Company: PLPC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021769
Chunk: 22

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 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 March 31, 2025 and December 31, 2024, there were zero reserves for known global legal matters. As of March 31, 2025 and December 31, 2024, the Company has included $9.3 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.

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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-month periods ended March 31, 2025 and 2024, respectively, follows:Three Months Ended March 31,20252024Interest cost$395 $387 Expected return on plan assets(351)(485)Recognized net actuarial loss161 117 Net periodic pension expense$205 $19 There were no contributions to the U.S. Plan during the three months ended March 31, 2025 and 2024. The Company is evaluating whether to make additional contributions to the U.S. Plan during 2025. In August 2023, the Board of Directors of the Company approved a resolution to terminate the U.S. Plan and certain administrative actions have been undertaken to proceed with the termination. Components of pension expense are included in Other income, net in the Consolidated Statements of Income.

NOTE 7 - ACCUMULATED OTHER COMPREHENSIVE INCOME ("AOCI")The following tables set forth the total changes in AOCI by component, net of tax:Three Months Ended March 31, 2025Three Months Ended March 31