Cover
Cover - shares | 6 Months Ended | |
Jun. 29, 2024 | Aug. 06, 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 29, 2024 | |
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, $0.10 par value | |
Trading Symbol | VPG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001487952 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 12,232,016 | |
Class B Convertible Common Stock | ||
Entity Common Stock, Shares Outstanding | 1,022,887 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 29, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 84,128 | $ 83,965 |
Accounts receivable, net | 49,926 | 56,438 |
Inventories: | ||
Raw materials | 35,799 | 33,973 |
Work in process | 28,549 | 26,594 |
Finished goods | 25,748 | 27,572 |
Inventories, net | 90,096 | 88,139 |
Prepaid expenses and other current assets | 17,007 | 14,520 |
Total current assets | 241,157 | 243,062 |
Property and equipment: | ||
Land | 4,121 | 4,154 |
Buildings and improvements | 72,406 | 72,952 |
Machinery and equipment | 131,392 | 131,738 |
Software | 9,945 | 9,619 |
Construction in progress | 10,802 | 11,379 |
Accumulated depreciation | (141,485) | (139,206) |
Property and equipment, net | 87,181 | 90,636 |
Goodwill | 45,491 | 45,734 |
Intangible assets, net | 42,643 | 44,634 |
Operating lease right-of-use assets | 26,084 | 26,953 |
Other assets | 20,233 | 20,547 |
Total assets | 462,789 | 471,566 |
Current liabilities: | ||
Trade accounts payable | 11,284 | 11,698 |
Payroll and related expenses | 17,649 | 18,971 |
Other accrued expenses | 21,541 | 22,427 |
Income taxes | 3,704 | 4,524 |
Current portion of operating lease liabilities | 4,089 | 4,004 |
Current portion of long-term debt | 31,914 | 0 |
Total current liabilities | 90,181 | 61,624 |
Long-term debt | 0 | 31,856 |
Deferred income taxes | 3,509 | 3,490 |
Operating lease liabilities | 21,297 | 22,625 |
Other liabilities | 13,888 | 14,770 |
Accrued pension and other postretirement costs | 6,880 | 7,276 |
Total liabilities | 135,755 | 141,641 |
Equity: | ||
Treasury stock | (23,388) | (17,460) |
Capital in excess of par value | 202,765 | 202,672 |
Retained earnings | 192,560 | 182,066 |
Accumulated other comprehensive loss | (46,365) | (38,869) |
Total Vishay Precision Group, Inc. stockholders' equity | 327,011 | 329,842 |
Noncontrolling interests | 23 | 83 |
Total equity | 327,034 | 329,925 |
Total liabilities and equity | 462,789 | 471,566 |
Common Stock | ||
Equity: | ||
Common stock | 1,336 | 1,330 |
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 | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Income Statement [Abstract] | ||||
Net revenues | $ 77,359 | $ 90,802 | $ 158,142 | $ 179,666 |
Costs of products sold | 44,952 | 52,090 | 90,641 | 103,755 |
Gross profit | 32,407 | 38,712 | 67,501 | 75,911 |
Selling, general and administrative expenses | 26,501 | 26,755 | 53,895 | 53,914 |
Restructuring costs | 0 | 162 | 782 | 278 |
Operating income | 5,906 | 11,795 | 12,824 | 21,719 |
Other income (expense): | ||||
Interest expense | (649) | (1,079) | (1,277) | (2,076) |
Other | 1,701 | 1,019 | 3,561 | 1,294 |
Other income (expense) | 1,052 | (60) | 2,284 | (782) |
Income before taxes | 6,958 | 11,735 | 15,108 | 20,937 |
Income tax expense | 2,316 | 3,384 | 4,634 | 5,604 |
Net earnings | 4,642 | 8,351 | 10,474 | 15,333 |
Less: net earnings attributable to noncontrolling interests | 39 | 115 | (20) | 133 |
Net earnings attributable to VPG stockholders | $ 4,603 | $ 8,236 | $ 10,494 | $ 15,200 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.34 | $ 0.61 | $ 0.78 | $ 1.12 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.34 | $ 0.60 | $ 0.78 | $ 1.11 |
Weighted average shares outstanding - basic (in shares) | 13,348 | 13,601 | 13,376 | 13,593 |
Weighted average shares outstanding - diluted (in shares) | 13,389 | 13,670 | 13,428 | 13,661 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 4,642 | $ 8,351 | $ 10,474 | $ 15,333 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustment | (2,596) | (1,680) | (7,488) | (178) |
Pension and other postretirement actuarial items | (6) | (1) | (8) | 2 |
Other comprehensive loss | (2,602) | (1,681) | (7,496) | (176) |
Comprehensive income | 2,040 | 6,670 | 2,978 | 15,157 |
Less: comprehensive (loss) income attributable to noncontrolling interests | 39 | 115 | (20) | 133 |
Comprehensive income attributable to VPG stockholders | $ 2,001 | $ 6,555 | $ 2,998 | $ 15,024 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Operating activities | ||
Net earnings | $ 10,474 | $ 15,333 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 7,859 | 7,725 |
Loss (gain) on sale of property and equipment | (155) | 28 |
Share-based compensation expense | 953 | 1,229 |
Inventory write-offs for obsolescence | 1,163 | 1,049 |
Deferred income taxes | 483 | 507 |
Foreign currency impacts and other items | (3,602) | (1,557) |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 4,925 | (956) |
Inventories | (4,155) | (5,697) |
Prepaid expenses and other current assets | (2,733) | 2,726 |
Trade accounts payable | 1,081 | (684) |
Other current liabilities | (1,293) | (593) |
Other non current assets and liabilities, net | (841) | (292) |
Accrued pension and other postretirement costs, net | (289) | (606) |
Net cash provided by operating activities | 13,870 | 18,212 |
Investing activities | ||
Capital expenditures | (5,178) | (6,874) |
Proceeds from sale of property and equipment | 347 | 12 |
Net cash used in investing activities | (4,831) | (6,862) |
Financing activities | ||
Purchase of treasury stock | (5,887) | (420) |
Distributions to noncontrolling interests | (40) | (46) |
Payments of employee taxes on certain share-based arrangements | (854) | (825) |
Net cash used in financing activities | (6,781) | (1,291) |
Effect of exchange rate changes on cash and cash equivalents | (2,095) | (100) |
Increase in cash and cash equivalents | 163 | 9,959 |
Cash and cash equivalents at beginning of period | 83,965 | 88,562 |
Cash and cash equivalents at end of period | 84,128 | 98,521 |
Supplemental disclosure of investing transactions: | ||
Capital expenditures accrued but not yet paid | 972 | 1,118 |
Supplemental disclosure of financing transactions: | ||
Excise tax on net share repurchases accrued but not yet paid | $ 41 | $ 0 |
