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Pension Plans
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Pension Plans

Note 6 – Pension Plans

The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “U.S. Plan”). Net periodic pension expense (income) for the U.S. Plan for the three and six month periods ended June 30, 2023 and 2022, respectively, follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest cost

 

392

 

 

 

297

 

 

$

785

 

 

$

594

 

Expected return on plan assets

 

(501

)

 

 

(601

)

 

 

(1,001

)

 

 

(1,202

)

Recognized net actuarial loss

 

117

 

 

 

117

 

 

 

233

 

 

 

234

 

Net periodic pension expense (income)

$

8

 

 

$

(187

)

 

$

17

 

 

$

(374

)

There were no contributions to the U.S. Plan during the six months ended June 30, 2023 and 2022. The Company is currently evaluating the option to contribute to the U.S. Plan during 2023. Components of retirement benefits expense (income) are included in Other (expense) income, net in the Consolidated Statements of Income.