(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification Number) | |||||||||||||
(Address of Principal Executive Offices) (Zip Code) | (Registrant’s Telephone Number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ¨ | ý | ||||||||||||
Non-accelerated filer | ¨ | 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 | ||||||||
– March 30, 2024 (Unaudited) and December 31, 2023 | ||||||||
(Unaudited) – Fiscal Quarters Ended March 30, 2024 and April 1, 2023 | ||||||||
(Unaudited) – Fiscal Quarters Ended March 30, 2024 and April 1, 2023 | ||||||||
(Unaudited) –Three Fiscal Months Ended March 30, 2024 and April 1, 2023 | ||||||||
(Unaudited) – Fiscal Quarters Ended March 30, 2024 and April 1, 2023 | ||||||||
VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) | |||||||||||
March 30, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories: | |||||||||||
Raw materials | |||||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment: | |||||||||||
Land | |||||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Software | |||||||||||
Construction in progress | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ |
VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) | |||||||||||
March 30, 2024 | December 31, 2023 | ||||||||||
Liabilities and equity | (Unaudited) | ||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | $ | |||||||||
Payroll and related expenses | |||||||||||
Other accrued expenses | |||||||||||
Income taxes | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Accrued pension and other postretirement costs | |||||||||||
Total liabilities | |||||||||||
Equity: | |||||||||||
Common stock | |||||||||||
Class B convertible common stock | |||||||||||
Treasury stock | ( | ( | |||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Vishay Precision Group, Inc. stockholders' equity | |||||||||||
Noncontrolling interests | ( | ||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Fiscal quarter ended | |||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||
Net revenues | $ | $ | |||||||||
Costs of products sold | |||||||||||
Gross profit | |||||||||||
Selling, general, and administrative expenses | |||||||||||
Restructuring costs | |||||||||||
Operating income | |||||||||||
Other income (expense): | |||||||||||
Interest expense | ( | ( | |||||||||
Other | |||||||||||
Other income (expense) | ( | ||||||||||
Income before taxes | |||||||||||
Income tax expense | |||||||||||
Net earnings | |||||||||||
Less: net (loss) earnings attributable to noncontrolling interests | ( | ||||||||||
Net earnings attributable to VPG stockholders | $ | $ | |||||||||
Basic earnings per share attributable to VPG stockholders | $ | $ | |||||||||
Diluted earnings per share attributable to VPG stockholders | $ | $ | |||||||||
Weighted average shares outstanding - basic | |||||||||||
Weighted average shares outstanding - diluted |
Fiscal quarter ended | |||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||
Net earnings | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | ( | ||||||||||
Pension and other postretirement actuarial items | ( | ||||||||||
Other comprehensive (loss) income | ( | ||||||||||
Comprehensive income | |||||||||||
Less: comprehensive (loss) income attributable to noncontrolling interests | ( | ||||||||||
Comprehensive income attributable to VPG stockholders | $ | $ |
Three fiscal months ended | |||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||
Operating activities | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gain on sale of property and equipment | ( | ||||||||||
Share-based compensation expense | |||||||||||
Inventory write-offs for obsolescence | |||||||||||
Deferred income taxes | |||||||||||
Foreign currency impacts and other items | ( | ( | |||||||||
Net changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Trade accounts payable | ( | ||||||||||
Other current liabilities | ( | ||||||||||
Other non current assets and liabilities, net | ( | ( | |||||||||
Accrued pension and other postretirement costs, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Purchase of treasury stock | ( | ||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Payments of employee taxes on certain share-based arrangements | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
(Decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of investing transactions: | |||||||||||
Capital expenditures accrued but not yet paid | $ | $ | |||||||||
Supplemental disclosure of financing transactions: | |||||||||||
Excise tax on net share repurchases accrued but not yet paid | $ |
Fiscal quarter ended March 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuances ( | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Excise tax on net share repurchases | — | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 30, 2024 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ |
Fiscal quarter ended April 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuances ( | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ |
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, |
Fiscal quarter ended March 30, 2024 | Fiscal quarter ended April 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Sensors | Weighing Solutions | Measurement Systems | Total | Sensors | Weighing Solutions | Measurement Systems | Total | ||||||||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Germany | |||||||||||||||||||||||||||||||||||||||||||||||
Other Europe | |||||||||||||||||||||||||||||||||||||||||||||||
Israel | |||||||||||||||||||||||||||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Test & Measurement | $ | $ | ||||||||||||
Avionics, Military & Space | ||||||||||||||
Transportation | ||||||||||||||
Other Markets | ||||||||||||||
Industrial Weighing | ||||||||||||||
General Industrial | ||||||||||||||
Steel | ||||||||||||||
Total | $ | $ |
Contract Asset | Contract Liability | ||||||||||
Unbilled Revenue | Accrued Customer Advances | ||||||||||
Balance at December 31, 2023 | $ | $ | |||||||||
Balance at March 30, 2024 | |||||||||||
Increase (decrease) | $ | $ | ( |
Total | Measurement Systems | Weighing Solutions | |||||||||||||||||||||||||||
KELK Acquisition | DSI Acquisition | DTS Acquisition | Stress-Tek Acquisition | ||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign currency translation adjustment | $ | ( | $ | ( | $ | ( | $ | — | $ | — | |||||||||||||||||||
Balance at March 30, 2024 | $ | $ | $ | $ | $ |
Leases | March 30, 2024 | December 31, 2023 | ||||||||||||
Assets | ||||||||||||||
Operating lease right of use asset | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Operating lease - current | $ | $ | ||||||||||||
Operating lease - non-current | $ | $ |
March 30, 2024 | |||||
Operating leases weighted average remaining lease term (in years) | |||||
Operating leases weighted average discount rate | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Operating lease cost | $ | $ | ||||||||||||
Short-term lease cost | ||||||||||||||
Sublease income | ( | ( | ||||||||||||
Total net lease cost | $ | $ |
2024 (excluding the three months ended March 30, 2024) | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total future minimum lease payments | $ | ||||
Less: amount representing interest | ( | ||||
Present value of future minimum lease payments | $ |
March 30, 2024 | December 31, 2023 | ||||||||||
2020 Credit Agreement - Revolving Facility | $ | $ | |||||||||
Deferred financing costs | ( | ( | |||||||||
Total long-term debt | $ | $ | |||||||||
Less: current portion | |||||||||||
Long-term debt, less: current portion | $ | $ |
Foreign Currency Translation Adjustment | Pension and Other Postretirement Actuarial Items | Total | |||||||||||||||
Balance at January 1, 2024 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive loss before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | |||||||||||||||
Balance at March 30, 2024 | $ | ( | $ | $ | ( |
Foreign Currency Translation Adjustment | Pension and Other Postretirement Actuarial Items | Total | |||||||||||||||
Balance at January 1, 2023 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive loss before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Balance at April 1, 2023 | $ | ( | $ | $ | ( |
Fiscal quarter ended March 30, 2024 | Fiscal quarter ended April 1, 2023 | ||||||||||||||||||||||
Pension Plans | OPEB Plans | Pension Plans | OPEB Plans | ||||||||||||||||||||
Net service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of actuarial losses (gains) | ( | ( | |||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Three fiscal months ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Share-based compensation expense | $ | $ | ||||||||||||
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Net revenues: | ||||||||||||||
Sensors | $ | $ | ||||||||||||
Weighing Solutions | ||||||||||||||
Measurement Systems | ||||||||||||||
Total | $ | $ | ||||||||||||
Gross profit: | ||||||||||||||
Sensors | $ | $ | ||||||||||||
Weighing Solutions | ||||||||||||||
Measurement Systems | ||||||||||||||
Total | $ | $ | ||||||||||||
Reconciliation of segment operating income to consolidated results: | ||||||||||||||
Sensors | $ | $ | ||||||||||||
Weighing Solutions | ||||||||||||||
Measurement Systems | ||||||||||||||
Unallocated G&A expenses | ( | ( | ||||||||||||
Restructuring costs | ( | ( | ||||||||||||
Operating income | $ | $ | ||||||||||||
Restructuring costs: | ||||||||||||||
Sensors | $ | ( | $ | |||||||||||
Weighing Solutions | ( | |||||||||||||
Measurement Systems | ( | |||||||||||||
Corporate/Other | ( | ( | ||||||||||||
$ | ( | $ | ( | |||||||||||
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Sensors to Weighing Solutions | $ | $ | ||||||||||||
Sensors to Measurement Systems |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Numerator: | ||||||||||||||
Numerator for basic earnings per share: | ||||||||||||||
Net earnings attributable to VPG stockholders | $ | $ | ||||||||||||
Denominator: | ||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||
Weighted average shares | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted stock units | ||||||||||||||
Dilutive potential common shares | ||||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||
Adjusted weighted average shares | ||||||||||||||
Basic earnings per share attributable to VPG stockholders | $ | $ | ||||||||||||
Diluted earnings per share attributable to VPG stockholders | $ | $ |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Foreign currency exchange gain | $ | $ | ||||||||||||
Interest income | ||||||||||||||
Pension expense | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
$ | $ |
March 30, 2024 | December 31, 2023 | ||||||||||
Customer advance payments | $ | $ | |||||||||
Accrued restructuring | |||||||||||
Goods received, not yet invoiced | |||||||||||
Accrued taxes, other than income taxes | |||||||||||
Accrued commissions | |||||||||||
Accrued professional fees | |||||||||||
Accrued technical warranty | |||||||||||
Current accrued pensions and other post retirement costs | |||||||||||
Other | |||||||||||
$ | $ |
Fair value measurements at reporting date using: | ||||||||||||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||||
March 30, 2024 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Assets held in rabbi trusts | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Assets held in rabbi trusts | $ | $ | $ | $ |
Balance at December 31, 2023 | $ | ||||
Restructuring charges in 2024 | |||||
Cash payments | ( | ||||
Foreign currency exchange translation | ( | ||||
Balance at March 30, 2024 | $ |
Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended | March 30, 2024 | April 1, 2023 | March 30, 2024 | April 1, 2023 | March 30, 2024 | April 1, 2023 | March 30, 2024 | April 1, 2023 | |||||||||||||||||||||||||||||||||||||||
As reported - GAAP | $ | 35,094 | $ | 37,199 | $ | 6,918 | $ | 9,924 | $ | 5,891 | $ | 6,964 | $ | 0.44 | $ | 0.51 | |||||||||||||||||||||||||||||||
As reported - GAAP Margins | 43.4 | % | 41.9 | % | 8.6 | % | 11.2 | % | |||||||||||||||||||||||||||||||||||||||
Acquisition purchase accounting adjustments (a) | — | 49 | — | 49 | — | 49 | — | — | |||||||||||||||||||||||||||||||||||||||
Restructuring costs | — | — | 782 | 116 | 782 | 116 | 0.06 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Severance cost | — | 0 | 347 | 0 | 347 | — | 0.03 | — | |||||||||||||||||||||||||||||||||||||||
Foreign currency exchange gain (b) | — | — | — | — | (1,589) | (62) | (0.12) | — | |||||||||||||||||||||||||||||||||||||||
Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (238) | 32 | (0.01) | — | |||||||||||||||||||||||||||||||||||||||
As Adjusted - Non GAAP | $ | 35,094 | $ | 37,248 | $ | 8,047 | $ | 10,089 | $ | 5,669 | $ | 7,035 | $ | 0.42 | $ | 0.52 | |||||||||||||||||||||||||||||||
As Adjusted - Non GAAP Margins | 43.4 | % | 41.9 | % | 10.0 | % | 11.4 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Net earnings attributable to VPG stockholders | $ | 5,891 | $ | 6,964 | ||||||||||
Interest Expense | 628 | 997 | ||||||||||||
Income tax expense | 2,318 | 2,220 | ||||||||||||
Depreciation | 3,016 | 2,919 | ||||||||||||
Amortization | 927 | 939 | ||||||||||||
EBITDA | 12,780 | 14,039 | ||||||||||||
EBITDA MARGIN | 15.8 | % | 15.8 | % | ||||||||||
Acquisition purchase accounting adjustments (a) | — | 49 | ||||||||||||
Restructuring costs | 782 | 116 | ||||||||||||
Severance cost | 347 | — | ||||||||||||
Foreign currency exchange gain (b) | (1,589) | (62) | ||||||||||||
ADJUSTED EBITDA | $ | 12,320 | $ | 14,142 | ||||||||||
ADJUSTED EBITDA MARGIN | 15.3 | % | 15.9 | % |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | |||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2024 | ||||||||||||||||||||||||
Net revenues | $ | 88,864 | $ | 90,802 | $ | 85,854 | $ | 89,528 | $ | 80,783 | |||||||||||||||||||
Gross profit margin | 41.9 | % | 42.6 | % | 41.9 | % | 43.0 | % | 43.4 | % | |||||||||||||||||||
End-of-period backlog | $ | 146,800 | $ | 139,700 | $ | 128,800 | $ | 117,300 | $ | 109,603 | |||||||||||||||||||
Book-to-bill ratio | 0.94 | 0.94 | 0.90 | 0.84 | 0.93 | ||||||||||||||||||||||||
Inventory turnover | 2.39 | 2.34 | 2.20 | 2.27 | 2.05 |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | |||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2024 | ||||||||||||||||||||||||
Sensors | |||||||||||||||||||||||||||||
Net revenues | $ | 36,726 | $ | 36,266 | $ | 32,532 | $ | 34,259 | $ | 29,414 | |||||||||||||||||||
Gross profit margin | 41.2 | % | 40.1 | % | 35.9 | % | 40.2 | % | 36.5 | % | |||||||||||||||||||
End-of-period backlog | $ | 66,200 | $ | 58,900 | $ | 52,400 | $ | 49,000 | $ | 45,024 | |||||||||||||||||||
Book-to-bill ratio | 0.82 | 0.84 | 0.83 | 0.85 | 0.91 | ||||||||||||||||||||||||
Inventory turnover | 2.62 | 2.55 | 2.38 | 2.36 | 2.09 | ||||||||||||||||||||||||
Weighing Solutions | |||||||||||||||||||||||||||||
Net revenues | $ | 31,859 | $ | 31,261 | $ | 28,970 | $ | 30,438 | $ | 28,845 | |||||||||||||||||||
Gross profit margin | 34.9 | % | 38.7 | % | 38.7 | % | 35.6 | % | 39.1 | % | |||||||||||||||||||
End-of-period backlog | $ | 35,400 | $ | 34,300 | $ | 30,800 | $ | 28,800 | $ | 27,109 | |||||||||||||||||||
Book-to-bill ratio | 0.90 | 0.97 | 0.89 | 0.91 | 0.95 | ||||||||||||||||||||||||
Inventory turnover | 2.63 | 2.41 | 2.18 | 2.46 | 2.31 | ||||||||||||||||||||||||
Measurement Systems | |||||||||||||||||||||||||||||
Net revenues | $ | 20,279 | $ | 23,275 | $ | 24,352 | $ | 24,831 | $ | 22,524 | |||||||||||||||||||
Gross profit margin | 53.9 | % | 51.8 | % | 53.6 | % | 56.0 | % | 58.1 | % | |||||||||||||||||||
End-of-period backlog | $ | 45,200 | $ | 46,500 | $ | 45,600 | $ | 39,500 | $ | 37,470 | |||||||||||||||||||
Book-to-bill ratio | 1.21 | 1.06 | 0.98 | 0.73 | 0.94 | ||||||||||||||||||||||||
Inventory turnover | 1.70 | 1.94 | 1.94 | 1.87 | 1.62 |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Costs of products sold | 56.6 | % | 58.1 | % | ||||||||||
Gross profit | 43.4 | % | 41.9 | % | ||||||||||
Selling, general, and administrative expenses | 33.9 | % | 30.6 | % | ||||||||||
Operating income | 8.6 | % | 11.2 | % | ||||||||||
Income before taxes | 10.1 | % | 10.4 | % | ||||||||||
Net earnings | 7.2 | % | 7.9 | % | ||||||||||
Net earnings attributable to VPG stockholders | 7.3 | % | 7.8 | % | ||||||||||
Effective tax rate | 28.4 | % | 24.1 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Net revenues | $ | 80,783 | $ | 88,864 | ||||||||||
Change versus comparable prior year period | $ | (8,081) | ||||||||||||
Percentage change versus prior year period | (9.1) | % |
vs. prior year quarter | ||||||||
Change attributable to: | ||||||||
Change in volume | (9.5) | % | ||||||
Change in average selling prices | 0.8 | % | ||||||
Foreign currency effects | (0.4) | % | ||||||
Net change | (9.1) | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Gross profit margin | 43.4 | % | 41.9 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Net revenues | $ | 29,414 | $ | 36,726 | ||||||||||
Change versus comparable prior year period | $ | (7,312) | ||||||||||||
Percentage change versus prior year period | (19.9) | % |
vs. prior year quarter | ||||||||
Change attributable to: | ||||||||
Change in volume | (20.1) | % | ||||||
Change in average selling prices | 1.3 | % | ||||||
Foreign currency effects | (1.1) | % | ||||||
Net change | (19.9) | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Gross profit margin | 36.5 | % | 41.2 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Net revenues | $ | 28,845 | $ | 31,859 | ||||||||||
Change versus comparable prior year period | $ | (3,014) | ||||||||||||
Percentage change versus prior year period | (9.5) | % |
vs. prior year quarter | ||||||||
Change attributable to: | ||||||||
Change in volume | (10.4) | % | ||||||
Change in average selling prices | 0.6 | % | ||||||
Foreign currency effects | 0.3 | % | ||||||
Net change | (9.5) | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Gross profit margin | 39.1 | % | 34.9 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Net revenues | $ | 22,524 | $ | 20,279 | ||||||||||
Change versus comparable prior year period | $ | 2,245 | ||||||||||||
Percentage change versus prior year period | 11.1 | % |
vs. prior year quarter | ||||||||
Change attributable to: | ||||||||
Change in volume | 11.3 | % | ||||||
Change in average selling prices | 0.4 | % | ||||||
Foreign currency effects | (0.6) | % | ||||||
Net change | 11.1 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Gross profit margin | 58.1 | % | 53.9 | % |
Fiscal quarter ended | ||||||||||||||
March 30, 2024 | April 1, 2023 | |||||||||||||
Total SG&A expenses | $ | 27,394 | $ | 27,159 | ||||||||||
As a percentage of net revenues | 33.9 | % | 30.6 | % |
Fiscal quarter ended | |||||||||||||||||
March 30, 2024 | April 1, 2023 | Change | |||||||||||||||
Foreign currency exchange gain | $ | 1,589 | $ | 62 | $ | 1,527 | |||||||||||
