XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.19.1

Commitments, Contingencies, and Concentrations | 12 Months Ended
--- | ---
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract] |
Commitments Contingencies and Concentrations | Commitments, Contingencies, and Concentrations Leases The Company uses various leased facilities and equipment in its operations. In the normal course of business, operating leases are generally renewed or replaced by other leases. Certain operating leases include escalation clauses. Total rental expense under operating leases was $3.6 million, $3.6 million, and $3.6 million for the years ended December 31, 2018, 2017, and 2016, respectively. Future minimum lease payments for operating leases (excluding related party leases as described in Note 16) with initial or remaining noncancellable lease terms in excess of one year are as follows (in thousands):
2019 | $ | 3,580 |
2020 | 2,126 |
2021 | 997 |
2022 | 725 |
2023 | 503 |
Thereafter | 336 |
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. On May 4, 2018, the Company amended the employment agreement of its general counsel to increase the cash bonus opportunity and annual equity award beginning with the 2018 fiscal year. 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 5% 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, 2018 and 2017, the Company had no significant concentrations of credit risk. Geographic Concentrations At December 31, 2018 and 2017, 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, 2018 and December 31, 2017:
| December 31,
| 2018 |  | 2017
Asia | 28 | % |  | 28 | %
United States | 7 | % |  | 7 | %
Israel | 35 | % |  | 37 | %
Europe | 13 | % |  | 15 | %
United Kingdom | 12 | % |  | 5 | %
Canada | 5 | % |  | 8 | %
Total | 100 | % |  | 100 | %

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments, contingencies and concentrations. + References No definition available. + Details
Name: | vpg_CommitmentsContingenciesAndConcentrationsTextBlock
Namespace Prefix: | vpg_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration