Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 12, 2014 | Jun. 29, 2013 |
Entity Registrant Name | 'Vishay Precision Group, Inc. | ' | ' |
Entity Central Index Key | '0001487952 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Trading Symbol | 'vpg | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,711,692 | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $193,055 |
Class B Convertible Common Stock | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,025,176 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $72,785 | $93,881 |
Accounts receivable, net of allowances for doubtful accounts of $172 and $168, respectively | 40,500 | 28,766 |
Inventories: | ' | ' |
Raw materials | 15,223 | 14,204 |
Work in process | 19,962 | 13,696 |
Finished goods | 19,788 | 21,489 |
Inventories, net | 54,973 | 49,389 |
Deferred income taxes | 4,784 | 4,258 |
Prepaid expenses and other current assets | 10,500 | 9,572 |
Total current assets | 183,542 | 185,866 |
Property and equipment, at cost: | ' | ' |
Land | 1,993 | 2,023 |
Buildings and improvements | 47,793 | 47,627 |
Machinery and equipment | 75,644 | 75,783 |
Software | 6,333 | 5,427 |
Construction in progress | 1,252 | 1,788 |
Accumulated depreciation | -83,692 | -80,556 |
Property and equipment, net | 49,323 | 52,092 |
Goodwill | 18,880 | 0 |
Intangible assets, net | 22,458 | 8,009 |
Other assets | 17,901 | 17,206 |
Total assets | 292,104 | 263,173 |
Liabilities and equity | ' | ' |
Trade accounts payable | 10,258 | 9,190 |
Payroll and related expenses | 15,016 | 12,831 |
Other accrued expenses | 15,814 | 8,499 |
Income taxes | 615 | 1,425 |
Current portion of long-term debt | 4,137 | 167 |
Total current liabilities | 45,840 | 32,112 |
Long-term debt, less current portion | 22,936 | 11,154 |
Deferred income taxes | 1,259 | 1,831 |
Other liabilities | 7,738 | 7,433 |
Accrued pension and other postretirement costs | 10,780 | 13,835 |
Total liabilities | 88,553 | 66,365 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Preferred stock, par value $1.00 per share: authorized - 1,000,000 shares; none issued | 0 | 0 |
Common stock, value | 1,271 | 1,235 |
Capital in excess of par value | 188,424 | 181,938 |
Retained earnings | 32,647 | 28,356 |
Accumulated other comprehensive loss | -19,027 | -14,983 |
Total Vishay Precision Group, Inc. stockholders' equity | 203,418 | 196,649 |
Noncontrolling interests | 133 | 159 |
Total equity | 203,551 | 196,808 |
Total liabilities and equity | 292,104 | 263,173 |
Class B Convertible Common Stock | ' | ' |
Equity: | ' | ' |
Common stock, value | $103 | $103 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable (in dollars) | $172 | $168 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares outstanding | 12,711,692 | 12,345,722 |
Class B Convertible Common Stock | ' | ' |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 3,000,000 | 3,000,000 |
Common stock, shares outstanding | 1,025,176 | 1,025,176 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net revenues | $240,275 | $217,616 | $238,107 |
Costs of products sold | 156,420 | 142,584 | 154,996 |
Gross profit | 83,855 | 75,032 | 83,111 |
Selling, general, and administrative expenses | 74,521 | 63,666 | 66,847 |
Acquisition costs | 794 | 275 | 0 |
Restructuring costs | 538 | 0 | 0 |
Operating income | 8,002 | 11,091 | 16,264 |
Other income (expense): | ' | ' | ' |
Interest expense | -1,022 | -266 | -276 |
Other | -1,579 | -301 | -878 |
Other income (expense) - net | -2,601 | -567 | -1,154 |
Income before taxes | 5,401 | 10,524 | 15,110 |
Income tax expense (benefit) | 1,054 | -1,240 | 4,316 |
Net earnings | 4,347 | 11,764 | 10,794 |
Less: net earnings attributable to noncontrolling interests | 56 | 73 | 23 |
Net earnings attributable to VPG stockholders | $4,291 | $11,691 | $10,771 |
Basic earnings per share attributable to VPG stockholders (in dollars per share) | $0.32 | $0.87 | $0.81 |
Diluted earnings per share attributable to VPG stockholders (in dollars per share) | $0.31 | $0.84 | $0.78 |
Weighted average shares outstanding - basic (in shares) | 13,563 | 13,367 | 13,343 |
Weighted average shares outstanding - diluted (in shares) | 13,944 | 13,889 | 13,834 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $4,347 | $11,764 | $10,794 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustment | -5,718 | -1 | -1,944 |
Pension and other postretirement actuarial items | 1,674 | -1,009 | -1,444 |
Other comprehensive loss | -4,044 | -1,010 | -3,388 |
Comprehensive income | 303 | 10,754 | 7,406 |
Less: comprehensive income attributable to noncontrolling interests | 56 | 73 | 23 |
Comprehensive income attributable to VPG stockholders | $247 | $10,681 | $7,383 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net earnings | $4,347 | $11,764 | $10,794 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 11,990 | 11,661 | 11,321 |
Loss on disposal of property and equipment | 41 | 158 | 20 |
Share-based compensation expense | 743 | 1,170 | 961 |
Inventory write-offs for obsolescence | 951 | 1,444 | 1,658 |
Deferred income taxes | -2,324 | -4,871 | -1,961 |
Other | 112 | -45 | -2,033 |
Net changes in operating assets and liabilities, net of acquisition | ' | ' | ' |
Accounts receivable | -6,773 | 5,313 | 41 |
Inventories | 4,738 | -1,643 | -3,070 |
Prepaid expenses and other current assets | 349 | -611 | -3,575 |
Trade accounts payable | 252 | -2,235 | -33 |
Other current liabilities | 171 | -1,011 | 1,469 |
Net cash provided by operating activities | 14,597 | 21,094 | 15,592 |
Investing activities | ' | ' | ' |
Capital expenditures | -6,748 | -8,322 | -16,291 |
Proceeds from sale of property and equipment | 81 | 360 | 147 |
Purchase of business | -48,919 | 0 | 0 |
Net cash used in investing activities | -55,586 | -7,962 | -16,144 |
Financing activities | ' | ' | ' |
Proceeds from long-term debt | 25,000 | 0 | 0 |
Principal payments on long-term debt and capital leases | -3,148 | -181 | -136 |
Debt issuance costs | -384 | 0 | 0 |
Net changes in short-term borrowings | 0 | 0 | -83 |
Distributions to noncontrolling interests | -82 | -67 | -15 |
Net cash provided by (used in) financing activities | 21,386 | -248 | -234 |
Effect of exchange rate changes on cash and cash equivalents | -1,493 | 169 | -631 |
(Decrease) increase in cash and cash equivalents | -21,096 | 13,053 | -1,417 |
Cash and cash equivalents at beginning of year | 93,881 | 80,828 | 82,245 |
Cash and cash equivalents at end of year | 72,785 | 93,881 | 80,828 |
Conversion of exchangeable notes to common stock | $5,861 | $0 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Class B Convertible Common Stock | Capital In Excess Of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total VPG Inc. Stockholders' Equity | Noncontrolling Interest |
In Thousands, unless otherwise specified | ||||||||
Balance at beginning at Dec. 31, 2010 | $176,930 | $1,231 | $103 | $180,142 | $5,894 | ($10,585) | $176,785 | $145 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 10,794 | ' | ' | ' | 10,771 | ' | 10,771 | 23 |
Other comprehensive income (loss) | -3,388 | ' | ' | ' | ' | -3,388 | -3,388 | ' |
Share based compensation expense | 522 | ' | ' | 522 | ' | ' | 522 | ' |
Restricted stock issuances | 250 | 1 | ' | 249 | ' | ' | 250 | ' |
Other | -155 | ' | ' | -155 | ' | ' | -155 | ' |
Selling, General and Administrative Expense | 66,847 | ' | ' | ' | ' | ' | ' | ' |
Conversion of common stock | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -15 | ' | ' | ' | ' | ' | ' | -15 |
Balance at end at Dec. 31, 2011 | 184,938 | 1,232 | 103 | 180,758 | 16,665 | -13,973 | 184,785 | 153 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 11,764 | ' | ' | ' | 11,691 | ' | 11,691 | 73 |
Other comprehensive income (loss) | -1,010 | ' | ' | ' | ' | -1,010 | -1,010 | ' |
Share based compensation expense | 786 | ' | ' | 786 | ' | ' | 786 | ' |
Restricted stock issuances | 397 | 3 | ' | 394 | ' | ' | 397 | ' |
Selling, General and Administrative Expense | 63,666 | ' | ' | ' | ' | ' | ' | ' |
Conversion of common stock | 0 | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -67 | ' | ' | ' | ' | ' | ' | -67 |
Balance at end at Dec. 31, 2012 | 196,808 | 1,235 | 103 | 181,938 | 28,356 | -14,983 | 196,649 | 159 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 4,347 | ' | ' | ' | 4,291 | ' | 4,291 | 56 |
Other comprehensive income (loss) | -4,044 | ' | ' | ' | ' | -4,044 | -4,044 | ' |
Share based compensation expense | 359 | ' | ' | 359 | ' | ' | 359 | ' |
Restricted stock issuances | 302 | 10 | ' | 292 | ' | ' | 302 | ' |
Selling, General and Administrative Expense | 74,521 | ' | ' | ' | ' | ' | ' | ' |
Conversion of common stock | 5,861 | 26 | ' | 5,835 | ' | ' | 5,861 | ' |
Distributions to noncontrolling interests | -82 | ' | ' | ' | ' | ' | ' | -82 |
Balance at end at Dec. 31, 2013 | $203,551 | $1,271 | $103 | $188,424 | $32,647 | ($19,027) | $203,418 | $133 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity [Parenthetical] (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class B Convertible Common Stock | ' | ' | ' |
Conversion from Class B to common stock (in shares) | ' | ' | 20 |
Common Stock | ' | ' | ' |
Restricted stock issuances | 106,283 | 25,104 | 13,810 |
Common stock issuance from conversion of convertible notes | $259,687 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Background and Summary of Significant Accounting Policies | |
Background | |
Vishay Precision Group, Inc. (“VPG” or the “Company”) is an internationally recognized designer, manufacturer and marketer of components based on resistive foil technology, sensors, and sensor-based systems; specializing in the growing markets of stress, force, weight, pressure, and current measurements. The Company provides vertically integrated products and solutions that are primarily based upon its proprietary foil technology. These products are marketed under a variety of brand names that the Company believes are characterized as having a very high level of precision and quality. VPG’s global operations enable it to produce a wide variety of products in strategically effective geographical locations that also optimize its resources for specific technologies, sensors, assemblies and systems. | |
On July 6, 2010, Vishay Intertechnology, Inc. (“Vishay Intertechnology”) completed the spin-off of VPG through a tax-free stock dividend to Vishay Intertechnology’s stockholders (see Note 2). | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the individual entities in which the Company maintained a controlling financial interest. For those subsidiaries in which the Company’s ownership is less than 100 percent, the outside stockholders’ interests are shown as noncontrolling interests in the accompanying consolidated balance sheets. | |
All transactions, accounts, and profits between individual members comprising the Company have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. | |
Revenue Recognition | |
The Company recognizes revenue on product sales during the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, title and risk of loss have been transferred, collectability is reasonably assured, and pricing is fixed or determinable. For a small percentage of sales where title and risk of loss pass at the point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. | |
The Company has post-shipment obligations, such as customer acceptance, training, or installation, with respect to some of its larger systems products. In such circumstances, revenue is deferred until the obligation has been completed, unless such obligation is deemed inconsequential or perfunctory. | |
Given the specialized nature of the Company’s products, it generally does not allow product returns. | |
Shipping and Handling Costs | |
Shipping and handling costs are included in costs of products sold. | |
Research and Development Expenses | |
Research and development costs are expensed as incurred. With the acquisition of KELK, the Company's research and development capabilities and costs have increased. KELK employs a large group of research and development engineers and shares in the Company's philosophy of improving products, developing new innovations, and broadening the range of applications for existing products. The amount charged to expense for research and development was $9.3 million, $6.4 million, and $6.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes, and for cost reduction measures. | |
Income Taxes | |
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |
The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including projected future taxable income, tax-planning strategies and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income tax. | |
The Company records uncertain tax positions in accordance with Accounting Standards Codification ("ASC") Topic 740, Income Taxes, on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the tax authority. | |
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less when purchased. Highly liquid investments with maturities greater than three months are classified as short-term investments. There were no investments classified as short-term investments at December 31, 2013 or 2012. | |
Allowance for Doubtful Accounts | |
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The allowance for doubtful accounts at December 31, 2013 and 2012 was $0.2 million and $0.2 million, respectively. Bad debt expense was $0.2 million, $0.2 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Inventories | |
Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market based on net realizable value. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. | |
Property and Equipment | |
Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years or the life of the leased property. Software is being depreciated over useful lives of three to five years. Construction in progress is not depreciated until the assets are placed in service. Depreciation expense was $9.0 million, $8.8 million, and $8.2 million for the years ended December 31, 2013, 2012, and 2011, respectively, which included software depreciation expense of $0.9 million, $0.7 million, and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Business Combinations | |
The purchase price of an acquired company is allocated between identifiable tangible and intangible assets acquired, and liabilities assumed, from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired businesses are included in the Company's consolidated statement of operations from the dates of acquisition. | |
Goodwill and Other Intangible Assets | |
Goodwill and indefinite-lived trade names are tested for impairment at least annually, and whenever events or changes in circumstances occur indicating that a possible impairment may have been incurred. The Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining if it is necessary to perform the two-step goodwill impairment test. However, if the Company concludes otherwise, then the Company is required to perform the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing it against its carrying amount. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalizations. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the goodwill impairment. To measure the amount of the impairment, the Company determines the implied fair value of goodwill in the same manner as if the Company had acquired those reporting units. Specifically, the Company must allocate the fair value of the reporting unit to all of the assets of that unit, including any unrecognized intangible assets, in a hypothetical calculation that would yield the implied fair value of goodwill. The impairment loss is measured as the difference between the book value of the goodwill and the implied fair value of the goodwill computed in step two. | |
The indefinite-lived trade names are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the applicable fair value is recognized as impairment. Any impairment would be recognized in the reporting period in which it has been identified. | |
Definite-lived assets, such as customer relationships, patents and acquired technology, non-competition agreements, and certain trade names are amortized on a straight-line method over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty years. Customer relationships are being amortized over useful lives of five to eighteen years. Trade names are being amortized over useful lives of seven to ten years. Non-competition agreements are being amortized over periods of five to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. Additionally, the Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. | |
Impairment of Long-Lived Assets | |
The carrying value of long-lived assets held-and-used, other than goodwill and other intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for disposal costs. | |
Foreign Currency Translation | |
The Company has significant operations outside of the United States. The Company finances its operations in Europe, Canada, and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company’s operations in Israel and certain locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. | |
For those subsidiaries where the local currency is the functional currency, assets and liabilities in the consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Revenues and expenses are translated at the average exchange rate for the year. Translation adjustments do not impact the consolidated statements of operations and are reported as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in the results of operations. | |
For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated statements of operations. | |
Derivative Instruments | |
Beginning in 2011, the Company entered into collar options to sell U.S. dollars and purchase Israeli shekels to mitigate exposure to fluctuations in U.S. dollar and Israeli shekel exchange rates. This exposure results from the Company’s Israeli operations utilizing the U.S. dollar as their functional currency. The term of these contracts ended in July of 2012, and the Company has not entered into any new contracts as of December 31, 2013. The Company has recorded a net gain on these contracts of $0.1 million for the year ended December 31, 2012, and a net loss on these contracts of $0.6 million for the year ended December 31, 2011. These gains and losses were recorded on the consolidated statement of operations as part of other income (expense). | |
The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The Company records all derivatives in the consolidated balance sheet as either assets or liabilities at fair value. The Company has not designated any derivatives as hedges for accounting purposes, and as such the changes in the fair value of derivatives are recognized in current period earnings as a component of other income (expense). The Company does not offset the fair value of derivative instruments with cash collateral held with or received from the same counterparty under a master netting arrangement. In determining fair value, the Company considers both the counterparty credit risk and its own credit worthiness. To determine the Company’s own credit risk, the Company estimates its credit rating by benchmarking the price of outstanding debt to publicly-available comparable data from rating agencies. Using the estimated rating, the Company’s credit risk was quantified by reference to publicly-traded debt with a corresponding rating. | |
Share-Based Compensation | |
Compensation costs related to share-based payments are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. For performance based awards, certain criteria must be met. For options and restricted stock units subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was comprised of multiple awards. | |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current financial statement presentation. | |
Commitments and Contingencies | |
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires disclosure about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 is to be applied prospectively and is effective for fiscal years and interim periods beginning after December 15, 2012, or in the first quarter of fiscal year 2013 for the Company. The adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Related Party Transactions | ' | |||
Related Party Transactions | ||||
Until July 6, 2010, VPG was part of Vishay Intertechnology, and the assets and liabilities consisted of those that Vishay Intertechnology attributed to its precision measurement and foil resistor businesses. Following the spin-off on July 6, 2010, VPG is an independent, publicly-traded company, and Vishay Intertechnology does not retain any ownership interest in VPG. | ||||
Shared Facilities | ||||
Subsequent to the spin-off, VPG and Vishay Intertechnology continue to share certain manufacturing locations. VPG owns one location in Japan at which it leases space to Vishay Intertechnology. Vishay Intertechnology owns one location in Israel and one location in the United States, at each of which it leases space to VPG. | ||||
Commitments, Contingencies, and Concentrations | ||||
Relationships with Vishay Intertechnology after Spin-Off | ||||
In connection with the spin-off, on July 6, 2010, the Company and its subsidiaries entered into several agreements with Vishay Intertechnology and its subsidiaries that govern the relationship of the parties following the spin-off. | ||||
Transition Services Agreement | ||||
Pursuant to the Transition Services Agreement, Vishay Intertechnology provided VPG with certain information technology support services for its foil resistor business. The Transition Services Agreement terminated on March 1, 2012. For the year ended December 31, 2011, $0.4 million was paid to Vishay Intertechnology for transition services. | ||||
Lease Agreements | ||||
Subsequent to the spin-off, VPG and Vishay Intertechnology continue to share certain manufacturing locations. | ||||
Future minimum lease payments by VPG for these facilities are estimated as follows (in thousands): | ||||
2014 | $ | 129 | ||
2015 | 65 | |||
Future minimum lease receipts from Vishay Intertechnology for these shared facilities are estimated as follows (in thousands): | ||||
2014 | $ | 39 | ||
2015 | 19 | |||
Acquisition_Activity
Acquisition Activity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisition Activity | ' | |||||||||||
Acquisition Activity | ||||||||||||
On December 18, 2012, the Company and its indirectly wholly owned subsidiary, Vishay Precision Group Canada ULC (“VPG Canada”), entered into an asset purchase agreement to acquire substantially all of the assets of the George Kelk Corporation (“KELK”), a privately held company based in Toronto, Canada. On January 31, 2013, the Company and VPG Canada completed the acquisition for an aggregate purchase price of $49.0 million (CDN) ($49.0 million USD). The acquisition was financed using a combination of cash on hand as well as borrowings under the Company’s amended and restated credit agreement (see Note 7). KELK engineers, designs and manufactures highly accurate electronic measurement and control equipment used by metals rolling mills and mining applications throughout the world. This acquisition expands the Company’s geographic and end market strength in the metals measurement processing market and adds new products to the Company’s Weighing and Control Systems reporting segment. For financial reporting purposes, the results of operations for this business have been included in the Weighing and Control Systems reporting segment beginning February 1, 2013. The amount of net revenues and net losses of VPG Canada included in the consolidated statement of operations were as follows (in thousands): | ||||||||||||