Interest income | 323 | 366 | (43) | ||||||||||||||
Pension expense | (10) | (74) | 64 | ||||||||||||||
Other | (42) | (79) | 37 | ||||||||||||||
$ | 1,860 | $ | 275 | $ | 1,585 |
March 30, 2024 | December 31, 2023 | ||||||||||
Israel | 35 | % | 36 | % | |||||||
Asia | 24 | % | 22 | % | |||||||
Europe | 22 | % | 23 | % | |||||||
United States | 6 | % | 8 | % | |||||||
Canada | 13 | % | 11 | % | |||||||
100 | % | 100 | % |
March 30, 2024 | December 31, 2023 | ||||||||||
Cash and cash equivalents | $ | 83,016 | $ | 83,965 | |||||||
Third-party debt, including current and long-term: | |||||||||||
Revolving debt | 32,000 | 32,000 | |||||||||
Deferred financing costs | (115) | (144) | |||||||||
Total third-party debt | 31,885 | 31,856 | |||||||||
Net cash | $ | 51,131 | $ | 52,109 |
Total Number of Shares Purchased (a) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans (a) | ||||||||||||||||||||
January 1, 2024 - February 1, 2024 | 41,706 | $ | 31.61 | 41,706 | 284,668 | ||||||||||||||||||
February 2, 2024 - March 2, 2024 | 25,421 | 32.68 | 25,421 | 259,247 | |||||||||||||||||||
March 3, 2024- March 30, 2024 | 17,638 | 34.34 | 17,638 | 241,609 | |||||||||||||||||||
Total | 84,765 | 84,765 | 241,609 | ||||||||||||||||||||
(a) 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, and the Board authorized purchases thereunder to be made through an issuer repurchase plan adopted under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), open market purchases or private transactions, in accordance with the applicable federal securities laws, including Rule 10b-18 under the Exchange Act. 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 March 30, 2024, the Company had repurchased an aggregate of 358,391 shares under the Stock Repurchase Plan. | |||||||||||||||||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 30, 2024, furnished in XBRL (eXtensible Business Reporting Language). |
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) |
Date: May 7, 2024 | ||
/s/ Ziv Shoshani | ||
Ziv Shoshani | ||
Chief Executive Officer |
Date: May 7, 2024 | ||
/s/ William M. Clancy | ||
William M. Clancy | ||
Chief Financial Officer |
/s/ Ziv Shoshani | ||
Ziv Shoshani | ||
Chief Executive Officer | ||
May 7, 2024 |
/s/ William M. Clancy | ||
William M. Clancy | ||
Chief Financial Officer | ||
May 7, 2024 |
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 5,832 | $ 6,982 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (4,892) | 1,502 |
Pension and other postretirement actuarial items | (2) | 3 |
Other comprehensive loss | (4,894) | 1,505 |
Comprehensive income | 938 | 8,487 |
Less: comprehensive (loss) income attributable to noncontrolling interests | (59) | 18 |
Comprehensive income attributable to VPG stockholders | $ 997 | $ 8,469 |
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 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 | 6,982 | 6,964 | 6,964 | 18 | |||||
Other comprehensive income (loss) | 1,505 | 1,505 | 1,505 | ||||||
Share-based compensation expense | 681 | 681 | 681 | ||||||
Restricted stock issuances | 3 | ||||||||
Purchase of treasury stock | (777) | (777) | (780) | ||||||
Distributions to noncontrolling interests | (20) | (20) | |||||||
Balance, ending at Apr. 01, 2023 | 314,893 | 314,920 | 1,328 | 103 | (11,504) | 201,065 | 163,323 | (39,395) | (27) |
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 | 5,832 | 5,891 | 5,891 | (59) | |||||
Other comprehensive income (loss) | (4,894) | (4,894) | (4,894) | ||||||
Share-based compensation expense | 661 | 661 | 661 | ||||||
Restricted stock issuances | (854) | (854) | 4 | (858) | |||||
Purchase of treasury stock | (2,755) | (2,755) | (2,755) | ||||||
Excise tax on net share repurchases | (15) | (15) | (15) | ||||||
Distributions to noncontrolling interests | (32) | (32) | |||||||
Balance, ending at Mar. 30, 2024 | $ 327,868 | $ 327,876 | $ 1,334 | $ 103 | $ (20,230) | $ 202,475 | $ 187,957 | $ (43,763) | $ (8) |
Consolidated Condensed Statements of Equity (Parenthetical) - shares |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Treasury Stock | ||
Purchase of treasury stock (shares) | 84,765 | |
Common Stock | ||
Restricted stock issuance (shares) | 38,607 | 29,803 |
Basis of Presentation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 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 March 30, 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:
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 |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 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):
The following table disaggregates net revenue from contracts with customers by market sector (in thousands).
