x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | March 31, 2018 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-0986328 | |||
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification Number) | |||
3 Great Valley Parkway, Suite 150 | ||||
Malvern, PA 19355 | 484-321-5300 | |||
(Address of Principal Executive Offices) (Zip Code) | (Registrant’s Telephone Number, including area code) |
Large accelerated filer ¨ | Accelerated filer ý |
Non-accelerated filer ¨ (Do not check if smaller reporting company) | Smaller reporting company ¨ |
Emerging growth company ¨ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Page Number | ||
PART I. | FINANCIAL INFORMATION | |
Item 1. | Financial Statements | |
Consolidated Condensed Balance Sheets – March 31, 2018 (Unaudited) and December 31, 2017 | ||
Consolidated Condensed Statements of Operations (Unaudited) – Fiscal Quarters Ended March 31, 2018 and April 1, 2017 | ||
Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) – Fiscal Quarters Ended March 31, 2018 and April 1, 2017 | ||
Consolidated Condensed Statements of Cash Flows (Unaudited) – Three Fiscal Months Ended March 31, 2018 and April 1, 2017 | ||
Consolidated Condensed Statement of Equity (Unaudited) | ||
Notes to Unaudited Consolidated Condensed Financial Statements | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
PART II. | OTHER INFORMATION | |
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits | |
SIGNATURES |
VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) | |||||||
March 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 73,734 | $ | 74,292 | |||
Accounts receivable, net | 53,141 | 46,789 | |||||
Inventories: | |||||||
Raw materials | 18,247 | 16,601 | |||||
Work in process | 23,387 | 23,160 | |||||
Finished goods | 19,963 | 20,174 | |||||
Inventories, net | 61,597 | 59,935 | |||||
Prepaid expenses and other current assets | 12,668 | 10,299 | |||||
Total current assets | 201,140 | 191,315 | |||||
Property and equipment, at cost: | |||||||
Land | 3,484 | 3,434 | |||||
Buildings and improvements | 50,816 | 50,276 | |||||
Machinery and equipment | 97,199 | 95,158 | |||||
Software | 8,068 | 7,955 | |||||
Construction in progress | 2,501 | 2,252 | |||||
Accumulated depreciation | (106,324 | ) | (103,401 | ) | |||
Property and equipment, net | 55,744 | 55,674 | |||||
Goodwill | 18,995 | 19,181 | |||||
Intangible assets, net | 19,748 | 20,475 | |||||
Other assets | 19,775 | 19,906 | |||||
Total assets | $ | 315,402 | $ | 306,551 | |||
VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (continued) (In thousands) | |||||||
March 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 12,953 | $ | 13,678 | |||
Payroll and related expenses | 17,201 | 15,892 | |||||
Other accrued expenses | 16,408 | 15,952 | |||||
Income taxes | 2,103 | 2,515 | |||||
Current portion of long-term debt | 3,926 | 3,878 | |||||
Total current liabilities | 52,591 | 51,915 | |||||
Long-term debt, less current portion | 27,717 | 28,477 | |||||
Deferred income taxes | 2,300 | 2,300 | |||||
Other liabilities | 13,968 | 14,131 | |||||
Accrued pension and other postretirement costs | 16,952 | 16,424 | |||||
Total liabilities | 113,528 | 113,247 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock | 1,304 | 1,288 | |||||
Class B convertible common stock | 103 | 103 | |||||
Treasury stock | (8,765 | ) | (8,765 | ) | |||
Capital in excess of par value | 195,259 | 192,904 | |||||
Retained earnings | 47,911 | 43,076 | |||||
Accumulated other comprehensive loss | (33,939 | ) | (35,450 | ) | |||
Total Vishay Precision Group, Inc. stockholders' equity | 201,873 | 193,156 | |||||
Noncontrolling interests | 1 | 148 | |||||
Total equity | 201,874 | 193,304 | |||||
Total liabilities and equity | $ | 315,402 | $ | 306,551 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net revenues | $ | 73,091 | $ | 59,787 | |||
Costs of products sold | 44,586 | 37,270 | |||||
Gross profit | 28,505 | 22,517 | |||||
Selling, general, and administrative expenses | 20,319 | 18,018 | |||||
Restructuring costs | — | 554 | |||||
Operating income | 8,186 | 3,945 | |||||
Other income (expense): | |||||||
Interest expense | (442 | ) | (452 | ) | |||
Other | (649 | ) | (529 | ) | |||
Other income (expense) - net | (1,091 | ) | (981 | ) | |||
Income before taxes | 7,095 | 2,964 | |||||
Income tax expense | 2,137 | 961 | |||||
Net earnings | 4,958 | 2,003 | |||||
Less: net earnings attributable to noncontrolling interests | (30 | ) | 8 | ||||
Net earnings attributable to VPG stockholders | $ | 4,988 | $ | 1,995 | |||
Basic earnings per share attributable to VPG stockholders | $ | 0.37 | $ | 0.15 | |||
Diluted earnings per share attributable to VPG stockholders | $ | 0.37 | $ | 0.15 | |||
Weighted average shares outstanding - basic | 13,342 | 13,210 | |||||
Weighted average shares outstanding - diluted | 13,497 | 13,438 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net earnings | $ | 4,958 | $ | 2,003 | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustment | 1,417 | 1,489 | |||||
Pension and other postretirement actuarial items, net of tax | 94 | 36 | |||||
Other comprehensive income | 1,511 | 1,525 | |||||
Total comprehensive income | 6,469 | 3,528 | |||||
Less: comprehensive income attributable to noncontrolling interests | (30 | ) | 8 | ||||
Comprehensive income attributable to VPG stockholders | $ | 6,499 | $ | 3,520 |
Three fiscal months ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Operating activities | |||||||
Net earnings | $ | 4,958 | $ | 2,003 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 2,684 | 2,681 | |||||
Gain on disposal of property and equipment | (53 | ) | (109 | ) | |||
Share-based compensation expense | 373 | 243 | |||||
Inventory write-offs for obsolescence | 613 | 297 | |||||
Deferred income taxes | 268 | (97 | ) | ||||
Other | (723 | ) | (359 | ) | |||
Net changes in operating assets and liabilities: | |||||||
Accounts receivable, net | (5,519 | ) | (3,362 | ) | |||
Inventories, net | (1,910 | ) | 284 | ||||
Prepaid expenses and other current assets | (2,517 | ) | (2,154 | ) | |||
Trade accounts payable | 1,687 | 1,422 | |||||
Other current liabilities | 1,943 | 2,032 | |||||
Net cash provided by operating activities | 1,804 | 2,881 | |||||
Investing activities | |||||||
Capital expenditures | (4,296 | ) | (1,962 | ) | |||
Proceeds from sale of property and equipment | 53 | 148 | |||||
Net cash used in investing activities | (4,243 | ) | (1,814 | ) | |||
Financing activities | |||||||
Principal payments on long-term debt and capital leases | (2,970 | ) | (657 | ) | |||
Proceeds from revolving facility | 8,000 | 7,000 | |||||
Payments on revolving facility | (3,000 | ) | (7,000 | ) | |||
Distributions to noncontrolling interests | (117 | ) | (2 | ) | |||
Payments of employee taxes on certain share-based arrangements | (785 | ) | (303 | ) | |||
Net cash provided by (used in) financing activities | 1,128 | (962 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 753 | 694 | |||||
(Decrease) increase in cash and cash equivalents | (558 | ) | 799 | ||||
Cash and cash equivalents at beginning of period | 74,292 | 58,452 | |||||
Cash and cash equivalents at end of period | $ | 73,734 | $ | 59,251 | |||
