Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal quarter ended September 30, 2024

☐ Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

for the Transition Period From ________To _______

Commission file number 0-31164

Preformed Line Products Company

(Exact name of registrant as specified in its charter)


Ohio						34-0676895
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


660 Beta Drive Mayfield Village, Ohio						44143
(Address of Principal Executive Office)						(Zip Code)


(440) 461‑5200
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $2 par value per share	PLPC	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding as of October 18, 2024: 4,897,596.

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Part I – Financial Information

Item 1.

Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II – Other Information

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS


	September 30, 2024		December 31, 2023
(Thousands of dollars, except share and per share data)	(Unaudited)
ASSETS
Cash, cash equivalents and restricted cash	$	47,498	$	53,607
Accounts receivable, net	110,888		106,892
Inventories, net	142,726		148,814
Prepaid expenses	13,053		8,246
Other current assets	6,479		7,256
TOTAL CURRENT ASSETS	320,644		324,815
Property, plant and equipment, net	201,194		207,892
Operating lease, right-of-use assets	10,742		11,671
Goodwill	28,672		29,497
Other intangible assets, net	10,983		12,981
Deferred income taxes	9,502		7,109
Other assets	10,216		9,186
TOTAL ASSETS	$	591,953	$	603,151
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable	$	42,426	$	37,788
Notes payable to banks	8,006		6,968
Operating lease liabilities, current	1,611		1,671
Current portion of long-term debt	2,618		6,486
Accrued compensation and other benefits	29,499		28,018
Accrued expenses and other liabilities	26,229		27,414
Dividends payable	1,257		1,300
Income taxes payable	2,353		1,672
TOTAL CURRENT LIABILITIES	113,999		111,317
Long-term debt, less current portion	24,582		48,796
Operating lease liabilities, noncurrent	6,992		7,892
Deferred income taxes	2,837		3,536
Other noncurrent liabilities	14,556		15,454
SHAREHOLDERS' EQUITY
Common shares – $2 par value per share, 15,000,000 shares authorized, 4,897,450 and 4,908,413 issued and outstanding, at September 30, 2024 and December 31, 2023	13,715		13,607
Common shares issued to rabbi trust, 222,741 and 243,118 shares at September 30, 2024 and December 31, 2023, respectively	(9,557)		(10,183)
Deferred compensation liability	9,557		10,183
Paid-in capital	63,108		60,958
Retained earnings	543,743		520,154
Treasury shares, at cost, 1,959,512 and 1,894,419 shares at September 30, 2024 and December 31, 2023, respectively	(126,503)		(118,249)
Accumulated other comprehensive loss	(65,092)		(60,306)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY	428,971		416,164
Noncontrolling interest	16		(8)
TOTAL SHAREHOLDERS' EQUITY	428,987		416,156
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	591,953	$	603,151

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED INCOME

(UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
(Thousands of dollars, except per share data)
Net sales	$	146,973	$	160,438	$	426,597	$	524,076
Cost of products sold	101,195		106,301		292,415		337,328
GROSS PROFIT	45,778		54,137		134,182		186,748
Costs and expenses
Selling	12,318		12,732		36,146		38,133
General and administrative	16,414		17,794		48,272		54,624
Research and engineering	5,545		5,840		16,334		16,793
Other operating expense (income), net	1,109		(2,307)		186		(10)
	35,386		34,059		100,938		109,540
OPERATING INCOME	10,392		20,078		33,244		77,208
Other income (expense)
Interest income	538		478		1,856		1,201
Interest expense	(564)		(998)		(1,840)		(3,198)
Other income, net	64		18		189		165
	38		(502)		205		(1,832)
INCOME BEFORE INCOME TAXES	10,430		19,576		33,449		75,376
Income tax expense	2,734		4,431		6,783		18,348
NET INCOME	$	7,696	$	15,145	$	26,666	$	57,028
Net income attributable to noncontrolling interests	(16)		(15)		(24)		(28)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	7,680	$	15,130	$	26,642	$	57,000
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
Basic	4,904		4,906		4,911		4,929
Diluted	4,977		4,990		4,959		5,006
EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS:
Basic	$	1.57	$	3.08	$	5.42	$	11.56
Diluted	$	1.54	$	3.03	$	5.37	$	11.39

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

(Thousands of dollars)
Net income	$	7,696	$	15,145	$	26,666	$	57,028
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	7,483		(6,934)		(5,053)		(711)
Recognized net actuarial gain	89		89		267		267
Other comprehensive income (loss), net of tax	7,572		(6,845)		(4,786)		(444)
Comprehensive income attributable to noncontrolling interests	(16)		(15)		(24)		(28)
COMPREHENSIVE INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	15,252	$	8,285	$	21,856	$	56,556

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

(UNAUDITED)


	Nine Months Ended September 30,
	2024		2023
(Thousands of dollars)
OPERATING ACTIVITIES
Net income	$	26,666	$	57,028
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	15,982		13,602
Deferred income taxes	(3,012)		(2,837)
Share-based compensation expense	1,949		4,090
Gain on sale of property and equipment	(1,939)		(2,457)
Other, net	999		6,218
Changes in operating assets and liabilities	2,768		12,710
NET CASH PROVIDED BY OPERATING ACTIVITIES	43,413		88,354
INVESTING ACTIVITIES
Capital expenditures	(11,220)		(27,118)
Proceeds from the sale of property and equipment	3,493		2,506
Acquisition of businesses, net of cash	-		(12,089)
NET CASH USED IN INVESTING ACTIVITIES	(7,727)		(36,701)
FINANCING ACTIVITIES
Proceeds (payments) of notes payable to banks	914		(6,792)
Proceeds from long-term debt	94,023		131,716
Payments of long-term debt	(122,075)		(150,965)
Dividends paid	(3,097)		(3,126)
Proceeds from issuance of common shares	160		2,020
Purchase of common shares for treasury	(113)		(728)
Purchase of common shares for treasury from related parties	(8,141)		(17,671)
Other	(2,473)		-
NET CASH USED IN FINANCING ACTIVITIES	(40,802)		(45,546)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(993)		390
Net decrease in cash, cash equivalents and restricted cash	(6,109)		6,497
Cash, cash equivalents and restricted cash at beginning of year	53,607		37,239
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	47,498	$	43,736

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY


													Accumulated Other Comprehensive Income (Loss)
(In thousands, except share and per share data)	Common Shares		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	13,607	$	(10,183)	$	10,183	$	60,958	$	520,154	$	(118,249)	$	(55,828)	$	(4,478)	$	416,164	$	(8)	$	416,156
Net income									9,596								9,596		7		9,603
Foreign currency translation adjustment													(6,565)				(6,565)				(6,565)
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	3,120		7		3,127
Share-based compensation							383										383				383
Purchase of 42,731 common shares											(5,452)						(5,452)				(5,452)
Issuance of 52,354 common shares	104						67										171				171
Common shares distributed from rabbi trust of 4,477, net			(31)		31												—				—
Cash dividends declared – $0.20 per share									(1,017)								(1,017)				(1,017)
Balance at March 31, 2024	$	13,711	$	(10,214)	$	10,214	$	61,408	$	528,733	$	(123,701)	$	(62,393)	$	(4,389)	$	413,369	$	(1)	$	413,368
Net income									9,366								9,366		1		9,367
Foreign currency translation adjustment													(5,971)				(5,971)				(5,971)
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	3,484		1		3,485
Share-based compensation							934										934				934
Purchase of 4,540 common shares											(568)						(568)				(568)
Issuance of 146 common shares	-						19										19				19
Common shares issued to rabbi trust of 146, net			(19)		19												—				—
Cash dividends declared – $0.20 per share									(1,020)								(1,020)				(1,020)
Balance at June 30, 2024	$	13,711	$	(10,233)	$	10,233	$	62,361	$	537,079	$	(124,269)	$	(68,364)	$	(4,300)	$	416,218	$	—	$	416,218
Net income									7,680								7,680		16		7,696
Foreign currency translation adjustment													7,483				7,483				7,483
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	15,252		16		15,268
Share-based compensation							632										632				632
Purchase of 17,822 common shares											(2,234)						(2,234)				(2,234)
Issuance of 1,776 common shares	4						115										119				119
Common shares distributed from rabbi trust of 16,046, net			676		(676)												—				—
Cash dividends declared – $0.20 per share									(1,016)								(1,016)				(1,016)
Balance at September 30, 2024	$	13,715	$	(9,557)	$	9,557	$	63,108	$	543,743	$	(126,503)	$	(60,881)	$	(4,211)	$	428,971	$	16	$	428,987

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY


													Accumulated Other Comprehensive Income (Loss)
(In thousands, except share and per share data)	Common Shares		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2022	$	13,351	$	(10,261)	$	10,261	$	53,646	$	460,930	$	(99,303)	$	(65,495)	$	(4,492)	$	358,637	$	(13)	$	358,624
Net income									21,398								21,398		21		21,419
Foreign currency translation adjustment													3,922				3,922				3,922
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	25,409		21		25,430
Share-based compensation							1,066										1,066				1,066
Purchase of 41,573 common shares											(3,740)						(3,740)				(3,740)
Issuance of 72,477 common shares	140						244										384				384
Common shares distributed from rabbi trust of 3,541, net			185		(185)												—				—
Cash dividends declared – $0.20 per share									(1,050)								(1,050)				(1,050)
Balance at March 31, 2023	$	13,491	$	(10,076)	$	10,076	$	54,956	$	481,278	$	(103,043)	$	(61,573)	$	(4,403)	$	380,706	$	8	$	380,714
Net income									20,472								20,472		(8)		20,464
Foreign currency translation adjustment													2,301				2,301				2,301
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	22,862		(8)		22,854
Share-based compensation							1,725										1,725				1,725
Purchase of 40,078 common shares											(6,100)						(6,100)				(6,100)
Issuance of 9,655 common shares	18						262										280				280
Common shares distributed from rabbi trust of 502, net			37		(37)												—				—
Cash dividends declared – $0.20 per share									(1,024)								(1,024)				(1,024)
Balance at June 30, 2023	$	13,509	$	(10,039)	$	10,039	$	56,943	$	500,726	$	(109,143)	$	(59,272)	$	(4,314)	$	398,449	$	-	$	398,449
Net income									15,130								15,130		15		15,145
Foreign currency translation adjustment													(6,934)				(6,934)				(6,934)
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	8,285		15		8,300
Share-based compensation							1,299										1,299				1,299
Purchase of 50,717 common shares											(8,559)						(8,559)				(8,559)
Issuance of 26,285 common shares	50						1,306										1,356				1,356
Common shares distributed from rabbi trust of 185, net			(30)		30												—				—
Cash dividends declared – $0.20 per share									(1,018)								(1,018)				(1,018)
Balance at September 30, 2023	$	13,559	$	(10,069)	$	10,069	$	59,548	$	514,838	$	(117,702)	$	(66,206)	$	(4,225)	$	399,813	$	15	$	399,828

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(Tables in thousands of dollars, except share and per share data, unless specifically noted)

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the year ended December 31, 2023 filed on March 8, 2024 with the Securities and Exchange Commission. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission.

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2024.

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 the Company’s consolidated financial statements. Additionally, the Company’s consolidated financial statements include 100% of a controlled subsidiary’s earnings, rather than only its 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.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Recently Adopted or Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others. Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its segment disclosures with no material impact to the consolidated financial statements.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its income tax disclosures with no material impact to the consolidated financial statements.

NOTE 2 – REVENUE

Revenue Recognition

Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the

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goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.

