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Related Party Transactions | 12 Months Ended
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Dec. 31, 2017
Related Party Transactions [Abstract] |
Related Party Transactions | Note M - Related Party Transactions On January 3, 2017, the Company purchased 1,834 shares of the Company from Officers at a price per share of $58.58, which was calculated from a 30-day average of market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved these transactions. On May 9, 2017, the Company purchased 2,500 shares of the Company from an Officer at a price per share of $52.05, which was calculated from a 30-day average of market price in connection with the vesting of equity awards. The Audit Committee of the Board of Directors approved this transaction. On August 16, 2017, the Company purchased 24,920 shares of the Company from a trust for the benefit of Barbara P. Ruhlman at a price per share of $50.16, which was calculated from a 30-day average of market price. Barbara P. Ruhlman is Director Emeritus for the Company’s Board of Directors and the mother of Robert G. Ruhlman and grandmother of J. Ryan Ruhlman and Maegan A. R. Cross, all of whom are also members of the Board of Directors and Messrs. Robert G. Ruhlman and J. Ryan Ruhlman also serve as executive officers of the Company. The purchase was consummated pursuant to a Share Purchase Agreement dated August 16, 2017, between the Company and the trust. The Audit Committee of the Board of Directors approved this transaction. On November 8, 2017, the Company purchased 24,874 shares of the Company from Officers and other employees, at a price per share of $71.07, which was calculated from a 30-day average market price. Additionally, on November 8, 2017, the Company purchased 7,000 shares of the Company from Robert G. Ruhlman, at a price per share of $71.07, which was calculated from a 30-day average market price. Mr. Ruhlman is Chairman, President and Chief Executive Officer (CEO) of the Company, son of Barbara P. Ruhlman, Director Emeritus, and father of J. Ryan Ruhlman and Maegan A. R. Cross, each of whom are also members of the Board of Directors and Mr. J. Ryan Ruhlman is an executive officer of the Company. The Audit Committee of the Board of Directors approved these transactions. On November 17, 2017, the Company purchased 7,975 shares of the Company from Officers and other employees, at a price per share of $74.51, which was calculated from a 30-day average market price. The Audit Committee of the Board of Directors approved these transactions. On November 30, 2017, the Company purchased 3,334 shares of the Company from a retired Officer of the Company, at a price per share of $75.37, which was calculated from a 30-day average market price. The Audit Committee of the Board of Directors approved this transaction. On December 13, 2017, the Company purchased 21,650 shares of the Company from Officers and other employees, at a price per share of $78.68, which was calculated from a 30-day average market price. Additionally, on December 13, 2017, the Company purchased 7,500 shares of the Company from Randall M. Ruhlman at a price per share of $78.68, which was calculated from a 30-day average market price. Mr. Ruhlman is the son of Barbara P. Ruhlman, Director Emeritus, brother of Robert G. Ruhlman and a former member of the Company’s Board of Directors. The Audit Committee of the Board of Directors approved these transactions. On December 13, 2017, the Company purchased 15,000 shares of the Company from a trust for the benefit of Barbara P. Ruhlman, Director Emeritus, at a price per share of $78.68, which was calculated from a 30-day average of market price. The purchase was consummated pursuant to a Share Purchase Agreement dated December 13, 2017, between the Company and the trust. The Audit Committee of the Board of Directors approved this transaction. In 2016, the Company purchased 7,703 common shares of the Company from Officers and other employees, at a price per share ranging between $42.10 and $45.20, which was calculated from a 30-day average of market price. The Audit Committee of the Board of Directors approved these transactions. On August 23, 2016, the Company purchased 27,448 shares of the Company from a trust for the benefit of Barbara P. Ruhlman and a foundation of which Barbara P. Ruhlman, Robert G. Ruhlman and Bernard Karr are officers, at a price per share of $44.66 which was calculated from a 30-day average of market price. The purchase was consummated pursuant to Share Purchase Agreements both dated August 23, 2016, between the Company and the foundation, and the Company and the trust. The Audit Committee of the Board of Directors approved these transactions. On December 29, 2016, the Company purchased 5,000 shares from Robert G. Ruhlman, at a price per share of $56.38, which was calculated from a 30-day average of market price. The Audit Committee of the Board of Directors approved this transaction. On March 26, 2015, the Company purchased 1,290 shares of the Company from Robert G. Ruhlman, at a price per share of $45.39, which was calculated from a 30-day average of market price. On November 30, 2015, the Company purchased 1,479 common shares of the Company from Robert G. Ruhlman, at a price per share of $41.50, which was calculated from a 30-day average of market price. Additionally, on December 8, 2015, the Company purchased 1,510 common shares of the Company from Robert G. Ruhlman, at a price per share of $40.83, which was calculated from a 30-day average of market price. The Audit Committee of the Board of Directors approved these transactions. On August 11, 2015, the Company purchased 30,713 shares of the Company from a trust for the benefit of Barbara P. Ruhlman and a foundation of which Barbara P. Ruhlman, Robert G. Ruhlman and Bernard Karr are officers, at a price per share of $35.00 which was calculated from a 30-day average of market price. The purchase was consummated pursuant to Share Purchase Agreements both dated August 11, 2015, between the Company and the foundation, and the Company and the trust. The Audit Committee of the Board of Directors approved this transaction. J. Ryan Ruhlman has worked for the Company for over twelve years, was elected to the Company’s Board of Directors in July 2015 and as Vice President-Marketing and Business Development in December 2015. He received $189,870 in reportable compensation for 2015 of which $33,725 is attributable to his 2015 award of stock options. The amounts are in line with the Company’s compensation for mid-level managers. The Company’s Australian subsidiary utilizes copper extrusion services from Cast Alloy. For the years ended December 31, 2017, 2016 and 2015, PLP-Australia incurred a total of $.2 million, $.2 million and $.1 million for these expenses, respectively. Cast Alloy is owned by Simi Almasan, Continuous Improvement Engineer, a current PLP employee. The Audit Committee of the Board of Directors approved these transactions. The Company’s New Zealand subsidiary, Electropar currently leases one parcel of property, on which it has its corporate office, manufacturing and warehouse space. The entities leasing the property to Electropar are owned, in part, by Grant Wallace, a former Director. For the year ended December 31, 2017, Electropar incurred less than $.1 million for such lease expense. For the years ended December 31, 2016 and 2015, Electropar leased two parcels of property which were owned, in part, by Grant Wallace, a former Director, and incurred a total of $.3 million annually for such lease expense. The Audit Committee of the Board of Directors approved these transactions. The Company’s Belos operation hires temporary employees through a temporary work agency, Flex-Work Sp. Z.o.o., which is 50% owned by Agnieszka Rozwadowska. Agnieszka Rozwadowska is the wife of Piotr Rozwadowska, the Managing Director of the Belos operation located in Poland. For the years ended December 31, 2017, 2016 and 2015, Belos incurred a total of $.2 million, $.4 million and $.4 million, respectively, for such temporary labor expense. The Audit Committee of the Board of Directors approved these transactions. During 2017, the Company paid approximately $.1 million in legal fees to Baker & Hostetler LLP, of which R. Steven Kestner is the Chairman and the chair of its policy committee. Mr. Kestner is a Director of the Company.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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