Year ended | ||||||||||||
December 31, | ||||||||||||
2013 | ||||||||||||
Net revenues | $ | 31,114 | ||||||||||
Net loss attributable | $ | (1,323 | ) | |||||||||
to VPG stockholders (1) | ||||||||||||
-1 | The net loss attributable to VPG stockholders includes the effect of purchase accounting adjustments, acquisition costs, restructuring costs, and intercompany interest expense. | |||||||||||
The following table summarizes the fair values assigned to the assets and liabilities as of the January 31, 2013 acquisition date (in thousands): | ||||||||||||
Working capital (1) | $ | 7,400 | ||||||||||
Property and equipment | 2,100 | |||||||||||
Intangible assets: | ||||||||||||
Patents and acquired technology | 5,300 | |||||||||||
Non-competition agreements | 200 | |||||||||||
Customer relationships | 12,200 | |||||||||||
Trade names | 1,600 | |||||||||||
Total intangible assets | 19,300 | |||||||||||
Fair value of acquired identifiable assets | 28,800 | |||||||||||
Purchase price | $ | 49,000 | ||||||||||
Goodwill | $ | 20,200 | ||||||||||
-1 | Working capital accounts include accounts receivable, inventory, prepaid expenses and other current assets, net deferred tax assets, trade accounts payable, accrued payroll, other accrued expenses, and non-current deferred tax liability. | |||||||||||
The weighted average useful lives for patents and acquired technology, non-competition agreements and customer relationships are 17, 5, and 18 years, respectively. Trade names are treated as indefinite-lived intangible assets. | ||||||||||||
Seventy-five percent of the goodwill associated with this transaction is deductible for income tax purposes. | ||||||||||||
The Company recorded acquisition costs in its consolidated statements of operations as follows (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Accounting and legal fees | $ | 652 | $ | 184 | $ | — | ||||||
Appraisal fees | 84 | 20 | — | |||||||||
Other | 58 | 71 | — | |||||||||
$ | 794 | $ | 275 | $ | — | |||||||
The following unaudited pro forma summary financial information presents the operating results of the combined company, assuming the acquisition had occurred as of January 1, 2012 (in thousands, except per share amounts): | ||||||||||||
Year ended December 31, | ||||||||||||
2012 | ||||||||||||
Pro forma net revenues | $ | 247,200 | ||||||||||
Pro forma net earnings attributable to VPG stockholders | $ | 10,534 | ||||||||||
Pro forma basic earnings per share attributable to VPG stockholders | $ | 0.79 | ||||||||||
Pro forma diluted earnings per share attributable to VPG stockholders | $ | 0.76 | ||||||||||
The pro forma information presented for the year ended December 31, 2012 includes adjustments for interest expense that would have been incurred to finance the acquisition of $0.8 million, the amortization of intangible assets of $0.9 million, acquisition costs of $0.8 million and the fair market value adjustments associated with inventory and advance customer payments of $4.9 million. The unaudited pro forma results are not necessarily indicative of the results that would have been attained had the acquisition occurred on January 1, 2012. Pro forma information for the year ended December 31, 2013 is not presented as it would not be materially different than the consolidated statement of operations presented. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill and Other Intangible Assets | ' | |||||||
Goodwill and Other Intangible Assets | ||||||||
Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired at the date of acquisition. The Company performed the first step of the two-step impairment test as of the first day of the fiscal fourth quarter and has determined that there was no impairment of the goodwill. | ||||||||
The change in the carrying amount of goodwill is as follows (in thousands): | ||||||||
Weighing and Control Systems Segment | Total | |||||||
Balance at January 1, 2013 | $ | — | $ | — | ||||
Goodwill acquired in the KELK acquisition | 20,200 | 20,200 | ||||||
Foreign currency translation adjustment | (1,320 | ) | (1,320 | ) | ||||
Balance at December 31, 2013 | $ | 18,880 | $ | 18,880 | ||||
Intangible assets were as follows (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Intangible assets subject to amortization | ||||||||
(Definite-lived): | ||||||||
Patents and acquired technology | $ | 9,026 | $ | 4,104 | ||||
Customer relationships | 17,897 | 6,587 | ||||||
Trade names | 1,846 | 1,998 | ||||||
Non-competition agreements | 12,921 | 14,462 | ||||||
41,690 | 27,151 | |||||||
Accumulated amortization: | ||||||||
Patents and acquired technology | (3,240 | ) | (2,908 | ) | ||||
Customer relationships | (5,750 | ) | (4,736 | ) | ||||
Trade names | (1,719 | ) | (1,736 | ) | ||||
Non-competition agreements | (10,019 | ) | (9,762 | ) | ||||
(20,728 | ) | (19,142 | ) | |||||
Net intangible assets subject to amortization | $ | 20,962 | $ | 8,009 | ||||
Intangible assets not subject to amortization | ||||||||
(Indefinite-lived): | ||||||||
Trade names | 1,496 | — | ||||||
$ | 22,458 | $ | 8,009 | |||||
Certain intangible assets are subject to foreign currency translation. The Company has performed its annual impairment test on the indefinite-lived intangible assets as of the first day of the fiscal fourth quarter and has determined that there was no impairment of the indefinite-lived intangible assets. | ||||||||
Amortization expense was $3.0 million, $2.8 million, and $3.1 million, for the years ended December 31, 2013, 2012, and 2011, respectively. KELK accounted for $0.9 million of amortization expense for the year ended December 31, 2013. | ||||||||
Estimated annual amortization expense for each of the next five years is as follows (in thousands): | ||||||||
2014 | $ | 2,580 | ||||||
2015 | 2,255 | |||||||
2016 | 1,540 | |||||||
2017 | 1,544 | |||||||
2018 | 1,308 | |||||||
As part of certain acquisitions, the Company entered into non-competition agreements with certain employees, former employees, and owners of acquired companies. Some payments under these agreements are made over the non-competition period. Pursuant to these agreements, at December 31, 2013 and 2012, the Company had liabilities of $0.6 million and $1.0 million, respectively, recorded in other liabilities in the consolidated balance sheets. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring Costs | ' |
Restructuring Costs | |
Restructuring costs reflect the cost reduction programs implemented by the Company. Restructuring costs are expensed during the period in which the Company determines it will incur those costs and all requirements for accrual are met. Because these costs are recorded based upon estimates, actual expenditures for the restructuring activities may differ from the initially recorded costs. If the initial estimates are too low or too high, the Company could be required to either record additional expense in future periods or to reverse part of the previously recorded charges. | |
The Company recorded restructuring costs of $0.5 million during the year ended December 31, 2013. This included two cost reduction programs implemented by the Company. | |
Restructuring costs of $0.4 million were comprised of employee termination costs, including severance and a statutory retirement allowance, covering 16 technical, production and administrative employees at one of the Company’s subsidiaries in Japan. The restructuring was undertaken primarily in response to the declining business conditions in Japan. The restructuring costs were fully paid during 2013. | |
Restructuring costs of $0.1 million were comprised of employee termination costs, including severance and a statutory retirement allowance at KELK and were incurred in connection with a cost reduction in one of the manufacturing areas. As of December 31, 2013, these costs are recorded within other accrued expenses on the accompanying consolidated balance sheet. The Company anticipates that the payments will be made during the first quarter of 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure | ' | |||||||||||
Income Taxes | ||||||||||||
For financial reporting purposes, income before taxes includes the following components (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | (4,857 | ) | $ | (2,105 | ) | $ | (838 | ) | |||
Foreign | 10,258 | 12,629 | 15,948 | |||||||||
$ | 5,401 | $ | 10,524 | $ | 15,110 | |||||||
The expense (benefit) for income taxes is comprised of (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 41 | $ | (40 | ) | $ | 829 | |||||
State and local | 156 | 220 | 39 | |||||||||
Foreign | 3,181 | 3,451 | 5,409 | |||||||||
3,378 | 3,631 | 6,277 | ||||||||||
Deferred: | ||||||||||||
Federal | 425 | (394 | ) | (918 | ) | |||||||
State and local | (41 | ) | (78 | ) | 190 | |||||||
Foreign | (2,708 | ) | (4,399 | ) | (1,233 | ) | ||||||
(2,324 | ) | (4,871 | ) | (1,961 | ) | |||||||
Total income tax expense (benefit) | $ | 1,054 | $ | (1,240 | ) | $ | 4,316 | |||||
A reconciliation of income tax expense (benefit) at the U.S. federal statutory income tax rate to actual income tax provision is as follows (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at statutory rate | $ | 1,890 | $ | 3,683 | $ | 5,288 | ||||||
State income taxes, net of U.S. federal tax benefit | 76 | 94 | 149 | |||||||||
Effect of foreign operations | (395 | ) | (1,627 | ) | (3,437 | ) | ||||||
Change in valuation allowance | 2,113 | (3,163 | ) | 1,910 | ||||||||
Change in unrecognized tax benefits, net | 150 | 45 | 475 | |||||||||
Tax credits | (1,809 | ) | (427 | ) | (462 | ) | ||||||
Statutory rate changes | (1,324 | ) | 220 | 391 | ||||||||
Other | 353 | (65 | ) | 2 | ||||||||
Total income tax expense (benefit) | $ | 1,054 | $ | (1,240 | ) | $ | 4,316 | |||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement costs | $ | 4,240 | $ | 5,014 | ||||||||
Inventories | 2,122 | 2,190 | ||||||||||
Net operating loss carryforwards | 7,555 | 5,116 | ||||||||||
Tax credit carryforwards | 3,096 | 1,419 | ||||||||||
Deferred compensation | 1,993 | 2,207 | ||||||||||
Other accruals and reserves | 3,252 | 2,269 | ||||||||||
Total gross deferred tax assets | 22,258 | 18,215 | ||||||||||
Less: valuation allowance | (5,249 | ) | (2,790 | ) | ||||||||
17,009 | 15,425 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Tax over book depreciation | (645 | ) | (611 | ) | ||||||||
Intangible assets, including tax deductible goodwill | (1,574 | ) | (1,026 | ) | ||||||||
Total gross deferred tax liabilities | (2,219 | ) | (1,637 | ) | ||||||||
Net deferred tax assets | $ | 14,790 | $ | 13,788 | ||||||||
At December 31, 2013 and 2012, the Company had tax credit carryforwards of $3.1 million and $1.4 million, respectively. The primary component of the 2013 and 2012 carryforward relates to U.S. foreign tax credits. The Company has completed the appropriate weighing of positive and negative evidence as required by ASC 740 and determined that the realization of the entire foreign tax credit carryforward is not more likely than not to be realized before its expiration, therefore the Company has recorded a $2.0 million valuation allowance as of December 31, 2013. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence continues, in the form of generating excess foreign tax credits while not utilizing existing credit carryforwards, could cause a revaluation of potential future utilization. A portion of the U.S. foreign tax credit carryforward will begin to expire in 2020. | ||||||||||||
At December 31, 2013 and 2012, the Company had the following significant net operating loss carryforwards for tax purposes (in thousands): | ||||||||||||
December 31, | ||||||||||||
Jurisdiction | 2013 | 2012 | Begin to Expire | |||||||||
Belgium | $ | 535 | $ | 518 | No expiration | |||||||
Canada | 348 | — | 2034 | |||||||||
Israel | 3,899 | 2,556 | No expiration | |||||||||
Netherlands | 183 | 271 | 2021 | |||||||||
United Kingdom | — | 427 | No expiration | |||||||||
United States - Federal | 571 | — | 2034 | |||||||||
United States - State | 1,943 | 1,260 | 2023 | |||||||||
A valuation allowance is required when it is more likely than not that all, or a portion of, a deferred tax asset will not be realized. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence, in the form of cumulative losses, is no longer present and additional weight may be given to subjective evidence, such as projections for growth. An example of significant objective negative evidence is a three year cumulative loss incurred as of the balance sheet date. Such objective evidence limits the ability to consider other subjective evidence, such as the projections for future growth. The Company has recorded a valuation allowance against certain jurisdictional net operating loss carryforwards and other tax attributes. As of December 31, 2013 and 2012, the valuation allowance was $5.2 million and $2.8 million, respectively. During the years ended December 31, 2013 and 2012, the Company increased its valuation allowance in the amount of $2.4 million and decreased its valuation allowance in the amount of $7.1 million, respectively. The significant increase in the Company’s valuation allowance in 2013 is due to the recording of a $2.0 million valuation allowance on a portion of the U.S. foreign tax credit carryforward. The Company believes that there is not sufficient positive evidence existing as of December 31, 2013, to conclude that it is more likely than not that this portion of the foreign tax credit carryforward will be realized before its expiration and thus has recorded a valuation allowance accordingly. The significant reduction in 2012 of the Company's valuation allowance is because of a favorable ruling received in the fourth quarter of 2012 from the Israeli Tax Authority approving a merger of several of the Company's wholly-owned Israeli entities. As part of the ruling, the Company was able to access net operating losses that, on a standalone basis, were not available to other members of the Israeli group. As a result, the Company believes there was sufficient positive evidence existing as of December 31, 2012 to conclude that it is more likely than not that the Israeli net operating losses are now realizable. | ||||||||||||
At December 31, 2013 and 2012, the Company had the following significant valuation allowances for tax purposes (in thousands): | ||||||||||||
December 31, | ||||||||||||
Jurisdiction | 2013 | 2012 | ||||||||||
Belgium | $ | 535 | $ | 520 | ||||||||
Netherlands | 183 | 271 | ||||||||||
United States | 4,450 | 1,913 | ||||||||||
Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $103.5 million at December 31, 2013, versus $87.4 million at December 31, 2012. The increase in undistributed earnings is primarily a result of current year activity. The undistributed earnings are considered to be indefinitely reinvested; accordingly, no provision has been made for U.S. federal and state income taxes. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject to U.S. income taxes (subject to an adjustment for foreign tax credits), state income taxes, incremental foreign income taxes, and withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with the hypothetical calculation; however, unrecognized foreign tax credit carryforwards would be available to reduce some portion of the U.S. liability. Withholding taxes of approximately $12.1 million would be payable upon remittance of all previously unremitted earnings at December 31, 2013. | ||||||||||||
Net income taxes paid were $3.4 million, $5.0 million and $8.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
The Company and its subsidiaries are subject to income taxes in the U.S., various states and numerous foreign jurisdictions with varying statutes as to which tax years are subject to examination by the tax authorities. The Company has taken positions on its tax returns that may be challenged by domestic and foreign tax authorities for which reserves have been established for tax-related uncertainties. These accruals for tax-related uncertainties are based on the Company’s best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company’s effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. | ||||||||||||
As a former member of Vishay Intertechnology’s worldwide group, the Company has joint and several liability with Vishay Intertechnology to multiple tax authorities until the statute of limitations has lapsed for these tax years. However, under the terms of the Tax Matters Agreement, Vishay Intertechnology has agreed to assume this liability and any similar liability for U.S. federal, state or local, and foreign income taxes that are determined on a separate company, consolidated, combined, unitary, or similar basis for each taxable period in which VPG was a part of Vishay Intertechnology’s affiliated group. | ||||||||||||
Under the Tax Matters Agreement, Vishay Intertechnology is contractually obligated for any increase in contingent income tax liabilities recorded in connection with the Company’s uncertain tax positions, which were previously taken by Vishay Intertechnology on its tax returns with respect to a VPG entity up to the date of the spin-off. As of December 31, 2013, the Company recorded in its consolidated balance sheet, a gross tax liability of $0.7 million (including accrued interest and penalties) related to these tax positions in other liabilities with a corresponding receivable from Vishay Intertechnology recorded in other assets. | ||||||||||||
The following table summarizes changes in the Company's gross liabilities, excluding interest and penalties, associated with unrecognized tax benefits (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,101 | $ | 1,431 | $ | 956 | ||||||
Addition based on tax positions related to current year | 53 | 198 | 475 | |||||||||
Addition based on tax positions related to prior years | 78 | 99 | — | |||||||||
Currency translation adjustments | 38 | — | — | |||||||||
Reduction for lapses of statute of limitations | (78 | ) | (627 | ) | — | |||||||
Balance before indemnification receivable | 1,192 | 1,101 | 1,431 | |||||||||
Receivable from Vishay Intertechnology for indemnification | (350 | ) | (338 | ) | (914 | ) | ||||||
Balance at end of year | $ | 842 | $ | 763 | $ | 517 | ||||||
The Company recognizes accrued interest related to unrecognized tax benefits and penalties as a component of income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued total penalties and interest of $0.5 million as of December 31, 2013, of which total accrued penalties and interest of $0.4 million are recorded within the indemnification receivable. As of December 31, 2012, and December 31, 2011, the Company accrued total penalties and interest of $0.5 million and $0.1 million, respectively, of which $0.4 million and $0.1 million were recorded within the indemnification receivable from Vishay Intertechnology. | ||||||||||||
Included in the balance of unrecognized tax benefits as of December 31, 2013, 2012, and 2011, is $1.2 million, $1.1 million and $1.4 million, respectively, of tax benefits that, if recognized, would impact the effective tax rate. In addition, as of December 31, 2013, the Company anticipates that it is reasonably possible that approximately $0.1 million to $0.3 million of its current unrecognized tax benefits may be reversed within the next twelve months of the reporting date due to the expiration of statutes of limitation in certain jurisdictions. The unrecognized tax benefits that are anticipated to be reversed are covered by the Tax Matters Agreement. Upon reversal, the Company will recognize a component of pretax expense associated with the reversal of a portion of the indemnification receivable, and an income tax benefit associated with the reversal of the unrecognized tax benefit. | ||||||||||||
The Company and its subsidiaries file U.S. federal income tax returns, as well as income tax returns in multiple U.S. state and local and foreign jurisdictions. The Company files income tax returns on a combined, unitary, or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 4 years. Additionally, the Company's foreign subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 10 years. | ||||||||||||
Currently, the Company has an ongoing income tax audit in India for the 2009 tax year. As a consequence of on-going Vishay Intertechnology audits, the Company’s Israeli and U.S. subsidiaries may also be subject to audit for the 2008 through 2010 tax years and the 2010 tax year, respectively. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
2013 Credit Agreement - revolving facility | $ | — | $ | — | ||||
2013 Credit Agreement - U.S. term facility | 8,000 | — | ||||||
2013 Credit Agreement - Canadian term facility | 14,000 | — | ||||||
2010 Credit Agreement - revolving facility (1) | — | — | ||||||
Israeli Credit Agreement - revolving facility | — | — | ||||||
Exchangeable unsecured notes, due 2102 | 4,097 | 9,958 | ||||||
Other debt | 976 | 1,363 | ||||||
27,073 | 11,321 | |||||||
Less: current portion | 4,137 | 167 | ||||||
$ | 22,936 | $ | 11,154 | |||||
-1 | Through December 31, 2012, multi-currency revolving facility with interest payable at agent's prime rate, the Federal Funds rate or LIBOR, adjusted by an interest rate margin of 0.00% to 2.75% per annum, depending on the Company's leverage ratio. This facility was amended and restated on January 29, 2013, as described below. | |||||||
2013 Credit Agreement | ||||||||
On January 29, 2013, the Company entered into an Amended and Restated Credit Agreement (the “2013 Credit Agreement”) among the Company, VPG Canada, the lenders, RBS Citizens, National Association as joint book-runner and JPMorgan Chase Bank, National Association as agent for such lenders (the “Agent”), pursuant to which the terms of the Company’s multi-currency, secured credit facility were revised and expanded to provide for the following facilities: (1) a secured revolving facility in an aggregate principal amount of $15.0 million (the “2013 Revolving Facility”), the proceeds of which may be used for general corporate purposes, with sublimits of (i) $10.0 million which can be used for letters of credit for the account of the Company or its U.S. and Canadian subsidiaries, and (ii) up to $5.0 million which can be used for loans outstanding for up to 5 business days (“Swing Loans”); (2) a secured term facility for the Company, the proceeds of which are to be loaned by the Company to its subsidiaries to fund the KELK acquisition, in an aggregate principal amount of $10.0 million (the “U.S. Term Facility”); and (3) a secured term facility for VPG Canada in an aggregate principal amount of $15.0 million (the “Canadian Term Facility”). The aggregate principal amount of the 2013 Revolving Facility may be increased by a maximum of $10.0 million upon the request of the Company, subject to the terms of the 2013 Credit Agreement. The 2013 Credit Agreement terminates on January 29, 2018. The term loans are being repaid in quarterly installments. | ||||||||
Interest payable on amounts borrowed under the 2013 Revolving Facility (other than with respect to Swing Loans), the U.S. Term Facility and the Canadian Term Facility (collectively, the “Facilities”) is based upon, at the Company’s option, (1) the Agent’s prime rate, the Federal Funds rate, or a LIBOR floor (the “Base Rate”), or (2) LIBOR plus a specified margin. An interest margin of 0.25% is added to Base Rate loans. Depending upon the Company’s leverage ratio, an interest rate margin ranging from 2.00% to 3.00% per annum is added to the applicable Base Rate or LIBOR rate to determine the interest payable on the Facilities. The Company is required to pay a quarterly commitment fee of 0.30% per annum to 0.50% per annum on the unused portion of the 2013 Revolving Facility, which is determined based on the Company’s leverage ratio each quarter. Additional customary fees apply with respect to letters of credit. The total interest rate was 2.75% at December 31, 2013. | ||||||||
