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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Cash, cash equivalents and restricted cash [1] $ 53,607 $ 37,239
Accounts receivable, net 106,892 125,261
Inventories, net 148,814 147,458
Prepaid expenses 8,246 13,283
Other current assets 7,256 4,929
TOTAL CURRENT ASSETS 324,815 328,170
Property, plant and equipment, net 207,892 175,011
Operating lease, right-of-use assets 11,671 10,752
Goodwill 29,497 28,004
Other intangible assets, net 12,981 14,082
Deferred income taxes 7,109 5,320
Other assets 9,186 7,140
TOTAL ASSETS 603,151 568,479
LIABILITIES AND SHAREHOLDERS' EQUITY    
Trade accounts payable 37,788 46,839
Notes payable to banks 6,968 18,098
Operating lease liabilities, current 1,671 1,606
Current portion of long-term debt 6,486 3,018
Accrued compensation 18,441 14,962
Accrued expenses and other liabilities 27,414 17,635
Accrued profit-sharing and other benefits 9,577 9,394
Dividends payable 1,300 1,318
Income taxes payable 1,672 2,465
TOTAL CURRENT LIABILITIES 111,317 115,335
Long-term debt, less current portion 48,796 68,420
Operating lease liabilities, non-current 7,892 7,023
Deferred income taxes 3,536 4,165
Other noncurrent liabilities 15,454 14,912
Shareholders' equity:    
Common shares $2 par value per share, 15,000,000 shares authorized, 4,908,413 and 4,917,020 issued and outstanding, at December 31, 2023 and December 31, 2022, respectively 13,607 13,351
Common shares issued to rabbi trust, 243,118 and 245,386 shares at December 31, 2023 and December 31, 2022, respectively (10,183) (10,261)
Deferred compensation liability 10,183 10,261
Paid-in capital 60,958 53,646
Retained earnings 520,154 460,930
Treasury shares, at cost, 1,894,419 and 1,758,901 shares at December 31, 2023 and December 31, 2022, respectively (118,249) (99,303)
Accumulated other comprehensive loss (60,306) (69,987)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY 416,164 358,637
Noncontrolling interest (8) (13)
TOTAL SHAREHOLDERS' EQUITY 416,156 358,624
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 603,151 $ 568,479
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note 7 of the Notes to the Consolidated Financial Statements.