Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 11, 2015 | Jun. 28, 2014 |
Document and Entity Informations [Abstract] | |||
Entity Registrant Name | Vishay Precision Group, Inc. | ||
Entity Central Index Key | 1487952 | ||
Current Fiscal Year End Date | -19 | ||
Trading Symbol | vpg | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 12,693,625 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $210,691 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $79,642 | $72,785 |
Accounts receivable, net of allowances for doubtful accounts of $171 and $172, respectively | 37,514 | 40,500 |
Inventories: | ||
Raw materials | 15,017 | 15,223 |
Work in process | 20,498 | 19,962 |
Finished goods | 18,798 | 19,788 |
Inventories, net | 54,313 | 54,973 |
Deferred income taxes | 5,003 | 4,784 |
Prepaid expenses and other current assets | 10,566 | 10,500 |
Total current assets | 187,038 | 183,542 |
Property and equipment, at cost: | ||
Land | 1,893 | 1,993 |
Buildings and improvements | 50,266 | 47,793 |
Machinery and equipment | 79,109 | 75,644 |
Software | 6,837 | 6,333 |
Construction in progress | 3,786 | 1,252 |
Accumulated depreciation | -89,909 | -83,692 |
Property and equipment, net | 51,982 | 49,323 |
Goodwill | 12,788 | 18,880 |
Intangible assets, net | 17,489 | 22,458 |
Other assets | 20,590 | 17,901 |
Total assets | 289,887 | 292,104 |
Liabilities and equity | ||
Trade accounts payable | 10,371 | 10,258 |
Payroll and related expenses | 14,252 | 15,016 |
Other accrued expenses | 16,590 | 15,814 |
Income taxes | 2,197 | 615 |
Current portion of long-term debt | 5,120 | 4,137 |
Total current liabilities | 48,530 | 45,840 |
Long-term debt, less current portion | 17,713 | 22,936 |
Deferred income taxes | 1,756 | 1,259 |
Other liabilities | 7,658 | 7,738 |
Accrued pension and other postretirement costs | 13,072 | 10,780 |
Total liabilities | 88,729 | 88,553 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, par value $1.00 per share: authorized - 1,000,000 shares; none issued | 0 | 0 |
Common stock | 1,273 | 1,271 |
Capital in excess of par value | 189,532 | 188,424 |
Retained earnings | 36,500 | 32,647 |
Accumulated other comprehensive loss | -26,452 | -19,027 |
Total Vishay Precision Group, Inc. stockholders' equity | 200,924 | 203,418 |
Noncontrolling interests | 234 | 133 |
Total equity | 201,158 | 203,551 |
Total liabilities and equity | 289,887 | 292,104 |
Class B Convertible Common Stock | ||
Equity: | ||
Common stock | 103 | 103 |
Treasury Stock | ||
Equity: | ||
Treasury stock, at cost - 2,000 shares held at December 31, 2014 | -32 | 0 |
Total equity | ($32) | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $171 | $172 |
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 | 12,729,837 | 12,711,692 |
Treasury Stock, shares | 2,000 | 0 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net revenues | $250,823 | $240,275 | $217,616 |
Costs of products sold | 158,699 | 156,420 | 142,584 |
Gross profit | 92,124 | 83,855 | 75,032 |
Selling, general, and administrative expenses | 77,348 | 74,521 | 63,666 |
Acquisition costs | 0 | 794 | 275 |
Impairment of goodwill and indefinite-lived intangibles | 5,446 | 0 | 0 |
Restructuring costs | 668 | 538 | 0 |
Operating income | 8,662 | 8,002 | 11,091 |
Other income (expense): | |||
Interest expense | -868 | -1,022 | -266 |
Other | -851 | -1,579 | -301 |
Other income (expense) - net | -1,719 | -2,601 | -567 |
Income before taxes | 6,943 | 5,401 | 10,524 |
Income tax expense (benefit) | 2,912 | 1,054 | -1,240 |
Net earnings | 4,031 | 4,347 | 11,764 |
Less: net earnings attributable to noncontrolling interests | 178 | 56 | 73 |
Net earnings attributable to VPG stockholders | $3,853 | $4,291 | $11,691 |
Basic earnings per share attributable to VPG stockholders (in dollars per share) | $0.28 | $0.32 | $0.87 |
Diluted earnings per share attributable to VPG stockholders (in dollars per share) | $0.28 | $0.31 | $0.84 |
Weighted average shares outstanding - basic (in shares) | 13,755 | 13,563 | 13,367 |
Weighted average shares outstanding - diluted (in shares) | 13,977 | 13,944 | 13,889 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net earnings | $4,031 | $4,347 | $11,764 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -4,887 | -5,718 | -1 |
Pension and other postretirement actuarial items | -2,538 | 1,674 | -1,009 |
Other comprehensive loss | -7,425 | -4,044 | -1,010 |
Comprehensive (loss) income | -3,394 | 303 | 10,754 |
Less: comprehensive income attributable to noncontrolling interests | 178 | 56 | 73 |
Comprehensive (loss) income attributable to VPG stockholders | ($3,572) | $247 | $10,681 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net earnings | $4,031 | $4,347 | $11,764 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Impairment of goodwill and indefinite-lived intangibles | 5,446 | 0 | 0 |
Depreciation and amortization | 11,677 | 11,990 | 11,661 |
Loss on disposal of property and equipment | 63 | 41 | 158 |
Share-based compensation expense | 1,008 | 743 | 1,170 |
Inventory write-offs for obsolescence | 1,290 | 951 | 1,444 |
Deferred income taxes | -3,392 | -2,324 | -4,871 |
Other | 3,210 | 112 | -45 |
Net changes in operating assets and liabilities, net of acquisition | |||
Accounts receivable | 513 | -6,773 | 5,313 |
Inventories | -1,229 | 4,738 | -1,643 |
Prepaid expenses and other current assets | -158 | 349 | -611 |
Trade accounts payable | 526 | 252 | -2,235 |
Other current liabilities | 1,009 | 171 | -1,011 |
Net cash provided by operating activities | 23,994 | 14,597 | 21,094 |
Investing activities | |||
Capital expenditures | -9,759 | -6,748 | -8,322 |
Proceeds from sale of property and equipment | 83 | 81 | 360 |
Purchase of business | 0 | -48,919 | 0 |
Net cash used in investing activities | -9,676 | -55,586 | -7,962 |
Financing activities | |||
Proceeds from long-term debt | 0 | 25,000 | 0 |
Principal payments on long-term debt | -4,137 | -3,148 | -181 |
Debt issuance costs | 0 | -384 | 0 |
Purchase of treasury stock | -32 | 0 | 0 |
Distributions to noncontrolling interests | -77 | -82 | -67 |
Excess tax benefit from share-based compensation plan | 5 | 0 | 0 |
Net cash (used in) provided by financing activities | -4,241 | 21,386 | -248 |
Effect of exchange rate changes on cash and cash equivalents | -3,220 | -1,493 | 169 |
Increase (decrease) in cash and cash equivalents | 6,857 | -21,096 | 13,053 |
Cash and cash equivalents at beginning of year | 72,785 | 93,881 | 80,828 |
Cash and cash equivalents at end of year | 79,642 | 72,785 | 93,881 |
Conversion of exchangeable notes to common stock | $0 | $5,861 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Class B Convertible Common Stock | Treasury 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, 2011 | $184,938 | $1,232 | $103 | $0 | $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 loss | -1,010 | -1,010 | -1,010 | ||||||
Share-based compensation expense | 786 | 786 | 786 | ||||||
Restricted stock issuances (25,104, 106,283 and 20,145 shares in 2012, 2013 and 2014) | 397 | 3 | 394 | 397 | |||||
Common stock issuance from conversion of exchangeable notes (259,687 shares) | 0 | ||||||||
Distributions to noncontrolling interests | -67 | -67 | |||||||
Balance at end at Dec. 31, 2012 | 196,808 | 1,235 | 103 | 0 | 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 loss | -4,044 | -4,044 | -4,044 | ||||||
Share-based compensation expense | 359 | 359 | 359 | ||||||
Restricted stock issuances (25,104, 106,283 and 20,145 shares in 2012, 2013 and 2014) | 302 | 10 | 292 | 302 | |||||
Common stock issuance from conversion of exchangeable notes (259,687 shares) | 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 | 0 | 188,424 | 32,647 | -19,027 | 203,418 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 4,031 | 3,853 | 3,853 | 178 | |||||
Other comprehensive loss | -7,425 | -7,425 | -7,425 | ||||||
Share-based compensation expense | 864 | 864 | 864 | ||||||
Restricted stock issuances (25,104, 106,283 and 20,145 shares in 2012, 2013 and 2014) | 241 | 2 | 239 | 241 | |||||
Common stock issuance from conversion of exchangeable notes (259,687 shares) | 0 | ||||||||
Purchase of treasury stock (2,000 shares) | -32 | -32 | -32 | ||||||
Tax effects of share-based compensation plan | 5 | 5 | 5 | ||||||
Distributions to noncontrolling interests | -77 | -77 | |||||||
Balance at end at Dec. 31, 2014 | $201,158 | $1,273 | $103 | ($32) | $189,532 | $36,500 | ($26,452) | $200,924 | $234 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity [Parenthetical] | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Purchase of treasury stock, shares | 2,000 | ||
Common Stock | |||
Restricted stock issuances (in shares) | 20,145 | 106,283 | 25,104 |
Common stock issuance from conversion of convertible notes | 259,687 |
Background_and_Summary_of_Sign
Background and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Background and Summary of 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 sensors, and sensor-based measurement systems, as well as specialty resistors and strain gages based upon the Company's proprietary technology. The Company provides precision products and solutions, many of which are “designed-in” by its customers, specializing in the growing markets of stress, force, weight, pressure, and current measurements. | |
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 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. The amount charged to expense for research and development was $10.1 million, $9.3 million, and $6.4 million for the years ended December 31, 2014, 2013, and 2012, 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, 2014 or 2013. | |
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 was $0.2 million at December 31, 2014 and 2013, respectively. Bad debt expense was $0.2 million for each of the years ended December 31, 2014, 2013, and 2012. | |
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 excess and 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, $9.0 million, and $8.8 million for the years ended December 31, 2014, 2013, and 2012, respectively, which included software depreciation expense of $1.0 million, $0.9 million, and $0.7 million for the years ended December 31, 2014, 2013 and 2012, 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 information. 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 Company's required goodwill annual impairment test is completed as of the first day of the fourth fiscal quarter each year. As more fully described in Note 4, the impairment test for 2014 resulted in the Company recording an impairment charge in the fourth quarter of 2014. There was no impairment identified through the annual impairment test which was completed in 2013. | |
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. There was no impairment identified through the annual impairment tests completed in 2014 or 2013. Included in the Company's patents and acquired technology is an in-process research and development project acquired as part of the acquisition of the George Kelk Corporation ("KELK"). Until this project is ready for sale, it is analyzed as an indefinite-lived intangible asset. The Company's required annual indefinite-lived intangible asset impairment test is completed as of the first day of the fourth fiscal quarter each year. As more fully described in Note 4, the impairment test for 2014 resulted in the Company recording an impairment charge in the fourth quarter of 2014. There was no impairment identified through the annual impairment test which was completed in 2013. | |
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 fifteen 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's operations in Europe, Canada, and certain locations in Asia primarily generate and expend cash 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 primarily generate cash 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. | |
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, the Company recognizes compensation cost for awards that are expected to vest and for which performance criteria are expected to 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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The basis of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted under GAAP, and either full or modified retrospective application is required. The Company has not yet selected a transition method and the effects of this standard on the Company's financial position, results of operations and cash flows are not yet known. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
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. | |
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 the United States, at which it leases space to VPG. Through July 2014, Vishay Intertechnology also leased a location in Israel to VPG. Lease receipts and payments related to the shared facilities are immaterial. |
Acquisition_Activity
Acquisition Activity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisition Activity | Acquisition Activity | |||||||||||
Year ended December 31, 2013 | ||||||||||||
George Kelk Corporation | ||||||||||||
On January 31, 2013, the Company and its indirectly wholly owned subsidiary, Vishay Precision Group Canada ULC (“VPG Canada”), completed the acquisition of substantially all of the assets of the George Kelk Corporation, based in Toronto, Canada, for an aggregate purchase price of $49.0 million (CDN) ($49.0 million USD). 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. 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 to VPG stockholders (a) | $ | (1,323 | ) | |||||||||
(a) | 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 (a) | $ | 7,400 | ||||||||||
Property and equipment | 2,100 | |||||||||||
Intangible assets: | ||||||||||||
Patents and acquired technology | 4,300 | |||||||||||
Non-competition agreements | 200 | |||||||||||
Customer relationships | 12,200 | |||||||||||
In-process research and development | 1,000 | |||||||||||
Trade names | 1,600 | |||||||||||
Total intangible assets | 19,300 | |||||||||||
Fair value of acquired identifiable assets | 28,800 | |||||||||||
Purchase price | $ | 49,000 | ||||||||||
Goodwill | $ | 20,200 | ||||||||||
(a) | 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 15 years, respectively. In-process research and development and 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
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, 2014 | ||||||||
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 2014 fourth quarter by calculating the fair value of its only reporting unit having goodwill and comparing it against its carrying amount. The Company estimated the fair value of its reporting unit by considering both an income approach and a market approach to valuation. The income approach to valuation used the Company’s estimates of the future cash flows of the reporting unit discounted to their net present value using a discount rate determined using the capital asset pricing model and adjusted for the forecast risk inherent in the Company’s projections of future cash flows. The income approach to valuation is dependent on inputs from management such as expected revenue growth, profitability, capital expenditures and working capital requirements. The market approach to valuation used the market capitalization of public companies similar to the reporting unit to calculate an implied EBITDA multiple, and the Company applied that calculated EBITDA multiple to the expected EBITDA of the reporting unit to estimate the fair value of the reporting unit, after consideration of appropriate control premiums. Both of these approaches to estimating the fair value of the Company’s reporting unit with goodwill use inputs that are considered “Level 3” inputs to the fair value estimate (see Note 15 for a definition of Level 3 valuation inputs within the fair value hierarchy). The Company equally weighed the results of the income approach and the market approach to arrive at the estimated fair value of the reporting unit. After completing step one, the Company determined that the carrying amount of its reporting unit with goodwill exceeded its fair value. Therefore, the Company was required to perform the second step of the goodwill impairment test. After completing the second step of the goodwill impairment test, as described in Note 1, the Company determined that goodwill was impaired and recorded a $4.6 million impairment charge in the fourth quarter of 2014. There has been a slow-down in the steel industry due to excess capacity, particularly in China, which has impacted the reporting unit, where demand is currently lower. | ||||||||