The obligations of the Company under the 2013 Credit Agreement are secured by pledges of stock in certain domestic and foreign subsidiaries, as well as guarantees by substantially all of the Company’s domestic subsidiaries. The obligations of the Company and the guarantors under the 2013 Credit Agreement are secured by substantially all the assets (excluding real estate) of the Company and such guarantors. The Canadian Term Facility is secured by substantially all the assets of VPG Canada and by a secured guarantee by the Company and its domestic subsidiaries. The 2013 Credit Agreement restricts the Company from paying cash dividends and requires the Company to comply with other customary covenants, representations and warranties, including the maintenance of specific financial ratios. The financial maintenance covenants include (a) a tangible net worth of not less than $118.0 million, plus 50% of cumulative net earnings for each fiscal quarter since inception, excluding quarterly net losses; (b) a leverage ratio of not more than 2.5 to 1.0; and (c) a fixed charges coverage ratio of not less than 1.5 to 1.0. The Company was in compliance with its financial maintenance covenants at December 31, 2013. If the Company is not in compliance with any of these covenant restrictions, the credit facility could be terminated by the lenders, and all amounts outstanding pursuant to the credit facility could become immediately payable. | ||||||||
Israeli Credit Agreement | ||||||||
Vishay Advanced Technologies Ltd. (“VAT”), an Israeli company and subsidiary of the Company, entered into a Credit Agreement (the “Credit Agreement”) with HSBC Bank Plc (the “Lender”) in November 2011 securing a multi-currency, secured revolving facility in an aggregate principal amount of $15.0 million (the “VAT Revolving Facility”). The VAT Revolving Facility was amended on June 27, 2013 to revise certain covenants and the quarterly commitment fee paid on the unused portion of the facility. All other terms of the facility remained unchanged. The VAT Revolving Facility terminates on November 30, 2014. There was no balance outstanding on this facility at December 31, 2013 or 2012. | ||||||||
Interest payable on the VAT Revolving Facility is based upon LIBOR (“VAT Base Rate”). An interest rate margin of 2.15% per annum is added to the VAT Base Rate to determine the interest payable on the VAT Revolving Facility. VAT paid a one-time fee on the commitment and, as amended, is required to pay a quarterly fee of 0.40% per annum on the unused portion of the VAT Revolving Facility. The total interest rate was 2.40% at December 31, 2013. | ||||||||
The Credit Agreement requires VAT to comply with customary covenants, representations and warranties, including the maintenance of specific financial ratios. During the first quarter of 2013, VAT was in compliance with the leverage ratio, but, as a result of the legal entity merger within Israel, reported in the Company’s 2012 Annual Report on Form 10-K, VAT was not in compliance with the covenant for tangible net worth to total assets ratio and the covenant for minimum tangible shareholders’ equity. The Company obtained a waiver from the Lender respecting such non-compliance as of March 30, 2013. VAT renegotiated the covenants associated with this facility during the second quarter of 2013. The revised financial maintenance covenants require VAT to maintain (a) a leverage ratio of not more than 2.5 to 1.0; (b) a tangible shareholders’ equity of not less than $48.0 million; and (c) a tangible net worth to total assets ratio of not less than 0.65 to 1.0. As of December 31, 2013, VAT was in compliance with its financial maintenance covenants. In the event of covenant non-compliance, the VAT Revolving Facility could be terminated by the Lender, and any amounts outstanding pursuant to the VAT Revolving Facility could become immediately payable. | ||||||||
Other Lines of Credit | ||||||||
In addition to the 2013 Revolving Facility and the VAT Revolving Facility discussed above, certain subsidiaries of the Company had committed short-term lines of credit with various foreign banks aggregating approximately $4.0 million and $0.0 million at December 31, 2013 and 2012, respectively. There are no outstanding balances related to these arrangements. | ||||||||
Exchangeable Unsecured Notes, due 2102 | ||||||||
By reason of the spin-off, Vishay Intertechnology was required to take action so that the existing exchangeable notes of Vishay Intertechnology were deemed exchanged as of the date of the spin-off, for a combination of new notes of Vishay Intertechnology and notes issued by VPG. | ||||||||
VPG assumed the liability for an aggregate $10.0 million principal amount of exchangeable notes effective July 6, 2010. The maturity date of the notes is December 13, 2102. | ||||||||
The notes are subject to a put and call agreement under which the holders may at any time put the notes to the Company in exchange for shares of the Company’s common stock, and the Company may call the notes in exchange for cash or for shares of its common stock at any time after January 1, 2018. The put/call rate of the VPG notes is $22.57 per share of common stock. Effective August 28, 2013, a holder of the Company's exchangeable notes exercised its option to exchange approximately $5.9 million principal amount of the notes for 259,687 shares of VPG common stock. Following this transaction, VPG has outstanding exchangeable unsecured notes with a principal amount of approximately $4.1 million, which are exchangeable for an aggregate of 181,537 shares of VPG common stock. (See also Note 13). | ||||||||
The notes bear interest at LIBOR. Interest is payable quarterly on March 31, June 30, September 30, and December 31 of each calendar year. The total interest rate was 0.25% at December 31, 2013. | ||||||||
Other Debt | ||||||||
Other debt consists of debt held by VPG’s Japanese subsidiary and is payable monthly over the next 8 years at a zero percent interest rate. | ||||||||
Aggregate annual maturities of long-term debt are as follows (in thousands): | ||||||||
2014 | $ | 4,137 | ||||||
2015 | 5,137 | |||||||
2016 | 6,137 | |||||||
2017 | 7,137 | |||||||
2018 | 137 | |||||||
Thereafter | 4,388 | |||||||
Interest paid on third-party debt was $0.7 million, $0.2 million and $0.1 million during the years ended December 31, 2013, December 31, 2012, and December 31, 2011, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity Note Disclosure | ' | |||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
The Company’s Class B convertible common stock carries ten votes per share. The common stock carries one vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock. | ||||||||||||||||||||
The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B convertible common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. As discussed in Note 7, the Company is restricted from paying cash dividends. Stock dividends, or distributions, on any class of stock are payable only in shares of stock of that class. Shares of either common stock or Class B convertible common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally. | ||||||||||||||||||||
The Board of Directors is authorized, without further stockholder approval, to issue from time to time up to an aggregate of 1,000,000 shares of preferred stock in one or more series. The Board of Directors may fix or alter the designation, preferences, rights and any qualification, limitations, restrictions of the shares of any series, including the dividend rights, dividend rates, conversion rights, voting rights, redemption terms and prices, liquidation preferences and the number of shares constituting any series. No shares of the Company’s preferred stock are currently outstanding. | ||||||||||||||||||||
Issuance of Stock Purchase Warrants of Vishay Precision Group, Inc. | ||||||||||||||||||||
Effective July 6, 2010, the Company issued 630,252 warrants to acquire shares of VPG common stock to holders of Vishay Intertechnology warrants pursuant to a warrant agreement entered into by Vishay Intertechnology and its transfer agent dated December 13, 2002. In accordance with the terms of the 2002 warrant agreement, the exercise prices of these warrants were determined based on the relative trading prices of Vishay Intertechnology and VPG common stock on the ten trading days following the spin-off. Of these warrants, 500,000 had an exercise price of $26.56 per share and 130,252 had an exercise price of $40.23 per share. These warrants expired in December 2012. | ||||||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows (in thousands): | ||||||||||||||||||||
Beginning | Before-Tax | Tax | Net-of-Tax | Ending | ||||||||||||||||
Balance | Amount | Effect | Amount | Balance | ||||||||||||||||
December 31, 2011 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (1,487 | ) | $ | (2,104 | ) | $ | 623 | $ | (1,481 | ) | $ | (2,968 | ) | ||||||
Reclassification adjustment for recognition of actuarial items | 61 | (24 | ) | 37 | 37 | |||||||||||||||
Foreign currency translation adjustment | (9,098 | ) | (1,944 | ) | — | (1,944 | ) | (11,042 | ) | |||||||||||
$ | (10,585 | ) | $ | (3,987 | ) | $ | 599 | $ | (3,388 | ) | $ | (13,973 | ) | |||||||
December 31, 2012 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (2,931 | ) | $ | (1,474 | ) | $ | 355 | $ | (1,119 | ) | $ | (4,050 | ) | ||||||
Reclassification adjustment for recognition of actuarial items | 161 | (51 | ) | 110 | 110 | |||||||||||||||
Foreign currency translation adjustment | (11,042 | ) | (1 | ) | — | (1 | ) | (11,043 | ) | |||||||||||
$ | (13,973 | ) | $ | (1,314 | ) | $ | 304 | $ | (1,010 | ) | $ | (14,983 | ) | |||||||
December 31, 2013 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (3,940 | ) | $ | 1,888 | $ | (353 | ) | $ | 1,535 | $ | (2,405 | ) | |||||||
Reclassification adjustment for recognition of actuarial items | 191 | (52 | ) | 139 | 139 | |||||||||||||||
Foreign currency translation adjustment | (11,043 | ) | (5,718 | ) | — | (5,718 | ) | (16,761 | ) | |||||||||||
$ | (14,983 | ) | $ | (3,639 | ) | $ | (405 | ) | $ | (4,044 | ) | $ | (19,027 | ) | ||||||
Reclassifications of pension and other postretirement actuarial items out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note 9). |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Pensions and Other Postretirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||
Employees of the Company participate in various defined benefit pension and other postretirement benefit plans. | ||||||||||||||||||||||||
U.S. Pension Plan | ||||||||||||||||||||||||
The Vishay Precision Group Nonqualified Retirement Plan, like all nonqualified plans, is considered to be unfunded. The Company maintains a nonqualified trust, referred to as a “rabbi” trust, to fund benefits under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets within the consolidated balance sheets. The assets held in the rabbi trust are invested in money market funds and company-owned life insurance policies. The consolidated balance sheets include assets held in trust related to the nonqualified pension plan of $1.6 million at December 31, 2013 and $1.8 million at December 31, 2012, and the related liabilities of $1.8 million and $1.8 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The Vishay Precision Group Nonqualified Retirement Plan is frozen. Accordingly, no new employees may participate in the plan, no further participant contributions are permitted, and no further benefits accrue. Benefits accumulated prior to the freezing of the U.S. pension plan will be paid to employees upon retirement, and the Company will likely need to make additional cash contributions to the rabbi trust to fund this accumulated benefit obligation. | ||||||||||||||||||||||||
Non-U.S. Pension Plans | ||||||||||||||||||||||||
The Company provides pension and similar benefits to employees of certain non-U.S. subsidiaries consistent with local practices. Pension benefits earned are generally based on years of service and compensation during active employment. | ||||||||||||||||||||||||
Other Postretirement Benefit Plans | ||||||||||||||||||||||||
In the U.S., the Company maintains two unfunded non-pension other postretirement benefit plans (“OPEB”) which are funded as costs are incurred. These plans provide medical and death benefits to retirees. | ||||||||||||||||||||||||
The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension and other postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 23,308 | $ | 2,687 | $ | 19,989 | $ | 2,771 | ||||||||||||||||
Service cost (adjusted for actual employee contributions) | 453 | 77 | 476 | 67 | ||||||||||||||||||||
Interest cost | 860 | 114 | 865 | 101 | ||||||||||||||||||||
Contributions by participants | 53 | — | 52 | — | ||||||||||||||||||||
Actuarial losses (gains) | (1,356 | ) | 162 | 2,023 | (70 | ) | ||||||||||||||||||
Benefits paid | (780 | ) | (214 | ) | (414 | ) | (182 | ) | ||||||||||||||||
Currency translation | (187 | ) | — | 317 | — | |||||||||||||||||||
Benefit obligation at end of year | $ | 22,351 | $ | 2,826 | $ | 23,308 | $ | 2,687 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 13,091 | $ | — | $ | 10,800 | $ | — | ||||||||||||||||
Actual return on plan assets | 1,195 | — | 1,187 | — | ||||||||||||||||||||
Company contributions | 1,472 | 214 | 1,057 | 182 | ||||||||||||||||||||
Contributions by participants | 53 | — | 52 | — | ||||||||||||||||||||
Benefits paid | (780 | ) | (214 | ) | (414 | ) | (182 | ) | ||||||||||||||||
Currency translation | 323 | — | 409 | — | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 15,354 | $ | — | $ | 13,091 | $ | — | ||||||||||||||||
Funded status at end of year | $ | (6,997 | ) | $ | (2,826 | ) | $ | (10,217 | ) | $ | (2,687 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheet consist of the following pretax amounts (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Accrued pension and other postretirement costs | $ | (6,997 | ) | $ | (2,826 | ) | $ | (10,217 | ) | $ | (2,687 | ) | ||||||||||||
Accumulated other comprehensive loss | 2,411 | 639 | 4,693 | 499 | ||||||||||||||||||||
$ | (4,586 | ) | $ | (2,187 | ) | $ | (5,524 | ) | $ | (2,188 | ) | |||||||||||||
Actuarial items consist of the following (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Unrecognized net actuarial loss | $ | 2,402 | $ | 639 | $ | 4,683 | $ | 499 | ||||||||||||||||
Unrecognized prior service cost | 3 | — | 3 | — | ||||||||||||||||||||
Unamortized transition obligation | 6 | — | 7 | — | ||||||||||||||||||||
$ | 2,411 | $ | 639 | $ | 4,693 | $ | 499 | |||||||||||||||||
The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Accumulated benefit obligation, all plans | $ | 20,947 | $ | 21,884 | ||||||||||||||||||||
Plans for which the accumulated benefit obligation exceeds plan assets: | ||||||||||||||||||||||||
Projected benefit obligation | $ | 21,447 | $ | 23,095 | ||||||||||||||||||||
Accumulated benefit obligation | 20,390 | 21,791 | ||||||||||||||||||||||
Fair value of plan assets | 14,623 | 12,935 | ||||||||||||||||||||||
The following table sets forth the components of net periodic cost of pension and other postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | Pension | OPEB | |||||||||||||||||||
Plans | Plans | Plans | Plans | Plans | Plans | |||||||||||||||||||
Annual service cost | $ | 506 | $ | 77 | $ | 528 | $ | 67 | $ | 555 | $ | 40 | ||||||||||||
Less: employee contributions | 53 | — | 52 | — | 56 | — | ||||||||||||||||||
Net service cost | 453 | 77 | 476 | 67 | 499 | 40 | ||||||||||||||||||
Interest cost | 860 | 114 | 865 | 101 | 894 | 124 | ||||||||||||||||||
Expected return on plan assets | (605 | ) | — | (595 | ) | — | (608 | ) | — | |||||||||||||||
Amortization of actuarial losses | 166 | 23 | 95 | 37 | 4 | 30 | ||||||||||||||||||
Amortization of transition obligation | 4 | — | 1 | 28 | — | 27 | ||||||||||||||||||
Net periodic benefit cost | $ | 878 | $ | 214 | $ | 842 | $ | 233 | $ | 789 | $ | 221 | ||||||||||||
See Note 8 for the pretax, tax effect, and after tax amounts included in other comprehensive income during the years ended December 31, 2013, 2012, and 2011. The estimated actuarial items that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2014 approximate the amounts amortized in 2013. | ||||||||||||||||||||||||
The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Discount rate | 4.22 | % | 4.57 | % | 3.85 | % | 3.68 | % | ||||||||||||||||
Rate of compensation increase | 3.56 | % | N/A | 2.67 | % | N/A | ||||||||||||||||||
The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Discount rate | 3.85 | % | 3.68 | % | 4.24 | % | 4.15 | % | ||||||||||||||||
Rate of compensation increase | 2.67 | % | N/A | 2.56 | % | N/A | ||||||||||||||||||
Expected return on plan assets | 4.65 | % | N/A | 5.11 | % | N/A | ||||||||||||||||||
Health care trend rate | N/A | 5.08 | % | N/A | 5.07 | % | ||||||||||||||||||
The health care trend ultimate rate remains flat at 5.00% per the terms of the plan. The impact of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit cost and postretirement benefit obligation is not material. | ||||||||||||||||||||||||
The plans’ expected return on assets is based on management’s expectation of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. | ||||||||||||||||||||||||
The investment mix between equity securities and fixed income securities is based upon achieving a desired return, balancing higher return, more volatile equity securities, and lower return, less volatile fixed income securities. The target allocation of plan assets approximates the actual allocation of plan assets at December 31, 2013 and 2012. | ||||||||||||||||||||||||
Plan assets are comprised of: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Equity securities | 48 | % | — | 44 | % | — | ||||||||||||||||||
Fixed income securities | 33 | % | — | 41 | % | — | ||||||||||||||||||
Cash and cash equivalents | 19 | % | — | 15 | % | — | ||||||||||||||||||
Total | 100 | % | — | 100 | % | — | ||||||||||||||||||
The Company maintains defined benefit retirement plans in certain of its subsidiaries. The assets of the plans are measured at fair value. | ||||||||||||||||||||||||
Equity securities held by the defined benefit retirement plans consist of equity securities that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the equity securities is considered a Level 1 measurement within the fair value hierarchy. | ||||||||||||||||||||||||
Fixed income securities held by the defined benefit retirement plans consist of government bonds and corporate notes that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the fixed income securities is considered a Level 1 measurement within the fair value hierarchy. | ||||||||||||||||||||||||
Cash held by the defined benefit retirement plans consists of deposits on account in various financial institutions. The carrying amount of the cash approximates its fair value. | ||||||||||||||||||||||||
A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 15 for further description of the levels within the fair value hierarchy (in thousands)): | ||||||||||||||||||||||||
As of December 31, 2013 | Fair value measurements at reporting date using: | |||||||||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||
Defined benefit pension plan assets | ||||||||||||||||||||||||
Equity securities | $ | 7,312 | $ | 7,312 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 5,010 | 5,010 | — | — | ||||||||||||||||||||
Cash and cash equivalents | 3,033 | 3,033 | — | — | ||||||||||||||||||||
As of December 31, 2012 | Fair value measurements at reporting date using: | |||||||||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||
Defined benefit pension plan assets | ||||||||||||||||||||||||
Equity securities | $ | 5,719 | $ | 5,719 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 5,346 | 5,346 | — | — | ||||||||||||||||||||
Cash and cash equivalents | 2,026 | 2,026 | — | — | ||||||||||||||||||||
Estimated future benefit payments are as follows (in thousands): | ||||||||||||||||||||||||
Pension | OPEB | |||||||||||||||||||||||
Plans | Plans | |||||||||||||||||||||||
2014 | $ | 652 | $ | 149 | ||||||||||||||||||||
2015 | 736 | 185 | ||||||||||||||||||||||
2016 | 818 | 178 | ||||||||||||||||||||||
2017 | 679 | 197 | ||||||||||||||||||||||
2018 | 716 | 172 | ||||||||||||||||||||||
2019 - 2023 | 4,154 | 1,085 | ||||||||||||||||||||||
The Company anticipates making contributions to its funded and unfunded pension and postretirement benefit plans of approximately $1.4 million during 2014. | ||||||||||||||||||||||||
Other Retirement Obligations | ||||||||||||||||||||||||
The Company participates in various other defined contribution and government-mandated retirement plans based on local law or custom. The Company periodically makes required contributions for certain of these plans. At December 31, 2013 and 2012, the consolidated balance sheets include $1.0 million and $0.9 million, respectively, within accrued pension and other postretirement costs related to these plans. | ||||||||||||||||||||||||
Most of the Company’s U.S. employees are eligible to participate in 401(k) savings plans which provide company matching under various formulas. The Company’s matching expense for the plans was $0.7 million, $0.9 million, and $0.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. No material amounts are included in the consolidated balance sheets related to unfunded 401(k) contributions. | ||||||||||||||||||||||||
Certain key employees participate in a nonqualified deferred compensation plan, which allows these employees to defer a portion of their compensation until retirement, or elect shorter deferral periods. The accompanying consolidated balance sheets include a liability within other noncurrent liabilities related to these deferrals. The Company maintains a nonqualified trust, referred to as a “rabbi” trust, to fund payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets within the consolidated balance sheets. The assets held in the rabbi trust are invested in money market funds and company-owned life insurance policies. The consolidated balance sheets include assets held in trust related to the nonqualified deferred compensation plan of $3.1 million at December 31, 2013 and $2.5 million at December 31, 2012, and the related liabilities of $3.5 million and $3.1 million at December 31, 2013 and 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||
On May 21, 2013, the stockholders of the Company approved the Amended and Restated Vishay Precision Group, Inc. Stock Incentive Program (as amended and restated, the “Plan”). The Plan provides for an increase of 500,000 shares of common stock available for issuance under the Plan, from 500,000 shares to an aggregate of 1,000,000 shares. Aside from the increase in the number of shares of common stock available for issuance thereunder, the Plan is substantially unchanged as a result of the amendment and restatement approved by the Company's stockholders. At December 31, 2013, the Company had reserved 683,595 shares of common stock for future grant of equity awards (restricted stock, unrestricted stock, restricted stock units (“RSUs”), or stock options). If any outstanding awards are forfeited by the holder or cancelled by the Company, the underlying shares would be available for future grants under the Plan. | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
