☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
38-1686453
|
|
(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification Number)
|
|
63 Lancaster Avenue
Malvern, PA 19355-2143
|
610-644-1300
|
|
(Address of Principal Executive Offices)
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(Registrant's Area Code and Telephone Number)
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Large accelerated filer ý
|
Accelerated filer ☐
|
|
Non-accelerated filer ☐ (Do not check if smaller reporting company)
|
Smaller reporting company ☐
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Page Number
|
||||
PART I.
|
FINANCIAL INFORMATION
|
|||
Item 1.
|
Financial Statements
|
|||
Consolidated Condensed Balance Sheets – October 1, 2016 (Unaudited) and December 31, 2015
|
4
|
|||
Consolidated Condensed Statements of Operations (Unaudited) – Fiscal Quarters Ended October 1, 2016 and October 3, 2015
|
6
|
|||
Consolidated Condensed Statements of Comprehensive Income (Unaudited) – Fiscal Quarters Ended October 1, 2016 and October 3, 2015
|
7
|
|||
Consolidated Condensed Statements of Operations (Unaudited) – Nine Fiscal Months Ended October 1, 2016 and October 3, 2015
|
8
|
|||
Consolidated Condensed Statements of Comprehensive Income (Unaudited) – Nine Fiscal Months Ended October 1, 2016 and October 3, 2015
|
9
|
|||
Consolidated Condensed Statements of Cash Flows (Unaudited) – Nine Fiscal Months Ended October 1, 2016 and October 3, 2015
|
10
|
|||
Consolidated Condensed Statement of Equity (Unaudited)
|
11
|
|||
Notes to the Consolidated Condensed Financial Statements (Unaudited)
|
12
|
|||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
35
|
||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
58
|
||
Item 4.
|
Controls and Procedures
|
58
|
||
PART II.
|
OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
59
|
||
Item 1A.
|
Risk Factors
|
59
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
59
|
||
Item 3.
|
Defaults Upon Senior Securities
|
60
|
||
Item 4.
|
Mine Safety Disclosures
|
60
|
||
Item 5.
|
Other Information
|
60
|
||
Item 6.
|
Exhibits
|
60
|
||
SIGNATURES
|
61
|
October 1, 2016
|
December 31, 2015
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
511,587
|
$
|
475,507
|
||||
Short-term investments
|
608,314
|
619,040
|
||||||
Accounts receivable, net
|
295,341
|
272,559
|
||||||
Inventories:
|
||||||||
Finished goods
|
118,853
|
108,869
|
||||||
Work in process
|
182,896
|
201,045
|
||||||
Raw materials
|
106,754
|
110,657
|
||||||
Total inventories
|
408,503
|
420,571
|
||||||
Prepaid expenses and other current assets
|
94,309
|
99,815
|
||||||
Total current assets
|
1,918,054
|
1,887,492
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
91,188
|
89,593
|
||||||
Buildings and improvements
|
579,544
|
562,171
|
||||||
Machinery and equipment
|
2,417,598
|
2,380,299
|
||||||
Construction in progress
|
61,328
|
79,910
|
||||||
Allowance for depreciation
|
(2,300,896
|
)
|
(2,246,677
|
)
|
||||
848,762
|
865,296
|
|||||||
Goodwill
|
142,032
|
138,244
|
||||||
Other intangible assets, net
|
89,784
|
103,258
|
||||||
Other assets
|
150,194
|
158,696
|
||||||
Total assets
|
$
|
3,148,826
|
$
|
3,152,986
|
October 1, 2016
|
December 31, 2015
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Notes payable to banks
|
$
|
105
|
$
|
4
|
||||
Trade accounts payable
|
160,221
|
157,210
|
||||||
Payroll and related expenses
|
128,012
|
113,976
|
||||||
Other accrued expenses
|
157,482
|
164,336
|
||||||
Income taxes
|
16,624
|
22,198
|
||||||
Total current liabilities
|
462,444
|
457,724
|
||||||
Long-term debt less current portion
|
361,467
|
436,738
|
||||||
Deferred income taxes
|
298,623
|
305,413
|
||||||
Other liabilities
|
64,257
|
60,450
|
||||||
Accrued pension and other postretirement costs
|
252,653
|
264,618
|
||||||
Total liabilities
|
1,439,444
|
1,524,943
|
||||||
Stockholders' equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
13,425
|
13,546
|
||||||
Class B convertible common stock
|
1,213
|
1,213
|
||||||
Capital in excess of par value
|
2,044,564
|
2,058,492
|
||||||
(Accumulated deficit) retained earnings
|
(249,535
|
)
|
(319,448
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(105,582
|
)
|
(131,327
|
)
|
||||
Total Vishay stockholders' equity
|
1,704,085
|
1,622,476
|
||||||
Noncontrolling interests
|
5,297
|
5,567
|
||||||
Total equity
|
1,709,382
|
1,628,043
|
||||||
Total liabilities and equity
|
$
|
3,148,826
|
$
|
3,152,986
|
Fiscal quarters ended
|
||||||||
October 1, 2016
|
October 3, 2015
|
|||||||
Net revenues
|
$
|
591,955
|
$
|
560,654
|
||||
Costs of products sold
|
438,054
|
430,510
|
||||||
Gross profit
|
153,901
|
130,144
|
||||||
Selling, general, and administrative expenses
|
93,916
|
88,995
|
||||||
Restructuring and severance costs
|
1,197
|
2,324
|
||||||
Impairment of intangible assets
|
1,559
|
57,600
|
||||||
Impairment of goodwill
|
-
|
5,380
|
||||||