To measure the amount of the impairment, the Company determined the implied fair value of goodwill in the same manner as if the Company had acquired that reporting unit. The Company allocated 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 yielded 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 determination of the fair value of the reporting unit and the allocation of that value to individual assets and liabilities within the reporting unit requires the Company to make significant estimates and assumptions. These estimates and assumptions include the selection of appropriate peer group companies, control premiums appropriate for acquisitions in the industries in which the Company competes, the discount rate, terminal growth rates, and forecasts of revenue, operating income, depreciation and amortization, and capital expenditures. | ||||||||
Due to the inherent uncertainty involved in making these estimates, actual financial results could differ from those estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charges. | ||||||||
The change in the carrying amount of goodwill by segment 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 | ||||
Impairment charges | (4,612 | ) | (4,612 | ) | ||||
Foreign currency translation adjustment | (1,480 | ) | (1,480 | ) | ||||
Balance at December 31, 2014 | 12,788 | 12,788 | ||||||
Intangible assets were as follows (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Intangible assets subject to amortization | ||||||||
(Definite-lived): | ||||||||
Patents and acquired technology | $ | 7,599 | $ | 8,091 | ||||
Customer relationships | 16,734 | 17,897 | ||||||
Trade names | 1,722 | 1,846 | ||||||
Non-competition agreements | 11,687 | 12,921 | ||||||
37,742 | 40,755 | |||||||
Accumulated amortization: | ||||||||
Patents and acquired technology | (3,477 | ) | (3,240 | ) | ||||
Customer relationships | (6,664 | ) | (5,750 | ) | ||||
Trade names | (1,677 | ) | (1,719 | ) | ||||
Non-competition agreements | (9,906 | ) | (10,019 | ) | ||||
(21,724 | ) | (20,728 | ) | |||||
Net intangible assets subject to amortization | $ | 16,018 | $ | 20,027 | ||||
Intangible assets not subject to amortization | ||||||||
(Indefinite-lived): | ||||||||
Trade names | 1,376 | 1,496 | ||||||
In-process research and development | 95 | 935 | ||||||
$ | 17,489 | $ | 22,458 | |||||
Certain intangible assets are subject to foreign currency translation. | ||||||||
The Company has performed its annual impairment test on the indefinite-lived trade names as of the first day of the fiscal 2014 fourth quarter and has determined that there was no impairment. | ||||||||
The Company has performed its annual impairment test on the indefinite-lived in-process research and development ("IPRD") asset as of the first day of the fiscal 2014 fourth quarter. Given the current economic conditions in the steel industry, the revenue projections have come down significantly for this product, thereby impacting its fair value. The impairment test for 2014 resulted in the Company recording an impairment charge in the fourth quarter of 2014 of $0.8 million. The value of IPRD was determined using an income approach to valuation, whereby the Company estimated the future cash flows associated with the IPRD and discounted those cash flows back to their net present value using a discount rate of 15.5%, determined using the capital asset pricing model and adjusted for the forecast risk inherent in the Company’s projections of cash flows associated with this asset. The Company’s estimates of cash flows include revenues to be generated by the products supported by the IPRD and the expected profits on those product sales. This approach to determining the fair value of the IPRD uses inputs that are considered Level 3 inputs to the fair value estimate. | ||||||||
Amortization expense was $2.6 million, $3.0 million, and $2.8 million, for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||
Estimated annual amortization expense for each of the next five years is as follows (in thousands): | ||||||||
2015 | $ | 2,104 | ||||||
2016 | 1,464 | |||||||
2017 | 1,468 | |||||||
2018 | 1,240 | |||||||
2019 | 1,052 | |||||||
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, 2014 and 2013, the Company had liabilities of $0.2 million and $0.6 million, respectively, recorded in other liabilities in the consolidated balance sheets. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2014 | |
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 $0.7 million during the year ended December 31, 2014. This included two cost reduction programs implemented by the Company. | |
Restructuring costs of $0.5 million were comprised of employee termination costs, including severance and a statutory retirement allowance at the Company's subsidiary in Canada, and were incurred in connection with a cost reduction program. As of December 31, 2014, $0.3 million of the restructuring costs have been paid. The remaining costs are recorded within other accrued expenses on the accompanying consolidated balance sheet, and are expected to be paid during the first quarter of 2015. | |
Restructuring costs of $0.2 million were comprised of employee termination costs, including severance at one of the Company's subsidiaries in the United States, and were incurred in connection with a cost reduction program. As of December 31, 2014, $0.1 million of the restructuring costs have been paid. The remaining costs are recorded within other accrued expenses on the accompanying consolidated balance sheet, and are expected to be paid during the first quarter of 2015. | |
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 the Company's subsidiary in Canada, and were incurred in connection with a cost reduction in one of the manufacturing areas. The restructuring costs were fully paid in the first quarter of 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
For financial reporting purposes, income before taxes includes the following components (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | (2,688 | ) | $ | (4,857 | ) | $ | (2,105 | ) | |||
Foreign | 9,631 | 10,258 | 12,629 | |||||||||
$ | 6,943 | $ | 5,401 | $ | 10,524 | |||||||
The expense (benefit) for income taxes is comprised of (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 2,007 | $ | 41 | $ | (40 | ) | |||||
State and local | 45 | 156 | 220 | |||||||||
Foreign | 4,252 | 3,181 | 3,451 | |||||||||
6,304 | 3,378 | 3,631 | ||||||||||
Deferred: | ||||||||||||
Federal | (3,169 | ) | 425 | (394 | ) | |||||||
State and local | (33 | ) | (41 | ) | (78 | ) | ||||||
Foreign | (190 | ) | (2,708 | ) | (4,399 | ) | ||||||
(3,392 | ) | (2,324 | ) | (4,871 | ) | |||||||
Total income tax expense (benefit) | $ | 2,912 | $ | 1,054 | $ | (1,240 | ) | |||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax at statutory rate | $ | 2,430 | $ | 1,890 | $ | 3,683 | ||||||
State income taxes, net of U.S. federal tax benefit | 8 | 76 | 94 | |||||||||
Effect of foreign operations | (1,022 | ) | (1,673 | ) | (1,979 | ) | ||||||
Residual U.S. tax on foreign earnings | 2,426 | (190 | ) | (2 | ) | |||||||
Change in valuation allowance | (1,361 | ) | 2,113 | (3,163 | ) | |||||||
Change in unrecognized tax benefits, net | 273 | 150 | 45 | |||||||||
Impairment of goodwill and indefinite-lived intangibles | 303 | — | — | |||||||||
Specialty tax credits | (362 | ) | (341 | ) | (73 | ) | ||||||
Statutory rate changes | (166 | ) | (1,324 | ) | 220 | |||||||
Other | 383 | 353 | (65 | ) | ||||||||
Total income tax expense (benefit) | $ | 2,912 | $ | 1,054 | $ | (1,240 | ) | |||||
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, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement costs | $ | 5,093 | $ | 4,240 | ||||||||
Inventories | 1,817 | 2,122 | ||||||||||
Net operating/capital loss carryforwards | 7,362 | 7,555 | ||||||||||
Tax credit carryforwards | 4,550 | 3,096 | ||||||||||
Deferred compensation | 2,055 | 1,993 | ||||||||||
Other accruals and reserves | 3,533 | 3,252 | ||||||||||
Total gross deferred tax assets | 24,410 | 22,258 | ||||||||||
Less: valuation allowance | (5,768 | ) | (5,249 | ) | ||||||||
18,642 | 17,009 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Tax over book depreciation | (1,628 | ) | (645 | ) | ||||||||
Intangible assets, including tax deductible goodwill | (193 | ) | (1,574 | ) | ||||||||
Total gross deferred tax liabilities | (1,821 | ) | (2,219 | ) | ||||||||
Net deferred tax assets | $ | 16,821 | $ | 14,790 | ||||||||
At December 31, 2014 and 2013, the Company had tax credit carryforwards of $4.6 million and $3.1 million, respectively. The primary component of the 2014 and 2013 carryforward relates to U.S. foreign tax credits. In 2014, VPG concluded a legal reorganization of certain of the Company’s Asian subsidiaries. This reorganization caused the Company to record a tax expense, net of current year foreign tax credits, of $2.4 million. However, this reorganization enabled the Company to reverse $1.6 million worth of a valuation allowance recorded on previously valued 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 $0.4 million and $2.0 million valuation allowance as of December 31, 2014 and 2013, respectively. 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, 2014, the Company had the following significant deferred tax assets for net operating/capital loss carryforwards for tax purposes (in thousands): | ||||||||||||
December 31, | ||||||||||||
Jurisdiction | 2014 | Begin to Expire | ||||||||||
Israel | $ | 2,704 | No expiration | |||||||||
Israel - capital losses | 1,797 | No expiration | ||||||||||
Netherlands | 247 | 2021 | ||||||||||
United States - state | 2,460 | 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, 2014 and 2013, the valuation allowance was $5.8 million and $5.2 million, respectively. During the years ended December 31, 2014 and 2013, the Company increased its valuation allowance in the amount of $0.5 million and $2.4 million, respectively. The net increase in the Company’s valuation allowance as of December 31, 2014 is mainly attributable to the decrease of $1.6 million of the valuation allowance on a portion of the U.S. foreign tax credit carryforward, offset by the recording of a $1.8 million valuation allowance on Israeli capital loss carryforwards. The significant increase in the Company’s valuation allowance in 2013 was 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, 2014 and 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. | ||||||||||||
At December 31, 2014, the Company had the following significant valuation allowances for tax purposes (in thousands): | ||||||||||||
December 31, | ||||||||||||
Jurisdiction | 2014 | |||||||||||
Israel | $ | 1,799 | ||||||||||
Netherlands | 247 | |||||||||||
United States | 3,400 | |||||||||||
Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $101.5 million at December 31, 2014, versus $103.5 million at December 31, 2013. The majority of 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 $13.8 million would be payable upon remittance of all previously unremitted earnings at December 31, 2014. | ||||||||||||
Net income taxes paid were $3.1 million, $3.4 million and $5.0 million for the years ended December 31, 2014, 2013, and 2012, 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, 2014, the Company recorded in its consolidated balance sheet, a gross tax liability of $0.5 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 1,192 | $ | 1,101 | $ | 1,431 | ||||||
Addition based on tax positions related to current year | 136 | 53 | 198 | |||||||||
Addition based on tax positions related to prior years | 180 | 78 | 99 | |||||||||
Currency translation adjustments | (100 | ) | 38 | — | ||||||||
Reduction for lapses of statute of limitations | (56 | ) | (78 | ) | (627 | ) | ||||||
Balance before indemnification receivable | 1,352 | 1,192 | 1,101 | |||||||||
Receivable from Vishay Intertechnology for indemnification | (281 | ) | (350 | ) | (338 | ) | ||||||
Balance at end of year | $ | 1,071 | $ | 842 | $ | 763 | ||||||
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, 2014, of which total accrued penalties and interest of $0.3 million are recorded within the indemnification receivable. As of December 31, 2013, and December 31, 2012, the Company accrued total penalties and interest of $0.5 million, of which $0.4 million was recorded within the indemnification receivable from Vishay Intertechnology, respectively. | ||||||||||||
Included in the balance of unrecognized tax benefits as of December 31, 2014, 2013, and 2012, is $1.4 million, $1.2 million and $1.1 million, respectively, of tax benefits that, if recognized, would impact the effective tax rate. The Company believes that it is reasonably possible that an increase in unrecognized tax benefits related to foreign exposures of between $0.1 million and $0.2 million may be necessary within the coming year. As of December 31, 2014, 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 balance sheet date due to the expiration of statutes of limitation in certain jurisdictions. In addition, the Company believes it is reasonably possible that approximately $0.4 million to $0.6 million of current unrecognized tax benefits may be realized within the next twelve months of the balance sheet date as the result of a cash payment made to the taxing authorities. The unrecognized tax benefits that are anticipated to be reversed due to statute lapses 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 2010 through 2013 tax years. As a consequence of an on-going Vishay Intertechnology audit, the Company’s Israeli subsidiary may also be subject to audit for the 2008 through 2010 tax years. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
2013 Credit Agreement - revolving facility | $ | — | $ | — | ||||
2013 Credit Agreement - U.S. term facility | 6,000 | 8,000 | ||||||
2013 Credit Agreement - Canadian term facility | 12,000 | 14,000 | ||||||
Israeli Credit Agreement - revolving facility | — | — | ||||||
Exchangeable unsecured notes, due 2102 | 4,097 | 4,097 | ||||||
Other debt | 736 | 976 | ||||||
22,833 | 27,073 | |||||||
Less: current portion | 5,120 | 4,137 | ||||||
$ | 17,713 | $ | 22,936 | |||||
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 2.76% at December 31, 2014. | ||||||||
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, 2014. 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 terminated on November 30, 2014. | ||||||||
Interest payable on the VAT Revolving Facility was based upon LIBOR (“VAT Base Rate”). An interest rate margin of 2.15% per annum was 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, was 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. | ||||||||
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 $3.9 million and $4.0 million at December 31, 2014 and 2013, 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 0.26% at December 31, 2014. | ||||||||
Other Debt | ||||||||
Other debt consists of debt held by VPG’s Japanese subsidiary and is payable monthly over the next 7 years at a zero percent interest rate. | ||||||||
Aggregate annual maturities of long-term debt are as follows (in thousands): | ||||||||
2015 | $ | 5,120 | ||||||
2016 | 6,120 | |||||||
2017 | 7,120 | |||||||
2018 | 120 | |||||||
2019 | 120 | |||||||
Thereafter | 4,233 | |||||||
Interest paid on third-party debt was $0.8 million, $0.7 million and $0.2 million during the years ended December 31, 2014, December 31, 2013, and December 31, 2012, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Stockholders' Equity | 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. | ||||||||||||||||||||
On September 23, 2014, the Board of Directors approved a stock repurchase plan, authorizing the Company to repurchase, in the aggregate, up to 500,000 shares of its outstanding common stock. The stock repurchase plan will expire in September 2015. The stock repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be terminated or suspended at any time at the Company's direction. At December 31, 2014, the Company has repurchased 2,000 shares of its common stock. | ||||||||||||||||||||
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, 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 | ) | ||||||
December 31, 2014 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (2,266 | ) | $ | (3,357 | ) | $ | 782 | $ | (2,575 | ) | $ | (4,841 | ) | ||||||
Reclassification adjustment for recognition of actuarial items | 60 | (23 | ) | 37 | 37 | |||||||||||||||
Foreign currency translation adjustment | (16,761 | ) | (4,887 | ) | — | (4,887 | ) | (21,648 | ) | |||||||||||
$ | (19,027 | ) | $ | (8,184 | ) | $ | 759 | $ | (7,425 | ) | $ | (26,452 | ) | |||||||