Supplemental disclosure of non-cash investing transactions: | |||||||
Capital expenditures purchased | $ | (1,773 | ) | $ | (1,962 | ) | |
Supplemental disclosure of non-cash financing transactions: | |||||||
Conversion of exchangeable notes to common stock | $ | (2,794 | ) | $ | — |
Common Stock | Class B Convertible Common Stock | Treasury Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total VPG, Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 1,288 | $ | 103 | $ | (8,765 | ) | $ | 192,904 | $ | 43,076 | $ | (35,450 | ) | $ | 193,156 | $ | 148 | $ | 193,304 | |||||||||||||||
Net earnings | — | — | — | — | 4,988 | — | 4,988 | (30 | ) | 4,958 | |||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 1,511 | 1,511 | — | 1,511 | ||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 373 | — | — | 373 | — | 373 | ||||||||||||||||||||||||||
Restricted stock issuances (33,031 shares) | 4 | — | — | (800 | ) | — | — | (796 | ) | — | (796 | ) | |||||||||||||||||||||||
Common stock issuance from conversion of exchangeable notes (123,808 shares) | 12 | — | — | 2,782 | — | — | 2,794 | — | 2,794 | ||||||||||||||||||||||||||
Cumulative effect adjustment for adoption of ASU 2016-16 | — | — | — | — | (153 | ) | — | (153 | ) | — | (153 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (117 | ) | (117 | ) | ||||||||||||||||||||||||
Balance at March 31, 2018 | $ | 1,304 | $ | 103 | $ | (8,765 | ) | $ | 195,259 | $ | 47,911 | $ | (33,939 | ) | $ | 201,873 | $ | 1 | $ | 201,874 |
2018 | 2017 | ||
Quarter 1 | March 31, | April 1, | |
Quarter 2 | June 30, | July 1, | |
Quarter 3 | September 29, | September 30, | |
Quarter 4 | December 31, | December 31, |
Three Months Ended March 31, 2018 | Three Months Ended April 1, 2017 | ||||||||||||||||||||||||||||||
Foil Technology Products | Force Sensors | Weighing and Control Systems | Total | Foil Technology Products | Force Sensors | Weighing and Control Systems | Total | ||||||||||||||||||||||||
United States | $ | 13,919 | $ | 10,025 | $ | 5,533 | $ | 29,477 | $ | 11,983 | $ | 8,270 | $ | 4,687 | $ | 24,940 | |||||||||||||||
United Kingdom | 948 | 3,363 | 3,593 | 7,904 | 806 | 2,924 | 2,692 | 6,422 | |||||||||||||||||||||||
Other Europe | 7,772 | 3,040 | 5,373 | 16,185 | 6,538 | 2,072 | 4,035 | 12,645 | |||||||||||||||||||||||
Israel | 2,370 | 142 | — | 2,512 | 1,213 | 144 | — | 1,357 | |||||||||||||||||||||||
Asia | 9,145 | 2,658 | 1,116 | 12,919 | 7,224 | 2,058 | 1,457 | 10,739 | |||||||||||||||||||||||
Canada | — | — | 4,094 | 4,094 | — | — | 3,684 | 3,684 | |||||||||||||||||||||||
Total | $ | 34,154 | $ | 19,228 | $ | 19,709 | $ | 73,091 | $ | 27,764 | $ | 15,468 | $ | 16,555 | $ | 59,787 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Test & Measurement | $ | 19,260 | $ | 15,983 | |||
Avionics, Military & Space | 5,691 | 5,050 | |||||
Medical | 2,679 | 2,107 | |||||
Precision Weighing | 23,823 | 19,085 | |||||
Force Measurement | 17,292 | 12,375 | |||||
Steel | 4,346 | 5,187 | |||||
Total | $ | 73,091 | $ | 59,787 |
Contract Asset | Contract Liability | ||||||
Unbilled Revenue | Accrued Customer Advances | ||||||
Balance at December 31, 2017 | $ | 824 | $ | 3,229 | |||
Balance at March 31, 2018 | 1,013 | 3,780 | |||||
Increase/(decrease) | $ | 189 | $ | 551 |
Total | Weighing and Control Systems Segment | Foil Technology Products Segment | |||||||||||||
KELK Acquisition | Stress-Tek Acquisition | Pacific Acquisition | |||||||||||||
Balance at December 31, 2017 | $ | 19,181 | $ | 6,828 | $ | 6,311 | $ | 6,042 | |||||||
Foreign currency translation adjustment | (186 | ) | (186 | ) | — | — | |||||||||
Balance at March 31, 2018 | $ | 18,995 | $ | 6,642 | $ | 6,311 | $ | 6,042 |
Balance at December 31, 2017 | $ | 254 | |
Restructuring costs in 2018 | — | ||
Cash payments | (81 | ) | |
Foreign currency translation | — | ||
Balance at March 31, 2018 | $ | 173 |
March 31, 2018 | December 31, 2017 | ||||||
2015 Credit Agreement - Revolving Facility | $ | 14,000 | $ | 9,000 | |||
2015 Credit Agreement - U.S. Closing Date Term Facility | 3,490 | 3,664 | |||||
2015 Credit Agreement - U.S. Delayed Draw Term Facility | 8,530 | 8,956 | |||||
2015 Credit Agreement - Canadian Term Facility | 5,543 | 7,880 | |||||
Exchangeable Unsecured Notes, due 2102 | — | 2,794 | |||||
Other debt | 389 | 401 | |||||
Deferred financing costs | (309 | ) | (340 | ) | |||
Total long-term debt | 31,643 | 32,355 | |||||
Less: current portion | 3,926 | 3,878 | |||||
Long-term debt, less current portion | $ | 27,717 | $ | 28,477 |
Foreign Currency Translation Adjustment | Pension and Other Postretirement Actuarial Items | Total | |||||||||
Balance at January 1, 2018 | $ | (27,390 | ) | $ | (8,060 | ) | $ | (35,450 | ) | ||
Other comprehensive income before reclassifications | 1,417 | — | 1,417 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 94 | 94 | ||||||||
Balance at March 31, 2018 | $ | (25,973 | ) | $ | (7,966 | ) | $ | (33,939 | ) |
Foreign Currency Translation Adjustment | Pension and Other Postretirement Actuarial Items | Total | |||||||||
Balance at January 1, 2017 | $ | (33,192 | ) | $ | (7,145 | ) | $ | (40,337 | ) | ||
Other comprehensive loss before reclassifications | 1,489 | — | 1,489 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 36 | 36 | ||||||||
Balance at April 1, 2017 | $ | (31,703 | ) | $ | (7,109 | ) | $ | (38,812 | ) |
Fiscal quarter ended March 31, 2018 | Fiscal quarter ended April 1, 2017 | ||||||||||||||
Pension Plans | OPEB Plans | Pension Plans | OPEB Plans | ||||||||||||
Net service cost | $ | 138 | $ | 27 | $ | 117 | $ | 28 | |||||||
Interest cost | 176 | 38 | 163 | 35 | |||||||||||
Expected return on plan assets | (142 | ) | — | (130 | ) | — | |||||||||
Amortization of actuarial losses | 131 | 44 | 111 | 28 | |||||||||||
Net periodic benefit cost | $ | 303 | $ | 109 | $ | 261 | $ | 91 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Restricted stock units | $ | 373 | $ | 243 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net third-party revenues: | |||||||
Foil Technology Products | $ | 34,154 | $ | 27,764 | |||
Force Sensors | 19,228 | 15,468 | |||||
Weighing and Control Systems | 19,709 | 16,555 | |||||
Total | $ | 73,091 | $ | 59,787 | |||
Gross profit: | |||||||
Foil Technology Products | $ | 14,604 | $ | 11,499 | |||
Force Sensors | 5,240 | 3,691 | |||||
Weighing and Control Systems | 8,661 | 7,327 | |||||
Total | $ | 28,505 | $ | 22,517 | |||
Reconciliation of segment operating income to consolidated results: | |||||||
Foil Technology Products | $ | 8,793 | $ | 6,063 | |||
Force Sensors | 2,575 | 1,381 | |||||
Weighing and Control Systems | 3,878 | 3,081 | |||||
Unallocated G&A expenses | (7,060 | ) | (6,026 | ) | |||
Restructuring costs | — | (554 | ) | ||||
Consolidated condensed operating income | $ | 8,186 | $ | 3,945 | |||
Restructuring costs: | |||||||
Foil Technology Products | $ | — | $ | (126 | ) | ||
Force Sensors | — | (177 | ) | ||||
Weighing and Control Systems | — | (248 | ) | ||||
Corporate/Other | — | (3 | ) | ||||
$ | — | $ | (554 | ) |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Intersegment sales: | |||||||
Foil Technology Products to Force Sensors and Weighing and Control Systems | $ | 1,019 | $ | 678 | |||
Force Sensors to Foil Technology Products and Weighing and Control Systems | $ | 311 | $ | 419 | |||
Weighing and Control Systems to Foil Technology Products and Force Sensors | $ | 161 | $ | 164 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Numerator: | |||||||
Numerator for basic earnings per share: | |||||||
Net earnings attributable to VPG stockholders | $ | 4,988 | $ | 1,995 | |||
Adjustment to the numerator for net earnings: | |||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 5 | 6 | |||||
Numerator for diluted earnings per share: | |||||||
Net earnings attributable to VPG stockholders | $ | 4,993 | $ | 2,001 | |||
Denominator: | |||||||
Denominator for basic earnings per share: | |||||||
Weighted average shares | 13,342 | 13,210 | |||||
Effect of dilutive securities: | |||||||
Exchangeable notes | 90 | 181 | |||||
Restricted stock units | 65 | 47 | |||||
Dilutive potential common shares | 155 | 228 | |||||
Denominator for diluted earnings per share: | |||||||
Adjusted weighted average shares | 13,497 | 13,438 | |||||
Basic earnings per share attributable to VPG stockholders | $ | 0.37 | $ | 0.15 | |||
Diluted earnings per share attributable to VPG stockholders | $ | 0.37 | $ | 0.15 |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Foreign exchange loss | $ | (525 | ) | $ | (374 | ) | |
Interest income | 97 | 38 | |||||
Other | (221 | ) | (193 | ) | |||
$ | (649 | ) | $ | (529 | ) |
Fair value measurements at reporting date using: | ||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
March 31, 2018 | ||||||||||||||||
Assets | ||||||||||||||||
Assets held in rabbi trusts | $ | 4,770 | $ | 130 | $ | 4,640 | $ | — | ||||||||
December 31, 2017 | ||||||||||||||||
Assets | ||||||||||||||||
Assets held in rabbi trusts | $ | 4,988 | $ | 364 | $ | 4,624 | $ | — |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Gross profit | $ | 28,505 | $ | 22,517 | |||
Gross profit margin | 39.0 | % | 37.7 | % | |||
Adjusted gross profit | $ | 28,505 | $ | 22,517 | |||
Adjusted gross profit margin | 39.0 | % | 37.7 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Operating income | $ | 8,186 | $ | 3,945 | |||
Operating margin | 11.2 | % | 6.6 | % | |||
Reconciling items affecting operating margin | |||||||
Restructuring costs | — | 554 | |||||
Adjusted operating income | $ | 8,186 | $ | 4,499 | |||
Adjusted operating margin | 11.2 | % | 7.5 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net earnings attributable to VPG stockholders | $ | 4,988 | $ | 1,995 | |||
Reconciling items affecting operating margin | |||||||
Restructuring costs | — | 554 | |||||
Less reconciling items affecting income tax expense | |||||||
Tax effect of reconciling items | — | 42 | |||||
Adjusted net earnings attributable to VPG stockholders | $ | 4,988 | $ | 2,507 | |||
Adjusted net earnings per diluted share | $ | 0.37 | $ | 0.19 | |||
Weighted average shares outstanding - diluted | 13,497 | 13,438 |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | |||||||||||||||
2017 | 2017 | 2017 | 2017 | 2018 | |||||||||||||||
Net revenues | $ | 59,787 | $ | 62,319 | $ | 62,805 | $ | 69,439 | $ | 73,091 | |||||||||
Gross profit margin | 37.7 | % | 39.7 | % | 38.6 | % | 38.5 | % | 39.0 | % | |||||||||
End-of-period backlog | $ | 61,400 | $ | 67,500 | $ | 76,200 | $ | 88,900 | $ | 93,900 | |||||||||
Book-to-bill ratio | 1.06 | 1.08 | 1.12 | 1.18 | 1.05 | ||||||||||||||
Inventory turnover | 2.64 | 2.64 | 2.64 | 2.85 | 2.93 |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | |||||||||||||||
2017 | 2017 | 2017 | 2017 | 2018 | |||||||||||||||
Foil Technology Products | |||||||||||||||||||
Net revenues | $ | 27,764 | $ | 29,306 | $ | 29,315 | $ | 29,888 | $ | 34,154 | |||||||||
Gross profit margin | 41.4 | % | 41.9 | % | 41.7 | % | 39.3 | % | 42.8 | % | |||||||||
End-of-period backlog | $ | 31,100 | $ | 34,300 | $ | 35,500 | $ | 46,600 | $ | 47,900 | |||||||||
Book-to-bill ratio | 1.06 | 1.09 | 1.03 | 1.36 | 1.01 | ||||||||||||||
Inventory turnover | 2.80 | 2.90 | 2.88 | 2.98 | 3.18 | ||||||||||||||
Force Sensors | |||||||||||||||||||
Net revenues | $ | 15,468 | $ | 15,656 | $ | 16,596 | $ | 17,726 | $ | 19,228 | |||||||||
Gross profit margin | 23.9 | % | 28.9 | % | 28.6 | % | 29.5 | % | 27.3 | % | |||||||||
End-of-period backlog | $ | 14,100 | $ | 14,100 | $ | 18,300 | $ | 21,600 | $ | 19,900 | |||||||||
Book-to-bill ratio | 1.06 | 0.99 | 1.25 | 1.18 | 0.91 | ||||||||||||||
Inventory turnover | 2.11 | 1.97 | 2.02 | 2.07 | 2.26 | ||||||||||||||
Weighing and Control Systems | |||||||||||||||||||
Net revenues | $ | 16,555 | $ | 17,357 | $ | 16,894 | $ | 21,825 | $ | 19,709 | |||||||||
Gross profit margin | 44.3 | % | 45.8 | % | 43.1 | % | 44.8 | % | 43.9 | % | |||||||||
End-of-period backlog | $ | 16,200 | $ | 19,100 | $ | 22,400 | $ | 20,700 | $ | 26,100 | |||||||||
Book-to-bill ratio | 1.06 | 1.14 | 1.15 | 0.92 | 1.28 | ||||||||||||||
Inventory turnover | 3.36 | 3.52 | 3.41 | 4.22 | 3.83 |
Fiscal quarter ended | |||||
March 31, 2018 | April 1, 2017 | ||||
Costs of products sold | 61.0 | % | 62.3 | % | |
Gross profit | 39.0 | % | 37.7 | % | |
Selling, general, and administrative expenses | 27.8 | % | 30.1 | % | |
Operating income | 11.2 | % | 6.6 | % | |
Income before taxes | 9.7 | % | 5.0 | % | |
Net earnings | 6.8 | % | 3.4 | % | |
Net earnings attributable to VPG stockholders | 6.8 | % | 3.3 | % | |
Effective tax rate | 30.1 | % | 32.4 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net revenues | $ | 73,091 | $ | 59,787 | |||
Change versus comparable prior year period | $ | 13,304 | |||||
Percentage change versus prior year period | 22.3 | % |
vs. prior year quarter | ||
Change attributable to: | ||
Change in volume | 16.4 | % |
Change in average selling prices | (0.3 | )% |
Foreign currency effects | 6.2 | % |
Net change | 22.3 | % |
Fiscal quarter ended | |||||
March 31, 2018 | April 1, 2017 | ||||
Gross profit margin | 39.0 | % | 37.7 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net revenues | $ | 34,154 | $ | 27,764 | |||
Change versus comparable prior year period | $ | 6,390 | |||||
Percentage change versus prior year period | 23.0 | % |
vs. prior year quarter | ||
Change attributable to: | ||
Change in volume | 18.6 | % |
Change in average selling prices | (0.5 | )% |
Foreign currency effects | 4.9 | % |
Net change | 23.0 | % |
Fiscal quarter ended | |||||
March 31, 2018 | April 1, 2017 | ||||
Gross profit margin | 42.8 | % | 41.4 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net revenues | $ | 19,228 | $ | 15,468 | |||
Change versus comparable prior year period | $ | 3,760 | |||||
Percentage change versus prior year period | 24.3 | % |
vs. prior year quarter | ||
Change attributable to: | ||
Change in volume | 19.9 | % |
Change in average selling prices | (0.8 | )% |
Foreign currency effects | 5.2 | % |
Net change | 24.3 | % |
Fiscal quarter ended | ||||||
March 31, 2018 | April 1, 2017 | |||||
Gross profit margin | 27.3 | % | 23.9 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Net revenues | $ | 19,709 | $ | 16,555 | |||
Change versus comparable prior year period | $ | 3,154 | |||||
Percentage change versus prior year period | 19.1 | % |
vs. prior year quarter | ||
Change attributable to: | ||
Change in volume | 9.8 | % |
Change in average selling prices | 0.7 | % |
Foreign currency effects | 8.6 | % |
Net change | 19.1 | % |
Fiscal quarter ended | |||||
March 31, 2018 | April 1, 2017 | ||||
Gross profit margin | 43.9 | % | 44.3 | % |
Fiscal quarter ended | |||||||
March 31, 2018 | April 1, 2017 | ||||||
Total SG&A expenses | $ | 20,319 | $ | 18,018 | |||
as a percentage of net revenues | 27.8 | % | 30.1 | % |
Fiscal quarter ended | |||||||||||
March 31, 2018 | April 1, 2017 | Change | |||||||||
Foreign exchange loss | $ | (525 | ) | $ | (374 | ) | $ | (151 | ) | ||
Interest income | 97 | 38 | 59 | ||||||||
Other | (221 | ) | (193 | ) | (28 | ) | |||||
$ | (649 | ) | $ | (529 | ) | $ | (120 | ) |
March 31, 2018 | December 31, 2017 | ||||||
Cash and cash equivalents | $ | 73,734 | $ | 74,292 | |||
Third-party debt, including current and long-term: | |||||||
Term loans | 17,563 | 20,500 | |||||
Revolving debt | 14,000 | 9,000 | |||||
Third-party debt held by Japanese subsidiary | 389 | 401 | |||||
Exchangeable notes, due 2102 | — | 2,794 | |||||
Deferred financing costs | (309 | ) | (340 | ) | |||
Total third-party debt | 31,643 | 32,355 | |||||
Net cash | $ | 42,091 | $ | 41,937 |
March 31, 2018 | December 31, 2017 | ||||
Israel | 40 | % | 37 | % | |
Asia | 20 | % | 28 | % | |
Europe | 15 | % | 15 | % | |
United States | 8 | % | 7 | % | |
United Kingdom | 13 | % | 5 | % | |
Canada | 4 | % | 8 | % | |
100 | % | 100 | % |
10.1 † | ||
10.2 † | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 31, 2018, furnished in XBRL (eXtensible Business Reporting Language). | |
† Denotes a management contract or compensatory plan, contract or arrangement. |
VISHAY PRECISION GROUP, INC. | |
/s/ William M. Clancy | |
William M. Clancy | |
Executive Vice President and Chief Financial Officer | |
(as a duly authorized officer and principal financial and accounting officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Precision Group, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
Date: May 9, 2018 |
/s/ Ziv Shoshani |
Ziv Shoshani |
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Precision Group, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
Date: May 9, 2018 |
/s/ William M. Clancy |
William M. Clancy |
Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Ziv Shoshani |
Ziv Shoshani |
Chief Executive Officer |
May 9, 2018 |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ William M. Clancy |
William M. Clancy |
Chief Financial Officer |
May 9, 2018 |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
May 09, 2018 |
|
Entity Registrant Name | Vishay Precision Group, Inc. | |
Entity Central Index Key | 0001487952 | |
Current Fiscal Year End Date | --03-31 | |
Trading Symbol | VPG | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 12,428,582 | |
Class B Convertible Common Stock | ||
Entity Common Stock, Shares Outstanding | 1,025,158 |
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 4,958 | $ 2,003 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 1,417 | 1,489 |
Pension and other postretirement actuarial items, net of tax | 94 | 36 |
Other comprehensive income (loss) | 1,511 | 1,525 |
Total comprehensive income | 6,469 | 3,528 |
Less: comprehensive income attributable to noncontrolling interests | (30) | 8 |
Comprehensive income attributable to VPG stockholders | $ 6,499 | $ 3,520 |
Consolidated Condensed Statement of Equity (Parenthetical) - Common Stock |
3 Months Ended |
---|---|
Mar. 31, 2018
shares
| |
Restricted stock issuances, shares | 33,031 |
Common stock issuance from conversion of exchangeable notes, shares | 123,808 |
Basis of Presentation |
3 Months Ended | ||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation Background Vishay Precision Group, Inc. (“VPG” or the “Company”) is an internationally recognized designer, manufacturer and marketer of sensors, and sensor-based measurement systems, as well as specialty resistors and strain gages based upon the Company's proprietary technology. The Company provides precision products and solutions, many of which are “designed-in” by its customers, specializing in the growing markets of stress, force, weight, pressure, and current measurements. Interim Financial Statements These unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial statements and therefore do not include all information and footnotes necessary for the presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of December 31, 2017 and 2016 and for each of the three years in the period ended December 31, 2017, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on March 15, 2018. The results of operations for the fiscal quarter ended March 31, 2018 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 2018 and 2017 end on the following dates:
Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers,” and modified the standard thereafter. The objective of the ASU is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that will supersede most current revenue recognition guidance. The basis of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company adopted the new revenue standard as of January 1, 2018 using the modified retrospective method. See Note 2 for additional details. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to clarify the presentation of certain cash receipts and payments within the statement of cash flows. The Company adopted this standard effective January 1, 2018 and it did not have a material impact on the consolidated condensed financial statements. In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory”. This ASU requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new guidance does not apply to intra-entity transfers of inventory. The income tax consequences from the sale of inventory from one member of the consolidated entity to another will continue to be deferred until the inventory is sold to a third party. The Company’s adoption of this standard on January 1, 2018 resulted in a $0.2 million cumulative effect adjustment to the 2018 beginning retained earnings. In January 2017, the FASB issued ASU No. 2017‑01, “Clarifying the Definition of a Business.” This ASU provides a more robust framework to determine when a set of assets and activities constitutes a business. The Company adopted this standard effective January 1, 2018 and did not have a material impact on the consolidated condensed financial statements. In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs. All other components of the net periodic benefit cost are presented outside of operating income. The Company adopted the new standard as of January 1, 2018 and recorded the non-service cost component of $0.2 million to Other income (expense) - other for the three fiscal months ended March 31, 2018. Additionally, the non-service cost component of $0.2 million was reclassified from Operating income to Other income (expense) - other for the three fiscal months ended April 1, 2017. In May 2017, the FASB issued ASU No. 2017-09, “Scope of Modification Accounting." This ASU clarifies which changes to the terms or conditions of a share-based payment award will require modification accounting. The Company adopted this standard effective January 1, 2018 and it did not have a material impact on the consolidated condensed financial statements. Recent Accounting Pronouncements In January 2018, the FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which gives entities the option to reclassify to retained earnings the tax effects resulting from the Act related to items in AOCI that the FASB refers to as having been stranded in AOCI. The new guidance may be applied retrospectively to each period in which the effect of the Act is recognized in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issued or made available for issuance, including the period the Act was enacted. The guidance, when adopted, will require new disclosures regarding a company’s accounting policy for releasing the tax effects in AOCI and permit the company the option to reclassify to retained earnings the tax effects resulting from the Act that are stranded in AOCI. The Company is evaluating the new standard to determine the impact on the Company’s consolidated condensed financial statements. In January 2017, the FASB issued ASU No. 2017‑04, “Simplifying the Test for Goodwill Impairment.” This ASU eliminates the requirement to calculate the implied fair value of goodwill (second step) to measure a goodwill impairment charge. Under the guidance, an impairment charge will be measured based on the excess of the reporting unit’s carrying amount over its fair value (first step). The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is evaluating the standard to determine the impact on the Company’s consolidated condensed financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of this ASU will require lessees to present the assets and liabilities that arise from leases on their balance sheets. The ASU is effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the standard to determine the impact on the Company’s consolidated condensed financial statements. |
Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenues Adoption of ASC 606 On January 1, 2018 the Company adopted Accounting Standards Codification ("ASC") 606 using the modified retrospective method. All of our contracts outstanding at December 31, 2017 were considered substantially complete as of January 1, 2018 and therefore resulted in no cumulative effect adjustments. The Company has determined that the impact of adoption of ASC 606 will not have a material impact on the timing or amount of revenue that we recognize based on our business activities existing at the date of adoption. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customer are satisfied, which generally occurs with the transfer of control of our products. For certain contracts with post-shipment obligations, revenue is recognized when the post-shipment obligation is satisfied. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing post-shipment obligations. Sales, value add and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Given the specialized nature of the Company's products, it generally does not allow product returns. Shipping and handling costs are recorded to Costs of product sold when control of the product has transferred to the customer. The Company offers standard product warranties. Warranty related costs continue to be recognized as expense when the products are sold. 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):
The following table disaggregates net revenue from contracts with customers by market sector (in thousands):
Arrangements with Multiple Performance Obligations Contract with our customers can include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling price which is determined based on the prices charged to customers when sold on a standalone basis. Contract Assets & Liabilities Contract Assets: 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: 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):
The amount of revenue recognized in the current period that was included in the opening contract liability balance is $1.6 million. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts that have a duration of one year or less and for contracts that are substantially complete. The Company treats shipping and handling activities as fulfillment costs. |
Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill The change in the carrying amount of goodwill by segment is as follows (in thousands):
|
Restructuring Costs |
3 Months Ended | ||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||
Restructuring Costs | Restructuring Costs Restructuring costs represent the cost reduction programs initiated by the Company. Restructuring costs are expensed during the period in which the Company determines it will incur those costs and all requirements for accrual are met. Because these costs are recorded based upon estimates, actual expenditures for the restructuring activities may differ from the initially recorded costs. If the initial estimates are too low or too high, the Company could be required to either record additional expense in future periods or to reverse part of the previously recorded charges. The Company did not record any restructuring costs during the fiscal quarter ended March 31, 2018. During the fiscal quarter ended April 1, 2017, the Company recorded aggregate restructuring costs of $0.6 million which consisted mainly of employee termination costs and facility closure costs incurred in connection with various cost reduction programs in Europe, the United States and Canada. The following table summarizes recent activity related to all restructuring programs. The accrued restructuring liability balance as of March 31, 2018 and December 31, 2017, respectively, is included in other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands):
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act ("2017 Tax Act") was enacted. The 2017 Tax Act significantly changed U.S. tax law by, among other things, lowering the corporate tax rate, implementing a partial territorial tax system, and imposing a one-time transition tax on post 1986 undistributed foreign earnings as of December 31, 2017. The 2017 Tax Act permanently reduced the U.S. corporate tax rate from a maximum of 35% to a flat 21%, effective January 1, 2018. On December 22, 2017 the SEC staff issued Staff Accounting Bulletin ("SAB") 118 to address the application of U.S. GAAP in situations when a registrant does not have all the necessary information available to prepare and analyze the accounting treatment for the proper recognition of the tax impact of the 2017 Tax Act. In accordance with SAB 118 guidance, the Company has recorded the provisional tax impacts related to the deemed distribution of foreign earnings and the benefit for the revaluation of deferred tax assets and liabilities in its consolidated financial statements for the year ended December 31, 2017. The final impact may differ from the provisional amount recognized. In accordance with SAB 118 the financial reporting impact of the 2017 Tax Act will be completed in the fourth quarter of 2018. As of March 31, 2018, the Company has not completed the analysis for all of the tax effects of the 2017 Tax Act and has not recorded any additional adjustments to the provisional amounts recorded at December 31, 2017 year-end. The Company will continue to make and refine its calculations as additional analysis is completed. These estimates may also be affected as the Company gains a more thorough understanding of the tax law. These changes could be material to income tax expense. The 2017 Tax Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. Given the complexity of the GILTI provisions, the Company is still evaluating the effects of the GILTI provisions and has not yet determined its accounting policy. As of March 31, 2018, because the Company is still evaluating the GILTI provisions and its analysis of future taxable income that is subject to GILTI, it has included GILTI related to current-year operations only in its Estimated Annual Effective Tax Rate and has not provided additional GILTI on deferred items. 