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Pension Plans
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Pension Plans

NOTE F – PENSION PLANS

The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “Plan”). Net periodic benefit for our U.S. pension plan for the three and nine months ended September 30, 2022 and 2021, respectively, follow:

 

 

 

Three Months Ended September 30

 

 

Nine Months Ended September 30

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Interest cost

 

 

293

 

 

 

289

 

 

 

887

 

 

 

853

 

Expected return on plan assets

 

 

(653

)

 

 

(585

)

 

 

(1,855

)

 

 

(1,757

)

Recognized net actuarial loss

 

 

94

 

 

 

163

 

 

 

328

 

 

 

461

 

Net periodic pension benefit

 

$

(266

)

 

$

(133

)

 

$

(640

)

 

$

(443

)

 

The Company elected to make a $2.1 million voluntary contribution to the Plan during the third quarter ending September 30, 2022 to increase Plan funding levels. The Company does not anticipate making any additional contributions to the Plan during the fourth quarter of 2022. Components of retirement benefits expense, other than service cost, are included in other expense (income), net in the Consolidated Statements of Income.