Cover
Cover - shares | 6 Months Ended | |
Jul. 03, 2021 | Aug. 10, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-34679 | |
Entity Registrant Name | VISHAY PRECISION GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0986328 | |
Entity Address, Address Line One | 3 Great Valley Parkway, Suite 150 | |
Entity Address, City or Town | Malvern | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19355 | |
City Area Code | 484 | |
Local Phone Number | 321-5300 | |
Title of 12(b) Security | Common stock, $0.10 par value | |
Trading Symbol | VPG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001487952 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 12,602,755 | |
Class B Convertible Common Stock | ||
Entity Common Stock, Shares Outstanding | 1,022,887 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jul. 03, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 73,456 | $ 98,438 |
Accounts receivable, net | 51,818 | 45,339 |
Inventories: | ||
Raw materials | 25,858 | 21,894 |
Work in process | 27,560 | 21,534 |
Finished goods | 24,060 | 18,920 |
Inventories, net | 77,478 | 62,348 |
Prepaid expenses and other current assets | 15,698 | 15,761 |
Total current assets | 218,450 | 221,886 |
Property and equipment: | ||
Land | 4,269 | 4,282 |
Buildings and improvements | 68,118 | 67,581 |
Machinery and equipment | 118,543 | 115,717 |
Software | 9,431 | 10,026 |
Construction in progress | 3,807 | 6,341 |
Accumulated depreciation | (127,611) | (128,931) |
Property and equipment, net | 76,557 | 75,016 |
Goodwill | 45,732 | 31,105 |
Intangible assets, net | 54,474 | 32,039 |
Operating lease right of use asset | 25,451 | 21,788 |
Other assets | 19,633 | 20,053 |
Total assets | 440,297 | 401,887 |
Current liabilities: | ||
Trade accounts payable | 11,061 | 10,487 |
Payroll and related expenses | 16,818 | 17,595 |
Other accrued expenses | 18,138 | 13,843 |
Income taxes | 969 | 1,593 |
Current portion of operating lease liabilities | 4,445 | 4,011 |
Current portion of long-term debt | 0 | 18 |
Total current liabilities | 51,431 | 47,547 |
Long-term debt, less current portion | 60,670 | 40,626 |
Deferred income taxes | 8,345 | 3,403 |
Operating lease liabilities | 22,346 | 19,504 |
Other liabilities | 15,747 | 16,263 |
Accrued pension and other postretirement costs | 15,840 | 16,687 |
Total liabilities | 174,379 | 144,030 |
Commitments and contingencies | ||
Equity: | ||
Treasury stock | (8,765) | (8,765) |
Capital in excess of par value | 197,856 | 197,764 |
Retained earnings | 108,956 | 100,075 |
Accumulated other comprehensive loss | (33,546) | (32,671) |
Total Vishay Precision Group, Inc. stockholders' equity | 265,926 | 257,823 |
Noncontrolling interests | (8) | 34 |
Total equity | 265,918 | 257,857 |
Total liabilities and equity | 440,297 | 401,887 |
Common Stock | ||
Equity: | ||
Common stock | 1,322 | 1,317 |
Class B Convertible Common Stock | ||
Equity: | ||
Common stock | $ 103 | $ 103 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Income Statement [Abstract] | ||||
Net revenues | $ 75,339 | $ 59,146 | $ 145,928 | $ 126,842 |
Costs of products sold | 45,541 | 36,036 | 87,508 | 78,667 |
Gross profit | 29,798 | 23,110 | 58,420 | 48,175 |
Selling, general, and administrative expenses | 22,453 | 18,640 | 44,636 | 38,931 |
Acquisition costs | 1,198 | 0 | 1,198 | 0 |
Impairment of goodwill and indefinite-lived intangibles | 1,223 | 0 | 1,223 | 0 |
Restructuring costs | 0 | 499 | 0 | 629 |
Operating income | 4,924 | 3,971 | 11,363 | 8,615 |
Other income (expense): | ||||
Interest expense | (273) | (267) | (578) | (728) |
Other | (326) | (1,273) | 247 | (590) |
Other income (expense) | (599) | (1,540) | (331) | (1,318) |
Income before taxes | 4,325 | 2,431 | 11,032 | 7,297 |
Income tax expense | 262 | 684 | 2,026 | 2,258 |
Net earnings | 4,063 | 1,747 | 9,006 | 5,039 |
Less: net earnings (loss) attributable to noncontrolling interests | 143 | (12) | 125 | (32) |
Net earnings attributable to VPG stockholders | $ 3,920 | $ 1,759 | $ 8,881 | $ 5,071 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.29 | $ 0.13 | $ 0.65 | $ 0.37 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.29 | $ 0.13 | $ 0.65 | $ 0.37 |
Weighted average shares outstanding - basic (in shares) | 13,618 | 13,571 | 13,605 | 13,556 |
Weighted average shares outstanding - diluted (in shares) | 13,646 | 13,609 | 13,638 | 13,598 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 4,063 | $ 1,747 | $ 9,006 | $ 5,039 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 607 | 3,271 | (1,193) | (2,070) |
Pension and other postretirement actuarial items, net of tax | 109 | (152) | 318 | (311) |
Other comprehensive loss | 716 | 3,119 | (875) | (2,381) |
Comprehensive income | 4,779 | 4,866 | 8,131 | 2,658 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 143 | (12) | 125 | (32) |
Comprehensive income attributable to VPG stockholders | $ 4,636 | $ 4,878 | $ 8,006 | $ 2,690 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Operating activities | ||
Net earnings | $ 9,006 | $ 5,039 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Impairment of goodwill and indefinite-lived intangibles | 1,223 | 0 |
Depreciation and amortization | 7,108 | 6,312 |
Loss from extinguishment of debt | 0 | 30 |
Loss (gain) on sale of property and equipment | 44 | (143) |
Share-based compensation expense | 942 | 757 |
Inventory write-offs for obsolescence | 1,135 | 1,302 |
Deferred income taxes | (1,110) | (146) |
Other | (1,820) | 25 |
Net changes in operating assets and liabilities: | ||
Accounts receivable, net | (776) | 2,077 |
Inventories, net | (7,744) | (1,383) |
Prepaid expenses and other current assets | 314 | (632) |
Trade accounts payable | 1,715 | 1,228 |
Other current liabilities | 2,341 | 2,229 |
Net cash provided by operating activities | 12,378 | 16,695 |
Investing activities | ||
Capital expenditures | (8,309) | (11,018) |
Proceeds from sale of property and equipment | 16 | 378 |
Purchase of business, net of cash acquired | (47,216) | 156 |
Net cash used in investing activities | (55,509) | (10,484) |
Financing activities | ||
Principal payments on long-term debt | (18) | (3,418) |
Proceeds from revolving facility | 20,000 | 0 |
Debt issuance costs | 0 | (402) |
Purchase of noncontrolling interest | 0 | (253) |
(Distributions to) contributions from noncontrolling interests | (167) | |
(Distributions to) contributions from noncontrolling interests | 117 | |
Payments of employee taxes on certain share-based arrangements | (846) | (813) |
Net cash provided by (used in) financing activities | 18,969 | (4,769) |
Effect of exchange rate changes on cash and cash equivalents | (820) | (1,155) |
(Decrease) increase in cash and cash equivalents | (24,982) | 287 |
Cash and cash equivalents at beginning of period | 98,438 | 86,910 |
Cash and cash equivalents at end of period | 73,456 | 87,197 |
Supplemental disclosure of investing transactions: | ||
Capital expenditures purchased | (6,353) | (10,290) |
Capital expenditures accrued but not yet paid | $ 606 | $ 455 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands | Total | Total VPG, Inc. Stockholders' Equity | Common Stock | Class B Convertible Common Stock | Treasury Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Balance, beginning at Dec. 31, 2019 | $ 241,752 | $ 241,360 | $ 1,312 | $ 103 | $ (8,765) | $ 197,125 | $ 89,288 | $ (37,703) | $ 392 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 5,039 | 5,071 | 5,071 | (32) | |||||
Other comprehensive income (loss) | (2,381) | (2,381) | (2,381) | ||||||
Share-based compensation expense | 757 | 757 | 757 | ||||||
Restricted stock issuance (shares) | 52,433 | ||||||||
Restricted stock issuances | (791) | (791) | $ 5 | (796) | |||||
Purchase of noncontrolling interest | (253) | 48 | 48 | (301) | |||||
Contributions from noncontrolling interests | 117 | 117 | |||||||
Balance, ending at Jun. 27, 2020 | 244,240 | 244,064 | 1,317 | 103 | (8,765) | 197,134 | 94,359 | (40,084) | 176 |
Balance, beginning at Mar. 28, 2020 | 239,107 | 238,760 | $ 1,316 | 103 | (8,765) | 196,709 | 92,600 | (43,203) | 347 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 1,747 | 1,759 | 1,759 | (12) | |||||
Other comprehensive income (loss) | 3,119 | 3,119 | 3,119 | ||||||
Share-based compensation expense | 378 | 378 | 378 | ||||||
Restricted stock issuance (shares) | 8,244 | ||||||||
Restricted stock issuances | 0 | 0 | $ 1 | (1) | |||||
Purchase of noncontrolling interest | (253) | 48 | 48 | (301) | |||||
Contributions from noncontrolling interests | 142 | 142 | |||||||
Balance, ending at Jun. 27, 2020 | 244,240 | 244,064 | 1,317 | 103 | (8,765) | 197,134 | 94,359 | (40,084) | 176 |