Operating income (loss)
|
57,229
|
(24,155
|
)
|
|||||
Other income (expense):
|
||||||||
Interest expense
|
(6,165
|
)
|
(6,677
|
)
|
||||
Other
|
(380
|
)
|
3,240
|
|||||
Loss on Tianjin explosion
|
-
|
(5,350
|
)
|
|||||
(6,545
|
)
|
(8,787
|
)
|
|||||
Income (loss) before taxes
|
50,684
|
(32,942
|
)
|
|||||
Income tax expense (benefit)
|
14,088
|
(5,392
|
)
|
|||||
Net earnings (loss)
|
36,596
|
(27,550
|
)
|
|||||
Less: net earnings (loss) attributable to noncontrolling interests
|
156
|
116
|
||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
36,440
|
$
|
(27,666
|
)
|
|||
Basic earnings (loss) per share attributable to Vishay stockholders
|
$
|
0.25
|
$
|
(0.19
|
)
|
|||
Diluted earnings (loss) per share attributable to Vishay stockholders
|
$
|
0.24
|
$
|
(0.19
|
)
|
|||
Weighted average shares outstanding - basic
|
146,924
|
147,701
|
||||||
Weighted average shares outstanding - diluted
|
149,894
|
147,701
|
||||||
Cash dividends per share
|
$
|
0.0625
|
$
|
0.0600
|
Fiscal quarters ended
|
||||||||
October 1, 2016
|
October 3, 2015
|
|||||||
Net earnings (loss)
|
$
|
36,596
|
$
|
(27,550
|
)
|
|||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
1,923
|
2,305
|
||||||
Foreign currency translation adjustment
|
8,585
|
3,662
|
||||||
Unrealized gain (loss) on available-for-sale securities
|
318
|
(253
|
)
|
|||||
Other comprehensive income
|
10,826
|
5,714
|
||||||
Comprehensive income (loss)
|
47,422
|
(21,836
|
)
|
|||||
Less: comprehensive income attributable to noncontrolling interests
|
156
|
116
|
||||||
Comprehensive income (loss) attributable to Vishay stockholders
|
$
|
47,266
|
$
|
(21,952
|
)
|
Nine fiscal months ended
|
||||||||
October 1, 2016
|
October 3, 2015
|
|||||||
Net revenues
|
$
|
1,752,612
|
$
|
1,744,560
|
||||
Costs of products sold
|
1,315,274
|
1,327,896
|
||||||
Gross profit
|
437,338
|
416,664
|
||||||
Selling, general, and administrative expenses
|
276,455
|
276,717
|
||||||
Restructuring and severance costs
|
12,139
|
9,394
|
||||||
Impairment of intangible assets
|
1,559
|
57,600
|
||||||
Impairment of goodwill
|
-
|
5,380
|
||||||
Operating income
|
147,185
|
67,573
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(18,901
|
)
|
(19,774
|
)
|
||||
Other
|
2,655
|
7,860
|
||||||
Gain on early extinguishment of debt
|
4,597
|
-
|
||||||
Loss related to Tianjin explosion
|
-
|
(5,350
|
)
|
|||||
(11,649
|
)
|
(17,264
|
)
|
|||||
Income before taxes
|
135,536
|
50,309
|
||||||
Income taxes
|
37,559
|
20,416
|
||||||
Net earnings
|
97,977
|
29,893
|
||||||
Less: net earnings attributable to noncontrolling interests
|
437
|
592
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
97,540
|
$
|
29,301
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.66
|
$
|
0.20
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.65
|
$
|
0.19
|
||||
Weighted average shares outstanding - basic
|
147,470
|
147,700
|
||||||
Weighted average shares outstanding - diluted
|
150,125
|
151,607
|
||||||
Cash dividends per share
|
$
|
0.1875
|
$
|
0.1800
|
Nine fiscal months ended
|
||||||||
October 1, 2016
|
October 3, 2015
|
|||||||
Net earnings
|
$
|
97,977
|
$
|
29,893
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
5,448
|
6,496
|
||||||
Foreign currency translation adjustment
|
18,633
|
(57,174
|
)
|
|||||
Unrealized gain (loss) on available-for-sale securities
|
1,664
|
(1,368
|
)
|
|||||
Other comprehensive income (loss)
|
25,745
|
(52,046
|
)
|
|||||
Comprehensive income (loss)
|
123,722
|
(22,153
|
)
|
|||||
Less: comprehensive income attributable to noncontrolling interests
|
437
|
592
|
||||||
Comprehensive income (loss) attributable to Vishay stockholders
|
$
|
123,285
|
$
|
(22,745
|
)
|
Nine fiscal months ended
|
||||||||
October 1, 2016
|
October 3, 2015
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
97,977
|
$
|
29,893
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
119,143
|
134,281
|
||||||
(Gain) loss on disposal of property and equipment
|
(1,373
|
)
|
(116
|
)
|
||||
Accretion of interest on convertible debentures
|
3,425
|
3,167
|
||||||
Inventory write-offs for obsolescence
|
17,085
|
15,348
|
||||||
Impairment of goodwill and intangible assets
|
1,559
|
62,980
|
||||||
Deferred income taxes
|
(1,750
|
)
|
(32,523
|
)
|
||||
Gain on early extinguishment of debt
|
(4,597
|
)
|
-
|
|||||
Other
|
(5,386
|
)
|
(1,939
|
)
|
||||
Net change in operating assets and liabilities, net of effects of businesses acquired
|
(13,455
|
)
|
(57,522
|
)
|
||||
Net cash provided by operating activities
|
212,628
|
153,569
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(81,346
|
)
|
(86,767
|
)
|
||||
Proceeds from sale of property and equipment
|
1,241
|
1,989
|
||||||
Purchase of short-term investments
|
(472,938
|
)
|
(362,595
|
)
|
||||
Maturity of short-term investments
|
491,867
|
161,611
|
||||||
Sale of short-term investments
|
-
|
503
|
||||||
Sale of other investments
|
-
|
400
|
||||||
