Whats this plastic thing on the electrical cord? 

Sensormatic tag. I used to work for the company as a trainer. The two metallic positive and negative magnetic strips inside the white tag vibrate together if not demagnetized at the register which causes the pedestals at the door to alarm.

If you don't have a vice, channel lock pliers work pretty well too, thanks for the tip though!

Thanks, i used my vice grip pliers to same effect

A flathead screwdriver and 2 seconds of your time will get the job done.

Me too, I just squeezed with my pliers and it cracked opening an egg 😁

Thanks. It's ruining my router cord. It's 3/4" from the motor. Vice is buried so try a pipe clamp.

That's an iron ferrite to stop electrical noise interference.