Balance, beginning at Dec. 31, 2020 | 257,857 | 257,823 | $ 1,317 | 103 | (8,765) | 197,764 | 100,075 | (32,671) | 34 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 9,006 | 8,881 | 8,881 | 125 | |||||
Other comprehensive income (loss) | (875) | (875) | (875) | ||||||
Share-based compensation expense | 942 | 942 | 942 | ||||||
Restricted stock issuance (shares) | 50,316 | ||||||||
Restricted stock issuances | (845) | (845) | $ 5 | (850) | |||||
Distributions to noncontrolling interests | (167) | (167) | |||||||
Balance, ending at Jul. 03, 2021 | 265,918 | 265,926 | 1,322 | 103 | (8,765) | 197,856 | 108,956 | (33,546) | (8) |
Balance, beginning at Apr. 03, 2021 | 260,619 | 260,714 | $ 1,320 | 103 | (8,765) | 197,282 | 105,036 | (34,262) | (95) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 4,063 | 3,920 | 3,920 | 143 | |||||
Other comprehensive income (loss) | 716 | 716 | 716 | ||||||
Share-based compensation expense | 576 | 576 | 576 | ||||||
Restricted stock issuance (shares) | 15,564 | ||||||||
Restricted stock issuances | 0 | 0 | $ 2 | (2) | |||||
Distributions to noncontrolling interests | (56) | (56) | |||||||
Balance, ending at Jul. 03, 2021 | $ 265,918 | $ 265,926 | $ 1,322 | $ 103 | $ (8,765) | $ 197,856 | $ 108,956 | $ (33,546) | $ (8) |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Equity (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Common Stock | ||||
Restricted stock issuance (shares) | 15,564 | 8,244 | 50,316 | 52,433 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation 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. Interim Financial Statements These unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial statements and therefore do not include all information and footnotes necessary for the presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of December 31, 2020 and 2019 and for each of the three years in the period ended December 31, 2020, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 11, 2021. The results of operations for the fiscal quarter ended July 3, 2021 are not necessarily indicative of the results to be expected for the full year. VPG reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first quarter, which always begins on January 1, and the fourth quarter, which always ends on December 31. The four fiscal quarters in 2021 and 2020 end on the following dates: 2021 2020 Quarter 1 April 3, March 28, Quarter 2 July 3, June 27, Quarter 3 October 2, September 26, Quarter 4 December 31, December 31, Recently Adopted Accounting Pronouncements |
Revenues
Revenues | 6 Months Ended |
Jul. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenue Recognition The following table disaggregates net revenue by geographic region from contracts with customers based on net revenues generated by subsidiaries within that geographic location (in thousands) : Fiscal quarter ended Fiscal quarter ended Foil Technology Force Weighing and Total Foil Technology Force Weighing and Total United States $ 11,003 $ 8,017 $ 10,574 $ 29,594 $ 10,789 $ 4,113 $ 6,009 $ 20,911 United Kingdom 1,102 514 3,681 5,297 587 1,711 1,723 4,021 Other Europe 6,604 5,018 5,204 16,826 6,973 1,434 3,430 11,837 Israel 5,284 261 — 5,545 5,691 93 — 5,784 Asia 9,315 3,406 2,012 14,733 7,745 1,565 1,859 11,169 Canada — — 3,344 3,344 — — 5,424 5,424 Total $ 33,308 $ 17,216 $ 24,815 $ 75,339 $ 31,785 $ 8,916 $ 18,445 $ 59,146 Six Fiscal Months Ended July 3, 2021 Six Fiscal Months Ended June 27, 2020 Foil Technology Force Weighing and Total Foil Technology Force Weighing and Total United States $ 21,482 $ 15,788 $ 18,241 $ 55,511 $ 22,723 $ 12,505 $ 14,898 $ 50,126 United Kingdom 2,000 1,081 7,694 10,775 1,537 3,691 5,435 10,663 Other Europe 13,870 10,493 9,765 34,128 14,686 3,808 7,174 25,668 Israel 11,725 391 — 12,116 8,646 190 — 8,836 Asia 16,942 6,396 3,613 26,951 14,670 3,417 3,530 21,617 Canada — — 6,447 6,447 — — 9,932 9,932 Total $ 66,019 $ 34,149 $ 45,760 $ 145,928 $ 62,262 $ 23,611 $ 40,969 $ 126,842 The following table disaggregates net revenue from contracts with customers by market sector (in thousands) . Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Test & Measurement $ 16,279 $ 14,027 $ 30,695 $ 28,372 Avionics, Military & Space 5,872 6,727 11,902 12,887 Transportation 11,930 5,188 21,484 13,432 Other Markets 17,489 12,192 35,034 25,320 Industrial Weighing 12,042 8,583 24,047 21,050 General Industrial 4,173 3,623 8,255 7,662 Steel 7,554 8,806 14,511 18,119 Total $ 75,339 $ 59,146 $ 145,928 $ 126,842 Contract Assets & Liabilities Contract assets are established when revenues are recognized prior to a contractual payment due from the customer. When a payment becomes due based on the contract terms, the Company will reduce the contract asset and record a receivable. Contract liabilities are deferred revenues that are recorded when cash payments are received or due in advance of our performance obligations. Our payment terms vary by the type and location of the products offered. The term between invoicing and when payment is due is not significant. The outstanding contract assets and liability accounts were as follows (in thousands) : Contract Asset Contract Liability Unbilled Revenue Accrued Customer Advances Balance at December 31, 2020 $ 3,605 $ 2,873 Balance at July 3, 2021 4,656 4,525 (Decrease)/increase $ 1,051 $ 1,652 The amount of revenue recognized during the six fiscal months ended July 3, 2021 that was included in the contract liability balance at December 31, 2020 was $2.4 million. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts that have a duration of one year or less and for contracts that are substantially complete. The Company treats shipping and handling activities as fulfillment costs. |
Acquisitions
Acquisitions | 6 Months Ended |
Jul. 03, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisition On June 1, 2021, VPG completed the acquisition of California-based Diversified Technical Systems, Inc. (“DTS”), a manufacturer of data acquisition systems and sensors for product safety and testing, for a purchase price of $47.2 million, subject to customary adjustments. The Company used cash on hand and borrowings under its revolving credit facility to fund the purchase price under the purchase agreement. DTS reports into the Company's Weighing and Control Systems segment. The following table summarizes the provisional fair values assigned to the assets and liabilities of DTS as of June 1, 2021 (in thousands): June 1, 2021 Working capital $ 12,999 Property and equipment 1,209 Deferred income tax liability (6,274) Intangible assets: Acquired technology 13,167 Customer relationships 8,135 Trade names 2,393 Total intangible assets 23,695 Fair value of acquired identifiable assets 31,629 Purchase price $ 47,216 Goodwill $ 15,587 The Company utilizes certain valuations and studies to determine the fair value of the tangible and intangible assets acquired. These valuations and studies are currently being analyzed and have yet to be finalized. Accordingly, the assets and liabilities assumed are subject to adjustment once the detailed analysis is completed. The provisional estimated weighted average useful lives for the acquired technology and customer relationships are 15 years. Trade names are treated as indefinite-lived intangible assets. None of the goodwill associated with DTS will be deductible for income tax purposes. The Company recorded acquisition costs associated with this transaction as follows (in thousands ): Fiscal quarter ended Six fiscal months ended July 3, 2021 July 3, 2021 Legal fees $ 341 $ 341 Appraisal fees 18 18 Other (investment banker and insurance costs) 839 839 $ 1,198 $ 1,198 Included in the results of the operations of the Company, starting on June 1, 2021, are net revenues of $3.0 million and a net loss of $0.2 million from DTS for the fiscal quarter and six fiscal months ended July 3, 2021. DTS results include amortization of the inventory step-up of $0.9 million and amortization of intangible assets of $0.1 million. Following is the supplemental consolidated financial results for the Company on an unaudited pro forma basis, as if the DTS acquisition had been consummated on January 1, 2020: Fiscal quarter ended Six fiscal months ended Fiscal quarter ended Six fiscal months ended June 27, 2020 June 27, 2020 July 3, 2021 July 3, 2021 Pro forma net revenues $ 64,907 $ 139,158 80,243 159,164 Pro forma net earnings attributable to VPG stockholders $ 1,629 $ 3,658 6,741 13,411 Pro forma basic earnings per share attributable to VPG stockholders $ 0.12 $ 0.27 $ 0.50 $ 0.99 Pro forma diluted earnings per share attributable to VPG stockholders $ 0.12 $ 0.27 $ 0.49 $ 0.98 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company tests the goodwill in each of its goodwill reporting units