Other investing activities
|
2,886
|
(3,967
|
)
|
|||||
Net cash provided by (used in) investing activities
|
(58,290
|
)
|
(288,826
|
)
|
||||
Financing activities
|
||||||||
Principal payments on long-term debt and capital leases
|
(34,044
|
)
|
-
|
|||||
Net proceeds (payments) on revolving credit lines
|
(41,000
|
)
|
(27,000
|
)
|
||||
Common stock repurchases
|
(16,981
|
)
|
-
|
|||||
Net changes in short-term borrowings
|
(626
|
)
|
(7
|
)
|
||||
Dividends paid to common stockholders
|
(25,329
|
)
|
(24,378
|
)
|
||||
Dividends paid to Class B common stockholders
|
(2,274
|
)
|
(2,184
|
)
|
||||
Excess tax benefit from RSUs vested
|
-
|
21
|
||||||
Distributions to noncontrolling interests
|
(707
|
)
|
(725
|
)
|
||||
Net cash provided by (used in) financing activities
|
(120,961
|
)
|
(54,273
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
2,703
|
(12,337
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
36,080
|
(201,867
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
475,507
|
592,172
|
||||||
Cash and cash equivalents at end of period
|
$
|
511,587
|
$
|
390,305
|
Common Stock
|
Class B Convertible Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings (Accumulated Deficit)
|
Accumulated Other Comprehensive Income (Loss)
|
Total Vishay Stockholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
|||||||||||||||||||||||||
Balance at January 1, 2016
|
$
|
13,546
|
$
|
1,213
|
$
|
2,058,492
|
$
|
(319,448
|
)
|
$
|
(131,327
|
)
|
$
|
1,622,476
|
$
|
5,567
|
$
|
1,628,043
|
||||||||||||||
Net earnings
|
-
|
-
|
-
|
97,540
|
-
|
97,540
|
437
|
97,977
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
25,745
|
25,745
|
-
|
25,745
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(707
|
)
|
(707
|
)
|
||||||||||||||||||||||
Common stock repurchase (1,309,855 shares)
|
(131
|
)
|
-
|
(16,850
|
)
|
-
|
-
|
(16,981
|
)
|
-
|
(16,981
|
)
|
||||||||||||||||||||
Restricted stock issuances (103,918 shares)
|
10
|
-
|
(452
|
)
|
-
|
-
|
(442
|
)
|
-
|
(442
|
)
|
|||||||||||||||||||||
Dividends declared ($ 0.1875 per share)
|
-
|
-
|
24
|
(27,627
|
)
|
-
|
(27,603
|
)
|
-
|
(27,603
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
3,371
|
-
|
-
|
3,371
|
-
|
3,371
|
||||||||||||||||||||||||
Tax effects of stock plan
|
-
|
-
|
(21
|
)
|
-
|
-
|
(21
|
)
|
-
|
(21
|
)
|
|||||||||||||||||||||
Balance at October 1, 2016
|
$
|
13,425
|
$
|
1,213
|
$
|
2,044,564
|
$
|
(249,535
|
)
|
$
|
(105,582
|
)
|
$
|
1,704,085
|
$
|
5,297
|
$
|
1,709,382
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
MOSFETs Enhanced Competitiveness Program
|
$
|
675
|
$
|
1,445
|
$
|
5,700
|
$
|
3,737
|
||||||||
Voluntary Separation / Retirement Program
|
-
|
-
|
-
|
77
|
||||||||||||
Modules Production Transfer Program
|
(464
|
)
|
-
|
(464
|
)
|
-
|
||||||||||
Global Cost Reduction Programs
|
986
|
879
|
6,903
|
5,580
|
||||||||||||
Total
|
$
|
1,197
|
$
|
2,324
|
$
|
12,139
|
$
|
9,394
|
Expense recorded in 2013
|
$
|
2,328
|
||
Cash paid
|
(267
|
)
|
||
Balance at December 31, 2013
|
$
|
2,061
|
||
Expense recorded in 2014
|
6,025
|
|||
Cash paid
|
(856
|
)
|
||
Balance at December 31, 2014
|
$
|
7,230
|
||
Expense recorded in 2015
|
5,367
|
|||
Cash paid
|
(426
|
)
|
||
Foreign currency translation
|
1
|
|||
Balance at December 31, 2015
|
$
|
12,172
|
||
Expense recorded in 2016
|
5,700
|
|||
Cash paid
|
(13,492
|
)
|
||
Foreign currency translation
|
4
|
|||
Balance at October 1, 2016
|
$
|
4,384
|
Expense recorded in 2013
|
$
|
486
|
||
Cash paid
|
(98
|
)
|
||
Foreign currency translation
|
3
|
|||
Balance at December 31, 2013
|
$
|
391
|
||
Expense recorded in 2014
|
12,792
|
|||
Cash paid
|
(8,054
|
)
|
||
Foreign currency translation
|
(455
|
)
|
||
Balance at December 31, 2014
|
$
|
4,674
|
||
Expense recorded in 2015
|
95
|
|||
Cash paid
|
(3,166
|
)
|
||
Foreign currency translation
|
(258
|
)
|
||
Balance at December 31, 2015
|
$
|
1,345
|
||
Cash paid
|
(716
|
)
|
||
Foreign currency translation
|
25
|
|||
Balance at October 1, 2016
|
$
|
654
|
Expense recorded in 2014
|
$
|
2,080
|
||
Cash paid
|
(464
|
)
|
||
Foreign currency translation
|
(121
|
)
|
||
Balance at December 31, 2014
|
$
|
1,495
|
||
Cash paid
|
(718
|
)
|
||
Foreign currency translation
|
(120
|
)
|
||
Balance at December 31, 2015
|
$
|
657
|
||
Change in estimate
|
(464
|
)
|
||
Cash paid
|
(125
|
)
|
||
Foreign currency translation
|
18
|
|||
Balance at October 1, 2016
|
$
|
86
|
Expense recorded in 2015
|
$
|
13,753
|
||
Cash paid
|
(986
|
)
|
||
Foreign currency translation
|
(150
|
)
|
||
Balance at December 31, 2015
|
$
|
12,617
|
||
Expense recorded in 2016
|
6,903
|
|||
Cash paid
|
(12,918
|
)
|
||
Foreign currency translation
|
181
|
|||
Balance at October 1, 2016
|
$
|
6,783
|
Diodes
|
$
|
788
|
||
Optoelectronic Components
|
953
|
|||
Resistors & Inductors
|
3,163
|
|||
Capacitors
|
459
|
|||
Unallocated Selling, General, and Administrative Expenses
|
1,540
|
|||
Total
|
$
|
