v3.25.2
Pension Plans
 6 Months Ended
Jun. 30, 2025
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, 2025 and 2024, respectively, follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest cost$395 $387 $790 $775 
Expected return on plan assets(352)(485)(703)(971)
Recognized net actuarial loss161 117 322 234 
Net periodic pension expense$204 $19 $409 $38 
Components of pension expense are included in Other income, net in the Consolidated Statements of Income.
The Company is in the process of terminating the U.S. Plan. In July 2025, the Company settled the majority of its obligations under the U.S. Plan by providing lump-sum payments of $13.1 million to eligible participants who elected to receive them, and the Company expects to settle the remaining future obligations under the U.S. Plan through the purchase of annuity contracts from one or more highly rated insurance companies in the third quarter of 2025. The Company estimates that it will record a total non-cash pre-tax charge associated with the U.S. Plan termination during the third quarter of 2025 of between $8.5 million and $9.5 million, which primarily represents the acceleration of deferred charges currently accrued in accumulated other comprehensive loss. Prior to termination, the Company expects to contribute between $2.5 million and $3.5 million to fully fund the U.S. Plan. There were no contributions to the U.S. Plan during the six months ended June 30, 2025 and 2024.