Cover
Cover - shares | 3 Months Ended | |
Apr. 01, 2023 | May 09, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 01, 2023 | |
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, $0.10 par value | |
Trading Symbol | VPG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001487952 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 12,577,030 | |
Class B Convertible Common Stock | ||
Entity Common Stock, Shares Outstanding | 1,022,887 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 93,281 | $ 88,562 |
Accounts receivable, net | 59,347 | 60,068 |
Inventories: | ||
Raw materials | 32,983 | 31,852 |
Work in process | 29,453 | 26,401 |
Finished goods | 24,995 | 26,407 |
Inventories, net | 87,431 | 84,660 |
Prepaid expenses and other current assets | 17,352 | 18,516 |
Total current assets | 257,411 | 251,806 |
Property and equipment: | ||
Land | 4,138 | 4,117 |
Buildings and improvements | 72,019 | 71,613 |
Machinery and equipment | 127,333 | 125,301 |
Software | 9,674 | 9,539 |
Construction in progress | 10,472 | 10,075 |
Accumulated depreciation | (136,642) | (133,518) |
Property and equipment, net | 86,994 | 87,127 |
Goodwill | 45,567 | 45,544 |
Intangible assets, net | 47,298 | 48,217 |
Operating lease right of use asset | 24,189 | 24,342 |
Other assets | 19,310 | 19,706 |
Total assets | 480,769 | 476,742 |
Current liabilities: | ||
Trade accounts payable | 11,184 | 13,792 |
Payroll and related expenses | 21,704 | 21,966 |
Other accrued expenses | 22,364 | 20,306 |
Income taxes | 1,002 | 4,064 |
Current portion of operating lease liabilities | 4,108 | 4,208 |
Total current liabilities | 60,362 | 64,336 |
Long-term debt, less current portion | 60,803 | 60,799 |
Deferred income taxes | 3,929 | 4,212 |
Operating lease liabilities | 19,817 | 20,043 |
Other liabilities | 13,044 | 13,053 |
Accrued pension and other postretirement costs | 7,921 | 7,777 |
Total liabilities | 165,876 | 170,220 |
Equity: | ||
Treasury stock | (11,504) | (11,504) |
Capital in excess of par value | 201,065 | 201,164 |
Retained earnings | 163,323 | 156,359 |
Accumulated other comprehensive loss | (39,395) | (40,900) |
Total Vishay Precision Group, Inc. stockholders' equity | 314,920 | 306,547 |
Noncontrolling interests | (27) | (25) |
Total equity | 314,893 | 306,522 |
Total liabilities and equity | 480,769 | 476,742 |
Common Stock | ||
Equity: | ||
Common stock | 1,328 | 1,325 |
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 | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Income Statement [Abstract] | ||
Net revenues | $ 88,864 | $ 87,665 |
Costs of products sold | 51,665 | 52,415 |
Gross profit | 37,199 | 35,250 |
Selling, general, and administrative expenses | 27,159 | 26,674 |
Restructuring costs | 116 | 261 |
Operating income | 9,924 | 8,315 |
Other income (expense): | ||
Interest expense | (997) | (329) |
Other | 275 | 439 |
Other income (expense) | (722) | 110 |
Income before taxes | 9,202 | 8,425 |
Income tax expense | 2,220 | 1,741 |
Net earnings | 6,982 | 6,684 |
Less: net earnings attributable to noncontrolling interests | 18 | 328 |
Net earnings attributable to VPG stockholders | $ 6,964 | $ 6,356 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.51 | $ 0.47 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.51 | $ 0.46 |
Weighted average shares outstanding - basic (in shares) | 13,586 | 13,637 |
Weighted average shares outstanding - diluted (in shares) | 13,652 | 13,675 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 6,982 | $ 6,684 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | 1,502 | (1,792) |
Pension and other postretirement actuarial items | 3 | 81 |
Other comprehensive loss | 1,505 | (1,711) |
Comprehensive income | 8,487 | 4,973 |
Less: comprehensive income attributable to noncontrolling interests | 18 | 328 |
Comprehensive income attributable to VPG stockholders | $ 8,469 | $ 4,645 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Operating activities | ||
Net earnings | $ 6,982 | $ 6,684 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 3,858 | 3,823 |
Gain on sale of property and equipment | 0 | 7 |
Reclassification of foreign currency translation adjustment related to disposal of subsidiary | 0 | 191 |
Share-based compensation expense | 681 | 497 |
Inventory write-offs for obsolescence | 425 | 396 |
Deferred income taxes | 383 | 25 |
Foreign currency impacts and other items | (1,022) | (844) |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 1,201 | (1,546) |
Inventories | (2,854) | (3,755) |
Prepaid expenses and other current assets | 1,260 | (2,367) |
Trade accounts payable | (1,713) | (358) |
Other current liabilities | (695) | (2,641) |
Other non current assets and liabilities, net | (201) | (131) |
Accrued pension and other postretirement costs, net | 138 | (254) |
Net cash provided by (used in) operating activities | 8,443 | (273) |
Investing activities | ||
Capital expenditures | (3,501) | (4,303) |
Proceeds from sale of property and equipment | 0 | 10 |
Net cash used in investing activities | (3,501) | (4,293) |
Financing activities | ||
Distributions to noncontrolling interests | (20) | (246) |
Payments of employee taxes on certain share-based arrangements | (825) | (435) |
Net cash used in financing activities | (845) | (681) |
Effect of exchange rate changes on cash and cash equivalents | 622 | (907) |