Disaggregated Revenue

The Company’s revenues by segment and product type are as follows:


	Three Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	61%	79%	71%	78%	70%
Communications	32%	18%	24%	3%	23%
Special Industries	7%	3%	5%	19%	7%
Total	100%	100%	100%	100%	100%

	Three Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	68%	80%	60%	75%	69%
Communications	28%	18%	35%	3%	23%
Special Industries	4%	2%	5%	22%	8%
Total	100%	100%	100%	100%	100%

	Nine Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	64%	78%	71%	77%	71%
Communications	30%	20%	24%	3%	22%
Special Industries	6%	2%	5%	20%	7%
Total	100%	100%	100%	100%	100%

	Nine Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	62%	73%	44%	72%	61%
Communications	34%	25%	52%	3%	32%
Special Industries	4%	2%	4%	25%	7%
Total	100%	100%	100%	100%	100%

Credit Losses for Receivables

The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. Receivable balances are written off against an allowance for credit losses after a final determination has been made. The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table:


	Nine Months Ended September 30,
	2024		2023
Allowance for credit losses, beginning of period	$	8,260	$	5,021
(Reductions) additions charged to costs and expenses	(1,165)		1,349
Write-offs	(209)		(21)
Foreign exchange and other	(203)		(17)
Allowance for credit losses, end of period	$	6,683	$	6,332

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NOTE 3 – INVENTORIES, NET

Inventories, net

Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:


	September 30, 2024		December 31, 2023
Raw materials	$	90,653	$	98,708
Work-in-process	13,927		14,397
Finished products	49,335		46,250
Inventories, net of excess and obsolete inventory reserve	153,915		159,355
Excess of current cost over LIFO cost	(11,189)		(10,541)
Inventories at LIFO cost	$	142,726	$	148,814

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $48.8 million at September 30, 2024 and $60.1 million at December 31, 2023. 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 September 30, 2024 and 2023, the net change in LIFO inventories resulted in expense of $0.2 million and $0.6 million, respectively, to Cost of products sold. During the nine-month periods ended September 30, 2024 and 2023, the net change in LIFO inventories resulted in expense of $0.6 million and of $1.7 million, respectively, to Cost of products sold. The Company’s reserves for slow moving and obsolete inventory were $18.6 million at September 30, 2024 and $17.6 million at December 31, 2023.

NOTE 4 – PROPERTY AND EQUIPMENT, NET

Major classes of property, plant and equipment are stated at cost and were as follows:


	September 30, 2024		December 31, 2023
Land and improvements	$	21,267	$	21,374
Buildings and improvements	127,834		129,369
Machinery, equipment and aircraft	253,850		238,868
Construction in progress	14,721		22,619
Property, plant and equipment, gross	417,672		412,230
Less accumulated depreciation	(216,478)		(204,338)
Property, plant and equipment, net	$	201,194	$	207,892

NOTE 5 – CONTINGENT 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 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.

In November 2016, 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

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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 stated that the 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 alleged 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 Projects. The Plaintiff was seeking 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.

On September 26, 2023, the Defendants and the Plaintiff entered into a settlement agreement which dismissed the action against all Defendants with prejudice. Net of insurance, the total settlement amount paid by the Company in the fourth quarter of 2023 was $4.3 million Canadian dollars ($3.2 million US dollars). The settlement reflects the Company’s desire to eliminate the burden, expense, distraction and further uncertainties of litigation, and the settlement does not constitute an admission of liability, wrongdoing or fault by the Company and its subsidiaries.

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 September 30, 2024 and December 31, 2023, there were zero reserves for known global legal matters.

NOTE 6 – PENSION PLANS

The 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 nine month periods ended September 30, 2024 and 2023, respectively, follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest cost	$	387	$	392	$	1,162	$	1,178
Expected return on plan assets	(485)		(501)		(1,456)		(1,502)
Recognized net actuarial loss	117		117		351		349
Net periodic pension expense	$	19	$	8	$	57	$	25

There were no contributions to the U.S. Plan during the nine months ended September 30, 2024 and 2023. The Company is evaluating whether to make additional contributions to the U.S. Plan during 2024. 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 September 30, 2024						Three Months Ended September 30, 2023
	Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total		Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total
Balance at June 30	$	(4,300)	$	(68,364)	$	(72,664)	$	(4,314)	$	(59,272)	$	(63,586)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		7,483		7,483		—		(6,934)		(6,934)

Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	89		—		89		89		—		89
Net current period other comprehensive income (loss)	89		7,483		7,572		89		(6,934)		(6,845)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)

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	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total		Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total
Balance at January 1	$	(4,478)	$	(55,828)	$	(60,306)	$	(4,492)	$	(65,495)	$	(69,987)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		(5,053)		(5,053)		—		(711)		(711)

Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	267		—		267		267		—		267
Net current period other comprehensive income (loss)	267		(5,053)		(4,786)		267		(711)		(444)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)

(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 ARRANGEMENTS

The Company maintains a credit facility (the "Facility") with a capacity of $90.0 million that expires March 2, 2026. The interest rate for U.S. borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.125% 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 1.500%. At September 30, 2024, the Company had utilized $12.7 million with $77.2 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of September 30, 2024. Our bank debt to equity percentage was 8.2%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At September 30, 2024, the Company was in compliance with these covenants.

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. The term of the loan is 120 months at a fixed interest rate of 2.744%. The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $13.2 million outstanding on this debt facility at September 30, 2024, $2.1 million was classified as current. The loan is secured by the aircraft.

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At September 30, 2024, and December 31, 2023, $9.3 million and $13.3 million were outstanding, of which $8.6 million and $11.4 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

The Company's Asia-Pacific segment had $0.1 million and $0.2 million in restricted cash used to secure bank guarantees at September 30, 2024 and December 31, 2023, respectively. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash.

NOTE 9 – INCOME TAXES

For the three-month period ended September 30, 2024 and 2023, the Company’s effective tax rate was 26% and 23%, respectively. The higher effective tax rate for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to limitations on the deductibility of compensation and a lower excess tax benefit on share-based compensation which was partially offset by the favorable impact from the mix of earned income in certain foreign jurisdictions.

For the nine-month period ended September 30, 2024 and 2023, the Company’s effective tax rate was 20% and 24%, respectively. The lower effective tax rate for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to the favorable impact from discrete benefits recorded as a result of amending prior year federal tax returns and an increase in excess tax benefits on share-based compensation in relation to overall lower pre-tax book income.

The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. During the period ended September 30, 2024, the Company did not record any additional valuation allowances in various jurisdictions on its deferred tax assets.

For the nine-month periods ending September 30, 2024 and 2023, the Company did not record any new uncertain tax positions.

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NOTE 10 – 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 periods presented.

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income	$	7,680	$	15,130	$	26,642	$	57,000

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,904		4,906		4,911		4,929
Dilutive effect – share-based awards	73		84		48		77
Diluted weighted-average common shares outstanding	4,977		4,990		4,959		5,006

Earnings per common share
Basic	$	1.57	$	3.08	$	5.42	$	11.56
Diluted	$	1.54	$	3.03	$	5.37	$	11.39

For the three and nine months ended September 30, 2024 and 2023, there were zero share-based awards excluded from the calculation of diluted earnings per share as there was no anti-dilutive effect .

NOTE 11 – GOODWILL AND OTHER INTANGIBLES

The Company’s finite and indefinite-lived intangible assets consist of the following:


	September 30, 2024				December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets
Patents	$	4,806	$	(4,806)	$	4,806	$	(4,806)
Land use rights	679		(129)		1,109		(307)
Trademark	1,959		(1,699)		1,988		(1,682)
Technology	7,081		(4,095)		7,104		(3,738)
Customer relationships	18,627		(11,440)		19,240		(10,733)
	$	33,152	$	(22,169)	$	34,247	$	(21,266)
Indefinite-lived intangible assets
Goodwill	$	28,672			$	29,497

The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs additional interim impairment assessments as circumstances warrant. There were no indicators of impairment noted for the period ending September 30, 2024.

The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. For selected reporting units where the qualitative approach is utilized, a qualitative evaluation of events and circumstances impacting the reporting unit is performed to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit.

For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples 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. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the weighted

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average cost of capital, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units.

The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Changes in the carrying amount of goodwill by reporting unit are shown in the following table:


	PLP-USA		The Americas		EMEA		Asia-Pacific		Total

Balance at January 1, 2024	$	3,078	$	10,582	$	15,837	$	—	$	29,497
Currency translation	—		(826)		1		—		(825)
Balance at September 30, 2024	$	3,078	$	9,756	$	15,838	$	—	$	28,672

NOTE 12 – FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to satisfy a liability in an orderly transaction between market participants. 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) quoted market prices in active markets for identical assets or liabilities; (Level 2 Inputs) observable market-based inputs or unobservable inputs that are corroborated by market data; and (Level 3 Inputs) unobservable inputs that are not corroborated by market data.

The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023:


Description	Balance as of September 30, 2024		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	95	$	—	$	95	$	—
Total assets	$	95	$	—	$	95	$	—

Liabilities:
Foreign currency forward contracts	$	4	$	—	$	4	$	—
Supplemental profit sharing plan	9,087		—		9,087		—
Total liabilities	$	9,091	$	—	$	9,091	$	—


Description	Balance as of December 31, 2023		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	158	$	—	$	158	$	—
Total assets	$	158	$	—	$	158	$	—

Liabilities:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Supplemental profit sharing plan	8,222		—		8,222		—
Total liabilities	$	8,222	$	—	$	8,222	$	—

The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and

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the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in Other operating expense, net on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three and nine months ended September 30, 2024, the Company recognized net losses of zero and $0.2 million, respectively, on foreign currency forward contracts. For the three and nine months ended September 30, 2023, the Company recognized net losses of $0.5 million and $0.9 million, respectively, on foreign currency forward contracts.

The Company has a non-qualified supplemental profit sharing plan for its executives (the "Supplemental Profit Sharing Plan"). The liability for the unfunded Supplemental Profit Sharing Plan was $9.1 million at September 30, 2024 and $8.2 million at December 31, 2023. These amounts are recorded within Other noncurrent liabilities on the Company’s Consolidated Balance Sheets. The Supplemental Profit Sharing Plan allows 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.

The carrying value of the Company’s current financial instruments, which include cash, cash equivalents and restricted cash, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments.

At September 30, 2024 and December 31, 2023, the fair value of the Company’s long-term debt was estimated using discounted cash flows analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs. Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows:


	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt and related current maturities	$	23,984	$	27,200	$	51,786	$	55,282

NOTE 13 – SEGMENT INFORMATION

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated by the CODM, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance.

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The following tables present a summary of the Company’s reportable operating segments for the three and nine months ended September 30, 2024 and 2023. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales
PLP-USA	$	65,554	$	81,727	$	196,191	$	275,882
The Americas	19,852		22,790		60,026		66,852
EMEA	32,937		28,798		93,630		105,138
Asia-Pacific	28,630		27,124		76,750		76,205
Total net sales	$	146,973	$	160,438	$	426,597	$	524,076

Intersegment sales
PLP-USA	$	2,720	$	4,083	$	7,877	$	25,058
The Americas	2,118		4,515		6,532		13,024
EMEA	1,396		3,514		4,194		6,470
Asia-Pacific	4,068		5,611		11,333		18,714
Total intersegment sales	$	10,302	$	17,723	$	29,936	$	63,266

Gross profit
PLP-USA	$	21,383	$	30,672	$	66,821	$	114,012
The Americas	6,770		8,053		18,448		24,239
EMEA	9,327		7,434		27,009		26,199
Asia-Pacific	8,298		7,977		21,904		22,298
Total gross profit	$	45,778	$	54,137	$	134,182	$	186,748

Net income attributable to Preformed Line Products Company shareholders
PLP-USA	$	3,059	$	9,080	$	11,720	$	40,761
The Americas	1,574		1,411		4,268		6,050
EMEA	1,337		1,137		5,893		4,675
Asia-Pacific	1,710		3,502		4,761		5,514
Total net income attributable to Preformed Line Products Company shareholders	$	7,680	$	15,130	$	26,642	$	57,000

NOTE 14 – ACQUISITIONS OF BUSINESSES

Acquisition of Pilot Plastics

On February 1, 2023, the Company acquired substantially all of the assets of Pilot Plastics, headquartered in Akron, Ohio. Pilot Plastics is an injection molding manufacturer and the acquisition expanded the Company's injection molding capabilities and further enhanced the Company's domestic manufacturing footprint. The purchase price was approximately $13.8 million, net of cash as of the closing date. The purchase price is subject to a holdback of approximately $1.7 million. To fund the Pilot Plastics acquisition, the Company borrowed on the Facility.

The acquisition of Pilot Plastics is accounted for using the acquisition method of accounting, which requires the assets acquired and liabilities assumed to be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates.

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During the measurement period, opening balance sheet adjustments were made to finalize the fair value estimates based on the final valuations received, which are summarized in the table below.


	Final Allocation
Accounts receivable	$	970
Inventory	585
Property, plant and equipment and other assets	13,628
Accounts payable	(1,299)
Other current liabilities	(71)
Total identifiable net assets	13,813
Total consideration, net of cash received	$	13,813

Due to the consideration transferred equaling the fair value of the assets acquired, no residual goodwill was recognized.

