Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jul. 01, 2023 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-34679 | ||
Entity Registrant Name | Vishay Precision Group, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-0986328 | ||
Entity Address, Address Line One | 3 Great Valley Parkway, Suite 150 | ||
Entity Address, City or Town | Malvern | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19355 | ||
City Area Code | 484 | ||
Local Phone Number | 321-5300 | ||
Title of 12(b) Security | Common Stock, $0.10 par value | ||
Trading Symbol | VPG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 469,974 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement, which will be filed within 120 days of December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001487952 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Common Stock, Shares Outstanding (in shares) | 12,359,588 | ||
Class B Convertible Common Stock | |||
Entity Common Stock, Shares Outstanding (in shares) | 1,022,887 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Brightman Almagor Zohar & Co.Brightman Almagor Zohar & Co. |
Auditor Location | Tel Aviv, Israel |
Auditor Firm ID | 1197 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 83,965 | $ 88,562 |
Accounts receivable, net of allowances for credit losses of $508 and $709, respectively | 56,438 | 60,068 |
Inventories: | ||
Raw materials | 33,973 | 31,852 |
Work in process | 26,594 | 26,401 |
Finished goods | 27,572 | 26,407 |
Inventories | 88,139 | 84,660 |
Prepaid expenses and other current assets | 14,520 | 18,516 |
Total current assets | 243,062 | 251,806 |
Property and equipment: | ||
Land | 4,154 | 4,117 |
Buildings and improvements | 72,952 | 71,613 |
Machinery and equipment | 131,738 | 125,301 |
Software | 9,619 | 9,539 |
Construction in progress | 11,379 | 10,075 |
Accumulated depreciation | (139,206) | (133,518) |
Property and equipment, net | 90,636 | 87,127 |
Goodwill | 45,734 | 45,544 |
Intangible assets, net | 44,634 | 48,217 |
Operating lease right-of-use assets | 26,953 | 24,342 |
Other assets | 20,547 | 19,706 |
Total assets | 471,566 | 476,742 |
Current liabilities: | ||
Trade accounts payable | 11,698 | 13,792 |
Payroll and related expenses | 18,971 | 21,966 |
Other accrued expenses | 22,427 | 20,306 |
Income taxes | 4,524 | 4,064 |
Current portion of operating lease liabilities | 4,004 | 4,208 |
Total current liabilities | 61,624 | 64,336 |
Long-term debt | 31,856 | 60,799 |
Deferred income taxes | 3,490 | 4,212 |
Operating lease liabilities | 22,625 | 20,043 |
Other liabilities | 14,770 | 13,053 |
Accrued pension and other postretirement costs | 7,276 | 7,777 |
Total liabilities | 141,641 | 170,220 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, par value $1.00 per share: authorized - 1,000,000 shares; none issued | 0 | 0 |
Treasury stock, at cost - 893,293 shares held at December 31, 2023 and 704,880 shares held at December 31, 2022 | (17,460) | (11,504) |
Capital in excess of par value | 202,672 | 201,164 |
Retained earnings | 182,066 | 156,359 |
Accumulated other comprehensive loss | (38,869) | (40,900) |
Total Vishay Precision Group, Inc. stockholders' equity | 329,842 | 306,547 |
Noncontrolling interests | 83 | (25) |
Total equity | 329,925 | 306,522 |
Total liabilities and equity | 471,566 | 476,742 |
Common Stock | ||
Equity: | ||
Common stock | 1,330 | 1,325 |
Class B Convertible Common Stock | ||
Equity: | ||
Common stock | $ 103 | $ 103 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses (in dollars) | $ 508 | $ 709 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares outstanding (in shares) | 12,405,151 | 12,546,375 |
Treasury stock (in shares) | 893,293 | 704,880 |
Class B Convertible Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, shares outstanding (in shares) | 1,022,887 | 1,022,887 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net revenues | $ 355,048 | $ 362,580 | $ 317,919 |
Costs of products sold | 204,706 | 212,978 | 192,777 |
Gross profit | 150,342 | 149,602 | 125,142 |
Selling, general, and administrative expenses | 106,828 | 104,285 | 95,273 |
Acquisition costs | 0 | 0 | 1,198 |
Impairment of goodwill and indefinite-lived intangibles | 0 | 0 | 1,223 |
Restructuring costs | 1,560 | 1,518 | 76 |
Operating income | 41,954 | 43,799 | 27,372 |
Other income (expense): | |||
Interest expense | (3,974) | (2,269) | (1,230) |
Other | 456 | 3,558 | (230) |
Other income (expenses) | (3,518) | 1,289 | (1,460) |
Income before taxes | 38,436 | 45,088 | 25,912 |
Income tax expense | 12,426 | 8,535 | 5,469 |
Net earnings | 26,010 | 36,553 | 20,443 |
Less: net earnings attributable to noncontrolling interests | 303 | 490 | 222 |
Net earnings attributable to VPG stockholders | $ 25,707 | $ 36,063 | $ 20,221 |
Basic earnings per share attributable to VPG stockholders (in dollars per share) | $ 1.89 | $ 2.65 | $ 1.49 |
Diluted earnings per share attributable to VPG stockholders (in dollars per share) | $ 1.88 | $ 2.63 | $ 1.48 |
Weighted average shares outstanding - basic (in shares) | 13,574 | 13,628 | 13,616 |
Weighted average shares outstanding - diluted (in shares) | 13,653 | 13,688 | 13,657 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 26,010 | $ 36,553 | $ 20,443 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 2,227 | (11,213) | (4,684) |
Pension and other postretirement actuarial items | (196) | 5,321 | 2,347 |
Other comprehensive income (loss), net of tax | 2,031 | (5,892) | (2,337) |
Comprehensive income | 28,041 | 30,661 | 18,106 |
Less: comprehensive income attributable to noncontrolling interests | 303 | 490 | 222 |
Comprehensive income attributable to VPG stockholders | $ 27,738 | $ 30,171 | $ 17,884 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net earnings | $ 26,010 | $ 36,553 | $ 20,443 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Impairment of goodwill and indefinite-lived intangibles | 0 | 0 | 1,223 |
Depreciation and amortization | 15,550 | 15,353 | 14,996 |
Loss (gain) on disposal of property and equipment | 75 | (117) | (5) |
Gain on sale of short term investment | (14) | 0 | 0 |
Reclassification of foreign currency translation adjustment related to disposal of subsidiary | 0 | 191 | 0 |
Share-based compensation expense | 2,290 | 2,439 | 2,244 |
Inventory write-offs for obsolescence | 2,099 | 1,650 | 2,288 |
Deferred income taxes | (156) | (2,040) | (3,256) |
Foreign currency impacts and other items | 660 | (3,915) | (1,018) |
Net changes in operating assets and liabilities, net of acquisition: | |||
Accounts receivable | 3,794 | (4,777) | (8,038) |
Inventories | (4,898) | (11,943) | (8,626) |
Prepaid expenses and other current assets | 4,172 | (2,808) | (56) |
Trade accounts payable | (2,658) | 889 | 3,292 |
Other current liabilities | 56 | 3,393 | 11,637 |
Other non current assets and liabilities, net | 439 | (1,413) | (624) |
Accrued pension and other postretirement costs, net | (1,526) | (426) | (963) |
Net cash provided by operating activities | 45,893 | 33,029 | 33,537 |
Investing activities | |||
Capital expenditures | (15,154) | (21,288) | (17,061) |
Proceeds from sale of property and equipment | 40 | 451 | 231 |
Purchase of short term investment | (1,000) | 0 | 0 |
Proceeds from sale of short term investment | 1,014 | 0 | 0 |
Purchase of business | 0 | 0 | (47,216) |
Net cash used in investing activities | (15,100) | (20,837) | (64,046) |
Financing activities | |||
Principal payments on long-term debt | 0 | 0 | (18) |
Proceeds from revolving facility | 0 | 0 | 20,000 |
Payments on revolving facility | (29,000) | 0 | 0 |
Purchase of treasury stock | (5,915) | (2,739) | 0 |
Distributions to noncontrolling interests | (195) | (457) | (313) |
Payments of employee taxes on certain share-based arrangements | (825) | (435) | (853) |
Net cash (used in) provided by financing activities | (35,935) | (3,631) | 18,816 |
Effect of exchange rate changes on cash and cash equivalents | 545 | (4,334) | (2,410) |
(Decrease) increase in cash and cash equivalents | (4,597) | 4,227 | (14,103) |
Cash and cash equivalents at beginning of year | 88,562 | 84,335 | 98,438 |
Cash and cash equivalents at end of year | 83,965 | 88,562 | 84,335 |
Supplemental disclosure of investing transactions: | |||
Capital expenditures accrued but not yet paid | 2,317 | 1,731 | 3,068 |
Supplemental disclosure of financing transactions: | |||
Excise tax on net share repurchases accrued but not yet paid | $ 41 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total VPG Inc. Stockholders' Equity | Common Stock | Class B Convertible Common Stock | Treasury Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2020 | $ 257,857 | $ 257,823 | $ 1,317 | $ 103 | $ (8,765) | $ 197,764 | $ 100,075 | $ (32,671) | $ 34 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 20,443 | 20,221 | 20,221 | 222 | |||||
Other comprehensive income (loss) | (2,337) | (2,337) | (2,337) | ||||||
Share-based compensation expense | 2,244 | 2,244 | 2,244 | ||||||
Restricted stock issuances | (852) | (852) | 5 | (857) | |||||
Distributions to noncontrolling interests | (313) | (313) | |||||||
Balance at end of period at Dec. 31, 2021 | 277,042 | 277,099 | 1,322 | 103 | (8,765) | 199,151 | 120,296 | (35,008) | (57) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 36,553 | 36,063 | 36,063 | 490 | |||||
Other comprehensive income (loss) | (5,892) | (5,892) | (5,892) | ||||||
Share-based compensation expense | 2,439 | 2,439 | 2,439 | ||||||
Restricted stock issuances | (423) | (423) | 3 | (426) | |||||
Purchase of treasury stock | (2,739) | (2,739) | (2,739) | ||||||
Distributions to noncontrolling interests | (458) | (458) | |||||||
Balance at end of period 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 | 26,010 | 25,707 | 25,707 | 303 | |||||
Other comprehensive income (loss) | 2,031 | 2,031 | 2,031 | ||||||
Share-based compensation expense | 2,290 | 2,290 | 2,290 | ||||||
Restricted stock issuances | (777) | (777) | 5 | (782) | |||||
Purchase of treasury stock | (5,915) | (5,915) | (5,915) | ||||||
Excise tax on net share repurchases | (41) | (41) | (41) | ||||||
Distributions to noncontrolling interests | (195) | (195) | |||||||
Balance at end of period at Dec. 31, 2023 | $ 329,925 | $ 329,842 | $ 1,330 | $ 103 | $ (17,460) | $ 202,672 | $ 182,066 | $ (38,869) | $ 83 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Purchase of treasury stock | $ (5,915) | $ (2,739) | |
Common Stock | |||
Restricted stock issuances (in shares) | 47,189 | 28,368 | 50,781 |
Treasury Stock | |||
Purchase of treasury stock (in shares) | 188,413 | 85,213 | |
Purchase of treasury stock | $ (5,915) | $ (2,739) | |
Parent [Member] | |||
Purchase of treasury stock | $ (5,915) | $ (2,739) |
Background and Summary of Signi
Background and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Background and Summary of Significant Accounting Policies | Background and Summary of Significant Accounting Policies Background Vishay Precision Group, Inc. (“VPG” or the “Company”) is a global, diversified company focused on precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one. Many of our specialized sensors, weighing solutions, and measurement systems are “designed-in” by our customers, and address growing applications across a diverse array of industries and markets. Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality, and we employ an operationally diversified structure to manage our businesses. Principles of Consolidation The consolidated financial statements include the accounts of the individual entities in which the Company maintained a controlling financial interest. For those subsidiaries in which the Company’s ownership is less than 100 percent, the outside stockholders’ interests are shown as noncontrolling interests in the accompanying consolidated balance sheets. All transactions, accounts, and profits between individual members comprising the Company have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Revenue Recognition The Company derives substantially all of its revenue from product sales. The Company recognizes the vast majority of its sales at a point-in-time. It utilizes the core principle of recognizing revenue when the Company satisfies performance obligations as evidenced by the transfer of control of its products to the customer. Such revenues are derived from purchase orders and/or contracts with customers. Each contract has the promise to transfer the control of the products, each of which is individually distinct and is considered the identified performance obligation. As part of the decision to enter into each contract, the Company evaluates the customer’s credit risk, but its contracts do not have any significant financing components, as payment is generally due net 30 to 60 days after delivery. In accordance with contract terms, revenue from the Company’s product sales is recognized at the time of product shipment from its facilities or delivery to the customer location, as determined by the agreed upon shipping terms. Under the terms of some of its contracts, the Company may be required to perform certain installation services. These installation services are performed at the time of product delivery or at some point thereafter. The installation services do not significantly modify the product provided, and although the Company may be required contractually to provide these services, the installation services could be performed by a third party or the customer. Thus, these installation services are a distinct performance obligation. In most of the applicable contracts, this installation service element is immaterial in the context of the agreement. When the installation services are accounted for as a separate performance obligation, the Company allocates the transaction price to this element based on its relative standalone selling price. Given the specialized nature of the Company's products, the Company generally does not allow product returns. Shipping and handling costs are recorded to Costs of product sold when control of the product has transferred to the customer. The Company offers standard product warranties. Warranty related costs continue to be recognized as expense when the products are sold. Sales, value added taxes and other taxes collected concurrent with revenue-producing activities are excluded from revenue. See Note 2 for further details on Revenues. Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development was $20.4 million, $19.8 million, and $17.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes such assets will "more likely than not" be realized. In making this determination, the Company considers all positive and negative evidence, including historic earnings, projected future income, and cost-effective tax-planning strategies. When the Company determines that its ability to realize deferred tax assets is not "more likely than not", the Company adjusts its deferred tax asset valuation allowance, which increases income tax expense. The Company records uncertain tax positions on the basis of a two-step process in which the Company first determines whether it is "more likely than not" that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. Cash and Cash Equivalents Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less when purchased. Highly liquid investments with maturities greater than three months are classified as short-term investments. There were no investments classified as short-term investments at December 31, 2023 or 2022. Allowance for Credit Losses The Company maintains an allowance for credit losses resulting from the inability of its customers to make required payments. In determining the amount of the allowance for credit losses, the Company considers historical loss data, customer specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The allowance for credit losses was $0.5 million and $0.7 million at December 31, 2023 and 2022, respectively. The credit loss was $0.2 million, $0.0 million, and $0.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market based on net realizable value. Inventories are adjusted for estimated excess and obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. Property and Equipment Property and equipment are carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven twenty three Business Combinations The Company allocates the purchase price of an acquired company, including when applicable, the fair value of contingent consideration between tangible and intangible assets acquired and liabilities assumed from the acquired businesses based on estimated fair values, with any residual of the purchase price recorded as goodwill. Estimating fair values requires significant judgments, estimates and assumptions including but not limited to: discount rates, future cash flows and the economic lives of trade names, technology, and customer relationships. These estimates are based on historical experience and information obtained from the management of the acquired companies, and are inherently uncertain. Goodwill and Other Intangible Assets Goodwill and indefinite-lived trademarks are tested for impairment at least annually, and whenever events or changes in circumstances occur indicating that it is "more likely than not" impairment may have been incurred. The Company has the option to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying value as a basis for determining if it is necessary to perform the quantitative goodwill impairment test. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing it against its carrying value. If the fair value exceeds the carrying value, no further evaluation is required and no impairment loss is recognized. An impairment charge would be recognized to the extent the carrying value of goodwill exceeds the reporting unit fair value. The indefinite-lived trade names are tested for impairment either by employing the qualitative approach outlined above, or by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the applicable fair value is recognized as impairment. Any impairment would be recognized in the reporting period in which it has been identified. 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. As described in Note 4 to the consolidated financial statements, the 2023 and 2022 annual impairment tests resulted in no impairment. In 2021, an impairment charge was recorded. Definite-lived intangible assets, such as customer relationships, patents and acquired technology, non-competition agreements, and certain trade names are amortized on a straight-line method over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven five seven five Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for disposal costs. Foreign Currency Translation The Company has significant operations outside of the United States. The Company's operations in Europe, Canada, and certain locations in Asia primarily generate and expend cash in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company’s operations in Israel and certain locations in Asia primarily generate cash in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities in the consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Revenues and expenses are translated at the average exchange rate for the year. Translation adjustments do not impact the consolidated statements of operations and are reported as a separate component of accumulated other comprehensive loss within the statement of comprehensive income. Foreign currency transaction gains and losses are included in the results of operations. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated statements of operations. Share-Based Compensation Compensation costs related to share-based payments are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity instruments issued. For service-based awards, compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The Company recognizes forfeitures as they occur. For performance based awards, the Company recognizes compensation cost for awards that are expected to vest based on whether performance criteria are expected to be met. Leases The Company determines if an arrangement is or contains a lease at inception or modification of such agreement. The arrangement is or contains a lease if the contract conveys the right to control the use of the identified asset for a period in exchange for consideration. Lease right of use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected term at commencement date. As the implicit rate is not determinable in most of the Company's leases, the Company's incremental borrowing rate is used as the basis to determine the present value of future lease payments. The expected lease terms include options to extend or terminate. The period which is subject to an option to extend the lease is included in the lease term if it is reasonably certain that the option will be exercised. Some of these leases contain variable payment provisions that depend on an index or rate, initially measured using the index or rate at the lease commencement date and are therefore not included in our future minimum lease payments. Variable payments are expensed in the periods incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company uses the practical expedients to exclude from balance sheet reporting leases with initial terms of 12 months or less and to exclude non-lease components from lease right of use assets and corresponding liabilities. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Recent Accounting Pronouncements The Company evaluates the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). Recent accounting pronouncements not yet adopted: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues 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) : Year Ended December 31, 2023 Sensors Weighing Solutions Measurement Systems Total United States $ 49,998 $ 55,421 $ 55,703 $ 161,122 United Kingdom 3,833 14,980 360 19,173 Other Europe 32,262 38,649 5,430 76,341 Israel 17,772 292 — 18,064 Asia 35,918 13,156 8,861 57,935 Canada — 30 22,383 22,413 $ 139,783 $ 122,528 $ 92,737 $ 355,048 Year Ended December 31, 2022 Sensors Weighing Solutions Measurement Systems Total United States $ 51,246 $ 58,076 $ 52,435 $ 161,757 United Kingdom 3,481 15,697 572 19,750 Other Europe 31,938 37,490 5,168 74,596 Israel 28,413 470 — 28,883 Asia 37,143 13,974 7,537 58,654 Canada — 8 18,932 18,940 $ 152,221 $ 125,715 $ 84,644 $ 362,580 Year Ended December 31, 2021 Sensors Weighing Solutions Measurement Systems Total United States $ 39,845 $ 52,542 $ 40,095 $ 132,482 United Kingdom 3,083 16,577 752 20,412 Other Europe 25,859 39,549 2,503 67,911 Israel 22,391 994 — 23,385 Asia 36,683 15,719 7,476 59,878 Canada — 9 13,842 13,851 $ 127,861 $ 125,390 $ 64,668 $ 317,919 The following table disaggregates net revenue by market sector (in thousands) : Years Ended December 31, 2023 2022 2021 Test & Measurement $ 73,986 $ 78,406 $ 64,124 Avionics, Military & Space 38,270 31,399 27,303 Transportation 55,060 55,892 49,562 Other Markets 72,372 79,750 71,577 Industrial Weighing 43,898 52,109 50,626 General Industrial 19,917 21,179 16,771 Steel 51,545 43,845 37,956 $ 355,048 $ 362,580 $ 317,919 Contract Assets & Liabilities Contract assets are established when revenues are recognized prior to a contractual payment due from the customer. When a payment becomes due based on the contract terms, the Company will reduce the contract asset and record a receivable. Contract liabilities are deferred revenues that are recorded when cash payments are received or due in advance of our performance obligations. Our payment terms vary by the type and location of the products offered. The term between invoicing and when payment is due is not significant. The outstanding contract assets and liability accounts were as follows (in thousands) : Contract Asset Contract Liability Unbilled Revenue Accrued Customer Advances December 31, 2022 $ 3,990 $ 7,983 December 31, 2023 $ 2,989 $ 8,712 (Decrease) Increase $ (1,001) $ 729 |
Acquisition Activity
Acquisition Activity | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition Activity | Acquisition Activity Diversified Technical Systems, Inc. On June 1, 2021, VPG completed the acquisition of California-based Diversified Technical Systems, Inc. (“DTS”), a manufacturer of data acquisition systems and sensors for product safety and testing, for a purchase price of $47.2 million. The Company used cash on hand and borrowings under its revolving credit facility to fund the purchase price under the purchase agreement. DTS reports into the Company's Measurement Systems segment. The following table summarizes the final fair values assigned to the assets and liabilities of DTS as of June 1, 2021 (in thousands): June 1, 2021 Working capital $ 12,494 Property and equipment 1,209 Deferred income tax liability (6,215) Intangible assets: Acquired technology 13,167 Customer relationships 8,135 Trade names 2,393 Total intangible assets 23,695 Fair value of acquired identifiable assets 31,183 Purchase price $ 47,216 Goodwill $ 16,033 (a) Working capital accounts include accounts receivable, inventory, prepaid expenses, accounts payable, accrued expenses, and accrued payroll. The Company utilizes certain valuations and studies to determine the fair value of the tangible and intangible assets acquired. The estimated weighted average useful lives for the acquired technology and customer relationships are 15 years. Trade names are treated as indefinite-lived intangible assets. None of the goodwill associated with DTS is deductible for income tax purposes. The Company recorded acquisition costs associated with this transaction of $1.2 million in the second quarter of 2021, which included legal fees, appraisal fees, investments banker fees and insurance costs. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company has four reporting units to which goodwill is allocated: steel, on-board weighing, DSI, and DTS. For the steel and on-board weighing goodwill reporting units, the Company performed the qualitative assessment, which included assessment of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other entity specific events which could impact the reporting unit. Based on this review, it was determined that the fair value of each of those reporting units was in excess of its carrying value and therefore no quantitative impairment test was required. For the DSI and DTS goodwill reporting units, the Company performed the quantitative impairment test. In estimating the fair value of our DSI and DTS reporting units the Company used the income approach. The income approach to valuation requires management to make significant estimates and assumptions related to future revenues, profitability, working capital requirements and selection of discount rate and long term growth rate. Changes in these estimates and assumptions could have a significant impact on the fair value of the reporting units. 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 DSI and DTS reporting units indicated that the fair value of both reporting units exceeded their carrying values, and therefore no impairment was recognized. Prior to 2022, the Company also had an instrumentation reporting unit. The Company's analysis in 2021 resulted in an impairment for the instrumentation reporting unit, of $1.1 million in goodwill, which represented the remainder of the goodwill balance, and $0.1 million in indefinite-lived intangible trade name. The change in the carrying value of goodwill by segment is as follows ( in thousands) : Total Measurement Systems Weighing Solutions KELK Acquisition DSI Acquisition DTS Acquisition Stress-Tek Acquisition Balance at January 1, 2022 $ 45,830 $ 6,706 $ 16,910 $ 15,903 $ 6,311 Adjustment to goodwill acquired 130 — — 130 — Foreign currency translation adjustment (416) (393) (23) — — Balance at December 31, 2022 45,544 6,313 16,887 16,033 6,311 Foreign currency translation adjustment 190 175 15 — — Balance at December 31, 2023 $ 45,734 $ 6,488 $ 16,902 $ 16,033 $ 6,311 Intangible assets were as follows (in thousands) : December 31, 2023 2022 Intangible assets subject to amortization (Definite-lived): Patents and acquired technology $ 32,752 $ 32,570 Customer relationships 33,537 33,226 Trade names 1,517 1,521 Non-competition agreements 9,956 10,133 77,762 77,450 Accumulated amortization: Patents and acquired technology (11,048) (9,059) Customer relationships (18,306) (16,209) Trade names (1,517) (1,521) Non-competition agreements (9,939) (10,098) (40,810) (36,887) Net intangible assets subject to amortization $ 36,952 $ 40,563 Intangible assets not subject to amortization (Indefinite-lived): Trade names 7,682 7,654 $ 44,634 $ 48,217 Certain intangible assets are subject to foreign currency translation. Amortization expense was $3.8 million, $3.9 million, and $3.3 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated annual amortization expense for each of the next five years is as follows (in thousands) : 2024 $ 3,722 2025 3,705 2026 3,705 2027 3,669 2028 3,081 |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs Restructuring costs reflect the cost reduction programs implemented by the Company. Restructuring costs are expensed during the period in which the Company determines it will incur those costs and all requirements for accrual are met. Because these costs are recorded based upon estimates, actual expenditures for the restructuring activities may differ from the initially recorded costs. If the initial estimates are too low or too high, the Company could be required to either record additional expense in future periods or to reverse part of the previously recorded charges. The Company recorded restructuring costs of $1.6 million, $1.5 million, and $0.1 million during the years ended December 31, 2023, 2022, and 2021, respectively. The 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 the activity to date related to these programs in the accrued restructuring liability, which is comprised of the activity associated primarily with the employee termination costs. The accrued restructuring liability balance as of December 31, 2023 and 2022, respectively, is included in other accrued expenses in the accompanying consolidated balance sheets (in thousands) : December 31, 2023 2022 Balance at beginning of year $ 183 $ — Restructuring charges 1,560 1,518 Cash payments (1,496) (1,338) Foreign currency translation 2 3 Balance at end of year $ 249 $ 183 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, income before taxes includes the following components (in thousands) : Years ended December 31, 2023 2022 2021 Domestic $ (4,111) $ (4,979) $ (5,956) Foreign 42,547 50,067 31,868 $ 38,436 $ 45,088 $ 25,912 The expense (benefit) for income taxes is comprised of (in thousands) : Years ended December 31, 2023 2022 2021 Current: Federal $ 517 $ 21 $ 245 State and local 162 97 38 Foreign 11,903 10,457 8,442 12,582 10,575 8,725 Deferred: Federal 154 (2,808) (2,992) State and local (628) 109 (588) Foreign 318 659 324 (156) (2,040) (3,256) Total income tax expense $ 12,426 $ 8,535 $ 5,469 A reconciliation of income tax expense (benefit) at the U.S. federal statutory income tax rate to the actual income tax provision is as follows (in thousands) : Years ended December 31, 2023 2022 2021 Tax at statutory rate $ 8,072 $ 9,468 $ 5,441 State income taxes, net of U.S. federal tax benefit (368) 164 (391) U.S. GILTI tax, net of foreign tax credits 72 8 77 Effect of foreign operations 2,378 1,246 2,096 Residual U.S. tax on foreign earnings 899 291 (258) Change in valuation allowance 1,270 (1,629) (1,204) Change in unrecognized tax benefits, net 476 (1,000) 107 Impairment of goodwill — — 237 Specialty tax credits (520) (639) (333) Statutory rate changes 56 3 (282) Effect of foreign exchange 128 667 (35) Other (37) (44) 14 Total income tax expense $ 12,426 $ 8,535 $ 5,469 In 2023, the Company recognized deferred tax benefits of $0.2 million on net operating loss carryforwards generated in certain foreign jurisdictions, which is included in deferred tax expense (benefit) above. The 2017 Tax Cuts and Jobs Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in the future years or provide for tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize tax expense related to GILTI in the year the tax is incurred. The Company recognized approximately $22.5 million and $26.3 million of GILTI for the years ended December 31, 2023 and 2022, respectively. The U.S. tax on GILTI, net of foreign tax credits and research credits, was less than $0.1 million for each of the years ended December 31, 2023 and 2022. Any excess foreign tax credits associated with GILTI are lost and cannot be carried forward to future years. Deferred income taxes represent the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands) : December 31, 2023 2022 Deferred tax assets: Pension and other postretirement costs $ 1,082 $ 1,775 Inventories 4,102 4,057 Net operating/capital loss and interest carryforwards 10,800 9,060 Tax credit carryforwards 1,390 2,372 Deferred compensation 2,845 2,921 Research and development costs 4,707 2,940 Other accruals and reserves 3,709 2,228 Total gross deferred tax assets 28,635 25,353 Less: valuation allowance (13,136) (10,726) 15,499 14,627 Deferred tax liabilities: Tax over book depreciation (2,151) (1,453) Investment in subsidiary (2,121) (2,137) Intangible assets, including tax deductible goodwill (10,843) (10,675) Total gross deferred tax liabilities (15,115) (14,265) Net deferred tax assets $ 384 $ 362 In 2015, the Company established a valuation allowance with respect to substantially all of its U.S. deferred tax assets due to uncertainty regarding the realization of these assets. Throughout 2022 and 2023, the Company reassessed its ability to realize its U.S. and other deferred tax assets by considering both positive and negative evidence regarding realization. The most significant negative evidence is continuing cumulative operating losses in the U.S. The impact of the acquisitions of Stress-Tek, Pacific Instruments, DSI and DTS was also considered in determining the realization of the U.S. deferred tax assets. Other aspects, such as operating results, additional interest expense and additional tax deductions related to the Stress-Tek acquisition, were also considered. The Company also considered positive evidence such as tax planning strategies and the projected benefits of our restructuring efforts. However, there was insufficient positive evidence to overcome the negative evidence. In June 2021, the Company acquired DTS. DTS's opening balance sheet included $26.4 million of gross deferred tax liabilities, including $2.4 million of indefinite-lived liabilities. The acquisition contributed to a $1.6 million net reduction in valuation allowance and deferred tax benefit for the Company in 2021. In the second quarter of 2022, the Company completed the purchase accounting for the acquisition of DTS, which resulted in a $0.3 million reduction of deferred tax assets and corresponding increase in goodwill. Overall, the cumulative losses and the acquisition impacts still indicate that realization of our U.S. deferred tax assets remains uncertain such that the Company cannot conclude that it is "more likely than not" that the deferred tax assets will be recoverable. We will continue to monitor the realization of U.S. deferred tax assets and reduce the valuation allowance if, and when, sufficient positive evidence of realization exists. At December 31, 2023 and 2022, the valuation allowance on U.S. deferred tax assets was approximately $10.9 million and $8.7 million, respectively. The net change in this valuation allowance was approximately $2.3 million, of which approximately $0.5 million related to state valuation allowances. The change in valuation allowance related to state taxes exclusive of rate changes was $0.5 million benefit and $0.4 million expense for the years ended December 31, 2023 and 2022, respectively. The Company also has valuation allowances of $2.2 million and $2.1 million at December 31, 2023 and 2022, respectively, with respect to certain foreign net operating loss and capital loss carryforwards. Significant valuation allowances are as follows (in thousands) : December 31, Jurisdiction 2023 2022 U.S. federal $ 4,402 $ 2,647 U.S. state (net of U.S. federal tax benefit) 6,545 6,026 Israel - capital losses 1,369 1,287 The following table summarizes significant net operating losses, capital losses and credit carryforwards as of December 31, 2023 (in thousands): December 31, Jurisdiction 2023 Expiring U.S. federal net operating losses $ 3,566 No expiration U.S. federal interest expense carryover 12,209 No expiration U.S. foreign tax credit 577 2028-2032 U.S. state net operating losses 120,710 2023-2042 Israel capital losses 5,928 No expiration Utilization of U.S. federal net operating losses is taken into account before the GILTI deduction allowable by IRC Section 250. Undistributed earnings of the Company’s foreign subsidiaries were approximately $277.6 million at December 31, 2023 compared to $233.2 million at December 31, 2022. As of December 31, 2023, the Company had provided for a deferred tax liability of approximately $2.1 million of withholding tax associated with unremitted earnings, including planned cash distributions of $16.6 million. Substantially all of the remaining undistributed earnings are considered to be indefinitely reinvested and accordingly no provision has been made with respect to these earnings for incremental foreign income taxes, state income taxes or foreign withholding taxes. If those earnings were distributed to the U.S., the Company could be subject to incremental foreign income taxes, state income taxes, and withholding taxes. Determination of the amount of unrecognized deferred tax liability is not practicable because of the uncertainty regarding the timing of any such distribution and the impact on existing valuation allowances. In addition to the $2.1 million, additional withholding taxes of approximately $29.2 million are estimated to be payable upon distribution of the remaining previously unremitted earnings as of December 31, 2023. Net income taxes paid were $10.9 million, $10.8 million and $7.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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. The following table summarizes changes in the Company's gross liabilities, excluding interest and penalties, associated with unrecognized tax benefits (in thousands) : December 31, 2023 2022 2021 Balance at beginning of year $ 439 $ 1,282 $ 1,244 Addition based on tax positions related to current year 589 176 52 Addition based on tax positions related to prior years — 216 — Reduction based on tax positions related to prior years (128) — — Currency translation adjustments (8) (6) 41 Reduction for settled tax examinations — (1,229) — Reduction for payments made (94) — — Reduction for lapses of statute of limitations — — (55) Balance at end of year $ 798 $ 439 $ 1,282 The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Related to the unrecognized tax benefits noted above, for the years ended December 31, 2023, 2022 and 2021, the Company accrued total penalties and interest of 0.0 million, $(0.2) million and $0.1 million, respectively. As of December 31, 2023, 2022 and 2021, accrued penalties and interest were $0.0 million, $0.0 million and $0.2 million, respectively. Included in the balance of unrecognized tax benefits as of December 31, 2023, 2022, and 2021 is $0.8 million, $0.4 million, and $1.3 million, respectively, of tax benefits that, if recognized, would impact the effective tax rate. The Company believes that it is reasonably possible that an increase in unrecognized tax benefits related to foreign exposures of between $0.1 million and $0.2 million may be necessary in 2024. Furthermore, as of December 31, 2023, the Company does not anticipate that any of its current unrecognized tax benefits will reverse within the next calendar year due to the expiration of the statute of limitations. The Company and its subsidiaries file U.S. federal income tax returns, as well as income tax returns in various state, local, and foreign jurisdictions. The Company files federal, state, and local income tax returns on a combined, unitary, or stand-alone basis. The statute of limitations in those jurisdictions generally ranges from 3 to 4 years. Additionally, the Company's foreign subsidiaries file income tax returns in the countries in which they have operations and the statutes of limitations in those jurisdictions generally range from 3 to 10 years. During the fourth quarters of 2021 and 2022, the Company concluded tax examinations in Israel for one of its subsidiaries covering 2016 and 2017 through 2020, respectively. The conclusions of the audits resulted in the release of $1.4 million of reserves for uncertain tax positions, including accrued interest. During the third quarter of 2022, the Company concluded tax examinations in Germany for two of its subsidiaries, covering the years 2017 through 2019. The conclusion of the tax examinations resulted in no significant change in tax. During the fourth quarter of 2022, the Company concluded a tax examination in Taiwan for one of its subsidiaries, covering the year 2020. The conclusion of the tax examinations resulted in no change in tax. During the fourth quarter of 2023, the Company received notice that an examination of 2021 and 2022 will begin in the first quarter of 2024 for one of its subsidiaries in France. The Company also concluded a tax examination in Taiwan for one of its subsidiaries, covering the year 2021. The conclusion of this tax examination resulted in no change in tax. The Company is subject to ongoing income tax audits, administrative appeals and judicial proceedings in India spanning a number of years. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands) : December 31, 2023 2022 2020 Credit Agreement - Revolving Facility $ 32,000 $ 61,000 Deferred financing costs (144) (201) Long-term debt $ 31,856 $ 60,799 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. 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. The obligations of the Company under the 2020 Credit Agreement are secured by pledges of stock in certain domestic and foreign subsidiaries, as well as guarantees by substantially all of the Company’s domestic subsidiaries. The obligations of the Company and the guarantors under the 2020 Credit Agreement are secured by substantially all the assets (excluding real estate) of the Company and such guarantors. The 2020 Credit Agreement restricts the Company from paying cash dividends and requires the Company to comply with other customary covenants, representations, and warranties, including the maintenance of specific financial ratios. The financial maintenance covenants include an interest coverage ratio and a leverage ratio. The Company was in compliance with its financial maintenance covenants at December 31, 2023. If the Company is not in compliance with any of these covenant restrictions, the credit facility could be terminated by the lenders, and all amounts outstanding pursuant to the credit facility could become immediately payable. Other Lines of Credit In addition to the 2020 Revolving Facility discussed above, certain subsidiaries of the Company had committed short-term lines of credit with a foreign bank aggregating approximately $5.0 million and $5.0 million at December 31, 2023 and 2022, respectively. The Company had outstanding letters of credit under these short-term lines of credit of $2.4 million and $3.2 million at December 31, 2023 and 2022, respectively. Aggregate annual maturities of long-term debt are as follows (in thousands) : 2024 $ — 2025 32,000 2026 — 2027 — 2028 — Thereafter — Interest paid on third-party debt was $4.0 million, $2.3 million, and $1.2 million during the years ended December 31, 2023, 2022, and 2021, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company’s Class B convertible common stock carries ten votes per share. The common stock carries one vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock. The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B convertible common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. As discussed in Note 7, the Company is restricted from paying cash dividends. Stock dividends or distributions, on any class of stock, are payable only in shares of stock of that class. Shares of either common stock or Class B convertible common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally. On August 8, 2022, the Board of Directors 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 December 31, 2023, the Company had repurchased an aggregate of 273,626 shares of its common stock under the Stock Repurchase Plan. The Board of Directors is authorized, without further stockholder approval, to issue from time to time up to an aggregate of 1,000,000 shares of preferred stock in one or more series. The Board of Directors may fix or alter the designation, preferences, rights and any qualification, limitations, restrictions of the shares of any series, including the dividend rights, dividend rates, conversion rights, voting rights, redemption terms and prices, liquidation preferences and the number of shares constituting any series. No shares of the Company’s preferred stock are currently outstanding. Other Comprehensive Income (Loss) The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows (in thousands) : Beginning Before-Tax Tax Net-of-Tax Ending December 31, 2021 Pension and other postretirement actuarial items $ (7,079) $ 2,332 $ (376) $ 1,956 $ (5,123) Reclassification adjustment for recognition of actuarial items — 498 (107) 391 391 Foreign currency translation adjustment (25,592) (4,606) (78) (4,684) (30,276) $ (32,671) $ (1,776) $ (561) $ (2,337) $ (35,008) December 31, 2022 Pension and other postretirement actuarial items $ (4,732) $ 5,797 $ (1,021) $ 4,776 $ 44 Reclassification adjustment for recognition of actuarial items — 721 (176) 545 545 Foreign currency translation adjustment (30,276) (11,243) (161) (11,404) (41,680) Reclassification adjustment for foreign currency translation $ — $ 191 $ — 191 191 $ (35,008) $ (4,534) $ (1,358) $ (5,892) $ (40,900) December 31, 2023 Pension and other postretirement actuarial items $ 589 $ (172) $ (26) $ (198) $ 391 Reclassification adjustment for recognition of actuarial items — 7 (5) 2 2 Foreign currency translation adjustment (41,489) 2,237 (10) 2,227 (39,262) $ (40,900) $ 2,072 $ (41) $ 2,031 $ (38,869) In 2022, Reclassification of foreign currency translation adjustment for gain on liquidation of a subsidiary is included in other income (expense) other (See Note 15). Reclassifications of pension and other postretirement actuarial items out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (See Note 9). |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Defined Benefit Plans Employees of the Company participate in various defined benefit pension and other postretirement benefit plans. U.S. Pension Plan The Vishay Precision Group Non-Qualified Retirement Plan, like all nonqualified plans, is considered to be unfunded. The Company maintains a nonqualified trust, referred to as a “rabbi” trust, to fund benefits under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets within the consolidated balance sheets. The assets held in the rabbi trust are invested in money market funds and company-owned life insurance policies. The consolidated balance sheets include assets held in trust related to the nonqualified pension plan of $1.6 million at December 31, 2023 and $1.5 million at December 31, 2022, and the related liabilities of $2.1 million and $2.1 million at December 31, 2023 and 2022, respectively. The Vishay Precision Group Non-Qualified Retirement Plan is frozen. Accordingly, no new employees may participate in the plan, no further participant contributions are permitted, and no further benefits accrue. Benefits accumulated prior to the freezing of the U.S. pension plan will be paid to employees upon retirement, and the Company will likely need to make additional cash contributions to the rabbi trust to fund this accumulated benefit obligation. Non-U.S. Pension Plans The Company provides pension and similar benefits to employees of certain non-U.S. subsidiaries consistent with local practices. Pension benefits earned are generally based on years of service and compensation during active employment. The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension plans (in thousands) : December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligation at beginning of year $ 2,050 $ 15,853 $ 2,626 $ 26,157 Service cost (adjusted for actual employee contributions) — 265 — 308 Interest cost 97 675 65 395 Actuarial loss/(gains) 59 6 (533) (7,125) Benefits paid (108) (573) (108) (652) Curtailments and settlements — (310) — (567) Currency translation — 551 — (2,663) Benefit obligation at end of year $ 2,098 $ 16,467 $ 2,050 $ 15,853 Change in plan assets: Fair value of plan assets at beginning of year $ — $ 16,248 $ — $ 19,717 Actual return on plan assets — 855 — (1,773) Company contributions — 875 108 1,064 Benefits paid — (573) (108) (652) Currency translation — 914 — (2,047) Fair value of plan assets at end of year $ — $ 18,319 $ — $ 16,248 Funded status at end of year $ (2,098) $ 1,852 $ (2,050) $ 395 Actuarial losses incurred in 2023 related to our U.S. and non-U.S. plans are primarily the result of the decrease discount rate assumptions used to estimate the benefit obligation as of December 31, 2023 compared to December 31, 2022. Actuarial gains incurred in 2022 related to our U.S. and non-U.S. plans are primarily the result of an increase in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2022 compared to December 31, 2021. Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands) : December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Other assets $ — $ 4,573 $ — $ 3,301 Other accrued expenses $ (140) $ (85) $ (137) $ (179) Accrued pension and other postretirement costs $ (1,958) $ (2,636) $ (1,913) $ (2,727) Accumulated other comprehensive loss $ 196 $ 492 $ 137 $ 577 $ (1,902) $ 2,344 $ (1,913) $ 972 Unrecognized actuarial gains and losses arise from several factors, including experience and assumption changes with respect to the obligations and from the difference between expected returns and actual returns on plan assets. Actuarial items consist of the following (in thousands) : December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Unrecognized net actuarial loss $ 196 $ 448 $ 137 $ 532 Unrecognized prior service cost — 44 — 45 $ 196 $ 492 $ 137 $ 577 The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands) : December 31, 2023 U.S. Non-U.S. Accumulated benefit obligation, all plans $ 2,098 $ 14,992 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 2,098 $ 2,842 Accumulated benefit obligation $ 2,098 $ 2,203 December 31, 2022 U.S. Non-U.S. Accumulated benefit obligation, all plans $ 2,050 $ 14,489 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 2,050 $ 3,008 Accumulated benefit obligation $ 2,050 $ 2,448 Unrecognized gains and losses are amortized into future net periodic pension cost using the 10% corridor method over the expected remaining service life of the employee group. The following table sets forth the components of net periodic cost of pension (in thousands) : Years ended December 31, 2023 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Annual service cost $ — $ 265 $ — $ 308 $ — $ 379 Interest cost 97 675 65 395 57 353 Expected return on plan assets — (879) — (454) — (393) Amortization of actuarial losses — 39 22 736 27 459 Amortization of prior service cost — (10) — — — — Amortization of transition obligation — — — (40) — (8) Curtailment and settlement losses — 50 — (512) — (108) Net periodic benefit cost $ 97 $ 140 $ 87 $ 433 $ 84 $ 682 See Note 8 for the pre-tax, tax effect, and after tax amounts included in other comprehensive income during the years ended December 31, 2023, 2022, and 2021. The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.71 % 4.19 % 4.91 % 4.23 % Rate of compensation increase N/A 4.00 % N/A 2.49 % Expected return on plan assets N/A 5.13 % N/A 3.96 % The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2023 and 2022: 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.91 % 4.23 % 2.53 % 1.66 % Rate of compensation increase N/A 2.49 % N/A 2.97 % Expected return on plan assets N/A 3.96 % N/A 2.10 % The plans’ expected return on assets is based on management’s expectation of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The investment mix between equity securities and fixed income securities is based upon achieving a desired return, balancing higher return, more volatile equity securities, and lower return, less volatile fixed income securities. The target allocation of plan assets approximates the actual allocation of plan assets at December 31, 2023 and 2022. Plan assets are comprised of: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Equity securities — — % — 48 % Fixed income securities — 84 % — 42 % Cash and cash equivalents — 16 % — 10 % Total — 100 % — 100 % The Company maintains defined benefit retirement plans in certain of its subsidiaries. The assets of the plans are measured at fair value. Equity securities held by the defined benefit retirement plans consist of equity securities that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the equity securities is considered a Level 2 measurement within the fair value hierarchy. Fixed income securities held by the defined benefit retirement plans consist of government bonds and corporate notes that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the fixed income securities is considered a Level 2 measurement within the fair value hierarchy. Cash held by the defined benefit retirement plans consists of deposits on account in various financial institutions. The carrying amount of the cash approximates its fair value. A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 16 for further description of the levels within the fair value hierarchy (in thousands)) : As of December 31, 2023 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Defined benefit pension plan assets Equity securities $ — $ — $ — $ — Fixed income securities 15,417 — 15,417 — Cash and cash equivalents 2,902 1,637 1,265 — $ 18,319 $ 1,637 $ 16,682 $ — As of December 31, 2022 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Defined benefit pension plan assets Equity securities $ 7,736 $ — $ 7,736 $ — Fixed income securities 6,813 — 6,813 — Cash and cash equivalents 1,699 1,511 188 — $ 16,248 $ 1,511 $ 14,737 $ — Estimated future benefit payments are as follows (in thousands) : US Pension Non-US 2024 $ 140 $ 747 2025 142 832 2026 142 703 2027 142 885 2028 172 758 2029-2033 812 6,342 The Company anticipates making contributions to its funded and unfunded pension of approximately $1.2 million during 2024. Other Postretirement Benefit Plans In the U.S., the Company maintains two unfunded non-pension other postretirement benefit plans (“OPEB”) which are funded as costs are incurred. These plans provide medical and death benefits to retirees. The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to other postretirement benefit plans (in thousands) : OPEB Plans December 31, 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 2,386 $ 2,885 Service cost (adjusted for actual employee contributions) 17 29 Interest cost 111 67 Contributions by participants — — Actuarial losses/(gains) 95 (453) Benefits paid (119) (142) Plan amendments and other — — Benefit obligation at end of year $ 2,490 $ 2,386 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Company contributions 119 142 Contributions by participants — — Benefits paid (119) (142) Fair value of plan assets at end of year $ — $ — Funded status at end of year $ (2,490) $ (2,386) Actuarial losses incurred in 2023 related to our post-retirement plans are primarily the result of the decrease discount rate assumptions used to estimate the benefit obligation as of December 31, 2023 compared to December 31, 2022. Actuarial gains incurred in 2022 related to our post-retirement plans are primarily the result of an increase in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2022 compared to December 31, 2021. Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands) : OPEB Plans December 31, 2023 2022 Other accrued expenses $ (286) $ (189) Accrued pension and other postretirement costs $ (2,204) $ (2,197) Accumulated other comprehensive gain $ (367) $ (484) $ (2,857) $ (2,870) Actuarial items consist of the following (in thousands) : OPEB Plans December 31, 2023 2022 Unrecognized net actuarial gain $ (367) $ (484) $ (367) $ (484) Unrecognized gains and losses are amortized into future net periodic benefit cost using the 10% corridor method over the expected remaining service life of the employee group. The following table sets forth the components of net periodic benefit costs (in thousands) : OPEB Plans Years ended December 31, 2023 2022 2021 OPEB OPEB OPEB Net service cost 17 29 36 Interest cost 111 67 68 Amortization of actuarial (gains)/ losses (22) 3 20 Net periodic benefit cost $ 106 $ 99 $ 124 See Note 8 for the pre-tax, tax effect, and after tax amounts included in other comprehensive income during the years ended December 31, 2023, 2022, and 2021. The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: OPEB Plans December 31, 2023 2022 Discount rate 4.69 % 4.88 % The following weighted-average assumptions were used to determine the net periodic benefit costs for the years ended December 31, 2023 and 2022: OPEB Plans December 31, 2023 2022 Discount rate 4.88 % 2.46 % Health care trend rate 6.50 % 6.50 % The health care trend ultimate rate is 4.04% per the terms of the plan. The impact of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit cost and postretirement benefit obligation is not material. Estimated future benefit payments are as follows (in thousands) : OPEB 2024 $ 286 2025 220 2026 236 2027 245 2028 234 2029-2033 773 As the plans are unfunded, the Company's anticipated contributions for 2024 are equal to the estimated benefit payment. Other Retirement Obligations The Company participates in various other defined contribution plans based on local law or custom. The Company periodically makes contributions to these plans. At December 31, 2023 and 2022, the consolidated balance sheets include $0.5 million and $0.9 million, respectively, within accrued pension and other postretirement costs related to these plans. Most of the Company’s U.S. employees are eligible to participate in 401(k) savings plans which provide company matching under various formulas. The Company’s matching expense for the plans was $1.2 million, $1.1 million, and $1.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. No material amounts are included in the consolidated balance sheets related to unfunded 401(k) contributions. Certain key employees participate in a nonqualified deferred compensation plan, which allows these employees to defer a portion of their compensation until retirement, or elect shorter deferral periods. The accompanying consolidated balance sheets include a liability within other noncurrent liabilities related to these deferrals. The Company maintains a nonqualified trust, referred to as a “rabbi” trust, to fund payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets within the consolidated balance sheets. The assets held in the rabbi trust are invested in money market funds and company-owned life insurance policies. The consolidated balance sheets include assets held in trust related to the nonqualified deferred compensation plan of $4.3 million and $3.9 million at December 31, 2023 and 2022 respectively, and the related liabilities of $5.6 million and $5.3 million at December 31, 2023 and 2022, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Vishay Precision Group, Inc. 2022 Stock Incentive Plan (the "2022 plan") permits the issuance of up to 608,000 shares of common stock. At December 31, 2023, the Company had reserved 525,239 shares of common stock for future grant 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 future grant under the 2022 plan. Restricted Stock Units Pursuant to the 2022 plan, the Company issued RSUs to board members, executive officers, and certain employees of the Company during 2023. 