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, 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 | 15,333 | 15,200 | 15,200 | 133 | |||||
Other comprehensive loss | (176) | (176) | (176) | ||||||
Share-based compensation expense | 1,229 | 1,229 | 1,229 | ||||||
Restricted stock issuances | (777) | (777) | 5 | (782) | |||||
Purchase of treasury stock | (420) | (420) | (420) | ||||||
Purchase of noncontrolling interest | 0 | 0 | 0 | 0 | |||||
Distributions to noncontrolling interests | (46) | (46) | |||||||
Balance, ending at Jul. 01, 2023 | 321,665 | 321,603 | 1,330 | 103 | (11,924) | 201,611 | 171,559 | (41,076) | 62 |
Balance, beginning at Apr. 01, 2023 | 314,893 | 314,920 | 1,328 | 103 | (11,504) | 201,065 | 163,323 | (39,395) | (27) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 8,351 | 8,236 | 8,236 | 115 | |||||
Other comprehensive loss | (1,681) | (1,681) | (1,681) | ||||||
Share-based compensation expense | 548 | 548 | 548 | ||||||
Restricted stock issuances | 0 | 0 | 2 | (2) | |||||
Purchase of treasury stock | (420) | (420) | (420) | ||||||
Distributions to noncontrolling interests | (26) | (26) | |||||||
Balance, ending at Jul. 01, 2023 | 321,665 | 321,603 | 1,330 | 103 | (11,924) | 201,611 | 171,559 | (41,076) | 62 |
Balance, beginning at Dec. 31, 2023 | 329,925 | 329,842 | 1,330 | 103 | (17,460) | 202,672 | 182,066 | (38,869) | 83 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 10,474 | 10,494 | 10,494 | (20) | |||||
Other comprehensive loss | (7,496) | (7,496) | (7,496) | ||||||
Share-based compensation expense | 953 | 953 | 953 | ||||||
Restricted stock issuances | (854) | (854) | 6 | (860) | |||||
Purchase of treasury stock | (5,887) | (5,887) | (5,887) | ||||||
Excise tax on net share repurchase | (41) | (41) | (41) | ||||||
Distributions to noncontrolling interests | (40) | (40) | |||||||
Balance, ending at Jun. 29, 2024 | 327,034 | 327,011 | 1,336 | 103 | (23,388) | 202,765 | 192,560 | (46,365) | 23 |
Balance, beginning at Mar. 30, 2024 | 327,868 | 327,876 | 1,334 | 103 | (20,230) | 202,475 | 187,957 | (43,763) | (8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 4,642 | 4,603 | 4,603 | 39 | |||||
Other comprehensive loss | (2,602) | (2,602) | (2,602) | ||||||
Share-based compensation expense | 292 | 292 | 292 | ||||||
Restricted stock issuances | 0 | 0 | 2 | (2) | |||||
Purchase of treasury stock | (3,132) | (3,132) | (3,132) | ||||||
Excise tax on net share repurchase | (26) | (26) | (26) | ||||||
Distributions to noncontrolling interests | (8) | (8) | |||||||
Balance, ending at Jun. 29, 2024 | $ 327,034 | $ 327,011 | $ 1,336 | $ 103 | $ (23,388) | $ 202,765 | $ 192,560 | $ (46,365) | $ 23 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Equity (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Common Stock | ||||
Restricted stock issuance (shares) | 16,612 | 17,386 | 55,219 | 47,189 |
Treasury Stock | ||||
Purchase of treasury stock (shares) | 96,710 | 12,312 | 181,475 | 12,312 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 29, 2024 | |
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 leader in 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, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 29, 2024. The results of operations for the fiscal quarter ended June 29, 2024 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 2024 and 2023 end on the following dates: 2024 2023 Quarter 1 March 30, April 1, Quarter 2 June 29, July 1, Quarter 3 September 28, September 30, Quarter 4 December 31, December 31, Recent Accounting Pronouncements The Company evaluates the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). Recent accounting pronouncements not yet adopted: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. |
Revenues
Revenues | 6 Months Ended |
Jun. 29, 2024 | |
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 $ 9,984 $ 11,010 $ 13,009 $ 34,003 $ 14,555 $ 13,228 $ 12,872 $ 40,655 Germany 7,119 2,737 618 10,474 7,473 2,636 1,134 11,243 Other Europe 1,267 10,504 117 11,888 1,389 11,438 177 13,004 Israel 5,872 87 — 5,959 4,131 50 — 4,181 Asia 4,626 3,043 1,649 9,318 8,718 3,909 1,494 14,121 Canada — 67 5,650 5,717 — — 7,598 7,598 Total $ 28,868 $ 27,448 $ 21,043 $ 77,359 $ 36,266 $ 31,261 $ 23,275 $ 90,802 Six Fiscal Months Ended June 29, 2024 Six Fiscal Months Ended July 1, 2023 Sensors Weighing Solutions Measurement Systems Total Sensors Weighing Solutions Measurement Systems Total United States $ 19,864 $ 22,337 $ 24,453 $ 66,654 $ 27,229 $ 28,107 $ 23,533 $ 78,869 Germany 14,657 4,988 2,900 22,545 16,961 5,470 4,271 26,702 Other Europe 2,804 22,484 260 25,548 2,723 22,430 306 25,459 Israel 10,059 164 — 10,223 8,094 126 — 8,220 Asia 10,899 6,218 5,095 22,212 17,985 6,987 3,547 28,519 Canada — 101 10,859 10,960 — — 11,897 11,897 Total $ 58,283 $ 56,292 $ 43,567 $ 158,142 $ 72,992 $ 63,120 $ 43,554 $ 179,666 The following table disaggregates net revenue from contracts with customers by market sector (in thousands) . Fiscal quarter ended Six fiscal months ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Test & Measurement $ 13,968 $ 18,705 $ 29,618 $ 37,369 Avionics, Military & Space 6,199 8,284 13,188 19,991 Transportation 11,813 13,031 26,183 25,503 Other Markets 17,953 18,417 33,924 37,722 Industrial Weighing 9,629 12,027 19,443 23,053 General Industrial 4,845 5,417 10,164 10,215 Steel 12,952 14,921 25,622 25,813 Total $ 77,359 $ 90,802 $ 158,142 $ 179,666 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, 2023 $ 2,989 $ 8,712 Balance at June 29, 2024 4,442 8,347 Increase (decrease) $ 1,453 $ (365) The amount of revenue recognized during the six fiscal months ended June 29, 2024 that was included in the contract liability balance at December 31, 2023 was $4.6 million. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 29, 2024 | |
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, 2023 $ 45,734 $ 6,488 $ 16,902 $ 16,033 $ 6,311 Foreign currency translation adjustment $ (243) $ (229) $ (14) $ — $ — Balance at June 29, 2024 $ 45,491 $ 6,259 $ 16,888 $ 16,033 $ 6,311 |
Leases
Leases | 6 Months Ended |