All measurement period adjustments were completed within a year from the acquisition date, and such adjustments did not have a material impact on the Company's results of operations and financial position.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the readers of our financial statements better understand our results of operations, financial condition and present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our unaudited consolidated financial statements and related notes included elsewhere in this report.

OVERVIEW

Preformed Line Products Company (the “Company”, “PLPC”, “we”, “us”, or “our”) was incorporated in Ohio in 1947. We are an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, information (data communication), and other similar industries. Our primary products support, protect, connect, terminate, and secure cables and wires. We provide helical solutions, connectors, fiber optic and copper splice closures, solar hardware mounting applications, and electric vehicle charging station foundations. We also provide aerial drone inspection services for utility assets including transmission and distribution power lines, substations, and generation facilities. We are respected around the world for quality, dependability and market-leading customer service. Our goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacture, and marketing of technically advanced products and services related to energy, communications and cable systems and to take advantage of this leadership position to sell additional quality products in familiar markets. We have sales and manufacturing operations in 20 different countries.

We report our segments in four geographic regions: PLP-USA (including corporate), The Americas (includes operations in North and South America, excluding PLP-USA), 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 our primary products. Our PLP-USA segment is comprised of our U.S. operations manufacturing our traditional products primarily supporting our domestic energy, telecommunications, solar framing products and inspection services. Our other three segments, The Americas, EMEA and Asia-Pacific, support our energy, telecommunications, data communication, solar and other products in each respective geographical region.

The segment managers responsible for each region report directly to the Company’s Executive Chairman, 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 operating segment and the Company rather than the results of any individual business component of the segment.

We evaluate segment performance and allocate resources based on several factors primarily based on sales and net income.

PREFACE

The following discussion describes our results of operations for the three and nine months ended September 30, 2024 and 2023. Our consolidated financial statements are prepared in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP"). Our discussions of the financial results include non-GAAP measures (e.g., foreign currency impact) to provide additional information concerning our financial results and provide information that we believe is useful to the readers of our financial statements in the assessment of our performance and operating trends.

Net sales of $147.0 million decreased $13.5 million for the three months ended September 30, 2024 year-over-year and net sales of $426.6 million decreased $97.5 million for the nine months ended September 30, 2024 year-over-year, mainly due to the continued inventory destocking at PLP-USA communications markets' customers and distributors. The inflationary headwinds we experienced in 2022 and early 2023 related to raw materials, specifically plastic resins, aluminum and sand (grit), have generally subsided. Costs related to shipping and freight have similarly fallen from their 2022 peak. Decreases in these underlying costs along with the impacts of our previous price increases benefited gross margins in 2023 and have not meaningfully impacted the results for the third quarter or nine months ended September 30, 2024. If inflationary pressures increase again, it may require further price adjustments to maintain profit margin, and any price increases may have a negative effect on demand.

Our financial statements are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. The fluctuations of foreign currencies during the three and nine months ended September 30, 2024 had a unfavorable impact on net sales of $0.8 million and $1.1 million, respectively. The fluctuations on foreign currencies during the three and nine months ended September 30, 2024 had an unfavorable impact on net income of $0.1 million and $0.2 million, respectively. The fluctuations of foreign currencies during the three and nine months ended September 30, 2023 had a favorable impact on net sales of $1.4 million and unfavorable impact on net sales of $5.6 million, respectively. The fluctuations on foreign currencies during the three and nine months ended September 30, 2023 had an unfavorable impact on net income of $0.1 million and $0.7 million, respectively. On a reportable

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segment basis, the impact of foreign currency translation on net sales and net income for the three and nine months ended September 30, 2024, was as follows:


	Foreign Currency Translation Impact
	Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
(Thousands of dollars)	Net Sales		Net Income		Net Sales		Net Income
The Americas	$	(1,668)	$	(131)	$	(1,283)	$	(136)
EMEA	576		(6)		1,422		69
Asia-Pacific	283		9		(1,266)		(105)
Total	$	(809)	$	(128)	$	(1,127)	$	(172)

Although elevated inventory levels in the PLP-USA communications markets and other market headwinds have impacted our 2024 results, we believe our business portfolio and our financial position are sound and strategically well-positioned. We remain focused on assessing our global market opportunities and overall manufacturing capacity in conjunction with the requirements of local manufacturing in the markets that we serve. As necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, increase sales volume and deliver value to our customers. Period cost containment has been a priority for the Company in 2024, shown through a reduction in costs and expenses. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products and increase our capacity. As of September 30, 2024, our liquidity remains strong with our bank debt to equity percentage at 8.2%. We can borrow needed funds at a competitive interest rate under the Facility.

RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2023

The following table sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the three months ended September 30, 2024 and 2023. The Company’s past operating results are not necessarily indicative of future operating results.


	Three Months Ended September 30,
(Thousands of dollars)	2024				2023
Net sales	$	146,973	100.0	%	$	160,438	100.0	%	$	(13,465)
Cost of products sold	101,195		68.9		106,301		66.3		(5,106)
GROSS PROFIT	45,778		31.1		54,137		33.7		(8,359)
Costs and expenses	35,386		24.1		34,059		21.2		1,327
OPERATING INCOME	10,392		7.1		20,078		12.5		(9,686)
Other income (expense), net	38		0.0		(502)		(0.3)		540
INCOME BEFORE INCOME TAXES	10,430		7.1		19,576		12.2		(9,146)
Income taxes	2,734		1.9		4,431		2.8		(1,697)
NET INCOME	7,696		5.2		15,145		9.4		(7,449)
Net (income) loss attributable to noncontrolling interests	(16)		0.0		(15)		0.0		(1)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	7,680	5.2	%	$	15,130	9.4	%	$	(7,450)

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Net sales. In 2024, net sales were $147.0 million, a decrease of $13.5 million, or 8%, compared to 2023. Excluding the effect of currency translation, net sales decreased 8% as summarized in the following table:


	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net sales
PLP-USA	$	65,554	$	81,727	$	(16,173)	$	—	$	(16,173)	(20)	%
The Americas	19,852		22,790		(2,938)		(1,668)		(1,270)		(6)	%
EMEA	32,937		28,798		4,139		576		3,563		12	%
Asia-Pacific	28,630		27,124		1,506		283		1,223		5	%
Consolidated	$	146,973	$	160,438	$	(13,465)	$	(809)	$	(12,657)	(8)	%

The decrease in PLP-USA net sales of $16.2 million, or 20%, was primarily due to lower volumes in communications and energy product sales. International net sales for the three months ended September 30, 2024 were unfavorably affected by $0.8 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $19.9 million decreased $1.3 million, or 6%, primarily due to lower volumes in energy product sales. EMEA net sales of $32.9 million increased $3.6 million, or 12%, primarily due to higher volume in energy product sales. Asia-Pacific net sales of $28.6 million increased $1.2 million, or 5%, primarily due to higher volumes in energy product sales.

Gross profit. Gross profit of $45.8 million for 2024 decreased $8.4 million, or 15%, compared to 2023. Excluding the effect of currency translation, gross profit decreased $8.0 million, or 15%, as summarized in the following table:


	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Gross profit
PLP-USA	$	21,383	$	30,672	$	(9,289)	$	—	$	(9,289)	(30)	%
The Americas	6,770		8,053		(1,283)		(591)		(692)		(9)	%
EMEA	9,327		7,434		1,893		127		1,766		24	%
Asia-Pacific	8,298		7,977		321		83		238		3	%
Consolidated	$	45,778	$	54,137	$	(8,359)	$	(381)	$	(7,977)	(15)	%

PLP-USA gross profit of $21.4 million decreased by $9.3 million, or 30%, compared to the same period in 2023, primarily due to lower sales volumes and unfavorable product mix. International gross profit for the period ended September 30, 2024 was unfavorably impacted by $0.4 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit decreased $0.7 million, or 9%, which was primarily the result of lower sales volume. EMEA gross profit increased $1.8 million, or 24%, primarily due to higher sales volumes and favorable product mix. Asia-Pacific gross profit increased $0.2 million, or 3%, which was primarily driven by favorable product mix.

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Costs and expenses. Costs and expenses of $35.4 million for the three months ended September 30, 2024 increased $1.3 million, or 4%, when compared to 2023. Excluding the effect of currency translation, costs and expenses increased $1.6 million, or 5%, as summarized in the following table:


	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Costs and expenses
PLP-USA	$	17,358	$	19,205	$	(1,847)	$	—	$	(1,847)	(10)	%
The Americas	4,980		5,873		(893)		(442)		(451)		(8)	%
EMEA	7,224		5,742		1,482		115		1,367		24	%
Asia-Pacific	5,824		3,238		2,586		69		2,517		78	%
Consolidated	$	35,386	$	34,058	$	1,328	$	(258)	$	1,586	5	%

PLP-USA costs and expenses of $17.4 million decreased $1.8 million, or 10% year-over-year. PLP-USA’s decrease was primarily attributable to lower selling costs and lower personnel costs, primarily as a result of cost containment efforts. International costs and expenses for the three months ended September 30, 2024 were favorably impacted by $0.3 million when local currencies were translated to U.S. dollars. The following discussion of costs and expenses excludes the effect of currency translation. The Americas costs and expenses of $5.0 million decreased $0.5 million primarily due to a one-time legal settlement in the third quarter of 2023. EMEA costs and expenses of $7.2 million increased by $1.4 million primarily due to increased selling, general, and administrative costs and the impact of foreign currency remeasurement. Asia-Pacific costs and expenses of $5.8 million increased $2.5 million primarily due to a one-time gain of $2.5 million on the sale of capital assets in the third quarter of 2023.

Other income (expense), net. Other income, net for the three months ended September 30, 2024 was favorable by $0.5 million when compared to Other expense, net for the three months ended September 30, 2023 of $0.5 million. The favorable movement was due to lower interest expense from reduced debt balances and higher interest income earned on cash balances in certain international jurisdictions.

Income taxes. Income taxes for the three months ended September 30, 2024 and 2023 were $2.7 million and $4.4 million based on pre-tax income of $10.4 million and $19.6 million, respectively. The tax rate for the three months ended September 30, 2024 and 2023 was 26% and 23%, respectively. The effective tax rate for the three months ended September 30, 2024 was higher than the effective tax rate for the same period in 2023 mainly due to limitations on the deductibility of compensation and a lower excess tax benefit on share-based compensation which was partially offset by the favorable impact from the mix of earned income in certain foreign jurisdictions.

Net income. As a result of the preceding items, net income for the three months ended September 30, 2024 was $7.7 million, compared to $15.1 million for 2023. Excluding the effect of currency translation, net income decreased $7.3 million as summarized in the following table. The decrease in net income was due to decreases in operating income described above, partially offset by lower interest expense and lower tax expense:


	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net income (loss)
PLP-USA	$	3,059	$	9,080	$	(6,021)	$	—	$	(6,021)	(66)	%
The Americas	1,574		1,411		163		(131)		294		21	%
EMEA	1,337		1,137		200		(6)		206		18	%
Asia-Pacific	1,710		3,502		(1,792)		9		(1,801)		(51)	%
Consolidated	$	7,680	$	15,130	$	(7,450)	$	(128)	$	(7,322)	(48)	%

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NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2023

The following table sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the nine months ended September 30, 2024 and 2023. The Company’s past operating results are not necessarily indicative of future operating results.


