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Pension Plans
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022, respectively, follows:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest cost

 

392

 

 

 

293

 

 

$

1,178

 

 

$

887

 

Expected return on plan assets

 

(501

)

 

 

(653

)

 

 

(1,502

)

 

 

(1,855

)

Recognized net actuarial loss

 

117

 

 

 

94

 

 

 

349

 

 

 

328

 

Net periodic pension expense (income)

$

8

 

 

$

(266

)

 

$

25

 

 

$

(640

)

There were no contributions to the U.S. Plan during the nine months ended September 30, 2023 and 2022. The Company does not intend 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.

In August 2023, the Board of Directors of the Company approved a resolution to terminate the US. Plan. However, no further action has been taken to proceed with the termination beyond this approval as of the date of these financial statements.