Increase (decrease) in cash and cash equivalents | 4,719 | (6,154) |
Cash and cash equivalents at beginning of period | 88,562 | 84,335 |
Cash and cash equivalents at end of period | 93,281 | 78,181 |
Supplemental disclosure of investing transactions: | ||
Capital expenditures accrued but not yet paid | $ 806 | $ 850 |
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, 2021 | $ 277,042 | $ 277,099 | $ 1,322 | $ 103 | $ (8,765) | $ 199,151 | $ 120,296 | $ (35,008) | $ (57) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 6,684 | 6,356 | 6,356 | 328 | |||||
Other comprehensive income (loss) | (1,711) | (1,711) | (1,711) | ||||||
Share-based compensation expense | 497 | 497 | 497 | ||||||
Restricted stock issuances | (423) | (423) | 2 | (425) | |||||
Distributions to noncontrolling interests | (246) | (246) | |||||||
Balance, ending at Apr. 02, 2022 | 281,843 | 281,818 | 1,324 | 103 | (8,765) | 199,223 | 126,652 | (36,719) | 25 |
Balance, beginning at Dec. 31, 2022 | 306,522 | 306,547 | 1,325 | 103 | (11,504) | 201,164 | 156,359 | (40,900) | (25) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 6,982 | 6,964 | 6,964 | 18 | |||||
Other comprehensive income (loss) | 1,505 | 1,505 | 1,505 | ||||||
Share-based compensation expense | 681 | 681 | 681 | ||||||
Restricted stock issuances | (777) | (777) | 3 | (780) | |||||
Distributions to noncontrolling interests | (20) | (20) | |||||||
Balance, ending at Apr. 01, 2023 | $ 314,893 | $ 314,920 | $ 1,328 | $ 103 | $ (11,504) | $ 201,065 | $ 163,323 | $ (39,395) | $ (27) |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Equity (Parenthetical) - shares | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Common Stock | ||
Restricted stock issuance (shares) | 29,803 | 17,837 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 01, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Background Vishay Precision Group, Inc. (“VPG” or the “Company”) is a global, diversified company focused on precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one. Many of our specialized sensors, weighing solutions, and measurement systems are “designed-in” by our customers, and address growing applications across a diverse array of industries and markets. Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality, and we employ an operationally diversified structure to manage our businesses. 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, 2022 and 2021 and for each of the three years in the period ended December 31, 2022, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 1, 2023. The results of operations for the fiscal quarter ended April 1, 2023 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 2023 and 2022 end on the following dates: 2023 2022 Quarter 1 April 1, April 2, Quarter 2 July 1, July 2, Quarter 3 September 30, October 1, Quarter 4 December 31, December 31, Reclassifications Certain prior year amounts have been reclassified to conform to the current financial statement presentation. |
Revenues
Revenues | 3 Months Ended |
Apr. 01, 2023 | |
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 Sensors Weighing Solutions Measurement Systems Total Sensors Weighing Solutions Measurement Systems Total United States $ 12,674 $ 14,879 $ 10,661 $ 38,214 $ 13,006 $ 14,078 $ 10,465 $ 37,549 United Kingdom 815 4,109 96 5,020 877 4,334 298 5,509 Other Europe 10,007 9,717 3,170 22,894 7,792 10,531 1,882 20,205 Israel 3,963 76 — 4,039 7,331 190 — 7,521 Asia 9,267 3,078 2,053 14,398 8,744 3,635 1,010 13,389 Canada — — 4,299 4,299 — — 3,492 3,492 Total $ 36,726 $ 31,859 $ 20,279 $ 88,864 $ 37,750 $ 32,768 $ 17,147 $ 87,665 The following table disaggregates net revenue from contracts with customers by market sector (in thousands) . Fiscal quarter ended April 1, 2023 April 2, 2022 Test & Measurement $ 18,664 $ 17,973 Avionics, Military & Space 11,707 8,162 Transportation 12,472 13,954 Other Markets 19,305 21,150 Industrial Weighing 11,026 13,209 General Industrial 4,798 5,866 Steel 10,892 7,351 Total $ 88,864 $ 87,665 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, 2022 $ 3,990 $ 7,983 Balance at April 1, 2023 4,223 8,618 Increase $ 233 $ 635 The amount of revenue recognized during the three fiscal months ended April 1, 2023 that was included in the contract liability balance at December 31, 2022 was |
Goodwill
Goodwill | 3 Months Ended |
Apr. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Company tests the goodwill in each of its goodwill reporting units for impairment at least annually, as of the first day of its fourth quarter, and whenever events or changes in circumstances occur indicating that a possible impairment may have been incurred. The change in the carrying amount of goodwill by segment is as follows (in thousands): Total Measurement Systems Weighing Solutions KELK Acquisition DSI Acquisition DTS Acquisition Stress-Tek Acquisition Balance at December 31, 2022 $ 45,544 $ 6,313 $ 16,887 $ 16,033 $ 6,311 Foreign currency translation adjustment 23 15 8 — — Balance at April 1, 2023 $ 45,567 $ 6,328 $ 16,895 $ 16,033 $ 6,311 |
Leases
Leases | 3 Months Ended |
Apr. 01, 2023 | |