	Nine Months Ended September 30, 2024
(Thousands of dollars)	2024				2023				Change
Net sales	$	426,597	100.0	%	$	524,076	100.0	%	$	(97,479)
Cost of products sold	292,415		68.5		337,328		64.4		(44,913)
GROSS PROFIT	134,182		31.5		186,748		35.6		(52,566)
Costs and expenses	100,938		23.7		109,540		20.9		(8,602)
OPERATING INCOME	33,244		7.8		77,208		14.7		(43,964)
Other income (expense), net	205		0.0		(1,832)		(0.3)		2,037
INCOME BEFORE INCOME TAXES	33,449		7.8		75,376		14.4		(41,927)
Income taxes	6,783		1.6		18,348		3.5		(11,565)
NET INCOME	26,666		6.3		57,028		10.9		(30,362)
Net income attributable to noncontrolling interests	(24)		0.0		(28)		0.0		4
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	26,642	6.2	%	$	57,000	10.9	%	$	(30,358)

Net sales. In 2024, net sales were $426.6 million, a decrease of $97.5 million, or 19%, compared to 2023. Excluding the effect of currency translation, net sales decreased 18% as summarized in the following table:


	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net sales
PLP-USA	$	196,191	$	275,882	$	(79,691)	$	—	$	(79,691)	(29)	%
The Americas	60,026		66,852		(6,826)		(1,283)		(5,543)		(8)	%
EMEA	93,630		105,138		(11,508)		1,422		(12,930)		(12)	%
Asia-Pacific	76,750		76,205		545		(1,266)		1,811		2	%
Consolidated	$	426,597	$	524,076	$	(97,479)	$	(1,127)	$	(96,353)	(18)	%

The decrease in PLP-USA net sales of $79.7 million, or 29%, was primarily due to lower volumes in communications and energy product sales. International net sales for the nine months ended September 30, 2024 were unfavorably affected by $1.1 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $60.0 million decreased $5.5 million, or 8%, primarily due to lower volumes in communications sales and energy product sales. EMEA net sales of $93.6 million decreased $12.9 million, or 12%, primarily due to lower volume in communications sales, partially offset by increased volumes in energy product sales. Asia-Pacific net sales of $76.8 million increased $1.8 million, or 2%, primarily due to volume increases in energy product sales and special industries sales.

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Gross profit. Gross profit of $134.2 million for 2024 decreased $52.6 million, or 28%, compared to 2023. Excluding the effect of currency translation, gross profit decreased $52.1 million, or 28%, as summarized in the following table:


	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Gross profit
PLP-USA	$	66,821	$	114,012	$	(47,191)	$	—	$	(47,191)	(41)	%
The Americas	18,448		24,239		(5,791)		(466)		(5,325)		(22)	%
EMEA	27,009		26,199		810		336		474		2	%
Asia-Pacific	21,904		22,298		(394)		(331)		(63)		—	%
Consolidated	$	134,182	$	186,748	$	(52,566)	$	(461)	$	(52,105)	(28)	%

PLP-USA gross profit of $66.8 million decreased by $47.2 million, or 41%, compared to the same period in 2023, primarily due to lower sales volumes and unfavorable product mix, partially offset by cost containment measures. International gross profit for the period ended September 30, 2024 was unfavorably impacted by $0.5 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit decreased $5.3 million, or 22%, which was primarily the result of lower sales volumes. EMEA gross profit increased $0.5 million, or 2%, primarily due to a favorable resolution of a warranty claim and lower freight costs, offset by an increase in labor costs. Asia-Pacific gross profit decreased $0.1 million, which was primarily driven by favorable product mix.

Costs and expenses. Costs and expenses of $100.9 million for the nine months ended September 30, 2024 decreased $8.6 million, or 8%, when compared to 2023. Excluding the effect of currency translation, costs and expenses decreased $8.4 million, or 8%, as summarized in the following table:


	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Costs and expenses
PLP-USA	$	52,461	$	59,570	$	(7,109)	$	—	$	(7,109)	(12)	%
The Americas	14,344		16,331		(1,987)		(268)		(1,719)		(11)	%
EMEA	18,742		19,255		(513)		214		(727)		(4)	%
Asia-Pacific	15,391		14,385		1,006		(196)		1,202		8	%
Consolidated	$	100,938	$	109,540	$	(8,602)	$	(250)	$	(8,353)	(8)	%

PLP-USA costs and expenses of $52.5 million decreased $7.1 million, or 12% year-over-year. PLP-USA’s decrease was primarily attributable to lower selling costs and lower personnel and professional services costs, primarily as a result of cost containment efforts. International costs and expenses for the nine months ended September 30, 2024 was unfavorably impacted by $0.3 million when local currencies were translated to U.S. dollars. The following discussion of costs and expenses excludes the effect of currency translation. The Americas costs and expenses of $14.3 million decreased $1.7 million primarily due to a one-time legal settlement in the third quarter of 2023 and the impact of foreign currency remeasurement. EMEA costs and expenses of $18.7 million decreased by $0.7 million primarily due to lower personnel costs and bad debt expenses. Asia-Pacific costs and expenses of $15.4 million increased $1.2 million primarily due to the net impact of the sale of capital assets year over year and foreign currency remeasurement.

Other income (expense), net. Other income, net of $0.2 million for the nine months ended September 30, 2024 was favorable by $2.0 million when compared to Other expense, net for the nine months ended September 30, 2023 of $1.8 million. The favorable movement was due to higher interest income earned on cash balances in certain international jurisdictions and lower interest expense from reduced debt balances for the nine months ended September 30, 2024.

Income taxes. Income taxes for the nine months ended September 30, 2024 and 2023 were $6.8 million and $18.3 million based on pre-tax income of $33.4 million and $75.4 million, respectively. The tax rate for the nine months ended September 30, 2024 and 2023 was 20% and 24%, respectively. The effective tax rate for the nine months ended September 30, 2024 was lower than the effective tax rate for the same period in 2023 mainly due to the favorable impact from discrete benefits recorded as a result of amending prior year federal tax returns and an increase in excess tax benefits on share-based compensation in relation to overall lower pre-tax book income.

Net income. As a result of the preceding items, net income for the nine months ended September 30, 2024 was $26.6 million, compared to $57.0 million for 2023. Excluding the effect of currency translation, net income decreased $30.2 million as summarized

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in the following table. The decrease in net income was due to decreases in operating income described above, partially offset by higher interest income, lower interest expense, and lower tax expense:


	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net income (loss)
PLP-USA	$	11,720	$	40,761	$	(29,041)	$	—	$	(29,041)	(71)	%
The Americas	4,268		6,050		(1,782)		(136)		(1,646)		(27)	%
EMEA	5,893		4,675		1,218		69		1,149		25	%
Asia-Pacific	4,761		5,514		(753)		(105)		(648)		(12)	%
Consolidated	$	26,642	$	57,000	$	(30,358)	$	(172)	$	(30,186)	(53)	%

APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our critical accounting policies are consistent with the information set forth in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the year ended December 31, 2023 filed on March 8, 2024 with the Securities and Exchange Commission and are, therefore, not presented herein.

WORKING CAPITAL, LIQUIDITY AND CAPITAL RESOURCES

Management Assessment of Liquidity

We measure liquidity on the basis of our ability to meet short-term and long-term operating needs, repay debt, fund additional investments, including acquisitions, and make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividends, business acquisitions and access to bank lines of credit.

Our investments include expenditures required for equipment and facilities as well as expenditures in support of our strategic initiatives. During the first nine months of 2024, we used cash of $11.2 million for capital expenditures. We ended the first nine months of 2024 with $47.5 million of cash, cash equivalents and restricted cash (collectively, “Cash”). Our Cash is held in various locations throughout the world. At September 30, 2024, the majority of our Cash was held outside the U.S. We expect most accumulated non-U.S. Cash balances will remain outside of the U.S. and that we will meet U.S. liquidity needs through future operating cash flows, use of U.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues.

Total debt, including notes payable, at September 30, 2024 was $35.2 million. At September 30, 2024, our unused availability under our credit facility (the "Facility") was $77.2 million and our bank debt to equity percentage was 8.2%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At September 30, 2024, the Company was in compliance with these covenants.

Our Asia-Pacific segment had $0.1 million and $0.2 million in restricted cash for the periods ended September 30, 2024 and December 31, 2023, respectively. The restricted cash was used to secure bank guarantees and is included in Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets.

We expect that our major source of funding for 2024 and beyond will be our operating cash flows, our existing Cash as well as our Facility agreement. Except for current earnings in certain jurisdictions, our operating income is deemed to be indefinitely reinvested in foreign jurisdictions. We currently do not intend nor foresee a need to repatriate these funds. We believe our future operating cash flows will be more than sufficient to cover debt repayments, other contractual obligations, capital expenditures and dividends for the next 12 months and thereafter for the foreseeable future. In addition, we believe our borrowing capacity provides substantial financial resources, if needed, to supplement funding of capital expenditures and/or acquisitions. We also believe that we can further expand our borrowing capacity, if necessary; however, we do not believe we would increase our debt to a level that would have a material adverse impact upon results of operations or financial condition.

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Sources and Uses of Cash

Net cash provided by operating activities for the nine months ended September 30, 2024 was $43.4 million compared to $88.4 million in the comparable prior year nine-month period. The $45.0 million decrease was primarily a result of a decrease in net income and changes in operating assets and liabilities.

Net cash used in investing activities for the nine months ended September 30, 2024 was $7.7 million compared to $36.7 million in the comparable prior year nine-month period. The $29.0 million change was primarily a result of decreases in acquisition activity and capital expenditures during the current period.

Net cash used in financing activities for the nine months ended September 30, 2024 was $40.8 million compared to $45.5 million in the comparable prior year nine-month period. The $4.7 million change was primarily the result of increased net payments of long-term debt and decreased purchases of common shares from related parties.

We have commitments under operating leases primarily for office and manufacturing space, transportation equipment, office and computer equipment and finance leases primarily for equipment. At September 30, 2024, we had $1.6 million of current operating lease liabilities and $7.0 million of noncurrent operating lease liabilities. Total liabilities related to finance lease obligations were less than $0.6 million at September 30, 2024.

As of September 30, 2024, the Company had total outstanding guarantees of $12.2 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 September 30, 2024, the Company had total outstanding letters of credit of $1.0 million.

The Company has borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At September 30, 2024, and December 31, 2023, $9.3 million and $13.3 million was outstanding, of which $8.6 million and $11.4 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

FORWARD LOOKING STATEMENTS

Cautionary Statement for “Safe Harbor” Purposes Under The Private Securities Litigation Reform Act of 1995

This Form 10-Q and other documents we file with the SEC contain forward-looking statements regarding the Company’s and management’s beliefs and expectations. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Use of words such “anticipates,” “believes,” “may,” “should,” “will,” “would,” “could,” “plans,” “projects,” “expects,” “estimates,” “predicts,” “targets,” “forecasts,” “intends,” “contemplates,” and similar words may identify forward-looking statements. Such forward-looking statements are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Such uncertainties and factors could cause the Company’s actual results to differ materially from those matters expressed in or implied by such forward-looking statements.

The following factors, among others, could affect the Company’s future performance and cause the Company’s actual results to differ materially from those expressed or implied by forward-looking statements made in this report:

•The overall demand for cable anchoring and control hardware for electrical transmission and distribution lines on a worldwide basis, which has a slow growth rate in mature markets such as the United States, Canada, Australia and Western Europe and may grow slowly or experience prolonged delay in developing regions despite expanding power needs;

•The potential impact of global economic conditions, including the impact of inflation and rising interest rates, on the Company’s ongoing profitability and future growth opportunities in the Company’s core markets in the U.S. and other foreign countries, which may experience continued or further instability due to political and economic conditions, social unrest, acts of war, military conflict (including the ongoing Russian-Ukrainian and Israeli-Palestinian conflicts), international hostilities or the perception that hostilities may be imminent, terrorism, changes in diplomatic and trade relationships and public health concerns (including viral outbreaks such as COVID-19);

•The ability of the Company’s customers to raise funds needed to build the infrastructure projects their customers require;

•Technological developments that affect longer-term trends for communication lines, such as wireless communication;

•The decreasing demand for product supporting copper-based infrastructure due to the introduction of products using new technologies or adoption of new industry standards;

•The Company’s success at continuing to develop proprietary technology and maintaining high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations;

•The Company’s success in strengthening and retaining relationships with the Company’s customers, growing sales at targeted accounts and expanding geographically;

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•The extent to which the Company is successful at expanding the Company’s product line or production facilities into new areas or implementing efficiency measures at existing facilities;

•The effects of fluctuation in currency exchange rates upon the Company’s foreign subsidiaries’ operations and reported results from international operations, together with non-currency risks of investing in and conducting significant operations in foreign countries, including those relating to political, social, economic and regulatory factors;

•The Company’s ability to identify, complete, obtain funding for and integrate acquisitions for profitable growth;

•The potential impact of consolidation, deregulation and bankruptcy among the Company’s suppliers, competitors and customers and of any legal or regulatory claims;

•The relative degree of competitive and customer price pressure on the Company’s products;

•The cost, availability and quality of raw materials required for the manufacture of products and any tariffs that may be associated with the purchase of these products. The Company’s supply chain could face disruptions and constraints from inflationary pressures and ongoing wars and military conflicts, which could have a material, adverse effect on the ability to secure raw materials and supplies;

•Strikes, labor disruptions and other fluctuations in labor costs;

•Changes in significant government regulations affecting environmental or other compliance or litigation matters;

•Security breaches or other disruptions to the Company’s information technology structure;

•The telecommunication market’s continued deployment of Fiber-to-the-Premises;

•The impact of any failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; and

•Those factors described under the heading “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 which was filed on March 8, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company operates manufacturing facilities and offices around the world and uses fixed and floating rate debt to finance the Company’s global operations. As a result, the Company is subject to business risks inherent in non-U.S. activities, including political and economic uncertainty, import and export limitations and market risk related to changes in interest rates and foreign currency exchange rates. The Company believes that the political and economic risks related to the Company’s international operations are mitigated due to the geographic diversity in which the Company’s international operations are located.

