Segment Information

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

VPG reports in three product segments: the Sensors segment, the Weighing Solutions segment, and the 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 CODM evaluates each operating segment's performance. The evaluation of the segment's performance is based on multiple performance measures including gross profits, revenues, and operating income, exclusive of certain items. Management believes that evaluating segment performance, excluding items such as restructuring and severance costs, impairment of goodwill and indefinite-lived intangible assets, acquisition costs, and other items is meaningful because they relate to occurrences or events that are outside of our core operations, and management believes that the use of these measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods.

The following table sets forth reporting segment information (in thousands):

	Fiscal quarter ended
	April 1, 2023		April 2, 2022
Net revenues:
Sensors	$	36,726	$	37,750
Weighing Solutions	31,859		32,768
Measurement Systems	20,279		17,147
Total	$	88,864	$	87,665
Gross profit:
Sensors	$	15,144	$	14,286
Weighing Solutions	11,129		12,079
Measurement Systems	10,926		8,885
Total	$	37,199	$	35,250
Reconciliation of segment operating income to consolidated results:
Sensors	$	9,933	$	8,958
Weighing Solutions	5,340		6,214
Measurement Systems	3,872		2,211
Unallocated G&A expenses	(9,105)		(8,807)
Restructuring costs	(116)		(261)
Operating income	$	9,924	$	8,315
Restructuring costs:
Sensors	$	—	$	(203)
Weighing Solutions	(34)		—
Measurement Systems	(32)		(58)
Corporate/Other	(50)		—
	$	(116)	$	(261)

Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. The table below summarizes intersegment sales (in thousands):

	Fiscal quarter ended
	April 1, 2023		April 2, 2022
Sensors to Weighing Solutions	$	328	$	389
Sensors to Measurement Systems	36		61