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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Cash, cash equivalents and restricted cash [1] $ 36,406 $ 45,175
Accounts receivable, less allowances of $3,744 ($3,464 in 2020) 98,203 92,686
Inventories - net 114,507 97,537
Prepaid expenses 19,778 17,660
Other current assets 3,217 3,256
TOTAL CURRENT ASSETS 272,111 256,314
Property, plant and equipment - net 149,774 125,965
Operating lease, right-of-use assets 12,400 13,139
Goodwill 28,194 29,508
Other intangible assets - net 12,039 14,443
Deferred income taxes 3,839 10,863
Other assets 10,661 10,855
TOTAL ASSETS 489,018 461,087
LIABILITIES AND SHAREHOLDERS' EQUITY    
Trade accounts payable 42,376 31,646
Notes payable to banks 16,423 17,428
Operating lease liabilities, current 1,986 2,240
Current portion of long-term debt 3,116 5,216
Accrued compensation 13,756 14,736
Accrued expenses and other liabilities 17,522 17,508
Accrued profit-sharing and other benefits 7,947 8,252
Dividends payable 1,301 1,292
Income taxes payable 1,108 5,456
TOTAL CURRENT LIABILITIES 105,535 103,774
Long-term debt, less current portion 40,048 33,333
Pension obligation 3,653 5,826
Operating lease liabilities, non-current 8,154 8,743
Deferred income taxes 2,791 2,921
Other noncurrent liabilities 12,737 14,421
Shareholders' equity:    
Common shares - $2 par value per share, 15,000,000 shares authorized, 4,907,143 and4,902,233 issued and outstanding, at December 31, 2021 and December31,2020, respectively 13,185 13,028
Common shares issued to rabbi trust, 243,138 and 265,508 shares at December 31,2021 and December 31, 2020, respectively (10,102) (10,940)
Deferred compensation liability 10,102 10,940
Paid-in capital 47,814 43,134
Retained earnings 410,673 379,035
Treasury shares, at cost, 1,685,387 and 1,611,927 shares at December 31 andDecember 31, 2020, respectively (93,836) (88,568)
Accumulated other comprehensive loss (61,719) (54,551)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY 316,117 292,078
Noncontrolling interest (17) (9)
TOTAL SHAREHOLDERS' EQUITY 316,100 292,069
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 489,018 $ 461,087
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note E, “Debt and Credit Arrangements.”