There have been no material changes in the Company’s exposure to market risk since December 31, 2023. See “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s Principal Executive Officer and Principal Accounting Officer have concluded that the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended, were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) of the Securities and Exchange Act of 1934, as amended, during the nine-month period ended September 30, 2024 that materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information regarding the Company’s current legal proceedings is presented in Note 5 of the Notes to the Consolidated Financial Statements.

ITEM 1A. RISK FACTORS

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There were no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024. In addition, the ongoing conflicts between Russia and Ukraine as well as Israel and Palestine could potentially exacerbate other risks discussed, any of which could have a material adverse effect on the Company. The situation continues to change, and additional impacts may arise that the Company is not aware of currently.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On November 1, 2023, the Board of Directors authorized a new plan to repurchase up to an additional 212,952 of Preformed Line Products Company common shares, resulting in a total of 250,000 shares available for repurchase with no expiration date. The following table reflects repurchases for the three-month period ended September 30, 2024.


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that may yet be Purchased under the Plans or Programs
July	—	—		—	199,579
August	17,822	$	125.33	17,822	181,757
September	—	—		—	181,757
Total	17,822

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES


Exhibit Number						Exhibit

31.1						Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.

31.2						Certification of the Principal Accounting Officer, Andrew S. Klaus, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.

32.1						Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished.

32.2						Certification of the Principal Accounting Officer, Andrew S. Klaus, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished.

101.INS						Inline XBRL Instance Document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

104						Cover Page Interactive Data File (embedded within the inline XBRL document)

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						Preformed Line Products Company

October 31, 2024						/s/ Robert G. Ruhlman
						Robert G. Ruhlman
						Executive Chairman
						(principal executive officer)

October 31, 2024						/s/ Andrew S. Klaus
						Andrew S. Klaus
						Chief Financial Officer
						(principal financial and accounting officer)

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Ruhlman, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Preformed Line Products Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2024


/s/ Robert G. Ruhlman
Robert G. Ruhlman
Executive Chairman
(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew S. Klaus, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Preformed Line Products Company;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2024


/s/ Andrew S. Klaus
Andrew S. Klaus
Chief Financial Officer
(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Ruhlman, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report on Form 10-Q of Preformed Line Products Company for the period ended September 30, 2024 which this certification accompanies fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Preformed Line Products Company.


October 31, 2024			/s/ Robert G. Ruhlman
			Robert G. Ruhlman
			Executive Chairman
			(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Preformed Line Products Company and will be retained by Preformed Line Products Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew S. Klaus, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Preformed Line Products Company.


October 31, 2024			/s/ Andrew S. Klaus
			Andrew S. Klaus
			Chief Financial Officer
			(Principal Financial and Accounting Officer)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-31164
Entity Registrant Name	Preformed Line Products Company
Entity Incorporation, State or Country Code	OH
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	461‑5200
Title of 12(b) Security	Common Shares, $2 par value per share
Trading Symbol	PLPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Shell company	false
Entity Common Stock, Shares Outstanding		4,897,596
Entity Central Index Key	0000080035
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash, cash equivalents and restricted cash	$ 47,498	$ 53,607
Accounts receivable, net	110,888	106,892
Inventories, net	142,726	148,814
Prepaid expenses	13,053	8,246
Other current assets	6,479	7,256
TOTAL CURRENT ASSETS	320,644	324,815
Property, plant and equipment, net	201,194	207,892
Operating lease, right-of-use assets	10,742	11,671
Goodwill	28,672	29,497
Other intangible assets, net	10,983	12,981
Deferred income taxes	9,502	7,109
Other assets	10,216	9,186
TOTAL ASSETS	591,953	603,151
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable	42,426	37,788
Notes payable to banks	8,006	6,968
Operating lease liabilities, current	1,611	1,671
Current portion of long-term debt	2,618	6,486
Accrued compensation and other benefits	29,499	28,018
Accrued expenses and other liabilities	26,229	27,414
Dividends payable	1,257	1,300
Income taxes payable	2,353	1,672
TOTAL CURRENT LIABILITIES	113,999	111,317
Long-term debt, less current portion	24,582	48,796
Operating lease liabilities, noncurrent	6,992	7,892
Deferred income taxes	2,837	3,536
Other noncurrent liabilities	14,556	15,454
SHAREHOLDERS' EQUITY
Common shares – $2 par value per share, 15,000,000 shares authorized, 4,897,450 and 4,908,413 issued and outstanding, at September 30, 2024 and December 31, 2023	13,715	13,607
Common shares issued to rabbi trust, 222,741 and 243,118 shares at September 30, 2024 and December 31, 2023, respectively	(9,557)	(10,183)
Deferred compensation liability	9,557	10,183
Paid-in capital	63,108	60,958
Retained earnings	543,743	520,154
Treasury shares, at cost, 1,959,512 and 1,894,419 shares at September 30, 2024 and December 31, 2023, respectively	(126,503)	(118,249)
Accumulated other comprehensive loss	(65,092)	(60,306)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY	428,971	416,164
Noncontrolling interest	16	(8)
TOTAL SHAREHOLDERS' EQUITY	428,987	416,156
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 591,953	$ 603,151

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	4,897,450	4,908,413
Common stock, shares outstanding (in shares)	4,897,450	4,908,413
Common stock, shares issued to rabbi trust (in shares)	222,741	243,118
Treasury shares (in shares)	1,959,512	1,894,419

Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 146,973	$ 160,438	$ 426,597	$ 524,076
Cost of products sold	101,195	106,301	292,415	337,328
GROSS PROFIT	45,778	54,137	134,182	186,748
Costs and expenses
Selling	12,318	12,732	36,146	38,133
General and administrative	16,414	17,794	48,272	54,624
Research and engineering	5,545	5,840	16,334	16,793
Other operating expense (income), net	1,109	(2,307)	186	(10)
Total costs and expenses	35,386	34,059	100,938	109,540
OPERATING INCOME	10,392	20,078	33,244	77,208
Other income (expense)
Interest income	538	478	1,856	1,201
Interest expense	(564)	(998)	(1,840)	(3,198)
Other income, net	64	18	189	165
Total other income (expense)	38	(502)	205	(1,832)
INCOME BEFORE INCOME TAXES	10,430	19,576	33,449	75,376
Income tax expense	2,734	4,431	6,783	18,348
NET INCOME	7,696	15,145	26,666	57,028
Net income attributable to noncontrolling interests	(16)	(15)	(24)	(28)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$ 7,680	$ 15,130	$ 26,642	$ 57,000
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	4,904	4,906	4,911	4,929
Diluted (in shares)	4,977	4,990	4,959	5,006
EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS:
Basic ( in dollars per share)	$ 1.57	$ 3.08	$ 5.42	$ 11.56
Diluted (in dollars per share)	$ 1.54	$ 3.03	$ 5.37	$ 11.39

Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 7,696	$ 15,145	$ 26,666	$ 57,028
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	7,483	(6,934)	(5,053)	(711)
Recognized net actuarial gain	89	89	267	267
Other comprehensive income (loss), net of tax	7,572	(6,845)	(4,786)	(444)
Comprehensive income attributable to noncontrolling interests	(16)	(15)	(24)	(28)
COMPREHENSIVE INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$ 15,252	$ 8,285	$ 21,856	$ 56,556

Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 26,666	$ 57,028
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	15,982	13,602
Deferred income taxes	(3,012)	(2,837)
Share-based compensation expense	1,949	4,090
Gain on sale of property and equipment	(1,939)	(2,457)
Other, net	999	6,218
Changes in operating assets and liabilities	2,768	12,710
NET CASH PROVIDED BY OPERATING ACTIVITIES	43,413	88,354
INVESTING ACTIVITIES
Capital expenditures	(11,220)	(27,118)
Proceeds from the sale of property and equipment	3,493	2,506
Acquisition of businesses, net of cash	0	(12,089)
NET CASH USED IN INVESTING ACTIVITIES	(7,727)	(36,701)
FINANCING ACTIVITIES
Proceeds (payments) of notes payable to banks	914	(6,792)
Proceeds from long-term debt	94,023	131,716
Payments of long-term debt	(122,075)	(150,965)
Dividends paid	(3,097)	(3,126)
Proceeds from issuance of common shares	160	2,020
Purchase of common shares for treasury	(113)	(728)
Purchase of common shares for treasury from related parties	(8,141)	(17,671)
Other	(2,473)	0
NET CASH USED IN FINANCING ACTIVITIES	(40,802)	(45,546)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(993)	390
Net decrease in cash, cash equivalents and restricted cash	(6,109)	6,497
Cash, cash equivalents and restricted cash at beginning of year	53,607	37,239
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 47,498	$ 43,736

