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Pension Plans
 6 Months Ended
Jun. 30, 2024
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 for the U.S. Plan for the three and six month periods ended June 30, 2024 and 2023, respectively, follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest cost

 

387

 

 

 

392

 

 

$

775

 

 

$

785

 

Expected return on plan assets

 

(485

)

 

 

(501

)

 

 

(971

)

 

 

(1,001

)

Recognized net actuarial loss

 

117

 

 

 

117

 

 

 

234

 

 

 

233

 

Net periodic pension expense

$

19

 

 

$

8

 

 

$

38

 

 

$

17

 

There were no contributions to the U.S. Plan during the six months ended June 30, 2024 and 2023. The Company is evaluating whether to make additional contributions to the U.S. Plan during 2024. In August 2023, the Board of Directors of the Company approved a resolution to terminate the U.S. Plan and certain administrative actions have been undertaken to proceed with the termination. Components of pension expense are included in Other income, net in the Consolidated Statements of Income.