |||||
Intangibles - net | $ 3,400 | |||||
Useful lives | 12 years | |||||
Business acquisition, percentage of remaining voting interests to be acquired | 10.00% | |||||
Business acquisition, maximum period, remaining voting interests to be acquired | 3 years | |||||
Percentage of remaining voting interests deferred consideration payable | 10.00% | |||||
MICOS Telecom [Member] | Other Noncurrent Liabilities [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination hold-back liability | $ 1,500 | |||||
Business combination hold-back liability payable term | 2 years | |||||
Business combination deferred consideration | $ 900 | |||||
Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful lives | 20 years | |||||
Maximum [Member] | SubCon [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful lives | 11 years | 11 years | ||||
Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful lives | 1 year | |||||
Minimum [Member] | SubCon [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Useful lives | 10 years | 10 years |
Business Combinations - Summary
Business Combinations - Summary of Final Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets acquired | |||
Goodwill | $ 27,840 | $ 15,621 | $ 16,544 |
SubCon and MICOS Telcom [Member] | |||
Assets acquired | |||
Current assets, net of cash | 5,976 | ||
Property, plant and equipment | 1,189 | ||
Goodwill | 12,132 | ||
Finite-lived intangible assets | 8,092 | ||
Other long-term assets | 1,883 | ||
Total assets acquired | 29,272 | ||
Liabilities assumed | (10,378) | ||
Net assets acquired | $ 18,894 |
Product Warranty Reserve - Roll
Product Warranty Reserve - Roll Forward of Product Warranty Reserve (Detail) - Warranty Reserves [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of period balance | $ 928 | $ 1,076 | $ 1,058 |
Additions charged to costs and expenses | 481 | 97 | 347 |
Warranty usage | (317) | (133) | (399) |
Currency translation | 217 | (112) | 70 |
End of period balance | $ 1,309 | $ 928 | $ 1,076 |
Quarterly Financial Informati_3
Quarterly Financial Information - Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 113,649 | $ 119,217 | $ 114,842 | $ 97,153 | $ 105,411 | $ 108,413 | $ 108,915 | $ 98,139 | $ 444,861 | $ 420,878 | $ 378,212 |
Gross profit | 36,180 | 39,343 | 37,807 | 27,265 | 32,019 | 33,491 | 35,203 | 31,518 | 140,595 | 132,231 | 118,628 |
Income before income taxes | 7,423 | 11,257 | 10,850 | 1,928 | 7,879 | 7,856 | 9,224 | 7,629 | 31,458 | 32,588 | 25,806 |
Net income | 5,602 | 8,044 | 7,866 | 1,824 | 23,336 | 26,581 | 12,654 | ||||
Net income | $ 5,624 | $ 7,951 | $ 7,904 | $ 1,824 | $ 5,264 | $ 9,054 | $ 6,735 | $ 5,528 | $ 23,303 | $ 26,581 | $ 12,654 |
Net income, basic | $ 1.12 | $ 1.58 | $ 1.57 | $ 0.36 | $ 1.05 | $ 1.80 | $ 1.34 | $ 1.10 | $ 4.63 | $ 5.28 | $ 2.48 |
Net income, diluted | $ 1.09 | $ 1.55 | $ 1.56 | $ 0.36 | $ 1.02 | $ 1.76 | $ 1.33 | $ 1.09 | $ 4.58 | $ 5.21 | $ 2.47 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 2,652 | $ 2,910 | $ 2,815 |
Additions charged to costs and expenses | 1,294 | 449 | 472 |
Deductions | (697) | (529) | (432) |
Other additions or deductions | (25) | (178) | 55 |
Balance at end of period | 3,224 | 2,652 | 2,910 |
Reserve for Credit Memos [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 526 | 415 | 395 |
Additions charged to costs and expenses | 817 | 802 | 693 |
Deductions | (739) | (688) | (675) |
Other additions or deductions | 21 | (3) | 2 |
Balance at end of period | 625 | 526 | 415 |
Slow-Moving and Obsolete Inventory Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 8,462 | 9,066 | 11,560 |
Additions charged to costs and expenses | 1,283 | 1,341 | 998 |
Deductions | (1,104) | (1,658) | (3,855) |
Other additions or deductions | 236 | (287) | 363 |
Balance at end of period | 8,877 | 8,462 | 9,066 |
Accrued Product Warranty [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 928 | 1,076 | 1,058 |
Additions charged to costs and expenses | 481 | 97 | 347 |
Deductions | (317) | (133) | (399) |
Other additions or deductions | 217 | (112) | 70 |
Balance at end of period | 1,309 | 928 | 1,076 |
Foreign Net Operating Loss Tax Carryforwards [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 3,495 | 3,965 | 3,805 |
Additions charged to costs and expenses | 153 | 568 | 490 |
Deductions | (499) | (761) | (312) |
Other additions or deductions | (12) | (277) | (18) |
Balance at end of period | $ 3,137 | $ 3,495 | $ 3,965 |