In connection with the spin-off, VPG agreed to issue certain replacement awards to VPG employees holding equity-based awards of Vishay Intertechnology based on VPG’s common stock. The vesting schedule, expiration date, and other terms of these awards are generally the same as those of the Vishay Intertechnology equity-based awards they replaced. | ||||||||||||||||||||||
The following table summarizes the Company’s stock option activity (number of options in thousands): | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||||
Options | Exercise | Options | Exercise | Options | Exercise | |||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding: | ||||||||||||||||||||||
Beginning of year | 32 | $ | 18.03 | 32 | $ | 18.03 | 32 | $ | 18.03 | |||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | — | — | — | ||||||||||||||||
Expired | (5 | ) | 17.87 | — | — | — | — | |||||||||||||||
End of year | 27 | $ | 18.06 | 32 | $ | 18.03 | 32 | $ | 18.03 | |||||||||||||
Vested and expected to vest | 27 | 32 | 32 | |||||||||||||||||||
Exercisable: | ||||||||||||||||||||||
End of year | 27 | 28 | 24 | |||||||||||||||||||
The following table summarizes information concerning stock options outstanding and exercisable at December 31, 2013 (number of options in thousands): | ||||||||||||||||||||||
Ranges of Exercise Prices | Options Outstanding | Options Exercisable | ||||||||||||||||||||
Number of Options | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||||||||||||
$11.92 | 4 | 4.56 | $ | 11.92 | 4 | $ | 11.92 | |||||||||||||||
$18.92 | 19 | 3.16 | 18.92 | 19 | 18.92 | |||||||||||||||||
$20.58 | 4 | 0.58 | 20.58 | 4 | 20.58 | |||||||||||||||||
Total | 27 | 2.97 | $ | 18.06 | 27 | $ | 18.23 | |||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. There were no options granted in 2013, 2012 or 2011. | ||||||||||||||||||||||
The pretax aggregate intrinsic value (the difference between the closing stock price of VPG’s common stock on the last trading day of 2013 of $14.89 per share and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013 is not material. No options were exercised during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||
Pursuant to the Plan, the Company issued RSUs to board members and executive officers of the Company during 2013. The amount of compensation cost related to share-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. VPG determines compensation cost for RSUs based on the grant-date fair value of the underlying common stock. Compensation cost is recognized over the period that the participant provides service in exchange for the award. The Company recognizes compensation cost for RSUs that are expected to vest and for which performance criteria are expected to be met. | ||||||||||||||||||||||
On January 16, 2013, VPG’s three executive officers were granted annual equity awards in the form of RSUs, of which 75% are performance-based. The awards have an aggregate target grant-date fair value of $0.8 million and were comprised of 63,262 RSUs, as determined using the average of the closing stock price of the last 5 trading days preceding January 1, 2013. Twenty-five percent of these awards will vest on January 1, 2016 subject to the executives' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2016, subject to the executives' continued employment and the satisfaction of certain performance objectives relating to three year cumulative “free cash” and net earnings goals. The compensation cost with respect to the awards is recognized ratably over the three year vesting period, subject to meeting the performance based criteria. | ||||||||||||||||||||||
On May 21, 2013, the Board of Directors approved the issuance of an aggregate of 3,910 restricted stock units to the three independent board members and to the non-executive Chairman of the Board, with a grant-date fair value of $0.1 million. The compensation cost with respect to the awards is recognized ratably over the one year vesting period of such awards. | ||||||||||||||||||||||
RSU activity is presented below (number of RSUs in thousands): | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||||
RSUs | Grant-date | RSUs | Grant-date | RSUs | Grant-date | |||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||
Outstanding: | ||||||||||||||||||||||
Beginning of year | 193 | $ | 15.98 | 129 | $ | 16.03 | 101 | $ | 15.79 | |||||||||||||
Granted | 67 | 13.07 | 92 | 15.88 | 43 | 16.7 | ||||||||||||||||
Vested | (114 | ) | 15.88 | (28 | ) | 15.85 | (15 | ) | 15.49 | |||||||||||||
End of year | 146 | $ | 14.72 | 193 | $ | 15.98 | 129 | $ | 16.03 | |||||||||||||
The fair value of the RSUs vested during 2013 approximates the grant-date fair value. | ||||||||||||||||||||||
RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands): | ||||||||||||||||||||||
Vesting Date | Expected to Vest | Not Expected to Vest | Total | |||||||||||||||||||
January 1, 2015 | 9 | 29 | 38 | |||||||||||||||||||
January 1, 2016 | 23 | 24 | 47 | |||||||||||||||||||
Share-Based Compensation Expense | ||||||||||||||||||||||
The following table summarizes pre-tax share-based compensation expense recognized (in thousands): | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Stock options | $ | 3 | $ | 10 | $ | 20 | ||||||||||||||||
Restricted stock units | 740 | 1,160 | 941 | |||||||||||||||||||
Total | $ | 743 | $ | 1,170 | $ | 961 | ||||||||||||||||
It was determined in the fourth quarter of 2013 that certain performance criteria associated with the awards granted in 2012 and 2013 were unlikely to be fully achieved, and therefore, share-based compensation expense was reduced in 2013 to reflect the anticipated performance level. | ||||||||||||||||||||||
The deferred tax benefit on share-based compensation expense was $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||
As of December 31, 2013, the Company had $0.6 million of unrecognized share-based compensation expense related to share-based awards that will be recognized over a weighted-average period of approximately 2 years. |
Commitments_Contingencies_and_
Commitments, Contingencies, and Concentrations | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitments Contingencies and Concentrations | ' | |||||
Commitments, Contingencies, and Concentrations | ||||||
Leases | ||||||
The Company uses various leased facilities and equipment in its operations. In the normal course of business, operating leases are generally renewed or replaced by other leases. Certain operating leases include escalation clauses. | ||||||
Total rental expense under operating leases was $3.8 million, $3.2 million, and $3.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||
Future minimum lease payments for operating leases (excluding related party leases as detailed in Note 2) with initial or remaining noncancellable lease terms in excess of one year are as follows (in thousands): | ||||||
2014 | $ | 2,659 | ||||
2015 | 2,390 | |||||
2016 | 1,630 | |||||
2017 | 1,279 | |||||
2018 | 917 | |||||
Thereafter | 1,835 | |||||
Litigation | ||||||
From time to time, the Company is a party to various claims and lawsuits arising in the normal course of business. The Company is of the opinion that these litigations or claims will not have a material negative effect on its consolidated financial position, results of operations, or cash flows. | ||||||
Executive Employment Agreements | ||||||
The Company has employment agreements with its executive officers which outline base salary, incentive compensation, and equity-based compensation. The initial employment agreement with the Company’s President and Chief Executive Officer also provided for a special sign-on bonus of $0.4 million, which became payable on July 6, 2010, and was ratably amortized to selling, general, and administrative expense over the initial term of his employment agreement. The special sign-on bonus was fully amortized as of December 31, 2013. The employment agreements with the Company’s executive officers also provide for incremental compensation in the event of termination without cause or for good reason. | ||||||
On November 7, 2013, the Company amended the employment agreements of certain of its executive officers to modify the target amounts for both their cash bonus award and annual equity incentive award opportunities, beginning with the 2014 fiscal year. See Note 16 for the equity award granted on January 29, 2014. | ||||||
Sources of Supplies | ||||||
Although most materials incorporated in the Company’s products are available from a number of sources, certain materials are available only from a relatively limited number of suppliers. | ||||||
Some of the most highly specialized materials for the Company’s sensors are sourced from a single vendor. The Company maintains a safety stock inventory of certain critical materials at its facilities. | ||||||
Certain metals used in the manufacture of the Company’s products are traded on active markets, and can be subject to significant price volatility. | ||||||
Market Concentrations | ||||||
No single customer comprises greater than 10% of net revenues. | ||||||
The vast majority of the Company’s products are used in the broad industrial market, with selected uses in military/aerospace, medical, agriculture and construction. Within the broad industrial segment, the Company’s products serve wide applications in the waste management, bulk hauling, logging, scale manufacturing, engineering systems, pharmaceutical, oil, chemical, steel, paper, and food industries. | ||||||
Credit Risk Concentrations | ||||||
Financial instruments with potential credit risk consist principally of cash and cash equivalents, accounts receivable, and notes receivable. The Company maintains cash and cash equivalents with various major financial institutions. Concentrations of credit risk with respect to receivables are generally limited due to the Company’s large number of customers and their dispersion across many countries and industries. At December 31, 2013 and 2012, the Company had no significant concentrations of credit risk. | ||||||
Geographic Concentrations | ||||||
At December 31, 2013 and 2012, a significant percentage of the Company’s cash and cash equivalents are held outside the United States. See the following table for the percentage of cash and cash equivalents by region at December 31, 2013 and December 31, 2012: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Asia | 30 | % | 17 | % | ||
United States | 25 | % | 18 | % | ||
Israel | 16 | % | 38 | % | ||
Europe | 16 | % | 16 | % | ||
United Kingdom | 7 | % | 11 | % | ||
Canada | 6 | % | — | |||
Total | 100 | % | 100 | % |
Segment_and_Geographic_Data
Segment and Geographic Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment and Geographic Data | ' | |||||||||||||||||||
Segment and Geographic Data | ||||||||||||||||||||
VPG reports in three product segments: the Foil Technology Products segment, the Force Sensors segment, and the Weighing and Control Systems segment. The Foil Technology Products reporting segment is comprised of the foil resistor and strain gage operating segments. The Force Sensors reporting segment is comprised of transducers, load cells and modules. The Weighing and Control Systems reporting segment is comprised of instruments, complete systems for process control, and on-board weighing applications. | ||||||||||||||||||||
VPG evaluates reporting segment performance based on multiple performance measures including gross margins, revenues and operating income, exclusive of certain items. Management believes that evaluating segment performance, excluding items such as restructuring and severance costs, and other items is meaningful because it provides insight with respect to the intrinsic operating results of VPG. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 1). Reporting segment assets are the owned or allocated assets used by each segment. Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. | ||||||||||||||||||||
The following table sets forth reporting segment information (in thousands): | ||||||||||||||||||||
Foil Technology | Force | Weighing and | Corporate/ | Total | ||||||||||||||||
Products | Sensors | Control Systems | Other | |||||||||||||||||
2013 | ||||||||||||||||||||
Net third-party revenues | $ | 97,045 | $ | 64,846 | $ | 78,384 | $ | — | $ | 240,275 | ||||||||||
Intersegment revenues | 1,989 | 2,140 | 1,175 | (5,304 | ) | — | ||||||||||||||
Gross profit | 37,156 | 14,023 | 32,676 | — | 83,855 | |||||||||||||||
Segment operating income (loss) | 19,792 | 4,905 | 10,438 | (27,133 | ) | 8,002 | ||||||||||||||
Acquisition costs | — | — | 794 | — | 794 | |||||||||||||||
Restructuring costs | 388 | — | 150 | — | 538 | |||||||||||||||
Depreciation and amortization expense | 5,371 | 3,577 | 1,980 | 1,062 | 11,990 | |||||||||||||||
Capital expenditures | 3,353 | 2,485 | 704 | 206 | 6,748 | |||||||||||||||
Total assets | 84,325 | 68,498 | 108,285 | 30,996 | 292,104 | |||||||||||||||
2012 | ||||||||||||||||||||
Net third-party revenues | $ | 105,207 | $ | 65,787 | $ | 46,622 | $ | — | $ | 217,616 | ||||||||||
Intersegment revenues | 1,442 | 2,732 | 2,530 | (6,704 | ) | — | ||||||||||||||
Gross profit | 42,848 | 13,483 | 18,701 | — | 75,032 | |||||||||||||||
Segment operating income (loss) | 25,467 | 4,504 | 5,983 | (24,863 | ) | 11,091 | ||||||||||||||
Acquisition costs | — | — | 275 | — | 275 | |||||||||||||||
Depreciation and amortization expense | 5,850 | 3,707 | 849 | 1,255 | 11,661 | |||||||||||||||
Capital expenditures | 4,333 | 3,307 | 422 | 260 | 8,322 | |||||||||||||||
Total assets | 118,893 | 61,040 | 54,789 | 28,451 | 263,173 | |||||||||||||||
2011 | ||||||||||||||||||||
Net third-party revenues | $ | 112,176 | $ | 71,533 | $ | 54,398 | $ | — | $ | 238,107 | ||||||||||
Intersegment revenues | 2,078 | 2,467 | 3,600 | (8,145 | ) | — | ||||||||||||||
Gross profit | 48,807 | 13,654 | 20,650 | — | 83,111 | |||||||||||||||
Segment operating income (loss) | 30,870 | 4,231 | 8,009 | (26,846 | ) | 16,264 | ||||||||||||||
Depreciation and amortization expense | 5,380 | 4,026 | 842 | 1,073 | 11,321 | |||||||||||||||
Capital expenditures | 6,411 | 7,978 | 1,610 | 292 | 16,291 | |||||||||||||||
Total assets | 103,358 | 77,220 | 52,528 | 23,499 | 256,605 | |||||||||||||||
The “Corporate/Other” column for segment operating income (loss) includes unallocated selling, general, and administrative expenses and certain items which management excludes from segment results when evaluating segment performance, as follows (in thousands): | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Unallocated selling, general, and administrative expenses | $ | (28,465 | ) | $ | (25,138 | ) | $ | (26,846 | ) | |||||||||||
Acquisition costs | 794 | 275 | — | |||||||||||||||||
Restructuring costs | 538 | — | — | |||||||||||||||||
$ | (27,133 | ) | $ | (24,863 | ) | $ | (26,846 | ) | ||||||||||||
The following geographic data include net revenues based on revenues generated by subsidiaries located within that geographic area, and property and equipment based on physical location (in thousands): | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
Net Revenues | 2013 | 2012 | 2011 | |||||||||||||||||
United States | $ | 86,897 | $ | 92,807 | $ | 93,638 | ||||||||||||||
United Kingdom | 32,915 | 29,582 | 30,281 | |||||||||||||||||
Other Europe | 53,691 | 54,212 | 67,305 | |||||||||||||||||
Israel | 2,226 | 3,708 | 4,861 | |||||||||||||||||
Asia | 32,410 | 36,177 | 41,183 | |||||||||||||||||
Canada | 32,136 | 1,130 | 839 | |||||||||||||||||
$ | 240,275 | $ | 217,616 | $ | 238,107 | |||||||||||||||
December 31, | ||||||||||||||||||||
Property and Equipment - Net | 2013 | 2012 | ||||||||||||||||||
United States | $ | 6,209 | $ | 6,923 | ||||||||||||||||
United Kingdom | 6,075 | 5,891 | ||||||||||||||||||
Other Europe | 2,018 | 2,261 | ||||||||||||||||||
Israel | 16,394 | 17,795 | ||||||||||||||||||
Asia | 16,439 | 18,905 | ||||||||||||||||||
Canada | 2,188 | 317 | ||||||||||||||||||
$ | 49,323 | $ | 52,092 | |||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share are computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding, adjusted to include the potentially dilutive effect of stock options and restricted stock units (see Note 10), warrants (see Note 8), and other potentially dilutive securities. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 4,291 | $ | 11,691 | $ | 10,771 | ||||||
Adjustment to the numerator for net earnings: | ||||||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 15 | 30 | 20 | |||||||||
Numerator for diluted earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 4,306 | $ | 11,721 | $ | 10,791 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share: | ||||||||||||
Weighted average shares | 13,563 | 13,367 | 13,343 | |||||||||
Effect of dilutive securities: | ||||||||||||
Exchangeable notes | 311 | 441 | 441 | |||||||||
Employee stock options | 1 | 1 | 1 | |||||||||
Restricted stock units | 69 | 80 | 49 | |||||||||
Dilutive potential common shares | 381 | 522 | 491 | |||||||||
Denominator for diluted earnings per share: | ||||||||||||
Adjusted weighted average shares | 13,944 | 13,889 | 13,834 | |||||||||
Basic earnings per share attributable to VPG stockholders | $ | 0.32 | $ | 0.87 | $ | 0.81 | ||||||
Diluted earnings per share attributable to VPG stockholders | $ | 0.31 | $ | 0.84 | $ | 0.78 | ||||||
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average employee stock options | 23 | 28 | 28 | |||||||||
Weighted average warrants | — | — | 630 | |||||||||
The warrants expired on December 15, 2012. The warrants were antidilutive in 2012 through the expiration date. See Note 8 for discussion of the warrants. |
Additional_Financial_Statement
Additional Financial Statement Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Additional Financial Information Statement Information | ' | |||||||||||
Additional Financial Statement Information | ||||||||||||
The caption “Other” on the consolidated statements of operations consists of the following (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign exchange loss | $ | (1,667 | ) | $ | (285 | ) | $ | (1,319 | ) | |||
Interest income | 266 | 633 | 714 | |||||||||
Other | (178 | ) | (649 | ) | (273 | ) | ||||||
$ | (1,579 | ) | $ | (301 | ) | $ | (878 | ) | ||||
Other accrued expenses consist of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Customer advance payments | $ | 6,099 | $ | 846 | ||||||||
Goods received, not yet invoiced | 2,067 | 1,746 | ||||||||||
Accrued taxes, other than income taxes | 1,874 | 2,048 | ||||||||||
Accrued commissions | 1,614 | 300 | ||||||||||
Accrued professional fees | 1,415 | 1,339 | ||||||||||
Other | 2,745 | 2,220 | ||||||||||
$ | 15,814 | $ | 8,499 | |||||||||
The increase in customer advance payments and accrued commissions from December 31, 2012 is mainly due to the acquisition of the KELK business on January 31, 2013. Customer advance payments attributable to KELK at December 31, 2013 were $5.2 million. Customer advance payments represent amounts received from customers for sales, for which the earnings process has not yet been completed. Accrued commissions attributable to KELK at December 31, 2013 were $1.3 million. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | ||||||||||||||||
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||
Level 3: Unobservable inputs that reflect the Company’s own assumptions. | ||||||||||||||||
An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands): | ||||||||||||||||
As of December 31, 2013 | Fair value measurements at reporting date using: | |||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 4,678 | $ | 1,087 | $ | 3,591 | $ | — | ||||||||
As of December 31, 2012 | Fair value measurements at reporting date using: | |||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 4,299 | $ | 1,102 | $ | 3,197 | $ | — | ||||||||
The Company maintains nonqualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and nonqualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at December 31, 2013 and December 31, 2012, and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the year. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company does not have any fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2013. | ||||||||||||||||
The fair value of the long-term debt at December 31, 2013 and December 31, 2012 is approximately $25.5 million and $7.5 million, respectively, compared to its carrying value of $27.1 million and $11.3 million, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates. The fair value measurement of long-term debt is considered a Level 2 measurement. | ||||||||||||||||
The Company’s financial instruments include cash and cash equivalents, accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated balance sheets approximate their fair values. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Executive RSU grant | |
On January 29, 2014, VPG’s three executive officers were granted annual equity awards in the form of RSUs, of which 75% are performance-based. The awards have an aggregate target grant-date fair value of $1.1 million and were comprised of 79,453 RSUs, as determined using the average of the closing stock price of the last 5 trading days preceding January 1, 2014. Twenty-five percent of these awards will vest on January 1, 2017, subject to the executives continued employment. The performance-based portion of the RSUs will also vest on January 1, 2017, subject to the executives continued employment and the satisfaction of certain performance objectives relating to three years' cumulative “free cash” and net earnings goals. | |
Restructuring Costs | |
In March 2014, the Company recorded $0.3 million of restructuring costs in connection with a cost reduction at the Company's subsidiary in Canada, which were comprised of employee termination costs, including severance and a statutory allowance covering four employees. The Company anticipates that the payments will be made during 2014. |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information (Unaudited) | ' | |||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information (Unaudited) | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2013 (a) | 2012 (a) | ||||||||||||||||||||||||||||||
First (recast) (c) | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Statement of Operations data: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 57,461 | $ | 62,837 | $ | 57,729 | $ | 62,248 | $ | 55,844 | $ | 55,332 | $ | 55,430 | $ | 51,010 | ||||||||||||||||
Gross profit | 19,969 | 21,560 | 19,243 | 23,083 | 18,880 | 19,851 | 18,739 | 17,562 | ||||||||||||||||||||||||
Operating income | 1,297 | 2,787 | 602 | 3,316 | 2,364 | 4,090 | 3,093 | 1,544 | ||||||||||||||||||||||||
Net earnings | 436 | 1,290 | 1,455 | 1,166 | 1,634 | 3,004 | 1,912 | 5,214 | ||||||||||||||||||||||||
Less: net earnings (loss) attributable to noncontrolling interests | 49 | (20 | ) | (11 | ) | 38 | 11 | 43 | (30 | ) | 49 | |||||||||||||||||||||
Net earnings attributable to VPG stockholders | 387 | 1,310 | 1,466 | 1,128 | 1,623 | 2,961 | 1,942 | 5,165 | ||||||||||||||||||||||||
Per Share Data: (b) | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.08 | $ | 0.12 | $ | 0.22 | $ | 0.15 | $ | 0.39 | ||||||||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.09 | $ | 0.11 | $ | 0.08 | $ | 0.12 | $ | 0.21 | $ | 0.14 | $ | 0.37 | ||||||||||||||||
Certain Items Recorded during the Quarters: | ||||||||||||||||||||||||||||||||
Acquisition purchase accounting adjustments | $ | 1,238 | $ | 2,260 | $ | 903 | $ | 454 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Acquisition costs | $ | 487 | $ | 208 | $ | 57 | $ | 42 | $ | — | $ | — | $ | — | $ | 275 | ||||||||||||||||