Jun. 29, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms ranging from less than one year to twelve years, four months The Company has no finance leases. Leases recorded on the balance sheet consist of the following (in thousands) : Leases June 29, 2024 December 31, 2023 Assets Operating lease right of use asset $ 26,084 $ 26,953 Liabilities Operating lease - current $ 4,089 $ 4,004 Operating lease - non-current $ 21,297 $ 22,625 Other information related to lease term and discount rate is as follows: June 29, 2024 Operating leases weighted average remaining lease term (in years) 7.40 years Operating leases weighted average discount rate 5.02 % The components of lease expense are as follows (in thousands) : Fiscal quarter ended Six Fiscal Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Operating lease cost $ 1,321 $ 1,247 $ 2,704 $ 2,491 Short-term lease cost 7 45 25 91 Sublease income (111) (98) (224) (198) Total net lease cost $ 1,217 $ 1,194 $ 2,505 $ 2,384 Right of use assets obtained in exchange for new operating lease liability during the six fiscal months ended June 29, 2024 were $0.2 million. The Company paid $1.3 million and $2.5 million for its operating leases for each of the six fiscal months ended June 29, 2024 and July 1, 2023, which are included in operating cash flows on the consolidated condensed statements of cash flows. Undiscounted maturities of operating lease payments as of June 29, 2024 are summarized as follows (in thousands) : 2024 (excluding the six months ended June 29, 2024) $ 2,574 2025 4,725 2026 4,029 2027 3,644 2028 3,425 Thereafter 11,859 Total future minimum lease payments $ 30,256 Less: amount representing interest (4,870) Present value of future minimum lease payments $ 25,386 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 29, 2024 | |
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 was 33.3% and 28.8% for the fiscal quarter ended June 29, 2024, and July 1, 2023, respectively. The effective tax rate for the fiscal quarter ended June 29, 2024 differs from the federal statutory rate of 21% due to foreign income taxed at different tax rates and changes in our valuation allowance on deferred tax assets. The effective tax rate for the fiscal quarter ended July 1, 2023 differs from the federal statutory rate of 21% 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 | 6 Months Ended |
Jun. 29, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands) : June 29, 2024 December 31, 2023 2020 Credit Agreement - Revolving Facility $ 32,000 $ 32,000 Deferred financing costs (86) (144) Total long-term debt $ 31,914 $ 31,856 Less: current portion 31,914 — Long-term debt, less: current portion $ — $ 31,856 2020 Credit Agreement On March 20, 2020, the Company entered into a Third Amended and Restated Credit Agreement (the “2020 Credit Agreement”) among the Company, the lenders named therein, Citizens Bank, National Association and Wells Fargo Bank, National Association as joint lead arrangers and JPMorgan Chase Bank, National Association as agent for such lenders (the “Agent”), pursuant to which the terms of the Company’s multi-currency, secured credit facility were revised to provide a secured revolving facility (the “2020 Revolving Facility”) in an aggregate principal amount of $75.0 million, with a sublimit of $10.0 million which can be used for letters of credit for the account of the Company or its subsidiaries that are parties to the Credit Agreement. The proceeds of the 2020 Revolving Facility may be used on an ongoing basis for working capital and general corporate purposes. The aggregate principal amount of the 2020 Revolving Facility may be increased by a maximum of $25.0 million upon the request of the Company, subject to the terms of the 2020 Credit Agreement. The 2020 Credit Agreement terminates on March 20, 2025. Because the Credit Agreement expires less than one year from the end of the first fiscal quarter of 2024, the outstanding balance of long-term debt has been reclassified as a current liability. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 29, 2024 | |
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, 2024 $ (39,262) $ 393 $ (38,869) Other comprehensive income before reclassifications (7,488) — (7,488) Amounts reclassified from accumulated other comprehensive income — (8) (8) Balance at June 29, 2024 $ (46,750) $ 385 $ (46,365) Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2023 $ (41,489) $ 589 $ (40,900) Other comprehensive income before reclassifications (178) — (178) Amounts reclassified from accumulated other comprehensive income — 2 2 Balance at July 1, 2023 $ (41,667) $ 591 $ (41,076) |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 6 Months Ended |
Jun. 29, 2024 | |
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 $ 66 $ 4 $ 68 $ 4 Interest cost 190 27 192 28 Expected return on plan assets (209) — (214) — Amortization of actuarial losses (gains) 4 (3) 7 (6) Net periodic benefit cost $ 51 $ 28 $ 53 $ 26 Six Fiscal Months Ended Six Fiscal Months Ended Pension OPEB Pension OPEB Net service cost $ 133 $ 8 $ 137 $ 8 Interest cost $ 381 $ 54 $ 382 $ 56 Expected return on plan assets $ (419) $ — $ (426) $ — Amortization of actuarial losses (gains) $ 9 $ (6) $ 15 $ (12) Net periodic benefit cost $ 104 $ 56 $ 108 $ 52 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024, the Company had reserved 444,824 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 March 7, 2024 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 49,190 RSUs. Fifty percent of these awards will vest on January 1, 2027, subject to the executives’ continued employment. The performance-based portion of the RSUs will also vest on January 1, 2027, 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 7, 2024, 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 16,821 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, 2027, subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2027, 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 22, 2024, and in accordance with the Company's 2024 Non-Employee Director Compensation Plan, the Board of Directors approved the issuance of an aggregate of 14,826 RSUs to the independent board members of the Board of Directors. The awards have an aggregate grant-date fair value of $0.5 million and will vest on or before the 2025 Annual Stockholders Meeting in May 2025, subject to each applicable director's 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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Share-based