for impairment at least annually, as of the first day of it's fourth quarter, and whenever events or changes in circumstances occur indicating that a possible impairment may have been incurred. Due to updated financial projections, the Company performed a quantitative impairment test for the instrumentation reporting unit during the second quarter of 2021. In estimating the fair value of our instrumentation reporting unit the Company used the income approach. The results of the quantitative impairment test for the instrumentation reporting unit's goodwill and indefinite-lived trade name indicated an impairment, and in the second quarter of 2021, the Company recognized a non-cash impairment loss of $1.1 million in goodwill and $0.1 million to the indefinite-lived trade name. The impairment was driven mainly by changes in forecasted projections including a slower growth rate in revenues. After considering the impact of the impairment charges, the carrying amount of goodwill and indefinite-lived trade names as of July 3, 2021 was $0.0 million and $0.3 million, respectively. The change in the carrying amount of goodwill by segment is as follows (in thousands): Total Weighing and Control Systems Segment Foil Technology Products Segment KELK Acquisition DSI Acquisition DTS Acquisition Stress-Tek Acquisition Pacific Acquisition Balance at December 31, 2020 $ 31,105 $ 6,726 $ 16,942 $ 6,311 $ 1,126 Goodwill acquired 15,587 15,587 Impairment charges (1,126) (1,126) Foreign currency translation adjustment 166 180 (14) — — Balance at July 3, 2021 $ 45,732 $ 6,906 $ 16,928 $ 15,587 $ 6,311 $ — Intangible assets were as follows (in thousands) : July 3, 2021 December 31, 2020 Intangible assets subject to amortization (Definite-lived): Patents and acquired technology $ 33,069 $ 19,804 Customer relationships 34,393 26,061 Trade names 1,697 1,747 Non-competition agreements 11,646 12,259 80,805 59,871 Accumulated amortization: Patents and acquired technology (6,552) (5,895) Customer relationships (14,191) (13,363) Trade names (1,697) (1,747) Non-competition agreements (11,639) (12,250) (34,079) (33,255) Net intangible assets subject to amortization $ 46,726 $ 26,616 Intangible assets not subject to amortization (Indefinite-lived): Trade names 7,748 5,423 $ 54,474 $ 32,039 The increase in net intangible assets from December 31, 2020 is due to the acquisition of DTS on June 1, 2021. The Company has preliminarily allocated $21.3 million of the purchase price to definite-lived intangible assets and $2.4 million to indefinite-lived intangible assets. Amortization expense for the fiscal quarter and six fiscal months ended July 3, 2021 was $0.7 million and $1.4 million, respectively. The DTS intangible assets accounted for $0.1 million of amortization expense for the fiscal quarter and six fiscal months ended July 3, 2021. Estimated annual amortization expense for the full year of 2021 and each of the next four years, is as follows ( in thousands) : 2021 $ 3,280 2022 3,871 2023 3,763 2024 3,728 2025 3,728 |
Leases
Leases | 6 Months Ended |
Jul. 03, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms of less than one year to eleven years. The Company has no finance leases. Leases recorded on the balance sheet consist of the following (in thousands) : Leases July 3, 2021 December 31, 2020 Assets Operating lease right of use asset $ 25,451 $ 21,788 Liabilities Operating lease - current $ 4,445 $ 4,011 Operating lease - non-current $ 22,346 $ 19,504 Other information related to lease term and discount rate is as follows: July 3, 2021 Operating leases weighted average remaining lease term (in years) 8.49 years Operating leases weighted average discount rate 3.36 % The components of lease expense are as follows (in thousands) : Fiscal quarter ended Six Fiscal Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,258 $ 1,139 $ 2,439 $ 2,013 Short-term lease cost 35 34 68 57 Sublease income (19) — (28) — Total net lease cost $ 1,274 $ 1,173 $ 2,479 $ 2,070 Right of use assets obtained in exchange for new operating lease liability during 2021 were $5.9 million. The Company paid $2.4 million and $1.7 million for its operating leases for each of the six fiscal months ended July 3, 2021 and June 27, 2020, which are included in operating cash flows on the consolidated condensed statements of cash flows. Undiscounted maturities of operating lease payments as of July 3, 2021 are summarized as follows (in thousands) : 2021 (excluding the six months ended July 3, 2021) $ 2,596 2022 4,500 2023 3,968 2024 3,555 2025 3,083 Thereafter 12,894 Total future minimum lease payments $ 30,596 Less: amount representing interest (3,805) Present value of future minimum lease payments $ 26,791 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes VPG calculates the tax provision for interim periods using an estimated annual effective tax rate methodology based on projected full-year pre-tax earnings among the taxing jurisdictions in which we operate with adjustments for discrete items. The effective tax rate for the fiscal quarter ended July 3, 2021 was 6.1% compared to 28.1% for the fiscal quarter ended June 27, 2020, and the effective tax rate for the six fiscal months ended July 3, 2021 was 18.4% compared to 30.9% for the six fiscal months ended June 27, 2020. The tax rate for both periods presented in 2021 is lower than the prior year periods primarily due to the acquisition of DTS, which enabled the Company to reduce its valuation allowance against deferred tax assets, tax rate changes in certain foreign jurisdictions, and changes in the mix of worldwide income. The Company and its subsidiaries are subject to income taxes imposed by the U.S., various states, and the foreign jurisdictions in which we operate. Each jurisdiction establishes rules that set forth the years which are subject to examination by its tax authorities. While the Company believes the tax positions taken on its tax returns for each jurisdiction are supportable, they |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands) : July 3, 2021 December 31, 2020 2020 Credit Agreement - Revolving Facility $ 61,000 $ 41,000 Other debt — 18 Deferred financing costs (330) (374) Total long-term debt 60,670 40,644 Less: current portion — 18 Long-term debt, less current portion $ 60,670 $ 40,626 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jul. 03, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), net of tax, consist of the following (in thousands) : Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2021 $ (25,591) $ (7,080) $ (32,671) Other comprehensive loss before reclassifications (1,193) — (1,193) Amounts reclassified from accumulated other comprehensive income (loss) — 318 318 Balance at July 3, 2021 $ (26,784) $ (6,762) $ (33,546) Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2020 $ (30,761) $ (6,942) $ (37,703) Other comprehensive loss before reclassifications (2,070) — (2,070) Amounts reclassified from accumulated other comprehensive income (loss) — (311) (311) Balance at June 27, 2020 $ (32,831) $ (7,253) $ (40,084) |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 6 Months Ended |
Jul. 03, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Employees of VPG participate in various defined benefit pension and other postretirement benefit ("OPEB") plans. The following table sets forth the components of the net periodic benefit cost for the Company's defined benefit pension and OPEB plans (in thousands) : Fiscal quarter ended Fiscal quarter ended Pension OPEB Pension OPEB Net service cost $ 96 $ 9 $ 99 $ 31 Interest cost 103 17 127 33 Expected return on plan assets (97) — (109) — Amortization of actuarial losses 102 5 76 34 Net periodic benefit cost $ 204 $ 31 $ 193 $ 98 Six fiscal months ended July 3, 2021 Six fiscal months ended June 27, 2020 Pension OPEB Pension OPEB Net service cost $ 193 $ 18 $ 198 $ 62 Interest cost 206 34 256 66 Expected return on plan assets (194) — (220) — Amortization of actuarial losses 204 10 153 68 Net periodic benefit cost $ 409 $ 62 $ 387 $ 196 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Amended and Restated Vishay Precision Group, Inc. 2010 Stock Incentive Program (as amended and restated, the “Plan”) permits the issuance of up to 1,000,000 shares of common stock. At July 3, 2021, the Company had reserved 320,654 shares of common stock for future grants of equity awards (restricted stock, unrestricted stock, restricted stock units ("RSUs"), or stock options) pursuant to the Plan. If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for re-grant to others. On March 4, 2021 and in accordance with their respective employment agreements, VPG’s three executive officers were granted annual equity awards in the form