Major classes of property, plant and equipment are as follows:
 December 31,
 20242023
Land and improvements$20,204 $21,374 
Buildings and improvements125,076 129,369 
Machinery, equipment and aircraft252,759 238,868 
Construction in progress10,884 22,619 
Property, plant and equipment, gross408,923 412,230 
Less accumulated depreciation(213,837)(204,338)
Property, plant and equipment, net$195,086 $207,892 
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.