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, 2014 | ||||||||||||||||||||||||
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 $1.7 million at December 31, 2014 and $1.6 million at December 31, 2013, and the related liabilities of $2.1 million and $1.8 million at December 31, 2014 and 2013, 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, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 22,351 | $ | 2,826 | $ | 23,308 | $ | 2,687 | ||||||||||||||||
Service cost (adjusted for actual employee contributions) | 417 | 62 | 453 | 77 | ||||||||||||||||||||
Interest cost | 938 | 131 | 860 | 114 | ||||||||||||||||||||
Contributions by participants | 53 | — | 53 | — | ||||||||||||||||||||
Actuarial losses (gains) | 3,409 | 534 | (1,356 | ) | 162 | |||||||||||||||||||
Benefits paid | (978 | ) | (222 | ) | (780 | ) | (214 | ) | ||||||||||||||||
Currency translation | (1,535 | ) | — | (187 | ) | — | ||||||||||||||||||
Benefit obligation at end of year | $ | 24,655 | $ | 3,331 | $ | 22,351 | $ | 2,826 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 15,354 | $ | — | $ | 13,091 | $ | — | ||||||||||||||||
Actual return on plan assets | 875 | — | 1,195 | — | ||||||||||||||||||||
Company contributions | 1,349 | 222 | 1,472 | 214 | ||||||||||||||||||||
Contributions by participants | 53 | — | 53 | — | ||||||||||||||||||||
Benefits paid | (978 | ) | (222 | ) | (780 | ) | (214 | ) | ||||||||||||||||
Currency translation | (956 | ) | — | 323 | — | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 15,697 | $ | — | $ | 15,354 | $ | — | ||||||||||||||||
Funded status at end of year | $ | (8,958 | ) | $ | (3,331 | ) | $ | (6,997 | ) | $ | (2,826 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheet consist of the following pretax amounts (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Accrued pension and other postretirement costs | $ | (8,958 | ) | $ | (3,331 | ) | $ | (6,997 | ) | $ | (2,826 | ) | ||||||||||||
Accumulated other comprehensive loss | 5,382 | 1,139 | 2,411 | 639 | ||||||||||||||||||||
$ | (3,576 | ) | $ | (2,192 | ) | $ | (4,586 | ) | $ | (2,187 | ) | |||||||||||||
Unrecognized actuarial gains and losses arise from several factors, including experience and assumption changes with respect to the obligations and from the difference between expected returns and actual returns on plan assets. Actuarial items consist of the following (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Unrecognized net actuarial loss | $ | 5,375 | $ | 1,139 | $ | 2,402 | $ | 639 | ||||||||||||||||
Unrecognized prior service cost | 2 | — | 3 | — | ||||||||||||||||||||
Unamortized transition obligation | 5 | — | 6 | — | ||||||||||||||||||||
$ | 5,382 | $ | 1,139 | $ | 2,411 | $ | 639 | |||||||||||||||||
The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligation, all plans | $ | 23,760 | $ | 20,947 | ||||||||||||||||||||
Plans for which the accumulated benefit obligation exceeds plan assets: | ||||||||||||||||||||||||
Projected benefit obligation | $ | 23,678 | $ | 21,447 | ||||||||||||||||||||
Accumulated benefit obligation | 23,160 | 20,390 | ||||||||||||||||||||||
Fair value of plan assets | 14,890 | 14,623 | ||||||||||||||||||||||
Unrecognized gains and losses are amortized into future net periodic pension cost using the 10% corridor method over the expected remaining service life of the employee group. The following table sets forth the components of net periodic cost of pension and other postretirement benefit plans (in thousands): | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | Pension | OPEB | |||||||||||||||||||
Plans | Plans | Plans | Plans | Plans | Plans | |||||||||||||||||||
Annual service cost | $ | 470 | $ | 62 | $ | 506 | $ | 77 | $ | 528 | $ | 67 | ||||||||||||
Less: employee contributions | 53 | — | 53 | — | 52 | — | ||||||||||||||||||
Net service cost | 417 | 62 | 453 | 77 | 476 | 67 | ||||||||||||||||||
Interest cost | 938 | 131 | 860 | 114 | 865 | 101 | ||||||||||||||||||
Expected return on plan assets | (789 | ) | — | (605 | ) | — | (595 | ) | — | |||||||||||||||
Amortization of actuarial losses | 26 | 33 | 166 | 23 | 95 | 37 | ||||||||||||||||||
Amortization of transition obligation | 1 | — | 4 | — | 1 | 28 | ||||||||||||||||||
Net periodic benefit cost | $ | 593 | $ | 226 | $ | 878 | $ | 214 | $ | 842 | $ | 233 | ||||||||||||
See Note 8 for the pretax, tax effect, and after tax amounts included in other comprehensive income during the years ended December 31, 2014, 2013, and 2012. The estimated actuarial items that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2015 is $0.3 million. | ||||||||||||||||||||||||
The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Discount rate | 3.56 | % | 3.69 | % | 4.22 | % | 4.57 | % | ||||||||||||||||
Rate of compensation increase | 2.7 | % | N/A | 3.56 | % | N/A | ||||||||||||||||||
The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
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 | ||||||||||||||||||
Expected return on plan assets | 5.05 | % | N/A | 4.65 | % | N/A | ||||||||||||||||||
Health care trend rate | N/A | 5.1 | % | N/A | 5.08 | % | ||||||||||||||||||
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, 2014 and 2013. | ||||||||||||||||||||||||
Plan assets are comprised of: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Equity securities | 45 | % | — | 48 | % | — | ||||||||||||||||||
Fixed income securities | 41 | % | — | 33 | % | — | ||||||||||||||||||
Cash and cash equivalents | 14 | % | — | 19 | % | — | ||||||||||||||||||
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, 2014 | 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 | $ | 6,998 | $ | 6,998 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 6,482 | 6,482 | — | — | ||||||||||||||||||||
Cash and cash equivalents | 2,217 | 2,217 | — | — | ||||||||||||||||||||
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 | — | — | ||||||||||||||||||||
Estimated future benefit payments are as follows (in thousands): | ||||||||||||||||||||||||
Pension | OPEB | |||||||||||||||||||||||
Plans | Plans | |||||||||||||||||||||||
2015 | $ | 719 | $ | 182 | ||||||||||||||||||||
2016 | 782 | 185 | ||||||||||||||||||||||
2017 | 665 | 207 | ||||||||||||||||||||||
2018 | 709 | 176 | ||||||||||||||||||||||
2019 | 681 | 192 | ||||||||||||||||||||||
2020 - 2024 | 4,461 | 1,137 | ||||||||||||||||||||||
The Company anticipates making contributions to its funded and unfunded pension and postretirement benefit plans of approximately $1.4 million during 2015. | ||||||||||||||||||||||||
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, 2014 and 2013, the consolidated balance sheets include $0.8 million and $1.0 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 $0.6 million, $0.7 million, and $0.9 million for the years ended December 31, 2014, 2013, and 2012, 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 $3.0 million at December 31, 2014 and $3.1 million at December 31, 2013, and the related liabilities of $3.7 million and $3.5 million at December 31, 2014 and 2013, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||||||||
The Amended and Restated Vishay Precision Group, Inc. Stock Incentive Plan (as amended and restated, the “Plan”) permits the issuance of up to 1,000,000 shares of common stock. At December 31, 2014, the Company had reserved 579,134 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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
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 | 27 | $ | 18.06 | 32 | $ | 18.03 | 32 | $ | 18.03 | ||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||
Exercised | (4 | ) | 11.92 | — | — | — | — | ||||||||||||||
Expired | (5 | ) | 20.58 | (5 | ) | 17.87 | — | — | |||||||||||||
End of year | 18 | $ | 18.92 | 27 | $ | 18.06 | 32 | $ | 18.03 | ||||||||||||
Vested and expected to vest | 18 | 27 | 32 | ||||||||||||||||||
Exercisable: | |||||||||||||||||||||
End of year | 18 | 27 | 28 | ||||||||||||||||||
The following table summarizes information concerning stock options outstanding and exercisable at December 31, 2014 (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 | |||||||||||||||||
$18.92 | 18 | 2.16 | $ | 18.92 | 18 | $ | 18.92 | ||||||||||||||
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 2014, 2013 or 2012. | |||||||||||||||||||||
The pretax aggregate intrinsic value (the difference between the closing stock price of VPG’s common stock on the last trading day of 2014 of $17.16 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, 2014 is not material, as no options were in-the-money. The intrinsic value of options exercised in 2014 was not material. No options were exercised during the years ended December 31, 2013 or 2012. | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||
Pursuant to the Plan, the Company issued RSUs to board members, executive officers, and certain employees of the Company during 2014. 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 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 $1.2 million and were comprised of 79,453 RSUs, as determined using the average of the closing stock prices of the Company's common stock for the last 5 trading days immediately 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 satisfaction of certain performance objectives relating to three-year cumulative “free cash” and net earnings goals, and their continued employment. | |||||||||||||||||||||
On May 5, 2014, certain VPG employees 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 $0.3 million and were comprised of 21,387 RSUs. Twenty-five percent of these awards will vest on January 1, 2017 subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2017, subject to the satisfaction of certain performance objectives relating to three-year cumulative earnings goals and cash flow goals, and their continued employment. | |||||||||||||||||||||
On May 22, 2014, the Board of Directors approved the issuance of an aggregate of 11,235 RSUs to the three independent board members and to the non-executive Chairman of the Board, with a grant-date fair value of $0.2 million. These RSUs will vest on May 22, 2015. | |||||||||||||||||||||
RSU activity is presented below (number of RSUs in thousands): | |||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
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 | 146 | $ | 14.72 | 193 | $ | 15.98 | 129 | $ | 16.03 | ||||||||||||
Granted | 112 | 15.3 | 67 | 13.07 | 92 | 15.88 | |||||||||||||||
Vested | (22 | ) | 15.84 | (114 | ) | 15.88 | (28 | ) | 15.85 | ||||||||||||
End of year | 236 | $ | 14.89 | 146 | $ | 14.72 | 193 | $ | 15.98 | ||||||||||||
The fair value of the RSUs vested during 2014 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 | 19 | 19 | 38 | ||||||||||||||||||
January 1, 2016 | — | 48 | 48 | ||||||||||||||||||
January 1, 2017 | 73 | 3 | 76 | ||||||||||||||||||
Share-Based Compensation Expense | |||||||||||||||||||||
The following table summarizes pre-tax share-based compensation expense recognized (in thousands): | |||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock options | $ | — | $ | 3 | $ | 10 | |||||||||||||||
Restricted stock units | 1,008 | 740 | 1,160 | ||||||||||||||||||
Total | $ | 1,008 | $ | 743 | $ | 1,170 | |||||||||||||||
Share-based compensation expense is recognized ratably over the vesting period of the awards and for RSUs with performance criteria, is recognized for RSU's that are expected to vest and for which performance criteria are expected to be met. The increase in share-based compensation expense from the prior year is mainly due to the evaluation of performance criteria on the awards granted in 2012 and 2013. It was determined in the fourth quarter of 2014 that certain performance criteria associated with the awards granted in 2012, which previously were not anticipated to be met, were met in the fourth quarter of 2014. Therefore, additional compensation expense was recorded. This was partially offset by a decrease in share-based compensation expense associated with the awards granted in 2013. It was determined in the fourth quarter of 2014 that certain performance criteria associated with the awards granted in 2013 were unlikely to be fully achieved, and therefore, share-based compensation expense was reduced in 2014 to reflect the anticipated performance level. | |||||||||||||||||||||
The deferred tax benefit on share-based compensation expense was $0.2 million, $0.3 million, and $0.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||
As of December 31, 2014, the Company had $1.1 million of unrecognized share-based compensation expense related to share-based awards that will be recognized over a weighted-average period of approximately two years. |
Commitments_Contingencies_and_
Commitments, Contingencies, and Concentrations | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
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 $4.1 million, $3.8 million, and $3.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||
Future minimum lease payments for operating leases (excluding related party leases as described in Note 2) with initial or remaining noncancellable lease terms in excess of one year are as follows (in thousands): | ||||||
2015 | $ | 3,617 | ||||
2016 | 2,768 | |||||
2017 | 2,143 | |||||
2018 | 1,675 | |||||
2019 | 1,087 | |||||
Thereafter | 1,681 | |||||
Litigation | ||||||
The Company is subject to various legal proceedings that constitute ordinary, routine litigation incidental to its business. The Company is of the opinion that the disposition of these proceedings, after taking into account recorded accruals and the availability and limits of its insurance coverage, will not have a material adverse effect on its business or its financial condition, results of operations, and 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. | ||||||
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, 2014 and 2013, the Company had no significant concentrations of credit risk. | ||||||
Geographic Concentrations | ||||||
At December 31, 2014 and 2013, 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, 2014 and December 31, 2013: | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Asia | 18 | % | 30 | % | ||
United States | 27 | % | 25 | % | ||
Israel | 23 | % | 16 | % | ||
Europe | 14 | % | 16 | % | ||
United Kingdom | 10 | % | 7 | % | ||
Canada | 8 | % | 6 | % | ||
Total | 100 | % | 100 | % |
Segment_and_Geographic_Data
Segment and Geographic Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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 | |||||||||||||||||
2014 | ||||||||||||||||||||
Net third-party revenues | $ | 108,001 | $ | 68,301 | $ | 74,521 | $ | — | $ | 250,823 | ||||||||||
Intersegment revenues | 3,190 | 1,773 | 1,039 | (6,002 | ) | — | ||||||||||||||
Gross profit | 42,449 | 15,135 | 34,540 | — | 92,124 | |||||||||||||||
Segment operating income (loss) | 23,668 | 5,629 | 11,578 | (32,213 | ) | 8,662 | ||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | — | — | 5,446 | — | 5,446 | |||||||||||||||
Restructuring costs | 153 | — | 515 | — | 668 | |||||||||||||||
Depreciation and amortization expense | 5,192 | 3,489 | 2,120 | 876 | 11,677 | |||||||||||||||
Capital expenditures | 7,018 | 1,607 | 775 | 359 | 9,759 | |||||||||||||||
Total assets | 87,846 | 69,092 | 96,741 | 36,208 | 289,887 | |||||||||||||||
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 | |||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Unallocated selling, general, and administrative expenses | $ | (26,099 | ) | $ | (25,801 | ) | $ | (24,588 | ) | |||||||||||
Acquisition costs | — | (794 | ) | (275 | ) | |||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | (5,446 | ) | — | — | ||||||||||||||||
Restructuring costs | (668 | ) | (538 | ) | — | |||||||||||||||
$ | (32,213 | ) | $ | (27,133 | ) | $ | (24,863 | ) | ||||||||||||
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 | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 93,247 | $ | 86,897 | $ | 92,807 | ||||||||||||||
United Kingdom | 36,358 | 32,915 | 29,582 | |||||||||||||||||
Other Europe | 57,014 | 53,691 | 54,212 | |||||||||||||||||
Israel | 3,661 | 2,226 | 3,708 | |||||||||||||||||
Asia | 37,916 | 32,410 | 36,177 | |||||||||||||||||
Canada | 22,627 | 32,136 | 1,130 | |||||||||||||||||
$ | 250,823 | $ | 240,275 | $ | 217,616 | |||||||||||||||
December 31, | ||||||||||||||||||||
Property and Equipment - Net | 2014 | 2013 | ||||||||||||||||||
United States | $ | 5,750 | $ | 6,209 | ||||||||||||||||
United Kingdom | 5,628 | 6,075 | ||||||||||||||||||
Other Europe | 1,569 | 2,018 | ||||||||||||||||||
Israel | 18,663 | 16,394 | ||||||||||||||||||
Asia | 18,435 | 16,439 | ||||||||||||||||||