6,903
|
October 1, 2016
|
December 31, 2015
|
|||||||
Credit facility
|
$
|
149,000
|
$
|
190,000
|
||||
Exchangeable unsecured notes, due 2102
|
-
|
38,642
|
||||||
Convertible senior debentures, due 2040
|
107,563
|
106,011
|
||||||
Convertible senior debentures, due 2041
|
55,157
|
54,424
|
||||||
Convertible senior debentures, due 2042
|
61,072
|
60,320
|
||||||
Deferred financing costs
|
(11,325
|
)
|
(12,659
|
)
|
||||
361,467
|
436,738
|
|||||||
Less current portion
|
-
|
-
|
||||||
$
|
361,467
|
$
|
436,738
|
Due 2040
|
Due 2041
|
Due 2042
|
||||||||||
Issuance date
|
November 9, 2010
|
May 13, 2011
|
May 31, 2012
|
|||||||||
Maturity date
|
November 15, 2040
|
May 15, 2041
|
June 1, 2042
|
|||||||||
Principal amount
|
$
|
275,000
|
$
|
150,000
|
$
|
150,000
|
||||||
Cash coupon rate (per annum)
|
2.25
|
%
|
2.25
|
%
|
2.25
|
%
|
||||||
Nonconvertible debt borrowing rate at issuance (per annum)
|
8.00
|
%
|
8.375
|
%
|
7.50
|
%
|
||||||
Conversion rate effective September 13, 2016 (per $1 principal amount)
|
75.8043
|
55.3180
|
89.1277
|
|||||||||
Effective conversion price effective September 13, 2016 (per share)
|
$
|
13.19
|
$
|
18.08
|
$
|
11.22
|
||||||
130% of the conversion price (per share)
|
$
|
17.15
|
$
|
23.50
|
$
|
14.59
|
||||||
Call date
|
November 20, 2020
|
May 20, 2021
|
June 7, 2022
|
Principal amount of
the debentures
|
Unamortized discount
|
Embedded derivative
|
Carrying value of liability component
|
Equity component - net carrying value
|
||||||||||||||||
October 1, 2016
|
||||||||||||||||||||
Due 2040
|
$
|
275,000
|
(167,863
|
)
|
426
|
$
|
107,563
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(95,145
|
)
|
302
|
$
|
55,157
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(89,128
|
)
|
200
|
$
|
61,072
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(352,136
|
)
|
$
|
928
|
$
|
223,792
|
$
|
230,214
|
|||||||||
December 31, 2015
|
||||||||||||||||||||
Due 2040
|
$
|
275,000
|
(169,565
|
)
|
576
|
$
|
106,011
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(96,014
|
)
|
438
|
$
|
54,424
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(89,982
|
)
|
302
|
$
|
60,320
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(355,561
|
)
|
$
|
1,316
|
$
|
220,755
|
$
|
230,214
|
Contractual
coupon interest
|
Non-cash amortization of debt discount
|
Non-cash amortization of deferred financing costs
|
Non-cash change in value of derivative liability
|
Total interest expense related to the debentures
|
||||||||||||||||
October 1, 2016
|
||||||||||||||||||||
Due 2040
|
$
|
1,547
|
579
|
22
|
(115
|
)
|
$
|
2,033
|
||||||||||||
Due 2041
|
$
|
844
|
296
|
11
|
(102
|
)
|
$
|
1,049
|
||||||||||||
Due 2042
|
$
|
844
|
291
|
13
|
(71
|
)
|
$
|
1,077
|
||||||||||||
Total
|
$
|
3,235
|
$
|
1,166
|
$
|
46
|
$
|
(288
|
)
|
$
|
4,159
|
|||||||||
October 3, 2015
|
||||||||||||||||||||
Due 2040
|
$
|
1,547
|
535
|
22
|
198
|
$
|
2,302
|
|||||||||||||
Due 2041
|
$
|
844
|
272
|
12
|
92
|
$
|
1,220
|
|||||||||||||
Due 2042
|
$
|
844
|
270
|
13
|
105
|
$
|
1,232
|
|||||||||||||
Total
|
$
|
3,235
|
$
|
1,077
|
$
|
47
|
$
|
395
|
$
|
4,754
|
Contractual
coupon interest
|
Non-cash amortization of debt discount
|
Non-cash amortization of deferred financing costs
|
Non-cash change in value of derivative liability
|
Total interest expense related to the debentures
|
||||||||||||||||
October 1, 2016
|
||||||||||||||||||||
Due 2040
|
$
|
4,641
|
1,702
|
66
|
(150
|
)
|
$
|
6,259
|
||||||||||||
Due 2041
|
$
|
2,532
|
869
|
35
|
(136
|
)
|
$
|
3,300
|
||||||||||||
Due 2042
|
$
|
2,532
|
854
|
40
|
(102
|
)
|
$
|
3,324
|
||||||||||||
Total
|
$
|
9,705
|
$
|
3,425
|
$
|
141
|
$
|
(388
|
)
|
$
|
12,883
|
|||||||||
October 3, 2015
|
||||||||||||||||||||
Due 2040
|
$
|
4,641
|
1,574
|
66
|
304
|
$
|
6,585
|
|||||||||||||
Due 2041
|
$
|
2,532
|
800
|
36
|
229
|
$
|
3,597
|
|||||||||||||
Due 2042
|
$
|
2,532
|
793
|
40
|
144
|
$
|
3,509
|
|||||||||||||
Total
|
$
|
9,705
|
$
|
3,167
|
$
|
142
|
$
|
677
|
$
|
13,691
|
Pension and other post-retirement actuarial items
|
Currency translation adjustment
|
Unrealized gain (loss) on available-for-sale securities
|
Total
|
|||||||||||||
Balance at January 1, 2016
|
$
|
(136,422
|
)
|
$
|
4,597
|
498
|
$
|
(131,327
|
)
|
|||||||
Other comprehensive income before reclassifications
|
-
|
18,633
|
2,560
|
$
|
21,193
|
|||||||||||
Tax effect
|
-
|
-
|
(896
|
)
|
$
|
(896
|
)
|
|||||||||
Other comprehensive income before reclassifications, net of tax
|
-
|
18,633
|
1,664
|
$
|
20,297
|
|||||||||||
Amounts reclassified out of AOCI
|
8,065
|
-
|
-
|
$
|
8,065
|
|||||||||||
Tax effect
|
(2,617
|
)
|
-
|
-
|
$
|
(2,617
|
)
|
|||||||||
Amounts reclassified out of AOCI, net of tax
|
5,448
|
-
|
-
|
$
|
5,448
|
|||||||||||
Net other comprehensive income
|
$
|
5,448
|
$
|
18,633
|
$
|
1,664
|
$
|
25,745
|
||||||||
Balance at October 1, 2016
|
$
|
(130,974
|
)
|
$
|
23,230
|
$
|
2,162
|
$
|
(105,582
|
)
|