Restructuring costs | $ | 388 | $ | — | $ | 99 | $ | 51 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Tax effect of purchase accounting adjustments, acquisition cost adjustments, restructuring cost adjustments, and discrete tax items | $ | (692 | ) | $ | (654 | ) | $ | (1,297 | ) | $ | 792 | $ | — | $ | — | $ | — | $ | (3,396 | ) | ||||||||||||
(a) | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | |||||||||||||||||||||||||||||||
(b) | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. | |||||||||||||||||||||||||||||||
(c) | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the individual entities in which the Company maintained a controlling financial interest. For those subsidiaries in which the Company’s ownership is less than 100 percent, the outside stockholders’ interests are shown as noncontrolling interests in the accompanying consolidated balance sheets. | |
All transactions, accounts, and profits between individual members comprising the Company have been eliminated in consolidation. | |
Use of Estimates, Policy | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. | |
Revenue Recognition, Policy | ' |
Revenue Recognition | |
The Company recognizes revenue on product sales during the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, title and risk of loss have been transferred, collectability is reasonably assured, and pricing is fixed or determinable. For a small percentage of sales where title and risk of loss pass at the point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. | |
The Company has post-shipment obligations, such as customer acceptance, training, or installation, with respect to some of its larger systems products. In such circumstances, revenue is deferred until the obligation has been completed, unless such obligation is deemed inconsequential or perfunctory. | |
Given the specialized nature of the Company’s products, it generally does not allow product returns. | |
Shipping and Handling Cost, Policy | ' |
Shipping and Handling Costs | |
Shipping and handling costs are included in costs of products sold. | |
Research and Development Expense, Policy | ' |
Research and Development Expenses | |
Research and development costs are expensed as incurred. With the acquisition of KELK, the Company's research and development capabilities and costs have increased. KELK employs a large group of research and development engineers and shares in the Company's philosophy of improving products, developing new innovations, and broadening the range of applications for existing products. The amount charged to expense for research and development was $9.3 million, $6.4 million, and $6.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes, and for cost reduction measures. | |
Income Tax, Policy | ' |
Income Taxes | |
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |
The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including projected future taxable income, tax-planning strategies and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income tax. | |
The Company records uncertain tax positions in accordance with Accounting Standards Codification ("ASC") Topic 740, Income Taxes, on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the tax authority. | |
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. | |
Cash and Cash Equivalents, Policy | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less when purchased. Highly liquid investments with maturities greater than three months are classified as short-term investments. There were no investments classified as short-term investments at December 31, 2013 or 2012. | |
Allowance For Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. | |
Inventory, Policy | ' |
Inventories | |
Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market based on net realizable value. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. | |
Property, Plant and Equipment, Policy | ' |
Property and Equipment | |
Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years or the life of the leased property. Software is being depreciated over useful lives of three to five years. Construction in progress is not depreciated until the assets are placed in service. | |
Business Combinations Policy | ' |
Business Combinations | |
The purchase price of an acquired company is allocated between identifiable tangible and intangible assets acquired, and liabilities assumed, from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired businesses are included in the Company's consolidated statement of operations from the dates of acquisition. | |
Goodwill and Intangible Assets, Policy | ' |
Goodwill and indefinite-lived trade names are tested for impairment at least annually, and whenever events or changes in circumstances occur indicating that a possible impairment may have been incurred. The Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining if it is necessary to perform the two-step goodwill impairment test. However, if the Company concludes otherwise, then the Company is required to perform the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing it against its carrying amount. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalizations. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the goodwill impairment. To measure the amount of the impairment, the Company determines the implied fair value of goodwill in the same manner as if the Company had acquired those reporting units. Specifically, the Company must allocate the fair value of the reporting unit to all of the assets of that unit, including any unrecognized intangible assets, in a hypothetical calculation that would yield the implied fair value of goodwill. The impairment loss is measured as the difference between the book value of the goodwill and the implied fair value of the goodwill computed in step two. | |
Intangible Assets, Finite-Lived, Policy | ' |
Definite-lived assets, such as customer relationships, patents and acquired technology, non-competition agreements, and certain trade names are amortized on a straight-line method over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty years. Customer relationships are being amortized over useful lives of five to eighteen years. Trade names are being amortized over useful lives of seven to ten years. Non-competition agreements are being amortized over periods of five to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. | |
Impairment or Disposal of Long-Lived Assets, Policy | ' |
Impairment of Long-Lived Assets | |
The carrying value of long-lived assets held-and-used, other than goodwill and other intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for disposal costs. | |
Foreign Currency Transactions and Translations Policy | ' |
Foreign Currency Translation | |
The Company has significant operations outside of the United States. The Company finances its operations in Europe, Canada, and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company’s operations in Israel and certain locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. | |
For those subsidiaries where the local currency is the functional currency, assets and liabilities in the consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Revenues and expenses are translated at the average exchange rate for the year. Translation adjustments do not impact the consolidated statements of operations and are reported as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in the results of operations. | |
For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated statements of operations. | |
Derivatives, Policy | ' |
Derivative Instruments | |
Beginning in 2011, the Company entered into collar options to sell U.S. dollars and purchase Israeli shekels to mitigate exposure to fluctuations in U.S. dollar and Israeli shekel exchange rates. This exposure results from the Company’s Israeli operations utilizing the U.S. dollar as their functional currency. The term of these contracts ended in July of 2012, and the Company has not entered into any new contracts as of December 31, 2013. The Company has recorded a net gain on these contracts of $0.1 million for the year ended December 31, 2012, and a net loss on these contracts of $0.6 million for the year ended December 31, 2011. These gains and losses were recorded on the consolidated statement of operations as part of other income (expense). | |
The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The Company records all derivatives in the consolidated balance sheet as either assets or liabilities at fair value. The Company has not designated any derivatives as hedges for accounting purposes, and as such the changes in the fair value of derivatives are recognized in current period earnings as a component of other income (expense). The Company does not offset the fair value of derivative instruments with cash collateral held with or received from the same counterparty under a master netting arrangement. In determining fair value, the Company considers both the counterparty credit risk and its own credit worthiness. To determine the Company’s own credit risk, the Company estimates its credit rating by benchmarking the price of outstanding debt to publicly-available comparable data from rating agencies. Using the estimated rating, the Company’s credit risk was quantified by reference to publicly-traded debt with a corresponding rating. | |
Share-based Compensation, Option and Incentive Plans Policy | ' |
Share-Based Compensation | |
Compensation costs related to share-based payments are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. For performance based awards, certain criteria must be met. For options and restricted stock units subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was comprised of multiple awards. | |
Reclassification, Policy | ' |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current financial statement presentation. | |
Commitments and Contingencies, Policy | ' |
Commitments and Contingencies | |
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. | |
New Accounting Pronouncements, Policy | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires disclosure about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 is to be applied prospectively and is effective for fiscal years and interim periods beginning after December 15, 2012, or in the first quarter of fiscal year 2013 for the Company. The adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||
Future minimum lease payments by VPG for these facilities are estimated as follows (in thousands): | ||||
2014 | $ | 129 | ||
2015 | 65 | |||
Schedule Of Future Minimum Lease Receipts For Capital Leases | ' | |||
Future minimum lease receipts from Vishay Intertechnology for these shared facilities are estimated as follows (in thousands): | ||||
2014 | $ | 39 | ||
2015 | 19 | |||
Acquisition_Activity_Tables
Acquisition Activity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Schedule of Revenue and Earnings | ' | |||||||||||
The amount of net revenues and net losses of VPG Canada included in the consolidated statement of operations were as follows (in thousands): | ||||||||||||
Year ended | ||||||||||||
December 31, | ||||||||||||
2013 | ||||||||||||
Net revenues | $ | 31,114 | ||||||||||
Net loss attributable | $ | (1,323 | ) | |||||||||
to VPG stockholders (1) | ||||||||||||
-1 | The net loss attributable to VPG stockholders includes the effect of purchase accounting adjustments, acquisition costs, restructuring costs, and intercompany interest expense. | |||||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||||
The following table summarizes the fair values assigned to the assets and liabilities as of the January 31, 2013 acquisition date (in thousands): | ||||||||||||
Working capital (1) | $ | 7,400 | ||||||||||
Property and equipment | 2,100 | |||||||||||
Intangible assets: | ||||||||||||
Patents and acquired technology | 5,300 | |||||||||||
Non-competition agreements | 200 | |||||||||||
Customer relationships | 12,200 | |||||||||||
Trade names | 1,600 | |||||||||||
Total intangible assets | 19,300 | |||||||||||
Fair value of acquired identifiable assets | 28,800 | |||||||||||
Purchase price | $ | 49,000 | ||||||||||
Goodwill | $ | 20,200 | ||||||||||
-1 | Working capital accounts include accounts receivable, inventory, prepaid expenses and other current assets, net deferred tax assets, trade accounts payable, accrued payroll, other accrued expenses, and non-current deferred tax liability. | |||||||||||
Schedule of Acquisition Costs | ' | |||||||||||
The Company recorded acquisition costs in its consolidated statements of operations as follows (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Accounting and legal fees | $ | 652 | $ | 184 | $ | — | ||||||
Appraisal fees | 84 | 20 | — | |||||||||
Other | 58 | 71 | — | |||||||||
$ | 794 | $ | 275 | $ | — | |||||||
Pro Forma Information | ' | |||||||||||
The following unaudited pro forma summary financial information presents the operating results of the combined company, assuming the acquisition had occurred as of January 1, 2012 (in thousands, except per share amounts): | ||||||||||||
Year ended December 31, | ||||||||||||
2012 | ||||||||||||
Pro forma net revenues | $ | 247,200 | ||||||||||
Pro forma net earnings attributable to VPG stockholders | $ | 10,534 | ||||||||||
Pro forma basic earnings per share attributable to VPG stockholders | $ | 0.79 | ||||||||||
Pro forma diluted earnings per share attributable to VPG stockholders | $ | 0.76 | ||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||
The change in the carrying amount of goodwill is as follows (in thousands): | ||||||||
Weighing and Control Systems Segment | Total | |||||||
Balance at January 1, 2013 | $ | — | $ | — | ||||
Goodwill acquired in the KELK acquisition | 20,200 | 20,200 | ||||||
Foreign currency translation adjustment | (1,320 | ) | (1,320 | ) | ||||
Balance at December 31, 2013 | $ | 18,880 | $ | 18,880 | ||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||
Intangible assets were as follows (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Intangible assets subject to amortization | ||||||||
(Definite-lived): | ||||||||
Patents and acquired technology | $ | 9,026 | $ | 4,104 | ||||
Customer relationships | 17,897 | 6,587 | ||||||
Trade names | 1,846 | 1,998 | ||||||
Non-competition agreements | 12,921 | 14,462 | ||||||
41,690 | 27,151 | |||||||
Accumulated amortization: | ||||||||
Patents and acquired technology | (3,240 | ) | (2,908 | ) | ||||
Customer relationships | (5,750 | ) | (4,736 | ) | ||||
Trade names | (1,719 | ) | (1,736 | ) | ||||
Non-competition agreements | (10,019 | ) | (9,762 | ) | ||||
(20,728 | ) | (19,142 | ) | |||||
Net intangible assets subject to amortization | $ | 20,962 | $ | 8,009 | ||||
Intangible assets not subject to amortization | ||||||||
(Indefinite-lived): | ||||||||
Trade names | 1,496 | — | ||||||
$ | 22,458 | $ | 8,009 | |||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||
Estimated annual amortization expense for each of the next five years is as follows (in thousands): | ||||||||
2014 | $ | 2,580 | ||||||
2015 | 2,255 | |||||||
2016 | 1,540 | |||||||
2017 | 1,544 | |||||||
2018 | 1,308 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
For financial reporting purposes, income before taxes includes the following components (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | (4,857 | ) | $ | (2,105 | ) | $ | (838 | ) | |||
Foreign | 10,258 | 12,629 | 15,948 | |||||||||
$ | 5,401 | $ | 10,524 | $ | 15,110 | |||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The expense (benefit) for income taxes is comprised of (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 41 | $ | (40 | ) | $ | 829 | |||||
State and local | 156 | 220 | 39 | |||||||||
Foreign | 3,181 | 3,451 | 5,409 | |||||||||
3,378 | 3,631 | 6,277 | ||||||||||
Deferred: | ||||||||||||
Federal | 425 | (394 | ) | (918 | ) | |||||||
State and local | (41 | ) | (78 | ) | 190 | |||||||
Foreign | (2,708 | ) | (4,399 | ) | (1,233 | ) | ||||||
(2,324 | ) | (4,871 | ) | (1,961 | ) | |||||||
Total income tax expense (benefit) | $ | 1,054 | $ | (1,240 | ) | $ | 4,316 | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
A reconciliation of income tax expense (benefit) at the U.S. federal statutory income tax rate to actual income tax provision is as follows (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at statutory rate | $ | 1,890 | $ | 3,683 | $ | 5,288 | ||||||
State income taxes, net of U.S. federal tax benefit | 76 | 94 | 149 | |||||||||
Effect of foreign operations | (395 | ) | (1,627 | ) | (3,437 | ) | ||||||
Change in valuation allowance | 2,113 | (3,163 | ) | 1,910 | ||||||||
Change in unrecognized tax benefits, net | 150 | 45 | 475 | |||||||||
Tax credits | (1,809 | ) | (427 | ) | (462 | ) | ||||||
Statutory rate changes | (1,324 | ) | 220 | 391 | ||||||||
Other | 353 | (65 | ) | 2 | ||||||||
Total income tax expense (benefit) | $ | 1,054 | $ | (1,240 | ) | $ | 4,316 | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement costs | $ | 4,240 | $ | 5,014 | ||||||||
Inventories | 2,122 | 2,190 | ||||||||||
Net operating loss carryforwards | 7,555 | 5,116 | ||||||||||
Tax credit carryforwards | 3,096 | 1,419 | ||||||||||
Deferred compensation | 1,993 | 2,207 | ||||||||||
Other accruals and reserves | 3,252 | 2,269 | ||||||||||
Total gross deferred tax assets | 22,258 | 18,215 | ||||||||||
Less: valuation allowance | (5,249 | ) | (2,790 | ) | ||||||||
17,009 | 15,425 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Tax over book depreciation | (645 | ) | (611 | ) | ||||||||
Intangible assets, including tax deductible goodwill | (1,574 | ) | (1,026 | ) | ||||||||
Total gross deferred tax liabilities | (2,219 | ) | (1,637 | ) | ||||||||
Net deferred tax assets | $ | 14,790 | $ | 13,788 | ||||||||
Summary of Operating Loss Carryforwards | ' | |||||||||||
At December 31, 2013 and 2012, the Company had the following significant net operating loss carryforwards for tax purposes (in thousands): | ||||||||||||
December 31, | ||||||||||||
Jurisdiction | 2013 | 2012 | Begin to Expire | |||||||||
Belgium | $ | 535 | $ | 518 | No expiration | |||||||
Canada | 348 | — | 2034 | |||||||||
Israel | 3,899 | 2,556 | No expiration | |||||||||
Netherlands | 183 | 271 | 2021 | |||||||||
United Kingdom | — | 427 | No expiration | |||||||||
United States - Federal | 571 | — | 2034 | |||||||||
United States - State | 1,943 | 1,260 | 2023 | |||||||||
Summary of Valuation Allowance | ' | |||||||||||
At December 31, 2013 and 2012, the Company had the following significant valuation allowances for tax purposes (in thousands): | ||||||||||||
December 31, | ||||||||||||
Jurisdiction | 2013 | 2012 | ||||||||||
Belgium | $ | 535 | $ | 520 | ||||||||
Netherlands | 183 | 271 | ||||||||||
United States | 4,450 | 1,913 | ||||||||||
Summary of Income Tax Contingencies | ' | |||||||||||
The following table summarizes changes in the Company's gross liabilities, excluding interest and penalties, associated with unrecognized tax benefits (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,101 | $ | 1,431 | $ | 956 | ||||||
Addition based on tax positions related to current year | 53 | 198 | 475 | |||||||||
Addition based on tax positions related to prior years | 78 | 99 | — | |||||||||
Currency translation adjustments | 38 | — | — | |||||||||
Reduction for lapses of statute of limitations | (78 | ) | (627 | ) | — | |||||||
Balance before indemnification receivable | 1,192 | 1,101 | 1,431 | |||||||||
Receivable from Vishay Intertechnology for indemnification | (350 | ) | (338 | ) | (914 | ) | ||||||
Balance at end of year | $ | 842 | $ | 763 | $ | 517 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt | ' | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
2013 Credit Agreement - revolving facility | $ | — | $ | — | ||||
2013 Credit Agreement - U.S. term facility | 8,000 | — | ||||||
2013 Credit Agreement - Canadian term facility | 14,000 | — | ||||||
2010 Credit Agreement - revolving facility (1) | — | — | ||||||
Israeli Credit Agreement - revolving facility | — | — | ||||||
Exchangeable unsecured notes, due 2102 | 4,097 | 9,958 | ||||||
Other debt | 976 | 1,363 | ||||||
27,073 | 11,321 | |||||||
Less: current portion | 4,137 | 167 | ||||||
$ | 22,936 | $ | 11,154 | |||||
-1 | Through December 31, 2012, multi-currency revolving facility with interest payable at agent's prime rate, the Federal Funds rate or LIBOR, adjusted by an interest rate margin of 0.00% to 2.75% per annum, depending on the Company's leverage ratio. This facility was amended and restated on January 29, 2013, as described below. | |||||||
Schedule of Maturities of Long-term Debt | ' | |||||||
Aggregate annual maturities of long-term debt are as follows (in thousands): | ||||||||
2014 | $ | 4,137 | ||||||
2015 | 5,137 | |||||||
2016 | 6,137 | |||||||
2017 | 7,137 | |||||||
2018 | 137 | |||||||
Thereafter | 4,388 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows (in thousands): | ||||||||||||||||||||
Beginning | Before-Tax | Tax | Net-of-Tax | Ending | ||||||||||||||||
Balance | Amount | Effect | Amount | Balance | ||||||||||||||||
December 31, 2011 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (1,487 | ) | $ | (2,104 | ) | $ | 623 | $ | (1,481 | ) | $ | (2,968 | ) | ||||||
Reclassification adjustment for recognition of actuarial items | 61 | (24 | ) | 37 | 37 | |||||||||||||||
Foreign currency translation adjustment | (9,098 | ) | (1,944 | ) | — | (1,944 | ) | (11,042 | ) | |||||||||||
$ | (10,585 | ) | $ | (3,987 | ) | $ | 599 | $ | (3,388 | ) | $ | (13,973 | ) | |||||||
December 31, 2012 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (2,931 | ) | $ | (1,474 | ) | $ | 355 | $ | (1,119 | ) | $ | (4,050 | ) | ||||||
Reclassification adjustment for recognition of actuarial items | 161 | (51 | ) | 110 | 110 | |||||||||||||||
Foreign currency translation adjustment | (11,042 | ) | (1 | ) | — | (1 | ) | (11,043 | ) | |||||||||||
$ | (13,973 | ) | $ | (1,314 | ) | $ | 304 | $ | (1,010 | ) | $ | (14,983 | ) | |||||||
December 31, 2013 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (3,940 | ) | $ | 1,888 | $ | (353 | ) | $ | 1,535 | $ | (2,405 | ) | |||||||
Reclassification adjustment for recognition of actuarial items | 191 | (52 | ) | 139 | 139 | |||||||||||||||
Foreign currency translation adjustment | (11,043 | ) | (5,718 | ) | — | (5,718 | ) | (16,761 | ) | |||||||||||
$ | (14,983 | ) | $ | (3,639 | ) | $ | (405 | ) | $ | (4,044 | ) | $ | (19,027 | ) |
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Pensions And Other Post Retirement Benefits Plans Disclosures | ' | |||||||||||||||||||||||
The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension and other postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 23,308 | $ | 2,687 | $ | 19,989 | $ | 2,771 | ||||||||||||||||
Service cost (adjusted for actual employee contributions) | 453 | 77 | 476 | 67 | ||||||||||||||||||||
Interest cost | 860 | 114 | 865 | 101 | ||||||||||||||||||||
Contributions by participants | 53 | — | 52 | — | ||||||||||||||||||||
Actuarial losses (gains) | (1,356 | ) | 162 | 2,023 | (70 | ) | ||||||||||||||||||
Benefits paid | (780 | ) | (214 | ) | (414 | ) | (182 | ) | ||||||||||||||||
Currency translation | (187 | ) | — | 317 | — | |||||||||||||||||||
Benefit obligation at end of year | $ | 22,351 | $ | 2,826 | $ | 23,308 | $ | 2,687 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 13,091 | $ | — | $ | 10,800 | $ | — | ||||||||||||||||
Actual return on plan assets | 1,195 | — | 1,187 | — | ||||||||||||||||||||
Company contributions | 1,472 | 214 | 1,057 | 182 | ||||||||||||||||||||
Contributions by participants | 53 | — | 52 | — | ||||||||||||||||||||
Benefits paid | (780 | ) | (214 | ) | (414 | ) | (182 | ) | ||||||||||||||||
Currency translation | 323 | — | 409 | — | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 15,354 | $ | — | $ | 13,091 | $ | — | ||||||||||||||||