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 fourteen years. The Company has no finance leases. Leases recorded on the balance sheet consist of the following (in thousands) : Leases April 1, 2023 December 31, 2022 Assets Operating lease right of use asset $ 24,189 $ 24,342 Liabilities Operating lease - current $ 4,108 $ 4,208 Operating lease - non-current $ 19,817 $ 20,043 Other information related to lease term and discount rate is as follows: April 1, 2023 Operating leases weighted average remaining lease term (in years) 7.48 years Operating leases weighted average discount rate 3.33 % The components of lease expense are as follows (in thousands) : Fiscal quarter ended April 1, 2023 April 2, 2022 Operating lease cost $ 1,244 $ 1,310 Short-term lease cost 46 26 Sublease income (100) (112) Total net lease cost $ 1,190 $ 1,224 Right of use assets obtained in exchange for new operating lease liability during the three fiscal months ended April 1, 2023 were $1.0 million. The Company paid $1.2 million and $1.3 million for its operating leases for each of the three fiscal months ended April 1, 2023 and April 2, 2022, which are included in operating cash flows on the consolidated condensed statements of cash flows. Undiscounted maturities of operating lease payments as of April 1, 2023 are summarized as follows (in thousands) : 2023 (excluding the three months ended April 1, 2023) $ 3,512 2024 4,098 2025 3,740 2026 3,184 2027 3,040 Thereafter 9,310 Total future minimum lease payments $ 26,884 Less: amount representing interest (2,959) Present value of future minimum lease payments $ 23,925 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 was 24.1% compared to 20.7% for the fiscal quarter ended April 2, 2022. The effective tax rate for the fiscal quarter ended April 1, 2023 differs from the federal statutory rate of 21% primarily due to foreign income taxed at different tax rates and changes in our valuation allowance on deferred tax assets. 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 may still be challenged by the jurisdiction's tax authorities. In anticipation of such challenges, the Company has established reserves for tax-related uncertainties. These liabilities are based on the Company’s best estimate of the potential tax exposures in each respective jurisdiction. It may take a number of years for a final tax liability in a jurisdiction to be determined, particularly in the event of an audit. If an uncertain matter is determined favorably, there could be a reduction in the Company’s tax expense. An unfavorable determination could increase tax expense and could require a cash payment, including interest and penalties. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 01, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands) : April 1, 2023 December 31, 2022 2020 Credit Agreement - Revolving Facility $ 61,000 $ 61,000 Deferred financing costs (197) (201) Total long-term debt $ 60,803 $ 60,799 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 01, 2023 | |
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, 2023 $ (41,489) $ 589 $ (40,900) Other comprehensive income before reclassifications 1,502 — 1,502 Amounts reclassified from accumulated other comprehensive income — 3 3 Balance at April 1, 2023 $ (39,987) $ 592 $ (39,395) Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2022 $ (30,276) $ (4,732) $ (35,008) Other comprehensive loss before reclassifications (1,983) — (1,983) Amounts reclassified from accumulated other comprehensive income 191 81 272 Balance at April 2, 2022 $ (32,068) $ (4,651) $ (36,719) |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Apr. 01, 2023 | |
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 $ 69 $ 4 $ 84 $ 7 Interest cost 190 28 123 17 Expected return on plan assets (212) (123) — Amortization of actuarial losses 8 (6) 74 1 Net periodic benefit cost $ 55 $ 26 $ 158 $ 25 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 01, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Vishay Precision Group, Inc. 2022 Stock Incentive Plan (the "2022 plan") permits issuance of up to 608,000 shares of common stock. At April 1, 2023, the Company had reserved 540,014 shares of common stock for future grants of equity awards (restricted stock, unrestricted stock, restricted stock units ("RSUs"), or stock options) pursuant to the 2022 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. If shares are withheld for payment of taxes, those shares do not become available for grant under the 2022 plan. On February 28, 2023 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 $1.9 million and were comprised of 43,243 RSUs. Fifty percent of these awards will vest on January 1, 2026, subject to the executives’ continued employment. The performance-based portion of the RSUs will also vest on January 1, 2026, 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 9, 2023, 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 14,338 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, 2026 subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2026, 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. 