Company: PLPC
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000080035-25-000013
Chunk: 11

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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, 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 is not a party to any pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flow. As of June 30, 2025 and December 31, 2024, there were zero reserves for known global legal matters. As of June 30, 2025 and December 31, 2024, the Company has included $8.1 million and $6.7 million, respectively, of advanced payments by customers for future projects in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

NOTE 6 - PENSION PLANSThe Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “U.S. Plan”). Net periodic pension expense for the U.S. Plan for the three- and six-month periods ended June 30, 2025 and 2024, respectively, follows:Three Months Ended June 30,Six Months Ended June 30,2025202420252024Interest cost$395 $387 $790 $775 Expected return on plan assets(352)(485)(703)(971)Recognized net actuarial loss161 117 322 234 Net periodic pension expense$204 $19 $409 $38 Components of pension expense are included in Other income, net in the Consolidated Statements of Income.The Company is in the process of terminating  the U.S. Plan. In July 2025, the Company settled the majority of its obligations under the U