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):
|
Goodwill |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill The Company's required goodwill and indefinite-lived asset annual impairment test is completed as of the first day of the fourth fiscal quarter each year. In 2023, the results of the quantitative impairment test for the Dynamic Systems Inc. ("DSI") and Diversified Technical Systems Inc. (“DTS”) reporting units indicated that the fair value of both reporting units exceeded their carrying values, and therefore no impairment was recognized. The change in the carrying amount of goodwill by segment is as follows (in thousands):
|
Leases |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms of less than one year to twelve years, seven months. The Company has no finance leases. Leases recorded on the balance sheet consist of the following (in thousands):
Other information related to lease term and discount rate is as follows:
The components of lease expense are as follows (in thousands):
Right of use assets obtained in exchange for new operating lease liability during the three fiscal months ended March 30, 2024 were $1.2 million. The Company paid $1.4 million and $1.2 million for its operating leases for each of the three fiscal months ended March 30, 2024 and April 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 March 30, 2024 are summarized as follows (in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 30, 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 28.4% and 24.1% for the fiscal quarter ended March 30, 2024, and April 1, 2023, respectively. The effective tax rate for the fiscal quarter ended March 30, 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 April 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.
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Long-Term Debt |
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands):
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 in the amount of $31.885 million has been reclassified as a current liability. On May 5, 2023, the Company entered into Amendment No. 1 to Third Amended and Restated Credit Agreement (the “Credit Agreement Amendment”) amending the Third Amended and Restated Credit Agreement, dated March 20, 2020. The primary purpose of the changes made in the Credit Agreement Amendment were to update the interest rate provisions to replace LIBOR with SOFR for U.S. dollar denominated loans as well as update the other applicable reference borrowing rates for foreign currency loans which took effect on June 15, 2023. Interest payable on amounts borrowed under the 2020 Revolving Facility, taking into account the effect of the Credit Agreement Amendment, is based upon the following: (a) for revolving credit loans denominated in US Dollars, the SOFR rate plus applicable credit spread; and (b) for revolving credit loans denominated in foreign currencies, at other applicable local reference rates plus an interest margin. Depending upon the Company’s leverage ratio, an interest rate margin ranging from 1.50% to 2.75% per annum is added to the applicable SOFR rate to determine the interest payable on the SOFR loans. The Company is required to pay a quarterly fee of 0.25% per annum to 0.40% per annum on the unused portion of the 2020 Revolving Facility, which is determined based on the Company’s leverage ratio each quarter. Additional customary fees apply with respect to letters of credit.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss), net of tax, consist of the following (in thousands):
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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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Mar. 30, 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 March 30, 2024, the Company had reserved 486,632 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. 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 reportable segments: Sensors segment, Weighing Solutions segment, and Measurement Systems segment. The Sensors reporting segment is comprised of the foil resistor and strain gage operating segments. The Weighing Solutions segment is comprised of specialized modules and systems used to precisely measure weight, force, torque, and pressure. The Measurement Systems reporting segment is comprised of highly specialized systems for steel production, materials development, and safety testing. The chief operating decision maker ("CODM") is our chief executive officer. The 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):
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 Other Income (Expense) Other The caption “Other” on the consolidated condensed statements of operations consists of the following (in thousands):
Foreign currency exchange gains represent the impact of changes in foreign currency exchange rates. The change in foreign currency exchange gains and losses for the fiscal quarter ended March 30, 2024, as compared to the prior year period, was largely due to exposure to currency fluctuations with the Japanese yen, the Canadian dollar, and the British pound. Pension expense represents the net periodic benefit cost excluding the service cost. Other Accrued Expenses Other accrued expenses consist 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 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 30, 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 March 30, 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 and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.