Fiscal quarter ended
October 1, 2016
|
Fiscal quarter ended
October 3, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
790
|
$
|
-
|
$
|
812
|
||||||||
Interest cost
|
2,945
|
1,361
|
2,915
|
1,412
|
||||||||||||
Expected return on plan assets
|
(2,825
|
)
|
(529
|
)
|
(3,391
|
)
|
(448
|
)
|
||||||||
Amortization of prior service cost
|
36
|
12
|
16
|
-
|
||||||||||||
Amortization of losses
|
1,650
|
1,196
|
2,048
|
1,278
|
||||||||||||
Curtailment and settlement losses
|
-
|
205
|
-
|
-
|
||||||||||||
Net periodic benefit cost
|
$
|
1,806
|
$
|
3,035
|
$
|
1,588
|
$
|
3,054
|
Nine fiscal months ended
October 1, 2016
|
Nine fiscal months ended
October 3, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
2,355
|
$
|
-
|
$
|
2,467
|
||||||||
Interest cost
|
8,834
|
4,097
|
8,743
|
4,263
|
||||||||||||
Expected return on plan assets
|
(8,476
|
)
|
(1,605
|
)
|
(10,174
|
)
|
(1,358
|
)
|
||||||||
Amortization of prior service cost
|
108
|
37
|
48
|
-
|
||||||||||||
Amortization of losses
|
4,951
|
3,568
|
6,144
|
3,859
|
||||||||||||
Curtailment and settlement losses
|
-
|
601
|
-
|
-
|
||||||||||||
Net periodic benefit cost
|
$
|
5,417
|
$
|
9,053
|
$
|
4,761
|
$
|
9,231
|
Fiscal quarter ended
October 1, 2016
|
Fiscal quarter ended
October 3, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Service cost
|
$
|
31
|
$
|
67
|
$
|
31
|
$
|
69
|
||||||||
Interest cost
|
85
|
36
|
83
|
37
|
||||||||||||
Amortization of prior service (credit)
|
(209
|
)
|
-
|
(209
|
)
|
-
|
||||||||||
Amortization of losses (gains)
|
(8
|
)
|
17
|
22
|
19
|
|||||||||||
Net periodic benefit cost
|
$
|
(101
|
)
|
$
|
120
|
$
|
(73
|
)
|
$
|
125
|
Nine fiscal months ended
October 1, 2016
|
Nine fiscal months ended
October 3, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Service cost
|
$
|
94
|
$
|
202
|
$
|
91
|
$
|
206
|
||||||||
Interest cost
|
255
|
108
|
250
|
110
|
||||||||||||
Amortization of prior service (credit)
|
(627
|
)
|
-
|
(627
|
)
|
-
|
||||||||||
Amortization of losses (gains)
|
(23
|
)
|
51
|
67
|
57
|
|||||||||||
Net periodic benefit cost
|
$
|
(301
|
)
|
$
|
361
|
$
|
(219
|
)
|
$
|
373
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Restricted stock units
|
$
|
1,085
|
$
|
933
|
$
|
3,254
|
2,771
|
|||||||||
Phantom stock units
|
-
|
-
|
117
|
141
|
||||||||||||
Stock options
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
1,085
|
$
|
933
|
$
|
3,371
|
2,912
|
Unrecognized Compensation Cost
|
Weighted Average Remaining Amortization Periods
|
|||||||
Restricted stock units
|
$
|
5,302
|
1.3
|
|||||
Phantom stock units
|
-
|
0.0
|
||||||
Stock options
|
-
|
0.0
|
||||||
Total
|
$
|
5,302
|
Number of RSUs
|
Weighted Average Grant-date Fair Value per Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2016
|
1,028
|
$
|
13.24
|
|||||
Granted
|
353
|
11.35
|
||||||
Vested*
|
(142
|
)
|
12.21
|
|||||
Cancelled or forfeited
|
(222
|
)
|
13.19
|
|||||
Outstanding at October 1, 2016
|
1,017
|
$
|
12.74
|
|||||
Expected to vest at October 1, 2016
|
1,017
|
Vesting Date
|
Expected to Vest
|
Not Expected to Vest
|
Total
|
|||||||||
January 1, 2017
|
192
|
-
|
192
|
|||||||||
January 1, 2018
|
202
|
-
|
202
|
|||||||||
January 1, 2019
|
213
|
-
|
213
|
Number of units
|
Grant-date Fair Value per Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2016
|
132
|
|||||||
Granted
|
10
|
$
|
11.71
|
|||||
Dividend equivalents issued
|
2
|
|||||||
Outstanding at October 1, 2016
|
144
|
●
|
Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power.
|
|
●
|
Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering.
|
|
●
|
Optoelectronic components emit light, detect light, or do both.
|
|
●
|
Resistors and inductors both impede electric current. Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. Inductors use an internal magnetic field to change alternating current phase and resist alternating current.
|
|
●
|
Capacitors store energy and discharge it when needed.
|
MOSFETs
|
Diodes
|
Optoelectronic Components
|
Resistors & Inductors
|
Capacitors
|
Total
|
|||||||||||||||||||
Fiscal quarter ended October 1, 2016:
|
||||||||||||||||||||||||
Product Sales
|
$
|
101,687
|
$
|
141,127
|
$
|
72,801
|
$
|
191,989
|
$
|
84,299
|
$
|
591,903
|
||||||||||||
Royalty Revenues
|
-
|
-
|
-
|
52
|
-
|
$
|
52
|
|||||||||||||||||
Total Revenue
|
$
|
101,687
|
$
|
141,127
|
$
|
72,801
|
$
|
192,041
|
$
|
84,299
|
$
|
591,955
|
||||||||||||
Gross Profit
|
$
|
16,443
|
$
|
36,444
|
$
|
24,250
|
$
|
58,768
|
$
|
17,996
|
$
|
153,901
|
||||||||||||
Segment Operating Income
|
$
|
7,493
|
$
|
31,832
|
$
|
20,340
|
$
|
51,861
|
$
|
13,210
|
$
|
124,736
|
||||||||||||
Fiscal quarter ended October 3, 2015:
|
||||||||||||||||||||||||
Product Sales
|
$
|
109,446
|
$
|
123,922
|
$
|
70,008
|
$
|
172,995
|
$
|
83,547
|
$
|
559,918
|
||||||||||||
Royalty Revenues
|
-
|
-
|
-
|
736
|
-
|
$
|
736
|
|||||||||||||||||
Total Revenue
|
$
|
109,446
|
$
|
123,922
|
$
|
70,008
|
$
|
173,731
|
$
|