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 April 1, 2023 April 2, 2022 Share-based compensation expense $ 681 $ 497 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 01, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information VPG reports in three product segments: the Sensors segment, the Weighing Solutions segment, and the Measurement Systems segment. The Sensors reporting segment is comprised of the foil resistor and strain gage operating segments. The Weighing Solutions segment is comprised of specialized modules and systems used to precisely measure weight, force torque, and pressure. The Measurement Systems reporting segment is comprised of highly specialized systems for steel production, materials development, and safety testing. The chief operating decision maker ("CODM") is our chief executive officer. The CODM evaluates each operating segment's performance. The evaluation of the segment's performance is based on multiple performance measures including gross profits, revenues, and operating income, exclusive of certain items. Management believes that evaluating segment performance, excluding items such as restructuring and severance costs, impairment of goodwill and indefinite-lived intangible assets, acquisition costs, and other items is meaningful because they relate to occurrences or events that are outside of our core operations, and management believes that the use of these measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. The following table sets forth reporting segment information (in thousands) : Fiscal quarter ended April 1, 2023 April 2, 2022 Net revenues: Sensors $ 36,726 $ 37,750 Weighing Solutions 31,859 32,768 Measurement Systems 20,279 17,147 Total $ 88,864 $ 87,665 Gross profit: Sensors $ 15,144 $ 14,286 Weighing Solutions 11,129 12,079 Measurement Systems 10,926 8,885 Total $ 37,199 $ 35,250 Reconciliation of segment operating income to consolidated results: Sensors $ 9,933 $ 8,958 Weighing Solutions 5,340 6,214 Measurement Systems 3,872 2,211 Unallocated G&A expenses (9,105) (8,807) Restructuring costs (116) (261) Operating income $ 9,924 $ 8,315 Restructuring costs: Sensors $ — $ (203) Weighing Solutions (34) — Measurement Systems (32) (58) Corporate/Other (50) — $ (116) $ (261) 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 April 1, 2023 April 2, 2022 Sensors to Weighing Solutions $ 328 $ 389 Sensors to Measurement Systems 36 61 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 April 2, 2022 Numerator: Numerator for basic earnings per share: Net earnings attributable to VPG stockholders $ 6,964 $ 6,356 Denominator: Denominator for basic earnings per share: Weighted average shares 13,586 13,637 Effect of dilutive securities: Restricted stock units 66 38 Dilutive potential common shares 66 38 Denominator for diluted earnings per share: Adjusted weighted average shares 13,652 13,675 Basic earnings per share attributable to VPG stockholders $ 0.51 $ 0.47 Diluted earnings per share attributable to VPG stockholders $ 0.51 $ 0.46 |
Additional Financial Statement
Additional Financial Statement Information | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 April 2, 2022 Foreign currency exchange gain $ 62 $ 554 Interest income 366 64 Pension expense (74) (76) Other (79) (103) $ 275 $ 439 Foreign currency exchange gains represent the impact of changes in foreign currency exchange rates. For the fiscal quarter ended April 1, 2023, the change in foreign currency exchange gains and losses during the period, as compared to the prior year period, is largely due to exposure of currency fluctuations with the Japanese yen, the Canadian dollar, and the British pound. Included in Other for the three fiscal months ended April 2, 2022 is a $0.2 million loss on the liquidation of two of the Company's European subsidiaries. Other Accrued Expenses Other accrued expenses consist of the following (in thousands) : April 1, 2023 December 31, 2022 Customer advance payments $ 8,618 $ 7,983 Accrued restructuring 14 183 Goods received, not yet invoiced 2,588 2,523 Accrued taxes, other than income taxes 2,309 1,141 Accrued commissions 3,350 3,217 Accrued professional fees 1,036 1,360 Accrued technical warranty 758 740 Current accrued pensions and other post retirement costs 505 505 Other 3,186 2,654 $ 22,364 $ 20,306 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 Assets Assets held in rabbi trusts $ 5,619 $ 136 $ 5,483 $ — December 31, 2022 Assets Assets held in rabbi trusts $ 5,427 $ 53 $ 5,374 $ — 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 April 1, 2023 and December 31, 2022, 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 cash equivalents held in the rabbi trust are 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 April 1, 2023 and December 31, 2022 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 | 3 Months Ended |
Apr. 01, 2023 | |
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 either to record additional expense in future periods or to reverse part of the previously recorded charges. The Company recorded $0.1 million and $0.3 million of restructuring costs during the fiscal quarter ended April 1, 2023 and April 2, 2022, respectively. Restructuring costs were comprised primarily of employee termination costs, including severance and statutory retirement allowances, and were incurred in connection with various cost reduction programs. The following table summarizes recent activity related to all restructuring programs. The accrued restructuring liability balance as of April 1, 2023 and December 31, 2022, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) : Balance at December 31, 2022 $ 183 Restructuring charges in 2023 116 Cash payments (287) Foreign currency translation 2 Balance at April 1, 2023 $ 14 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 01, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event |