compensation expense $ 292 $ 548 $ 953 $ 1,229 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 29, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information VPG reports in three reporting segments: Sensors, Weighing Solutions, and Measurement Systems. The Sensors 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 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 Six fiscal months ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net revenues: Sensors $ 28,869 $ 36,266 $ 58,283 $ 72,992 Weighing Solutions 27,447 31,261 56,292 63,120 Measurement Systems 21,043 23,275 43,567 43,554 Total $ 77,359 $ 90,802 $ 158,142 $ 179,666 Gross profit: Sensors $ 11,066 $ 14,549 $ 21,798 $ 29,693 Weighing Solutions 10,310 12,107 21,577 23,236 Measurement Systems 11,031 12,056 24,125 22,982 Total $ 32,407 $ 38,712 $ 67,500 $ 75,911 Reconciliation of segment operating income to consolidated results: Sensors $ 6,125 $ 9,567 $ 11,622 $ 19,500 Weighing Solutions 4,138 6,161 8,935 11,501 Measurement Systems 3,555 4,769 9,940 8,641 Unallocated G&A expenses (7,912) (8,540) (16,891) (17,645) Restructuring costs — (162) (782) (278) Operating income $ 5,906 $ 11,795 $ 12,824 $ 21,719 Restructuring costs: Sensors $ — $ — $ (542) $ — Weighing Solutions — (162) — (196) Measurement Systems — — — (32) Corporate/Other — — (240) (50) $ — $ (162) $ (782) $ (278) 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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Sensors to Weighing Solutions $ 522 $ 433 $ 991 $ 761 Sensors to Measurement Systems 6 12 13 48 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Numerator: Numerator for basic earnings per share: Net earnings attributable to VPG stockholders $ 4,603 $ 8,236 $ 10,494 $ 15,200 Denominator: Denominator for basic earnings per share: Weighted average shares 13,348 13,601 13,376 13,593 Effect of dilutive securities: Restricted stock units 41 69 52 68 Dilutive potential common shares 41 69 52 68 Denominator for diluted earnings per share: Adjusted weighted average shares 13,389 13,670 13,428 13,661 Basic earnings per share attributable to VPG stockholders $ 0.34 $ 0.61 $ 0.78 $ 1.12 Diluted earnings per share attributable to VPG stockholders $ 0.34 $ 0.60 $ 0.78 $ 1.11 |
Additional Financial Statement
Additional Financial Statement Information | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Foreign currency exchange gain $ 1,287 $ 793 $ 2,877 $ 855 Interest income 499 356 822 722 Pension expense (10) (71) (20) (145) Other (75) (59) (118) (138) $ 1,701 $ 1,019 $ 3,561 $ 1,294 Foreign currency exchange gains represent the impact of changes in foreign currency exchange rates. For the fiscal quarter and six fiscal months ended June 29, 2024, the change in foreign currency exchange gains and losses during the periods, as compared to the prior year periods, is largely due to exposure to currency fluctuations with the Japanese yen, Israeli shekel and the Canadian dollar. For the fiscal quarter and six fiscal months ended July 1, 2023, the change in foreign currency exchange gains and losses during the periods, as compared to the prior year periods, is largely due to exposure to currency fluctuations with the Israeli shekel, the Canadian dollar, and the British pound. Other Accrued Expenses Other accrued expenses consist of the following (in thousands) : June 29, 2024 December 31, 2023 Customer advance payments $ 8,347 $ 8,712 Accrued restructuring 171 249 Goods received, not yet invoiced 1,902 2,837 Accrued taxes, other than income taxes 1,392 1,370 Accrued commissions 4,121 4,077 Accrued professional fees 1,954 1,343 Accrued technical warranty 767 770 Current accrued pensions and other post retirement costs 510 511 Other 2,377 2,558 $ 21,541 $ 22,427 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 Assets Assets held in rabbi trusts $ 6,138 $ 97 $ 6,041 $ — December 31, 2023 Assets Assets held in rabbi trusts $ 5,841 $ 59 $ 5,782 $ — 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 June 29, 2024 and December 31, 2023, 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 June 29, 2024 and December 31, 2023 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 |
Jun. 29, 2024 | |
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 $0.0 million and $0.2 million of restructuring costs during the fiscal quarter ended June 29, 2024 and July 1, 2023, respectively and $0.8 million and $0.3 million of restructuring costs during the six fiscal months ended June 29, 2024 and July 1, 2023, 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 June 29, 2024 and December 31, 2023, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) : Balance at December 31, 2023 $ 249 Restructuring charges in 2024 782 Cash payments (723) Foreign currency exchange translation (137) Balance at June 29, 2024 $ 171 |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 29, 2024 | |
Equity [Abstract] | |
Stockholder's Equity | Stockholder's Equity On August 8, 2022, the Board of Directors (the “Board”) of the Company authorized the repurchase of up to 600,000 shares of the Company’s outstanding common stock (the “Stock Repurchase Plan”). The Stock Repurchase Plan was originally set to expire on August 11, 2023. On August 8, 2023, the Company announced that its Board of Directors extended the term of the previously approved stock repurchase plan to August 9, 2024. From August 8, 2022 to June 29, 2024, the Company had repurchased an aggregate of 455,101 shares of its common stock under the stock repurchase plan for consideration of $14.5 million. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies During the second quarter of 2024, the Israel Tax Authority has issued a Value Added Tax (VAT) assessment to the Company, in the amount of ILS 8.4 million (approximately $2.2 million), pertaining to claims of VAT between the years 2019 to 2023. The Company believes that the liability for the assessment is not probable and intends to file an appeal against this assessment. Given the early stage of this matter, the Company is currently unable to predict the likely outcome or estimate the potential financial impact, if any, of this matter. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Pay vs Performance Disclosure | ||||