Statements of Consolidated Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Common Shares Issued to Rabbi Trust	Deferred Compensation Liability	Paid in Capital	Retained Earnings	Treasury Shares	Cumulative Translation Adjustment	Unrecognized Pension Benefit Cost	Total Preformed Line Products Company Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 358,624	$ 13,351	$ (10,261)	$ 10,261	$ 53,646	$ 460,930	$ (99,303)	$ (65,495)	$ (4,492)	$ 358,637	$ (13)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,419					21,398				21,398	21
Foreign currency translation adjustment	3,922							3,922		3,922
Pension adjustment, net of tax	89								89	89
Total comprehensive income	25,430									25,409	21
Share-based compensation	1,066				1,066					1,066
Purchase of common shares	(3,740)						(3,740)			(3,740)
Issuance of common shares	384	140			244					384
Common shares distributed from rabbi trust, net	0		185	(185)						0
Cash dividends declared	(1,050)					(1,050)				(1,050)
Ending Balance at Mar. 31, 2023	380,714	13,491	(10,076)	10,076	54,956	481,278	(103,043)	(61,573)	(4,403)	380,706	8
Beginning Balance at Dec. 31, 2022	358,624	13,351	(10,261)	10,261	53,646	460,930	(99,303)	(65,495)	(4,492)	358,637	(13)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,028
Ending Balance at Sep. 30, 2023	399,828	13,559	(10,069)	10,069	59,548	514,838	(117,702)	(66,206)	(4,225)	399,813	15
Beginning Balance at Mar. 31, 2023	380,714	13,491	(10,076)	10,076	54,956	481,278	(103,043)	(61,573)	(4,403)	380,706	8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,464					20,472				20,472	(8)
Foreign currency translation adjustment	2,301							2,301		2,301
Pension adjustment, net of tax	89								89	89
Total comprehensive income	22,854									22,862	(8)
Share-based compensation	1,725				1,725					1,725
Purchase of common shares	(6,100)						(6,100)			(6,100)
Issuance of common shares	280	18			262					280
Common shares distributed from rabbi trust, net	0		37	(37)						0
Cash dividends declared	(1,024)					(1,024)				(1,024)
Ending Balance at Jun. 30, 2023	398,449	13,509	(10,039)	10,039	56,943	500,726	(109,143)	(59,272)	(4,314)	398,449	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,145					15,130				15,130	15
Foreign currency translation adjustment	(6,934)							(6,934)		(6,934)
Pension adjustment, net of tax	89								89	89
Total comprehensive income	8,300									8,285	15
Share-based compensation	1,299				1,299					1,299
Purchase of common shares	(8,559)						(8,559)			(8,559)
Issuance of common shares	1,356	50			1,306					1,356
Common shares distributed from rabbi trust, net	0		(30)	30						0
Cash dividends declared	(1,018)					(1,018)				(1,018)
Ending Balance at Sep. 30, 2023	399,828	13,559	(10,069)	10,069	59,548	514,838	(117,702)	(66,206)	(4,225)	399,813	15
Beginning Balance at Dec. 31, 2023	416,156	13,607	(10,183)	10,183	60,958	520,154	(118,249)	(55,828)	(4,478)	416,164	(8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,603					9,596				9,596	7
Foreign currency translation adjustment	(6,565)							(6,565)		(6,565)
Pension adjustment, net of tax	89								89	89
Total comprehensive income	3,127									3,120	7
Share-based compensation	383				383					383
Purchase of common shares	(5,452)						(5,452)			(5,452)
Issuance of common shares	171	104			67					171
Common shares distributed from rabbi trust, net	0		(31)	31						0
Cash dividends declared	(1,017)					(1,017)				(1,017)
Ending Balance at Mar. 31, 2024	413,368	13,711	(10,214)	10,214	61,408	528,733	(123,701)	(62,393)	(4,389)	413,369	(1)
Beginning Balance at Dec. 31, 2023	416,156	13,607	(10,183)	10,183	60,958	520,154	(118,249)	(55,828)	(4,478)	416,164	(8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,666
Ending Balance at Sep. 30, 2024	428,987	13,715	(9,557)	9,557	63,108	543,743	(126,503)	(60,881)	(4,211)	428,971	16
Beginning Balance at Mar. 31, 2024	413,368	13,711	(10,214)	10,214	61,408	528,733	(123,701)	(62,393)	(4,389)	413,369	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,367					9,366				9,366	1
Foreign currency translation adjustment	(5,971)							(5,971)		(5,971)
Pension adjustment, net of tax	89								89	89
Total comprehensive income	3,485									3,484	1
Share-based compensation	934				934					934
Purchase of common shares	(568)						(568)			(568)
Issuance of common shares	19	0			19					19
Common shares issued to rabbit trust, net	0		(19)	19						0
Cash dividends declared	(1,020)					(1,020)				(1,020)
Ending Balance at Jun. 30, 2024	416,218	13,711	(10,233)	10,233	62,361	537,079	(124,269)	(68,364)	(4,300)	416,218	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,696					7,680				7,680	16
Foreign currency translation adjustment	7,483							7,483		7,483
Pension adjustment, net of tax	89								89	89
Total comprehensive income	15,268									15,252	16
Share-based compensation	632				632					632
Purchase of common shares	(2,234)						(2,234)			(2,234)
Issuance of common shares	119	4			115					119
Common shares distributed from rabbi trust, net	0		676	(676)						0
Cash dividends declared	(1,016)					(1,016)				(1,016)
Ending Balance at Sep. 30, 2024	$ 428,987	$ 13,715	$ (9,557)	$ 9,557	$ 63,108	$ 543,743	$ (126,503)	$ (60,881)	$ (4,211)	$ 428,971	$ 16

Statements of Consolidated Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Purchase of common shares (in shares)	17,822	4,540	42,731	50,717	40,078	41,573
Issuance of common shares (in shares)	1,776	146	52,354	26,285	9,655	72,477
Common shares distributed from rabbi trust (in shares)	16,046		4,477	185	502	3,541
Common shares issued to rabbi trust (in shares)		146
Cash dividends declared per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the year ended December 31, 2023 filed on March 8, 2024 with the Securities and Exchange Commission. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2024. 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 the Company’s consolidated financial statements. Additionally, the Company’s consolidated financial statements include 100% of a controlled subsidiary’s earnings, rather than only its 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. Certain prior year amounts have been reclassified to conform to the current year presentation. Recently Adopted or Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others. Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its segment disclosures with no material impact to the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its income tax disclosures with no material impact to the consolidated financial statements.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Revenue Recognition

goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.

Disaggregated Revenue

The Company’s revenues by segment and product type are as follows:


	Three Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	61%	79%	71%	78%	70%
Communications	32%	18%	24%	3%	23%
Special Industries	7%	3%	5%	19%	7%
Total	100%	100%	100%	100%	100%

	Three Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	68%	80%	60%	75%	69%
Communications	28%	18%	35%	3%	23%
Special Industries	4%	2%	5%	22%	8%
Total	100%	100%	100%	100%	100%

	Nine Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	64%	78%	71%	77%	71%
Communications	30%	20%	24%	3%	22%
Special Industries	6%	2%	5%	20%	7%
Total	100%	100%	100%	100%	100%

	Nine Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	62%	73%	44%	72%	61%
Communications	34%	25%	52%	3%	32%
Special Industries	4%	2%	4%	25%	7%
Total	100%	100%	100%	100%	100%

Credit Losses for Receivables


	Nine Months Ended September 30,
	2024		2023
Allowance for credit losses, beginning of period	$	8,260	$	5,021
(Reductions) additions charged to costs and expenses	(1,165)		1,349
Write-offs	(209)		(21)
Foreign exchange and other	(203)		(17)
Allowance for credit losses, end of period	$	6,683	$	6,332

Inventories, Net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

INVENTORIES, NET

Inventories, net

Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:


	September 30, 2024		December 31, 2023
Raw materials	$	90,653	$	98,708
Work-in-process	13,927		14,397
Finished products	49,335		46,250
Inventories, net of excess and obsolete inventory reserve	153,915		159,355
Excess of current cost over LIFO cost	(11,189)		(10,541)
Inventories at LIFO cost	$	142,726	$	148,814

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Major classes of property, plant and equipment are stated at cost and were as follows:


	September 30, 2024		December 31, 2023
Land and improvements	$	21,267	$	21,374
Buildings and improvements	127,834		129,369
Machinery, equipment and aircraft	253,850		238,868
Construction in progress	14,721		22,619
Property, plant and equipment, gross	417,672		412,230
Less accumulated depreciation	(216,478)		(204,338)
Property, plant and equipment, net	$	201,194	$	207,892

Contingent Liabilities	9 Months Ended
Contingent Liabilities	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	CONTINGENT 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 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. In November 2016, 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 stated that the 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 alleged 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 Projects. The Plaintiff was seeking 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. On September 26, 2023, the Defendants and the Plaintiff entered into a settlement agreement which dismissed the action against all Defendants with prejudice. Net of insurance, the total settlement amount paid by the Company in the fourth quarter of 2023 was $4.3 million Canadian dollars ($3.2 million US dollars). The settlement reflects the Company’s desire to eliminate the burden, expense, distraction and further uncertainties of litigation, and the settlement does not constitute an admission of liability, wrongdoing or fault by the Company and its subsidiaries. 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 September 30, 2024 and December 31, 2023, there were zero reserves for known global legal matters.

Pension Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension Plans

PENSION PLANS


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest cost	$	387	$	392	$	1,162	$	1,178
Expected return on plan assets	(485)		(501)		(1,456)		(1,502)
Recognized net actuarial loss	117		117		351		349
Net periodic pension expense	$	19	$	8	$	57	$	25

Accumulated Other Comprehensive Income ("AOCI")

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income ("AOCI")

ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”)

The following tables set forth the total changes in AOCI by component, net of tax:


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total		Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total
Balance at June 30	$	(4,300)	$	(68,364)	$	(72,664)	$	(4,314)	$	(59,272)	$	(63,586)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		7,483		7,483		—		(6,934)		(6,934)

Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	89		—		89		89		—		89
Net current period other comprehensive income (loss)	89		7,483		7,572		89		(6,934)		(6,845)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)


	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total		Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total
Balance at January 1	$	(4,478)	$	(55,828)	$	(60,306)	$	(4,492)	$	(65,495)	$	(69,987)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		(5,053)		(5,053)		—		(711)		(711)

Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	267		—		267		267		—		267
Net current period other comprehensive income (loss)	267		(5,053)		(4,786)		267		(711)		(444)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)

(a)This AOCI component is included in the computation of net periodic pension expense as noted in Note 6 – Pension Plans.

Debt and Credit Arrangements	9 Months Ended
Debt and Credit Arrangements	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Credit Arrangements	DEBT AND CREDIT ARRANGEMENTS The Company maintains a credit facility (the "Facility") with a capacity of $90.0 million that expires March 2, 2026. The interest rate for U.S. borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.125% 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 1.500%. At September 30, 2024, the Company had utilized $12.7 million with $77.2 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of September 30, 2024. Our bank debt to equity percentage was 8.2%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At September 30, 2024, the Company was in compliance with these covenants. On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. The term of the loan is 120 months at a fixed interest rate of 2.744%. The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $13.2 million outstanding on this debt facility at September 30, 2024, $2.1 million was classified as current. The loan is secured by the aircraft. The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At September 30, 2024, and December 31, 2023, $9.3 million and $13.3 million were outstanding, of which $8.6 million and $11.4 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business. The Company's Asia-Pacific segment had $0.1 million and $0.2 million in restricted cash used to secure bank guarantees at September 30, 2024 and December 31, 2023, respectively. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three-month period ended September 30, 2024 and 2023, the Company’s effective tax rate was 26% and 23%, respectively. The higher effective tax rate for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to limitations on the deductibility of compensation and a lower excess tax benefit on share-based compensation which was partially offset by the favorable impact from the mix of earned income in certain foreign jurisdictions. For the nine-month period ended September 30, 2024 and 2023, the Company’s effective tax rate was 20% and 24%, respectively. The lower effective tax rate for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to the favorable impact from discrete benefits recorded as a result of amending prior year federal tax returns and an increase in excess tax benefits on share-based compensation in relation to overall lower pre-tax book income. The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. During the period ended September 30, 2024, the Company did not record any additional valuation allowances in various jurisdictions on its deferred tax assets. For the nine-month periods ending September 30, 2024 and 2023, the Company did not record any new uncertain tax positions.

Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Earnings Per Share

COMPUTATION OF EARNINGS PER SHARE

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income	$	7,680	$	15,130	$	26,642	$	57,000

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,904		4,906		4,911		4,929
Dilutive effect – share-based awards	73		84		48		77
Diluted weighted-average common shares outstanding	4,977		4,990		4,959		5,006

Earnings per common share
Basic	$	1.57	$	3.08	$	5.42	$	11.56
Diluted	$	1.54	$	3.03	$	5.37	$	11.39

For the three and nine months ended September 30, 2024 and 2023, there were zero share-based awards excluded from the calculation of diluted earnings per share as there was no anti-dilutive effect .

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

GOODWILL AND OTHER INTANGIBLES

The Company’s finite and indefinite-lived intangible assets consist of the following:


	September 30, 2024				December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets
Patents	$	4,806	$	(4,806)	$	4,806	$	(4,806)
Land use rights	679		(129)		1,109		(307)
Trademark	1,959		(1,699)		1,988		(1,682)
Technology	7,081		(4,095)		7,104		(3,738)
Customer relationships	18,627		(11,440)		19,240		(10,733)
	$	33,152	$	(22,169)	$	34,247	$	(21,266)
Indefinite-lived intangible assets
Goodwill	$	28,672			$	29,497


	PLP-USA		The Americas		EMEA		Asia-Pacific		Total

Balance at January 1, 2024	$	3,078	$	10,582	$	15,837	$	—	$	29,497
Currency translation	—		(826)		1		—		(825)
Balance at September 30, 2024	$	3,078	$	9,756	$	15,838	$	—	$	28,672

Fair Value of Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023:


Description	Balance as of September 30, 2024		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	95	$	—	$	95	$	—
Total assets	$	95	$	—	$	95	$	—

Liabilities:
Foreign currency forward contracts	$	4	$	—	$	4	$	—
Supplemental profit sharing plan	9,087		—		9,087		—
Total liabilities	$	9,091	$	—	$	9,091	$	—


Description	Balance as of December 31, 2023		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	158	$	—	$	158	$	—
Total assets	$	158	$	—	$	158	$	—

Liabilities:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Supplemental profit sharing plan	8,222		—		8,222		—
Total liabilities	$	8,222	$	—	$	8,222	$	—


	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt and related current maturities	$	23,984	$	27,200	$	51,786	$	55,282

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales
PLP-USA	$	65,554	$	81,727	$	196,191	$	275,882
The Americas	19,852		22,790		60,026		66,852
EMEA	32,937		28,798		93,630		105,138
Asia-Pacific	28,630		27,124		76,750		76,205
Total net sales	$	146,973	$	160,438	$	426,597	$	524,076

Intersegment sales
PLP-USA	$	2,720	$	4,083	$	7,877	$	25,058
The Americas	2,118		4,515		6,532		13,024
EMEA	1,396		3,514		4,194		6,470
Asia-Pacific	4,068		5,611		11,333		18,714
Total intersegment sales	$	10,302	$	17,723	$	29,936	$	63,266

Gross profit
PLP-USA	$	21,383	$	30,672	$	66,821	$	114,012
The Americas	6,770		8,053		18,448		24,239
EMEA	9,327		7,434		27,009		26,199
Asia-Pacific	8,298		7,977		21,904		22,298
Total gross profit	$	45,778	$	54,137	$	134,182	$	186,748

Net income attributable to Preformed Line Products Company shareholders
PLP-USA	$	3,059	$	9,080	$	11,720	$	40,761
The Americas	1,574		1,411		4,268		6,050
EMEA	1,337		1,137		5,893		4,675
Asia-Pacific	1,710		3,502		4,761		5,514
Total net income attributable to Preformed Line Products Company shareholders	$	7,680	$	15,130	$	26,642	$	57,000

Acquisitions of Businesses

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions of Businesses

ACQUISITIONS OF BUSINESSES

Acquisition of Pilot Plastics

During the measurement period, opening balance sheet adjustments were made to finalize the fair value estimates based on the final valuations received, which are summarized in the table below.