Basis of Presentation - (Polici
Basis of Presentation - (Policies) | 3 Months Ended |
Apr. 01, 2023 | |
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 2023 and 2022 end on the following dates: 2023 2022 Quarter 1 April 1, April 2, Quarter 2 July 1, July 2, Quarter 3 September 30, October 1, Quarter 4 December 31, December 31, |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current financial statement presentation. |
Basis of Presentation - (Tables
Basis of Presentation - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 2023 and 2022 end on the following dates: 2023 2022 Quarter 1 April 1, April 2, Quarter 2 July 1, July 2, Quarter 3 September 30, October 1, Quarter 4 December 31, December 31, |
Revenues - (Tables)
Revenues - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 Sensors Weighing Solutions Measurement Systems Total Sensors Weighing Solutions Measurement Systems Total United States $ 12,674 $ 14,879 $ 10,661 $ 38,214 $ 13,006 $ 14,078 $ 10,465 $ 37,549 United Kingdom 815 4,109 96 5,020 877 4,334 298 5,509 Other Europe 10,007 9,717 3,170 22,894 7,792 10,531 1,882 20,205 Israel 3,963 76 — 4,039 7,331 190 — 7,521 Asia 9,267 3,078 2,053 14,398 8,744 3,635 1,010 13,389 Canada — — 4,299 4,299 — — 3,492 3,492 Total $ 36,726 $ 31,859 $ 20,279 $ 88,864 $ 37,750 $ 32,768 $ 17,147 $ 87,665 The following table disaggregates net revenue from contracts with customers by market sector (in thousands) . Fiscal quarter ended April 1, 2023 April 2, 2022 Test & Measurement $ 18,664 $ 17,973 Avionics, Military & Space 11,707 8,162 Transportation 12,472 13,954 Other Markets 19,305 21,150 Industrial Weighing 11,026 13,209 General Industrial 4,798 5,866 Steel 10,892 7,351 Total $ 88,864 $ 87,665 |
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, 2022 $ 3,990 $ 7,983 Balance at April 1, 2023 4,223 8,618 Increase $ 233 $ 635 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 Measurement Systems Weighing Solutions KELK Acquisition DSI Acquisition DTS Acquisition Stress-Tek Acquisition Balance at December 31, 2022 $ 45,544 $ 6,313 $ 16,887 $ 16,033 $ 6,311 Foreign currency translation adjustment 23 15 8 — — Balance at April 1, 2023 $ 45,567 $ 6,328 $ 16,895 $ 16,033 $ 6,311 |
Leases - (Tables)
Leases - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
Leases Recorded on the Balance Sheet | Leases recorded on the balance sheet consist of the following (in thousands) : Leases April 1, 2023 December 31, 2022 Assets Operating lease right of use asset $ 24,189 $ 24,342 Liabilities Operating lease - current $ 4,108 $ 4,208 Operating lease - non-current $ 19,817 $ 20,043 |
Other Information Related to Lease Term and Discount Rate | Other information related to lease term and discount rate is as follows: April 1, 2023 Operating leases weighted average remaining lease term (in years) 7.48 years Operating leases weighted average discount rate 3.33 % |
Components of Lease Expense | The components of lease expense are as follows (in thousands) : Fiscal quarter ended April 1, 2023 April 2, 2022 Operating lease cost $ 1,244 $ 1,310 Short-term lease cost 46 26 Sublease income (100) (112) Total net lease cost $ 1,190 $ 1,224 |
Maturities of Operating Lease Liabilities | Undiscounted maturities of operating lease payments as of April 1, 2023 are summarized as follows (in thousands) : 2023 (excluding the three months ended April 1, 2023) $ 3,512 2024 4,098 2025 3,740 2026 3,184 2027 3,040 Thereafter 9,310 Total future minimum lease payments $ 26,884 Less: amount representing interest (2,959) Present value of future minimum lease payments $ 23,925 |
Long-Term Debt - (Tables)
Long-Term Debt - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands) : April 1, 2023 December 31, 2022 2020 Credit Agreement - Revolving Facility $ 61,000 $ 61,000 Deferred financing costs (197) (201) Total long-term debt $ 60,803 $ 60,799 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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, 2023 $ (41,489) $ 589 $ (40,900) Other comprehensive income before reclassifications 1,502 — 1,502 Amounts reclassified from accumulated other comprehensive income — 3 3 Balance at April 1, 2023 $ (39,987) $ 592 $ (39,395) Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2022 $ (30,276) $ (4,732) $ (35,008) Other comprehensive loss before reclassifications (1,983) — (1,983) Amounts reclassified from accumulated other comprehensive income 191 81 272 Balance at April 2, 2022 $ (32,068) $ (4,651) $ (36,719) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 $ 69 $ 4 $ 84 $ 7 Interest cost 190 28 123 17 Expected return on plan assets (212) (123) — Amortization of actuarial losses 8 (6) 74 1 Net periodic benefit cost $ 55 $ 26 $ 158 $ 25 |
Share-Based Compensation - (Tab
Share-Based Compensation - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 April 2, 2022 Share-based compensation expense $ 681 $ 497 |
Segment Information - (Tables)