Net earnings attributable to VPG stockholders | $ 4,603 | $ 8,236 | $ 10,494 | $ 15,200 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 29, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 29, 2024 | |
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 2024 and 2023 end on the following dates: 2024 2023 Quarter 1 March 30, April 1, Quarter 2 June 29, July 1, Quarter 3 September 28, September 30, Quarter 4 December 31, December 31, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company evaluates the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). Recent accounting pronouncements not yet adopted: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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 2024 and 2023 end on the following dates: 2024 2023 Quarter 1 March 30, April 1, Quarter 2 June 29, July 1, Quarter 3 September 28, September 30, Quarter 4 December 31, December 31, |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of 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 $ 9,984 $ 11,010 $ 13,009 $ 34,003 $ 14,555 $ 13,228 $ 12,872 $ 40,655 Germany 7,119 2,737 618 10,474 7,473 2,636 1,134 11,243 Other Europe 1,267 10,504 117 11,888 1,389 11,438 177 13,004 Israel 5,872 87 — 5,959 4,131 50 — 4,181 Asia 4,626 3,043 1,649 9,318 8,718 3,909 1,494 14,121 Canada — 67 5,650 5,717 — — 7,598 7,598 Total $ 28,868 $ 27,448 $ 21,043 $ 77,359 $ 36,266 $ 31,261 $ 23,275 $ 90,802 Six Fiscal Months Ended June 29, 2024 Six Fiscal Months Ended July 1, 2023 Sensors Weighing Solutions Measurement Systems Total Sensors Weighing Solutions Measurement Systems Total United States $ 19,864 $ 22,337 $ 24,453 $ 66,654 $ 27,229 $ 28,107 $ 23,533 $ 78,869 Germany 14,657 4,988 2,900 22,545 16,961 5,470 4,271 26,702 Other Europe 2,804 22,484 260 25,548 2,723 22,430 306 25,459 Israel 10,059 164 — 10,223 8,094 126 — 8,220 Asia 10,899 6,218 5,095 22,212 17,985 6,987 3,547 28,519 Canada — 101 10,859 10,960 — — 11,897 11,897 Total $ 58,283 $ 56,292 $ 43,567 $ 158,142 $ 72,992 $ 63,120 $ 43,554 $ 179,666 The following table disaggregates net revenue from contracts with customers by market sector (in thousands) . Fiscal quarter ended Six fiscal months ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Test & Measurement $ 13,968 $ 18,705 $ 29,618 $ 37,369 Avionics, Military & Space 6,199 8,284 13,188 19,991 Transportation 11,813 13,031 26,183 25,503 Other Markets 17,953 18,417 33,924 37,722 Industrial Weighing 9,629 12,027 19,443 23,053 General Industrial 4,845 5,417 10,164 10,215 Steel 12,952 14,921 25,622 25,813 Total $ 77,359 $ 90,802 $ 158,142 $ 179,666 |
Schedule of 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, 2023 $ 2,989 $ 8,712 Balance at June 29, 2024 4,442 8,347 Increase (decrease) $ 1,453 $ (365) |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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, 2023 $ 45,734 $ 6,488 $ 16,902 $ 16,033 $ 6,311 Foreign currency translation adjustment $ (243) $ (229) $ (14) $ — $ — Balance at June 29, 2024 $ 45,491 $ 6,259 $ 16,888 $ 16,033 $ 6,311 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
Leases [Abstract] | |
Schedule of Leases Recorded on the Balance Sheet | Leases recorded on the balance sheet consist of the following (in thousands) : Leases June 29, 2024 December 31, 2023 Assets Operating lease right of use asset $ 26,084 $ 26,953 Liabilities Operating lease - current $ 4,089 $ 4,004 Operating lease - non-current $ 21,297 $ 22,625 |
Schedule of Other Information Related to Lease Term and Discount Rate | Other information related to lease term and discount rate is as follows: June 29, 2024 Operating leases weighted average remaining lease term (in years) 7.40 years Operating leases weighted average discount rate 5.02 % |
Schedule of Components of Lease Expense | The components of lease expense are as follows (in thousands) : Fiscal quarter ended Six Fiscal Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Operating lease cost $ 1,321 $ 1,247 $ 2,704 $ 2,491 Short-term lease cost 7 45 25 91 Sublease income (111) (98) (224) (198) Total net lease cost $ 1,217 $ 1,194 $ 2,505 $ 2,384 |
Schedule of Maturities of Operating Lease Liabilities | Undiscounted maturities of operating lease payments as of June 29, 2024 are summarized as follows (in thousands) : 2024 (excluding the six months ended June 29, 2024) $ 2,574 2025 4,725 2026 4,029 2027 3,644 2028 3,425 Thereafter 11,859 Total future minimum lease payments $ 30,256 Less: amount representing interest (4,870) Present value of future minimum lease payments $ 25,386 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands) : June 29, 2024 December 31, 2023 2020 Credit Agreement - Revolving Facility $ 32,000 $ 32,000 Deferred financing costs (86) (144) Total long-term debt $ 31,914 $ 31,856 Less: current portion 31,914 — Long-term debt, less: current portion $ — $ 31,856 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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, 2024 $ (39,262) $ 393 $ (38,869) Other comprehensive income before reclassifications (7,488) — (7,488) Amounts reclassified from accumulated other comprehensive income — (8) (8) Balance at June 29, 2024 $ (46,750) $ 385 $ (46,365) Foreign Currency Translation Adjustment Pension Total Balance at January 1, 2023 $ (41,489) $ 589 $ (40,900) Other comprehensive income before reclassifications (178) — (178) Amounts reclassified from accumulated other comprehensive income — 2 2 Balance at July 1, 2023 $ (41,667) $ 591 $ (41,076) |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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 $ 66 $ 4 $ 68 $ 4 Interest cost 190 27 192 28 Expected return on plan assets (209) — (214) — Amortization of actuarial losses (gains) 4 (3) 7 (6) Net periodic benefit cost $ 51 $ 28 $ 53 $ 26 Six Fiscal Months Ended Six Fiscal Months Ended Pension OPEB Pension OPEB Net service cost $ 133 $ 8 $ 137 $ 8 Interest cost $ 381 $ 54 $ 382 $ 56 Expected return on plan assets $ (419) $ — $ (426) $ — Amortization of actuarial losses (gains) $ 9 $ (6) $ 15 $ (12) Net periodic benefit cost $ 104 $ 56 $ 108 $ 52 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Share-based compensation expense $ 292 $ 548 $ 953 $ 1,229 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table sets forth reporting segment