Canada and Other | 1,937 | 2,188 | ||||||||||||||||||
$ | 51,982 | $ | 49,323 | |||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 3,853 | $ | 4,291 | $ | 11,691 | ||||||
Adjustment to the numerator for net earnings: | ||||||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 6 | 15 | 30 | |||||||||
Numerator for diluted earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 3,859 | $ | 4,306 | $ | 11,721 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share: | ||||||||||||
Weighted average shares | 13,755 | 13,563 | 13,367 | |||||||||
Effect of dilutive securities: | ||||||||||||
Exchangeable notes | 181 | 311 | 441 | |||||||||
Employee stock options | 1 | 1 | 1 | |||||||||
Restricted stock units | 40 | 69 | 80 | |||||||||
Dilutive potential common shares | 222 | 381 | 522 | |||||||||
Denominator for diluted earnings per share: | ||||||||||||
Adjusted weighted average shares | 13,977 | 13,944 | 13,889 | |||||||||
Basic earnings per share attributable to VPG stockholders | $ | 0.28 | $ | 0.32 | $ | 0.87 | ||||||
Diluted earnings per share attributable to VPG stockholders | $ | 0.28 | $ | 0.31 | $ | 0.84 | ||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average employee stock options | 18 | 23 | 28 | |||||||||
Weighted average warrants | — | — | — | |||||||||
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, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Foreign exchange loss | $ | (844 | ) | $ | (1,667 | ) | $ | (285 | ) | |||
Interest income | 261 | 266 | 633 | |||||||||
Other | (268 | ) | (178 | ) | (649 | ) | ||||||
$ | (851 | ) | $ | (1,579 | ) | $ | (301 | ) | ||||
Other accrued expenses consist of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Customer advance payments | $ | 5,167 | $ | 6,099 | ||||||||
Goods received, not yet invoiced | 3,265 | 2,067 | ||||||||||
Accrued taxes, other than income taxes | 1,879 | 1,874 | ||||||||||
Accrued commissions | 1,649 | 1,614 | ||||||||||
Accrued professional fees | 1,465 | 1,415 | ||||||||||
Other | 3,165 | 2,745 | ||||||||||
$ | 16,590 | $ | 15,814 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 | 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 | $ | 4,725 | $ | 915 | $ | 3,810 | $ | — | ||||||||
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 | $ | — | ||||||||
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, 2014 and December 31, 2013, 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 fair value of the long-term debt at December 31, 2014 and December 31, 2013 is approximately $21.7 million and $25.5 million, respectively, compared to its carrying value of $22.8 million and $27.1 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, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Executive RSU grant | |
On January 20, 2015, 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 $1.0 million and were comprised of 59,325 RSUs, as determined using the average of the closing stock prices of the Company's common stock for the last 5 trading days immediately preceding January 1, 2015. Twenty-five percent of these awards will vest on January 1, 2018, subject to the executives continued employment. The performance-based portion of the RSUs will also vest on January 1, 2018, subject to the executives continued employment and the satisfaction of certain performance objectives relating to three-year cumulative “free cash” and net earnings goals. | |
Purchase of Treasury Stock | |
In accordance with its stock repurchase plan, the Company has repurchased an additional 42,926 shares of its common stock from January 1, 2015 through March 11, 2015. |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information (Unaudited) | Summary of Quarterly Financial Information (Unaudited) | |||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 (a) | 2013 (a) | ||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Statement of Operations data: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 61,041 | $ | 65,162 | $ | 63,402 | $ | 61,218 | $ | 57,461 | $ | 62,837 | $ | 57,729 | $ | 62,248 | ||||||||||||||||
Gross profit | 22,047 | 24,697 | 23,777 | 21,603 | 19,969 | 21,560 | 19,243 | 23,083 | ||||||||||||||||||||||||
Operating income (loss) | 3,023 | 4,772 | 3,965 | (3,098 | ) | 1,297 | 2,787 | 602 | 3,316 | |||||||||||||||||||||||
Net earnings (loss) | 1,773 | 3,453 | 3,149 | (4,344 | ) | 436 | 1,290 | 1,455 | 1,166 | |||||||||||||||||||||||
Less: net earnings (loss) attributable to noncontrolling interests | 67 | (8 | ) | 30 | 89 | 49 | (20 | ) | (11 | ) | 38 | |||||||||||||||||||||
Net earnings (loss) attributable to VPG stockholders | 1,706 | 3,461 | 3,119 | (4,433 | ) | 387 | 1,310 | 1,466 | 1,128 | |||||||||||||||||||||||
Per Share Data: (b) | ||||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.12 | $ | 0.25 | $ | 0.23 | $ | (0.32 | ) | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.08 | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.12 | $ | 0.25 | $ | 0.22 | $ | (0.32 | ) | $ | 0.03 | $ | 0.09 | $ | 0.11 | $ | 0.08 | |||||||||||||||
Certain Items Recorded during the Quarters: | ||||||||||||||||||||||||||||||||
Acquisition purchase accounting adjustments | $ | 39 | $ | 2 | $ | 15 | $ | 19 | $ | 1,238 | $ | 2,260 | $ | 903 | $ | 454 | ||||||||||||||||
Acquisition costs | — | — | — | — | 487 | 208 | 57 | 42 | ||||||||||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | — | — | — | 5,446 | — | — | — | — | ||||||||||||||||||||||||
Restructuring costs | 324 | 7 | 144 | 193 | 388 | — | 99 | 51 | ||||||||||||||||||||||||
Tax effect of adjustments for purchase accounting, acquisition costs, impairment charges and restructuring costs, and discrete tax items | (92 | ) | (2 | ) | (54 | ) | 504 | (692 | ) | (654 | ) | (1,297 | ) | 792 | ||||||||||||||||||
(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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. | |||||||||||||||||||||||||||||||
(b) | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |
Background_and_Summary_of_Sign1
Background and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of 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 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. The amount charged to expense for research and development was $10.1 million, $9.3 million, and $6.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes, and for cost reduction measures. | |
Income Taxes, 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, 2014 or 2013. | |
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. The allowance for doubtful accounts was $0.2 million at December 31, 2014 and 2013, respectively. Bad debt expense was $0.2 million for each of the years ended December 31, 2014, 2013, and 2012. | |
Inventories, 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 excess and obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. | |
Property 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. Depreciation expense was $9.0 million, $9.0 million, and $8.8 million for the years ended December 31, 2014, 2013, and 2012, respectively, which included software depreciation expense of $1.0 million, $0.9 million, and $0.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
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 Other Intangible Assets, Policy | 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 information. 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 Company's required goodwill annual impairment test is completed as of the first day of the fourth fiscal quarter each year. As more fully described in Note 4, the impairment test for 2014 resulted in the Company recording an impairment charge in the fourth quarter of 2014. There was no impairment identified through the annual impairment test which was completed in 2013. | |
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. There was no impairment identified through the annual impairment tests completed in 2014 or 2013. Included in the Company's patents and acquired technology is an in-process research and development project acquired as part of the acquisition of the George Kelk Corporation ("KELK"). Until this project is ready for sale, it is analyzed as an indefinite-lived intangible asset. The Company's required annual indefinite-lived intangible asset impairment test is completed as of the first day of the fourth fiscal quarter each year. As more fully described in Note 4, the impairment test for 2014 resulted in the Company recording an impairment charge in the fourth quarter of 2014. There was no impairment identified through the annual impairment test which was completed in 2013. | |
Finite-lived intangible assets, 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 fifteen 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, 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 Translation, Policy | Foreign Currency Translation |
The Company has significant operations outside of the United States. The Company's operations in Europe, Canada, and certain locations in Asia primarily generate and expend cash 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 primarily generate cash 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. | |
Share-Based Compensation, 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, the Company recognizes compensation cost for awards that are expected to vest and for which performance criteria are expected to 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, 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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The basis of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted under GAAP, and either full or modified retrospective application is required. The Company has not yet selected a transition method and the effects of this standard on the Company's financial position, results of operations and cash flows are not yet known. |
Acquisition_Activity_Tables
Acquisition Activity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 to VPG stockholders (a) | $ | (1,323 | ) | |||||||||
(a) | 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 (a) | $ | 7,400 | ||||||||||
Property and equipment | 2,100 | |||||||||||
Intangible assets: | ||||||||||||
Patents and acquired technology | 4,300 | |||||||||||
Non-competition agreements | 200 | |||||||||||
Customer relationships | 12,200 | |||||||||||
In-process research and development | 1,000 | |||||||||||
Trade names | 1,600 | |||||||||||
Total intangible assets | 19,300 | |||||||||||
Fair value of acquired identifiable assets | 28,800 | |||||||||||
Purchase price | $ | 49,000 | ||||||||||
Goodwill | $ | 20,200 | ||||||||||
(a) | 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
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, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Goodwill | The change in the carrying amount of goodwill by segment 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 | ||||
Impairment charges | (4,612 | ) | (4,612 | ) | ||||
Foreign currency translation adjustment | (1,480 | ) | (1,480 | ) | ||||
Balance at December 31, 2014 | 12,788 | 12,788 | ||||||
Schedule of Finite-Lived Intangible Assets | Intangible assets were as follows (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Intangible assets subject to amortization | ||||||||
(Definite-lived): | ||||||||
Patents and acquired technology | $ | 7,599 | $ | 8,091 | ||||
Customer relationships | 16,734 | 17,897 | ||||||
Trade names | 1,722 | 1,846 | ||||||
Non-competition agreements | 11,687 | 12,921 | ||||||
37,742 | 40,755 | |||||||
Accumulated amortization: | ||||||||
Patents and acquired technology | (3,477 | ) | (3,240 | ) | ||||
Customer relationships | (6,664 | ) | (5,750 | ) | ||||
Trade names | (1,677 | ) | (1,719 | ) | ||||
Non-competition agreements | (9,906 | ) | (10,019 | ) | ||||
(21,724 | ) | (20,728 | ) | |||||
Net intangible assets subject to amortization | $ | 16,018 | $ | 20,027 | ||||
Intangible assets not subject to amortization | ||||||||
(Indefinite-lived): | ||||||||
Trade names | 1,376 | 1,496 | ||||||
In-process research and development | 95 | 935 | ||||||
$ | 17,489 | $ | 22,458 | |||||
Schedule of Expected Amortization Expense | Estimated annual amortization expense for each of the next five years is as follows (in thousands): | |||||||
2015 | $ | 2,104 | ||||||
2016 | 1,464 | |||||||
2017 | 1,468 | |||||||
2018 | 1,240 | |||||||
2019 | 1,052 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | (2,688 | ) | $ | (4,857 | ) | $ | (2,105 | ) | |||
Foreign | 9,631 | 10,258 | 12,629 | |||||||||
$ | 6,943 | $ | 5,401 | $ | 10,524 | |||||||
Schedule of Components of Income Tax Expense (Benefit) | The expense (benefit) for income taxes is comprised of (in thousands): | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 2,007 | $ | 41 | $ | (40 | ) | |||||
State and local | 45 | 156 | 220 | |||||||||
Foreign | 4,252 | 3,181 | 3,451 | |||||||||
6,304 | 3,378 | 3,631 | ||||||||||
Deferred: | ||||||||||||
Federal | (3,169 | ) | 425 | (394 | ) | |||||||
State and local | (33 | ) | (41 | ) | (78 | ) | ||||||
Foreign | (190 | ) | (2,708 | ) | (4,399 | ) | ||||||
(3,392 | ) | (2,324 | ) | (4,871 | ) | |||||||
Total income tax expense (benefit) | $ | 2,912 | $ | 1,054 | $ | (1,240 | ) | |||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax at statutory rate | $ | 2,430 | $ | 1,890 | $ | 3,683 | ||||||
State income taxes, net of U.S. federal tax benefit | 8 | 76 | 94 | |||||||||
Effect of foreign operations | (1,022 | ) | (1,673 | ) | (1,979 | ) | ||||||
Residual U.S. tax on foreign earnings | 2,426 | (190 | ) | (2 | ) | |||||||
Change in valuation allowance | (1,361 | ) | 2,113 | (3,163 | ) | |||||||
Change in unrecognized tax benefits, net | 273 | 150 | 45 | |||||||||
Impairment of goodwill and indefinite-lived intangibles | 303 | — | — | |||||||||
Specialty tax credits | (362 | ) | (341 | ) | (73 | ) | ||||||
Statutory rate changes | (166 | ) | (1,324 | ) | 220 | |||||||
Other | 383 | 353 | (65 | ) | ||||||||
Total income tax expense (benefit) | $ | 2,912 | $ | 1,054 | $ | (1,240 | ) | |||||
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, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and other postretirement costs | $ | 5,093 | $ | 4,240 | ||||||||
Inventories | 1,817 | 2,122 | ||||||||||
Net operating/capital loss carryforwards | 7,362 | 7,555 | ||||||||||
Tax credit carryforwards | 4,550 | 3,096 | ||||||||||
Deferred compensation | 2,055 | 1,993 | ||||||||||
Other accruals and reserves | 3,533 | 3,252 | ||||||||||
Total gross deferred tax assets | 24,410 | 22,258 | ||||||||||
Less: valuation allowance | (5,768 | ) | (5,249 | ) | ||||||||
18,642 | 17,009 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Tax over book depreciation | (1,628 | ) | (645 | ) | ||||||||
Intangible assets, including tax deductible goodwill | (193 | ) | (1,574 | ) | ||||||||
Total gross deferred tax liabilities | (1,821 | ) | (2,219 | ) | ||||||||
Net deferred tax assets | $ | 16,821 | $ | 14,790 | ||||||||
Summary of Operating Loss Carryforwards | At December 31, 2014, the Company had the following significant deferred tax assets for net operating/capital loss carryforwards for tax purposes (in thousands): | |||||||||||
December 31, | ||||||||||||
Jurisdiction | 2014 | Begin to Expire | ||||||||||
Israel | $ | 2,704 | No expiration | |||||||||
Israel - capital losses | 1,797 | No expiration | ||||||||||
Netherlands | 247 | 2021 | ||||||||||
United States - state | 2,460 | 2023 | ||||||||||
Summary of Valuation Allowance | At December 31, 2014, the Company had the following significant valuation allowances for tax purposes (in thousands): | |||||||||||
December 31, | ||||||||||||
Jurisdiction | 2014 | |||||||||||
Israel | $ | 1,799 | ||||||||||
Netherlands | 247 | |||||||||||
United States | 3,400 | |||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 1,192 | $ | 1,101 | $ | 1,431 | ||||||
Addition based on tax positions related to current year | 136 | 53 | 198 | |||||||||
Addition based on tax positions related to prior years | 180 | 78 | 99 | |||||||||
Currency translation adjustments | (100 | ) | 38 | — | ||||||||
Reduction for lapses of statute of limitations | (56 | ) | (78 | ) | (627 | ) | ||||||
Balance before indemnification receivable | 1,352 | 1,192 | 1,101 | |||||||||
Receivable from Vishay Intertechnology for indemnification | (281 | ) | (350 | ) | (338 | ) | ||||||
Balance at end of year | $ | 1,071 | $ | 842 | $ | 763 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
2013 Credit Agreement - revolving facility | $ | — | $ | — | ||||
2013 Credit Agreement - U.S. term facility | 6,000 | 8,000 | ||||||
2013 Credit Agreement - Canadian term facility | 12,000 | 14,000 | ||||||
Israeli Credit Agreement - revolving facility | — | — | ||||||