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Restructuring Costs |
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Mar. 30, 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 $0.8 million and $0.1 million of restructuring costs during the fiscal quarter ended March 30, 2024 and April 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 March 30, 2024 and December 31, 2023, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands):
|
Stockholder's equity |
3 Months Ended |
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Mar. 30, 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 March 30, 2024, the Company had repurchased an aggregate of 358,391 shares of its common stock under the stock repurchase plan for consideration of $11.4 million.
|
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Pay vs Performance Disclosure | ||
Net earnings attributable to VPG stockholders | $ 5,891 | $ 6,964 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Mar. 30, 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 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:
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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.
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Basis of Presentation - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 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:
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Revenues - (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 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):
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Leases - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases Recorded on the Balance Sheet | Leases recorded on the balance sheet consist of the following (in thousands):
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Other Information Related to Lease Term and Discount Rate | Other information related to lease term and discount rate is as follows:
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Components of Lease Expense | The components of lease expense are as follows (in thousands):
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Maturities of Operating Lease Liabilities | Undiscounted maturities of operating lease payments as of March 30, 2024 are summarized as follows (in thousands):
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Long-Term Debt - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands):
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Accumulated Other Comprehensive Income (Loss) - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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):
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Pensions and Other Postretirement Benefits - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 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):
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Share-Based Compensation - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense recognized (in thousands):
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Segment Information - (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Other accrued expenses consist of the following (in thousands):
|
Fair Value Measurements - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 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):
|
Restructuring Costs - (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||
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 30, 2024 and December 31, 2023, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands):
|
Revenues - (Disaggregation of Revenue by Market Sector) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 80,783 | $ 88,864 |
Test & Measurement | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,650 | 18,664 |
Avionics, Military & Space | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 6,989 | 11,707 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 14,370 | 12,472 |
Other Markets | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,971 | 19,305 |
Industrial Weighing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 9,814 | 11,026 |
General Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 5,319 | 4,798 |
Steel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 12,670 | $ 10,892 |
Revenues - (Contract Assets and Liabilities) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 30, 2024
USD ($)
| |
Movement in Contract Assets and Liabilities [Roll Forward] | |
Contract asset, unbilled revenue, beginning balance | $ 2,989 |
(Decrease)/increase in contract asset, unbilled revenue | 1,625 |
Contract asset, unbilled revenue, ending balance | 4,614 |
Contract liability, accrued customer advances, beginning balance | 8,712 |
(Decrease)/increase in contract liability, accrued customer advances | (728) |
Contract liability, accrued customer advances, ending balance | $ 7,984 |
Revenues - (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 30, 2024
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, revenue recognized | $ 3.7 |
Goodwill (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Apr. 01, 2023 |
Dec. 31, 2023 |
|
Goodwill [Roll Forward] | ||
Foreign currency translation adjustment | $ (181,000) | |
Ending balance | $ 45,734,000 | |
Impairment of indefinite lived intangible assets | 0 | |
KELK Acquisition | Measurement Systems | ||
Goodwill [Roll Forward] | ||
Foreign currency translation adjustment | (171,000) | |
Ending balance | 6,488,000 | |
DSI Acquisition | Measurement Systems | ||
Goodwill [Roll Forward] | ||
Foreign currency translation adjustment | $ (10,000) | |
Ending balance | 16,902,000 | |
DTS Acquisition | Measurement Systems | ||
Goodwill [Roll Forward] | ||
Ending balance | 16,033,000 | |
Stress-Tek Acquisition | Weighing Solutions | ||
Goodwill [Roll Forward] | ||
Ending balance | $ 6,311,000 |
Leases - (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 1.2 | |
Operating lease, payments | $ 1.4 | $ 1.2 |
Buildings and Vehicles | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term (years) | 1 year | |
Buildings and Vehicles | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term (years) | 12 years 7 months |