Funded status at end of year | $ | (6,997 | ) | $ | (2,826 | ) | $ | (10,217 | ) | $ | (2,687 | ) | ||||||||||||
Schedule Of Pensions and Other Postretirement Benefits Pretax Amount | ' | |||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet consist of the following pretax amounts (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Accrued pension and other postretirement costs | $ | (6,997 | ) | $ | (2,826 | ) | $ | (10,217 | ) | $ | (2,687 | ) | ||||||||||||
Accumulated other comprehensive loss | 2,411 | 639 | 4,693 | 499 | ||||||||||||||||||||
$ | (4,586 | ) | $ | (2,187 | ) | $ | (5,524 | ) | $ | (2,188 | ) | |||||||||||||
Schedule Of Pensions and Other Postretirement Benefits Actuarial Items | ' | |||||||||||||||||||||||
Actuarial items consist of the following (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Unrecognized net actuarial loss | $ | 2,402 | $ | 639 | $ | 4,683 | $ | 499 | ||||||||||||||||
Unrecognized prior service cost | 3 | — | 3 | — | ||||||||||||||||||||
Unamortized transition obligation | 6 | — | 7 | — | ||||||||||||||||||||
$ | 2,411 | $ | 639 | $ | 4,693 | $ | 499 | |||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | ' | |||||||||||||||||||||||
The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Accumulated benefit obligation, all plans | $ | 20,947 | $ | 21,884 | ||||||||||||||||||||
Plans for which the accumulated benefit obligation exceeds plan assets: | ||||||||||||||||||||||||
Projected benefit obligation | $ | 21,447 | $ | 23,095 | ||||||||||||||||||||
Accumulated benefit obligation | 20,390 | 21,791 | ||||||||||||||||||||||
Fair value of plan assets | 14,623 | 12,935 | ||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||
The following table sets forth the components of net periodic cost of pension and other postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | Pension | OPEB | |||||||||||||||||||
Plans | Plans | Plans | Plans | Plans | Plans | |||||||||||||||||||
Annual service cost | $ | 506 | $ | 77 | $ | 528 | $ | 67 | $ | 555 | $ | 40 | ||||||||||||
Less: employee contributions | 53 | — | 52 | — | 56 | — | ||||||||||||||||||
Net service cost | 453 | 77 | 476 | 67 | 499 | 40 | ||||||||||||||||||
Interest cost | 860 | 114 | 865 | 101 | 894 | 124 | ||||||||||||||||||
Expected return on plan assets | (605 | ) | — | (595 | ) | — | (608 | ) | — | |||||||||||||||
Amortization of actuarial losses | 166 | 23 | 95 | 37 | 4 | 30 | ||||||||||||||||||
Amortization of transition obligation | 4 | — | 1 | 28 | — | 27 | ||||||||||||||||||
Net periodic benefit cost | $ | 878 | $ | 214 | $ | 842 | $ | 233 | $ | 789 | $ | 221 | ||||||||||||
Schedule Of Pensions and Other Postretirement Benefits Weighted Average Assumptions Used In Benefit Obligations | ' | |||||||||||||||||||||||
The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Discount rate | 3.85 | % | 3.68 | % | 4.24 | % | 4.15 | % | ||||||||||||||||
Rate of compensation increase | 2.67 | % | N/A | 2.56 | % | N/A | ||||||||||||||||||
Expected return on plan assets | 4.65 | % | N/A | 5.11 | % | N/A | ||||||||||||||||||
Health care trend rate | N/A | 5.08 | % | N/A | 5.07 | % | ||||||||||||||||||
The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Discount rate | 4.22 | % | 4.57 | % | 3.85 | % | 3.68 | % | ||||||||||||||||
Rate of compensation increase | 3.56 | % | N/A | 2.67 | % | N/A | ||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||
Plan assets are comprised of: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Equity securities | 48 | % | — | 44 | % | — | ||||||||||||||||||
Fixed income securities | 33 | % | — | 41 | % | — | ||||||||||||||||||
Cash and cash equivalents | 19 | % | — | 15 | % | — | ||||||||||||||||||
Total | 100 | % | — | 100 | % | — | ||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | |||||||||||||||||||||||
A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 15 for further description of the levels within the fair value hierarchy (in thousands)): | ||||||||||||||||||||||||
As of December 31, 2013 | Fair value measurements at reporting date using: | |||||||||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||
Defined benefit pension plan assets | ||||||||||||||||||||||||
Equity securities | $ | 7,312 | $ | 7,312 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 5,010 | 5,010 | — | — | ||||||||||||||||||||
Cash and cash equivalents | 3,033 | 3,033 | — | — | ||||||||||||||||||||
As of December 31, 2012 | Fair value measurements at reporting date using: | |||||||||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||
Defined benefit pension plan assets | ||||||||||||||||||||||||
Equity securities | $ | 5,719 | $ | 5,719 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 5,346 | 5,346 | — | — | ||||||||||||||||||||
Cash and cash equivalents | 2,026 | 2,026 | — | — | ||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||
Estimated future benefit payments are as follows (in thousands): | ||||||||||||||||||||||||
Pension | OPEB | |||||||||||||||||||||||
Plans | Plans | |||||||||||||||||||||||
2014 | $ | 652 | $ | 149 | ||||||||||||||||||||
2015 | 736 | 185 | ||||||||||||||||||||||
2016 | 818 | 178 | ||||||||||||||||||||||
2017 | 679 | 197 | ||||||||||||||||||||||
2018 | 716 | 172 | ||||||||||||||||||||||
2019 - 2023 | 4,154 | 1,085 | ||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Schedule Of Share Based Compensation Stock Options Activity [Table Text Block] | ' | |||||||||||||||||||||
The following table summarizes the Company’s stock option activity (number of options in thousands): | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||||
Options | Exercise | Options | Exercise | Options | Exercise | |||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding: | ||||||||||||||||||||||
Beginning of year | 32 | $ | 18.03 | 32 | $ | 18.03 | 32 | $ | 18.03 | |||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | — | — | — | ||||||||||||||||
Expired | (5 | ) | 17.87 | — | — | — | — | |||||||||||||||
End of year | 27 | $ | 18.06 | 32 | $ | 18.03 | 32 | $ | 18.03 | |||||||||||||
Vested and expected to vest | 27 | 32 | 32 | |||||||||||||||||||
Exercisable: | ||||||||||||||||||||||
End of year | 27 | 28 | 24 | |||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||
The following table summarizes information concerning stock options outstanding and exercisable at December 31, 2013 (number of options in thousands): | ||||||||||||||||||||||
Ranges of Exercise Prices | Options Outstanding | Options Exercisable | ||||||||||||||||||||
Number of Options | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||||||||||||
$11.92 | 4 | 4.56 | $ | 11.92 | 4 | $ | 11.92 | |||||||||||||||
$18.92 | 19 | 3.16 | 18.92 | 19 | 18.92 | |||||||||||||||||
$20.58 | 4 | 0.58 | 20.58 | 4 | 20.58 | |||||||||||||||||
Total | 27 | 2.97 | $ | 18.06 | 27 | $ | 18.23 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||||||||
RSU activity is presented below (number of RSUs in thousands): | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||||
RSUs | Grant-date | RSUs | Grant-date | RSUs | Grant-date | |||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||
Outstanding: | ||||||||||||||||||||||
Beginning of year | 193 | $ | 15.98 | 129 | $ | 16.03 | 101 | $ | 15.79 | |||||||||||||
Granted | 67 | 13.07 | 92 | 15.88 | 43 | 16.7 | ||||||||||||||||
Vested | (114 | ) | 15.88 | (28 | ) | 15.85 | (15 | ) | 15.49 | |||||||||||||
End of year | 146 | $ | 14.72 | 193 | $ | 15.98 | 129 | $ | 16.03 | |||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | ' | |||||||||||||||||||||
RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands): | ||||||||||||||||||||||
Vesting Date | Expected to Vest | Not Expected to Vest | Total | |||||||||||||||||||
January 1, 2015 | 9 | 29 | 38 | |||||||||||||||||||
January 1, 2016 | 23 | 24 | 47 | |||||||||||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block] | ' | |||||||||||||||||||||
The following table summarizes pre-tax share-based compensation expense recognized (in thousands): | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Stock options | $ | 3 | $ | 10 | $ | 20 | ||||||||||||||||
Restricted stock units | 740 | 1,160 | 941 | |||||||||||||||||||
Total | $ | 743 | $ | 1,170 | $ | 961 | ||||||||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies, and Concentrations (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||
Future minimum lease payments for operating leases (excluding related party leases as detailed in Note 2) with initial or remaining noncancellable lease terms in excess of one year are as follows (in thousands): | ||||||
2014 | $ | 2,659 | ||||
2015 | 2,390 | |||||
2016 | 1,630 | |||||
2017 | 1,279 | |||||
2018 | 917 | |||||
Thereafter | 1,835 | |||||
Schedule Of Percentage Of Cash and Cash Equivalents Reported By Region | ' | |||||
See the following table for the percentage of cash and cash equivalents by region at December 31, 2013 and December 31, 2012: | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Asia | 30 | % | 17 | % | ||
United States | 25 | % | 18 | % | ||
Israel | 16 | % | 38 | % | ||
Europe | 16 | % | 16 | % | ||
United Kingdom | 7 | % | 11 | % | ||
Canada | 6 | % | — | |||
Total | 100 | % | 100 | % |
Segment_and_Geographic_Data_Ta
Segment and Geographic Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment and Geographic Data [Line Items] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
The following table sets forth reporting segment information (in thousands): | ||||||||||||||||||||
Foil Technology | Force | Weighing and | Corporate/ | Total | ||||||||||||||||
Products | Sensors | Control Systems | Other | |||||||||||||||||
2013 | ||||||||||||||||||||
Net third-party revenues | $ | 97,045 | $ | 64,846 | $ | 78,384 | $ | — | $ | 240,275 | ||||||||||
Intersegment revenues | 1,989 | 2,140 | 1,175 | (5,304 | ) | — | ||||||||||||||
Gross profit | 37,156 | 14,023 | 32,676 | — | 83,855 | |||||||||||||||
Segment operating income (loss) | 19,792 | 4,905 | 10,438 | (27,133 | ) | 8,002 | ||||||||||||||
Acquisition costs | — | — | 794 | — | 794 | |||||||||||||||
Restructuring costs | 388 | — | 150 | — | 538 | |||||||||||||||
Depreciation and amortization expense | 5,371 | 3,577 | 1,980 | 1,062 | 11,990 | |||||||||||||||
Capital expenditures | 3,353 | 2,485 | 704 | 206 | 6,748 | |||||||||||||||
Total assets | 84,325 | 68,498 | 108,285 | 30,996 | 292,104 | |||||||||||||||
2012 | ||||||||||||||||||||
Net third-party revenues | $ | 105,207 | $ | 65,787 | $ | 46,622 | $ | — | $ | 217,616 | ||||||||||
Intersegment revenues | 1,442 | 2,732 | 2,530 | (6,704 | ) | — | ||||||||||||||
Gross profit | 42,848 | 13,483 | 18,701 | — | 75,032 | |||||||||||||||
Segment operating income (loss) | 25,467 | 4,504 | 5,983 | (24,863 | ) | 11,091 | ||||||||||||||
Acquisition costs | — | — | 275 | — | 275 | |||||||||||||||
Depreciation and amortization expense | 5,850 | 3,707 | 849 | 1,255 | 11,661 | |||||||||||||||
Capital expenditures | 4,333 | 3,307 | 422 | 260 | 8,322 | |||||||||||||||
Total assets | 118,893 | 61,040 | 54,789 | 28,451 | 263,173 | |||||||||||||||
2011 | ||||||||||||||||||||
Net third-party revenues | $ | 112,176 | $ | 71,533 | $ | 54,398 | $ | — | $ | 238,107 | ||||||||||
Intersegment revenues | 2,078 | 2,467 | 3,600 | (8,145 | ) | — | ||||||||||||||
Gross profit | 48,807 | 13,654 | 20,650 | — | 83,111 | |||||||||||||||
Segment operating income (loss) | 30,870 | 4,231 | 8,009 | (26,846 | ) | 16,264 | ||||||||||||||
Depreciation and amortization expense | 5,380 | 4,026 | 842 | 1,073 | 11,321 | |||||||||||||||
Capital expenditures | 6,411 | 7,978 | 1,610 | 292 | 16,291 | |||||||||||||||
Total assets | 103,358 | 77,220 | 52,528 | 23,499 | 256,605 | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||||||
The “Corporate/Other” column for segment operating income (loss) includes unallocated selling, general, and administrative expenses and certain items which management excludes from segment results when evaluating segment performance, as follows (in thousands): | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Unallocated selling, general, and administrative expenses | $ | (28,465 | ) | $ | (25,138 | ) | $ | (26,846 | ) | |||||||||||
Acquisition costs | 794 | 275 | — | |||||||||||||||||
Restructuring costs | 538 | — | — | |||||||||||||||||
$ | (27,133 | ) | $ | (24,863 | ) | $ | (26,846 | ) | ||||||||||||
Sales Revenue, Segment [Member] | ' | |||||||||||||||||||
Segment and Geographic Data [Line Items] | ' | |||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||||||||||||||
The following geographic data include net revenues based on revenues generated by subsidiaries located within that geographic area, and property and equipment based on physical location (in thousands): | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
Net Revenues | 2013 | 2012 | 2011 | |||||||||||||||||
United States | $ | 86,897 | $ | 92,807 | $ | 93,638 | ||||||||||||||
United Kingdom | 32,915 | 29,582 | 30,281 | |||||||||||||||||
Other Europe | 53,691 | 54,212 | 67,305 | |||||||||||||||||
Israel | 2,226 | 3,708 | 4,861 | |||||||||||||||||
Asia | 32,410 | 36,177 | 41,183 | |||||||||||||||||
Canada | 32,136 | 1,130 | 839 | |||||||||||||||||
$ | 240,275 | $ | 217,616 | $ | 238,107 | |||||||||||||||
Property Plant And Equipment Segment [Member] | ' | |||||||||||||||||||
Segment and Geographic Data [Line Items] | ' | |||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
Property and Equipment - Net | 2013 | 2012 | ||||||||||||||||||
United States | $ | 6,209 | $ | 6,923 | ||||||||||||||||
United Kingdom | 6,075 | 5,891 | ||||||||||||||||||
Other Europe | 2,018 | 2,261 | ||||||||||||||||||
Israel | 16,394 | 17,795 | ||||||||||||||||||
Asia | 16,439 | 18,905 | ||||||||||||||||||
Canada | 2,188 | 317 | ||||||||||||||||||
$ | 49,323 | $ | 52,092 | |||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 4,291 | $ | 11,691 | $ | 10,771 | ||||||
Adjustment to the numerator for net earnings: | ||||||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 15 | 30 | 20 | |||||||||
Numerator for diluted earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 4,306 | $ | 11,721 | $ | 10,791 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share: | ||||||||||||
Weighted average shares | 13,563 | 13,367 | 13,343 | |||||||||
Effect of dilutive securities: | ||||||||||||
Exchangeable notes | 311 | 441 | 441 | |||||||||
Employee stock options | 1 | 1 | 1 | |||||||||
Restricted stock units | 69 | 80 | 49 | |||||||||
Dilutive potential common shares | 381 | 522 | 491 | |||||||||
Denominator for diluted earnings per share: | ||||||||||||
Adjusted weighted average shares | 13,944 | 13,889 | 13,834 | |||||||||
Basic earnings per share attributable to VPG stockholders | $ | 0.32 | $ | 0.87 | $ | 0.81 | ||||||
Diluted earnings per share attributable to VPG stockholders | $ | 0.31 | $ | 0.84 | $ | 0.78 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average employee stock options | 23 | 28 | 28 | |||||||||
Weighted average warrants | — | — | 630 | |||||||||
Additional_Financial_Statement1
Additional Financial Statement Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Schedule of Other Nonoperating Income (Expense) | ' | |||||||||||
The caption “Other” on the consolidated statements of operations consists of the following (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign exchange loss | $ | (1,667 | ) | $ | (285 | ) | $ | (1,319 | ) | |||
Interest income | 266 | 633 | 714 | |||||||||
Other | (178 | ) | (649 | ) | (273 | ) | ||||||
$ | (1,579 | ) | $ | (301 | ) | $ | (878 | ) | ||||
Schedule of Accrued Liabilities | ' | |||||||||||
Other accrued expenses consist of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Customer advance payments | $ | 6,099 | $ | 846 | ||||||||
Goods received, not yet invoiced | 2,067 | 1,746 | ||||||||||
Accrued taxes, other than income taxes | 1,874 | 2,048 | ||||||||||
Accrued commissions | 1,614 | 300 | ||||||||||
Accrued professional fees | 1,415 | 1,339 | ||||||||||
Other | 2,745 | 2,220 | ||||||||||
$ | 15,814 | $ | 8,499 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands): | ||||||||||||||||
As of December 31, 2013 | Fair value measurements at reporting date using: | |||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 4,678 | $ | 1,087 | $ | 3,591 | $ | — | ||||||||
As of December 31, 2012 | Fair value measurements at reporting date using: | |||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 4,299 | $ | 1,102 | $ | 3,197 | $ | — | ||||||||
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information (Unaudited) | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2013 (a) | 2012 (a) | ||||||||||||||||||||||||||||||
First (recast) (c) | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Statement of Operations data: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 57,461 | $ | 62,837 | $ | 57,729 | $ | 62,248 | $ | 55,844 | $ | 55,332 | $ | 55,430 | $ | 51,010 | ||||||||||||||||
Gross profit | 19,969 | 21,560 | 19,243 | 23,083 | 18,880 | 19,851 | 18,739 | 17,562 | ||||||||||||||||||||||||
Operating income | 1,297 | 2,787 | 602 | 3,316 | 2,364 | 4,090 | 3,093 | 1,544 | ||||||||||||||||||||||||
Net earnings | 436 | 1,290 | 1,455 | 1,166 | 1,634 | 3,004 | 1,912 | 5,214 | ||||||||||||||||||||||||
Less: net earnings (loss) attributable to noncontrolling interests | 49 | (20 | ) | (11 | ) | 38 | 11 | 43 | (30 | ) | 49 | |||||||||||||||||||||
Net earnings attributable to VPG stockholders | 387 | 1,310 | 1,466 | 1,128 | 1,623 | 2,961 | 1,942 | 5,165 | ||||||||||||||||||||||||
Per Share Data: (b) | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.08 | $ | 0.12 | $ | 0.22 | $ | 0.15 | $ | 0.39 | ||||||||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.09 | $ | 0.11 | $ | 0.08 | $ | 0.12 | $ | 0.21 | $ | 0.14 | $ | 0.37 | ||||||||||||||||
Certain Items Recorded during the Quarters: | ||||||||||||||||||||||||||||||||
Acquisition purchase accounting adjustments | $ | 1,238 | $ | 2,260 | $ | 903 | $ | 454 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Acquisition costs | $ | 487 | $ | 208 | $ | 57 | $ | 42 | $ | — | $ | — | $ | — | $ | 275 | ||||||||||||||||
Restructuring costs | $ | 388 | $ | — | $ | 99 | $ | 51 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Tax effect of purchase accounting adjustments, acquisition cost adjustments, restructuring cost adjustments, and discrete tax items | $ | (692 | ) | $ | (654 | ) | $ | (1,297 | ) | $ | 792 | $ | — | $ | — | $ | — | $ | (3,396 | ) | ||||||||||||
(a) | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | |||||||||||||||||||||||||||||||
(b) | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. | |||||||||||||||||||||||||||||||
(c) | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Minimum Ownership Of Fully Controlled Entities | 100.00% | ' | ' |
Research and Development Expense | $9.30 | $6.40 | $6.80 |
Recognized Tax Benefit To Be Realized Upon Ultimate Settlement | 'greater than 50 percent likely to be realized | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 0.2 | 0.2 | ' |
Provision for Doubtful Accounts | 0.2 | 0.2 | 0.3 |
Depreciation | 9 | 8.8 | 8.2 |
Derivative, Gain on Derivative | ' | 0.1 | ' |
Derivative, Loss on Derivative | ' | ' | 0.6 |
Machinery and Equipment | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Machinery and Equipment | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Building and Building Improvements | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Building and Building Improvements | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Software | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciation | $0.90 | $0.70 | $0.40 |
Software | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Software | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Patented Technology | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years | ' | ' |
Patented Technology | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' |
Customer Relationships | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '18 years | ' | ' |
Customer Relationships | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Customer Relationships | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '18 years | ' | ' |
Trade Names | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years | ' | ' |
Trade Names | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Non-competition agreements | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Non-competition agreements | Minimum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Non-competition agreements | Maximum | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Related Party Transaction [Line Items] | ' |
2014 | $2,659 |
2015 | 2,390 |
Vishay Intertechnology | ' |
Related Party Transaction [Line Items] | ' |
2014 | 129 |
2015 | $65 |
Related_Party_Transactions_Det1
Related Party Transactions (Details 1) (Vishay Intertechnology, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Vishay Intertechnology | ' |
Related Party Transaction [Line Items] | ' |
2014 | $39 |
2015 | $19 |
Related_Party_Transactions_Det2
Related Party Transactions (Details Textual) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Japan | Israel | United States | ||
Vishay Intertechnology | Vishay Intertechnology | Vishay Intertechnology | ||
facility | facility | facility | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Manufacturing Facility | ' | 1 | 1 | 1 |
Transactions with Vishay Intertechnology | $0.40 | ' | ' | ' |
Acquisition_Activity_Narrative
Acquisition Activity (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Patents and Acquired Technology | Non-competition agreements | Customer Relationships | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | Interest Expense | Amortization of Intangible Assets | Acquisition-related Costs | Fair Value Adjustment to Inventory and Advance Customer Payments | |
USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $49,000 | 49,000 | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets, weighted average useful lives | '17 years | '5 years | '18 years | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of goodwill | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' |
Pro Forma net income (loss) | ' | ' | ' | ' | ' | ' | $10,534 | $800 | $900 | $800 | $4,900 |
Acquisition_Activity_Schedule_
Acquisition Activity (Schedule of Revenues and Earnings) (Details) (George Kelk Corporation (KELK), USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
George Kelk Corporation (KELK) | ' | |
Business Acquisition [Line Items] | ' | |
Net revenues | $31,114 | |
Net loss attributable to VPG stockholders | ($1,323) | [1] |
[1] | The net loss attributable to VPG stockholders includes the effect of purchase accounting adjustments, acquisition costs, restructuring costs, and intercompany interest expense. |
Acquisition_Activity_Schedule_1
Acquisition Activity (Schedule of Assets Acquired and Liabilities Assumed) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
In Thousands, unless otherwise specified | USD ($) | USD ($) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | |
USD ($) | CAD | Trade Names | Patents and Acquired Technology | Non-competition agreements | Customer Relationships | ||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Working capital | ' | ' | $7,400 | [1] | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | 2,100 | ' | ' | ' | ' | ' | |
Intangible assets: | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intangible assets | ' | ' | 19,300 | ' | 1,600 | 5,300 | 200 | 12,200 | |
Fair value of acquired identifiable assets | ' | ' | 28,800 | ' | ' | ' | ' | ' | |
Purchase price | ' | ' | 49,000 | 49,000 | ' | ' | ' | ' | |
Goodwill | $18,880 | $0 | $20,200 | ' | ' | ' | ' | ' | |