information (in thousands) : Fiscal quarter ended Six fiscal months ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net revenues: Sensors $ 28,869 $ 36,266 $ 58,283 $ 72,992 Weighing Solutions 27,447 31,261 56,292 63,120 Measurement Systems 21,043 23,275 43,567 43,554 Total $ 77,359 $ 90,802 $ 158,142 $ 179,666 Gross profit: Sensors $ 11,066 $ 14,549 $ 21,798 $ 29,693 Weighing Solutions 10,310 12,107 21,577 23,236 Measurement Systems 11,031 12,056 24,125 22,982 Total $ 32,407 $ 38,712 $ 67,500 $ 75,911 Reconciliation of segment operating income to consolidated results: Sensors $ 6,125 $ 9,567 $ 11,622 $ 19,500 Weighing Solutions 4,138 6,161 8,935 11,501 Measurement Systems 3,555 4,769 9,940 8,641 Unallocated G&A expenses (7,912) (8,540) (16,891) (17,645) Restructuring costs — (162) (782) (278) Operating income $ 5,906 $ 11,795 $ 12,824 $ 21,719 Restructuring costs: Sensors $ — $ — $ (542) $ — Weighing Solutions — (162) — (196) Measurement Systems — — — (32) Corporate/Other — — (240) (50) $ — $ (162) $ (782) $ (278) 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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Sensors to Weighing Solutions $ 522 $ 433 $ 991 $ 761 Sensors to Measurement Systems 6 12 13 48 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of 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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Numerator: Numerator for basic earnings per share: Net earnings attributable to VPG stockholders $ 4,603 $ 8,236 $ 10,494 $ 15,200 Denominator: Denominator for basic earnings per share: Weighted average shares 13,348 13,601 13,376 13,593 Effect of dilutive securities: Restricted stock units 41 69 52 68 Dilutive potential common shares 41 69 52 68 Denominator for diluted earnings per share: Adjusted weighted average shares 13,389 13,670 13,428 13,661 Basic earnings per share attributable to VPG stockholders $ 0.34 $ 0.61 $ 0.78 $ 1.12 Diluted earnings per share attributable to VPG stockholders $ 0.34 $ 0.60 $ 0.78 $ 1.11 |
Additional Financial Statemen_2
Additional Financial Statement Information (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Foreign currency exchange gain $ 1,287 $ 793 $ 2,877 $ 855 Interest income 499 356 822 722 Pension expense (10) (71) (20) (145) Other (75) (59) (118) (138) $ 1,701 $ 1,019 $ 3,561 $ 1,294 |
Schedule of Accrued Liabilities | Other accrued expenses consist of the following (in thousands) : June 29, 2024 December 31, 2023 Customer advance payments $ 8,347 $ 8,712 Accrued restructuring 171 249 Goods received, not yet invoiced 1,902 2,837 Accrued taxes, other than income taxes 1,392 1,370 Accrued commissions 4,121 4,077 Accrued professional fees 1,954 1,343 Accrued technical warranty 767 770 Current accrued pensions and other post retirement costs 510 511 Other 2,377 2,558 $ 21,541 $ 22,427 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 Assets Assets held in rabbi trusts $ 6,138 $ 97 $ 6,041 $ — December 31, 2023 Assets Assets held in rabbi trusts $ 5,841 $ 59 $ 5,782 $ — |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 29, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes recent activity related to all restructuring programs. The accrued restructuring liability balance as of June 29, 2024 and December 31, 2023, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) : Balance at December 31, 2023 $ 249 Restructuring charges in 2024 782 Cash payments (723) Foreign currency exchange translation (137) Balance at June 29, 2024 $ 171 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 77,359 | $ 90,802 | $ 158,142 | $ 179,666 |
Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 28,868 | 36,266 | 58,283 | 72,992 |
Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 27,448 | 31,261 | 56,292 | 63,120 |
Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21,043 | 23,275 | 43,567 | 43,554 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 34,003 | 40,655 | 66,654 | 78,869 |
United States | Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,984 | 14,555 | 19,864 | 27,229 |
United States | Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,010 | 13,228 | 22,337 | 28,107 |
United States | Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 13,009 | 12,872 | 24,453 | 23,533 |
Germany | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 10,474 | 11,243 | 22,545 | 26,702 |
Germany | Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 7,119 | 7,473 | 14,657 | 16,961 |
Germany | Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,737 | 2,636 | 4,988 | 5,470 |
Germany | Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 618 | 1,134 | 2,900 | 4,271 |
Other Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,888 | 13,004 | 25,548 | 25,459 |
Other Europe | Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,267 | 1,389 | 2,804 | 2,723 |
Other Europe | Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 10,504 | 11,438 | 22,484 | 22,430 |
Other Europe | Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 117 | 177 | 260 | 306 |
Israel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,959 | 4,181 | 10,223 | 8,220 |
Israel | Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,872 | 4,131 | 10,059 | 8,094 |
Israel | Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 87 | 50 | 164 | 126 |
Israel | Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,318 | 14,121 | 22,212 | 28,519 |
Asia | Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,626 | 8,718 | 10,899 | 17,985 |
Asia | Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,043 | 3,909 | 6,218 | 6,987 |
Asia | Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,649 | 1,494 | 5,095 | 3,547 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,717 | 7,598 | 10,960 | 11,897 |
Canada | Sensors | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Canada | Weighing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 67 | 0 | 101 | 0 |
Canada | Measurement Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 5,650 | $ 7,598 | $ 10,859 | $ 11,897 |
Revenues - Disaggregation of _2
Revenues - Disaggregation of Revenue by Market Sector (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 77,359 | $ 90,802 | $ 158,142 | $ 179,666 |
Test & Measurement | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 13,968 | 18,705 | 29,618 | 37,369 |