Segment Information - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table sets forth reporting segment information (in thousands) : Fiscal quarter ended April 1, 2023 April 2, 2022 Net revenues: Sensors $ 36,726 $ 37,750 Weighing Solutions 31,859 32,768 Measurement Systems 20,279 17,147 Total $ 88,864 $ 87,665 Gross profit: Sensors $ 15,144 $ 14,286 Weighing Solutions 11,129 12,079 Measurement Systems 10,926 8,885 Total $ 37,199 $ 35,250 Reconciliation of segment operating income to consolidated results: Sensors $ 9,933 $ 8,958 Weighing Solutions 5,340 6,214 Measurement Systems 3,872 2,211 Unallocated G&A expenses (9,105) (8,807) Restructuring costs (116) (261) Operating income $ 9,924 $ 8,315 Restructuring costs: Sensors $ — $ (203) Weighing Solutions (34) — Measurement Systems (32) (58) Corporate/Other (50) — $ (116) $ (261) 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 April 1, 2023 April 2, 2022 Sensors to Weighing Solutions $ 328 $ 389 Sensors to Measurement Systems 36 61 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 April 2, 2022 Numerator: Numerator for basic earnings per share: Net earnings attributable to VPG stockholders $ 6,964 $ 6,356 Denominator: Denominator for basic earnings per share: Weighted average shares 13,586 13,637 Effect of dilutive securities: Restricted stock units 66 38 Dilutive potential common shares 66 38 Denominator for diluted earnings per share: Adjusted weighted average shares 13,652 13,675 Basic earnings per share attributable to VPG stockholders $ 0.51 $ 0.47 Diluted earnings per share attributable to VPG stockholders $ 0.51 $ 0.46 |
Additional Financial Statemen_2
Additional Financial Statement Information - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 April 2, 2022 Foreign currency exchange gain $ 62 $ 554 Interest income 366 64 Pension expense (74) (76) Other (79) (103) $ 275 $ 439 |
Schedule of Accrued Liabilities | Other accrued expenses consist of the following (in thousands) : April 1, 2023 December 31, 2022 Customer advance payments $ 8,618 $ 7,983 Accrued restructuring 14 183 Goods received, not yet invoiced 2,588 2,523 Accrued taxes, other than income taxes 2,309 1,141 Accrued commissions 3,350 3,217 Accrued professional fees 1,036 1,360 Accrued technical warranty 758 740 Current accrued pensions and other post retirement costs 505 505 Other 3,186 2,654 $ 22,364 $ 20,306 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 Assets Assets held in rabbi trusts $ 5,619 $ 136 $ 5,483 $ — December 31, 2022 Assets Assets held in rabbi trusts $ 5,427 $ 53 $ 5,374 $ — |
Restructuring Costs - (Tables)
Restructuring Costs - (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 and December 31, 2022, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) : Balance at December 31, 2022 $ 183 Restructuring charges in 2023 116 Cash payments (287) Foreign currency translation 2 Balance at April 1, 2023 $ 14 |
Revenues - (Disaggregation of R
Revenues - (Disaggregation of Revenue by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 88,864 | $ 87,665 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 38,214 | 37,549 |
United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 5,020 | 5,509 |
Other Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 22,894 | 20,205 |
Israel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,039 | 7,521 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 14,398 | 13,389 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,299 | 3,492 |
Sensors | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 36,726 | 37,750 |
Sensors | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 12,674 | 13,006 |
Sensors | United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 815 | 877 |
Sensors | Other Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 10,007 | 7,792 |
Sensors | Israel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,963 | 7,331 |
Sensors | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,267 | 8,744 |
Sensors | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Weighing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 31,859 | 32,768 |
Weighing Solutions | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 14,879 | 14,078 |
Weighing Solutions | United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,109 | 4,334 |
Weighing Solutions | Other Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,717 | 10,531 |
Weighing Solutions | Israel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 76 | 190 |
Weighing Solutions | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,078 | 3,635 |
Weighing Solutions | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Measurement Systems | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 20,279 | 17,147 |
Measurement Systems | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 10,661 | 10,465 |
Measurement Systems | United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 96 | 298 |
Measurement Systems | Other Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,170 | 1,882 |
Measurement Systems | Israel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Measurement Systems | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2,053 | 1,010 |
Measurement Systems | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 4,299 | $ 3,492 |
Revenues - (Disaggregation of_2
Revenues - (Disaggregation of Revenue by Market Sector) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 88,864 | $ 87,665 |
Test & Measurement | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 18,664 | 17,973 |
Avionics, Military & Space | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 11,707 | 8,162 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 12,472 | 13,954 |
Other Markets | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 19,305 | 21,150 |