83,547
|
$
|
560,654
|
||||||||||||
Gross Profit
|
$
|
16,795
|
$
|
27,508
|
$
|
22,969
|
$
|
49,843
|
$
|
13,029
|
$
|
130,144
|
||||||||||||
Segment Operating Income
|
$
|
6,839
|
$
|
21,628
|
$
|
17,673
|
$
|
41,404
|
$
|
7,618
|
$
|
95,162
|
Nine fiscal months ended October 1, 2016:
|
||||||||||||||||||||||||
Product Sales
|
$
|
304,839
|
$
|
418,629
|
$
|
203,635
|
$
|
568,122
|
$
|
257,175
|
$
|
1,752,400
|
||||||||||||
Royalty Revenues
|
-
|
-
|
-
|
212
|
-
|
$
|
212
|
|||||||||||||||||
Total Revenue
|
$
|
304,839
|
$
|
418,629
|
$
|
203,635
|
$
|
568,334
|
$
|
257,175
|
$
|
1,752,612
|
||||||||||||
Gross Profit
|
$
|
40,914
|
$
|
106,364
|
$
|
65,049
|
$
|
171,808
|
$
|
53,203
|
$
|
437,338
|
||||||||||||
Segment Operating Income
|
$
|
12,671
|
$
|
90,025
|
$
|
49,838
|
$
|
147,315
|
$
|
37,145
|
$
|
336,994
|
||||||||||||
Nine fiscal months ended October 3, 2015:
|
||||||||||||||||||||||||
Product Sales
|
$
|
322,553
|
$
|
399,155
|
$
|
211,610
|
$
|
538,173
|
$
|
270,474
|
$
|
1,741,965
|
||||||||||||
Royalty Revenues
|
11
|
-
|
-
|
2,584
|
-
|
$
|
2,595
|
|||||||||||||||||
Total Revenue
|
$
|
322,564
|
$
|
399,155
|
$
|
211,610
|
$
|
540,757
|
$
|
270,474
|
$
|
1,744,560
|
||||||||||||
Gross Profit
|
$
|
45,261
|
$
|
88,998
|
$
|
69,483
|
$
|
162,034
|
$
|
50,888
|
$
|
416,664
|
||||||||||||
Segment Operating Income
|
$
|
16,506
|
$
|
70,641
|
$
|
53,923
|
$
|
135,399
|
$
|
33,968
|
$
|
310,437
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
124,736
|
$
|
95,162
|
$
|
336,994
|
$
|
310,437
|
||||||||
Restructuring and Severance Costs
|
(1,197
|
)
|
(2,324
|
)
|
(12,139
|
)
|
(9,394
|
)
|
||||||||
Impairment of intangible assets
|
(1,559
|
)
|
(57,600
|
)
|
(1,559
|
)
|
(57,600
|
)
|
||||||||
Impairment of goodwill
|
-
|
(5,380
|
)
|
-
|
(5,380
|
)
|
||||||||||
Unallocated Selling, General, and Administrative Expenses
|
(64,751
|
)
|
(54,013
|
)
|
(176,111
|
)
|
(170,490
|
)
|
||||||||
Consolidated Operating Income
|
$
|
57,229
|
$
|
(24,155
|
)
|
$
|
147,185
|
$
|
67,573
|
|||||||
Unallocated Other Income (Expense)
|
(6,545
|
)
|
(8,787
|
)
|
(11,649
|
)
|
(17,264
|
)
|
||||||||
Consolidated Income (Loss) Before Taxes
|
$
|
50,684
|
$
|
(32,942
|
)
|
$
|
135,536
|
$
|
50,309
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Numerator:
|
||||||||||||||||
Numerator for basic earnings (loss) per share:
|
||||||||||||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
36,440
|
$
|
(27,666
|
)
|
$
|
97,540
|
$
|
29,301
|
|||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax
|
-
|
-
|
38
|
50
|
||||||||||||
Numerator for diluted earnings (loss) per share:
|
||||||||||||||||
Net earnings (loss) attributable to Vishay stockholders - diluted
|
$
|
36,440
|
$
|
(27,666
|
)
|
$
|
97,578
|
$
|
29,351
|
|||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings (loss) per share:
|
||||||||||||||||
Weighted average shares
|
146,781
|
147,570
|
147,327
|
147,570
|
||||||||||||
Outstanding phantom stock units
|
143
|
131
|
143
|
130
|
||||||||||||
Adjusted weighted average shares
|
146,924
|
147,701
|
147,470
|
147,700
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Convertible and exchangeable debt instruments
|
2,541
|
-
|
2,387
|
3,692
|
||||||||||||
Restricted stock units
|
423
|
-
|
266
|
213
|
||||||||||||
Other
|
6
|
-
|
2
|
2
|
||||||||||||
Dilutive potential common shares
|
2,970
|
-
|
2,655
|
3,907
|
||||||||||||
Denominator for diluted earnings (loss) per share:
|
||||||||||||||||
Adjusted weighted average shares - diluted
|
149,894
|
147,701
|
150,125
|
151,607
|
||||||||||||
Basic earnings (loss) per share attributable to Vishay stockholders
|
$
|
0.25
|
$
|
(0.19
|
)
|
$
|
0.66
|
$
|
0.20
|
|||||||
Diluted earnings (loss) per share attributable to Vishay stockholders
|
$
|
0.24
|
$
|
(0.19
|
)
|
$
|
0.65
|
$
|
0.19
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Convertible and exchangeable notes:
|
||||||||||||||||
Convertible Senior Debentures, due 2040
|
-
|
20,364
|
13,750
|
13,537
|
||||||||||||
Convertible Senior Debentures, due 2041
|
8,268
|
8,106
|
8,229
|
8,063
|
||||||||||||
Convertible Senior Debentures, due 2042
|
-
|
13,060
|
-
|
4,353
|
||||||||||||
Exchangeable Unsecured Notes, due 2102
|
-
|
2,512
|
-
|
-
|
||||||||||||
Weighted average employee stock options
|
77
|
105
|
96
|
96
|
||||||||||||
Weighted average other
|
415
|
1,059
|
545
|
768
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
October 1, 2016:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
42,178
|
$
|
27,663
|
$
|
14,515
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
4,280
|
4,280
|
-
|
-
|
|||||||||||
$
|
46,458
|
$
|
31,943
|
$
|
14,515
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(426
|
)
|
$
|
-
|
$
|
-
|
$
|
(426
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(302
|
)
|
-
|
-
|
(302
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(200
|
)
|
-
|
-
|
(200
|
)
|
|||||||||
$
|
(928
|
)
|
$
|
-
|
$
|
