Company: PLPC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021769
Chunk: 21

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 LIFO cost(10,746)(10,242)Inventories at LIFO cost$135,098 $129,913 

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $42.4 million at March 31, 2025 and $46.5 million at December 31, 2024. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three-month periods ended March 31, 2025 and 2024, the net change in LIFO inventories resulted in an expense of $0.5 million and $0.2 million, respectively, to Cost of products sold. The Company’s reserves for excess and obsolete inventory were $16.6 million at March 31, 2025 and $17.7 million at December 31, 2024. 

NOTE 4 - PROPERTY AND EQUIPMENT, NETMajor classes of property, plant and equipment are as follows:March 31, 2025December 31, 2024Land and improvements$25,927 $20,204 Buildings and improvements128,288 125,076 Machinery, equipment and aircraft259,943 252,759 Construction in progress9,557 10,884 Property, plant and equipment, gross423,715 408,923 Less accumulated depreciation(220,632)(213,837)Property, plant and equipment, net$203,083 $195,086 

NOTE 5 - CONTINGENT AND OTHER LIABILITIES 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