Industrial Weighing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 11,026 | 13,209 |
General Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,798 | 5,866 |
Steel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 10,892 | $ 7,351 |
Revenues - (Contract Assets and
Revenues - (Contract Assets and Liabilities) (Details) $ in Thousands | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Movement in Contract Assets and Liabilities [Roll Forward] | |
Contract asset, unbilled revenue, beginning balance | $ 3,990 |
(Decrease)/increase in contract asset, unbilled revenue | 233 |
Contract asset, unbilled revenue, ending balance | 4,223 |
Contract liability, accrued customer advances, beginning balance | 7,983 |
(Decrease)/increase in contract liability, accrued customer advances | 635 |
Contract liability, accrued customer advances, ending balance | $ 8,618 |
Revenues - (Narrative) (Details
Revenues - (Narrative) (Details) $ in Millions | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, revenue recognized | $ 3.3 |
Goodwill - (Schedule of Goodwil
Goodwill - (Schedule of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 45,544 |
Foreign currency translation adjustment | 23 |
Ending balance | 45,567 |
KELK Acquisition | Measurement Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 6,313 |
Foreign currency translation adjustment | 15 |
Ending balance | 6,328 |
DSI Acquisition | Measurement Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 16,887 |
Foreign currency translation adjustment | 8 |
Ending balance | 16,895 |
DTS Acquisition | Measurement Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 16,033 |
Foreign currency translation adjustment | 0 |
Ending balance | 16,033 |
Stress-Tek Acquisition | Weighing Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 6,311 |
Foreign currency translation adjustment | 0 |
Ending balance | $ 6,311 |
Leases - (Narrative) (Details)
Leases - (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 1 | |
Operating lease, payments | $ 1.2 | $ 1.3 |
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) | 14 years |
Leases - (Leases Recorded on th
Leases - (Leases Recorded on the Balance Sheet) (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Assets | ||
Operating lease right of use asset | $ 24,189 | $ 24,342 |
Liabilities | ||
Operating lease - current | 4,108 | 4,208 |
Operating lease - non-current | $ 19,817 | $ 20,043 |
Leases - (Other Information Rel
Leases - (Other Information Related to Leases) (Details) | Apr. 01, 2023 |
Leases [Abstract] | |
Operating leases weighted average remaining lease term (years) | 7 years 5 months 23 days |
Operating leases weighted average discount rate (percent) | 3.33% |
Leases - (Components of Lease E
Leases - (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,244 | $ 1,310 |
Short-term lease cost | 46 | 26 |
Sublease income | (100) | (112) |
Total net lease cost | $ 1,190 | $ 1,224 |
Leases - (Maturities of Operati
Leases - (Maturities of Operating Lease Liabilities) (Details) $ in Thousands | Apr. 01, 2023 USD ($) |
Leases [Abstract] | |
2023 (excluding the three months ended April 1, 2023) | $ 3,512 |
2024 | 4,098 |
2025 | 3,740 |
2026 | 3,184 |
2027 | 3,040 |
Thereafter | 9,310 |
Total future minimum lease payments | 26,884 |
Less: amount representing interest | (2,959) |
Present value of future minimum lease payments | $ 23,925 |
Income Taxes - (Details)
Income Taxes - (Details) | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 24.10% | 20.70% |
Long-Term Debt - (Schedule of L
Long-Term Debt - (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (197) | $ (201) |
Total long-term debt | 60,803 | 60,799 |
Revolving Credit Facility | Credit Agreement 2020 | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 61,000 | $ 61,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | $ 306,522 | $ 277,042 |
Other comprehensive income before reclassifications | 1,502 | (1,983) |
Amounts reclassified from accumulated other comprehensive income | 3 | 272 |
Balance, ending | 314,893 | 281,843 |
Total | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (40,900) | (35,008) |
Balance, ending | (39,395) | (36,719) |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (41,489) | (30,276) |
Other comprehensive income before reclassifications | 1,502 | (1,983) |
Amounts reclassified from accumulated other comprehensive income | 0 | 191 |
Balance, ending | (39,987) | (32,068) |
Pension and Other Postretirement Actuarial Items | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | 589 | (4,732) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 3 | 81 |
Balance, ending | $ 592 | $ (4,651) |
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 | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | $ 69 | $ 84 |
Interest cost | 190 | 123 |
Expected return on plan assets | (212) | (123) |
Amortization of actuarial losses | 8 | 74 |
Net periodic benefit cost | 55 | 158 |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | 4 | 7 |
Interest cost | 28 | 17 |
Expected return on plan assets | 0 | |
Amortization of actuarial losses | (6) | 1 |
Net periodic benefit cost | $ 26 | $ 25 |
Share-Based Compensation - (Nar
Share-Based Compensation - (Narrative) (Details) $ in Millions | Mar. 09, 2023 USD ($) shares | Feb. 28, 2023 USD ($) people shares | Apr. 01, 2023 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (up to) | 608,000 | ||