	Final Allocation
Accounts receivable	$	970
Inventory	585
Property, plant and equipment and other assets	13,628
Accounts payable	(1,299)
Other current liabilities	(71)
Total identifiable net assets	13,813
Total consideration, net of cash received	$	13,813

Due to the consideration transferred equaling the fair value of the assets acquired, no residual goodwill was recognized.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the year ended December 31, 2023 filed on March 8, 2024 with the Securities and Exchange Commission. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission.
Use of Estimates	The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2024.
Noncontrolling Interest	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 the Company’s consolidated financial statements. Additionally, the Company’s consolidated financial statements include 100% of a controlled subsidiary’s earnings, rather than only its 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.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Recently Adopted or Issued Accounting Pronouncements	In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others. Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its segment disclosures with no material impact to the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its income tax disclosures with no material impact to the consolidated financial statements.
Revenue Recognition	Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.
Credit Losses for Receivables	The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. Receivable balances are written off against an allowance for credit losses after a final determination has been made.
Inventories, net	Inventory is carried at lower of cost or net realizable value.Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $48.8 million at September 30, 2024 and $60.1 million at December 31, 2023. 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.
Contingent Liabilities	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.
Goodwill	The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs additional interim impairment assessments as circumstances warrant. There were no indicators of impairment noted for the period ending September 30, 2024. The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. For selected reporting units where the qualitative approach is utilized, a qualitative evaluation of events and circumstances impacting the reporting unit is performed to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit. For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples 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. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the weighted average cost of capital, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units.
Fair Value of Financial Assets and Liabilities	Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to satisfy a liability in an orderly transaction between market participants. 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) quoted market prices in active markets for identical assets or liabilities; (Level 2 Inputs) observable market-based inputs or unobservable inputs that are corroborated by market data; and (Level 3 Inputs) unobservable inputs that are not corroborated by market data. These amounts are recorded within Other noncurrent liabilities on the Company’s Consolidated Balance Sheets. The Supplemental Profit Sharing Plan allows 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. The carrying value of the Company’s current financial instruments, which include cash, cash equivalents and restricted cash, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments. At September 30, 2024 and December 31, 2023, the fair value of the Company’s long-term debt was estimated using discounted cash flows analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs.
Derivative Financial Instruments	The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in Other operating expense, net on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues by Segment and Product Type

The Company’s revenues by segment and product type are as follows:


	Three Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	61%	79%	71%	78%	70%
Communications	32%	18%	24%	3%	23%
Special Industries	7%	3%	5%	19%	7%
Total	100%	100%	100%	100%	100%

	Three Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	68%	80%	60%	75%	69%
Communications	28%	18%	35%	3%	23%
Special Industries	4%	2%	5%	22%	8%
Total	100%	100%	100%	100%	100%

	Nine Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	64%	78%	71%	77%	71%
Communications	30%	20%	24%	3%	22%
Special Industries	6%	2%	5%	20%	7%
Total	100%	100%	100%	100%	100%

	Nine Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	62%	73%	44%	72%	61%
Communications	34%	25%	52%	3%	32%
Special Industries	4%	2%	4%	25%	7%
Total	100%	100%	100%	100%	100%

Schedule of Change in Allowance for Credit Losses

The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table:


	Nine Months Ended September 30,
	2024		2023
Allowance for credit losses, beginning of period	$	8,260	$	5,021
(Reductions) additions charged to costs and expenses	(1,165)		1,349
Write-offs	(209)		(21)
Foreign exchange and other	(203)		(17)
Allowance for credit losses, end of period	$	6,683	$	6,332

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Components of Inventory

The components of inventory are as follows:


	September 30, 2024		December 31, 2023
Raw materials	$	90,653	$	98,708
Work-in-process	13,927		14,397
Finished products	49,335		46,250
Inventories, net of excess and obsolete inventory reserve	153,915		159,355
Excess of current cost over LIFO cost	(11,189)		(10,541)
Inventories at LIFO cost	$	142,726	$	148,814

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Major Classes of Property, Plant and Equipment

Major classes of property, plant and equipment are stated at cost and were as follows:


	September 30, 2024		December 31, 2023
Land and improvements	$	21,267	$	21,374
Buildings and improvements	127,834		129,369
Machinery, equipment and aircraft	253,850		238,868
Construction in progress	14,721		22,619
Property, plant and equipment, gross	417,672		412,230
Less accumulated depreciation	(216,478)		(204,338)
Property, plant and equipment, net	$	201,194	$	207,892

Pension Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Pension Expense

Net periodic pension expense for the U.S. Plan for the three and nine month periods ended September 30, 2024 and 2023, respectively, follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest cost	$	387	$	392	$	1,162	$	1,178
Expected return on plan assets	(485)		(501)		(1,456)		(1,502)
Recognized net actuarial loss	117		117		351		349
Net periodic pension expense	$	19	$	8	$	57	$	25

Accumulated Other Comprehensive Income ("AOCI") (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total		Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total
Balance at June 30	$	(4,300)	$	(68,364)	$	(72,664)	$	(4,314)	$	(59,272)	$	(63,586)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		7,483		7,483		—		(6,934)		(6,934)

Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	89		—		89		89		—		89
Net current period other comprehensive income (loss)	89		7,483		7,572		89		(6,934)		(6,845)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)


	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total		Unrecognized Benefit Cost		Cumulative Translation Adjustment		Total
Balance at January 1	$	(4,478)	$	(55,828)	$	(60,306)	$	(4,492)	$	(65,495)	$	(69,987)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		(5,053)		(5,053)		—		(711)		(711)

Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	267		—		267		267		—		267
Net current period other comprehensive income (loss)	267		(5,053)		(4,786)		267		(711)		(444)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)

(a)This AOCI component is included in the computation of net periodic pension expense as noted in Note 6 – Pension Plans.

Computation of Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income	$	7,680	$	15,130	$	26,642	$	57,000

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,904		4,906		4,911		4,929
Dilutive effect – share-based awards	73		84		48		77
Diluted weighted-average common shares outstanding	4,977		4,990		4,959		5,006

Earnings per common share
Basic	$	1.57	$	3.08	$	5.42	$	11.56
Diluted	$	1.54	$	3.03	$	5.37	$	11.39

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite and Indefinite-Lived Intangible Assets

The Company’s finite and indefinite-lived intangible assets consist of the following:


	September 30, 2024				December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets
Patents	$	4,806	$	(4,806)	$	4,806	$	(4,806)
Land use rights	679		(129)		1,109		(307)
Trademark	1,959		(1,699)		1,988		(1,682)
Technology	7,081		(4,095)		7,104		(3,738)
Customer relationships	18,627		(11,440)		19,240		(10,733)
	$	33,152	$	(22,169)	$	34,247	$	(21,266)
Indefinite-lived intangible assets
Goodwill	$	28,672			$	29,497

Changes in Carrying Amount of Goodwill by Segment

Changes in the carrying amount of goodwill by reporting unit are shown in the following table:


	PLP-USA		The Americas		EMEA		Asia-Pacific		Total

Balance at January 1, 2024	$	3,078	$	10,582	$	15,837	$	—	$	29,497
Currency translation	—		(826)		1		—		(825)
Balance at September 30, 2024	$	3,078	$	9,756	$	15,838	$	—	$	28,672

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023:


Description	Balance as of September 30, 2024		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	95	$	—	$	95	$	—
Total assets	$	95	$	—	$	95	$	—

Liabilities:
Foreign currency forward contracts	$	4	$	—	$	4	$	—
Supplemental profit sharing plan	9,087		—		9,087		—
Total liabilities	$	9,091	$	—	$	9,091	$	—


Description	Balance as of December 31, 2023		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	158	$	—	$	158	$	—
Total assets	$	158	$	—	$	158	$	—

Liabilities:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Supplemental profit sharing plan	8,222		—		8,222		—
Total liabilities	$	8,222	$	—	$	8,222	$	—

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:


	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt and related current maturities	$	23,984	$	27,200	$	51,786	$	55,282

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Company's Reportable Segments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales
PLP-USA	$	65,554	$	81,727	$	196,191	$	275,882
The Americas	19,852		22,790		60,026		66,852
EMEA	32,937		28,798		93,630		105,138
Asia-Pacific	28,630		27,124		76,750		76,205
Total net sales	$	146,973	$	160,438	$	426,597	$	524,076

Intersegment sales
PLP-USA	$	2,720	$	4,083	$	7,877	$	25,058
The Americas	2,118		4,515		6,532		13,024
EMEA	1,396		3,514		4,194		6,470
Asia-Pacific	4,068		5,611		11,333		18,714
Total intersegment sales	$	10,302	$	17,723	$	29,936	$	63,266

Gross profit
PLP-USA	$	21,383	$	30,672	$	66,821	$	114,012
The Americas	6,770		8,053		18,448		24,239
EMEA	9,327		7,434		27,009		26,199
Asia-Pacific	8,298		7,977		21,904		22,298
Total gross profit	$	45,778	$	54,137	$	134,182	$	186,748

Net income attributable to Preformed Line Products Company shareholders
PLP-USA	$	3,059	$	9,080	$	11,720	$	40,761
The Americas	1,574		1,411		4,268		6,050
EMEA	1,337		1,137		5,893		4,675
Asia-Pacific	1,710		3,502		4,761		5,514
Total net income attributable to Preformed Line Products Company shareholders	$	7,680	$	15,130	$	26,642	$	57,000

Acquisitions of Businesses (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Final Fair Value Estimates of Assets Acquired and Liabilities Assumed

During the measurement period, opening balance sheet adjustments were made to finalize the fair value estimates based on the final valuations received, which are summarized in the table below.