Avionics, Military & Space | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,199 | 8,284 | 13,188 | 19,991 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,813 | 13,031 | 26,183 | 25,503 |
Other Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,953 | 18,417 | 33,924 | 37,722 |
Industrial Weighing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,629 | 12,027 | 19,443 | 23,053 |
General Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,845 | 5,417 | 10,164 | 10,215 |
Steel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 12,952 | $ 14,921 | $ 25,622 | $ 25,813 |
Revenues - Contract Assets and
Revenues - Contract Assets and Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 29, 2024 USD ($) | |
Movement in Contract Assets and Liabilities [Roll Forward] | |
Contract asset, unbilled revenue, beginning balance | $ 2,989 |
Increase in contract asset, unbilled revenue | 1,453 |
Contract asset, unbilled revenue, ending balance | 4,442 |
Contract liability, accrued customer advances, beginning balance | 8,712 |
Increase in contract liability, accrued customer advances | (365) |
Contract liability, accrued customer advances, ending balance | $ 8,347 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 29, 2024 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, revenue recognized | $ 4.6 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 29, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 45,734 |
Foreign currency translation adjustment | (243) |
Ending balance | 45,491 |
KELK Acquisition | Measurement Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 6,488 |
Foreign currency translation adjustment | (229) |
Ending balance | 6,259 |
DSI Acquisition | Measurement Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 16,902 |
Foreign currency translation adjustment | (14) |
Ending balance | 16,888 |
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 | 6 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 0.2 | |
Operating lease, payments | $ 1.3 | $ 2.5 |
Minimum | Buildings and Vehicles | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term (years) | 1 year | |
Maximum | Buildings and Vehicles | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term (years) | 12 years 4 months |
Leases - Schedule of Leases Rec
Leases - Schedule of Leases Recorded on the Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Dec. 31, 2023 |
Assets | ||
Operating lease right of use asset | $ 26,084 | $ 26,953 |
Liabilities | ||
Operating lease - current | 4,089 | 4,004 |
Operating lease - non-current | $ 21,297 | $ 22,625 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) | Jun. 29, 2024 |
Leases [Abstract] | |
Operating leases weighted average remaining lease term (years) | 7 years 4 months 24 days |
Operating leases weighted average discount rate (percent) | 5.02% |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,321 | $ 1,247 | $ 2,704 | $ 2,491 |
Short-term lease cost | 7 | 45 | 25 | 91 |
Sublease income | (111) | (98) | (224) | (198) |
Total net lease cost | $ 1,217 | $ 1,194 | $ 2,505 | $ 2,384 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Jun. 29, 2024 USD ($) |
Leases [Abstract] | |
2024 (excluding the six months ended June 29, 2024) | $ 2,574 |
2025 | 4,725 |
2026 | 4,029 |
2027 | 3,644 |
2028 | 3,425 |
Thereafter | 11,859 |
Total future minimum lease payments | 30,256 |
Less: amount representing interest | (4,870) |
Present value of future minimum lease payments | $ 25,386 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 33.30% | 28.80% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (86) | $ (144) |
Total long-term debt | 31,914 | 31,856 |
Less: current portion | 31,914 | 0 |
Long-term debt, less: current portion | 0 | 31,856 |
Revolving Credit Facility | Credit Agreement 2020 | ||
Debt Instrument [Line Items] | ||
2020 Credit Agreement - Revolving Facility | $ 32,000 | $ 32,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - Credit Agreement 2020 | Mar. 20, 2020 USD ($) |
Debt Instrument [Line Items] | |
Line of credit facility, accordion feature, increase limit | $ 25,000,000 |
Minimum | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.50% |
Fee on unused capacity (percentage) | 0.25% |
Maximum | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.75% |
Fee on unused capacity (percentage) | 0.40% |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Aggregate principal | $ 75,000,000 |
Letter of Credit | |
Debt Instrument [Line Items] | |
Aggregate principal | $ 10,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | $ 329,925 | $ 306,522 |
Other comprehensive income before reclassifications | (7,488) | (178) |
Amounts reclassified from accumulated other comprehensive income | (8) | 2 |
Balance, ending | 327,034 | 321,665 |
Total | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (38,869) | (40,900) |
Balance, ending | (46,365) | (41,076) |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | (39,262) | (41,489) |
Other comprehensive income before reclassifications | (7,488) | (178) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Balance, ending | (46,750) | (41,667) |
Pension and Other Postretirement Actuarial Items | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance, beginning | 393 | 589 |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (8) | 2 |
Balance, ending | $ 385 | $ 591 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net service cost | $ 66 | $ 68 | $ 133 | $ 137 |
Interest cost | 190 | 192 | 381 | 382 |
Expected return on plan assets | (209) | (214) | (419) | (426) |
Amortization of actuarial losses (gains) | 4 | 7 | 9 | 15 |
Net periodic benefit cost | 51 | 53 | 104 | 108 |
OPEB Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net service cost | 4 | 4 | 8 | 8 |
Interest cost | 27 | 28 | 54 | 56 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (3) | (6) | (6) | (12) |
Net periodic benefit cost | $ 28 | $ 26 | $ 56 | $ 52 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ in Millions | 3 Months Ended | ||
May 22, 2024 USD ($) shares | Mar. 07, 2024 USD ($) people shares | Jun. 29, 2024 USD ($) 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) | 444,824 | ||
Share based compensation adjustment decrease | $ | $ 0.3 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ | $ 0.5 | ||