Number of shares available for grant (in shares) | 540,014 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of people granted awards | people | 3 | ||
Percentage of performance based units on total units approved | 50% | ||
Weighted average grant date fair value | $ | $ 0.6 | $ 1.9 | |
Number of RSUs granted (in shares) | 14,338 | 43,243 | |
Award vesting period | 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% | ||
Award vesting rights (percentage) | 25% | 50% | |
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% | ||
Award vesting rights (percentage) | 50% |
Share-Based Compensation - (Sch
Share-Based Compensation - (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-based compensation expense | $ 681 | $ 497 |
Segment Information - (Narrativ
Segment Information - (Narrative) (Details) | 3 Months Ended |
Apr. 01, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - (Schedule
Segment Information - (Schedule of Segment Reporting) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 88,864 | $ 87,665 |
Gross profit | 37,199 | 35,250 |
Operating income | 9,924 | 8,315 |
Restructuring costs | (116) | (261) |
Sensors | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 36,726 | 37,750 |
Weighing Solutions | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 31,859 | 32,768 |
Measurement Systems | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 20,279 | 17,147 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 88,864 | 87,665 |
Gross profit | 37,199 | 35,250 |
Operating Segments | Sensors | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 36,726 | 37,750 |
Gross profit | 15,144 | 14,286 |
Operating income | 9,933 | 8,958 |
Restructuring costs | 0 | (203) |
Operating Segments | Weighing Solutions | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 31,859 | 32,768 |
Gross profit | 11,129 | 12,079 |
Operating income | 5,340 | 6,214 |
Restructuring costs | (34) | 0 |
Operating Segments | Measurement Systems | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 20,279 | 17,147 |
Gross profit | 10,926 | 8,885 |
Operating income | 3,872 | 2,211 |
Restructuring costs | (32) | (58) |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Unallocated G&A expenses | (9,105) | (8,807) |
Restructuring costs | (116) | (261) |
Corporate/Other | ||
Segment Reporting Information [Line Items] | ||
Restructuring costs | $ (50) | $ 0 |
Segment Information - (Interseg
Segment Information - (Intersegment Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ (88,864) | $ (87,665) |
Sensors to Weighing Solutions | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 328 | 389 |
Sensors to Measurement Systems | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 36 | $ 61 |
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 | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Numerator: | ||
Net earnings attributable to VPG stockholders | $ 6,964 | $ 6,356 |
Denominator: | ||
Weighted average shares (in shares) | 13,586 | 13,637 |
Effect of dilutive securities: | ||
Restricted stock units (in shares) | 66 | 38 |
Dilutive potential common shares (in shares) | 66 | 38 |
Denominator for diluted earnings per share: | ||
Adjusted weighted average shares (in shares) | 13,652 | 13,675 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.51 | $ 0.47 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.51 | $ 0.46 |
Additional Financial Statemen_3
Additional Financial Statement Information - (Schedule of Other Items in Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Foreign currency exchange gain | $ 62 | $ 554 |
Interest income | 366 | 64 |
Pension expense | (74) | (76) |
Other | (79) | (103) |
Other nonoperating income (expense) | $ 275 | $ 439 |
Additional Financial Statemen_4
Additional Financial Statement Information - (Narrative) (Details) $ in Millions | 3 Months Ended |
Apr. 02, 2022 USD ($) subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Loss on liquidation | $ | $ 0.2 |
Subsidiaries | subsidiary | 2 |
Additional Financial Statemen_5
Additional Financial Statement Information (Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Customer advance payments | $ 8,618 | $ 7,983 |
Accrued restructuring | 14 | 183 |
Goods received, not yet invoiced | 2,588 | 2,523 |
Accrued taxes, other than income taxes | 2,309 | 1,141 |
Accrued commissions | 3,350 | 3,217 |
Accrued professional fees | 1,036 | 1,360 |
Accrued technical warranty | 758 | 740 |
Current accrued pensions and other post retirement costs | 505 | 505 |
Other | 3,186 | 2,654 |
Other accrued expenses | $ 22,364 | $ 20,306 |
Fair Value Measurements - (Sche
Fair Value Measurements - (Schedule of Assets and Liabilities at Fair Value, Recurring) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 5,619 | $ 5,427 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 136 | 53 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 5,483 | 5,374 |
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 | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring costs | $ 116 | $ 261 |
Restructuring Costs - Restructu
Restructuring Costs - Restructuring Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 183 | |
Restructuring costs | 116 | $ 261 |
Cash payments | (287) | |
Foreign currency translation | 2 | |
Restructuring reserve, ending balance | $ 14 |