	Final Allocation
Accounts receivable	$	970
Inventory	585
Property, plant and equipment and other assets	13,628
Accounts payable	(1,299)
Other current liabilities	(71)
Total identifiable net assets	13,813
Total consideration, net of cash received	$	13,813

Revenue - Revenues by Segment and Product Type (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	100.00%	100.00%	100.00%	100.00%
Energy
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	70.00%	69.00%	71.00%	61.00%
Communications
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	23.00%	23.00%	22.00%	32.00%
Special Industries
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	7.00%	8.00%	7.00%	7.00%
PLP-USA
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	100.00%	100.00%	100.00%	100.00%
PLP-USA \| Energy
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	61.00%	68.00%	64.00%	62.00%
PLP-USA \| Communications
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	32.00%	28.00%	30.00%	34.00%
PLP-USA \| Special Industries
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	7.00%	4.00%	6.00%	4.00%
The Americas
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	100.00%	100.00%	100.00%	100.00%
The Americas \| Energy
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	79.00%	80.00%	78.00%	73.00%
The Americas \| Communications
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	18.00%	18.00%	20.00%	25.00%
The Americas \| Special Industries
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	3.00%	2.00%	2.00%	2.00%
EMEA
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	100.00%	100.00%	100.00%	100.00%
EMEA \| Energy
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	71.00%	60.00%	71.00%	44.00%
EMEA \| Communications
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	24.00%	35.00%	24.00%	52.00%
EMEA \| Special Industries
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	5.00%	5.00%	5.00%	4.00%
Asia-Pacific
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	100.00%	100.00%	100.00%	100.00%
Asia-Pacific \| Energy
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	78.00%	75.00%	77.00%	72.00%
Asia-Pacific \| Communications
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	3.00%	3.00%	3.00%	3.00%
Asia-Pacific \| Special Industries
Disaggregation Of Revenue [Line Items]
Percentage of disaggregated revenue	19.00%	22.00%	20.00%	25.00%

Revenue - Schedule of Change in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 8,260	$ 5,021
(Reductions) additions charged to costs and expenses	(1,165)	1,349
Write-offs	(209)	(21)
Foreign exchange and other	(203)	(17)
Allowance for credit losses, end of period	$ 6,683	$ 6,332

Inventories, Net - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 90,653	$ 98,708
Work-in-process	13,927	14,397
Finished products	49,335	46,250
Inventories, net of excess and obsolete inventory reserve	153,915	159,355
Excess of current cost over LIFO cost	(11,189)	(10,541)
Inventories at LIFO cost	$ 142,726	$ 148,814

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Cost of inventories for certain materials using LIFO method	$ 48.8		$ 48.8		$ 60.1
Expense charge to earnings from LIFO inventory changes	0.2	$ 0.6	0.6	$ 1.7
Inventory reserves for slow-moving and obsolete inventory	$ 18.6		$ 18.6		$ 17.6

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 417,672	$ 412,230
Less accumulated depreciation	(216,478)	(204,338)
Property, plant and equipment, net	201,194	207,892
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	21,267	21,374
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	127,834	129,369
Machinery, equipment and aircraft
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	253,850	238,868
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 14,721	$ 22,619

Contingent Liabilities (Details) $ in Millions	3 Months Ended
Contingent Liabilities (Details) $ in Millions	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Reserves for known global legal matters		$ 0	$ 0
Defendants And Plaintiff Settlement Agreement
Loss Contingencies [Line Items]
Total settlement required to be paid	$ 4.3	$ 3,200,000

Pension Plans - Components of Net Periodic Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Interest cost	$ 387	$ 392	$ 1,162	$ 1,178
Expected return on plan assets	(485)	(501)	(1,456)	(1,502)
Recognized net actuarial loss	117	117	351	349
Net periodic pension expense	$ 19	$ 8	$ 57	$ 25

Pension Plans - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Contributions to pension plan			$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net	Other income, net	Other income, net	Other income, net

Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning Balance

$ 416,218

$ 398,449

$ 416,156

$ 358,624

Amounts reclassified from AOCI:

Other comprehensive income (loss), net of tax

7,572

(6,845)

(4,786)

(444)

Ending Balance

428,987

399,828

428,987

399,828

Unrecognized Benefit Cost

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning Balance

(4,300)

(4,314)

(4,478)

(4,492)

Amounts reclassified from AOCI:

Amortization of defined benefit pension actuarial gain

^[1]

267

Other comprehensive income (loss), net of tax

267

Ending Balance

(4,211)

(4,225)

(4,211)

(4,225)

Cumulative Translation Adjustment

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning Balance

(68,364)

(59,272)

(55,828)

(65,495)

Other comprehensive income before reclassifications:

Foreign currency translation adjustment

7,483

(6,934)

(5,053)

(711)

Amounts reclassified from AOCI:

Other comprehensive income (loss), net of tax

7,483

(6,934)

(5,053)

(711)

Ending Balance

(60,881)

(66,206)

(60,881)

(66,206)

Total

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning Balance

(72,664)

(63,586)

(60,306)

(69,987)

Other comprehensive income before reclassifications:

Foreign currency translation adjustment

7,483

(6,934)

(5,053)

(711)

Amounts reclassified from AOCI:

Amortization of defined benefit pension actuarial gain

^[1]

267

Other comprehensive income (loss), net of tax

7,572

(6,845)

(4,786)

(444)

Ending Balance

$ (65,092)

$ (70,431)

$ (65,092)

$ (70,431)

[1]	This AOCI component is included in the computation of net periodic pension expense as noted in Note 6 – Pension Plans

Debt and Credit Arrangements (Details)			9 Months Ended
Debt and Credit Arrangements (Details)	Mar. 02, 2022 USD ($)	Jan. 19, 2021 USD ($) installment	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Borrowing capacity	$ 90,000,000.0
Debt to Earnings before Interest, Taxes and Depreciation ratio	2.25%
Line of credit utilized borrowing capacity			$ 12,700,000
Line of credit remaining borrowing capacity			$ 77,200,000
Bank debt to equity percentage			8.20%
Letters of credit outstanding amount			$ 0
Asia-Pacific
Debt Instrument [Line Items]
Restricted cash used to secure bank debt			100,000	$ 200,000
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.125%
Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
PNC Equipment Finance, LLC \| Corporate Aircraft \| Term Loan
Debt Instrument [Line Items]
Line of credit utilized borrowing capacity			13,200,000
Debt instrument, face amount		$ 20,500,000
Loan term		120 months
Fixed interest rate		2.744%
Number of monthly installment payments \| installment		119
Outstanding letters of credit, current			2,100,000
Foreign Subsidiaries
Debt Instrument [Line Items]
Line of credit utilized borrowing capacity			9,300,000	13,300,000
Outstanding letters of credit, current			$ 8,600,000	$ 11,400,000

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	26.00%	23.00%	20.00%	24.00%

Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income	$ 7,680	$ 15,130	$ 26,642	$ 57,000
Determination of shares (in thousands)
Weighted-average common shares outstanding (in shares)	4,904	4,906	4,911	4,929
Dilutive effect - share-based awards (in shares)	73	84	48	77
Diluted weighted-average common shares outstanding (in shares)	4,977	4,990	4,959	5,006
Earnings per common share
Basic ( in dollars per share)	$ 1.57	$ 3.08	$ 5.42	$ 11.56
Diluted (in dollars per share)	$ 1.54	$ 3.03	$ 5.37	$ 11.39

Computation of Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of earnings per share (in shares)	0	0	0	0

Goodwill and Other Intangibles - Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets
Gross Carrying Amount	$ 33,152	$ 34,247
Accumulated Amortization	(22,169)	(21,266)
Indefinite-lived intangible assets
Goodwill	28,672	29,497
Patents
Finite-lived intangible assets
Gross Carrying Amount	4,806	4,806
Accumulated Amortization	(4,806)	(4,806)
Land use rights
Finite-lived intangible assets
Gross Carrying Amount	679	1,109
Accumulated Amortization	(129)	(307)
Trademark
Finite-lived intangible assets
Gross Carrying Amount	1,959	1,988
Accumulated Amortization	(1,699)	(1,682)
Technology
Finite-lived intangible assets
Gross Carrying Amount	7,081	7,104
Accumulated Amortization	(4,095)	(3,738)
Customer relationships
Finite-lived intangible assets
Gross Carrying Amount	18,627	19,240
Accumulated Amortization	$ (11,440)	$ (10,733)

Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2024	$ 29,497
Currency translation	(825)
Balance at September 30, 2024	28,672
PLP-USA
Goodwill [Roll Forward]
Balance at January 1, 2024	3,078
Currency translation	0
Balance at September 30, 2024	3,078
The Americas
Goodwill [Roll Forward]
Balance at January 1, 2024	10,582
Currency translation	(826)
Balance at September 30, 2024	9,756
EMEA
Goodwill [Roll Forward]
Balance at January 1, 2024	15,837
Currency translation	1
Balance at September 30, 2024	15,838
Asia-Pacific
Goodwill [Roll Forward]
Balance at January 1, 2024	0
Currency translation	0
Balance at September 30, 2024	$ 0

Fair Value of Financial Assets and Liabilities - Summary of Assets and Liabilities Recorded and Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Foreign currency forward contracts	$ 95	$ 158
Total assets	95	158
Liabilities:
Foreign currency forward contracts	4	0
Supplemental profit sharing plan	9,087	8,222
Total liabilities	9,091	8,222
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Foreign currency forward contracts	0	0
Total assets	0	0
Liabilities:
Foreign currency forward contracts	0	0
Supplemental profit sharing plan	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Foreign currency forward contracts	95	158
Total assets	95	158
Liabilities:
Foreign currency forward contracts	4	0
Supplemental profit sharing plan	9,087	8,222
Total liabilities	9,091	8,222
Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	0	0
Total assets	0	0
Liabilities:
Foreign currency forward contracts	0	0
Supplemental profit sharing plan	0	0
Total liabilities	$ 0	$ 0

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Foreign currency forward contracts maximum maturity period			90 days
Recognized losses on foreign currency contracts	$ 0	$ 500	$ 200	$ 900
Supplemental profit sharing plan liability	9,087		9,087		$ 8,222
Supplemental Profit Sharing Plan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Supplemental profit sharing plan liability	$ 9,100		$ 9,100		$ 8,200

Fair Value of Financial Assets and Liabilities - Fair Value and Carrying Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long-term debt and related current maturities, Fair Value	$ 23,984	$ 51,786
Long-term debt and related current maturities, Carrying Value	$ 27,200	$ 55,282

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net and intersegment sales
Net sales	$ 146,973	$ 160,438	$ 426,597	$ 524,076
Gross profit
GROSS PROFIT	45,778	54,137	134,182	186,748
Net income attributable to Preformed Line Products Company shareholders
Total net income attributable to Preformed Line Products Company shareholders	7,680	15,130	26,642	57,000
PLP-USA
Gross profit
GROSS PROFIT	21,383	30,672	66,821	114,012
Net income attributable to Preformed Line Products Company shareholders
Total net income attributable to Preformed Line Products Company shareholders	3,059	9,080	11,720	40,761
The Americas
Gross profit
GROSS PROFIT	6,770	8,053	18,448	24,239
Net income attributable to Preformed Line Products Company shareholders
Total net income attributable to Preformed Line Products Company shareholders	1,574	1,411	4,268	6,050
EMEA
Gross profit
GROSS PROFIT	9,327	7,434	27,009	26,199
Net income attributable to Preformed Line Products Company shareholders
Total net income attributable to Preformed Line Products Company shareholders	1,337	1,137	5,893	4,675
Asia-Pacific
Gross profit
GROSS PROFIT	8,298	7,977	21,904	22,298
Net income attributable to Preformed Line Products Company shareholders
Total net income attributable to Preformed Line Products Company shareholders	1,710	3,502	4,761	5,514
Intersegment sales
Net and intersegment sales
Net sales	(10,302)	(17,723)	(29,936)	(63,266)
Intersegment sales \| PLP-USA
Net and intersegment sales
Net sales	(2,720)	(4,083)	(7,877)	(25,058)
Intersegment sales \| The Americas
Net and intersegment sales
Net sales	(2,118)	(4,515)	(6,532)	(13,024)
Intersegment sales \| EMEA
Net and intersegment sales
Net sales	(1,396)	(3,514)	(4,194)	(6,470)
Intersegment sales \| Asia-Pacific
Net and intersegment sales
Net sales	(4,068)	(5,611)	(11,333)	(18,714)
Operating Segments
Net and intersegment sales
Net sales	146,973	160,438	426,597	524,076
Operating Segments \| PLP-USA
Net and intersegment sales
Net sales	65,554	81,727	196,191	275,882
Operating Segments \| The Americas
Net and intersegment sales
Net sales	19,852	22,790	60,026	66,852
Operating Segments \| EMEA
Net and intersegment sales
Net sales	32,937	28,798	93,630	105,138
Operating Segments \| Asia-Pacific
Net and intersegment sales
Net sales	$ 28,630	$ 27,124	$ 76,750	$ 76,205

Acquisitions of Businesses - Additional Information (Details) - Pilot Plastics $ in Millions	Feb. 01, 2023 USD ($)
Business Acquisition [Line Items]
Purchase price, net of cash received	$ 13.8
Purchase price holdback amount	$ 1.7

Acquisitions of Businesses - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - Pilot Plastics $ in Thousands	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
Accounts receivable	$ 970
Inventory	585
Property, plant and equipment and other assets	13,628
Accounts payable	(1,299)
Other current liabilities	(71)
Total identifiable net assets	13,813
Total consideration, net of cash received	$ 13,813

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