[1] | Working capital accounts include accounts receivable, inventory, prepaid expenses and other current assets, net deferred tax assets, trade accounts payable, accrued payroll, other accrued expenses, and non-current deferred tax liability. |
Acquisition_Activity_Schedule_2
Acquisition Activity (Schedule of Acquisition Costs) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition costs | $42 | [1] | $57 | [1] | $208 | [1] | $487 | [1],[2] | $275 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $794 | $275 | $0 |
George Kelk Corporation (KELK) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 794 | 275 | 0 | ||||||||
Accounting and Legal Fees | George Kelk Corporation (KELK) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 652 | 184 | 0 | ||||||||
Appraisal Fees | George Kelk Corporation (KELK) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 20 | 0 | ||||||||
Other | George Kelk Corporation (KELK) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | $58 | $71 | $0 | ||||||||
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Acquisition_Activity_Pro_Forma
Acquisition Activity (Pro Forma Information) (Details) (George Kelk Corporation (KELK), USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
George Kelk Corporation (KELK) | ' |
Business Acquisition [Line Items] | ' |
Pro forma net revenues | $247,200 |
Pro forma net earnings attributable to VPG stockholders | $10,534 |
Pro forma basic earnings per share attributable to VPG stockholders (in dollars per share) | $0.79 |
Pro forma diluted earnings per share attributable to VPG stockholders (in dollars per share) | $0.76 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Summary of Goodwill Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2013 | $0 |
Goodwill acquired in the KELK acquisition | 20,200 |
Foreign currency translation adjustment | -1,320 |
Balance at December 31, 2013 | 18,880 |
Weighing and Control Systems | ' |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2013 | 0 |
Goodwill acquired in the KELK acquisition | 20,200 |
Foreign currency translation adjustment | -1,320 |
Balance at December 31, 2013 | $18,880 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization (Definite-lived) | $41,690 | $27,151 |
Accumulated amortization | -20,728 | -19,142 |
Net intangible assets subject to amortization | 20,962 | 8,009 |
Intangible assets not subject to amortization (Indefinite-lived) | 1,496 | 0 |
Intangible assets, net | 22,458 | 8,009 |
Patented Technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization (Definite-lived) | 9,026 | 4,104 |
Accumulated amortization | -3,240 | -2,908 |
Customer Relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization (Definite-lived) | 17,897 | 6,587 |
Accumulated amortization | -5,750 | -4,736 |
Trade Names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization (Definite-lived) | 1,846 | 1,998 |
Accumulated amortization | -1,719 | -1,736 |
Non-competition agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization (Definite-lived) | 12,921 | 14,462 |
Accumulated amortization | ($10,019) | ($9,762) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $2,580 |
2015 | 2,255 |
2016 | 1,540 |
2017 | 1,544 |
2018 | $1,308 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of goodwill | $0 | ' | ' | ' |
Impairment of indefinite-lived intangible assets | 0 | ' | ' | ' |
Amortization of Intangible Assets | ' | 3,000,000 | 2,800,000 | 3,100,000 |
Other Liabilities Non Compete Agreements | 600,000 | 600,000 | 1,000,000 | ' |
George Kelk Corporation (KELK) | ' | ' | ' | ' |
Goodwill and Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | $900,000 | ' | ' |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
program | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring costs | $51 | [1] | $99 | [1] | $0 | [1] | $388 | [1],[2] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $538 | $0 | $0 |
Number of programs implemented | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ||||||||
Employee Severance and Statutory Retirement Allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | ||||||||
Kelk | Employee Severance and Statutory Retirement Allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ||||||||
Japan | Employee Severance and Statutory Retirement Allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Statutory retirement allowance, number of employees covered | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ||||||||
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | ($4,857) | ($2,105) | ($838) |
Foreign | 10,258 | 12,629 | 15,948 |
Income before taxes | $5,401 | $10,524 | $15,110 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $41 | ($40) | $829 |
State and local | 156 | 220 | 39 |
Foreign | 3,181 | 3,451 | 5,409 |
Current Income Tax Expense (Benefit) | 3,378 | 3,631 | 6,277 |
Deferred: | ' | ' | ' |
Federal | 425 | -394 | -918 |
State and local | -41 | -78 | 190 |
Foreign | -2,708 | -4,399 | -1,233 |
Deferred Income Tax Expense (Benefit) | -2,324 | -4,871 | -1,961 |
Total income tax expense (benefit) | $1,054 | ($1,240) | $4,316 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at statutory rate | $1,890 | $3,683 | $5,288 |
State income taxes, net of U.S. federal tax benefit | 76 | 94 | 149 |
Effect of foreign operations | -395 | -1,627 | -3,437 |
Change in valuation allowance | 2,113 | -3,163 | 1,910 |
Change in unrecognized tax benefits, net | 150 | 45 | 475 |
Tax credits | -1,809 | -427 | -462 |
Statutory rate changes | -1,324 | 220 | 391 |
Other | 353 | -65 | 2 |
Total income tax expense (benefit) | $1,054 | ($1,240) | $4,316 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Pension and other postretirement costs | $4,240 | $5,014 |
Inventories | 2,122 | 2,190 |
Net operating loss carryforwards | 7,555 | 5,116 |
Tax credit carryforwards | 3,096 | 1,419 |
Deferred compensation | 1,993 | 2,207 |
Other accruals and reserves | 3,252 | 2,269 |
Total gross deferred tax assets | 22,258 | 18,215 |
Less: valuation allowance | -5,249 | -2,790 |
Deferred Tax Assets, Net of Valuation Allowance | 17,009 | 15,425 |
Deferred tax liabilities: | ' | ' |
Tax over book depreciation | -645 | -611 |
Intangible assets, including tax deductible goodwill | -1,574 | -1,026 |
Total gross deferred tax liabilities | -2,219 | -1,637 |
Net deferred tax assets | $14,790 | $13,788 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Belgium | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 'No expiration | ' |
Operating Loss Carryforwards | $535 | $518 |
Canada | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '2034 | ' |
Operating Loss Carryforwards | 348 | 0 |
Israel | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 'No expiration | ' |
Operating Loss Carryforwards | 3,899 | 2,556 |
Netherlands | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '2021 | ' |
Operating Loss Carryforwards | 183 | 271 |
United Kingdom | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 'No expiration | ' |
Operating Loss Carryforwards | 0 | 427 |
Federal | United States | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '2034 | ' |
Operating Loss Carryforwards | 571 | 0 |
State and Local Jurisdiction | United States | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '2023 | ' |
Operating Loss Carryforwards | $1,943 | $1,260 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Valuation Allowance | $5,249 | $2,790 |
Belgium | ' | ' |
Valuation Allowance | 535 | 520 |
Netherlands | ' | ' |
Valuation Allowance | 183 | 271 |
United States | ' | ' |
Valuation Allowance | $4,450 | $1,913 |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $1,101 | $1,431 | $956 |
Addition based on tax positions related to current year | 53 | 198 | 475 |
Addition based on tax positions related to prior years | 78 | 99 | 0 |
Currency translation adjustments | 38 | 0 | 0 |
Reduction for lapses of statute of limitations | -78 | -627 | 0 |
Balance before indemnification receivable | 1,192 | 1,101 | 1,431 |
Receivable from Vishay Intertechnology for indemnification | -350 | -338 | -914 |
Balance at end of year | $842 | $763 | $517 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | $3,096,000 | $1,419,000 | ' | ' |
Valuation Allowance | 5,249,000 | 2,790,000 | ' | ' |
Valuation Allowance, change in amount | 2,400,000 | -7,100,000 | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | 103,500,000 | 87,400,000 | ' | ' |
Unremitted Earnings Withholding Taxes | 12,100,000 | ' | ' | ' |
Income Taxes Paid, Net | 3,400,000 | 5,000,000 | 8,500,000 | ' |
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued Income Tax Indemnification Receivable | 700,000 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 500,000 | 500,000 | 100,000 | ' |
Income Tax Examination, Penalties and Interest Accrued in Current Income Tax Indemnification Receivable | 400,000 | 400,000 | 100,000 | ' |
Unrecognized Tax Benefits | 1,192,000 | 1,101,000 | 1,431,000 | 956,000 |
Minimum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Expected Change In Unrecognized Tax Benefits | 100,000 | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Expected Change In Unrecognized Tax Benefits | 300,000 | ' | ' | ' |
State and Local Jurisdiction | Minimum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Statutes Of Limitations Range | '3 years | ' | ' | ' |
State and Local Jurisdiction | Maximum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Statutes Of Limitations Range | '4 years | ' | ' | ' |
Foreign Tax Authority | Minimum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Statutes Of Limitations Range | '3 years | ' | ' | ' |
Foreign Tax Authority | Maximum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Statutes Of Limitations Range | '10 years | ' | ' | ' |
U.S. Foreign Tax Credit Carryforward | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Valuation Allowance | 2,000,000 | ' | ' | ' |
Valuation Allowance, change in amount | $2,000,000 | ' | ' | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Exchangeable unsecured notes, due 2102 | $4,097 | $9,958 | ||
Other debt | 976 | 1,363 | ||
Long-Term Debt | 27,073 | 11,321 | ||
Less current portion | 4,137 | 167 | ||
Long-term debt, less current portion | 22,936 | 11,154 | ||
2013 Credit Agreement - revolving facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured debt | 0 | 0 | ||
2013 Credit Agreement - U.S. term facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured debt | 8,000 | 0 | ||
2013 Credit Agreement - Canadian term facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured debt | 14,000 | 0 | ||
2010 Credit Agreement - revolving facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured debt | 0 | [1] | 0 | [1] |
Israeli Credit Agreement - revolving facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured debt | $0 | $0 | ||
[1] | Through December 31, 2012, multi-currency revolving facility with interest payable at agent's prime rate, the Federal Funds rate or LIBOR, adjusted by an interest rate margin of 0.00% to 2.75% per annum, depending on the Company's leverage ratio. This facility was amended and restated on JanuaryB 29, 2013, as described below. |
LongTerm_Debt_Maturity_of_Long
Long-Term Debt (Maturity of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $4,137 |
2015 | 5,137 |
2016 | 6,137 |
2017 | 7,137 |
2018 | 137 |
Thereafter | $4,388 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 29, 2013 | Aug. 28, 2013 | Jul. 06, 2010 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 29, 2013 | Dec. 31, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | Aug. 28, 2013 | Dec. 31, 2013 | |
Other Debt | Revolving Credit Facility | Swing Loans | Letter Of Credit | Foreign Revolving Facility | Foreign Revolving Facility | Foreign Revolving Facility | Domestic Term Facility | Foreign Term Facility | Domestic Revolving Facility | Other Lines of Credit | Other Lines of Credit | 2013 Credit Agreement | 2013 Credit Agreement | Exchangeable Unsecured Notes due 2012 | Exchangeable Unsecured Notes due 2012 | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | ||||
Line of Credit | Line of Credit | Unsecured Debt | Unsecured Debt | Foreign Revolving Facility | Foreign Revolving Facility | 2010 Credit Agreement | 2010 Credit Agreement | 2010 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | Exchangeable Unsecured Notes due 2012 | Exchangeable Unsecured Notes due 2012 | ||||||||||||||||
Domestic Line of Credit | Minimum | Maximum | Minimum | Maximum | Unsecured Debt | Unsecured Debt | ||||||||||||||||||||||||
Domestic Line of Credit | Domestic Line of Credit | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' |
Interest rate in addition to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.15% | ' | ' | 0.00% | 2.75% | 0.25% | ' | 2.00% | 3.00% | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $15,000,000 | $5,000,000 | $10,000,000 | $15,000,000 | ' | ' | $10,000,000 | $15,000,000 | $10,000,000 | $4,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | 30-Nov-14 | ' | ' | ' | ' | ' | ' | ' | 29-Jan-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | ' | ' | ' | ' | 0.30% | 0.50% | ' | ' |
Debt Instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | ' | ' | ' | ' | 2.75% | ' | ' | ' | 0.25% |
Minimum tangible net worth | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required cumulative net earnings percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charges coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum tangible net worth ratio | ' | ' | ' | ' | ' | ' | ' | 0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable unsecured notes, due 2102 | 4,097,000 | 9,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Dec-02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable Notes Conversion Price Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes exchanged for common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of exchangeable notes to common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259,687 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock the notes are exchangeable into (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | $700,000 | $200,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Pension and other postretirement actuarial items, Begining Balance | ' | ($3,940) | ($2,931) | ($1,487) |
Pension and other postretirement actuarial items, Before-Tax Amount | 1,888 | -1,474 | -2,104 | ' |
Pension and other postretirement actuarial items, Tax Effect | -353 | 355 | 623 | ' |
Pension and other postretirement actuarial items, Net-of-Tax Amount | 1,535 | -1,119 | -1,481 | ' |
Pension and other postretirement actuarial items, Ending Balance | -2,405 | -4,050 | -2,968 | ' |
Reclassification adjustment for recognition of actuarial items, Before-Tax Amount | 191 | 161 | 61 | ' |
Reclassification adjustment for recognition of actuarial items, Tax Effect | -52 | -51 | -24 | ' |
Reclassification adjustment for recognition of actuarial items, Net-of-Tax Amount | 139 | 110 | 37 | ' |
Reclassification adjustment for recognition of actuarial items, Ending Balance | 139 | 110 | 37 | ' |
Foreign Currency translation adjustment, Beginning Balance | -11,043 | -11,042 | -9,098 | ' |
Foreign Currency translation adjustment, Before Tax Amount | -5,718 | -1 | -1,944 | ' |
Foreign Currency translation adjustment, Tax Effect | 0 | 0 | 0 | ' |
Foreign Currency translation adjustment, Net-of-Tax Amount | -5,718 | -1 | -1,944 | ' |
Foreign Currency translation adjustment, Ending Balance | -16,761 | -11,043 | -11,042 | ' |
Accumulated Other Comprehensive Income (Loss), Net Of Tax, Beginning Balance | -14,983 | -13,973 | -10,585 | ' |
Other Comprehensive Income (Loss), Before Tax Amount | -3,639 | -1,314 | -3,987 | ' |
Other comprehensive income, Tax Effect | -405 | 304 | 599 | ' |
Other comprehensive loss | -4,044 | -1,010 | -3,388 | ' |
Accumulated Other Comprehensive Income (Loss), Net Of Tax, Ending Balance | ($19,027) | ($14,983) | ($13,973) | ' |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | |
Jul. 06, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
vote | |||
Class of Stock [Line Items] | ' | ' | ' |
Common stock, number of votes | ' | 1 | ' |
Preferred stock, shares authorized | ' | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | ' | 0 | ' |
Warrants issued to purchase of common stock | 630,252 | ' | ' |
Common stock, par value (in dollars per share) | ' | $0.10 | $0.10 |
Exercise Price Range One | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Warrants issued to purchase of common stock | 500,000 | ' | ' |
Exercise price of warrants (in dollars per share) | 26.56 | ' | ' |
Exercise Price Range Two | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Warrants issued to purchase of common stock | 130,252 | ' | ' |
Exercise price of warrants (in dollars per share) | 40.23 | ' | ' |
Common Class B [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, number of votes | ' | 10 | ' |
Conversion ratio | ' | 1 | ' |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $23,308 | $19,989 | ' |
Service cost (adjusted for actual employee contributions) | 453 | 476 | 499 |
Interest cost | 860 | 865 | 894 |
Contributions by participants | 53 | 52 | 56 |
Actuarial losses (gains) | -1,356 | 2,023 | ' |
Benefits paid | -780 | -414 | ' |
Currency translation | -187 | 317 | ' |
Benefit obligation at end of year | 22,351 | 23,308 | 19,989 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 13,091 | 10,800 | ' |
Actual return on plan assets | 1,195 | 1,187 | ' |
Company contributions | 1,472 | 1,057 | ' |
Contributions by participants | 53 | 52 | 56 |
Benefits paid | -780 | -414 | ' |
Currency translation | 323 | 409 | ' |
Fair value of plan assets at end of year | 15,354 | 13,091 | 10,800 |
Defined Benefit Plan, Funded Status of Plan | -6,997 | -10,217 | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 2,687 | 2,771 | ' |
Service cost (adjusted for actual employee contributions) | 77 | 67 | 40 |
Interest cost | 114 | 101 | 124 |
Contributions by participants | 0 | 0 | 0 |
Actuarial losses (gains) | 162 | -70 | ' |
Benefits paid | -214 | -182 | ' |
Currency translation | 0 | 0 | ' |
Benefit obligation at end of year | 2,826 | 2,687 | 2,771 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Company contributions | 214 | 182 | ' |
Contributions by participants | 0 | 0 | 0 |
Benefits paid | -214 | -182 | ' |
Currency translation | 0 | 0 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | ($2,826) | ($2,687) | ' |
Pensions_and_Other_Postretirem3
Pensions and Other Postretirement Benefits (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued pension and other postretirement costs | ($10,780) | ($13,835) |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued pension and other postretirement costs | -6,997 | -10,217 |
Accumulated other comprehensive loss | 2,411 | 4,693 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -4,586 | -5,524 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued pension and other postretirement costs | -2,826 | -2,687 |
Accumulated other comprehensive loss | 639 | 499 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ($2,187) | ($2,188) |
Pensions_and_Other_Postretirem4
Pensions and Other Postretirement Benefits (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized net actuarial loss | $2,402 | $4,683 |
Unrecognized prior service cost | 3 | 3 |
Unamortized transition obligation | 6 | 7 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 2,411 | 4,693 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized net actuarial loss | 639 | 499 |
Unrecognized prior service cost | 0 | 0 |
Unamortized transition obligation | 0 | 0 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $639 | $499 |
Pensions_and_Other_Postretirem5
Pensions and Other Postretirement Benefits (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Accumulated benefit obligation, all plans | $20,947 | $21,884 |
Plans for which the accumulated benefit obligation exceeds plan assets: | ' | ' |
Projected benefit obligation | 21,447 | 23,095 |
Accumulated benefit obligation | 20,390 | 21,791 |
Fair value of plan assets | $14,623 | $12,935 |
Pensions_and_Other_Postretirem6
Pensions and Other Postretirement Benefits (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Annual service cost | $506 | $528 | $555 |
Less employee contributions | 53 | 52 | 56 |
Net service cost | 453 | 476 | 499 |
Interest cost | 860 | 865 | 894 |
Expected return on plan assets | -605 | -595 | -608 |
Amortization of actuarial losses | 166 | 95 | 4 |
Amortization of transition obligation | 4 | 1 | 0 |
Net periodic benefit cost | 878 | 842 | 789 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Annual service cost | 77 | 67 | 40 |
Less employee contributions | 0 | 0 | 0 |
Net service cost | 77 | 67 | 40 |
Interest cost | 114 | 101 | 124 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses | 23 | 37 | 30 |
Amortization of transition obligation | 0 | 28 | 27 |
Net periodic benefit cost | $214 | $233 | $221 |
Pensions_and_Other_Postretirem7
Pensions and Other Postretirement Benefits (Details 5) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.22% | 3.85% |
Rate of compensation increase | 3.56% | 2.67% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.57% | 3.68% |
Pensions_and_Other_Postretirem8
Pensions and Other Postretirement Benefits (Details 6) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 3.85% | 4.24% |
Rate of compensation increase | 2.67% | 2.56% |
Expected return on plan assets | 4.65% | 5.11% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 3.68% | 4.15% |
Health care trend rate | 5.08% | 5.07% |
Pensions_and_Other_Postretirem9
Pensions and Other Postretirement Benefits (Details 7) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Pension Plan, Defined Benefit [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 48.00% | 44.00% |
Pension Plan, Defined Benefit [Member] | Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% | 41.00% |
Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 19.00% | 15.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Recovered_Sheet1
Pensions and Other Postretirement Benefits (Details 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | $7,312 | $5,719 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 7,312 | 5,719 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 0 | 0 |
Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 5,010 | 5,346 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 5,010 | 5,346 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 0 | 0 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 3,033 | 2,026 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 3,033 | 2,026 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plan assets | $0 | $0 |
Recovered_Sheet2
Pensions and Other Postretirement Benefits (Details 9) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $652 |
2015 | 736 |
2016 | 818 |
2017 | 679 |
2018 | 716 |
2019-2023 | 4,154 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 149 |
2015 | 185 |
2016 | 178 |
2017 | 197 |
2018 | 172 |
2019-2023 | $1,085 |
Recovered_Sheet3
Pensions and Other Postretirement Benefits (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Ultimate health care cost trend rate | 5.00% | ' | ' |
Defined benefit plan, employer contribution in 2014 | $1,400,000 | ' | ' |
Accrued pension and other postretirement costs | 10,780,000 | 13,835,000 | ' |
Defined contribution plan matching expense | 700,000 | 900,000 | 900,000 |
United States Pension Plans of US Entity, Defined Benefit | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Assets Held-in-trust, Noncurrent | 1,600,000 | 1,800,000 | ' |
Non qualified pension plan liabilities | 1,800,000 | 1,800,000 | ' |
Other Retirement Obligations | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Other retirement obligations | 1,000,000 | 900,000 | ' |