Exchangeable unsecured notes, due 2102 | 4,097 | 4,097 | ||||||
Other debt | 736 | 976 | ||||||
22,833 | 27,073 | |||||||
Less: current portion | 5,120 | 4,137 | ||||||
$ | 17,713 | $ | 22,936 | |||||
Schedule of Maturities of Long-term Debt | Aggregate annual maturities of long-term debt are as follows (in thousands): | |||||||
2015 | $ | 5,120 | ||||||
2016 | 6,120 | |||||||
2017 | 7,120 | |||||||
2018 | 120 | |||||||
2019 | 120 | |||||||
Thereafter | 4,233 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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, 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 | ) | ||||||
December 31, 2014 | ||||||||||||||||||||
Pension and other postretirement actuarial items | $ | (2,266 | ) | $ | (3,357 | ) | $ | 782 | $ | (2,575 | ) | $ | (4,841 | ) | ||||||
Reclassification adjustment for recognition of actuarial items | 60 | (23 | ) | 37 | 37 | |||||||||||||||
Foreign currency translation adjustment | (16,761 | ) | (4,887 | ) | — | (4,887 | ) | (21,648 | ) | |||||||||||
$ | (19,027 | ) | $ | (8,184 | ) | $ | 759 | $ | (7,425 | ) | $ | (26,452 | ) | |||||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Reconciliation of the Benefit Obligation, Plan Assets, and Funded Status to Benefit Plans | 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, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 22,351 | $ | 2,826 | $ | 23,308 | $ | 2,687 | ||||||||||||||||
Service cost (adjusted for actual employee contributions) | 417 | 62 | 453 | 77 | ||||||||||||||||||||
Interest cost | 938 | 131 | 860 | 114 | ||||||||||||||||||||
Contributions by participants | 53 | — | 53 | — | ||||||||||||||||||||
Actuarial losses (gains) | 3,409 | 534 | (1,356 | ) | 162 | |||||||||||||||||||
Benefits paid | (978 | ) | (222 | ) | (780 | ) | (214 | ) | ||||||||||||||||
Currency translation | (1,535 | ) | — | (187 | ) | — | ||||||||||||||||||
Benefit obligation at end of year | $ | 24,655 | $ | 3,331 | $ | 22,351 | $ | 2,826 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 15,354 | $ | — | $ | 13,091 | $ | — | ||||||||||||||||
Actual return on plan assets | 875 | — | 1,195 | — | ||||||||||||||||||||
Company contributions | 1,349 | 222 | 1,472 | 214 | ||||||||||||||||||||
Contributions by participants | 53 | — | 53 | — | ||||||||||||||||||||
Benefits paid | (978 | ) | (222 | ) | (780 | ) | (214 | ) | ||||||||||||||||
Currency translation | (956 | ) | — | 323 | — | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 15,697 | $ | — | $ | 15,354 | $ | — | ||||||||||||||||
Funded status at end of year | $ | (8,958 | ) | $ | (3,331 | ) | $ | (6,997 | ) | $ | (2,826 | ) | ||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Pretax Amounts | Amounts recognized in the consolidated balance sheet consist of the following pretax amounts (in thousands): | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Accrued pension and other postretirement costs | $ | (8,958 | ) | $ | (3,331 | ) | $ | (6,997 | ) | $ | (2,826 | ) | ||||||||||||
Accumulated other comprehensive loss | 5,382 | 1,139 | 2,411 | 639 | ||||||||||||||||||||
$ | (3,576 | ) | $ | (2,192 | ) | $ | (4,586 | ) | $ | (2,187 | ) | |||||||||||||
Actuarial Items | Actuarial items consist of the following (in thousands): | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Unrecognized net actuarial loss | $ | 5,375 | $ | 1,139 | $ | 2,402 | $ | 639 | ||||||||||||||||
Unrecognized prior service cost | 2 | — | 3 | — | ||||||||||||||||||||
Unamortized transition obligation | 5 | — | 6 | — | ||||||||||||||||||||
$ | 5,382 | $ | 1,139 | $ | 2,411 | $ | 639 | |||||||||||||||||
Additional Information Regarding Projected and Accumulated Benefit Obligations for the Pension Plans | The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligation, all plans | $ | 23,760 | $ | 20,947 | ||||||||||||||||||||
Plans for which the accumulated benefit obligation exceeds plan assets: | ||||||||||||||||||||||||
Projected benefit obligation | $ | 23,678 | $ | 21,447 | ||||||||||||||||||||
Accumulated benefit obligation | 23,160 | 20,390 | ||||||||||||||||||||||
Fair value of plan assets | 14,890 | 14,623 | ||||||||||||||||||||||
Components of Net Periodic Costs of Benefit Plans | The following table sets forth the components of net periodic cost of pension and other postretirement benefit plans (in thousands): | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | Pension | OPEB | |||||||||||||||||||
Plans | Plans | Plans | Plans | Plans | Plans | |||||||||||||||||||
Annual service cost | $ | 470 | $ | 62 | $ | 506 | $ | 77 | $ | 528 | $ | 67 | ||||||||||||
Less: employee contributions | 53 | — | 53 | — | 52 | — | ||||||||||||||||||
Net service cost | 417 | 62 | 453 | 77 | 476 | 67 | ||||||||||||||||||
Interest cost | 938 | 131 | 860 | 114 | 865 | 101 | ||||||||||||||||||
Expected return on plan assets | (789 | ) | — | (605 | ) | — | (595 | ) | — | |||||||||||||||
Amortization of actuarial losses | 26 | 33 | 166 | 23 | 95 | 37 | ||||||||||||||||||
Amortization of transition obligation | 1 | — | 4 | — | 1 | 28 | ||||||||||||||||||
Net periodic benefit cost | $ | 593 | $ | 226 | $ | 878 | $ | 214 | $ | 842 | $ | 233 | ||||||||||||
Weighted-average Assumptions Used for Benefit Obligations and Net Periodic Pension Costs | The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Discount rate | 3.56 | % | 3.69 | % | 4.22 | % | 4.57 | % | ||||||||||||||||
Rate of compensation increase | 2.7 | % | N/A | 3.56 | % | N/A | ||||||||||||||||||
The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
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 | ||||||||||||||||||
Expected return on plan assets | 5.05 | % | N/A | 4.65 | % | N/A | ||||||||||||||||||
Health care trend rate | N/A | 5.1 | % | N/A | 5.08 | % | ||||||||||||||||||
Composition of Plan Assets | Plan assets are comprised of: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Pension | OPEB | Pension | OPEB | |||||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Equity securities | 45 | % | — | 48 | % | — | ||||||||||||||||||
Fixed income securities | 41 | % | — | 33 | % | — | ||||||||||||||||||
Cash and cash equivalents | 14 | % | — | 19 | % | — | ||||||||||||||||||
Total | 100 | % | — | 100 | % | — | ||||||||||||||||||
Changes in Fair Value of Plan Assets for Each Hierarchy Level | 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, 2014 | 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 | $ | 6,998 | $ | 6,998 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 6,482 | 6,482 | — | — | ||||||||||||||||||||
Cash and cash equivalents | 2,217 | 2,217 | — | — | ||||||||||||||||||||
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 | — | — | ||||||||||||||||||||
Estimated future Benefit Payments | Estimated future benefit payments are as follows (in thousands): | |||||||||||||||||||||||
Pension | OPEB | |||||||||||||||||||||||
Plans | Plans | |||||||||||||||||||||||
2015 | $ | 719 | $ | 182 | ||||||||||||||||||||
2016 | 782 | 185 | ||||||||||||||||||||||
2017 | 665 | 207 | ||||||||||||||||||||||
2018 | 709 | 176 | ||||||||||||||||||||||
2019 | 681 | 192 | ||||||||||||||||||||||
2020 - 2024 | 4,461 | 1,137 | ||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock Options Activity | The following table summarizes the Company’s stock option activity (number of options in thousands): | ||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
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 | 27 | $ | 18.06 | 32 | $ | 18.03 | 32 | $ | 18.03 | ||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||
Exercised | (4 | ) | 11.92 | — | — | — | — | ||||||||||||||
Expired | (5 | ) | 20.58 | (5 | ) | 17.87 | — | — | |||||||||||||
End of year | 18 | $ | 18.92 | 27 | $ | 18.06 | 32 | $ | 18.03 | ||||||||||||
Vested and expected to vest | 18 | 27 | 32 | ||||||||||||||||||
Exercisable: | |||||||||||||||||||||
End of year | 18 | 27 | 28 | ||||||||||||||||||
Stock Options Outstanding and Exercisable | The following table summarizes information concerning stock options outstanding and exercisable at December 31, 2014 (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 | |||||||||||||||||
$18.92 | 18 | 2.16 | $ | 18.92 | 18 | $ | 18.92 | ||||||||||||||
Restricted Stock Units Activity | RSU activity is presented below (number of RSUs in thousands): | ||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
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 | 146 | $ | 14.72 | 193 | $ | 15.98 | 129 | $ | 16.03 | ||||||||||||
Granted | 112 | 15.3 | 67 | 13.07 | 92 | 15.88 | |||||||||||||||
Vested | (22 | ) | 15.84 | (114 | ) | 15.88 | (28 | ) | 15.85 | ||||||||||||
End of year | 236 | $ | 14.89 | 146 | $ | 14.72 | 193 | $ | 15.98 | ||||||||||||
Restricted Stock Units Performance-based Vesting Criteria | 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 | 19 | 19 | 38 | ||||||||||||||||||
January 1, 2016 | — | 48 | 48 | ||||||||||||||||||
January 1, 2017 | 73 | 3 | 76 | ||||||||||||||||||
Pre-tax Share-based Compensation Expense Recognized | The following table summarizes pre-tax share-based compensation expense recognized (in thousands): | ||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock options | $ | — | $ | 3 | $ | 10 | |||||||||||||||
Restricted stock units | 1,008 | 740 | 1,160 | ||||||||||||||||||
Total | $ | 1,008 | $ | 743 | $ | 1,170 | |||||||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies, and Concentrations (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
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 described in Note 2) with initial or remaining noncancellable lease terms in excess of one year are as follows (in thousands): | |||||
2015 | $ | 3,617 | ||||
2016 | 2,768 | |||||
2017 | 2,143 | |||||
2018 | 1,675 | |||||
2019 | 1,087 | |||||
Thereafter | 1,681 | |||||
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, 2014 and December 31, 2013: | |||||
December 31, | ||||||
2014 | 2013 | |||||
Asia | 18 | % | 30 | % | ||
United States | 27 | % | 25 | % | ||
Israel | 23 | % | 16 | % | ||
Europe | 14 | % | 16 | % | ||
United Kingdom | 10 | % | 7 | % | ||
Canada | 8 | % | 6 | % | ||
Total | 100 | % | 100 | % |
Segment_and_Geographic_Data_Ta
Segment and Geographic Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment and Geographic Data [Line Items] | ||||||||||||||||||||
Reporting Segment Information | The following table sets forth reporting segment information (in thousands): | |||||||||||||||||||
Foil Technology | Force | Weighing and | Corporate/ | Total | ||||||||||||||||
Products | Sensors | Control Systems | Other | |||||||||||||||||
2014 | ||||||||||||||||||||
Net third-party revenues | $ | 108,001 | $ | 68,301 | $ | 74,521 | $ | — | $ | 250,823 | ||||||||||
Intersegment revenues | 3,190 | 1,773 | 1,039 | (6,002 | ) | — | ||||||||||||||
Gross profit | 42,449 | 15,135 | 34,540 | — | 92,124 | |||||||||||||||
Segment operating income (loss) | 23,668 | 5,629 | 11,578 | (32,213 | ) | 8,662 | ||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | — | — | 5,446 | — | 5,446 | |||||||||||||||
Restructuring costs | 153 | — | 515 | — | 668 | |||||||||||||||
Depreciation and amortization expense | 5,192 | 3,489 | 2,120 | 876 | 11,677 | |||||||||||||||
Capital expenditures | 7,018 | 1,607 | 775 | 359 | 9,759 | |||||||||||||||
Total assets | 87,846 | 69,092 | 96,741 | 36,208 | 289,887 | |||||||||||||||
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 | |||||||||||||||
Reporting Segment Information, Corporate Other and Excluded Items | 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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Unallocated selling, general, and administrative expenses | $ | (26,099 | ) | $ | (25,801 | ) | $ | (24,588 | ) | |||||||||||
Acquisition costs | — | (794 | ) | (275 | ) | |||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | (5,446 | ) | — | — | ||||||||||||||||
Restructuring costs | (668 | ) | (538 | ) | — | |||||||||||||||
$ | (32,213 | ) | $ | (27,133 | ) | $ | (24,863 | ) | ||||||||||||
Sales Revenue, Segment | ||||||||||||||||||||
Segment and Geographic Data [Line Items] | ||||||||||||||||||||
Revenue from external customers and long-lived assets, by geographical areas | 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 | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 93,247 | $ | 86,897 | $ | 92,807 | ||||||||||||||
United Kingdom | 36,358 | 32,915 | 29,582 | |||||||||||||||||
Other Europe | 57,014 | 53,691 | 54,212 | |||||||||||||||||
Israel | 3,661 | 2,226 | 3,708 | |||||||||||||||||
Asia | 37,916 | 32,410 | 36,177 | |||||||||||||||||
Canada | 22,627 | 32,136 | 1,130 | |||||||||||||||||
$ | 250,823 | $ | 240,275 | $ | 217,616 | |||||||||||||||
Property Plant And Equipment Segment | ||||||||||||||||||||
Segment and Geographic Data [Line Items] | ||||||||||||||||||||
Revenue from external customers and long-lived assets, by geographical areas | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Property and Equipment - Net | 2014 | 2013 | ||||||||||||||||||
United States | $ | 5,750 | $ | 6,209 | ||||||||||||||||
United Kingdom | 5,628 | 6,075 | ||||||||||||||||||
Other Europe | 1,569 | 2,018 | ||||||||||||||||||
Israel | 18,663 | 16,394 | ||||||||||||||||||
Asia | 18,435 | 16,439 | ||||||||||||||||||
Canada and Other | 1,937 | 2,188 | ||||||||||||||||||
$ | 51,982 | $ | 49,323 | |||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 3,853 | $ | 4,291 | $ | 11,691 | ||||||
Adjustment to the numerator for net earnings: | ||||||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 6 | 15 | 30 | |||||||||
Numerator for diluted earnings per share: | ||||||||||||
Net earnings attributable to VPG stockholders | $ | 3,859 | $ | 4,306 | $ | 11,721 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share: | ||||||||||||
Weighted average shares | 13,755 | 13,563 | 13,367 | |||||||||
Effect of dilutive securities: | ||||||||||||
Exchangeable notes | 181 | 311 | 441 | |||||||||
Employee stock options | 1 | 1 | 1 | |||||||||
Restricted stock units | 40 | 69 | 80 | |||||||||
Dilutive potential common shares | 222 | 381 | 522 | |||||||||
Denominator for diluted earnings per share: | ||||||||||||
Adjusted weighted average shares | 13,977 | 13,944 | 13,889 | |||||||||
Basic earnings per share attributable to VPG stockholders | $ | 0.28 | $ | 0.32 | $ | 0.87 | ||||||
Diluted earnings per share attributable to VPG stockholders | $ | 0.28 | $ | 0.31 | $ | 0.84 | ||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average employee stock options | 18 | 23 | 28 | |||||||||
Weighted average warrants | — | — | — | |||||||||
Additional_Financial_Statement1
Additional Financial Statement Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Foreign exchange loss | $ | (844 | ) | $ | (1,667 | ) | $ | (285 | ) | |||
Interest income | 261 | 266 | 633 | |||||||||
Other | (268 | ) | (178 | ) | (649 | ) | ||||||
$ | (851 | ) | $ | (1,579 | ) | $ | (301 | ) | ||||
Schedule of Accrued Liabilities | Other accrued expenses consist of the following (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Customer advance payments | $ | 5,167 | $ | 6,099 | ||||||||
Goods received, not yet invoiced | 3,265 | 2,067 | ||||||||||
Accrued taxes, other than income taxes | 1,879 | 1,874 | ||||||||||
Accrued commissions | 1,649 | 1,614 | ||||||||||
Accrued professional fees | 1,465 | 1,415 | ||||||||||
Other | 3,165 | 2,745 | ||||||||||
$ | 16,590 | $ | 15,814 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 | 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 | $ | 4,725 | $ | 915 | $ | 3,810 | $ | — | ||||||||
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 | $ | — | ||||||||
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 (a) | 2013 (a) | ||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Statement of Operations data: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 61,041 | $ | 65,162 | $ | 63,402 | $ | 61,218 | $ | 57,461 | $ | 62,837 | $ | 57,729 | $ | 62,248 | ||||||||||||||||
Gross profit | 22,047 | 24,697 | 23,777 | 21,603 | 19,969 | 21,560 | 19,243 | 23,083 | ||||||||||||||||||||||||
Operating income (loss) | 3,023 | 4,772 | 3,965 | (3,098 | ) | 1,297 | 2,787 | 602 | 3,316 | |||||||||||||||||||||||
Net earnings (loss) | 1,773 | 3,453 | 3,149 | (4,344 | ) | 436 | 1,290 | 1,455 | 1,166 | |||||||||||||||||||||||
Less: net earnings (loss) attributable to noncontrolling interests | 67 | (8 | ) | 30 | 89 | 49 | (20 | ) | (11 | ) | 38 | |||||||||||||||||||||
Net earnings (loss) attributable to VPG stockholders | 1,706 | 3,461 | 3,119 | (4,433 | ) | 387 | 1,310 | 1,466 | 1,128 | |||||||||||||||||||||||