-
|
$
|
(928
|
)
|
|||||||
December 31, 2015:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
39,849
|
$
|
25,906
|
13,943
|
$
|
-
|
|||||||||
Available for sale securities
|
$
|
3,604
|
3,604
|
-
|
-
|
|||||||||||
$
|
43,453
|
$
|
29,510
|
$
|
13,943
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(576
|
)
|
$
|
-
|
$
|
-
|
$
|
(576
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(438
|
)
|
-
|
-
|
(438
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(302
|
)
|
-
|
-
|
(302
|
)
|
|||||||||
$
|
(1,316
|
)
|
$
|
-
|
$
|
-
|
$
|
(1,316
|
)
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
GAAP net earnings (loss) attributable to Vishay stockholders
|
$
|
36,440
|
$
|
(27,666
|
)
|
$
|
97,540
|
$
|
29,301
|
|||||||
Reconciling items affecting operating income (loss):
|
||||||||||||||||
Restructuring and severance costs
|
$
|
1,197
|
$
|
2,324
|
$
|
12,139
|
$
|
9,394
|
||||||||
Impairment of intangible assets
|
1,559
|
57,600
|
1,559
|
57,600
|
||||||||||||
Impairment of goodwill
|
-
|
5,380
|
-
|
5,380
|
||||||||||||
Reconciling items affecting other income (expense):
|
||||||||||||||||
Gain on early extinguishment of debt
|
$
|
-
|
$
|
-
|
$
|
(4,597
|
)
|
$
|
-
|
|||||||
Loss related to Tianjin explosion
|
-
|
5,350
|
-
|
5,350
|
||||||||||||
Reconciling items affecting tax expense:
|
||||||||||||||||
Effects of cash repatriation program
|
$
|
(1,402
|
)
|
$
|
-
|
$
|
(3,388
|
)
|
$
|
-
|
||||||
Tax effects of pre-tax items above
|
(441
|
)
|
(16,831
|
)
|
(2,436
|
)
|
(19,327
|
)
|
||||||||
Adjusted net earnings
|
$
|
37,353
|
$
|
26,157
|
$
|
100,817
|
$
|
87,698
|
||||||||
Adjusted weighted average diluted shares outstanding
|
149,894
|
150,455
|
150,125
|
151,607
|
||||||||||||
Adjusted earnings per diluted share *
|
$
|
0.25
|
$
|
0.17
|
$
|
0.67
|
$
|
0.58
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net cash provided by continuing operating activities
|
$
|
117,657
|
$
|
61,207
|
$
|
212,628
|
$
|
153,569
|
||||||||
Proceeds from sale of property and equipment
|
1,048
|
314
|
1,241
|
1,989
|
||||||||||||
Less: Capital expenditures
|
(30,273
|
)
|
(37,217
|
)
|
(81,346
|
)
|
(86,767
|
)
|
||||||||
Free cash
|
$
|
$88,432
|
$
|
$24,304
|
$
|
$132,523
|
$
|
68,791
|
3rd Quarter 2015
|
4th Quarter 2015
|
1st Quarter 2016
|
2nd Quarter 2016
|
3rd Quarter 2016
|
||||||||||||||||
Net revenues
|
$
|
560,654
|
$
|
555,928
|
$
|
570,606
|
$
|
590,051
|
$
|
591,955
|
||||||||||
Gross profit margin
|
23.2
|
%
|
22.6
|
%
|
24.1
|
%
|
24.8
|
%
|
26.0
|
%
|
||||||||||
Operating margin (1)
|
-4.3
|
%
|
5.4
|
%
|
7.1
|
%
|
8.4
|
%
|
9.7
|
%
|
||||||||||
End-of-period backlog
|
$
|
535,500
|
$
|
514,500
|
$
|
571,600
|
$
|
579,800
|
$
|
608,100
|
||||||||||
Book-to-bill ratio
|
0.96
|
0.97
|
1.08
|
1.02
|
1.04
|
|||||||||||||||
Inventory turnover
|
3.82
|
3.90
|
4.00
|
4.20
|
4.20
|
|||||||||||||||
Change in ASP vs. prior quarter
|
-1.2
|
%
|
-0.7
|
%
|
-1.2
|
%
|
-0.7
|
%
|
-0.9
|
%
|
3rd Quarter 2015
|
4th Quarter 2015
|
1st Quarter 2016
|
2nd Quarter 2016
|
3rd Quarter 2016
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
109,446
|
$
|
104,119
|
$
|
100,933
|
$
|
102,219
|
$
|
101,687
|
||||||||||
Book-to-bill ratio
|
0.91
|
0.90
|
1.14
|
0.94
|
1.03
|
|||||||||||||||
Gross profit margin
|
15.3
|
%
|
12.8
|
%
|
12.5
|
%
|
11.6
|
%
|
16.2
|
%
|
||||||||||
Segment operating margin
|
6.2
|
%
|
4.7
|
%
|
2.6
|
%
|
2.5
|
%
|
7.4
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
123,922
|
$
|
134,776
|
$
|
135,384
|
$
|
142,118
|
$
|
141,127
|
||||||||||
Book-to-bill ratio
|
1.05
|
0.97
|
1.05
|
1.02
|
1.06
|
|||||||||||||||
Gross profit margin
|
22.2
|
%
|
22.8
|
%
|
24.1
|
%
|
26.2
|
%
|
25.8
|
%
|
||||||||||
Segment operating margin
|
17.5
|
%
|
18.7
|
%
|
19.7
|
%
|
22.2
|
%
|
22.6
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
70,008
|
$
|
67,943
|
$
|
62,775
|
$
|
68,059
|
$
|
72,801
|
||||||||||
Book-to-bill ratio
|
0.95
|
0.91
|
1.09
|
1.15
|
0.98
|
|||||||||||||||
Gross profit margin
|
32.8
|
%
|
28.2
|
%
|
30.6
|
%
|
31.8
|
%
|
33.3
|
%
|
||||||||||
Segment operating margin
|
25.2
|
%
|
21.3
|
%
|
21.8
|
%
|
23.3
|
%
|
27.9
|
%
|
||||||||||
Resistors & Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
173,731
|
$
|
166,664
|
$
|
183,494
|
$
|
192,799
|
$
|
192,041
|
||||||||||
Book-to-bill ratio
|
0.95
|
1.03
|
1.10
|
1.02
|
0.99
|
|||||||||||||||
Gross profit margin
|
28.7
|
%
|
27.8
|
%
|
30.4
|
%
|
29.7
|
%
|
30.6
|
%
|
||||||||||
Segment operating margin
|
23.8
|
%
|
23.0
|
%
|
25.6
|
%
|
25.2
|
%
|
27.0
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
83,547
|
$
|
82,426
|
$
|
88,020
|
$
|
84,856
|
$
|
84,299
|
||||||||||
Book-to-bill ratio
|
0.93
|
0.99
|
1.01
|
1.03
|
1.20
|
|||||||||||||||
Gross profit margin
|
15.6
|
%
|
19.3
|
%
|
19.4
|
%
|
21.3
|
%
|
21.3
|
%
|
||||||||||
Segment operating margin
|
9.1
|
%
|
13.2
|
%
|
12.8
|
%
|
14.9
|
%
|
15.7
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Cost of products sold