Non Qualified Deferred Compensation Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Assets Held-in-trust, Noncurrent | 3,100,000 | 2,500,000 | ' |
Accrued pension and other postretirement costs | $3,500,000 | $3,100,000 | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number of Options, Beginning of year | 32 | 32 | 32 |
Number of Options, Granted | 0 | 0 | 0 |
Number of Options, Exercised | 0 | 0 | 0 |
Number of Options, Expired | -5 | 0 | 0 |
Number of Options, End of Year | 27 | 32 | 32 |
Number of Options, Vested and expected to vest | 27 | 32 | 32 |
Number of Options Exercisable, End of Year | 27 | 28 | 24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Weighted Average Exercise Price, Beginning of year (in dollars per share) | $18.03 | $18.03 | $18.03 |
Weighted Average Exercise Price, Granted (in dollars per share) | $0 | $0 | $0 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $0 | $0 | $0 |
Weighted Average Exercise Price, Expired (in dollars per share) | $17.87 | $0 | $0 |
Weighted Average Exercise Price, End of year (in dollars per share) | $18.06 | $18.03 | $18.03 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Number of Options | 27 | 32 | 32 | 32 |
Options outstanding, weighted average remaining contractual life | '2 years 11 months 19 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $18.06 | $18.03 | $18.03 | $18.03 |
Options exercisable, number of options | 27 | 28 | 24 | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $18.23 | ' | ' | ' |
Stock Options One | ' | ' | ' | ' |
Number of Options | 4 | ' | ' | ' |
Options outstanding, weighted average remaining contractual life | '4 years 6 months 22 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $11.92 | ' | ' | ' |
Options exercisable, number of options | 4 | ' | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $11.92 | ' | ' | ' |
Stock Options Two | ' | ' | ' | ' |
Number of Options | 19 | ' | ' | ' |
Options outstanding, weighted average remaining contractual life | '3 years 1 month 28 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $18.92 | ' | ' | ' |
Options exercisable, number of options | 19 | ' | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $18.92 | ' | ' | ' |
Stock Options Three | ' | ' | ' | ' |
Number of Options | 4 | ' | ' | ' |
Options outstanding, weighted average remaining contractual life | '6 months 29 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $20.58 | ' | ' | ' |
Options exercisable, number of options | 4 | ' | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $20.58 | ' | ' | ' |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 2) (Restricted Stock Units (Rsus), USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (Rsus) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Number of RSUs Balance of Beginning of Year | 193,000 | 129,000 | 101,000 |
Number of RSUs Granted | 67,000 | 92,000 | 43,000 |
Number of RSUs Vested | -114,000 | -28,000 | -15,000 |
Number of RSUs Balance of End of Year | 146,000 | 193,000 | 129,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Weighted Average Grant-date Fair Value balance of begining year (in dollars per share) | $15.98 | $16.03 | $15.79 |
Weighted Average Grant-date Fair Value Granted (in dollars per share) | $13.07 | $15.88 | $16.70 |
Weighted Average Grant-date Fair Value Vested (in dollars per share) | $15.88 | $15.85 | $15.49 |
Weighted Average Grant-date Fair Value balance of ending of year (in dollars per share) | $14.72 | $15.98 | $16.03 |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details 3) (Performance Based Restricted Stock Units) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Vesting on January 1, 2015 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected to Vest | 9 |
Not Expected to Vest | 29 |
Total | 38 |
Vesting on January 1, 2016 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected to Vest | 23 |
Not Expected to Vest | 24 |
Total | 47 |
ShareBased_Compensation_Detail4
Share-Based Compensation (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Stock options | $3 | $10 | $20 |
Restricted stock units | 740 | 1,160 | 941 |
Total | $743 | $1,170 | $961 |
ShareBased_Compensation_Detail5
Share-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | 21-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Jan. 16, 2013 | Dec. 31, 2013 | 21-May-13 | Jan. 16, 2013 | 21-May-13 | 21-May-13 | Dec. 31, 2013 |
Restricted Stock Units 2013 Performance | Restricted Stock Units 2013 Performance | Board of Directors Chairman | Executive Officer | Independent Board Members and Non Executive Chairman | Independent Board Member | Vesting on January 1, 2016 | ||||||
people | Restricted Stock Units 2013 Performance | people | Restricted Stock Units 2013 Performance | |||||||||
people | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized (in shares) | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized (in shares) | 500,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant (in shares) | ' | 683,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-base payment award options pretax intrinsic value (in dollars per share) | ' | $14.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options exercised | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of people granted awards | ' | ' | ' | ' | ' | ' | ' | 1 | 3 | ' | 3 | ' |
Percentage Of Performance Based Units On Total Units Approved | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' |
Grant date fair value | ' | ' | ' | ' | ' | $0.80 | ' | ' | ' | $0.10 | ' | ' |
Number of RSUs Granted | ' | ' | ' | ' | ' | 63,262 | ' | ' | ' | 3,910 | ' | ' |
Number of trading days used in grant date fair value calculation | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' |
Share-based compensation arrangement, other than options, vesting conditions (in dollars per share) | ' | ' | ' | ' | ' | 'Twenty-five percent of these awards will vest on January 1, 2016 | ' | ' | ' | ' | ' | ' |
Award vesting rights (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Award vesting period | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '1 year | ' | ' |
Employee service, tax benefit from compensation expense | ' | 0.3 | 0.4 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service, compensation cost not yet recognized | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee service, period for recognition (in years) | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_and_2
Commitments, Contingencies, and Concentrations (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $2,659 |
2015 | 2,390 |
2016 | 1,630 |
2017 | 1,279 |
2018 | 917 |
Thereafter | $1,835 |
Commitments_Contingencies_and_3
Commitments, Contingencies, and Concentrations (Details 1) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 100.00% | 100.00% |
Asia | ' | ' |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 30.00% | 17.00% |
United States | ' | ' |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 25.00% | 18.00% |
Israel | ' | ' |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 16.00% | 38.00% |
Europe | ' | ' |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 16.00% | 16.00% |
United Kingdom | ' | ' |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 7.00% | 11.00% |
Canada | ' | ' |
Cash and Cash Equivalents by Region [Line Items] | ' | ' |
Percentage Of Cash And Cash Equivalents By Region | 6.00% | 0.00% |
Commitments_Contingencies_and_4
Commitments, Contingencies, and Concentrations (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 06, 2010 |
President and Chief Executive Officer [Member] | ||||
Commitments, Contingencies, and Concentrations [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | $3.80 | $3.20 | $3.90 | ' |
Employment Agreement Special Sign On Bonus | ' | ' | ' | $0.40 |
Concentration Risk, Benchmark Description | 'No single customer comprises greater than 10% of net revenues. | ' | ' | ' |
Segment_and_Geographic_Data_De
Segment and Geographic Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | $62,248 | [1] | $57,729 | [1] | $62,837 | [1] | $57,461 | [1],[2] | $51,010 | [1] | $55,430 | [1] | $55,332 | [1] | $55,844 | [1] | $240,275 | $217,616 | $238,107 |
Gross profit | 23,083 | [1] | 19,243 | [1] | 21,560 | [1] | 19,969 | [1],[2] | 17,562 | [1] | 18,739 | [1] | 19,851 | [1] | 18,880 | [1] | 83,855 | 75,032 | 83,111 |
Segment operating income (loss) | 3,316 | [1] | 602 | [1] | 2,787 | [1] | 1,297 | [1],[2] | 1,544 | [1] | 3,093 | [1] | 4,090 | [1] | 2,364 | [1] | 8,002 | 11,091 | 16,264 |
Acquisition costs | 42 | [1] | 57 | [1] | 208 | [1] | 487 | [1],[2] | 275 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 794 | 275 | 0 |
Restructuring costs | 51 | [1] | 99 | [1] | 0 | [1] | 388 | [1],[2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 538 | 0 | 0 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 11,990 | 11,661 | 11,321 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,748 | 8,322 | 16,291 | ||||||||
Total assets | 292,104 | ' | ' | ' | 263,173 | ' | ' | ' | 292,104 | 263,173 | 256,605 | ||||||||
Foil Technology Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 97,045 | 105,207 | 112,176 | ||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 37,156 | 42,848 | 48,807 | ||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,792 | 25,467 | 30,870 | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 388 | ' | ' | ||||||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,371 | 5,850 | 5,380 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,353 | 4,333 | 6,411 | ||||||||
Total assets | 84,325 | ' | ' | ' | 118,893 | ' | ' | ' | 84,325 | 118,893 | 103,358 | ||||||||
Force Sensors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 64,846 | 65,787 | 71,533 | ||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 14,023 | 13,483 | 13,654 | ||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,905 | 4,504 | 4,231 | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,577 | 3,707 | 4,026 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,485 | 3,307 | 7,978 | ||||||||
Total assets | 68,498 | ' | ' | ' | 61,040 | ' | ' | ' | 68,498 | 61,040 | 77,220 | ||||||||
Weighing and Control Systems | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 78,384 | 46,622 | 54,398 | ||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 32,676 | 18,701 | 20,650 | ||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,438 | 5,983 | 8,009 | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 794 | 275 | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ||||||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,980 | 849 | 842 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 704 | 422 | 1,610 | ||||||||
Total assets | 108,285 | ' | ' | ' | 54,789 | ' | ' | ' | 108,285 | 54,789 | 52,528 | ||||||||
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -27,133 | -24,863 | -26,846 | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,062 | 1,255 | 1,073 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 206 | 260 | 292 | ||||||||
Total assets | 30,996 | ' | ' | ' | 28,451 | ' | ' | ' | 30,996 | 28,451 | 23,499 | ||||||||
Intersegment Eliminations | Foil Technology Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,989 | 1,442 | 2,078 | ||||||||
Intersegment Eliminations | Force Sensors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,140 | 2,732 | 2,467 | ||||||||
Intersegment Eliminations | Weighing and Control Systems | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,175 | 2,530 | 3,600 | ||||||||
Intersegment Eliminations | Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($5,304) | ($6,704) | ($8,145) | ||||||||
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Segment_and_Geographic_Data_De1
Segment and Geographic Data (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unallocated selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ($74,521) | ($63,666) | ($66,847) | ||||||||
Acquisition costs | 42 | [1] | 57 | [1] | 208 | [1] | 487 | [1],[2] | 275 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 794 | 275 | 0 |
Restructuring costs | 51 | [1] | 99 | [1] | 0 | [1] | 388 | [1],[2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 538 | 0 | 0 |
Operating income | 3,316 | [1] | 602 | [1] | 2,787 | [1] | 1,297 | [1],[2] | 1,544 | [1] | 3,093 | [1] | 4,090 | [1] | 2,364 | [1] | 8,002 | 11,091 | 16,264 |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unallocated selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -28,465 | -25,138 | -26,846 | ||||||||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ($27,133) | ($24,863) | ($26,846) | ||||||||
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Segment_and_Geographic_Data_De2
Segment and Geographic Data (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | $62,248 | [1] | $57,729 | [1] | $62,837 | [1] | $57,461 | [1],[2] | $51,010 | [1] | $55,430 | [1] | $55,332 | [1] | $55,844 | [1] | $240,275 | $217,616 | $238,107 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 86,897 | 92,807 | 93,638 | ||||||||
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 32,915 | 29,582 | 30,281 | ||||||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 53,691 | 54,212 | 67,305 | ||||||||
Israel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,226 | 3,708 | 4,861 | ||||||||
Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 32,410 | 36,177 | 41,183 | ||||||||
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $32,136 | $1,130 | $839 | ||||||||
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Segment_and_Geographic_Data_De3
Segment and Geographic Data (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | $49,323 | $52,092 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | 6,209 | 6,923 |
United Kingdom | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | 6,075 | 5,891 |
Europe | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | 2,018 | 2,261 |
Israel | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | 16,394 | 17,795 |
Asia | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | 16,439 | 18,905 |
Canada | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and Equipment - Net | $2,188 | $317 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Numerator for basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net earnings attributable to VPG stockholders | $1,128 | [1] | $1,466 | [1] | $1,310 | [1] | $387 | [1],[2] | $5,165 | [1] | $1,942 | [1] | $2,961 | [1] | $1,623 | [1] | $4,291 | $11,691 | $10,771 |
Adjustment to the numerator for net earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 30 | 20 | ||||||||
Numerator for diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net earnings attributable to VPG stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $4,306 | $11,721 | $10,791 | ||||||||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 13,563 | 13,367 | 13,343 | ||||||||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Exchangeable notes | ' | ' | ' | ' | ' | ' | ' | ' | 311 | 441 | 441 | ||||||||
Employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | ||||||||
Restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 80 | 49 | ||||||||
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 381 | 522 | 491 | ||||||||
Denominator for diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Adjusted weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 13,944 | 13,889 | 13,834 | ||||||||
Basic earnings per share attributable to VPG stockholders (in dollars per share) | $0.08 | [1],[3] | $0.11 | [1],[3] | $0.10 | [1],[3] | $0.03 | [1],[2],[3] | $0.39 | [1],[3] | $0.15 | [1],[3] | $0.22 | [1],[3] | $0.12 | [1],[3] | $0.32 | $0.87 | $0.81 |
Diluted earnings per share attributable to VPG stockholders (in dollars per share) | $0.08 | [1],[3] | $0.11 | [1],[3] | $0.09 | [1],[3] | $0.03 | [1],[2],[3] | $0.37 | [1],[3] | $0.14 | [1],[3] | $0.21 | [1],[3] | $0.12 | [1],[3] | $0.31 | $0.84 | $0.78 |
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. | ||||||||||||||||||
[3] | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted average employee stock options and warrants | 23 | 28 | 28 |
Warrant [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted average employee stock options and warrants | 0 | 0 | 630 |
Additional_Financial_Statement2
Additional Financial Statement Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Foreign exchange loss | ($1,667) | ($285) | ($1,319) |
Interest income | 266 | 633 | 714 |
Other | -178 | -649 | -273 |
Other Nonoperating Income (Expense) | ($1,579) | ($301) | ($878) |
Additional_Financial_Statement3
Additional Financial Statement Information (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Customer advance payments | $6,099 | $846 |
Goods received, not yet invoiced | 2,067 | 1,746 |
Accrued taxes, other than income taxes | 1,874 | 2,048 |
Accrued commissions | 1,614 | 300 |
Accrued professional fees | 1,415 | 1,339 |
Other | 2,745 | 2,220 |
Accrued Liabilities, Current | $15,814 | $8,499 |
Additional_Financial_Statement4
Additional Financial Statement Information (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued customer advances | $6,099 | $846 |
Accrued commissions | 1,614 | 300 |
Kelk | ' | ' |
Accrued customer advances | 5,200 | ' |
Accrued commissions | $1,300 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets held in rabbi trusts | $4,678 | $4,299 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets held in rabbi trusts | 1,087 | 1,102 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets held in rabbi trusts | 3,591 | 3,197 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets held in rabbi trusts | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt, fair value | $25,500,000 | $7,500,000 |
Long-term debt | $27,073,000 | $11,321,000 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2014 | Mar. 12, 2014 | Dec. 31, 2013 | Mar. 12, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | |||||||||
Performance Based Units | Restricted Stock Units (Rsus) | Restricted Stock Units (Rsus) | Restricted Stock Units (Rsus) | Restricted Stock Units (Rsus) | CANADA | Employee Severance and Statutory Retirement Allowance | Employee Severance and Statutory Retirement Allowance | Vesting on January 1, 2017 | Executive Officer | ||||||||||||||||||||
Subsequent Event | Subsequent Event | Subsequent Event | CANADA | Restricted Stock Units (Rsus) | Restricted Stock Units (Rsus) | ||||||||||||||||||||||||
people | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||||||||||||||||||
people | |||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of people granted awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ||||||||
Percentage Of Annual Equity Awards For Executive Officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restricted Stock Units Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ||||||||
Number of RSUs Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,000 | 92,000 | 43,000 | 79,453 | ' | ' | ' | ' | ' | ||||||||
Number of trading days used in grant date fair value calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ||||||||
Award vesting rights (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ||||||||
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring costs | $51,000 | [1] | $99,000 | [1] | $0 | [1] | $388,000 | [1],[2] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $538,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | $400,000 | $300,000 | ' | ' |
Statutory retirement allowance, number of employees covered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ||||||||
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. |
Summary_of_Quarterly_Financial2
Summary of Quarterly Financial information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Statement of Operations data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | $62,248 | [1] | $57,729 | [1] | $62,837 | [1] | $57,461 | [1],[2] | $51,010 | [1] | $55,430 | [1] | $55,332 | [1] | $55,844 | [1] | $240,275 | $217,616 | $238,107 |
Gross profit | 23,083 | [1] | 19,243 | [1] | 21,560 | [1] | 19,969 | [1],[2] | 17,562 | [1] | 18,739 | [1] | 19,851 | [1] | 18,880 | [1] | 83,855 | 75,032 | 83,111 |
Operating income | 3,316 | [1] | 602 | [1] | 2,787 | [1] | 1,297 | [1],[2] | 1,544 | [1] | 3,093 | [1] | 4,090 | [1] | 2,364 | [1] | 8,002 | 11,091 | 16,264 |
Net earnings | 1,166 | [1] | 1,455 | [1] | 1,290 | [1] | 436 | [1],[2] | 5,214 | [1] | 1,912 | [1] | 3,004 | [1] | 1,634 | [1] | 4,347 | 11,764 | 10,794 |
Less: net earnings (loss) attributable to noncontrolling interests | 38 | [1] | -11 | [1] | -20 | [1] | 49 | [1],[2] | 49 | [1] | -30 | [1] | 43 | [1] | 11 | [1] | 56 | 73 | 23 |
Net earnings attributable to VPG stockholders | 1,128 | [1] | 1,466 | [1] | 1,310 | [1] | 387 | [1],[2] | 5,165 | [1] | 1,942 | [1] | 2,961 | [1] | 1,623 | [1] | 4,291 | 11,691 | 10,771 |
Per Share Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic earnings per share (in dollars per share) | $0.08 | [1],[3] | $0.11 | [1],[3] | $0.10 | [1],[3] | $0.03 | [1],[2],[3] | $0.39 | [1],[3] | $0.15 | [1],[3] | $0.22 | [1],[3] | $0.12 | [1],[3] | $0.32 | $0.87 | $0.81 |
Diluted earnings per share (in dollars per share) | $0.08 | [1],[3] | $0.11 | [1],[3] | $0.09 | [1],[3] | $0.03 | [1],[2],[3] | $0.37 | [1],[3] | $0.14 | [1],[3] | $0.21 | [1],[3] | $0.12 | [1],[3] | $0.31 | $0.84 | $0.78 |
Certain Items Recorded during the Quarters: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition purchase accounting adjustments | 454 | [1] | 903 | [1] | 2,260 | [1] | 1,238 | [1],[2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' |
Acquisition costs | 42 | [1] | 57 | [1] | 208 | [1] | 487 | [1],[2] | 275 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 794 | 275 | 0 |
Restructuring costs | 51 | [1] | 99 | [1] | 0 | [1] | 388 | [1],[2] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 538 | 0 | 0 |
Tax effect of purchase accounting adjustments, acquisition cost adjustments, restructuring cost adjustments, and discrete tax items | $792 | [1] | ($1,297) | [1] | ($654) | [1] | ($692) | [1],[2] | ($3,396) | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | ' | ' |
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. | ||||||||||||||||||
[3] | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |
Summary_of_Quarterly_Financial3
Summary of Quarterly Financial Information (Unaudited) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition purchase accounting adjustments | ' | ' | ' | $1,238 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net earnings | $1,166 | [1] | $1,455 | [1] | $1,290 | [1] | $436 | [1],[2] | $5,214 | [1] | $1,912 | [1] | $3,004 | [1] | $1,634 | [1] | $4,347 | $11,764 | $10,794 |
Diluted earnings per share (in dollars per share) | $0.08 | [1],[3] | $0.11 | [1],[3] | $0.09 | [1],[3] | $0.03 | [1],[2],[3] | $0.37 | [1],[3] | $0.14 | [1],[3] | $0.21 | [1],[3] | $0.12 | [1],[3] | $0.31 | $0.84 | $0.78 |
[1] | The Company reports interim financial information for the 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. The first, second, third and fourth quarters of 2012 ended on March 31, June 30, September 29 and December 31, respectively. | ||||||||||||||||||
[2] | During the second quarter of 2013, the Company recorded purchase accounting adjustments associated with the KELK acquisition. An impact of these adjustments was an increase in the costs of products sold of $1.2 million during the first quarter of 2013, therefore, the first quarter 2013 operating results were recast to reflect those adjustments. The recast net earnings attributable to VPG stockholders for the fiscal quarter ended March 30, 2013 were $0.4 million, or $0.03 per diluted share. | ||||||||||||||||||
[3] | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |