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Segment Information
 12 Months Ended
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