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Segment Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Note 15 – Segment Information The Company designs, manufactures and sells hardware employed in the construction and maintenance of telecommunication, energy and other utility networks, data communication products and mounting hardware for solar power applications. Principal products include cable anchoring, control hardware and splice enclosures, which are sold primarily to customers in North and South America, Europe, South Africa and Asia-Pacific. The Company reports its segments in four geographic regions: PLP-USA, The Americas, EMEA (Europe, Middle East & Africa) and Asia-Pacific in accordance with accounting standards codified in FASB ASC 280, “Segment Reporting”. Each segment distributes a full range of the Company’s primary products. The PLP-USA segment is comprised of U.S. operations manufacturing the Company’s traditional products primarily supporting domestic energy, telecommunications and solar products. The other three segments, The Americas, EMEA and Asia-Pacific support the Company’s energy, telecommunications, data communication and solar products in each respective geographical region. The segment managers responsible for each region report directly to the Company’s Chief Executive Officer, 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 company rather than the results of any individual business component of the segment. The amount of each segment’s performance reported to the chief operating decision maker is for purposes of making decisions about allocating resources to the segment and assessing its performance. The Company evaluates segment performance and allocates resources based on several factors primarily based on sales and income from continuing operations, net of tax. The accounting policies of the operating segments are the same as those described in Note 1. We have one customer accounting for 12.5% of the Company’s consolidated revenue. U.S. net sales for the years ended December 31, 2022, 2021, and 2020 were $366.8 million, $257.6 million and $201.2 million, respectively. U.S. long-lived assets as of December 31, 2022 and 2021 were $95.7 million and $71.7 million, respectively. In certain circumstances, PLP-USA performs all manufacturing and shipping activity to US-based entities on behalf of EMEA, where the sales order is recorded. These sales and related profits have been reclassified for segment purposes only from EMEA to PLP-USA. The following table presents a summary of the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profits in inventory.
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Net sales |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | 366,819 |  |  | $ | 257,602 |  |  | $ | 201,277 |
The Americas |  |  | 85,200 |  |  |  | 70,732 |  |  |  | 74,192 |
EMEA |  |  | 96,126 |  |  |  | 95,922 |  |  |  | 91,108 |
Asia-Pacific |  |  | 88,876 |  |  |  | 93,161 |  |  |  | 99,872 |
Total net sales |  | $ | 637,021 |  |  | $ | 517,417 |  |  | $ | 466,449 |
Intersegment sales |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | 9,081 |  |  | $ | 6,176 |  |  | $ | 9,702 |
The Americas |  |  | 17,915 |  |  |  | 9,486 |  |  |  | 9,938 |
EMEA |  |  | 3,280 |  |  |  | 2,784 |  |  |  | 3,682 |
Asia-Pacific |  |  | 33,652 |  |  |  | 21,610 |  |  |  | 14,452 |
Total intersegment sales |  | $ | 63,928 |  |  | $ | 40,056 |  |  | $ | 37,774 |
Interest income |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | — |  |  | $ | — |  |  | $ | — |
The Americas |  |  | 534 |  |  |  | 138 |  |  |  | 112 |
EMEA |  |  | 82 |  |  |  | 4 |  |  |  | 67 |
Asia-Pacific |  |  | 15 |  |  |  | 27 |  |  |  | 80 |
Total interest income |  | $ | 631 |  |  | $ | 169 |  |  | $ | 259 |
Interest expense |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | (1,138 | ) |  | $ | (665 | ) |  | $ | (741 | )
The Americas |  |  | (678 | ) |  |  | (368 | ) |  |  | (586 | )
EMEA |  |  | (664 | ) |  |  | (309 | ) |  |  | (233 | )
Asia-Pacific |  |  | (734 | ) |  |  | (681 | ) |  |  | (836 | )
Total interest expense |  | $ | (3,214 | ) |  | $ | (2,023 | ) |  | $ | (2,396 | )
Income taxes |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | 15,285 |  |  | $ | 8,185 |  |  | $ | 6,161 |
The Americas |  |  | 3,218 |  |  |  | 3,250 |  |  |  | 2,461 |
EMEA |  |  | 1,918 |  |  |  | 1,492 |  |  |  | 1,768 |
Asia-Pacific |  |  | (1,116 | ) |  |  | 248 |  |  |  | 420 |
Total income taxes |  | $ | 19,305 |  |  | $ | 13,175 |  |  | $ | 10,810 |
Net income attributable to Preformed Line Products Company shareholders |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | 45,194 |  |  | $ | 24,384 |  |  | $ | 16,564 |
The Americas |  |  | 11,420 |  |  |  | 8,351 |  |  |  | 5,068 |
EMEA |  |  | 1,379 |  |  |  | 3,715 |  |  |  | 6,644 |
Asia-Pacific |  |  | (3,598 | ) |  |  | (721 | ) |  |  | 1,527 |
Total net income |  | $ | 54,395 |  |  | $ | 35,729 |  |  | $ | 29,803 |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expenditure for long-lived assets |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | 31,012 |  |  | $ | 12,750 |  |  | $ | 9,536 |
The Americas |  |  | 3,702 |  |  |  | 1,289 |  |  |  | 3,527 |
EMEA |  |  | 2,247 |  |  |  | 2,785 |  |  |  | 3,007 |
Asia-Pacific |  |  | 3,637 |  |  |  | 1,560 |  |  |  | 8,499 |
Total expenditures for long-lived assets |  | $ | 40,598 |  |  | $ | 18,384 |  |  | $ | 24,569 |
Depreciation and amortization |  |  |  |  |  |  |  |  |
PLP-USA |  | $ | 7,104 |  |  | $ | 6,195 |  |  | $ | 5,321 |
The Americas |  |  | 2,452 |  |  |  | 1,855 |  |  |  | 1,710 |
EMEA |  |  | 3,354 |  |  |  | 3,146 |  |  |  | 2,797 |
Asia-Pacific |  |  | 3,520 |  |  |  | 4,368 |  |  |  | 4,010 |
Total depreciation and amortization |  | $ | 16,430 |  |  | $ | 15,564 |  |  | $ | 13,838 |
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
Identifiable assets |  |  |  |  |  |
PLP-USA |  | $ | 229,751 |  |  | $ | 177,288 |
The Americas |  |  | 108,560 |  |  |  | 78,766 |
EMEA |  |  | 118,805 |  |  |  | 106,929 |
Asia-Pacific |  |  | 111,363 |  |  |  | 126,035 |
|  | $ | 568,479 |  |  | $ | 489,018 |
Long-lived assets |  |  |  |  |  |
PLP-USA |  | $ | 95,673 |  |  | $ | 71,726 |
The Americas |  |  | 20,539 |  |  |  | 15,663 |
EMEA |  |  | 19,764 |  |  |  | 17,931 |
Asia-Pacific |  |  | 39,035 |  |  |  | 44,454 |
Total long-lived assets |  | $ | 175,011 |  |  | $ | 149,774 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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