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 March 31, 2018 was 30.1% compared to 32.4% for the fiscal quarter ended April 1, 2017. The tax rate in the current fiscal quarter is lower than the prior year fiscal quarter primarily because of the reduced impact in the current quarter of certain discrete tax items, primarily having to do with fewer loss entities for which no benefit was recognized. The Company and its subsidiaries are subject to income taxes in the United States. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. VPG establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when VPG believes that certain positions might be challenged despite its belief that the tax return positions are supportable. VPG adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. Penalties and tax-related interest expense are reported as a component of income tax expense. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands):
Exchangeable Unsecured Notes, due 2102 Effective February 26, 2018, the holder of the Company's exchangeable notes exercised its option to exchange the remaining $2.8 million principal amount of the notes for 123,808 shares of VPG common stock at the contractual put/call rate of $22.57 per share. Following this transaction, all exchangeable notes have been canceled and VPG has no further obligations pursuant to such notes. |
Accumulated Other Comprehensive Income (Loss) |
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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):
Reclassifications of pension and other postretirement actuarial items out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note 7). |
Pensions and Other Postretirement Benefits |
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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):
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Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation The Amended and Restated Vishay Precision Group, Inc. Stock Incentive Program (as amended and restated, the “Plan”) permits the issuance of up to 1,000,000 shares of common stock. At March 31, 2018, the Company had reserved 191,349 shares of common stock for future grants of equity awards (restricted stock, unrestricted stock, restricted stock units ("RSUs"), or stock options) pursuant to the Plan. If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for re-grant to others. On February 16, 2018, VPG’s three current executive officers were granted annual equity awards in the form of RSUs, of which 75% are performance-based. The awards have an aggregate target grant-date fair value of $1.3 million and were comprised of 52,166 RSUs. Twenty-five percent of these awards will vest on January 1, 2021, subject to the executives’ continued employment. The performance-based portion of the RSUs will also vest on January 1, 2021, subject to the executives' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative “free cash” and adjusted net earnings goals, each weighted equally. On March 21, 2018, certain VPG employees were granted annual equity awards in the form of RSUs, of which 75% are performance-based. The awards have an aggregate grant-date fair value of $0.4 million and were comprised of 13,215 RSUs. Twenty-five percent of these awards will vest on January 1, 2021 subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2021, subject to the satisfaction of certain performance objectives relating to three-year cumulative earnings and cash flow goals, and the employees' continued employment. 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):
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information VPG reports in three product segments: the Foil Technology Products segment, the Force Sensors segment, and the Weighing and Control Systems segment. The Foil Technology Products reporting segment is comprised of the foil resistor and strain gage operating segments. The Force Sensors reporting segment is comprised of transducers, load cells, and modules. The Weighing and Control Systems reporting segment is comprised of complete systems which include load cells and instrumentation for weighing, force control and force measurement for a variety of uses such as process control and on-board weighing applications. VPG evaluates reporting segment performance based on multiple performance measures including revenues, gross profits and operating income, exclusive of certain items. Management believes that evaluating segment performance, excluding items such as restructuring costs, acquisition costs, and other items is meaningful because it provides insight with respect to the intrinsic operating results of VPG. The following table sets forth reporting segment information (in thousands):
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):
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Earnings Per Share |
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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):
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Additional Financial Statement Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Statement Information | Additional Financial Statement Information The caption “other” on the consolidated condensed statements of operations consists of the following (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Accounting Standards Codification (“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):
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 March 31, 2018 and December 31, 2017, and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The fair value of the long-term debt, excluding capitalized deferred financing costs, at March 31, 2018 and December 31, 2017 is approximately $31.6 million and $33.4 million, respectively, compared to its carrying value, excluding capitalized deferred financing costs, of $31.6 million and $32.4 million, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates. The fair value 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 whose carrying amounts reported in the consolidated condensed balance sheets approximate their fair values. |
Basis of Presentation (Policies) |
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Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers,” and modified the standard thereafter. The objective of the ASU is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that will supersede most current revenue recognition guidance. The basis of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company adopted the new revenue standard as of January 1, 2018 using the modified retrospective method. See Note 2 for additional details. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to clarify the presentation of certain cash receipts and payments within the statement of cash flows. The Company adopted this standard effective January 1, 2018 and it did not have a material impact on the consolidated condensed financial statements. In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory”. This ASU requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new guidance does not apply to intra-entity transfers of inventory. The income tax consequences from the sale of inventory from one member of the consolidated entity to another will continue to be deferred until the inventory is sold to a third party. The Company’s adoption of this standard on January 1, 2018 resulted in a $0.2 million cumulative effect adjustment to the 2018 beginning retained earnings. In January 2017, the FASB issued ASU No. 2017‑01, “Clarifying the Definition of a Business.” This ASU provides a more robust framework to determine when a set of assets and activities constitutes a business. The Company adopted this standard effective January 1, 2018 and did not have a material impact on the consolidated condensed financial statements. In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs. All other components of the net periodic benefit cost are presented outside of operating income. The Company adopted the new standard as of January 1, 2018 and recorded the non-service cost component of $0.2 million to Other income (expense) - other for the three fiscal months ended March 31, 2018. Additionally, the non-service cost component of $0.2 million was reclassified from Operating income to Other income (expense) - other for the three fiscal months ended April 1, 2017. In May 2017, the FASB issued ASU No. 2017-09, “Scope of Modification Accounting." This ASU clarifies which changes to the terms or conditions of a share-based payment award will require modification accounting. The Company adopted this standard effective January 1, 2018 and it did not have a material impact on the consolidated condensed financial statements. Recent Accounting Pronouncements In January 2018, the FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which gives entities the option to reclassify to retained earnings the tax effects resulting from the Act related to items in AOCI that the FASB refers to as having been stranded in AOCI. The new guidance may be applied retrospectively to each period in which the effect of the Act is recognized in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issued or made available for issuance, including the period the Act was enacted. The guidance, when adopted, will require new disclosures regarding a company’s accounting policy for releasing the tax effects in AOCI and permit the company the option to reclassify to retained earnings the tax effects resulting from the Act that are stranded in AOCI. The Company is evaluating the new standard to determine the impact on the Company’s consolidated condensed financial statements. In January 2017, the FASB issued ASU No. 2017‑04, “Simplifying the Test for Goodwill Impairment.” This ASU eliminates the requirement to calculate the implied fair value of goodwill (second step) to measure a goodwill impairment charge. Under the guidance, an impairment charge will be measured based on the excess of the reporting unit’s carrying amount over its fair value (first step). The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is evaluating the standard to determine the impact on the Company’s consolidated condensed financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of this ASU will require lessees to present the assets and liabilities that arise from leases on their balance sheets. The ASU is effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the standard to determine the impact on the Company’s consolidated condensed financial statements. |
Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||
Schedule of Fiscal Quarters | The four fiscal quarters in 2018 and 2017 end on the following dates:
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Revenue (Tables) |
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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):
The following table disaggregates net revenue from contracts with customers by market sector (in thousands):
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Contract with Customer, Asset and Liability | The outstanding contract assets and (liability) accounts were as follows (in thousands):
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Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The change in the carrying amount of goodwill by segment is as follows (in thousands):
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Restructuring Costs (Tables) |
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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 March 31, 2018 and December 31, 2017, respectively, is included in other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands):
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Long-Term Debt (Tables) |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands):
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Pensions and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense recognized (in thousands):
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting | The following table sets forth reporting segment information (in thousands):
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):
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Additional Financial Statement Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income in Operations | The caption “other” on the consolidated condensed statements of operations consists of the following (in thousands):
|
Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
Jan. 01, 2018 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other income (expense) - net | $ (1,091) | $ (981) | |
Operating income | (8,186) | (3,945) | |
Accounting Standards Update 2017-07 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other income (expense) - net | $ 200 | ||
Operating income | $ 200 | ||
Retained Earnings | Accounting Standards Update 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment | $ 200 |
Revenue - Disaggregation of Revenue by Market Sector (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | $ 73,091 | $ 59,787 |
Test & Measurement | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 19,260 | 15,983 |
Avionics, Military & Space | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 5,691 | 5,050 |
Medical | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 2,679 | 2,107 |
Precision Weighing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 23,823 | 19,085 |
Force Measurement | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 17,292 | 12,375 |
