Vishay Precision Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Vishay Precision Group, Inc. has filed its annual report for the fiscal year ending December 31, 2023.</b>

AI Summary

Vishay Precision Group, Inc. (VPG) filed a Annual Report (10-K) with the SEC on February 29, 2024. Vishay Precision Group, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 3 Great Valley Parkway, Suite 150, Malvern, PA 19355. The company is incorporated in Delaware. The Standard Industrial Classification code is 3670 (Electronic Components & Accessories).

Why It Matters

For investors and stakeholders tracking Vishay Precision Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — Vishay Precision Group, Inc. shows moderate risk based on this filing. The company operates in the Electronic Components & Accessories industry, which can be subject to market fluctuations and technological changes, as indicated by its SIC code 3670.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Vishay Precision Group's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 124 — Public Document Count (Number of documents in the filing)
• 3670 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Vishay Precision Group, Inc. (company) — Filer name
• 3 Great Valley Parkway, Suite 150 (address) — Business address
• Malvern (location) — City in business address
• PA (location) — State in business address
• 19355 (postal_code) — ZIP code in business address
• DE (location) — State of incorporation
• 3670 (sic_code) — Standard Industrial Classification
• 270986328 (irs_number) — IRS Number

FAQ

Risk Factors

• Market and Industry Risks [medium — market]: The company's performance is subject to the cyclical nature of the markets it serves and general economic conditions.
• Supply Chain and Manufacturing Risks [medium — operational]: Disruptions in the supply chain or manufacturing processes could adversely affect the company's ability to meet customer demand.
• Interest Rate and Financing Risks [low — financial]: Changes in interest rates could impact the cost of borrowing and the company's financial leverage.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.10 — ection 12(b) of the Act: Common Stock, $0.10 par value VPG New York Stock Exchange
• $37.15 — cently completed second fiscal quarter ($37.15 on July 1, 2023), assuming conversion o

Filing Documents

• vpg-20231231.htm (10-K) — 2541KB
• vpg-20231231x10kxex211.htm (EX-21.1) — 21KB
• vpg-20231231x10kxex231.htm (EX-23.1) — 4KB
• vpg-20231231x10kxex311.htm (EX-31.1) — 10KB
• vpg-20231231x10kxex312.htm (EX-31.2) — 10KB
• vpg-20231231x10kxex321.htm (EX-32.1) — 5KB
• vpg-20231231x10kxex322.htm (EX-32.2) — 5KB
• vpg-20231231x10kxex971.htm (EX-97.1) — 39KB
• vpg-20231231_g1.jpg (GRAPHIC) — 102KB
• 0001487952-24-000006.txt (&nbsp;) — 13868KB
• vpg-20231231.xsd (EX-101.SCH) — 70KB
• vpg-20231231_cal.xml (EX-101.CAL) — 137KB
• vpg-20231231_def.xml (EX-101.DEF) — 467KB
• vpg-20231231_lab.xml (EX-101.LAB) — 1010KB
• vpg-20231231_pre.xml (EX-101.PRE) — 741KB
• vpg-20231231_htm.xml (XML) — 2469KB

Business Description

Item 1. Business Description 3

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 23

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 27

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 45

Controls and Procedures

Item 9A. Controls and Procedures 45

Other Information

Item 9B. Other Information 48

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 48

Executive Compensation

Item 11. Executive Compensation 48

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48

Certain Relationships and Related Party Transactions, and Director Independence

Item 13. Certain Relationships and Related Party Transactions, and Director Independence 48

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 48 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 49

Form 10-K Summary

Item 16. Form 10-K Summary 52

SIGNATURES

SIGNATURES 53 Index to Consolidated Financial Statements F- 1 Report of Independent Registered Public Accounting Firm F- 2 Consolidated Balance Sheets as of December 31, 202 3 and 20 22 F- 4 Consolidated Statements of Operations for the years ended December 31, 202 3 , 202 2 , 20 21 F- 6 Consolidated Statements of Comprehensive Income for the years ended December 31, 202 3 , 202 2 , 20 21 F- 7 Consolidated Statements of Cash Flows for the years ended December 31, 202 3 , 202 2 , 20 21 F- 8 Consolidated Statements of Equity for the years ended December 31, 202 3 , 202 2 , 20 21 F- 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F- 10 - 2 - PART I

BUSINESS DESCRIPTION

Item 1. BUSINESS DESCRIPTION General Vishay Precision Group, Inc. ("VPG," the "Company," "we," "us" or "our") 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. Driven by the continued proliferation of data generated by the expanding use of sensors across a widening array of industrial and non-industrial applications, precision measurement and sensing technologies help ensure and deliver required levels of quality of mission-critical or high-value data. VPG's products are often at the first stage of a data value chain (i.e., the process of converting the physical world into a digital format that can be used for a specific purpose) and as such impact the effectiveness of vast number of critical, high-value downstream processes. Over the past few years, we have seen a broadening of precision sensing applications in both our traditional industrial markets and new markets, due to the development of higher functionality in our customers' end products. Our precision measurement solutions are used across a wide variety of end markets upon which we focus, including test and measurement, industrial, transportation, steel, avionics, military and space, as well as other markets such as agriculture, consumer, and medical. The Company has a long heritage of innovation in sensor technologies that provide accuracy, reliability and repeatability that make our customers' products safer, smarter, and more productive. As the functionality of customers' products con

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View this 10-K filing on SEC EDGAR