Leases - (Leases Recorded on the Balance Sheet) (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Assets | ||
Operating lease right of use asset | $ 26,927 | $ 26,953 |
Liabilities | ||
Operating lease - current | 4,090 | 4,004 |
Operating lease - non-current | $ 22,353 | $ 22,625 |
Leases - (Other Information Related to Leases) (Details) |
Mar. 30, 2024 |
---|---|
Leases [Abstract] | |
Operating leases weighted average remaining lease term (years) | 7 years 7 months 9 days |
Operating leases weighted average discount rate (percent) | 4.99% |
Leases - (Components of Lease Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 1,383 | $ 1,244 |
Short-term lease cost | 18 | 46 |
Sublease income | (113) | (100) |
Total net lease cost | $ 1,288 | $ 1,190 |
Leases - (Maturities of Operating Lease Liabilities) (Details) $ in Thousands |
Mar. 30, 2024
USD ($)
|
---|---|
Leases [Abstract] | |
2024 (excluding the three months ended March 30, 2024) | $ 3,821 |
2025 | 4,693 |
2026 | 4,020 |
2027 | 3,662 |
2028 | 3,459 |
Thereafter | 11,986 |
Total future minimum lease payments | 31,640 |
Less: amount representing interest | (5,197) |
Present value of future minimum lease payments | $ 26,443 |
Income Taxes - (Details) |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 28.40% | 24.10% |
Long-Term Debt - (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (115) | $ (144) |
Long-Term Debt, Total | 31,885 | 31,856 |
Less: current portion | 31,885 | 0 |
Long-term debt, less: current portion | 0 | 31,856 |
Revolving Credit Facility | 2020 Credit Agreement - Revolving Facility | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 32,000 | $ 32,000 |
Long-Term Debt - (Narrative) (Details) - 2020 Credit Agreement - Revolving Facility |
Mar. 20, 2020
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Line of credit facility, accordion feature, increase limit | $ 25,000,000 |
Secured Overnight Financing Rate | Minimum | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.50% |
Fee on unused capacity (percentage) | 0.25% |
Secured Overnight Financing Rate | 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 |
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | $ 67 | $ 69 |
Interest cost | 191 | 190 |
Expected return on plan assets | (210) | (212) |
Amortization of actuarial losses (gains) | 5 | 8 |
Net periodic benefit cost | 53 | 55 |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | 4 | 4 |
Interest cost | 27 | 28 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial losses (gains) | (3) | (6) |
Net periodic benefit cost | $ 28 | $ 26 |
Share-Based Compensation - (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Share-Based Payment Arrangement [Abstract] | ||
Share-based compensation expense | $ 661 | $ 681 |
Segment Information - (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 30, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - (Intersegment Sales) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Segment Reporting Information [Line Items] | ||
Total revenue | $ (80,783) | $ (88,864) |
Sensors to Weighing Solutions | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 469 | 328 |
Sensors to Measurement Systems | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 10 | $ 36 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Numerator: | ||
Net earnings attributable to VPG stockholders | $ 5,891 | $ 6,964 |
Denominator: | ||
Weighted average shares (in shares) | 13,405 | 13,586 |
Effect of dilutive securities: | ||
Restricted stock units (in shares) | 63 | 66 |
Dilutive potential common shares (in shares) | 63 | 66 |
Denominator for diluted earnings per share: | ||
Adjusted weighted average shares (in shares) | 13,468 | 13,652 |
Basic earnings per share attributable to VPG stockholders (dollars per share) | $ 0.44 | $ 0.51 |
Diluted earnings per share attributable to VPG stockholders (dollars per share) | $ 0.44 | $ 0.51 |
Additional Financial Statement Information - (Schedule of Other Items in Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Foreign currency exchange gain | $ 1,589 | $ 62 |
Interest income | 323 | 366 |
Pension expense | (10) | (74) |
Other | (42) | (79) |
Other nonoperating income (expense) | $ 1,860 | $ 275 |
Additional Financial Statement Information (Other Accrued Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Customer advance payments | $ 7,984 | $ 8,712 |
Accrued restructuring | 290 | 249 |
Goods received, not yet invoiced | 2,700 | 2,837 |
Accrued taxes, other than income taxes | 1,793 | 1,370 |
Accrued commissions | 3,580 | 4,077 |
Accrued professional fees | 1,642 | 1,343 |
Accrued technical warranty | 778 | 770 |
Current accrued pensions and other post retirement costs | 511 | 511 |
Other | 2,529 | 2,558 |
Other accrued expenses | $ 21,807 | $ 22,427 |
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 6,148 | $ 5,841 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 122 | 59 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 6,026 | 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) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring costs | $ 782 | $ 116 |
Restructuring Costs - Restructuring Programs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 249 | |
Restructuring costs | 782 | $ 116 |
Cash payments | (706) | |
Foreign currency exchange translation | (35) | |
Restructuring reserve, ending balance | $ 290 |
Stockholder's Equity (Details) - USD ($) $ in Millions |
20 Months Ended | |
---|---|---|
Mar. 30, 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) | 358,391 | |
Treasury stock acquired | $ (11.4) |
Label | Element | Value |
---|---|---|
Stress-Tek, Inc. [Member] | Weighing Solutions [Member] | ||
Goodwill | us-gaap_Goodwill | $ 6,311,000 |
Kelk [Member] | Measurement Systems [Member] | ||
Goodwill | us-gaap_Goodwill | 6,317,000 |
Dynamic Systems Inc. [Member] | Measurement Systems [Member] | ||
Goodwill | us-gaap_Goodwill | 16,892,000 |
Diversified Technical Systems, Inc [Member] | Measurement Systems [Member] | ||
Goodwill | us-gaap_Goodwill | $ 16,033,000 |
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