Per Share Data: (b) | ||||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.12 | $ | 0.25 | $ | 0.23 | $ | (0.32 | ) | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.08 | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.12 | $ | 0.25 | $ | 0.22 | $ | (0.32 | ) | $ | 0.03 | $ | 0.09 | $ | 0.11 | $ | 0.08 | |||||||||||||||
Certain Items Recorded during the Quarters: | ||||||||||||||||||||||||||||||||
Acquisition purchase accounting adjustments | $ | 39 | $ | 2 | $ | 15 | $ | 19 | $ | 1,238 | $ | 2,260 | $ | 903 | $ | 454 | ||||||||||||||||
Acquisition costs | — | — | — | — | 487 | 208 | 57 | 42 | ||||||||||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | — | — | — | 5,446 | — | — | — | — | ||||||||||||||||||||||||
Restructuring costs | 324 | 7 | 144 | 193 | 388 | — | 99 | 51 | ||||||||||||||||||||||||
Tax effect of adjustments for purchase accounting, acquisition costs, impairment charges and restructuring costs, and discrete tax items | (92 | ) | (2 | ) | (54 | ) | 504 | (692 | ) | (654 | ) | (1,297 | ) | 792 | ||||||||||||||||||
(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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. | |||||||||||||||||||||||||||||||
(b) | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |
Background_and_Summary_of_Sign2
Background and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Significant Accounting Policies [Line Items] | |||
Minimum ownership of fully controlled entities | 100.00% | ||
Research and development expense | $10.10 | $9.30 | $6.40 |
Recognized tax benefit to be realized upon ultimate settlement | greater than 50 percent likely to be realized | ||
Allowance for doubtful accounts | 0.2 | 0.2 | |
Bad debt expense | 0.2 | 0.2 | 0.2 |
Depreciation expense | 9 | 9 | 8.8 |
Customer relationships | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 15 years | ||
Non-competition agreements | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Minimum | Patents and acquired technology | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 7 years | ||
Minimum | Customer relationships | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Minimum | Trade names | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 7 years | ||
Minimum | Non-competition agreements | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Maximum | Patents and acquired technology | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 20 years | ||
Maximum | Customer relationships | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 15 years | ||
Maximum | Trade names | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 10 years | ||
Maximum | Non-competition agreements | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 10 years | ||
Machinery and Equipment | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 7 years | ||
Machinery and Equipment | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 10 years | ||
Building and Building Improvements | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 20 years | ||
Building and Building Improvements | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Software | |||
Summary of Significant Accounting Policies [Line Items] | |||
Depreciation expense | $1 | $0.90 | $0.70 |
Software | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Software | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 5 years |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (Vishay Intertechnology) | 12 Months Ended |
Dec. 31, 2014 | |
facility | |
Japan | |
Related Party Transaction [Line Items] | |
Manufacturing facility | 1 |
United States | |
Related Party Transaction [Line Items] | |
Manufacturing facilities leased from related party | 1 |
Acquisition_Activity_Narrative
Acquisition Activity (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Interest Expense | Amortization of Intangible Assets | Acquisition-related Costs | Fair Value Adjustment to Inventory and Advance Customer Payments | Patents and Acquired Technology | Non-competition agreements | Customer relationships | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | |||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $49,000 | 49,000 | |||||||||
Finite-lived intangible assets, weighted average useful lives | 17 years | 5 years | 15 years | ||||||||
Percentage of goodwill | 75.00% | ||||||||||
Pro Forma net income (loss) | $800 | $900 | $800 | $4,900 | $10,534 |
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 | ($1,323) | [1] |
[1] | The net loss attributable to VPG stockholders includes the effect of purchase accounting adjustments, acquisition costs, restructuring costs, and intercompany interest expense. |
Acquisition_Activity_Schedule_1
Acquisition Activity (Schedule of Assets Acquired and Liabilities Assumed) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | George Kelk Corporation (KELK) | |
USD ($) | CAD | USD ($) | In-process research and development | Trade names | Patents and Acquired Technology | Non-competition agreements | Customer relationships | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Business Acquisition [Line Items] | ||||||||||||
Working capital | $7,400 | [1] | ||||||||||
Property and equipment | 2,100 | |||||||||||
Intangible assets: | ||||||||||||
Total intangible assets | 19,300 | 1,000 | 1,600 | 4,300 | 200 | 12,200 | ||||||
Fair value of acquired identifiable assets | 28,800 | |||||||||||
Purchase price | 49,000 | 49,000 | ||||||||||
Goodwill | $12,788 | $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, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition costs | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $42 | [1] | $57 | [1] | $208 | [1] | $487 | [1] | $0 | $794 | $275 |
George Kelk Corporation (KELK) | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition costs | 0 | 794 | 275 | ||||||||||||||||
Accounting and Legal Fees | George Kelk Corporation (KELK) | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition costs | 0 | 652 | 184 | ||||||||||||||||
Appraisal Fees | George Kelk Corporation (KELK) | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition costs | 0 | 84 | 20 | ||||||||||||||||
Other | George Kelk Corporation (KELK) | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition costs | $0 | $58 | $71 | ||||||||||||||||
[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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. |
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 $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | |||
Beginning balance | $18,880 | $0 | |
Goodwill acquired in the KELK acquisition | 20,200 | ||
Foreign currency translation adjustment | -1,480 | -1,320 | |
Impairment charges | -4,600 | -4,612 | |
Ending balance | 12,788 | 12,788 | 18,880 |
Weighing and Control Systems | |||
Goodwill [Roll Forward] | |||
Beginning balance | 18,880 | 0 | |
Goodwill acquired in the KELK acquisition | 20,200 | ||
Foreign currency translation adjustment | -1,480 | -1,320 | |
Impairment charges | -4,612 | ||
Ending balance | $12,788 | $12,788 | $18,880 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization (Definite-lived) | $37,742 | $40,755 |
Accumulated amortization | -21,724 | -20,728 |
Net intangible assets subject to amortization | 16,018 | 20,027 |
Intangible assets, net | 17,489 | 22,458 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization (Indefinite-lived) | 1,376 | 1,496 |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization (Indefinite-lived) | 95 | 935 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization (Definite-lived) | 7,599 | 8,091 |
Accumulated amortization | -3,477 | -3,240 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization (Definite-lived) | 16,734 | 17,897 |
Accumulated amortization | -6,664 | -5,750 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization (Definite-lived) | 1,722 | 1,846 |
Accumulated amortization | -1,677 | -1,719 |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization (Definite-lived) | 11,687 | 12,921 |
Accumulated amortization | ($9,906) | ($10,019) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $2,104 |
2016 | 1,464 |
2017 | 1,468 |
2018 | 1,240 |
2019 | $1,052 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Other Intangible Assets [Line Items] | ||||
Impairment of goodwill | $4,600,000 | $4,612,000 | ||
Amortization expense | 2,600,000 | 3,000,000 | 2,800,000 | |
Other liabilities non compete agreements | 200,000 | 200,000 | 600,000 | |
Trade names | ||||
Goodwill and Other Intangible Assets [Line Items] | ||||
Impairment of indefinite-lived intangible assets | 0 | |||
In-process research and development | ||||
Goodwill and Other Intangible Assets [Line Items] | ||||
Impairment of indefinite-lived intangible assets | $800,000 | |||
Discount rate | 15.50% |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
program | program | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||
Restructuring costs | $193,000 | [1] | $144,000 | [1] | $7,000 | [1] | $324,000 | [1] | $51,000 | [1] | $99,000 | [1] | $0 | [1] | $388,000 | [1] | $668,000 | $538,000 | $0 |
Number of programs implemented | 2 | 2 | |||||||||||||||||
Employee Severance and Statutory Retirement Allowance | Canada | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||
Restructuring costs | 500,000 | 100,000 | |||||||||||||||||
Paid restructuring costs | 300,000 | ||||||||||||||||||
Employee Severance and Statutory Retirement Allowance | United States | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||
Restructuring costs | 200,000 | ||||||||||||||||||
Paid restructuring costs | 100,000 | ||||||||||||||||||
Employee Severance and Statutory Retirement Allowance | Japan | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||
Restructuring costs | $400,000 | ||||||||||||||||||
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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | ($2,688) | ($4,857) | ($2,105) |
Foreign | 9,631 | 10,258 | 12,629 |
Income before taxes | $6,943 | $5,401 | $10,524 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $2,007 | $41 | ($40) |
State and local | 45 | 156 | 220 |
Foreign | 4,252 | 3,181 | 3,451 |
Current Income Tax Expense (Benefit) | 6,304 | 3,378 | 3,631 |
Deferred: | |||
Federal | -3,169 | 425 | -394 |
State and local | -33 | -41 | -78 |
Foreign | -190 | -2,708 | -4,399 |
Deferred income tax expense (benefit) | -3,392 | -2,324 | -4,871 |
Total income tax expense (benefit) | $2,912 | $1,054 | ($1,240) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $2,430 | $1,890 | $3,683 |
State income taxes, net of U.S. federal tax benefit | 8 | 76 | 94 |
Effect of foreign operations | -1,022 | -1,673 | -1,979 |
Residual U.S. tax on foreign earnings | 2,426 | -190 | -2 |
Change in valuation allowance | -1,361 | 2,113 | -3,163 |
Change in unrecognized tax benefits, net | 273 | 150 | 45 |
Impairment of goodwill and indefinite-lived intangibles | 303 | 0 | 0 |
Specialty tax credits | -362 | -341 | -73 |
Statutory rate changes | -166 | -1,324 | 220 |
Other | 383 | 353 | -65 |
Total income tax expense (benefit) | $2,912 | $1,054 | ($1,240) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Pension and other postretirement costs | $5,093 | $4,240 |
Inventories | 1,817 | 2,122 |
Net operating/capital loss carryforwards | 7,362 | 7,555 |
Tax credit carryforwards | 4,550 | 3,096 |
Deferred compensation | 2,055 | 1,993 |
Other accruals and reserves | 3,533 | 3,252 |
Total gross deferred tax assets | 24,410 | 22,258 |
Less: valuation allowance | -5,768 | -5,249 |
Deferred Tax Assets, Net of Valuation Allowance | 18,642 | 17,009 |
Deferred tax liabilities: | ||
Tax over book depreciation | -1,628 | -645 |
Intangible assets, including tax deductible goodwill | -193 | -1,574 |
Total gross deferred tax liabilities | -1,821 | -2,219 |
Net deferred tax assets | $16,821 | $14,790 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Israel | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $2,704 |
Israel | Capital Loss Carryforward | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,797 |
Netherlands | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 247 |
United States | State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $2,460 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Valuation allowance | $5,768 | $5,249 |
Israel | ||
Valuation allowance | 1,799 | |
Netherlands | ||
Valuation allowance | 247 | |
United States | ||
Valuation allowance | $3,400 |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $1,192 | $1,101 | $1,431 |
Addition based on tax positions related to current year | 136 | 53 | 198 |
Addition based on tax positions related to prior years | 180 | 78 | 99 |
Currency translation adjustments | -100 | 38 | 0 |
Reduction for lapses of statute of limitations | -56 | -78 | -627 |
Balance before indemnification receivable | 1,352 | 1,192 | 1,101 |
Receivable from Vishay Intertechnology for indemnification | -281 | -350 | -338 |
Balance at end of year | $1,071 | $842 | $763 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ||||
Tax credit carryforwards | $4,550,000 | $3,096,000 | ||
Other Tax Expense (Benefit) | 2,400,000 | |||
Valuation allowance, change in amount | 500,000 | 2,400,000 | ||
Valuation allowance | 5,768,000 | 5,249,000 | ||
Cumulative loss | 3 years | |||
Undistributed earnings of foreign subsidiaries | 101,500,000 | 103,500,000 | ||
Unremitted earnings withholdings taxes | 13,800,000 | |||
Net income taxes paid | 3,100,000 | 3,400,000 | 5,000,000 | |
Unrecognized Tax Benefits Including Income Tax Penalties and Interest Accrued Income Tax Indemnification Receivable | 500,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 500,000 | 500,000 | 500,000 | |
Income Tax Examination, Penalties and Interest Accrued in Current Income Tax Indemnification Receivable | 300,000 | 400,000 | 400,000 | |
Unrecognized tax benefits | 1,352,000 | 1,192,000 | 1,101,000 | 1,431,000 |
Possible (increase) decrease in unrecognized tax benefit, minimum | 400,000 | |||
Possible (increase) decrease in unrecognized tax benefit, maximum | 600,000 | |||
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 | ||||
Income Taxes [Line Items] | ||||
Possible (increase) decrease in unrecognized tax benefit, minimum | -100,000 | |||
Possible (increase) decrease in unrecognized tax benefit, maximum | -200,000 | |||
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, change in amount | -1,600,000 | 2,000,000 | ||
Valuation allowance | 400,000 | 2,000,000 | ||
Israel Capital Loss Carryforward | ||||
Income Taxes [Line Items] | ||||
Valuation allowance, change in amount | ($1,800,000) |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Exchangeable unsecured notes, due 2102 | $4,097 | $4,097 |
Other debt | 736 | 976 |
Long-Term Debt | 22,833 | 27,073 |
Less current portion | 5,120 | 4,137 |
Long-term debt, less current portion | 17,713 | 22,936 |
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 | 6,000 | 8,000 |
2013 Credit Agreement - Canadian term facility | ||
Debt Instrument [Line Items] | ||
Secured debt | 12,000 | 14,000 |
Israeli Credit Agreement - revolving facility | ||
Debt Instrument [Line Items] | ||
Secured debt | $0 | $0 |
LongTerm_Debt_Maturity_of_Long
Long-Term Debt (Maturity of Long-term Debt) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $5,120 |
2016 | 6,120 |
2017 | 7,120 |
2018 | 120 |
2019 | 120 |
Thereafter | $4,233 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Jan. 29, 2013 | Aug. 28, 2013 | Jul. 06, 2010 | |
Debt Instrument [Line Items] | |||||||
Exchangeable unsecured notes, due 2102 | $4,097,000 | $4,097,000 | |||||
Interest Paid | 800,000 | 700,000 | 200,000 | ||||
Other Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term (in years) | 7 years | ||||||
Stated interest rate | 0.00% | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 15,000,000 | ||||||
Letter Of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 10,000,000 | ||||||
Swing Loans | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 5,000,000 | ||||||
Domestic Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 10,000,000 | ||||||
Foreign Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 15,000,000 | ||||||
Domestic Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 10,000,000 | ||||||
Foreign Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 15,000,000 | ||||||
Expiration date | 30-Nov-14 | ||||||
Line of credit facility, amount outstanding | 0 | ||||||
2013 Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Expiration date | 29-Jan-18 | ||||||
Minimum tangible net worth | 118,000,000 | ||||||
Required cumulative net earnings percentage | 50.00% | ||||||
Maximum leverage ratio | 2.5 | ||||||
Minimum fixed charges coverage ratio | 1.5 | ||||||
Other Lines of Credit | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount | 3,900,000 | 4,000,000 | |||||