Steel | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | $ 4,346 | $ 5,187 |
Revenue - Contract Assets and Liabilities (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Unbilled revenue, beginning balance | $ 824 |
Increase in unbilled revenue | 189 |
Unbilled revenue, ending balance | 1,013 |
Accrued customer advances, beginning balance | 3,229 |
Increase in accrued customer advances | 551 |
Accrued customer advances, ending balance | $ 3,780 |
Revenue - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Amounts included in customer advanced payments in previous periods | $ 1.6 |
Goodwill (Schedule of Goodwill) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 19,181 |
Foreign currency translation adjustment | (186) |
Ending balance | 18,995 |
KELK Acquisition | Weighing and Control Systems Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 6,828 |
Foreign currency translation adjustment | (186) |
Ending balance | 6,642 |
Stress-Tek Acquisition | Weighing and Control Systems Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 6,311 |
Foreign currency translation adjustment | 0 |
Ending balance | 6,311 |
Pacific Acquisition | Foil Technology Products Segment | |
Goodwill [Roll Forward] | |
Beginning balance | 6,042 |
Foreign currency translation adjustment | 0 |
Ending balance | $ 6,042 |
Restructuring Costs (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 0 | $ 554 |
Europe, Canada and United States | Global Cost Reduction Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 600 |
Restructuring Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Restructuring Reserve [Roll Forward] | ||
Restructuring costs | $ 0 | $ 554 |
Employee Severance | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 254 | |
Restructuring costs | 0 | |
Cash payments | (81) | |
Foreign currency translation | 0 | |
Restructuring reserve, ending balance | $ 173 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 30.10% | 32.40% |
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Exchangeable Unsecured Notes, due 2102 | $ 0 | $ 2,794 |
Other debt | 389 | 401 |
Deferred financing costs | (309) | (340) |
Total long-term debt | 31,643 | 32,355 |
Less: current portion | 3,926 | 3,878 |
Long-term debt, less current portion | 27,717 | 28,477 |
Revolving Credit Facility | Credit Agreement 2015 | ||
Debt Instrument [Line Items] | ||
Secured debt | 14,000 | 9,000 |
U.S. Closing Date Term Facility | Credit Agreement 2015 | ||
Debt Instrument [Line Items] | ||
Secured debt | 3,490 | 3,664 |
U.S. Delayed Draw Term Facility | Credit Agreement 2015 | ||
Debt Instrument [Line Items] | ||
Secured debt | 8,530 | 8,956 |
Canadian Term Facilities | Credit Agreement 2015 | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 5,543 | $ 7,880 |
Long-Term Debt (Narrative) (Details) - Unsecured Debt - Exchangeable Unsecured Notes Due 2102 $ / shares in Units, $ in Millions |
Feb. 26, 2018
USD ($)
$ / shares
shares
|
---|---|
Debt Instrument [Line Items] | |
Principal amount of notes exchanged for common stock | $ | $ 2.8 |
Common stock issuance from conversion of exchangeable notes, shares | shares | 123,808 |
Exchangeable notes conversion price amount (in dollars per share) | $ / shares | $ 22.57 |
Pensions and Other Postretirement Benefits (Schedule of Net Pension and Other Retirement Plan Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | $ 138 | $ 117 |
Interest cost | 176 | 163 |
Expected return on plan assets | (142) | (130) |
Amortization of actuarial losses | 131 | 111 |
Net periodic benefit cost | 303 | 261 |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | 27 | 28 |
Interest cost | 38 | 35 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial losses | 44 | 28 |
Net periodic benefit cost | $ 109 | $ 91 |
Share-Based Compensation (Narrative) (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 21, 2018
USD ($)
shares
|
Feb. 16, 2018
USD ($)
people
shares
|
Mar. 31, 2018
USD ($)
shares
|
Apr. 01, 2017
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (up to) | 1,000,000 | |||
Number of shares available for grant | 191,349 | |||
Share-based compensation expense | $ | $ 373 | $ 243 | ||
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 | 75.00% | 75.00% | ||
Number of RSUs granted (in shares) | 13,215 | 52,166 | ||
Weighted average grant date fair value | $ | $ 400 | $ 1,300 | ||
Award vesting period (in years) | 3 years | 3 years | ||
Restricted Stock Units (RSUs) | Vesting on January 1, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights (percentage) | 25.00% | 25.00% |
Share-Based Compensation (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Restricted stock units | $ 373 | $ 243 |
Segment Information (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2018
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information (Intersegment Sales) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Segment Reporting Information [Line Items] | ||
Net revenues | $ 73,091 | $ 59,787 |
Foil Technology Products | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 34,154 | 27,764 |
Foil Technology Products | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 1,019 | 678 |
Force Sensors | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 19,228 | 15,468 |
Force Sensors | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 311 | 419 |
Weighing and Control Systems | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 19,709 | 16,555 |
Weighing and Control Systems | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 161 | $ 164 |
Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Numerator: | ||
Net earnings attributable to VPG stockholders | $ 4,988 | $ 1,995 |
Adjustment to the numerator for net earnings: | ||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | 5 | 6 |
Numerator for diluted earnings per share: | ||
Net earnings attributable to VPG stockholders | $ 4,993 | $ 2,001 |
Denominator: | ||
Weighted average shares | 13,342 | 13,210 |
Effect of dilutive securities: | ||
Exchangeable notes | 90 | 181 |
Restricted stock units | 65 | 47 |
Dilutive potential common shares | 155 | 228 |
Denominator for diluted earnings per share: | ||
Adjusted weighted average shares | 13,497 | 13,438 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.37 | $ 0.15 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.37 | $ 0.15 |
Additional Financial Statement Information (Schedule of Other Items in Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Foreign exchange loss | $ (525) | $ (374) |
Interest income | 97 | 38 |
Other | (221) | |
Other | (193) | |
Other nonoperating income (expense) | $ (649) | $ (529) |
Fair Value Measurements (Schedule of Assets and Liabilities at Fair Value, Recurring) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 4,770 | $ 4,988 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 130 | 364 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 4,640 | 4,624 |
Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 0 | $ 0 |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Long-term debt, fair value | $ 31.6 | $ 33.4 |
Long-term debt, carrying value | $ 31.6 | $ 32.4 |
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