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. Compensation cost is recognized over the period that the participant provides service in exchange for the award. The Company recognizes compensation cost for RSUs that are expected to vest and for which performance criteria are expected to be met. On February 28, 2023, and in accordance with their respective employment agreements, VPG’s three executive officers were granted annual equity awards in the form of RSUs, of which 50% are performance-based. The awards have an aggregate target grant-date fair value of $1.9 million were comprised of 43,243 RSUs. Fifty percent of these awards will vest on January 1, 2026, subject to the executives' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2026, subject to the executives' continued employment and the satisfaction of certain performance objectives relating to three On March 9, 2023, certain non-executive VPG employees were granted annual equity awards in the form of RSUs. Certain employees received awards, of which 75% are performance-based and certain employees received awards of which 50% are performance based. The awards have an aggregate target grant-date fair value of $0.6 million and were comprised of 14,338 RSUs. The non-performance portion of these awards (twenty-five percent for certain employees and fifty percent for certain employees) will vest on January 1, 2026, subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2026, subject to the employees' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative earnings and cash flow goals, each weighted equally. On May 24, 2023 and in accordance with the Company's 2017 Non-Employee Director Compensation Plan, as amended at such time, the Board of Directors approved the issuance of an aggregate of 13,923 RSUs to each of the Company's non-employee directors. The awards have an aggregate grant-date fair value of $0.5 million and will vest on the earlier of the 2024 Annual Stockholders meeting or May 24, 2024, subject to the directors' continued service on the Board of Directors. Vesting of equity awards may be subject to acceleration under certain circumstances. RSU activity is presented below (number of RSUs in thousands) : Years ended December 31, 2023 2022 2021 Number Weighted Number Weighted Number Weighted Outstanding: Beginning of year 204 $ 29.92 198 $ 31.07 205 $ 28.23 Granted 72 42.09 82 30.68 80 33.13 Vested (67) 26.54 (40) 34.29 (77) 25.87 Forfeited (7) 24.85 (36) 33.15 (10) 29.43 End of year 202 $ 35.50 204 $ 29.92 198 $ 31.07 The fair value of the RSUs vested during 2023 was $2.7 million. Included in the 2023, 2022 and 2021 activity are RSU's forfeited as a result of performance objectives not being met. These awards are therefore available for future grants under the Plan. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) : Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2024 33 1 34 January 1, 2025 and July 1 2025 24 10 34 January 1, 2026 14 16 30 Share-Based Compensation Expense The following table summarizes pre-tax share-based compensation expense recognized (in thousands) : Years ended December 31, 2023 2022 2021 Restricted stock units $ 2,290 $ 2,439 $ 2,244 Share-based compensation expense is recognized ratably over the vesting period of the awards and for RSUs with performance criteria, is recognized for RSU's that are expected to vest and for which performance criteria are expected to be met. During 2023, a net adjustment of $0.4 million decreasing share-based compensation expense was recorded, based on the evaluation of performance objectives associated with awards granted in 2021, 2022 and 2023. It was determined that certain objectives were not likely to be fully met, necessitating a reversal of certain compensation expense associated with those awards. During the fourth quarter of 2022, a net adjustment of $0.3 million increasing share-based compensation expense was recorded, based on the evaluation of performance objectives associated primarily with awards granted in 2020. It was determined that certain objectives, which were deemed not likely to be met in previous years, were met. During the fourth quarter of 2021, a net adjustment of $0.5 million increasing share-based compensation expense was recorded, based on the evaluation of performance objectives associated with awards granted in 2019. It was determined that certain objectives, which were deemed not likely to be met in previous years, were met. The total tax benefit on share-based compensation expense was $0.5 million, $0.5 million and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The deferred tax benefit on share-based compensation expense was $0.1 million , $0.2 million, and $0.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the Company had $2.2 million of unrecognized share-based compensation expense related to share-based awards that will be recognized over a weighted-average period of approximately 1.5 years. |
Commitments, Contingencies, and
Commitments, Contingencies, and Concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Concentrations | Commitments, Contingencies, and Concentrations Litigation The Company is subject to various legal proceedings that constitute ordinary, routine litigation incidental to its business. The Company is of the opinion that the disposition of these proceedings will not have a material adverse effect on its business or its financial condition, results of operations, and cash flows. Executive Employment Agreements The Company has employment agreements with its executive officers which outline base salary, incentive compensation, and equity-based compensation. The employment agreements with the Company's executive officers also provide for incremental compensation in the event of termination without cause or resignation for good reason. Sources of Supplies Although most materials incorporated in the Company’s products are available from a number of sources, certain materials are available only from a relatively limited number of suppliers. Some of the most highly specialized materials for the Company’s sensors are sourced from a single vendor. The Company maintains a safety stock inventory of certain critical materials at its facilities. Certain metals used in the manufacture of the Company’s products are traded on active markets, and can be subject to significant price volatility. Market Concentrations No single customer comprises greater than 10% of net revenues. The vast majority of the Company’s products are used in the broad industrial market, with selected uses in military and aerospace, medical, agriculture, and construction. Within the broad industrial segment, the Company’s products serve wide applications in the waste management, bulk hauling, logging, scale manufacturing, engineering systems, pharmaceutical, oil, chemical, steel, paper, and food industries. Credit Risk Concentrations Financial instruments with potential credit risk consist principally of cash and cash equivalents, accounts receivable, and notes receivable. The Company maintains cash and cash equivalents with various major financial institutions. Concentrations of credit risk with respect to receivables are generally limited due to the Company’s large number of customers and their dispersion across many countries and industries. At December 31, 2023 and 2022, the Company had no significant concentrations of credit risk. Geographic Concentrations At December 31, 2023 and 2022, a significant percentage of the Company’s cash and cash equivalents are held outside the United States. See the following table for the percentage of cash and cash equivalents by region at December 31, 2023 and December 31, 2022: December 31, 2023 2022 Asia 22 % 27 % United States 8 % 17 % Israel 36 % 28 % Europe 18 % 13 % United Kingdom 5 % 10 % Canada 11 % 5 % Total 100 % 100 % |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms of less than one year to thirteen years. Leases recorded on the balance sheet consist of the following (in thousands) : Leases December 31, 2023 December 31, 2022 Assets Operating lease right of use asset $ 26,953 $ 24,342 Liabilities Operating lease - current $ 4,004 $ 4,208 Operating lease - non-current $ 22,625 $ 20,043 Other information related to lease term and discount rate is as follows: December 31, 2023 Operating leases weighted average remaining lease term (in years) 7.9 years Operating leases weighted average discount rate 4.97 % The components of lease expense are as follows (in thousands) : Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Operating lease cost $ 5,171 $ 5,098 $ 5,185 Short-term lease cost 150 121 141 Sublease income (385) (423) (220) (220) Total net lease cost $ 4,936 $ 4,796 $ 5,106 Right of use assets obtained in exchange for new operating lease liability during 2023 were $6.8 million and in 2022 were $1.2 million. The Company paid $5.1 million for its operating leases for the year ended December 31, 2023 and $5.1 million for the year ended December 31, 2022, which are included in operating cash flows on the consolidated statements of cash flows. Undiscounted maturities of operating lease payments as of December 31, 2023 are summarized as follows (in thousands) : 2023 $ 4,933 2024 4,442 2025 3,763 2026 3,471 2027 3,268 Thereafter 12,102 Total future minimum lease payments $ 31,979 Less: amount representing interest (5,350) Present value of future minimum lease payments $ 26,629 |
Segment and Geographic Data
Segment and Geographic Data | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Data | Segment and Geographic Data 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 segments 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 accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 1). Reporting segment assets are the owned or allocated assets used by each segment. Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. The following table sets forth reporting segment information (in thousands) : Sensors Weighing Solutions Measurement Systems Corporate/ Total 2023 Net third-party revenues $ 139,783 $ 122,528 $ 92,737 $ — $ 355,048 Intersegment revenues 1,743 — — (1,743) — Gross profit 55,130 45,276 49,936 — 150,342 Segment operating income (loss) 34,825 21,570 20,607 (35,048) 41,954 Restructuring costs — 1,478 32 50 1,560 Depreciation and amortization expense 6,141 3,389 4,239 1,781 15,550 Capital expenditures 8,181 6,447 1,111 2 15,741 Total assets 156,384 142,152 154,559 18,471 471,566 2022 Net third-party revenues $ 152,221 $ 125,715 $ 84,644 $ — $ 362,580 Intersegment revenues 2,121 — — (2,121) — Gross profit 61,087 43,178 45,337 — 149,602 Segment operating income (loss) 41,671 21,232 18,399 (37,503) 43,799 Restructuring costs 1,460 — 58 — 1,518 Depreciation and amortization expense 5,816 3,343 4,308 1,886 15,353 Capital expenditures 11,515 7,094 1,324 18 19,951 Total assets 156,816 148,041 153,547 18,338 476,742 2021 Net third-party revenues $ 127,861 $ 125,390 $ 64,668 $ — $ 317,919 Intersegment revenues 3,487 — — (3,487) — Gross profit 45,474 45,900 33,768 — 125,142 Segment operating income (loss) 26,527 23,184 13,480 (35,819) 27,372 Acquisition costs — — 1,198 — 1,198 Impairment of goodwill and indefinite-lived intangibles — — 1,223 — 1,223 Restructuring costs — 76 — — 76 Depreciation and amortization expense 5,967 3,415 3,834 1,780 14,996 Capital expenditures 13,213 3,434 913 7 17,567 Total assets 142,510 152,399 159,816 7,164 461,889 The “Corporate/Other” column for segment operating income (loss) includes unallocated selling, general, and administrative expenses and certain items which management excludes from segment results when evaluating segment performance, as follows (in thousands) : Years ended December 31, 2023 2022 2021 Unallocated selling, general, and administrative expenses $ (33,488) $ (35,985) $ (33,322) Acquisition costs — — (1,198) Impairment of goodwill and indefinite-lived intangibles — — (1,223) Restructuring costs (1,560) (1,518) (76) $ (35,048) $ (37,503) $ (35,819) The following geographic data includes property and equipment based on physical location (in thousands) : December 31, Property and Equipment - Net 2023 2022 United States $ 12,935 $ 12,651 United Kingdom 3,364 3,368 Other Europe 1,957 1,721 Israel 43,987 44,551 Asia 26,946 23,264 Canada and Other 1,447 1,572 $ 90,636 $ 87,127 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding, adjusted to include the potentially dilutive effect of restricted stock units (see Note 10), and other potentially dilutive securities. The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share) : Years ended December 31, 2023 2022 2021 Numerator: Numerator for basic and diluted earnings per share: Net earnings attributable to VPG stockholders $ 25,707 $ 36,063 $ 20,221 Denominator: Denominator for basic earnings per share: Weighted average shares 13,574 13,628 13,616 Effect of dilutive securities: Restricted stock units 79 60 41 Dilutive potential common shares 79 60 41 Denominator for diluted earnings per share: Adjusted weighted average shares 13,653 13,688 13,657 Basic earnings per share attributable to VPG stockholders $ 1.89 $ 2.65 $ 1.49 Diluted earnings per share attributable to VPG stockholders $ 1.88 $ 2.63 $ 1.48 |
Additional Financial Statement
Additional Financial Statement Information | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Statement Information | Additional Financial Statement Information The caption “Other” on the consolidated statements of operations consists of the following (in thousands) : Years ended December 31, 2023 2022 2021 Foreign exchange (loss)/gain $ (822) $ 3,579 $ (110) Interest income 1,651 401 252 Pension expense (52) (241) (468) Other (321) (181) 96 $ 456 $ 3,558 $ (230) Foreign currency exchange gains and losses represent the impact of changes in foreign currency exchange rates. The change in foreign exchange gains / (losses) for the year ended December 31, 2023, as compared to the prior year period, is primarily due to fluctuations in the Israeli shekel, the Canadian dollar and the British pound. The change in the dollar-shekel exchange rate resulted in a unfavorable currency exchange impact primarily related to the shekel-denominated lease liability for the Sensors facility in Israel. Foreign currency exchange gains and losses represent the impact of changes in foreign currency exchange rates. The change in foreign exchange gains / (losses) for the year ended December 31, 2022, as compared to the prior year period, is primarily due to fluctuations in the Israeli shekel, the Japanese yen and the British pound. The change in the dollar-shekel exchange rate resulted in a favorable currency exchange impact primarily related to the shekel-denominated lease liability for the Sensors facility in Israel. Pension expense represents the net periodic benefit cost excluding the service cost. Other accrued expenses consist of the following (in thousands) : December 31, 2023 2022 Customer advance payments $ 8,712 $ 7,983 Accrued restructuring 249 183 Goods received, not yet invoiced 2,837 2,523 Accrued taxes, other than income taxes 1,370 1,141 Accrued commissions 4,077 3,217 Accrued professional fees 1,343 1,360 Accrued technical warranty 770 740 Current accrued pension and other post retirement costs 511 505 Other 2,558 2,654 $ 22,427 $ 20,306 Israeli Severance Pay The Israeli Severance Pay Law, 1963 ("Severance Pay Law"), specifies that employees of our Israeli subsidiary are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month salary for each year of employment, or a portion thereof. Part of the subsidiary's liability for severance pay is covered by the provisions of Section 14 of the Severance Pay Law ("Section 14"). Under Section 14, employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, contributed on their behalf to their insurance funds. Payments in accordance with Section 14 release the subsidiary from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company's balance sheet. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures, 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 tables provide the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands) : As of December 31, 2023 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: Assets held in rabbi trusts $ 5,841 $ 59 $ 5,782 $ — As of December 31, 2022 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: Assets held in rabbi trusts $ 5,427 $ 53 $ 5,374 $ — The Company maintains nonqualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and nonqualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at December 31, 2023 and December 31, 2022, and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the year. 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 cash and cash equivalents held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The fair value of the long-term debt, excluding capitalized deferred financing costs at December 31, 2023 and December 31, 2022 approximates its carrying value, as the revolving debt and term loans are reset monthly based on current market rates, plus a base rate as specified in the 2020 Credit Agreement. The fair value measurement of long-term debt is considered a Level 2 measurement. The Company’s financial instruments include cash and cash equivalents, accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated balance sheets approximate their fair values. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Following the spin-off from Vishay Intertechnology, Inc. on July 6, 2010, VPG is an independent, publicly-traded company, and Vishay Intertechnology does not retain any ownership interest in VPG, although a common group of stockholders control a significant portion of the voting power of each company and the companies have three common board members. Subsequent to the spin-off, VPG and Vishay Intertechnology continue to share certain manufacturing locations. VPG owns one location in Japan at which it leases space to Vishay Intertechnology. Vishay Intertechnology owns one location in the United States, at which it leases space to VPG. Lease receipts and payments related to the shared facilities are immaterial. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net earnings | $ 25,707 | $ 36,063 | $ 20,221 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
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 |
Background and Summary of Sig_2
Background and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the individual entities in which the Company maintained a controlling financial interest. For those subsidiaries in which the Company’s ownership is less than 100 percent, the outside stockholders’ interests are shown as noncontrolling interests in the accompanying consolidated balance sheets. All transactions, accounts, and profits between individual members comprising the Company have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Revenue Recognition | Revenue Recognition The Company derives substantially all of its revenue from product sales. The Company recognizes the vast majority of its sales at a point-in-time. It utilizes the core principle of recognizing revenue when the Company satisfies performance obligations as evidenced by the transfer of control of its products to the customer. Such revenues are derived from purchase orders and/or contracts with customers. Each contract has the promise to transfer the control of the products, each of which is individually distinct and is considered the identified performance obligation. As part of the decision to enter into each contract, the Company evaluates the customer’s credit risk, but its contracts do not have any significant financing components, as payment is generally due net 30 to 60 days after delivery. In accordance with contract terms, revenue from the Company’s product sales is recognized at the time of product shipment from its facilities or delivery to the customer location, as determined by the agreed upon shipping terms. Under the terms of some of its contracts, the Company may be required to perform certain installation services. These installation services are performed at the time of product delivery or at some point thereafter. The installation services do not significantly modify the product provided, and although the Company may be required contractually to provide these services, the installation services could be performed by a third party or the customer. Thus, these installation services are a distinct performance obligation. In most of the applicable contracts, this installation service element is immaterial in the context of the agreement. When the installation services are accounted for as a separate performance obligation, the Company allocates the transaction price to this element based on its relative standalone selling price. Given the specialized nature of the Company's products, the Company generally does not allow product returns. Shipping and handling costs are recorded to Costs of product sold when control of the product has transferred to the customer. The Company offers standard product warranties. Warranty related costs continue to be recognized as expense when the products are sold. Sales, value added taxes and other taxes collected concurrent with revenue-producing activities are excluded from revenue. See Note 2 for further details on Revenues. |
Research and Development Expense | Research and Development Expenses |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes such assets will "more likely than not" be realized. In making this determination, the Company considers all positive and negative evidence, including historic earnings, projected future income, and cost-effective tax-planning strategies. When the Company determines that its ability to realize deferred tax assets is not "more likely than not", the Company adjusts its deferred tax asset valuation allowance, which increases income tax expense. The Company records uncertain tax positions on the basis of a two-step process in which the Company first determines whether it is "more likely than not" that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less when purchased. Highly liquid investments with maturities greater than three months are classified as short-term investments. There were no investments classified as short-term investments at December 31, 2023 or 2022. |
Allowance For Credit Losses | Allowance for Credit Losses |
Inventories | Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market based on net realizable value. Inventories are adjusted for estimated excess and obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. |
Property and Equipment | Property and Equipment seven twenty three |
Business Combinations | Business Combinations The Company allocates the purchase price of an acquired company, including when applicable, the fair value of contingent consideration between tangible and intangible assets acquired and liabilities assumed from the acquired businesses based on estimated fair values, with any residual of the purchase price recorded as goodwill. Estimating fair values requires significant judgments, estimates and assumptions including but not limited to: discount rates, future cash flows and the economic lives of trade names, technology, and customer relationships. These estimates are based on historical experience and information obtained from the management of the acquired companies, and are inherently uncertain. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and indefinite-lived trademarks are tested for impairment at least annually, and whenever events or changes in circumstances occur indicating that it is "more likely than not" impairment may have been incurred. The Company has the option to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying value as a basis for determining if it is necessary to perform the quantitative goodwill impairment test. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing it against its carrying value. If the fair value exceeds the carrying value, no further evaluation is required and no impairment loss is recognized. An impairment charge would be recognized to the extent the carrying value of goodwill exceeds the reporting unit fair value. The indefinite-lived trade names are tested for impairment either by employing the qualitative approach outlined above, or by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the applicable fair value is recognized as impairment. Any impairment would be recognized in the reporting period in which it has been identified. 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. As described in Note 4 to the consolidated financial statements, the 2023 and 2022 annual impairment tests resulted in no impairment. In 2021, an impairment charge was recorded. seven five seven five |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for disposal costs. |
Foreign Currency Translation | Foreign Currency Translation The Company has significant operations outside of the United States. The Company's operations in Europe, Canada, and certain locations in Asia primarily generate and expend cash in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company’s operations in Israel and certain locations in Asia primarily generate cash in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities in the consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Revenues and expenses are translated at the average exchange rate for the year. Translation adjustments do not impact the consolidated statements of operations and are reported as a separate component of accumulated other comprehensive loss within the statement of comprehensive income. Foreign currency transaction gains and losses are included in the results of operations. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated statements of operations. |
Share-Based Compensation | Share-Based Compensation |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception or modification of such agreement. The arrangement is or contains a lease if the contract conveys the right to control the use of the identified asset for a period in exchange for consideration. Lease right of use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected term at commencement date. As the implicit rate is not determinable in most of the Company's leases, the Company's incremental borrowing rate is used as the basis to determine the present value of future lease payments. The expected lease terms include options to extend or terminate. The period which is subject to an option to extend the lease is included in the lease term if it is reasonably certain that the option will be exercised. Some of these leases contain variable payment provisions that depend on an index or rate, initially measured using the index or rate at the lease commencement date and are therefore not included in our future minimum lease payments. Variable payments are expensed in the periods incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company uses the practical expedients to exclude from balance sheet reporting leases with initial terms of 12 months or less and to exclude non-lease components from lease right of use assets and corresponding liabilities. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. |
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. |
Background and Summary of Sig_3
Background and Summary of Significant Accounting Polices (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table sets forth reporting segment information (in thousands) : Sensors Weighing Solutions Measurement Systems Corporate/ Total 2023 Net third-party revenues $ 139,783 $ 122,528 $ 92,737 $ — $ 355,048 Intersegment revenues 1,743 — — (1,743) — Gross profit 55,130 45,276 49,936 — 150,342 Segment operating income (loss) 34,825 21,570 20,607 (35,048) 41,954 Restructuring costs — 1,478 32 50 1,560 Depreciation and amortization expense 6,141 3,389 4,239 1,781 15,550 Capital expenditures 8,181 6,447 1,111 2 15,741 Total assets 156,384 142,152 154,559 18,471 471,566 2022 Net third-party revenues $ 152,221 $ 125,715 $ 84,644 $ — $ 362,580 Intersegment revenues 2,121 — — (2,121) — Gross profit 61,087 43,178 45,337 — 149,602 Segment operating income (loss) 41,671 21,232 18,399 (37,503) 43,799 Restructuring costs 1,460 — 58 — 1,518 Depreciation and amortization expense 5,816 3,343 4,308 1,886 15,353 Capital expenditures 11,515 7,094 1,324 18 19,951 Total assets 156,816 148,041 153,547 18,338 476,742 2021 Net third-party revenues $ 127,861 $ 125,390 $ 64,668 $ — $ 317,919 Intersegment revenues 3,487 — — (3,487) — Gross profit 45,474 45,900 33,768 — 125,142 Segment operating income (loss) 26,527 23,184 13,480 (35,819) 27,372 Acquisition costs — — 1,198 — 1,198 Impairment of goodwill and indefinite-lived intangibles — — 1,223 — 1,223 Restructuring costs — 76 — — 76 Depreciation and amortization expense 5,967 3,415 3,834 1,780 14,996 Capital expenditures 13,213 3,434 913 7 17,567 Total assets 142,510 152,399 159,816 7,164 461,889 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates net revenue by geographic region from contracts with customers based on net revenues generated by subsidiaries within that geographic location (in thousands) : Year Ended December 31, 2023 Sensors Weighing Solutions Measurement Systems Total United States $ 49,998 $ 55,421 $ 55,703 $ 161,122 United Kingdom 3,833 14,980 360 19,173 Other Europe 32,262 38,649 5,430 76,341 Israel 17,772 292 — 18,064 Asia 35,918 13,156 8,861 57,935 Canada — 30 22,383 22,413 $ 139,783 $ 122,528 $ 92,737 $ 355,048 Year Ended December 31, 2022 Sensors Weighing Solutions Measurement Systems Total United States $ 51,246 $ 58,076 $ 52,435 $ 161,757 United Kingdom 3,481 15,697 572 19,750 Other Europe 31,938 37,490 5,168 74,596 Israel 28,413 470 — 28,883 Asia 37,143 13,974 7,537 58,654 Canada — 8 18,932 18,940 $ 152,221 $ 125,715 $ 84,644 $ 362,580 Year Ended December 31, 2021 Sensors Weighing Solutions Measurement Systems Total United States $ 39,845 $ 52,542 $ 40,095 $ 132,482 United Kingdom 3,083 16,577 752 20,412 Other Europe 25,859 39,549 2,503 67,911 Israel 22,391 994 — 23,385 Asia 36,683 15,719 7,476 59,878 Canada — 9 13,842 13,851 $ 127,861 $ 125,390 $ 64,668 $ 317,919 The following table disaggregates net revenue by market sector (in thousands) : Years Ended December 31, 2023 2022 2021 Test & Measurement $ 73,986 $ 78,406 $ 64,124 Avionics, Military & Space 38,270 31,399 27,303 Transportation 55,060 55,892 49,562 Other Markets 72,372 79,750 71,577 Industrial Weighing 43,898 52,109 50,626 General Industrial 19,917 21,179 16,771 Steel 51,545 43,845 37,956 $ 355,048 $ 362,580 $ 317,919 |
Contract with Customer, Asset and Liability | The outstanding contract assets and liability accounts were as follows (in thousands) : Contract Asset Contract Liability Unbilled Revenue Accrued Customer Advances December 31, 2022 $ 3,990 $ 7,983 December 31, 2023 $ 2,989 $ 8,712 (Decrease) Increase $ (1,001) $ 729 |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | June 1, 2021 Working capital $ 12,494 Property and equipment 1,209 Deferred income tax liability (6,215) Intangible assets: Acquired technology 13,167 Customer relationships 8,135 Trade names 2,393 Total intangible assets 23,695 Fair value of acquired identifiable assets 31,183 Purchase price $ 47,216 Goodwill $ 16,033 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in the carrying value of goodwill by segment is as follows ( in thousands) : Total Measurement Systems Weighing Solutions KELK Acquisition DSI Acquisition DTS Acquisition Stress-Tek Acquisition Balance at January 1, 2022 $ 45,830 $ 6,706 $ 16,910 $ 15,903 $ 6,311 Adjustment to goodwill acquired 130 — — 130 — Foreign currency translation adjustment (416) (393) (23) — — Balance at December 31, 2022 45,544 6,313 16,887 16,033 6,311 Foreign currency translation adjustment 190 175 15 — — Balance at December 31, 2023 $ 45,734 $ 6,488 $ 16,902 $ 16,033 $ 6,311 |
Schedule of Finite-Lived Intangible Assets | Intangible assets were as follows (in thousands) : December 31, 2023 2022 Intangible assets subject to amortization (Definite-lived): Patents and acquired technology $ 32,752 $ 32,570 Customer relationships 33,537 33,226 Trade names 1,517 1,521 Non-competition agreements 9,956 10,133 77,762 77,450 Accumulated amortization: Patents and acquired technology (11,048) (9,059) Customer relationships (18,306) (16,209) Trade names (1,517) (1,521) Non-competition agreements (9,939) (10,098) (40,810) (36,887) Net intangible assets subject to amortization $ 36,952 $ 40,563 Intangible assets not subject to amortization (Indefinite-lived): Trade names 7,682 7,654 $ 44,634 $ 48,217 |
Schedule of Expected Amortization Expense | Estimated annual amortization expense for each of the next five years is as follows (in thousands) : 2024 $ 3,722 2025 3,705 2026 3,705 2027 3,669 2028 3,081 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the activity to date related to these programs in the accrued restructuring liability, which is comprised of the activity associated primarily with the employee termination costs. The accrued restructuring liability balance as of December 31, 2023 and 2022, respectively, is included in other accrued expenses in the accompanying consolidated balance sheets (in thousands) : December 31, 2023 2022 Balance at beginning of year $ 183 $ — Restructuring charges 1,560 1,518 Cash payments (1,496) (1,338) Foreign currency translation 2 3 Balance at end of year $ 249 $ 183 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, income before taxes includes the following components (in thousands) : Years ended December 31, 2023 2022 2021 Domestic $ (4,111) $ (4,979) $ (5,956) Foreign 42,547 50,067 31,868 $ 38,436 $ 45,088 $ 25,912 |
Schedule of Components of Income Tax Expense (Benefit) | The expense (benefit) for income taxes is comprised of (in thousands) : Years ended December 31, 2023 2022 2021 Current: Federal $ 517 $ 21 $ 245 State and local 162 97 38 Foreign 11,903 10,457 8,442 12,582 10,575 8,725 Deferred: Federal 154 (2,808) (2,992) State and local (628) 109 (588) Foreign 318 659 324 (156) (2,040) (3,256) Total income tax expense $ 12,426 $ 8,535 $ 5,469 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense (benefit) at the U.S. federal statutory income tax rate to the actual income tax provision is as follows (in thousands) : Years ended December 31, 2023 2022 2021 Tax at statutory rate $ 8,072 $ 9,468 $ 5,441 State income taxes, net of U.S. federal tax benefit (368) 164 (391) U.S. GILTI tax, net of foreign tax credits 72 8 77 Effect of foreign operations 2,378 1,246 2,096 Residual U.S. tax on foreign earnings 899 291 (258) Change in valuation allowance 1,270 (1,629) (1,204) Change in unrecognized tax benefits, net 476 (1,000) 107 Impairment of goodwill — — 237 Specialty tax credits (520) (639) (333) Statutory rate changes 56 3 (282) Effect of foreign exchange 128 667 (35) Other (37) (44) 14 Total income tax expense $ 12,426 $ 8,535 $ 5,469 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands) : December 31, 2023 2022 Deferred tax assets: Pension and other postretirement costs $ 1,082 $ 1,775 Inventories 4,102 4,057 Net operating/capital loss and interest carryforwards 10,800 9,060 Tax credit carryforwards 1,390 2,372 Deferred compensation 2,845 2,921 Research and development costs 4,707 2,940 Other accruals and reserves 3,709 2,228 Total gross deferred tax assets 28,635 25,353 Less: valuation allowance (13,136) (10,726) 15,499 14,627 Deferred tax liabilities: Tax over book depreciation (2,151) (1,453) Investment in subsidiary (2,121) (2,137) Intangible assets, including tax deductible goodwill (10,843) (10,675) Total gross deferred tax liabilities (15,115) (14,265) Net deferred tax assets $ 384 $ 362 |
Summary of Valuation Allowance | Significant valuation allowances are as follows (in thousands) : December 31, Jurisdiction 2023 2022 U.S. federal $ 4,402 $ 2,647 U.S. state (net of U.S. federal tax benefit) 6,545 6,026 Israel - capital losses 1,369 1,287 |
Summary of Operating Loss Carryforwards | The following table summarizes significant net operating losses, capital losses and credit carryforwards as of December 31, 2023 (in thousands): December 31, Jurisdiction 2023 Expiring U.S. federal net operating losses $ 3,566 No expiration U.S. federal interest expense carryover 12,209 No expiration U.S. foreign tax credit 577 2028-2032 U.S. state net operating losses 120,710 2023-2042 Israel capital losses 5,928 No expiration |
Summary of Income Tax Contingencies | The following table summarizes changes in the Company's gross liabilities, excluding interest and penalties, associated with unrecognized tax benefits (in thousands) : December 31, 2023 2022 2021 Balance at beginning of year $ 439 $ 1,282 $ 1,244 Addition based on tax positions related to current year 589 176 52 Addition based on tax positions related to prior years — 216 — Reduction based on tax positions related to prior years (128) — — Currency translation adjustments (8) (6) 41 Reduction for settled tax examinations — (1,229) — Reduction for payments made (94) — — Reduction for lapses of statute of limitations — — (55) Balance at end of year $ 798 $ 439 $ 1,282 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands) : December 31, 2023 2022 2020 Credit Agreement - Revolving Facility $ 32,000 $ 61,000 Deferred financing costs (144) (201) Long-term debt $ 31,856 $ 60,799 |
Schedule of Maturities of Long-term Debt | Aggregate annual maturities of long-term debt are as follows (in thousands) : 2024 $ — 2025 32,000 2026 — 2027 — 2028 — Thereafter — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Comprehensive Income (Loss) | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows (in thousands) : Beginning Before-Tax Tax Net-of-Tax Ending December 31, 2021 Pension and other postretirement actuarial items $ (7,079) $ 2,332 $ (376) $ 1,956 $ (5,123) Reclassification adjustment for recognition of actuarial items — 498 (107) 391 391 Foreign currency translation adjustment (25,592) (4,606) (78) (4,684) (30,276) $ (32,671) $ (1,776) $ (561) $ (2,337) $ (35,008) December 31, 2022 Pension and other postretirement actuarial items $ (4,732) $ 5,797 $ (1,021) $ 4,776 $ 44 Reclassification adjustment for recognition of actuarial items — 721 (176) 545 545 Foreign currency translation adjustment (30,276) (11,243) (161) (11,404) (41,680) Reclassification adjustment for foreign currency translation $ — $ 191 $ — 191 191 $ (35,008) $ (4,534) $ (1,358) $ (5,892) $ (40,900) December 31, 2023 Pension and other postretirement actuarial items $ 589 $ (172) $ (26) $ (198) $ 391 Reclassification adjustment for recognition of actuarial items — 7 (5) 2 2 Foreign currency translation adjustment (41,489) 2,237 (10) 2,227 (39,262) $ (40,900) $ 2,072 $ (41) $ 2,031 $ (38,869) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Reconciliation of the Benefit Obligation, Plan Assets, and Funded Status to Benefit Plans | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension plans (in thousands) : December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligation at beginning of year $ 2,050 $ 15,853 $ 2,626 $ 26,157 Service cost (adjusted for actual employee contributions) — 265 — 308 Interest cost 97 675 65 395 Actuarial loss/(gains) 59 6 (533) (7,125) Benefits paid (108) (573) (108) (652) Curtailments and settlements — (310) — (567) Currency translation — 551 — (2,663) Benefit obligation at end of year $ 2,098 $ 16,467 $ 2,050 $ 15,853 Change in plan assets: Fair value of plan assets at beginning of year $ — $ 16,248 $ — $ 19,717 Actual return on plan assets — 855 — (1,773) Company contributions — 875 108 1,064 Benefits paid — (573) (108) (652) Currency translation — 914 — (2,047) Fair value of plan assets at end of year $ — $ 18,319 $ — $ 16,248 Funded status at end of year $ (2,098) $ 1,852 $ (2,050) $ 395 The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to other postretirement benefit plans (in thousands) : OPEB Plans December 31, 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 2,386 $ 2,885 Service cost (adjusted for actual employee contributions) 17 29 Interest cost 111 67 Contributions by participants — — Actuarial losses/(gains) 95 (453) Benefits paid (119) (142) Plan amendments and other — — Benefit obligation at end of year $ 2,490 $ 2,386 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Company contributions 119 142 Contributions by participants — — Benefits paid (119) (142) Fair value of plan assets at end of year $ — $ — Funded status at end of year $ (2,490) $ (2,386) |
Amounts Recognized in the Consolidated Balance Sheet Pretax Amounts | Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands) : December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Other assets $ — $ 4,573 $ — $ 3,301 Other accrued expenses $ (140) $ (85) $ (137) $ (179) Accrued pension and other postretirement costs $ (1,958) $ (2,636) $ (1,913) $ (2,727) Accumulated other comprehensive loss $ 196 $ 492 $ 137 $ 577 $ (1,902) $ 2,344 $ (1,913) $ 972 Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands) : OPEB Plans December 31, 2023 2022 Other accrued expenses $ (286) $ (189) Accrued pension and other postretirement costs $ (2,204) $ (2,197) Accumulated other comprehensive gain $ (367) $ (484) $ (2,857) $ (2,870) |
Actuarial Items | Actuarial items consist of the following (in thousands) : December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Unrecognized net actuarial loss $ 196 $ 448 $ 137 $ 532 Unrecognized prior service cost — 44 — 45 $ 196 $ 492 $ 137 $ 577 Actuarial items consist of the following (in thousands) : OPEB Plans December 31, 2023 2022 Unrecognized net actuarial gain $ (367) $ (484) $ (367) $ (484) |
Additional Information Regarding Projected and Accumulated Benefit Obligations for the Pension Plans | The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands) : December 31, 2023 U.S. Non-U.S. Accumulated benefit obligation, all plans $ 2,098 $ 14,992 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 2,098 $ 2,842 Accumulated benefit obligation $ 2,098 $ 2,203 December 31, 2022 U.S. Non-U.S. Accumulated benefit obligation, all plans $ 2,050 $ 14,489 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 2,050 $ 3,008 Accumulated benefit obligation $ 2,050 $ 2,448 |
Components of Net Periodic Costs of Benefit Plans | The following table sets forth the components of net periodic cost of pension (in thousands) : Years ended December 31, 2023 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Annual service cost $ — $ 265 $ — $ 308 $ — $ 379 Interest cost 97 675 65 395 57 353 Expected return on plan assets — (879) — (454) — (393) Amortization of actuarial losses — 39 22 736 27 459 Amortization of prior service cost — (10) — — — — Amortization of transition obligation — — — (40) — (8) Curtailment and settlement losses — 50 — (512) — (108) Net periodic benefit cost $ 97 $ 140 $ 87 $ 433 $ 84 $ 682 (in thousands) : OPEB Plans Years ended December 31, 2023 2022 2021 OPEB OPEB OPEB Net service cost 17 29 36 Interest cost 111 67 68 Amortization of actuarial (gains)/ losses (22) 3 20 Net periodic benefit cost $ 106 $ 99 $ 124 |
Weighted-average Assumptions Used for Benefit Obligations and Net Periodic Pension Costs | The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.71 % 4.19 % 4.91 % 4.23 % Rate of compensation increase N/A 4.00 % N/A 2.49 % Expected return on plan assets N/A 5.13 % N/A 3.96 % The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2023 and 2022: 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.91 % 4.23 % 2.53 % 1.66 % Rate of compensation increase N/A 2.49 % N/A 2.97 % Expected return on plan assets N/A 3.96 % N/A 2.10 % The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: OPEB Plans December 31, 2023 2022 Discount rate 4.69 % 4.88 % The following weighted-average assumptions were used to determine the net periodic benefit costs for the years ended December 31, 2023 and 2022: OPEB Plans December 31, 2023 2022 Discount rate 4.88 % 2.46 % Health care trend rate 6.50 % 6.50 % |
Composition of Plan Assets | Plan assets are comprised of: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Equity securities — — % — 48 % Fixed income securities — 84 % — 42 % Cash and cash equivalents — 16 % — 10 % Total — 100 % — 100 % |
Changes in Fair Value of Plan Assets for Each Hierarchy Level | A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 16 for further description of the levels within the fair value hierarchy (in thousands)) : As of December 31, 2023 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Defined benefit pension plan assets Equity securities $ — $ — $ — $ — Fixed income securities 15,417 — 15,417 — Cash and cash equivalents 2,902 1,637 1,265 — $ 18,319 $ 1,637 $ 16,682 $ — As of December 31, 2022 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Defined benefit pension plan assets Equity securities $ 7,736 $ — $ 7,736 $ — Fixed income securities 6,813 — 6,813 — Cash and cash equivalents 1,699 1,511 188 — $ 16,248 $ 1,511 $ 14,737 $ — |
Estimated future Benefit Payments | Estimated future benefit payments are as follows (in thousands) : US Pension Non-US 2024 $ 140 $ 747 2025 142 832 2026 142 703 2027 142 885 2028 172 758 2029-2033 812 6,342 Estimated future benefit payments are as follows (in thousands) : OPEB 2024 $ 286 2025 220 2026 236 2027 245 2028 234 2029-2033 773 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Units Activity | RSU activity is presented below (number of RSUs in thousands) : Years ended December 31, 2023 2022 2021 Number Weighted Number Weighted Number Weighted Outstanding: Beginning of year 204 $ 29.92 198 $ 31.07 205 $ 28.23 Granted 72 42.09 82 30.68 80 33.13 Vested (67) 26.54 (40) 34.29 (77) 25.87 Forfeited (7) 24.85 (36) 33.15 (10) 29.43 End of year 202 $ 35.50 204 $ 29.92 198 $ 31.07 |
Restricted Stock Units Performance-based Vesting Criteria | RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) : Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2024 33 1 34 January 1, 2025 and July 1 2025 24 10 34 January 1, 2026 14 16 30 |
Pre-tax Share-based Compensation Expense Recognized | The following table summarizes pre-tax share-based compensation expense recognized (in thousands) : Years ended December 31, 2023 2022 2021 Restricted stock units $ 2,290 $ 2,439 $ 2,244 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Percentage Of Cash and Cash Equivalents Reported By Region | See the following table for the percentage of cash and cash equivalents by region at December 31, 2023 and December 31, 2022: December 31, 2023 2022 Asia 22 % 27 % United States 8 % 17 % Israel 36 % 28 % Europe 18 % 13 % United Kingdom 5 % 10 % Canada 11 % 5 % Total 100 % 100 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases Recorded on the Balance Sheet | Leases recorded on the balance sheet consist of the following (in thousands) : Leases December 31, 2023 December 31, 2022 Assets Operating lease right of use asset $ 26,953 $ 24,342 Liabilities Operating lease - current $ 4,004 $ 4,208 Operating lease - non-current $ 22,625 $ 20,043 |
Other Information Related to Lease Term and Discount Rate | Other information related to lease term and discount rate is as follows: December 31, 2023 Operating leases weighted average remaining lease term (in years) 7.9 years Operating leases weighted average discount rate 4.97 % |
Components of Lease Expense | The components of lease expense are as follows (in thousands) : Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Operating lease cost $ 5,171 $ 5,098 $ 5,185 Short-term lease cost 150 121 141 Sublease income (385) (423) (220) (220) Total net lease cost $ 4,936 $ 4,796 $ 5,106 |
Maturities of Operating Lease Liabilities | Undiscounted maturities of operating lease payments as of December 31, 2023 are summarized as follows (in thousands) : 2023 $ 4,933 2024 4,442 2025 3,763 2026 3,471 2027 3,268 Thereafter 12,102 Total future minimum lease payments $ 31,979 Less: amount representing interest (5,350) Present value of future minimum lease payments $ 26,629 |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Reporting Segment Information | The following table sets forth reporting segment information (in thousands) : Sensors Weighing Solutions Measurement Systems Corporate/ Total 2023 Net third-party revenues $ 139,783 $ 122,528 $ 92,737 $ — $ 355,048 Intersegment revenues 1,743 — — (1,743) — Gross profit 55,130 45,276 49,936 — 150,342 Segment operating income (loss) 34,825 21,570 20,607 (35,048) 41,954 Restructuring costs — 1,478 32 50 1,560 Depreciation and amortization expense 6,141 3,389 4,239 1,781 15,550 Capital expenditures 8,181 6,447 1,111 2 15,741 Total assets 156,384 142,152 154,559 18,471 471,566 2022 Net third-party revenues $ 152,221 $ 125,715 $ 84,644 $ — $ 362,580 Intersegment revenues 2,121 — — (2,121) — Gross profit 61,087 43,178 45,337 — 149,602 Segment operating income (loss) 41,671 21,232 18,399 (37,503) 43,799 Restructuring costs 1,460 — 58 — 1,518 Depreciation and amortization expense 5,816 3,343 4,308 1,886 15,353 Capital expenditures 11,515 7,094 1,324 18 19,951 Total assets 156,816 148,041 153,547 18,338 476,742 2021 Net third-party revenues $ 127,861 $ 125,390 $ 64,668 $ — $ 317,919 Intersegment revenues 3,487 — — (3,487) — Gross profit 45,474 45,900 33,768 — 125,142 Segment operating income (loss) 26,527 23,184 13,480 (35,819) 27,372 Acquisition costs — — 1,198 — 1,198 Impairment of goodwill and indefinite-lived intangibles — — 1,223 — 1,223 Restructuring costs — 76 — — 76 Depreciation and amortization expense 5,967 3,415 3,834 1,780 14,996 Capital expenditures 13,213 3,434 913 7 17,567 Total assets 142,510 152,399 159,816 7,164 461,889 |
Reporting Segment Information, Corporate Other and Excluded Items | The “Corporate/Other” column for segment operating income (loss) includes unallocated selling, general, and administrative expenses and certain items which management excludes from segment results when evaluating segment performance, as follows (in thousands) : Years ended December 31, 2023 2022 2021 Unallocated selling, general, and administrative expenses $ (33,488) $ (35,985) $ (33,322) Acquisition costs — — (1,198) Impairment of goodwill and indefinite-lived intangibles — — (1,223) Restructuring costs (1,560) (1,518) (76) $ (35,048) $ (37,503) $ (35,819) |
Revenue From External Customers and Long-Lived Assets, by Geographical Areas | The following geographic data includes property and equipment based on physical location (in thousands) : December 31, Property and Equipment - Net 2023 2022 United States $ 12,935 $ 12,651 United Kingdom 3,364 3,368 Other Europe 1,957 1,721 Israel 43,987 44,551 Asia 26,946 23,264 Canada and Other 1,447 1,572 $ 90,636 $ 87,127 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share) : Years ended December 31, 2023 2022 2021 Numerator: Numerator for basic and diluted earnings per share: Net earnings attributable to VPG stockholders $ 25,707 $ 36,063 $ 20,221 Denominator: Denominator for basic earnings per share: Weighted average shares 13,574 13,628 13,616 Effect of dilutive securities: Restricted stock units 79 60 41 Dilutive potential common shares 79 60 41 Denominator for diluted earnings per share: Adjusted weighted average shares 13,653 13,688 13,657 Basic earnings per share attributable to VPG stockholders $ 1.89 $ 2.65 $ 1.49 Diluted earnings per share attributable to VPG stockholders $ 1.88 $ 2.63 $ 1.48 |
Additional Financial Statemen_2
Additional Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The caption “Other” on the consolidated statements of operations consists of the following (in thousands) : Years ended December 31, 2023 2022 2021 Foreign exchange (loss)/gain $ (822) $ 3,579 $ (110) Interest income 1,651 401 252 Pension expense (52) (241) (468) Other (321) (181) 96 $ 456 $ 3,558 $ (230) |
Schedule of Accrued Liabilities | Other accrued expenses consist of the following (in thousands) : December 31, 2023 2022 Customer advance payments $ 8,712 $ 7,983 Accrued restructuring 249 183 Goods received, not yet invoiced 2,837 2,523 Accrued taxes, other than income taxes 1,370 1,141 Accrued commissions 4,077 3,217 Accrued professional fees 1,343 1,360 Accrued technical warranty 770 740 Current accrued pension and other post retirement costs 511 505 Other 2,558 2,654 $ 22,427 $ 20,306 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables provide the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands) : As of December 31, 2023 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: Assets held in rabbi trusts $ 5,841 $ 59 $ 5,782 $ — As of December 31, 2022 Fair value measurements at reporting date using: Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: Assets held in rabbi trusts $ 5,427 $ 53 $ 5,374 $ — |
Background and Summary of Sig_4
Background and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Line Items] | |||
Minimum ownership of fully controlled entities | 100% | ||
Research and development expense | $ 20.4 | $ 19.8 | $ 17.2 |
Recognized tax benefit to be realized upon ultimate settlement | greater than 50 percent likely to be realized | ||
Allowance for credit losses | $ 0.5 | 0.7 | |
Credit loss | 0.2 | 0 | 0.1 |
Depreciation expense | $ 11.8 | 11.5 | 11.7 |
Minimum | Patents and acquired technology | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 7 years | ||
Minimum | Customer relationships | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Minimum | Trade names | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 7 years | ||
Minimum | Non-competition agreements | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years | ||
Maximum | Patents and acquired technology | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 20 years | ||
Maximum | Customer relationships | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 15 years | ||
Maximum | Trade names | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 10 years | ||
Maximum | Non-competition agreements | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 10 years | ||
Machinery and Equipment | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 7 years | ||
Machinery and Equipment | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 15 years | ||
Building and Building Improvements | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 20 years | ||
Building and Building Improvements | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Software | |||
Summary of Significant Accounting Policies [Line Items] | |||
Depreciation expense | $ 0.8 | $ 0.7 | $ 0.6 |
Software | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Software | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 5 years |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 355,048 | $ 362,580 | $ 317,919 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 161,122 | 161,757 | 132,482 |
United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 19,173 | 19,750 | 20,412 |
Other Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 76,341 | 74,596 | 67,911 |
Israel | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 18,064 | 28,883 | 23,385 |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 57,935 | 58,654 | 59,878 |
Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 22,413 | 18,940 | 13,851 |
Sensors | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 139,783 | 152,221 | 127,861 |
Sensors | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 49,998 | 51,246 | 39,845 |
Sensors | United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,833 | 3,481 | 3,083 |
Sensors | Other Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 32,262 | 31,938 | 25,859 |
Sensors | Israel | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 17,772 | 28,413 | 22,391 |
Sensors | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 35,918 | 37,143 | 36,683 |
Sensors | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Weighing Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 122,528 | 125,715 | 125,390 |
Weighing Solutions | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 55,421 | 58,076 | 52,542 |
Weighing Solutions | United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 14,980 | 15,697 | 16,577 |
Weighing Solutions | Other Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 38,649 | 37,490 | 39,549 |
Weighing Solutions | Israel | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 292 | 470 | 994 |
Weighing Solutions | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13,156 | 13,974 | 15,719 |
Weighing Solutions | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 30 | 8 | 9 |
Measurement Systems | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 92,737 | 84,644 | 64,668 |
Measurement Systems | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 55,703 | 52,435 | 40,095 |
Measurement Systems | United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 360 | 572 | 752 |
Measurement Systems | Other Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,430 | 5,168 | 2,503 |
Measurement Systems | Israel | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Measurement Systems | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,861 | 7,537 | 7,476 |
Measurement Systems | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 22,383 | $ 18,932 | $ 13,842 |
Revenues (Disaggregation of R_2
Revenues (Disaggregation of Revenue by Market Sector) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 355,048 | $ 362,580 | $ 317,919 |
Test & Measurement | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 73,986 | 78,406 | 64,124 |
Avionics, Military & Space | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 38,270 | 31,399 | 27,303 |
Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 55,060 | 55,892 | 49,562 |
Other Markets | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 72,372 | 79,750 | 71,577 |
Industrial Weighing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 43,898 | 52,109 | 50,626 |
General Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 19,917 | 21,179 | 16,771 |
Steel | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 51,545 | $ 43,845 | $ 37,956 |
Revenues (Contract Assets and L
Revenues (Contract Assets and Liabilities) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Movement in Contract Assets and Liabilities [Roll Forward] | |
Unbilled revenue, beginning balance | $ 3,990 |
(Decrease) Increase in unbilled revenue | (1,001) |
Unbilled revenue, ending balance | 2,989 |
Contract liability, beginning balance | 7,983 |
(Decrease) Increase in accrued customer advances | 729 |
Contract liability, ending balance | $ 8,712 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, liability, revenue recognized | $ 7.3 |
Acquisition Activity (Narrative
Acquisition Activity (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 01, 2021 | Jul. 03, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Acquisition costs | $ 0 | $ 0 | $ 1,198 | ||
DTS Acquisition | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 47,216 | ||||
Acquisition costs | $ 1,200 | ||||
DTS Acquisition | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets, useful life (in years) | 15 years | ||||
DTS Acquisition | Technology-Based Intangible Assets | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets, useful life (in years) | 15 years |
Acquisition Activity - (Schedul
Acquisition Activity - (Schedule of Assets Acquired and Liabilities Assumed) - DTS (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets [Abstract] | ||||
Goodwill | $ 45,734 | $ 45,544 | $ 45,830 | |
DTS Acquisition | ||||
Business Acquisition [Line Items] | ||||
Working capital | $ 12,494 | |||
Property and equipment | 1,209 | |||
Long-term deferred income tax liability | (6,215) | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets [Abstract] | ||||
Total intangible assets | 23,695 | |||
Fair value of acquired identifiable assets and liabilities | 31,183 | |||
Purchase price | 47,216 | |||
Goodwill | 16,033 | |||
DTS Acquisition | Trade names | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets [Abstract] | ||||
Total intangible assets | 2,393 | |||
DTS Acquisition | Patents and acquired technology | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets [Abstract] | ||||
Total intangible assets | 13,167 | |||
DTS Acquisition | Customer relationships | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets [Abstract] | ||||
Total intangible assets | $ 8,135 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) reportingUnit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | |||
Number of reporting units | reportingUnit | 4 | ||
Impairment of indefinite-lived intangible assets | $ 100 | ||
Impairment Of Intangible Asset Indefinite Lived Excluding Goodwill Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag | indefinite-lived intangible trade name | ||
Amortization expense | $ 3,800 | $ 3,900 | 3,300 |
Instrumentation | |||
Goodwill [Line Items] | |||
Goodwill, impairment | $ 1,100 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Summary of Goodwill Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 45,544 | $ 45,830 |
Ending balance | 45,734 | 45,544 |
Measurement Systems | ||
Goodwill [Roll Forward] | ||
Beginning balance | 45,544 | |
Adjustment to goodwill acquired | 130 | |
Foreign currency translation adjustment | 190 | (416) |
Ending balance | 45,734 | 45,544 |
KELK Acquisition | Measurement Systems | ||
Goodwill [Roll Forward] | ||
Beginning balance | 6,313 | 6,706 |
Foreign currency translation adjustment | 175 | (393) |
Ending balance | 6,488 | 6,313 |
DSI Acquisition | Measurement Systems | ||
Goodwill [Roll Forward] | ||
Beginning balance | 16,887 | 16,910 |
Foreign currency translation adjustment | 15 | (23) |
Ending balance | 16,902 | 16,887 |
DTS Acquisition | Measurement Systems | ||
Goodwill [Roll Forward] | ||
Beginning balance | 16,033 | 15,903 |
Adjustment to goodwill acquired | 130 | |
Ending balance | 16,033 | 16,033 |
Stress-Tek Acquisition | Weighing Solutions | ||
Goodwill [Roll Forward] | ||
Beginning balance | 6,311 | 6,311 |
Ending balance | $ 6,311 | $ 6,311 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible assets subject to amortization | ||
Intangible assets subject to amortization (Definite-lived) | $ 77,762 | $ 77,450 |
Accumulated amortization | (40,810) | (36,887) |
Net intangible assets subject to amortization | 36,952 | 40,563 |
Intangible assets not subject to amortization | ||
Intangible assets, net | 44,634 | 48,217 |
Trade names | ||
Intangible assets not subject to amortization | ||
Intangible assets not subject to amortization (Indefinite-lived) | 7,682 | 7,654 |
Patents and acquired technology | ||
Intangible assets subject to amortization | ||
Intangible assets subject to amortization (Definite-lived) | 32,752 | 32,570 |
Accumulated amortization | (11,048) | (9,059) |
Customer relationships | ||
Intangible assets subject to amortization | ||
Intangible assets subject to amortization (Definite-lived) | 33,537 | 33,226 |
Accumulated amortization | (18,306) | (16,209) |
Trade names | ||
Intangible assets subject to amortization | ||
Intangible assets subject to amortization (Definite-lived) | 1,517 | 1,521 |
Accumulated amortization | (1,517) | (1,521) |
Non-competition agreements | ||
Intangible assets subject to amortization | ||
Intangible assets subject to amortization (Definite-lived) | 9,956 | 10,133 |
Accumulated amortization | $ (9,939) | $ (10,098) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 3,722 |
2025 | 3,705 |
2026 | 3,705 |
2027 | 3,669 |
2028 | $ 3,081 |
Restructuring Costs (Narrative)
Restructuring Costs (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring costs | $ 1,560 | $ 1,518 | $ 76 |
Restructuring Costs (Restructur
Restructuring Costs (Restructuring Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Charges [Abstract] | |||
Restructuring reserve, beginning balance | $ 183 | ||
Restructuring costs | 1,560 | $ 1,518 | $ 76 |
Restructuring reserve, ending balance | 249 | 183 | |
Cost Reduction Program | Employee Severance | |||
Restructuring Charges [Abstract] | |||
Restructuring reserve, beginning balance | 183 | 0 | |
Restructuring costs | 1,560 | 1,518 | |
Cash payments | (1,496) | (1,338) | |
Foreign currency translation | 2 | 3 | |
Restructuring reserve, ending balance | $ 249 | $ 183 | $ 0 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (4,111) | $ (4,979) | $ (5,956) |
Foreign | 42,547 | 50,067 | 31,868 |
Income before taxes | $ 38,436 | $ 45,088 | $ 25,912 |
Income Taxes (Expense (Benefit)
Income Taxes (Expense (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 517 | $ 21 | $ 245 |
State and local | 162 | 97 | 38 |
Foreign | 11,903 | 10,457 | 8,442 |
Current Income Tax Expense (Benefit) | 12,582 | 10,575 | 8,725 |
Deferred: | |||
Federal | 154 | (2,808) | (2,992) |
State and local | (628) | 109 | (588) |
Foreign | 318 | 659 | 324 |
Deferred income tax expense (benefit) | (156) | (2,040) | (3,256) |
Total income tax expense | $ 12,426 | $ 8,535 | $ 5,469 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ 8,072 | $ 9,468 | $ 5,441 |
State income taxes, net of U.S. federal tax benefit | (368) | 164 | (391) |
U.S. GILTI tax, net of foreign tax credits | 72 | 8 | 77 |
Effect of foreign operations | 2,378 | 1,246 | 2,096 |
Residual U.S. tax on foreign earnings | 899 | 291 | (258) |
Change in valuation allowance | 1,270 | (1,629) | (1,204) |
Change in unrecognized tax benefits, net | 476 | (1,000) | 107 |
Impairment of goodwill | 0 | 0 | 237 |
Specialty tax credits | (520) | (639) | (333) |
Statutory rate changes | 56 | 3 | (282) |
Effect of foreign exchange | 128 | 667 | (35) |
Other | (37) | (44) | 14 |
Total income tax expense | $ 12,426 | $ 8,535 | $ 5,469 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Dec. 31, 2022 | Jul. 02, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||||||
Deferred tax benefits on foreign net operating loss carryforwards | $ 200 | ||||||
GILTI tax recognized | 22,500 | $ 26,300 | |||||
U.S.tax on GILTI income, net of foreign tax credits | 100 | ||||||
Deferred tax liabilities, gross | $ 14,265 | 15,115 | 14,265 | ||||
Valuation allowance adjustment | 2,300 | ||||||
Valuation allowance | 10,726 | 13,136 | 10,726 | ||||
Undistributed earnings of foreign subsidiaries | 233,200 | 277,600 | 233,200 | ||||
Deferred tax liability, undistributed earnings of foreign subsidiaries | 2,100 | 2,100 | |||||
Undistributed accumulated earnings of foreign subsidiary | 16,600 | 16,600 | |||||
Unremitted earnings withholding taxes | 2,100 | ||||||
Additional unremitted earnings withholding taxes | 29,200 | ||||||
Net income taxes paid | 10,900 | 10,800 | $ 7,700 | ||||
Unrecognized tax benefits, income tax penalties and interest accrued | (200) | $ 100 | 0 | (200) | 100 | ||
Penalties and interest accrued | 0 | 200 | 0 | 0 | 200 | ||
Unrecognized tax benefits that would impact effective tax rate | 400 | 1,300 | 800 | 400 | 1,300 | ||
Reduction for settled tax examinations | 0 | 1,229 | $ 0 | ||||
State and Local Jurisdiction | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | 400 | $ 500 | 400 | ||||
State and Local Jurisdiction | Minimum | |||||||
Income Taxes [Line Items] | |||||||
Statutes of limitations range | 3 years | ||||||
State and Local Jurisdiction | Maximum | |||||||
Income Taxes [Line Items] | |||||||
Statutes of limitations range | 4 years | ||||||
Foreign Tax Authority | |||||||
Income Taxes [Line Items] | |||||||
Reduction for settled tax examinations | 1,400 | $ 1,400 | |||||
Foreign Tax Authority | Minimum | |||||||
Income Taxes [Line Items] | |||||||
Increase in unrecognized tax benefits is reasonably possible | $ 100 | ||||||
Statutes of limitations range | 3 years | ||||||
Foreign Tax Authority | Maximum | |||||||
Income Taxes [Line Items] | |||||||
Increase in unrecognized tax benefits is reasonably possible | $ 200 | ||||||
Statutes of limitations range | 10 years | ||||||
United States | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | 8,700 | $ 10,900 | 8,700 | ||||
United States | State and Local Jurisdiction | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | 6,026 | 6,545 | 6,026 | ||||
Net Operating and Capital Loss Carryforward | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | $ 2,100 | 2,200 | $ 2,100 | ||||
State Tax Rate Changes | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance adjustment | $ 500 | ||||||
DTS Acquisition | |||||||
Income Taxes [Line Items] | |||||||
Deferred tax liabilities, gross | $ 26,400 | ||||||
Deferred tax liabilities, intangible assets | 2,400 | ||||||
Valuation allowance adjustment | $ (1,600) | $ (300) |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Pension and other postretirement costs | $ 1,082 | $ 1,775 |
Inventories | 4,102 | 4,057 |
Net operating/capital loss and interest carryforwards | 10,800 | 9,060 |
Tax credit carryforwards | 1,390 | 2,372 |
Deferred compensation | 2,845 | 2,921 |
Research and development costs | 4,707 | 2,940 |
Other accruals and reserves | 3,709 | 2,228 |
Total gross deferred tax assets | 28,635 | 25,353 |
Less: valuation allowance | (13,136) | (10,726) |
Deferred tax assets, net of valuation allowance | 15,499 | 14,627 |
Deferred tax liabilities: | ||
Tax over book depreciation | (2,151) | (1,453) |
Investment in subsidiary | (2,121) | (2,137) |
Intangible assets, including tax deductible goodwill | (10,843) | (10,675) |
Total gross deferred tax liabilities | (15,115) | (14,265) |
Net deferred tax assets | $ 384 | $ 362 |
Income Taxes (Significant Valua
Income Taxes (Significant Valuation Allowances) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Tax Credit Carryforward [Line Items] | ||
Valuation allowance | $ 13,136 | $ 10,726 |
United States | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance | 10,900 | 8,700 |
Domestic Tax Authority | United States | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance | 4,402 | 2,647 |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance | 500 | 400 |
State and Local Jurisdiction | United States | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance | 6,545 | 6,026 |
Capital Loss Carryforward | Israel | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance | $ 1,369 | $ 1,287 |
Income Taxes (Significant Net O
Income Taxes (Significant Net Operating Losses and Credit Carryforwards) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
United States | Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, not subject to expiration | $ 3,566 |
Interest expense carryover | 12,209 |
United States | Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | 577 |
United States | State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 120,710 |
Israel | Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 5,928 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 439 | $ 1,282 | $ 1,244 |
Addition based on tax positions related to current year | 589 | 176 | 52 |
Addition based on tax positions related to prior years | 0 | 216 | 0 |
Reduction based on tax positions related to prior years | (128) | 0 | 0 |
Currency translation adjustments | (8) | (6) | |
Currency translation adjustments | 41 | ||
Reduction for settled tax examinations | 0 | (1,229) | 0 |
Reduction for payments made | (94) | 0 | 0 |
Reduction for lapses of statute of limitations | 0 | 0 | (55) |
Balance at end of year | $ 798 | $ 439 | $ 1,282 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (144) | $ (201) |
Long-term debt | 31,856 | 60,799 |
Revolving Credit Facility | 2020 Credit Agreement | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 32,000 | $ 61,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Mar. 20, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Interest paid | $ 4,000,000 | $ 2,300,000 | $ 1,200,000 | |
2020 Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, accordion feature, increase limit | $ 25,000,000 | |||
2020 Credit Agreement | Secured Overnight Financing Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate in addition to LIBOR | 1.50% | |||
Quarterly commitment fee | 0.25% | |||
2020 Credit Agreement | Secured Overnight Financing Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate in addition to LIBOR | 2.75% | |||
Quarterly commitment fee | 0.40% | |||
2020 Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Principle amount | $ 75,000,000 | |||
2020 Credit Agreement | Letter Of Credit | ||||
Debt Instrument [Line Items] | ||||
Principle amount | $ 10,000,000 | |||
Other Lines of Credit | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Principle amount | 5,000,000 | 5,000,000 | ||
Letters of credit outstanding | $ 2,400,000 | $ 3,200,000 |
Long-Term Debt (Maturity of Lon
Long-Term Debt (Maturity of Long-term Debt) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 0 |
2025 | 32,000 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 12 Months Ended | 17 Months Ended | ||
Dec. 31, 2023 vote shares | Dec. 31, 2022 shares | Dec. 31, 2023 shares | Aug. 08, 2022 shares | |
Class of Stock [Line Items] | ||||
Common stock, number of votes | vote | 1 | |||
Number of shares authorized to be repurchased (in shares) | 600,000 | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | (188,413) | (85,213) | ||
Common Class B | ||||
Class of Stock [Line Items] | ||||
Common stock, number of votes | vote | 10 | |||
Conversion ratio | 1 | 1 | ||
Common Class B | Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | (273,626) |
Stockholders' Equity (Component
Stockholders' Equity (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 306,522 | $ 277,042 | $ 257,857 |
Other comprehensive income (loss), before tax amount | 2,072 | (4,534) | (1,776) |
Other comprehensive income (loss), tax effect | (41) | (1,358) | (561) |
Other comprehensive income (loss), net of tax | 2,031 | (5,892) | (2,337) |
Balance at end of period | 329,925 | 306,522 | 277,042 |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (40,900) | (35,008) | (32,671) |
Other comprehensive income (loss), net of tax | 2,031 | (5,892) | (2,337) |
Balance at end of period | (38,869) | (40,900) | (35,008) |
Pension and other postretirement actuarial items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 589 | (4,732) | (7,079) |
Balance at end of period | 589 | (4,732) | |
Pension and other postretirement actuarial items, before reclassifications | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 44 | (5,123) | |
Other comprehensive income (loss), before reclassifications, before tax amount | (172) | 5,797 | 2,332 |
Other comprehensive income (loss), before reclassifications, tax | (26) | (1,021) | (376) |
Other comprehensive income (loss), before reclassifications, net of tax amount | (198) | 4,776 | 1,956 |
Balance at end of period | 391 | 44 | (5,123) |
Reclassification adjustment for recognition of actuarial items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Reclassification adjustment, before tax amount | 7 | 721 | 498 |
Reclassification adjustment, tax effect | (5) | (176) | (107) |
Reclassification adjustment, net of tax amount | 2 | 545 | 391 |
Foreign currency translation adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (41,489) | (30,276) | (25,592) |
Other comprehensive income (loss), before reclassifications, before tax amount | 2,237 | (4,606) | |
Other comprehensive income (loss), before reclassifications, tax | (10) | (78) | |
Other comprehensive income (loss), before reclassifications, net of tax amount | 2,227 | (4,684) | |
Reclassification adjustment, before tax amount | 191 | ||
Reclassification adjustment, tax effect | 0 | ||
Reclassification adjustment, net of tax amount | 191 | ||
Balance at end of period | (39,262) | (41,489) | $ (30,276) |
Foreign currency translation adjustment, before reclassifications | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ (41,680) | ||
Other comprehensive income (loss), before reclassifications, before tax amount | (11,243) | ||
Other comprehensive income (loss), before reclassifications, tax | (161) | ||
Other comprehensive income (loss), before reclassifications, net of tax amount | (11,404) | ||
Balance at end of period | $ (41,680) |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, employer contribution next fiscal year | $ 1,200 | ||
Ultimate health care cost trend rate | 4.04% | ||
Defined contribution plan matching expense | $ 1,200 | $ 1,100 | $ 1,000 |
Accrued pension and other postretirement costs | 7,276 | 7,777 | |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets held-in-trust | 4,300 | 3,900 | |
Accrued pension and other postretirement costs | 5,600 | 5,300 | |
Other Retirement Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarial gains adjustment | $ (95) | $ 453 | |
Ultimate health care cost trend rate | 6.50% | 6.50% | |
Other retirement obligations | $ 500 | $ 900 | |
Accrued pension and other postretirement costs | 2,204 | 2,197 | |
United States | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets held-in-trust | 1,600 | 1,500 | |
Non qualified pension plan liabilities | 2,100 | 2,100 | |
Actuarial gains adjustment | (59) | 533 | |
Accrued pension and other postretirement costs | 1,958 | 1,913 | |
Foreign Plan | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarial gains adjustment | (6) | 7,125 | |
Accrued pension and other postretirement costs | $ 2,636 | $ 2,727 |
Pensions and Other Postretire_4
Pensions and Other Postretirement Benefits (Reconciliation of The Benefit Obligation, Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 16,248 | ||
Fair value of plan assets at end of year | 18,319 | $ 16,248 | |
Pension Plans | United States | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,050 | 2,626 | |
Service cost (adjusted for actual employee contributions) | 0 | 0 | $ 0 |
Interest cost | 97 | 65 | 57 |
Actuarial loss/(gains) | 59 | (533) | |
Benefits paid | (108) | (108) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligation at end of year | 2,098 | 2,050 | 2,626 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 0 | 108 | |
Benefits paid | 0 | (108) | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | (2,098) | (2,050) | |
Pension Plans | Foreign Plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 15,853 | 26,157 | |
Service cost (adjusted for actual employee contributions) | 265 | 308 | 379 |
Interest cost | 675 | 395 | 353 |
Actuarial loss/(gains) | 6 | (7,125) | |
Benefits paid | (573) | (652) | |
Curtailments and settlements | (310) | (567) | |
Currency translation | 551 | (2,663) | |
Benefit obligation at end of year | 16,467 | 15,853 | 26,157 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 16,248 | 19,717 | |
Actual return on plan assets | 855 | (1,773) | |
Company contributions | 875 | 1,064 | |
Benefits paid | (573) | (652) | |
Currency translation | 914 | (2,047) | |
Fair value of plan assets at end of year | 18,319 | 16,248 | 19,717 |
Funded status at end of year | 1,852 | 395 | |
OPEB Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,386 | 2,885 | |
Service cost (adjusted for actual employee contributions) | 17 | 29 | 36 |
Interest cost | 111 | 67 | 68 |
Contributions by participants | 0 | 0 | |
Actuarial loss/(gains) | 95 | (453) | |
Benefits paid | (119) | (142) | |
Plan amendments and other | 0 | 0 | |
Benefit obligation at end of year | 2,490 | 2,386 | 2,885 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Company contributions | 119 | 142 | |
Contributions by participants | 0 | 0 | |
Benefits paid | (119) | (142) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | $ (2,490) | $ (2,386) |
Pensions and Other Postretire_5
Pensions and Other Postretirement Benefits (Accrued Pension and Other Postretirement Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, defined benefit plan, noncurrent | $ (7,276) | $ (7,777) |
Pension Plans | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets, defined benefit plan | 0 | 0 |
Liability, defined benefit plan, current | (140) | (137) |
Liability, defined benefit plan, noncurrent | (1,958) | (1,913) |
Accumulated other comprehensive gain | 196 | 137 |
Amounts recognized in consolidated balance sheets | (1,902) | (1,913) |
Pension Plans | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets, defined benefit plan | 4,573 | 3,301 |
Liability, defined benefit plan, current | (85) | (179) |
Liability, defined benefit plan, noncurrent | (2,636) | (2,727) |
Accumulated other comprehensive gain | 492 | 577 |
Amounts recognized in consolidated balance sheets | 2,344 | 972 |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, defined benefit plan, current | (286) | (189) |
Liability, defined benefit plan, noncurrent | (2,204) | (2,197) |
Accumulated other comprehensive gain | (367) | (484) |
Amounts recognized in consolidated balance sheets | $ (2,857) | $ (2,870) |
Pensions and Other Postretire_6
Pensions and Other Postretirement Benefits (Unrecognized Actuarial Gains and Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plans | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss | $ 196 | $ 137 |
Unrecognized prior service cost | 0 | 0 |
Benefit plans, accumulated other comprehensive income (loss) before tax | 196 | 137 |
Pension Plans | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss | 448 | 532 |
Unrecognized prior service cost | 44 | 45 |
Benefit plans, accumulated other comprehensive income (loss) before tax | 492 | 577 |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss | (367) | (484) |
Benefit plans, accumulated other comprehensive income (loss) before tax | $ (367) | $ (484) |
Pensions and Other Postretire_7
Pensions and Other Postretirement Benefits (Projected and Accumulated Benefit Obligations) (Details) - Pension Plans - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation, all plans | $ 2,098 | $ 2,050 |
Plans for which the accumulated benefit obligation exceeds plan assets: | ||
Projected benefit obligation | 2,098 | 2,050 |
Accumulated benefit obligation | 2,098 | 2,050 |
Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation, all plans | 14,992 | 14,489 |
Plans for which the accumulated benefit obligation exceeds plan assets: | ||
Projected benefit obligation | 2,842 | 3,008 |
Accumulated benefit obligation | $ 2,203 | $ 2,448 |
Pensions and Other Postretire_8
Pensions and Other Postretirement Benefits (Components of Net Periodic Cost of Pension and Other Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 52 | $ 241 | $ 468 |
Pension Plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual service cost | 0 | 0 | 0 |
Interest cost | 97 | 65 | 57 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses | 0 | 22 | 27 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of transition obligation | 0 | 0 | 0 |
Curtailment and settlement losses | 0 | 0 | 0 |
Net periodic benefit cost | 97 | 87 | 84 |
Pension Plans | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual service cost | 265 | 308 | 379 |
Interest cost | 675 | 395 | 353 |
Expected return on plan assets | (879) | (454) | (393) |
Amortization of actuarial losses | 39 | 736 | 459 |
Amortization of prior service cost | (10) | 0 | 0 |
Amortization of transition obligation | 0 | (40) | (8) |
Curtailment and settlement losses | 50 | (512) | (108) |
Net periodic benefit cost | 140 | 433 | 682 |
OPEB Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual service cost | 17 | 29 | 36 |
Interest cost | 111 | 67 | 68 |
Amortization of actuarial losses | (22) | 3 | 20 |
Net periodic benefit cost | $ 106 | $ 99 | $ 124 |
Pensions and Other Postretire_9
Pensions and Other Postretirement Benefits (Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care trend rate, net periodic pension cost | 4.04% | |
Pension Plans | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate, benefit obligation | 4.71% | 4.91% |
Discount rate, net periodic pension cost | 4.91% | 2.53% |
Pension Plans | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate, benefit obligation | 4.19% | 4.23% |
Rate of compensation increase, benefit obligation | 4% | 2.49% |
Expected return on plan assets, benefit obligation | 5.13% | 3.96% |
Discount rate, net periodic pension cost | 4.23% | 1.66% |
Rate of compensation increase, net periodic pension cost | 2.49% | 2.97% |
Expected return on plan assets, net periodic pension cost | 3.96% | 2.10% |
OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate, benefit obligation | 4.69% | 4.88% |
Discount rate, net periodic pension cost | 4.88% | 2.46% |
Health care trend rate, net periodic pension cost | 6.50% | 6.50% |
Pensions and Other Postretir_10
Pensions and Other Postretirement Benefits (Plan Assets) (Details) - Pension Plans | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0% | 0% |
Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 100% | 100% |
Equity securities | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0% | 0% |
Equity securities | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0% | 48% |
Fixed income securities | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0% | 0% |
Fixed income securities | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 84% | 42% |
Cash and cash equivalents | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 0% | 0% |
Cash and cash equivalents | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 16% | 10% |
Pensions and Other Postretir_11
Pensions and Other Postretirement Benefits (Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | $ 18,319 | $ 16,248 |
Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 1,637 | 1,511 |
Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 16,682 | 14,737 |
Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 7,736 |
Equity securities | Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Equity securities | Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 7,736 |
Equity securities | Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 15,417 | 6,813 |
Fixed income securities | Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Fixed income securities | Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 15,417 | 6,813 |
Fixed income securities | Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 0 | 0 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 2,902 | 1,699 |
Cash and cash equivalents | Level 1 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 1,637 | 1,511 |
Cash and cash equivalents | Level 2 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | 1,265 | 188 |
Cash and cash equivalents | Level 3 Inputs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan assets | $ 0 | $ 0 |
Pensions and Other Postretir_12
Pensions and Other Postretirement Benefits (Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Plans | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 140 |
2025 | 142 |
2026 | 142 |
2027 | 142 |
2028 | 172 |
2029-2033 | 812 |
Pension Plans | Foreign Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 747 |
2025 | 832 |
2026 | 703 |
2027 | 885 |
2028 | 758 |
2029-2033 | 6,342 |
OPEB Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 286 |
2025 | 220 |
2026 | 236 |
2027 | 245 |
2028 | 234 |
2029-2033 | $ 773 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
May 24, 2023 USD ($) shares | Mar. 09, 2023 USD ($) shares | Feb. 28, 2023 USD ($) people shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized (in shares) | shares | 608,000 | |||||||
Number of shares available for grant (in shares) | shares | 525,239 | |||||||
Share-based payment expense adjustment | $ 0.3 | $ 0.5 | $ 0.4 | |||||
Tax benefit, share-based compensation | 0.5 | $ 0.5 | $ 0.5 | |||||
Deferred tax benefit, share-based compensation | 0.1 | $ 0.2 | $ 0.4 | |||||
Unrecognized share-based compensation expense | $ 2.2 | |||||||
Unrecognized share-based compensation expense recognition period | 1 year 6 months | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of people granted awards | people | 3 | |||||||
Number of RSUs, granted (in shares) | shares | 13,923 | 14,338 | 43,243 | 72,000 | 82,000 | 80,000 | ||
Percentage of performance based units on total units approved | 50% | |||||||
Grant date fair value | $ 0.5 | $ 0.6 | $ 1.9 | |||||
Award vesting rights (percentage) | 50% | |||||||
Award vesting period | 3 years | 3 years | ||||||
Fair value of RSU's vested | $ 2.7 | |||||||
Restricted Stock Units (RSUs) | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of performance based units on total units approved | 50% | |||||||
Award vesting rights (percentage) | 25% | |||||||
Restricted Stock Units (RSUs) | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of performance based units on total units approved | 75% | |||||||
Award vesting rights (percentage) | 50% |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |||||
May 24, 2023 | Mar. 09, 2023 | Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of RSUs | ||||||
Number of RSUs, beginning of year (in shares) | 204,000 | 198,000 | 205,000 | |||
Number of RSUs, granted (in shares) | 13,923 | 14,338 | 43,243 | 72,000 | 82,000 | 80,000 |
Number of RSUs, vested (in shares) | (67,000) | (40,000) | (77,000) | |||
Number of RSUs, forfeited (in shares) | (7,000) | (36,000) | (10,000) | |||
Number of RSUs, end of year (in shares) | 202,000 | 204,000 | 198,000 | |||
Weighted Average Grant-date Fair Value | ||||||
Weighted average grant-date fair value, beginning of year (in dollars per share) | $ 29.92 | $ 31.07 | $ 28.23 | |||
Weighted average grant-date fair value, granted (in dollars per share) | 42.09 | 30.68 | 33.13 | |||
Weighted average grant-date fair value, vested (in dollars per share) | 26.54 | 34.29 | 25.87 | |||
Weighted average grant-date fair value, forfeited (in dollars per share) | 24.85 | 33.15 | 29.43 | |||
Weighted average grant-date fair value, end of year (in dollars per share) | $ 35.50 | $ 29.92 | $ 31.07 |
Share-Based Compensation (Res_2
Share-Based Compensation (Restricted Stock Units Expected to Vest) (Details) - Performance Based Restricted Stock Units shares in Thousands | Dec. 31, 2023 shares |
Vesting on January 1, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected to Vest (in shares) | 33 |
Not Expected to Vest (in shares) | 1 |
Total (in shares) | 34 |
Vesting on January 1, 2025 and July 1, 2025 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected to Vest (in shares) | 24 |
Not Expected to Vest (in shares) | 10 |
Total (in shares) | 34 |
Vesting On January 1, 2026 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected to Vest (in shares) | 14 |
Not Expected to Vest (in shares) | 16 |
Total (in shares) | 30 |
Share-Based Compensation (Pre-T
Share-Based Compensation (Pre-Tax Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units | $ 2,290 | $ 2,439 | $ 2,244 |
Commitments, Contingencies, a_3
Commitments, Contingencies, and Concentrations (Geographic Concentrations) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 100% | 100% |
Asia | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 22% | 27% |
United States | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 8% | 17% |
Israel | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 36% | 28% |
Europe | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 18% | 13% |
United Kingdom | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 5% | 10% |
Canada | ||
Cash and Cash Equivalents by Region [Line Items] | ||
Percentage of cash and cash equivalents by region | 11% | 5% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 6.8 | $ 1.2 |
Operating lease, expense | $ 5.1 | $ 5.1 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining term | 13 years |
Leases - Leases Recorded on the
Leases - Leases Recorded on the Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Operating lease right of use asset | $ 26,953 | $ 24,342 |
Liabilities | ||
Operating lease - current | 4,004 | 4,208 |
Operating lease - non-current | $ 22,625 | $ 20,043 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Operating leases weighted average remaining lease term (years) | 7 years 10 months 24 days |
Operating leases weighted average discount rate (percent) | 4.97% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 5,171 | $ 5,098 | $ 5,185 |
Short-term lease cost | 150 | 121 | 141 |
Sublease income | (385) | (423) | (220) |
Total net lease cost | $ 4,936 | $ 4,796 | $ 5,106 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 4,933 |
2024 | 4,442 |
2025 | 3,763 |
2026 | 3,471 |
2027 | 3,268 |
Thereafter | 12,102 |
Total future minimum lease payments | 31,979 |
Less: amount representing interest | (5,350) |
Present value of future minimum lease payments | $ 26,629 |
Segment and Geographic Data (Na
Segment and Geographic Data (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment and Geographic Data (De
Segment and Geographic Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 355,048 | $ 362,580 | $ 317,919 |
Gross profit | 150,342 | 149,602 | 125,142 |
Segment operating income (loss) | 41,954 | 43,799 | 27,372 |
Acquisition costs | 0 | 0 | 1,198 |
Impairment of goodwill and indefinite-lived intangibles | 0 | 0 | 1,223 |
Restructuring costs | 1,560 | 1,518 | 76 |
Depreciation and amortization expense | 15,550 | 15,353 | 14,996 |
Capital expenditures | 15,741 | 19,951 | 17,567 |
Total assets | 471,566 | 476,742 | 461,889 |
Sensors | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 139,783 | 152,221 | 127,861 |
Weighing Solutions | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 122,528 | 125,715 | 125,390 |
Measurement Systems | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 92,737 | 84,644 | 64,668 |
Operating Segments | Sensors | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 139,783 | 152,221 | 127,861 |
Gross profit | 55,130 | 61,087 | 45,474 |
Segment operating income (loss) | 34,825 | 41,671 | 26,527 |
Acquisition costs | 0 | ||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||
Depreciation and amortization expense | 6,141 | 5,816 | 5,967 |
Capital expenditures | 8,181 | 11,515 | 13,213 |
Total assets | 156,384 | 156,816 | 142,510 |
Operating Segments | Weighing Solutions | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 122,528 | 125,715 | 125,390 |
Gross profit | 45,276 | 43,178 | 45,900 |
Segment operating income (loss) | 21,570 | 21,232 | 23,184 |
Acquisition costs | 0 | ||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||
Depreciation and amortization expense | 3,389 | 3,343 | 3,415 |
Capital expenditures | 6,447 | 7,094 | 3,434 |
Total assets | 142,152 | 148,041 | 152,399 |
Operating Segments | Measurement Systems | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 92,737 | 84,644 | 64,668 |
Gross profit | 49,936 | 45,337 | 33,768 |
Segment operating income (loss) | 20,607 | 18,399 | 13,480 |
Acquisition costs | 1,198 | ||
Impairment of goodwill and indefinite-lived intangibles | 1,223 | ||
Depreciation and amortization expense | 4,239 | 4,308 | 3,834 |
Capital expenditures | 1,111 | 1,324 | 913 |
Total assets | 154,559 | 153,547 | 159,816 |
Corporate/ Other | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Segment operating income (loss) | (35,048) | (37,503) | (35,819) |
Acquisition costs | 0 | ||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||
Restructuring costs | 50 | 0 | 0 |
Depreciation and amortization expense | 1,781 | 1,886 | 1,780 |
Capital expenditures | 2 | 18 | 7 |
Total assets | 18,471 | 18,338 | 7,164 |
Intersegment revenues | |||
Segment Reporting Information [Line Items] | |||
Net revenues | (1,743) | (2,121) | (3,487) |
Intersegment revenues | Sensors | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,743 | 2,121 | 3,487 |
Intersegment revenues | Weighing Solutions | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Intersegment revenues | Measurement Systems | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Segment Reconciling Items | Sensors | |||
Segment Reporting Information [Line Items] | |||
Restructuring costs | 0 | 1,460 | 0 |
Segment Reconciling Items | Weighing Solutions | |||
Segment Reporting Information [Line Items] | |||
Restructuring costs | 1,478 | 0 | 76 |
Segment Reconciling Items | Measurement Systems | |||
Segment Reporting Information [Line Items] | |||
Restructuring costs | $ 32 | $ 58 | $ 0 |
Segment and Geographic Data (Op
Segment and Geographic Data (Operating Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Unallocated selling, general, and administrative expenses | $ (106,828) | $ (104,285) | $ (95,273) |
Acquisition costs | 0 | 0 | (1,198) |
Impairment of goodwill and indefinite-lived intangibles | 0 | 0 | (1,223) |
Restructuring costs | (1,560) | (1,518) | (76) |
Operating income | 41,954 | 43,799 | 27,372 |
Corporate/ Other | |||
Segment Reporting Information [Line Items] | |||
Unallocated selling, general, and administrative expenses | (33,488) | (35,985) | (33,322) |
Acquisition costs | 0 | ||
Impairment of goodwill and indefinite-lived intangibles | 0 | ||
Restructuring costs | (50) | 0 | 0 |
Operating income | $ (35,048) | $ (37,503) | $ (35,819) |
Segment and Geographic Data (Pr
Segment and Geographic Data (Property and Equipment, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 90,636 | $ 87,127 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 12,935 | 12,651 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 3,364 | 3,368 |
Other Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 1,957 | 1,721 |
Israel | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 43,987 | 44,551 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 26,946 | 23,264 |
Canada and Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 1,447 | $ 1,572 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator for basic and diluted earnings per share: | |||
Net earnings attributable to VPG stockholders, basic | $ 25,707 | $ 36,063 | $ 20,221 |
Net earnings attributable to VPG stockholders, diluted | $ 25,707 | $ 36,063 | $ 20,221 |
Denominator: | |||
Weighted average shares (in shares) | 13,574 | 13,628 | 13,616 |
Effect of dilutive securities: | |||
Restricted stock units (shares) | 79 | 60 | 41 |
Dilutive potential common shares (in shares) | 79 | 60 | 41 |
Denominator for diluted earnings per share: | |||
Adjusted weighted average shares (in shares) | 13,653 | 13,688 | 13,657 |
Basic earnings per share attributable to VPG stockholders (in dollars per share) | $ 1.89 | $ 2.65 | $ 1.49 |
Diluted earnings per share attributable to VPG stockholders (in dollars per share) | $ 1.88 | $ 2.63 | $ 1.48 |
Additional Financial Statemen_3
Additional Financial Statement Information (Other) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign exchange (loss)/gain | $ (822) | $ 3,579 | $ (110) |
Interest income | 1,651 | 401 | 252 |
Pension expense | (52) | (241) | (468) |
Other | (321) | (181) | 96 |
Other nonoperating income (expense) | $ 456 | $ 3,558 | $ (230) |
Additional Financial Statemen_4
Additional Financial Statement Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Monthly deposits as percentage of monthly salary | 8.33% | |
Other Liabilities | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Severance benefits | $ 7.1 | $ 7 |
Other Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Severance benefits | $ 5.3 | $ 5.3 |
Additional Financial Statemen_5
Additional Financial Statement Information (Other Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Customer advance payments | $ 8,712 | $ 7,983 |
Accrued restructuring | 249 | 183 |
Goods received, not yet invoiced | 2,837 | 2,523 |
Accrued taxes, other than income taxes | 1,370 | 1,141 |
Accrued commissions | 4,077 | 3,217 |
Accrued professional fees | 1,343 | 1,360 |
Accrued technical warranty | 770 | 740 |
Current accrued pension and other post retirement costs | 511 | 505 |
Other | 2,558 | 2,654 |
Other accrued expenses | $ 22,427 | $ 20,306 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 5,841 | $ 5,427 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 59 | 53 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | 5,782 | 5,374 |
Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trusts | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - Vishay Intertechnology | 12 Months Ended |
Dec. 31, 2023 facility board_member | |
Related Party Transaction [Line Items] | |
Number of common board members | board_member | 3 |
Japan | |
Related Party Transaction [Line Items] | |
Manufacturing facility | 1 |
United States | |
Related Party Transaction [Line Items] | |
Manufacturing facilities leased from related party | 1 |