Line of credit facility, amount outstanding | 0 | ||||||
Exchangeable Unsecured Notes due 2102 | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Exchangeable unsecured notes, due 2102 | 4,100,000 | 10,000,000 | |||||
Maturity date | 13-Dec-02 | ||||||
Exchangeable Notes Conversion Price Amount (in dollars per share) | $22.57 | ||||||
Principal amount of notes exchanged for common stock | $5,900,000 | ||||||
Conversion of exchangeable notes to common stock (in shares) | 259,687 | ||||||
Number of shares of common stock the notes are exchangeable into (in shares) | 181,537 | ||||||
London Interbank Offered Rate (LIBOR) | Foreign Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR | LIBOR | ||||||
Interest rate in addition to LIBOR | 2.15% | ||||||
Quarterly commitment fee | 0.40% | ||||||
Debt Instrument, interest rate | 2.40% | ||||||
London Interbank Offered Rate (LIBOR) | 2013 Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR | LIBOR | ||||||
Interest rate in addition to LIBOR | 0.25% | ||||||
Debt Instrument, interest rate | 2.76% | ||||||
London Interbank Offered Rate (LIBOR) | 2013 Credit Agreement | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate in addition to LIBOR | 2.00% | ||||||
Quarterly commitment fee | 0.30% | ||||||
London Interbank Offered Rate (LIBOR) | 2013 Credit Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate in addition to LIBOR | 3.00% | ||||||
Quarterly commitment fee | 0.50% | ||||||
London Interbank Offered Rate (LIBOR) | Exchangeable Unsecured Notes due 2102 | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR | LIBOR | ||||||
Debt Instrument, interest rate | 0.26% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Pension and other postretirement actuarial items, Beginning Balance | ($2,266) | ($3,940) | ($2,931) |
Pension and other postretirement actuarial items, Before-Tax Amount | -3,357 | 1,888 | -1,474 |
Pension and other postretirement actuarial items, Tax Effect | 782 | -353 | 355 |
Pension and other postretirement actuarial items, Net-of-Tax Amount | -2,575 | 1,535 | -1,119 |
Pension and other postretirement actuarial items, Ending Balance | -4,841 | -2,405 | -4,050 |
Reclassification adjustment for recognition of actuarial items, Before-Tax Amount | 60 | 191 | 161 |
Reclassification adjustment for recognition of actuarial items, Tax Effect | -23 | -52 | -51 |
Reclassification adjustment for recognition of actuarial items, Net-of-Tax Amount | 37 | 139 | 110 |
Reclassification adjustment for recognition of actuarial items, Ending Balance | 37 | 139 | 110 |
Foreign Currency translation adjustment, Beginning Balance | -16,761 | -11,043 | -11,042 |
Foreign Currency translation adjustment, Before Tax Amount | -4,887 | -5,718 | -1 |
Foreign Currency translation adjustment, Tax Effect | 0 | 0 | 0 |
Foreign Currency translation adjustment, Net-of-Tax Amount | -4,887 | -5,718 | -1 |
Foreign Currency translation adjustment, Ending Balance | -21,648 | -16,761 | -11,043 |
Accumulated other comprehensive income (loss), Net Of Tax, Beginning Balance | -19,027 | -14,983 | -13,973 |
Other comprehensive income (loss), Before Tax Amount | -8,184 | -3,639 | -1,314 |
Other comprehensive income, Tax Effect | 759 | -405 | 304 |
Other comprehensive loss | -7,425 | -4,044 | -1,010 |
Accumulated other comprehensive income (loss), Net Of Tax, Ending Balance | ($26,452) | ($19,027) | ($14,983) |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jul. 06, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 23, 2014 | |
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 | |||
Treasury Stock, shares | 2,000 | 0 | ||
Warrants issued to purchase of common stock | 630,252 | |||
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 | ||||
Class of Stock [Line Items] | ||||
Common stock, number of votes | 10 | |||
Conversion ratio | 1 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized to be repurchased | 500,000 | |||
Treasury Stock, shares | 2,000 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $22,351 | $23,308 | |
Service cost (adjusted for actual employee contributions) | 417 | 453 | 476 |
Interest cost | 938 | 860 | 865 |
Contributions by participants | 53 | 53 | 52 |
Actuarial losses (gains) | 3,409 | -1,356 | |
Benefits paid | -978 | -780 | |
Currency translation | -1,535 | -187 | |
Benefit obligation at end of year | 24,655 | 22,351 | 23,308 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 15,354 | 13,091 | |
Actual return on plan assets | 875 | 1,195 | |
Company contributions | 1,349 | 1,472 | |
Contributions by participants | 53 | 53 | 52 |
Benefits paid | -978 | -780 | |
Currency translation | -956 | 323 | |
Fair value of plan assets at end of year | 15,697 | 15,354 | 13,091 |
Funded status at end of year | -8,958 | -6,997 | |
OPEB Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,826 | 2,687 | |
Service cost (adjusted for actual employee contributions) | 62 | 77 | 67 |
Interest cost | 131 | 114 | 101 |
Contributions by participants | 0 | 0 | 0 |
Actuarial losses (gains) | 534 | 162 | |
Benefits paid | -222 | -214 | |
Currency translation | 0 | 0 | |
Benefit obligation at end of year | 3,331 | 2,826 | 2,687 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 222 | 214 | |
Contributions by participants | 0 | 0 | 0 |
Benefits paid | -222 | -214 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | ($3,331) | ($2,826) |
Pensions_and_Other_Postretirem3
Pensions and Other Postretirement Benefits (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and other postretirement costs | ($13,072) | ($10,780) |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and other postretirement costs | -8,958 | -6,997 |
Accumulated other comprehensive loss | 5,382 | 2,411 |
Benefit plans, amounts realized | -3,576 | -4,586 |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and other postretirement costs | -3,331 | -2,826 |
Accumulated other comprehensive loss | 1,139 | 639 |
Benefit plans, amounts realized | ($2,192) | ($2,187) |
Pensions_and_Other_Postretirem4
Pensions and Other Postretirement Benefits (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss | $5,375 | $2,402 |
Unrecognized prior service cost | 2 | 3 |
Unamortized transition obligation | 5 | 6 |
Benefit plans, accumulated other comprehensive income (loss) before tax | 5,382 | 2,411 |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss | 1,139 | 639 |
Unrecognized prior service cost | 0 | 0 |
Unamortized transition obligation | 0 | 0 |
Benefit plans, accumulated other comprehensive income (loss) before tax | $1,139 | $639 |
Pensions_and_Other_Postretirem5
Pensions and Other Postretirement Benefits (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation, all plans | $23,760 | $20,947 |
Plans for which the accumulated benefit obligation exceeds plan assets: | ||
Projected benefit obligation | 23,678 | 21,447 |
Accumulated benefit obligation | 23,160 | 20,390 |
Fair value of plan assets | $14,890 | $14,623 |
Pensions_and_Other_Postretirem6
Pensions and Other Postretirement Benefits (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual service cost | $470 | $506 | $528 |
Less: employee contributions | 53 | 53 | 52 |
Net service cost | 417 | 453 | 476 |
Interest cost | 938 | 860 | 865 |
Expected return on plan assets | -789 | -605 | -595 |
Amortization of actuarial losses | 26 | 166 | 95 |
Amortization of transition obligation | 1 | 4 | 1 |
Net periodic benefit cost | 593 | 878 | 842 |
OPEB Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual service cost | 62 | 77 | 67 |
Less: employee contributions | 0 | 0 | 0 |
Net service cost | 62 | 77 | 67 |
Interest cost | 131 | 114 | 101 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses | 33 | 23 | 37 |
Amortization of transition obligation | 0 | 0 | 28 |
Net periodic benefit cost | $226 | $214 | $233 |
Pensions_and_Other_Postretirem7
Pensions and Other Postretirement Benefits (Details 5) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate, benefit obligation | 3.56% | 4.22% |
Rate of compensation increase, benefit obligation | 2.70% | 3.56% |
Discount rate, net periodic pension cost | 4.22% | 3.85% |
Rate of compensation increase, net periodic pension cost | 3.56% | 2.67% |
Expected return on plan assets | 5.05% | 4.65% |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate, benefit obligation | 3.69% | 4.57% |
Discount rate, net periodic pension cost | 4.57% | 3.68% |
Health care trend rate | 5.10% | 5.08% |
Pensions_and_Other_Postretirem8
Pensions and Other Postretirement Benefits (Details 6) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 100.00% | 100.00% |
Pension Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 45.00% | 48.00% |
Pension Plans | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 41.00% | 33.00% |
Pension Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 14.00% | 19.00% |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 0.00% |
OPEB Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 0.00% |
OPEB Plans | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 0.00% |
OPEB Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0.00% | 0.00% |
Pensions_and_Other_Postretirem9
Pensions and Other Postretirement Benefits (Details 7) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | $6,998 | $7,312 |
Equity securities | Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 6,998 | 7,312 |
Equity securities | Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Equity securities | Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 6,482 | 5,010 |
Fixed income securities | Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 6,482 | 5,010 |
Fixed income securities | Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Fixed income securities | Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 2,217 | 3,033 |
Cash and cash equivalents | Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 2,217 | 3,033 |
Cash and cash equivalents | Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Cash and cash equivalents | Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | $0 | $0 |
Recovered_Sheet1
Pensions and Other Postretirement Benefits (Details 8) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $719 |
2016 | 782 |
2017 | 665 |
2018 | 709 |
2019 | 681 |
2020-2024 | 4,461 |
OPEB Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 182 |
2016 | 185 |
2017 | 207 |
2018 | 176 |
2019 | 192 |
2020-2024 | $1,137 |
Recovered_Sheet2
Pensions and Other Postretirement Benefits (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated actuarial items that will be amortized from AOCI loss | $300,000 | ||
Ultimate health care cost trend rate | 5.00% | ||
Defined benefit plan, employer contribution in 2015 | 1,400,000 | ||
Defined contribution plan matching expense | 600,000 | 700,000 | 900,000 |
Accrued pension and other postretirement costs | 13,072,000 | 10,780,000 | |
Non Qualified Deferred Compensation Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets held-in-trust | 3,000,000 | 3,100,000 | |
Accrued pension and other postretirement costs | 3,700,000 | 3,500,000 | |
Other Retirement Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other retirement obligations | 800,000 | 1,000,000 | |
Non Qualified Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets held-in-trust | 1,700,000 | 1,600,000 | |
Non qualified pension plan liabilities | $2,100,000 | $1,800,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Options, Beginning of year | 27 | 32 | 32 |
Number of Options, Granted | 0 | 0 | 0 |
Number of Options, Exercised | -4 | 0 | 0 |
Number of Options, Expired | -5 | -5 | 0 |
Number of Options, End of Year | 18 | 27 | 32 |
Number of Options, Vested and expected to vest | 18 | 27 | 32 |
Number of Options Exercisable, End of Year | 18 | 27 | 28 |
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) | $18.06 | $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) | $11.92 | $0 | $0 |
Weighted Average Exercise Price, Expired (in dollars per share) | $20.58 | $17.87 | $0 |
Weighted Average Exercise Price, End of year (in dollars per share) | $18.92 | $18.06 | $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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Number of Options | 18 | 27 | 32 | 32 |
Options outstanding, weighted average remaining contractual life | 2 years 1 month 28 days | |||
Options outstanding, weighted average exercise price (in dollars per share) | $18.92 | $18.06 | $18.03 | $18.03 |
Options exercisable, number of options | 18 | 27 | 28 | |
Options exercisable, weighted average exercise price (in dollars per share) | $18.92 |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 2) (Restricted Stock Units (Rsus), USD $) | 0 Months Ended | 12 Months Ended | |||
5-May-14 | Jan. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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, Beginning of Year | 146,000 | 193,000 | 129,000 | ||
Number of RSUs, Granted | 21,387 | 79,453 | 112,000 | 67,000 | 92,000 |
Number of RSUs, Vested | -22,000 | -114,000 | -28,000 | ||
Number of RSUs, End of Year | 236,000 | 146,000 | 193,000 | ||
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, Begining of year (in dollars per share) | $14.72 | $15.98 | $16.03 | ||
Weighted Average Grant-date Fair Value, Granted (in dollars per share) | $15.30 | $13.07 | $15.88 | ||
Weighted Average Grant-date Fair Value, Vested (in dollars per share) | $15.84 | $15.88 | $15.85 | ||
Weighted Average Grant-date Fair Value, End of year (in dollars per share) | $14.89 | $14.72 | $15.98 |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details 3) (Performance Based Restricted Stock Units) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Vesting on January 1, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected to Vest | 19 |
Not Expected to Vest | 19 |
Total | 38 |
Vesting on January 1, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected to Vest | 0 |
Not Expected to Vest | 48 |
Total | 48 |
Vesting on January 1, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected to Vest | 73 |
Not Expected to Vest | 3 |
Total | 76 |
ShareBased_Compensation_Detail4
Share-Based Compensation (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock options | $0 | $3 | $10 |
Restricted stock units | 1,008 | 740 | 1,160 |
Total | $1,008 | $743 | $1,170 |
ShareBased_Compensation_Detail5
Share-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | 22-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 5-May-14 | Jan. 29, 2014 |
people | people | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 1,000,000 | |||||
Number of shares available for grant (in shares) | 579,134 | |||||
Number of options granted | 0 | 0 | 0 | |||
Number of Options, Exercised | 4,000 | 0 | 0 | |||
Share price (in dollars per share) | $17.16 | |||||
Number of people granted awards | 3 | |||||
Deferred tax benefit | $0.20 | $0.30 | $0.40 | |||
Unrecognized share-based compensation expense | 1.1 | |||||
Unrecognized share-based compensation expense recognition period | 2 years | |||||
Restricted Stock Units Performance | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of people granted awards | 3 | |||||
Percentage of performance based units on total units approved | 75.00% | 75.00% | ||||
Grant date fair value | 0.3 | 1.2 | ||||
Number of RSUs, Granted | 112,000 | 67,000 | 92,000 | 21,387 | 79,453 | |
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, 2017 | Twenty-five percent of these awards will vest on January 1, 2017 | ||||
Award vesting period | 3 years | 3 years | ||||
Independent Board Members and Non Executive Chairman | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant date fair value | 0.2 | |||||
Number of RSUs, Granted | 11,235 | |||||
Board of Directors Chairman | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of people granted awards | 1 | |||||
Vesting on January 1, 2017 | Restricted Stock Units Performance | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights (percentage) | 25.00% | 25.00% |
Commitments_Contingencies_and_2
Commitments, Contingencies, and Concentrations (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $3,617 |
2016 | 2,768 |
2017 | 2,143 |
2018 | 1,675 |
2019 | 1,087 |
Thereafter | $1,681 |
Commitments_Contingencies_and_3
Commitments, Contingencies, and Concentrations (Details 1) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 18.00% | 30.00% |
United States | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 27.00% | 25.00% |
Israel | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 23.00% | 16.00% |
Europe | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 14.00% | 16.00% |
United Kingdom | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 10.00% | 7.00% |