Number of RSUs granted (in shares) | 14,826 | ||
Restricted Stock Units (RSUs) | Executive Officer | |||
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 | $ | $ 1.7 | ||
Number of RSUs granted (in shares) | 49,190 | ||
Award vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ | $ 0.6 | ||
Number of RSUs granted (in shares) | 16,821 | ||
Award vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (percentage) | 50% | ||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | Employees | |||
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% | ||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | Employees | |||
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 - Sche
Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 292 | $ 548 | $ 953 | $ 1,229 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 29, 2024 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 | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 77,359 | $ 90,802 | $ 158,142 | $ 179,666 |
Gross profit | 32,407 | 38,712 | 67,501 | 75,911 |
Operating income | 5,906 | 11,795 | 12,824 | 21,719 |
Restructuring costs | 0 | (162) | (782) | (278) |
Sensors | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 28,868 | 36,266 | 58,283 | 72,992 |
Weighing Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 27,448 | 31,261 | 56,292 | 63,120 |
Measurement Systems | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 21,043 | 23,275 | 43,567 | 43,554 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 77,359 | 90,802 | 158,142 | 179,666 |
Gross profit | 32,407 | 38,712 | 67,500 | 75,911 |
Operating Segments | Sensors | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 28,869 | 36,266 | 58,283 | 72,992 |
Gross profit | 11,066 | 14,549 | 21,798 | 29,693 |
Operating income | 6,125 | 9,567 | 11,622 | 19,500 |
Restructuring costs | 0 | 0 | (542) | 0 |
Operating Segments | Weighing Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 27,447 | 31,261 | 56,292 | 63,120 |
Gross profit | 10,310 | 12,107 | 21,577 | 23,236 |
Operating income | 4,138 | 6,161 | 9,940 | 11,501 |
Restructuring costs | 0 | (162) | 0 | (196) |
Operating Segments | Measurement Systems | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 21,043 | 23,275 | 43,567 | 43,554 |
Gross profit | 11,031 | 12,056 | 24,125 | 22,982 |
Operating income | 3,555 | 4,769 | 8,935 | 8,641 |
Restructuring costs | 0 | 0 | 0 | (32) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated G&A expenses | (7,912) | (8,540) | (16,891) | (17,645) |
Restructuring costs | 0 | (162) | (782) | (278) |
Corporate/Other | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring costs | $ 0 | $ 0 | $ (240) | $ (50) |
Segment Information - Intersegm
Segment Information - Intersegment Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ (77,359) | $ (90,802) | $ (158,142) | $ (179,666) |
Intersegment Eliminations | Sensors to Weighing Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 522 | 433 | 991 | 761 |
Intersegment Eliminations | Sensors to Measurement Systems | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 6 | $ 12 | $ 13 | $ 48 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Numerator: | ||||
Net earnings attributable to VPG stockholders | $ 4,603 | $ 8,236 | $ 10,494 | $ 15,200 |
Denominator: | ||||
Weighted average shares (in shares) | 13,348 | 13,601 | 13,376 | 13,593 |
Effect of dilutive securities: | ||||
Restricted stock units (in shares) | 41 | 69 | 52 | 68 |
Dilutive potential common shares (in shares) | 41 | 69 | 52 | 68 |
Denominator for diluted earnings per share: | ||||
Adjusted weighted average shares (in shares) | 13,389 | 13,670 | 13,428 | 13,661 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.34 | $ 0.61 | $ 0.78 | $ 1.12 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.34 | $ 0.60 | $ 0.78 | $ 1.11 |
Additional Financial Statemen_3
Additional Financial Statement Information - Schedule of Other Items in Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Foreign currency exchange gain | $ 1,287 | $ 793 | $ 2,877 | $ 855 |
Interest income | 499 | 356 | 822 | 722 |
Pension expense | (10) | (71) | (20) | (145) |
Other | (75) | (59) | (118) | (138) |
Other nonoperating income (expense) | $ 1,701 | $ 1,019 | $ 3,561 | $ 1,294 |
Additional Financial Statemen_4
Additional Financial Statement Information - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 29, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Customer advance payments | $ 8,347 | $ 8,712 |
Accrued restructuring | 171 | 249 |
Goods received, not yet invoiced | 1,902 | 2,837 |
Accrued taxes, other than income taxes | 1,392 | 1,370 |
Accrued commissions | 4,121 | 4,077 |
Accrued professional fees | 1,954 | 1,343 |
Accrued technical warranty | 767 | 770 |
Current accrued pensions and other post retirement costs | 510 | 511 |
Other | 2,377 | 2,558 |
Other accrued expenses | $ 21,541 | $ 22,427 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 29, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 6,138 | $ 5,841 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 97 | 59 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 6,041 | 5,782 |
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 - Narrative
Restructuring Costs - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring costs | $ 0 | $ 162 | $ 782 | $ 278 |
Restructuring Costs - Restructu
Restructuring Costs - Restructuring Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 249 | |||
Restructuring charges in 2024 | $ 0 | $ 162 | 782 | $ 278 |
Cash payments | (723) | |||
Foreign currency exchange translation | (137) | |||
Restructuring reserve, ending balance | $ 171 | $ 171 |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - USD ($) $ in Millions | 23 Months Ended | |
Jun. 29, 2024 | Aug. 08, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares authorized to be repurchased (in shares) | 600,000 | |
Treasury Stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock acquired (in shares) | 455,101 | |
Treasury stock acquired | $ (14.5) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - 3 months ended Jun. 29, 2024 ₪ in Millions, $ in Millions | ILS (₪) | USD ($) |
Israel Tax Authority | ||
Other Commitments [Line Items] | ||
Amount pertaining to claims of VAT | ₪ 8.4 | $ 2.2 |