of RSUs, of which 50% are performance-based. The awards have an aggregate target grant-date fair value of $1.7 million and were comprised of 52,486 RSUs. Fifty percent of these awards will vest on January 1, 2024, subject to the executives’ continued employment. The performance-based portion of the RSUs will also vest on January 1, 2024, subject to the executives' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative “adjusted free cash flow” and "net earnings goals", each weighted equally. On March 8, 2021, certain non-executive VPG employees were granted annual equity awards in the form of RSUs. Certain employees received awards, of which 75% are performance-based and certain employees received awards of which 50% are performance-based. The awards have an aggregate grant-date fair value of $0.6 million and were comprised of 17,793 RSUs. The non-performance portion of these awards (twenty-five percent for certain employees and fifty percent for certain employees) will vest on January 1, 2024 subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2024, subject to the employees' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative earnings and cash flow goals, each weighted equally. On May 27, 2021 and in accordance with the Company's 2017 Non-Employee Director Compensation Plan, the Board of Directors approved the issuance of an aggregate of 9,936 RSUs to the independent board members of the Board of Directors and to the non-executive Chairman of the Board of Directors. The awards have an aggregate grant-date fair value of $0.3 million and will vest on the earlier of the 2022 Annual Stockholders Meeting or May 27, 2022, subject to the directors' continued service on the Board of Directors. Vesting of equity awards is subject to acceleration under certain circumstances. 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. The Company recognizes compensation cost for RSUs that are expected to vest and for which performance criteria are expected to be met. The following table summarizes share-based compensation expense recognized (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Restricted stock units $ 576 $ 378 $ 942 $ 757 |
Segment Information
Segment Information | 6 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information 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 complete systems which include load cells and instrumentation for weighing, force control and force measurement for a variety of uses such as process control on-board weighing applications. VPG evaluates reporting segment performance based on multiple performance measures including third party net revenues, gross profits and operating income, exclusive of certain items. Management believes that evaluating segment performance, excluding items such as restructuring costs, executive severance costs, and other items is meaningful because it provides insight with respect to the intrinsic operating results of VPG. The following table sets forth reporting segment information (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Net revenues: Foil Technology Products $ 33,308 $ 31,785 $ 66,019 $ 62,262 Force Sensors 17,216 8,916 34,149 23,611 Weighing and Control Systems 24,815 18,445 45,760 40,969 Total $ 75,339 $ 59,146 $ 145,928 $ 126,842 Gross profit: Foil Technology Products $ 12,942 $ 13,286 $ 25,981 $ 24,487 Force Sensors 5,969 1,038 12,008 4,610 Weighing and Control Systems 10,887 8,786 20,431 19,078 Total $ 29,798 $ 23,110 $ 58,420 $ 48,175 Reconciliation of segment operating income to consolidated results: Foil Technology Products $ 7,219 $ 8,070 $ 14,052 $ 13,454 Force Sensors 3,474 (1,013) 6,977 191 Weighing and Control Systems 4,595 4,019 8,419 8,687 Unallocated G&A expenses (7,943) (6,606) (15,664) (13,088) Acquisition costs (1,198) — (1,198) — Impairment of goodwill and indefinite-lived intangibles (1,223) — (1,223) — Restructuring costs — (499) — (629) Operating income $ 4,924 $ 3,971 $ 11,363 $ 8,615 Acquisition costs: Weighing and Control Systems (1,198) — (1,198) — $ (1,198) $ — $ (1,198) $ — Impairment of goodwill and indefinite-lived intangibles: Foil Technology Products $ (1,223) $ — $ (1,223) $ — $ (1,223) $ — $ (1,223) $ — Restructuring costs: Foil Technology Products $ — $ (341) $ — $ (443) Force Sensors $ — $ (80) $ — $ (108) Corporate/Other — (78) — (78) $ — $ (499) $ — $ (629) Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. The table below summarizes intersegment sales (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Foil Technology Products to Force Sensors and Weighing and Control Systems $ 959 $ 868 $ 1,920 $ 1,592 Weighing and Control Systems to Foil Technology Products and Force Sensors $ 150 $ 124 $ 264 $ 211 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Numerator: Numerator for basic earnings per share: Net earnings attributable to VPG stockholders $ 3,920 $ 1,759 $ 8,881 $ 5,071 Denominator: Denominator for basic earnings per share: Weighted average shares 13,618 13,571 13,605 13,556 Effect of dilutive securities: Restricted stock units 28 38 33 42 Dilutive potential common shares 28 38 33 42 Denominator for diluted earnings per share: Adjusted weighted average shares 13,646 13,609 13,638 13,598 Basic earnings per share attributable to VPG stockholders $ 0.29 $ 0.13 $ 0.65 $ 0.37 Diluted earnings per share attributable to VPG stockholders $ 0.29 $ 0.13 $ 0.65 $ 0.37 |
Additional Financial Statement
Additional Financial Statement Information | 6 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Statement Information | Additional Financial Statement Information Other Income (Expense) Other The caption “Other” on the consolidated condensed statements of operations consists of the following (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Foreign exchange (loss) gain $ (174) $ (1,185) $ 561 $ (285) Interest income 20 109 65 176 Pension expense (143) (164) (280) (323) Other (29) (33) (99) (158) $ (326) $ (1,273) $ 247 $ (590) Foreign currency exchange gains and losses represent the impact of changes in foreign currency exchange rates. For the fiscal quarter ended July 3, 2021, the change in foreign exchange gains and losses during the period, as compared to the prior year period, is largely due to exposure to currency fluctuations with the Canadian dollar, Japanese yen, the Israeli shekel and the British pound. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurement, 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 table provides the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands) : Fair value measurements at reporting date using: Total Level 1 Level 2 Level 3 July 3, 2021 Assets Assets held in rabbi trusts $ 5,995 $ 80 $ 5,915 $ — December 31, 2020 Assets Assets held in rabbi trusts $ 5,601 $ 61 $ 5,540 $ — The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at July 3, 2021 and December 31, 2020, 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 period. 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, excluding capitalized deferred financing costs, at July 3, 2021 and December 31, 2020 approximates its carrying value as the revolving debt is reset on a monthly basis based on current market rates, plus a base rate as specified in the debt agreement. The fair value of long-term debt is considered a Level 2 measurement within the fair value hierarchy. 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 condensed balance sheets approximate their fair values. |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jul. 03, 2021 | |
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 $0.0 million and $0.5 million of restructuring costs during the fiscal quarter ended July 3, 2021 and June 27, 2020, respectively and $0.0 million and $0.6 million of restructuring costs during the six fiscal months ended July 3, 2021 and June 27, 2020, respectively. Restructuring costs were comprised primarily of employee terminations costs, including severance and statutory retirement allowances, and were incurred in connections with various cost reduction programs. The following table summarizes recent activity related to all restructuring programs. The accrued restructuring liability balance as of July 3, 2021 and December 31, 2020, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) : Balance at December 31, 2020 $ 63 Cash payments (51) Balance at July 3, 2021 $ 12 |
Basis of Presentation - (Polici
Basis of Presentation - (Policies) | 6 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period | VPG reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first quarter, which always begins on January 1, and the fourth quarter, which always ends on December 31. The four fiscal quarters in 2021 and 2020 end on the following dates: 2021 2020 Quarter 1 April 3, March 28, Quarter 2 July 3, June 27, Quarter 3 October 2, September 26, Quarter 4 December 31, December 31, |
Recent Accounting Pronouncements | Recently Adopted Accounting PronouncementsIn December 2019, the Financial Accounting Standards Board issued Accounting Standards Update No. ASU 2019-12, "Simplifying the Accounting for Income Taxes". This ASU amends Accounting Standards Codification ("ASC") 740 by removing certain exceptions to the general principles, clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company adopted this standard in the first quarter of 2021. The adoption of this ASU did not impact our financial statements or the related disclosures. |
Basis of Presentation - (Tables
Basis of Presentation - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Fiscal Quarters | VPG reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first quarter, which always begins on January 1, and the fourth quarter, which always ends on December 31. The four fiscal quarters in 2021 and 2020 end on the following dates: 2021 2020 Quarter 1 April 3, March 28, Quarter 2 July 3, June 27, Quarter 3 October 2, September 26, Quarter 4 December 31, December 31, |
Revenues - (Tables)
Revenues - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates net revenue by geographic region from contracts with customers based on net revenues generated by subsidiaries within that geographic location (in thousands) : Fiscal quarter ended Fiscal quarter ended Foil Technology Force Weighing and Total Foil Technology Force Weighing and Total United States $ 11,003 $ 8,017 $ 10,574 $ 29,594 $ 10,789 $ 4,113 $ 6,009 $ 20,911 United Kingdom 1,102 514 3,681 5,297 587 1,711 1,723 4,021 Other Europe 6,604 5,018 5,204 16,826 6,973 1,434 3,430 11,837 Israel 5,284 261 — 5,545 5,691 93 — 5,784 Asia 9,315 3,406 2,012 14,733 7,745 1,565 1,859 11,169 Canada — — 3,344 3,344 — — 5,424 5,424 Total $ 33,308 $ 17,216 $ 24,815 $ 75,339 $ 31,785 $ 8,916 $ 18,445 $ 59,146 Six Fiscal Months Ended July 3, 2021 Six Fiscal Months Ended June 27, 2020 Foil Technology Force Weighing and Total Foil Technology Force Weighing and Total United States $ 21,482 $ 15,788 $ 18,241 $ 55,511 $ 22,723 $ 12,505 $ 14,898 $ 50,126 United Kingdom 2,000 1,081 7,694 10,775 1,537 3,691 5,435 10,663 Other Europe 13,870 10,493 9,765 34,128 14,686 3,808 7,174 25,668 Israel 11,725 391 — 12,116 8,646 190 — 8,836 Asia 16,942 6,396 3,613 26,951 14,670 3,417 3,530 21,617 Canada — — 6,447 6,447 — — 9,932 9,932 Total $ 66,019 $ 34,149 $ 45,760 $ 145,928 $ 62,262 $ 23,611 $ 40,969 $ 126,842 The following table disaggregates net revenue from contracts with customers by market sector (in thousands) . Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Test & Measurement $ 16,279 $ 14,027 $ 30,695 $ 28,372 Avionics, Military & Space 5,872 6,727 11,902 12,887 Transportation 11,930 5,188 21,484 13,432 Other Markets 17,489 12,192 35,034 25,320 Industrial Weighing 12,042 8,583 24,047 21,050 General Industrial 4,173 3,623 8,255 7,662 Steel 7,554 8,806 14,511 18,119 Total $ 75,339 $ 59,146 $ 145,928 $ 126,842 |
Contract with Customer, Asset and Liability | The outstanding contract assets and liability accounts were as follows (in thousands) : Contract Asset Contract Liability Unbilled Revenue Accrued Customer Advances Balance at December 31, 2020 $ 3,605 $ 2,873 Balance at July 3, 2021 4,656 4,525 (Decrease)/increase $ 1,051 $ 1,652 |
Acquisitions - (Tables)
Acquisitions - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the provisional fair values assigned to the assets and liabilities of DTS as of June 1, 2021 (in thousands): June 1, 2021 Working capital $ 12,999 Property and equipment 1,209 Deferred income tax liability (6,274) Intangible assets: Acquired technology 13,167 Customer relationships 8,135 Trade names 2,393 Total intangible assets 23,695 Fair value of acquired identifiable assets 31,629 Purchase price $ 47,216 Goodwill $ 15,587 |
Schedule of Acquisition Costs | The Company recorded acquisition costs associated with this transaction as follows (in thousands ): Fiscal quarter ended Six fiscal months ended July 3, 2021 July 3, 2021 Legal fees $ 341 $ 341 Appraisal fees 18 18 Other (investment banker and insurance costs) 839 839 $ 1,198 $ 1,198 |
Business Acquisition, Pro Forma Information | Following is the supplemental consolidated financial results for the Company on an unaudited pro forma basis, as if the DTS acquisition had been consummated on January 1, 2020: Fiscal quarter ended Six fiscal months ended Fiscal quarter ended Six fiscal months ended June 27, 2020 June 27, 2020 July 3, 2021 July 3, 2021 Pro forma net revenues $ 64,907 $ 139,158 80,243 159,164 Pro forma net earnings attributable to VPG stockholders $ 1,629 $ 3,658 6,741 13,411 Pro forma basic earnings per share attributable to VPG stockholders $ 0.12 $ 0.27 $ 0.50 $ 0.99 Pro forma diluted earnings per share attributable to VPG stockholders $ 0.12 $ 0.27 $ 0.49 $ 0.98 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in the carrying amount of goodwill by segment is as follows (in thousands): Total Weighing and Control Systems Segment Foil Technology Products Segment KELK Acquisition DSI Acquisition DTS Acquisition Stress-Tek Acquisition Pacific Acquisition Balance at December 31, 2020 $ 31,105 $ 6,726 $ 16,942 $ 6,311 $ 1,126 Goodwill acquired 15,587 15,587 Impairment charges (1,126) (1,126) Foreign currency translation adjustment 166 180 (14) — — Balance at July 3, 2021 $ 45,732 $ 6,906 $ 16,928 $ 15,587 $ 6,311 $ — |
Schedule of Finite-Lived Intangible Assets | Intangible assets were as follows (in thousands) : July 3, 2021 December 31, 2020 Intangible assets subject to amortization (Definite-lived): Patents and acquired technology $ 33,069 $ 19,804 Customer relationships 34,393 26,061 Trade names 1,697 1,747 Non-competition agreements 11,646 12,259 80,805 59,871 Accumulated amortization: Patents and acquired technology (6,552) (5,895) Customer relationships (14,191) (13,363) Trade names (1,697) (1,747) Non-competition agreements (11,639) (12,250) (34,079) (33,255) Net intangible assets subject to amortization $ 46,726 $ 26,616 Intangible assets not subject to amortization (Indefinite-lived): Trade names 7,748 5,423 $ 54,474 $ 32,039 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets were as follows (in thousands) : July 3, 2021 December 31, 2020 Intangible assets subject to amortization (Definite-lived): Patents and acquired technology $ 33,069 $ 19,804 Customer relationships 34,393 26,061 Trade names 1,697 1,747 Non-competition agreements 11,646 12,259 80,805 59,871 Accumulated amortization: Patents and acquired technology (6,552) (5,895) Customer relationships (14,191) (13,363) Trade names (1,697) (1,747) Non-competition agreements (11,639) (12,250) (34,079) (33,255) Net intangible assets subject to amortization $ 46,726 $ 26,616 Intangible assets not subject to amortization (Indefinite-lived): Trade names 7,748 5,423 $ 54,474 $ 32,039 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated annual amortization expense for the full year of 2021 and each of the next four years, is as follows ( in thousands) : 2021 $ 3,280 2022 3,871 2023 3,763 2024 3,728 2025 3,728 |
Leases - (Tables)
Leases - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Leases [Abstract] | |
Leases Recorded on the Balance Sheet | Leases recorded on the balance sheet consist of the following (in thousands) : Leases July 3, 2021 December 31, 2020 Assets Operating lease right of use asset $ 25,451 $ 21,788 Liabilities Operating lease - current $ 4,445 $ 4,011 Operating lease - non-current $ 22,346 $ 19,504 |
Other Information Related to Lease Term and Discount Rate | Other information related to lease term and discount rate is as follows: July 3, 2021 Operating leases weighted average remaining lease term (in years) 8.49 years Operating leases weighted average discount rate 3.36 % |
Components of Lease Expense | The components of lease expense are as follows (in thousands) : Fiscal quarter ended Six Fiscal Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,258 $ 1,139 $ 2,439 $ 2,013 Short-term lease cost 35 34 68 57 Sublease income (19) — (28) — Total net lease cost $ 1,274 $ 1,173 $ 2,479 $ 2,070 |
Maturities of Operating Lease Liabilities | Undiscounted maturities of operating lease payments as of July 3, 2021 are summarized as follows (in thousands) : 2021 (excluding the six months ended July 3, 2021) $ 2,596 2022 4,500 2023 3,968 2024 3,555 2025 3,083 Thereafter 12,894 Total future minimum lease payments $ 30,596 Less: amount representing interest (3,805) Present value of future minimum lease payments $ 26,791 |
Long-Term Debt - (Tables)
Long-Term Debt - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands) : July 3, 2021 December 31, 2020 2020 Credit Agreement - Revolving Facility $ 61,000 $ 41,000 Other debt — 18 Deferred financing costs (330) (374) Total long-term debt 60,670 40,644 Less: current portion — 18 Long-term debt, less current portion $ 60,670 $ 40,626 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss), net of tax, consist of the following (in thousands) : Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2021 $ (25,591) $ (7,080) $ (32,671) Other comprehensive loss before reclassifications (1,193) — (1,193) Amounts reclassified from accumulated other comprehensive income (loss) — 318 318 Balance at July 3, 2021 $ (26,784) $ (6,762) $ (33,546) Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2020 $ (30,761) $ (6,942) $ (37,703) Other comprehensive loss before reclassifications (2,070) — (2,070) Amounts reclassified from accumulated other comprehensive income (loss) — (311) (311) Balance at June 27, 2020 $ (32,831) $ (7,253) $ (40,084) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Pension and Other Retirement Plan Costs | The following table sets forth the components of the net periodic benefit cost for the Company's defined benefit pension and OPEB plans (in thousands) : Fiscal quarter ended Fiscal quarter ended Pension OPEB Pension OPEB Net service cost $ 96 $ 9 $ 99 $ 31 Interest cost 103 17 127 33 Expected return on plan assets (97) — (109) — Amortization of actuarial losses 102 5 76 34 Net periodic benefit cost $ 204 $ 31 $ 193 $ 98 Six fiscal months ended July 3, 2021 Six fiscal months ended June 27, 2020 Pension OPEB Pension OPEB Net service cost $ 193 $ 18 $ 198 $ 62 Interest cost 206 34 256 66 Expected return on plan assets (194) — (220) — Amortization of actuarial losses 204 10 153 68 Net periodic benefit cost $ 409 $ 62 $ 387 $ 196 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense recognized (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Restricted stock units $ 576 $ 378 $ 942 $ 757 |
Segment Information - (Tables)
Segment Information - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table sets forth reporting segment information (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Net revenues: Foil Technology Products $ 33,308 $ 31,785 $ 66,019 $ 62,262 Force Sensors 17,216 8,916 34,149 23,611 Weighing and Control Systems 24,815 18,445 45,760 40,969 Total $ 75,339 $ 59,146 $ 145,928 $ 126,842 Gross profit: Foil Technology Products $ 12,942 $ 13,286 $ 25,981 $ 24,487 Force Sensors 5,969 1,038 12,008 4,610 Weighing and Control Systems 10,887 8,786 20,431 19,078 Total $ 29,798 $ 23,110 $ 58,420 $ 48,175 Reconciliation of segment operating income to consolidated results: Foil Technology Products $ 7,219 $ 8,070 $ 14,052 $ 13,454 Force Sensors 3,474 (1,013) 6,977 191 Weighing and Control Systems 4,595 4,019 8,419 8,687 Unallocated G&A expenses (7,943) (6,606) (15,664) (13,088) Acquisition costs (1,198) — (1,198) — Impairment of goodwill and indefinite-lived intangibles (1,223) — (1,223) — Restructuring costs — (499) — (629) Operating income $ 4,924 $ 3,971 $ 11,363 $ 8,615 Acquisition costs: Weighing and Control Systems (1,198) — (1,198) — $ (1,198) $ — $ (1,198) $ — Impairment of goodwill and indefinite-lived intangibles: Foil Technology Products $ (1,223) $ — $ (1,223) $ — $ (1,223) $ — $ (1,223) $ — Restructuring costs: Foil Technology Products $ — $ (341) $ — $ (443) Force Sensors $ — $ (80) $ — $ (108) Corporate/Other — (78) — (78) $ — $ (499) $ — $ (629) Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. The table below summarizes intersegment sales (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Foil Technology Products to Force Sensors and Weighing and Control Systems $ 959 $ 868 $ 1,920 $ 1,592 Weighing and Control Systems to Foil Technology Products and Force Sensors $ 150 $ 124 $ 264 $ 211 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Numerator: Numerator for basic earnings per share: Net earnings attributable to VPG stockholders $ 3,920 $ 1,759 $ 8,881 $ 5,071 Denominator: Denominator for basic earnings per share: Weighted average shares 13,618 13,571 13,605 13,556 Effect of dilutive securities: Restricted stock units 28 38 33 42 Dilutive potential common shares 28 38 33 42 Denominator for diluted earnings per share: Adjusted weighted average shares 13,646 13,609 13,638 13,598 Basic earnings per share attributable to VPG stockholders $ 0.29 $ 0.13 $ 0.65 $ 0.37 Diluted earnings per share attributable to VPG stockholders $ 0.29 $ 0.13 $ 0.65 $ 0.37 |
Additional Financial Statemen_2
Additional Financial Statement Information - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Income (Expense) | The caption “Other” on the consolidated condensed statements of operations consists of the following (in thousands) : Fiscal quarter ended Six fiscal months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Foreign exchange (loss) gain $ (174) $ (1,185) $ 561 $ (285) Interest income 20 109 65 176 Pension expense (143) (164) (280) (323) Other (29) (33) (99) (158) $ (326) $ (1,273) $ 247 $ (590) |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities at Fair Value, Recurring | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands) : Fair value measurements at reporting date using: Total Level 1 Level 2 Level 3 July 3, 2021 Assets Assets held in rabbi trusts $ 5,995 $ 80 $ 5,915 $ — December 31, 2020 Assets Assets held in rabbi trusts $ 5,601 $ 61 $ 5,540 $ — |
Restructuring Costs - (Tables)
Restructuring Costs - (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes recent activity related to all restructuring programs. The accrued restructuring liability balance as of July 3, 2021 and December 31, 2020, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) : Balance at December 31, 2020 $ 63 Cash payments (51) Balance at July 3, 2021 $ 12 |
Revenues - (Disaggregation of R
Revenues - (Disaggregation of Revenue by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 75,339 | $ 59,146 | $ 145,928 | $ 126,842 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 29,594 | 20,911 | 55,511 | 50,126 |
United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,297 | 4,021 | 10,775 | 10,663 |
Other Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 16,826 | 11,837 | 34,128 | 25,668 |
Israel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,545 | 5,784 | 12,116 | 8,836 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 14,733 | 11,169 | 26,951 | 21,617 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,344 | 5,424 | 6,447 | 9,932 |
Foil Technology Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33,308 | 31,785 | 66,019 | 62,262 |
Foil Technology Products | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,003 | 10,789 | 21,482 | 22,723 |
Foil Technology Products | United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,102 | 587 | 2,000 | 1,537 |
Foil Technology Products | Other Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,604 | 6,973 | 13,870 | 14,686 |
Foil Technology Products | Israel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,284 | 5,691 | 11,725 | 8,646 |
Foil Technology Products | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,315 | 7,745 | 16,942 | 14,670 |
Foil Technology Products | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Force Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,216 | 8,916 | 34,149 | 23,611 |
Force Sensors | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,017 | 4,113 | 15,788 | 12,505 |
Force Sensors | United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 514 | 1,711 | 1,081 | 3,691 |
Force Sensors | Other Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,018 | 1,434 | 10,493 | 3,808 |
Force Sensors | Israel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 261 | 93 | 391 | 190 |
Force Sensors | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,406 | 1,565 | 6,396 | 3,417 |
Force Sensors | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Weighing and Control Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 24,815 | 18,445 | 45,760 | 40,969 |
Weighing and Control Systems | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 10,574 | 6,009 | 18,241 | 14,898 |
Weighing and Control Systems | United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,681 | 1,723 | 7,694 | 5,435 |
Weighing and Control Systems | Other Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,204 | 3,430 | 9,765 | 7,174 |
Weighing and Control Systems | Israel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Weighing and Control Systems | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,012 | 1,859 | 3,613 | 3,530 |
Weighing and Control Systems | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 3,344 | $ 5,424 | $ 6,447 | $ 9,932 |
Revenues - (Disaggregation of_2
Revenues - (Disaggregation of Revenue by Market Sector) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 75,339 | $ 59,146 | $ 145,928 | $ 126,842 |
Test & Measurement | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 16,279 | 14,027 | 30,695 | 28,372 |
Avionics, Military & Space | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,872 | 6,727 | 11,902 | 12,887 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,930 | 5,188 | 21,484 | 13,432 |
Other Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,489 | 12,192 | 35,034 | 25,320 |
Industrial Weighing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,042 | 8,583 | 24,047 | 21,050 |
General Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,173 | 3,623 | 8,255 | 7,662 |
Steel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 7,554 | $ 8,806 | $ 14,511 | $ 18,119 |
Revenues - (Contract Assets and
Revenues - (Contract Assets and Liabilities) (Details) $ in Thousands | 6 Months Ended |
Jul. 03, 2021USD ($) | |
Movement in Contract Assets and Liabilities [Roll Forward] | |
Contract Asset, beginning balance | $ 3,605 |
(Decrease)/increase in contract asset | 1,051 |
Contract Asset, ending balance | 4,656 |
Contract Liability, beginning balance | 2,873 |
(Decrease)/increase in contract liability | 1,652 |
Contract Liability, ending balance | $ 4,525 |
Revenues - (Narrative) (Details
Revenues - (Narrative) (Details) $ in Millions | 6 Months Ended |
Jul. 03, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, revenue recognized | $ 2.4 |
Acquisitions - (Narrative) (Det
Acquisitions - (Narrative) (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 |
Business Acquisition [Line Items] | |||||
Net loss | $ 3,920 | $ 1,759 | $ 8,881 | $ 5,071 | |
Amortization of intangible assets | 700 | 1,400 | |||
DTS Acquisition | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 47,216 | ||||
Revenues | 3,000 | 3,000 | |||
Net loss | (200) | (200) | |||
Amortization of inventory step-up costs | 900 | 900 | |||
Amortization of intangible assets | $ 100 | $ 100 | |||
DTS Acquisition | Acquired technology | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 15 years | ||||
DTS Acquisition | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 15 years |
Acquisitions - (Schedule of Ass
Acquisitions - (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Jul. 03, 2021 | Dec. 31, 2020 |
Intangible assets: | |||
Goodwill | $ 45,732 | $ 31,105 | |
DTS Acquisition | |||
Business Acquisition [Line Items] | |||
Working capital | $ 12,999 | ||
Property and equipment | 1,209 | ||
Long-term deferred income tax liability | (6,274) | ||
Intangible assets: | |||
Total intangible assets | 23,695 | ||
Fair value of acquired identifiable assets | 31,629 | ||
Purchase price | 47,216 | ||
Goodwill | 15,587 | ||
DTS Acquisition | Trade names | |||
Intangible assets: | |||
Total intangible assets | 2,393 | ||
DTS Acquisition | Acquired technology | |||
Intangible assets: | |||
Total intangible assets | 13,167 | ||
DTS Acquisition | Customer relationships | |||
Intangible assets: | |||
Total intangible assets | $ 8,135 |
Acquisitions - (Schedule of Acq
Acquisitions - (Schedule of Acquisition Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Acquisition costs | $ 1,198 | $ 0 | $ 1,198 | $ 0 |
DTS Acquisition | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Legal fees | 341 | 341 | ||
Appraisal fees | 18 | 18 | ||
Other (investment banker and insurance costs) | 839 | 839 | ||
Acquisition costs | $ 1,198 | $ 1,198 |
Acquisitions - (Pro Forma Infor
Acquisitions - (Pro Forma Information) (Details) - DTS Acquisition - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Pro forma net revenues | $ 80,243 | $ 64,907 | $ 159,164 | $ 139,158 |
Pro forma net earnings attributable to VPG stockholders | $ 6,741 | $ 1,629 | $ 13,411 | $ 3,658 |
Pro forma basic earnings per share attributable to VPG stockholders (in dollars per share) | $ 0.50 | $ 0.12 | $ 0.99 | $ 0.27 |
Pro forma diluted earnings per share attributable to VPG stockholders (in dollars per share) | $ 0.49 | $ 0.12 | $ 0.98 | $ 0.27 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jul. 03, 2021 | Jun. 01, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Impairment charges | $ 1,126 | |||
Goodwill | $ 45,732 | 45,732 | $ 31,105 | |
Indefinite-lived intangible assets | 54,474 | 54,474 | 32,039 | |
Amortization of intangible assets | 700 | 1,400 | ||
Trade names | ||||
Goodwill [Line Items] | ||||
Indefinite-lived intangible assets | 7,748 | 7,748 | $ 5,423 | |
Instrumentation | ||||
Goodwill [Line Items] | ||||
Impairment charges | 1,100 | |||
Goodwill | 0 | 0 | ||
Instrumentation | Trade names | ||||
Goodwill [Line Items] | ||||
Impairment of indefinite lived intangible assets | 100 | |||
Indefinite-lived intangible assets | 300 | 300 | ||
DTS Acquisition | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 15,587 | |||
Finite-lived intangible assets acquired | 21,300 | 21,300 | ||
Indefinite-lived intangible assets acquired | 2,400 | 2,400 | ||
Amortization of intangible assets | $ 100 | $ 100 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - (Schedule of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jul. 03, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 31,105 |
Goodwill acquired | 15,587 |
Impairment charges | (1,126) |
Foreign currency translation adjustment | 166 |
Ending balance | 45,732 |
KELK Acquisition | Weighing and Control Systems Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 6,726 |
Foreign currency translation adjustment | 180 |
Ending balance | 6,906 |
DSI Acquisition | Weighing and Control Systems Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 16,942 |
Foreign currency translation adjustment | (14) |
Ending balance | 16,928 |
DTS Acquisition | Weighing and Control Systems Segment | |
Goodwill [Roll Forward] | |
Goodwill acquired | 15,587 |
Ending balance | 15,587 |
Stress-Tek Acquisition | Weighing and Control Systems Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 6,311 |
Ending balance | 6,311 |
Pacific Acquisition | Foil Technology Products Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 1,126 |
Impairment charges | (1,126) |
Ending balance | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - (Schedule of Finite and Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 80,805 | $ 59,871 |
Accumulated amortization: | (34,079) | (33,255) |
Net intangible assets subject to amortization | 46,726 | 26,616 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 54,474 | 32,039 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 7,748 | 5,423 |
Patents and acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | 33,069 | 19,804 |
Accumulated amortization: | (6,552) | (5,895) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | 34,393 | 26,061 |
Accumulated amortization: | (14,191) | (13,363) |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | 1,697 | 1,747 |
Accumulated amortization: | (1,697) | (1,747) |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | 11,646 | 12,259 |
Accumulated amortization: | $ (11,639) | $ (12,250) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - (Schedule of Future Amortization Expense) (Details) $ in Thousands | Jul. 03, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 3,280 |
2022 | 3,871 |
2023 | 3,763 |
2024 | 3,728 |
2025 | $ 3,728 |
Leases - (Narrative) (Details)
Leases - (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 5.9 | |
Operating lease, payments | $ 2.4 | $ 1.7 |
Buildings and Vehicles | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term (years) | 1 year | |
Buildings and Vehicles | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term (years) | 11 years |
Leases - (Leases Recorded on th
Leases - (Leases Recorded on the Balance Sheet) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease right of use asset | $ 25,451 | $ 21,788 |
Liabilities | ||
Operating lease - current | 4,445 | 4,011 |
Operating lease - non-current | $ 22,346 | $ 19,504 |
Leases - (Other Information Rel
Leases - (Other Information Related to Leases) (Details) | Jul. 03, 2021 |
Leases [Abstract] | |
Operating leases weighted average remaining lease term (years) | 8 years 5 months 26 days |
Operating leases weighted average discount rate (percent) | 3.36% |
Leases - (Components of Lease E
Leases - (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,258 | $ 1,139 | $ 2,439 | $ 2,013 |
Short-term lease cost | 35 | 34 | 68 | 57 |
Sublease income | (19) | 0 | (28) | 0 |
Total net lease cost | $ 1,274 | $ 1,173 | $ 2,479 | $ 2,070 |
Leases - (Maturities of Operati
Leases - (Maturities of Operating Lease Liabilities) (Details) $ in Thousands | Jul. 03, 2021USD ($) |