Canada | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 8.00% | 6.00% |
Commitments_Contingencies_and_4
Commitments, Contingencies, and Concentrations (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 06, 2010 |
Commitments, Contingencies, and Concentrations [Line Items] | ||||
Operating lease, rent expense | $4.10 | $3.80 | $3.20 | |
Concentration risk, benchmark description | No single customer comprises greater than 10% of net revenues. | |||
President and Chief Executive Officer | ||||
Commitments, Contingencies, and Concentrations [Line Items] | ||||
Employment agreement, special sign on bonus | $0.40 |
Segment_and_Geographic_Data_De
Segment and Geographic Data (Details Textual) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segment_and_Geographic_Data_De1
Segment and Geographic Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | $61,218 | [1] | $63,402 | [1] | $65,162 | [1] | $61,041 | [1] | $62,248 | [1] | $57,729 | [1] | $62,837 | [1] | $57,461 | [1] | $250,823 | $240,275 | $217,616 |
Gross profit | 21,603 | [1] | 23,777 | [1] | 24,697 | [1] | 22,047 | [1] | 23,083 | [1] | 19,243 | [1] | 21,560 | [1] | 19,969 | [1] | 92,124 | 83,855 | 75,032 |
Segment operating income (loss) | -3,098 | [1] | 3,965 | [1] | 4,772 | [1] | 3,023 | [1] | 3,316 | [1] | 602 | [1] | 2,787 | [1] | 1,297 | [1] | 8,662 | 8,002 | 11,091 |
Impairment of goodwill and indefinite-lived intangibles | 5,446 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 5,446 | 0 | 0 |
Restructuring costs | 193 | [1] | 144 | [1] | 7 | [1] | 324 | [1] | 51 | [1] | 99 | [1] | 0 | [1] | 388 | [1] | 668 | 538 | 0 |
Depreciation and amortization expense | 11,677 | 11,990 | 11,661 | ||||||||||||||||
Capital expenditures | 9,759 | 6,748 | 8,322 | ||||||||||||||||
Acquisition costs | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 42 | [1] | 57 | [1] | 208 | [1] | 487 | [1] | 0 | 794 | 275 |
Total assets | 289,887 | 292,104 | 289,887 | 292,104 | 263,173 | ||||||||||||||
Foil Technology Products | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 108,001 | 97,045 | 105,207 | ||||||||||||||||
Gross profit | 42,449 | 37,156 | 42,848 | ||||||||||||||||
Segment operating income (loss) | 23,668 | 19,792 | 25,467 | ||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||||||||||||||||||
Restructuring costs | 153 | 388 | |||||||||||||||||
Depreciation and amortization expense | 5,192 | 5,371 | 5,850 | ||||||||||||||||
Capital expenditures | 7,018 | 3,353 | 4,333 | ||||||||||||||||
Acquisition costs | 0 | 0 | |||||||||||||||||
Total assets | 87,846 | 84,325 | 87,846 | 84,325 | 118,893 | ||||||||||||||
Force Sensors | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 68,301 | 64,846 | 65,787 | ||||||||||||||||
Gross profit | 15,135 | 14,023 | 13,483 | ||||||||||||||||
Segment operating income (loss) | 5,629 | 4,905 | 4,504 | ||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||||||||||||||||||
Restructuring costs | 0 | 0 | |||||||||||||||||
Depreciation and amortization expense | 3,489 | 3,577 | 3,707 | ||||||||||||||||
Capital expenditures | 1,607 | 2,485 | 3,307 | ||||||||||||||||
Acquisition costs | 0 | 0 | |||||||||||||||||
Total assets | 69,092 | 68,498 | 69,092 | 68,498 | 61,040 | ||||||||||||||
Weighing and Control Systems | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 74,521 | 78,384 | 46,622 | ||||||||||||||||
Gross profit | 34,540 | 32,676 | 18,701 | ||||||||||||||||
Segment operating income (loss) | 11,578 | 10,438 | 5,983 | ||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 5,446 | ||||||||||||||||||
Restructuring costs | 515 | 150 | |||||||||||||||||
Depreciation and amortization expense | 2,120 | 1,980 | 849 | ||||||||||||||||
Capital expenditures | 775 | 704 | 422 | ||||||||||||||||
Acquisition costs | 794 | 275 | |||||||||||||||||
Total assets | 96,741 | 108,285 | 96,741 | 108,285 | 54,789 | ||||||||||||||
Corporate/ Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 0 | 0 | 0 | ||||||||||||||||
Gross profit | 0 | 0 | 0 | ||||||||||||||||
Segment operating income (loss) | -32,213 | -27,133 | -24,863 | ||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||||||||||||||||||
Restructuring costs | 0 | 0 | |||||||||||||||||
Depreciation and amortization expense | 876 | 1,062 | 1,255 | ||||||||||||||||
Capital expenditures | 359 | 206 | 260 | ||||||||||||||||
Acquisition costs | 0 | 0 | |||||||||||||||||
Total assets | 36,208 | 30,996 | 36,208 | 30,996 | 28,451 | ||||||||||||||
Intersegment revenues | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 0 | 0 | 0 | ||||||||||||||||
Intersegment revenues | Foil Technology Products | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 3,190 | 1,989 | 1,442 | ||||||||||||||||
Intersegment revenues | Force Sensors | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 1,773 | 2,140 | 2,732 | ||||||||||||||||
Intersegment revenues | Weighing and Control Systems | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | 1,039 | 1,175 | 2,530 | ||||||||||||||||
Intersegment revenues | Corporate/ Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net revenues | ($6,002) | ($5,304) | ($6,704) | ||||||||||||||||
[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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. |
Segment_and_Geographic_Data_De2
Segment and Geographic Data (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Unallocated selling, general, and administrative expenses | ($77,348) | ($74,521) | ($63,666) | ||||||||||||||||
Acquisition costs | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -42 | [1] | -57 | [1] | -208 | [1] | -487 | [1] | 0 | -794 | -275 |
Impairment of goodwill and indefinite-lived intangibles | -5,446 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -5,446 | 0 | 0 |
Restructuring costs | -193 | [1] | -144 | [1] | -7 | [1] | -324 | [1] | -51 | [1] | -99 | [1] | 0 | [1] | -388 | [1] | -668 | -538 | 0 |
Operating income (loss) | -3,098 | [1] | 3,965 | [1] | 4,772 | [1] | 3,023 | [1] | 3,316 | [1] | 602 | [1] | 2,787 | [1] | 1,297 | [1] | 8,662 | 8,002 | 11,091 |
Corporate/ Other | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Unallocated selling, general, and administrative expenses | -26,099 | -25,801 | -24,588 | ||||||||||||||||
Acquisition costs | 0 | 0 | |||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||||||||||||||||||
Restructuring costs | 0 | 0 | |||||||||||||||||
Operating income (loss) | ($32,213) | ($27,133) | ($24,863) | ||||||||||||||||
[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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. |
Segment_and_Geographic_Data_De3
Segment and Geographic Data (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | $61,218 | [1] | $63,402 | [1] | $65,162 | [1] | $61,041 | [1] | $62,248 | [1] | $57,729 | [1] | $62,837 | [1] | $57,461 | [1] | $250,823 | $240,275 | $217,616 |
United States | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | 93,247 | 86,897 | 92,807 | ||||||||||||||||
United Kingdom | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | 36,358 | 32,915 | 29,582 | ||||||||||||||||
Other Europe | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | 57,014 | 53,691 | 54,212 | ||||||||||||||||
Israel | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | 3,661 | 2,226 | 3,708 | ||||||||||||||||
Asia | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | 37,916 | 32,410 | 36,177 | ||||||||||||||||
Canada | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net revenues | $22,627 | $32,136 | $1,130 | ||||||||||||||||
[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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. |
Segment_and_Geographic_Data_De4
Segment and Geographic Data (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | $51,982 | $49,323 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | 5,750 | 6,209 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | 5,628 | 6,075 |
Other Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | 1,569 | 2,018 |
Israel | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | 18,663 | 16,394 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | 18,435 | 16,439 |
Canada and Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment - Net | $1,937 | $2,188 |
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, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Numerator for basic earnings per share: | |||||||||||||||||||
Net earnings attributable to VPG stockholders | ($4,433) | [1] | $3,119 | [1] | $3,461 | [1] | $1,706 | [1] | $1,128 | [1] | $1,466 | [1] | $1,310 | [1] | $387 | [1] | $3,853 | $4,291 | $11,691 |
Adjustment to the numerator for net earnings: | |||||||||||||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 6 | 15 | 30 | ||||||||||||||||
Numerator for diluted earnings per share: | |||||||||||||||||||
Net earnings attributable to VPG stockholders | $3,859 | $4,306 | $11,721 | ||||||||||||||||
Denominator: | |||||||||||||||||||
Weighted average shares | 13,755 | 13,563 | 13,367 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Exchangeable notes (in shares) | 181 | 311 | 441 | ||||||||||||||||
Employee stock options (in shares) | 1 | 1 | 1 | ||||||||||||||||
Restricted stock units (in shares) | 40 | 69 | 80 | ||||||||||||||||
Dilutive potential common shares (in shares) | 222 | 381 | 522 | ||||||||||||||||
Denominator for diluted earnings per share: | |||||||||||||||||||
Adjusted weighted average shares | 13,977 | 13,944 | 13,889 | ||||||||||||||||
Basic earnings per share attributable to VPG stockholders (in dollars per share) | ($0.32) | [1],[2] | $0.23 | [1],[2] | $0.25 | [1],[2] | $0.12 | [1],[2] | $0.08 | [1],[2] | $0.11 | [1],[2] | $0.10 | [1],[2] | $0.03 | [1],[2] | $0.28 | $0.32 | $0.87 |
Diluted earnings per share attributable to VPG stockholders (in dollars per share) | ($0.32) | [1],[2] | $0.22 | [1],[2] | $0.25 | [1],[2] | $0.12 | [1],[2] | $0.08 | [1],[2] | $0.11 | [1],[2] | $0.09 | [1],[2] | $0.03 | [1],[2] | $0.28 | $0.31 | $0.84 |
[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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. | ||||||||||||||||||
[2] | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average employee stock options and warrants (in shares) | 18 | 23 | 28 |
Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average employee stock options and warrants (in shares) | 0 | 0 | 0 |
Additional_Financial_Statement2
Additional Financial Statement Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign exchange loss | ($844) | ($1,667) | ($285) |
Interest income | 261 | 266 | 633 |
Other | -268 | -178 | -649 |
Other nonoperating income (expense) | ($851) | ($1,579) | ($301) |
Additional_Financial_Statement3
Additional Financial Statement Information (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Customer advance payments | $5,167 | $6,099 |
Goods received, not yet invoiced | 3,265 | 2,067 |
Accrued taxes, other than income taxes | 1,879 | 1,874 |
Accrued commissions | 1,649 | 1,614 |
Accrued professional fees | 1,465 | 1,415 |
Other | 3,165 | 2,745 |
Accrued liabilities, current | $16,590 | $15,814 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $4,725 | $4,678 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 915 | 1,087 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 3,810 | 3,591 |
Level 3 Inputs | ||
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, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, fair value | $21,700,000 | $25,500,000 |
Long-term debt | $22,833,000 | $27,073,000 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | ||||||||||||||||||
22-May-14 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 5-May-14 | Jan. 29, 2014 | Mar. 11, 2015 | Jan. 20, 2015 | |||||||||
people | people | |||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Number of people granted awards | 3 | |||||||||||||||||||||||
Restructuring costs | $193,000 | [1] | $144,000 | [1] | $7,000 | [1] | $324,000 | [1] | $51,000 | [1] | $99,000 | [1] | $0 | [1] | $388,000 | [1] | $668,000 | $538,000 | $0 | |||||
Purchase of treasury stock, shares | 2,000 | |||||||||||||||||||||||
Employee Severance and Statutory Retirement Allowance | Canada | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Restructuring costs | 500,000 | 100,000 | ||||||||||||||||||||||
Restricted Stock Units (Rsus) | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Number of people granted awards | 3 | |||||||||||||||||||||||
Number of RSUs granted (in shares) | 112,000 | 67,000 | 92,000 | 21,387 | 79,453 | |||||||||||||||||||
Number of trading days used in grant date fair value calculation | 5 days | |||||||||||||||||||||||
Award vesting period | 3 years | 3 years | ||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Purchase of treasury stock, shares | 42,926 | |||||||||||||||||||||||
Subsequent Event | Restricted Stock Units (Rsus) | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Restricted stock units grant date fair value | $1,000,000 | |||||||||||||||||||||||
Number of RSUs granted (in shares) | 59,325 | |||||||||||||||||||||||
Number of trading days used in grant date fair value calculation | 5 days | |||||||||||||||||||||||
Subsequent Event | Restricted Stock Units (Rsus) | Vesting on January 1, 2018 | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Award vesting rights (percentage) | 25.00% | |||||||||||||||||||||||
Subsequent Event | Performance Based Units | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Percentage of annual equity awards for executive officers | 75.00% | |||||||||||||||||||||||
Award vesting period | 3 years | |||||||||||||||||||||||
Executive Officer | Subsequent Event | Restricted Stock Units (Rsus) | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Number of people granted awards | 3 | |||||||||||||||||||||||
[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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. |
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, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Statement of Operations data: | |||||||||||||||||||
Net revenues | $61,218 | [1] | $63,402 | [1] | $65,162 | [1] | $61,041 | [1] | $62,248 | [1] | $57,729 | [1] | $62,837 | [1] | $57,461 | [1] | $250,823 | $240,275 | $217,616 |
Gross profit | 21,603 | [1] | 23,777 | [1] | 24,697 | [1] | 22,047 | [1] | 23,083 | [1] | 19,243 | [1] | 21,560 | [1] | 19,969 | [1] | 92,124 | 83,855 | 75,032 |
Operating income (loss) | -3,098 | [1] | 3,965 | [1] | 4,772 | [1] | 3,023 | [1] | 3,316 | [1] | 602 | [1] | 2,787 | [1] | 1,297 | [1] | 8,662 | 8,002 | 11,091 |
Net earnings (loss) | -4,344 | [1] | 3,149 | [1] | 3,453 | [1] | 1,773 | [1] | 1,166 | [1] | 1,455 | [1] | 1,290 | [1] | 436 | [1] | 4,031 | 4,347 | 11,764 |
Less: net earnings (loss) attributable to noncontrolling interests | 89 | [1] | 30 | [1] | -8 | [1] | 67 | [1] | 38 | [1] | -11 | [1] | -20 | [1] | 49 | [1] | 178 | 56 | 73 |
Net earnings (loss) attributable to VPG stockholders | -4,433 | [1] | 3,119 | [1] | 3,461 | [1] | 1,706 | [1] | 1,128 | [1] | 1,466 | [1] | 1,310 | [1] | 387 | [1] | 3,853 | 4,291 | 11,691 |
Per Share Data: | |||||||||||||||||||
Basic earnings (loss) per share (in dollars per share) | ($0.32) | [1],[2] | $0.23 | [1],[2] | $0.25 | [1],[2] | $0.12 | [1],[2] | $0.08 | [1],[2] | $0.11 | [1],[2] | $0.10 | [1],[2] | $0.03 | [1],[2] | $0.28 | $0.32 | $0.87 |
Diluted earnings (loss) per share (in dollars per share) | ($0.32) | [1],[2] | $0.22 | [1],[2] | $0.25 | [1],[2] | $0.12 | [1],[2] | $0.08 | [1],[2] | $0.11 | [1],[2] | $0.09 | [1],[2] | $0.03 | [1],[2] | $0.28 | $0.31 | $0.84 |
Certain Items Recorded during the Quarters: | |||||||||||||||||||
Acquisition purchase accounting adjustments | 19 | [1] | 15 | [1] | 2 | [1] | 39 | [1] | 454 | [1] | 903 | [1] | 2,260 | [1] | 1,238 | [1] | |||
Acquisition costs | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 42 | [1] | 57 | [1] | 208 | [1] | 487 | [1] | 0 | 794 | 275 |
Impairment of goodwill and indefinite-lived intangibles | 5,446 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 5,446 | 0 | 0 |
Restructuring costs | 193 | [1] | 144 | [1] | 7 | [1] | 324 | [1] | 51 | [1] | 99 | [1] | 0 | [1] | 388 | [1] | 668 | 538 | 0 |
Tax effect of adjustments for purchase accounting, acquisition costs, impairment charges and restructuring costs, and discrete tax items | $504 | [1] | ($54) | [1] | ($2) | [1] | ($92) | [1] | $792 | [1] | ($1,297) | [1] | ($654) | [1] | ($692) | [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 2014 ended on March 29, June 28, September 27 and December 31, respectively. The first, second, third and fourth quarters of 2013 ended on March 30, June 29, September 28 and December 31, respectively. | ||||||||||||||||||
[2] | Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |