Company: PLPC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021769
Chunk: 23

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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, 2024UnrecognizedBenefit Cost CumulativeTranslationAdjustment Total UnrecognizedBenefit Cost CumulativeTranslationAdjustment Total Balance at January 1$(5,373)$(77,536)$(82,909)$(4,478)$(55,828)$(60,306)Other comprehensive income before reclassifications:Foreign currency translation adjustment— 6,671 6,671 — (6,565)(6,565)Amounts reclassified from AOCI:Amortization of defined benefit pension actuarial  loss (a)123 — 123 89 — 89 Net current period other comprehensive income (loss)123 6,671 6,794 89 (6,565)(6,476)Balance at March 31$(5,250)$(70,865)$(76,115)$(4,389)$(62,393)$(66,782)(a)This AOCI component is included in the computation of net periodic pension expense as noted in Note 6 – Pension Plans.

NOTE 8 - DEBT AND CREDIT ARRANGEMENTSThe Company maintains a credit facility (the "Facility") with a capacity of  $90.0 million. On March 14, 2025, the Company amended the Facility to extend the maturity date from March 2, 2026 to June 30, 2028. In addition, the amendment increased the amount of unsecured borrowings that the Company is permitted to incur outside of the Facility from $40.0 million to $60.0 million and included APRESA – PLP Spain, S.A. as an additional borrower. The interest rate for U.S. borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225% unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, at which point the SOFR spread becomes 1.600%. At March 31, 2025, the Company had utilized $7.5 million with $82.5 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of March 31, 2025. Our bank debt to equity percentage was 8.0%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At March 31, 2025, the Company was in compliance with these coven