Leases [Abstract] | |
2021 (excluding the six months ended July 3, 2021) | $ 2,596 |
2022 | 4,500 |
2023 | 3,968 |
2024 | 3,555 |
2025 | 3,083 |
Thereafter | 12,894 |
Total future minimum lease payments | 30,596 |
Less: amount representing interest | (3,805) |
Present value of future minimum lease payments | $ 26,791 |
Income Taxes - (Details)
Income Taxes - (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (percent) | 6.10% | 28.10% | 18.40% | 30.90% |
Long-Term Debt - (Schedule of L
Long-Term Debt - (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Other debt | $ 0 | $ 18 |
Deferred financing costs | (330) | (374) |
Total long-term debt | 60,670 | 40,644 |
Less: current portion | 0 | 18 |
Long-term debt, less current portion | 60,670 | 40,626 |
Revolving Credit Facility | Credit Agreement 2020 | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 61,000 | $ 41,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | $ 257,857 | $ 241,752 |
Other comprehensive loss before reclassifications | (1,193) | (2,070) |
Amounts reclassified from accumulated other comprehensive income (loss) | 318 | (311) |
Balance, ending | 265,918 | 244,240 |
Total | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (32,671) | (37,703) |
Balance, ending | (33,546) | (40,084) |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (25,591) | (30,761) |
Other comprehensive loss before reclassifications | (1,193) | (2,070) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Balance, ending | (26,784) | (32,831) |
Pension and Other Postretirement Actuarial Items | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (7,080) | (6,942) |
Other comprehensive loss before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 318 | (311) |
Balance, ending | $ (6,762) | $ (7,253) |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits - (Schedule of Net Pension and Other Retirement Plan Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net service cost | $ 96 | $ 99 | $ 193 | $ 198 |
Interest cost | 103 | 127 | 206 | 256 |
Expected return on plan assets | (97) | (109) | (194) | (220) |
Amortization of actuarial losses | 102 | 76 | 204 | 153 |
Net periodic benefit cost | 204 | 193 | 409 | 387 |
Other Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net service cost | 9 | 31 | 18 | 62 |
Interest cost | 17 | 33 | 34 | 66 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial losses | 5 | 34 | 10 | 68 |
Net periodic benefit cost | $ 31 | $ 98 | $ 62 | $ 196 |
Share-Based Compensation - (Nar
Share-Based Compensation - (Narrative) (Details) $ in Millions | May 27, 2021USD ($)shares | Mar. 08, 2021USD ($)shares | Mar. 04, 2021USD ($)peopleshares | Jul. 03, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (up to) | 1,000,000 | |||
Number of shares available for grant (in shares) | 320,654 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of people granted awards (people) | people | 3 | |||
Percentage of performance based units on total units approved | 50.00% | |||
Weighted average grant date fair value | $ | $ 0.3 | $ 0.6 | $ 1.7 | |
Number of RSUs granted (in shares) | 9,936 | 17,793 | 52,486 | |
Award vesting period (in years) | 3 years | 3 years | ||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance based units on total units approved | 75.00% | |||
Award vesting rights (percentage) | 25.00% | 50.00% | ||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance based units on total units approved | 50.00% | |||
Award vesting rights (percentage) | 50.00% |
Share-Based Compensation - (Sch
Share-Based Compensation - (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Restricted stock units | $ 576 | $ 378 | $ 942 | $ 757 |
Segment Information - (Narrativ
Segment Information - (Narrative) (Details) | 6 Months Ended |
Jul. 03, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - (Schedule
Segment Information - (Schedule of Segment Reporting) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 75,339 | $ 59,146 | $ 145,928 | $ 126,842 |
Gross profit | 29,798 | 23,110 | 58,420 | 48,175 |
Operating income | 4,924 | 3,971 | 11,363 | 8,615 |
Acquisition costs | (1,198) | 0 | (1,198) | 0 |
Impairment of goodwill and indefinite-lived intangibles | (1,223) | 0 | (1,223) | 0 |
Restructuring costs | 0 | (499) | 0 | (629) |
Foil Technology Products | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 33,308 | 31,785 | 66,019 | 62,262 |
Force Sensors | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 17,216 | 8,916 | 34,149 | 23,611 |
Weighing and Control Systems | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 24,815 | 18,445 | 45,760 | 40,969 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 75,339 | 59,146 | 145,928 | 126,842 |
Gross profit | 29,798 | 23,110 | 58,420 | 48,175 |
Operating Segments | Foil Technology Products | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 33,308 | 31,785 | 66,019 | 62,262 |
Gross profit | 12,942 | 13,286 | 25,981 | 24,487 |
Operating income | 7,219 | 8,070 | 14,052 | 13,454 |
Impairment of goodwill and indefinite-lived intangibles | (1,223) | 0 | (1,223) | 0 |
Restructuring costs | 0 | (341) | 0 | (443) |
Operating Segments | Force Sensors | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 17,216 | 8,916 | 34,149 | 23,611 |
Gross profit | 5,969 | 1,038 | 12,008 | 4,610 |
Operating income | 3,474 | (1,013) | 6,977 | 191 |
Restructuring costs | 0 | (80) | 0 | (108) |
Operating Segments | Weighing and Control Systems | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 24,815 | 18,445 | 45,760 | 40,969 |
Gross profit | 10,887 | 8,786 | 20,431 | 19,078 |
Operating income | 4,595 | 4,019 | 8,419 | 8,687 |
Acquisition costs | (1,198) | 0 | (1,198) | 0 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated G&A expenses | (7,943) | (6,606) | (15,664) | (13,088) |
Acquisition costs | (1,198) | 0 | (1,198) | 0 |
Impairment of goodwill and indefinite-lived intangibles | (1,223) | 0 | (1,223) | 0 |
Restructuring costs | 0 | (499) | 0 | (629) |
Corporate/Other | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring costs | $ 0 | $ (78) | $ 0 | $ (78) |
Segment Information - (Interseg
Segment Information - (Intersegment Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 75,339 | $ 59,146 | $ 145,928 | $ 126,842 |
Foil Technology Products | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 33,308 | 31,785 | 66,019 | 62,262 |
Foil Technology Products | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 959 | 868 | 1,920 | 1,592 |
Weighing and Control Systems | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 24,815 | 18,445 | 45,760 | 40,969 |
Weighing and Control Systems | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 150 | $ 124 | $ 264 | $ 211 |
Earnings Per Share - (Computati
Earnings Per Share - (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Numerator: | ||||
Net earnings attributable to VPG stockholders | $ 3,920 | $ 1,759 | $ 8,881 | $ 5,071 |
Denominator: | ||||
Weighted average shares (in shares) | 13,618 | 13,571 | 13,605 | 13,556 |
Effect of dilutive securities: | ||||
Restricted stock units (in shares) | 28 | 38 | 33 | 42 |
Dilutive potential common shares | 28 | 38 | 33 | 42 |
Denominator for diluted earnings per share: | ||||
Adjusted weighted average shares (in shares) | 13,646 | 13,609 | 13,638 | 13,598 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.29 | $ 0.13 | $ 0.65 | $ 0.37 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.29 | $ 0.13 | $ 0.65 | $ 0.37 |
Additional Financial Statemen_3
Additional Financial Statement Information - (Schedule of Other Items in Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Foreign exchange loss | $ (174) | $ (1,185) | $ 561 | $ (285) |
Interest income | 20 | 109 | 65 | 176 |
Pension expense | (143) | (164) | (280) | (323) |
Other | (29) | (33) | (99) | (158) |
Other nonoperating income (expense) | $ (326) | $ (1,273) | $ 247 | $ (590) |
Fair Value Measurements - (Sche
Fair Value Measurements - (Schedule of Assets and Liabilities at Fair Value, Recurring) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jul. 03, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 5,995 | $ 5,601 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 80 | 61 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 5,915 | 5,540 |
Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 0 | $ 0 |
Restructuring Costs - (Narrativ
Restructuring Costs - (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring costs | $ 0 | $ 499 | $ 0 | $ 629 |
Restructuring Costs - (Details)
Restructuring Costs - (Details) - Employee Severance $ in Thousands | 6 Months Ended |
Jul. 03, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 63 |
Cash payments | (51) |
Restructuring reserve, ending balance | $ 12 |