|
74.0
|
%
|
76.8
|
%
|
75.0
|
%
|
76.1
|
%
|
||||||||
Gross profit
|
26.0
|
%
|
23.2
|
%
|
25.0
|
%
|
23.9
|
%
|
||||||||
Selling, general & administrative expenses
|
15.9
|
%
|
15.9
|
%
|
15.8
|
%
|
15.9
|
%
|
||||||||
Operating income (loss)
|
9.7
|
%
|
-4.3
|
%
|
8.4
|
%
|
3.9
|
%
|
||||||||
Income (loss) before taxes and noncontrolling interest
|
8.6
|
%
|
-5.9
|
%
|
7.7
|
%
|
2.9
|
%
|
||||||||
Net earnings (loss) attributable to Vishay stockholders
|
6.2
|
%
|
-4.9
|
%
|
5.6
|
%
|
1.7
|
%
|
||||||||
________
|
||||||||||||||||
Effective tax rate
|
27.8
|
%
|
16.4
|
%
|
27.7
|
%
|
40.6
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net revenues
|
$
|
591,955
|
$
|
560,654
|
$
|
1,752,612
|
$
|
1,744,560
|
||||||||
Change versus comparable prior year period
|
$
|
31,301
|
$
|
8,052
|
||||||||||||
Percentage change versus comparable prior year period
|
5.6
|
%
|
0.5
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
8.9
|
%
|
3.4
|
%
|
||||
Decrease in average selling prices
|
-3.1
|
%
|
-2.9
|
%
|
||||
Foreign currency effects
|
0.3
|
%
|
0.1
|
%
|
||||
Other
|
-0.5
|
%
|
-0.1
|
%
|
||||
Net change
|
5.6
|
%
|
0.5
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net revenues
|
$
|
101,687
|
$
|
109,446
|
$
|
304,839
|
$
|
322,564
|
||||||||
Change versus comparable prior year period
|
$
|
(7,759
|
)
|
$
|
(17,725
|
)
|
||||||||||
Percentage change versus comparable prior year period
|
-7.1
|
%
|
-5.5
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-0.3
|
%
|
0.1
|
%
|
||||
Decrease in average selling prices
|
-7.0
|
%
|
-5.7
|
%
|
||||
Foreign currency effects
|
0.2
|
%
|
0.1
|
%
|
||||
Net change
|
-7.1
|
%
|
-5.5
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Gross profit margin
|
16.2
|
%
|
15.3
|
%
|
13.4
|
%
|
14.0
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net revenues
|
$
|
141,127
|
$
|
123,922
|
$
|
418,629
|
$
|
399,155
|
||||||||
Change versus comparable prior year period
|
$
|
17,205
|
$
|
19,474
|
||||||||||||
Percentage change versus comparable prior year period
|
13.9
|
%
|
4.9
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
18.4
|
%
|
8.7
|
%
|
||||
Decrease in average selling prices
|
-3.6
|
%
|
-3.5
|
%
|
||||
Foreign currency effects
|
0.4
|
%
|
0.3
|
%
|
||||
Other
|
-1.3
|
%
|
-0.6
|
%
|
||||
Net change
|
13.9
|
%
|
4.9
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Gross profit margin
|
25.8
|
%
|
22.2
|
%
|
25.4
|
%
|
22.3
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net revenues
|
$
|
72,801
|
$
|
70,008
|
$
|
203,635
|
$
|
211,610
|
||||||||
Change versus comparable prior year period
|
$
|
2,793
|
$
|
(7,975
|
)
|
|||||||||||
Percentage change versus comparable prior year period
|
4.0
|
%
|
-3.8
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
8.4
|
%
|
0.1
|
%
|
||||
Decrease in average selling prices
|
-3.9
|
%
|
-3.9
|
%
|
||||
Foreign currency effects
|
0.1
|
%
|
0.0
|
%
|
||||
Other
|
-0.6
|
%
|
0.0
|
%
|
||||
Net change
|
4.0
|
%
|
-3.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Gross profit margin
|
33.3
|
%
|
32.8
|
%
|
31.9
|
%
|
32.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net revenues
|
$
|
192,041
|
$
|
173,731
|
$
|
568,334
|
$
|
540,757
|
||||||||
Change versus comparable prior year period
|
$
|
18,310
|
$
|
27,577
|
||||||||||||
Percentage change versus comparable prior year period
|
10.5
|
%
|
5.1
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
12.4
|
%
|
6.8
|
%
|
||||
Decrease in average selling prices
|
-1.7
|
%
|
-1.7
|
%
|
||||
Foreign currency effects
|
0.2
|
%
|
0.1
|
%
|
||||
Other
|
-0.4
|
%
|
-0.1
|
%
|
||||
Net change
|
10.5
|
%
|
5.1
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Gross profit margin
|
30.6
|
%
|
28.7
|
%
|
30.2
|
%
|
30.0
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Net revenues
|
$
|
84,299
|
$
|
83,547
|
$
|
257,175
|
$
|
270,474
|
||||||||
Change versus comparable prior year period
|
$
|
752
|
$
|
(13,299
|
)
|
|||||||||||
Percentage change versus comparable prior year period
|
0.9
|
%
|
-4.9
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
0.0
|
%
|
-4.7
|
%
|
||||
Change in average selling prices
|
0.4
|
%
|
-0.4
|
%
|
||||
Foreign currency effects
|
0.5
|
%
|
0.1
|
%
|
||||
Other
|
0.0
|
%
|
0.1
|
%
|
||||
Net change
|
0.9
|
%
|
-4.9
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Gross profit margin
|
21.3
|
%
|
15.6
|
%
|
20.7
|
%
|
18.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Total SG&A expenses
|
$
|
93,916
|
$
|
88,995
|
$
|
276,455
|
$
|
276,717
|
||||||||
as a percentage of revenues
|
15.9
|
%
|
15.9
|
%
|
15.8
|
%
|
15.9
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2016
|
October 3, 2015
|
October 1, 2016
|
October 3, 2015
|
|||||||||||||
Amortization of intangible assets
|
$
|
3,594
|
$
|
5,888
|
$
|
10,834
|
$
|
18,260
|
||||||||
Net loss (gain) on sales of assets
|
(1,449
|
)
|
(1
|
)
|
(1,373
|
)
|
(116
|
)
|
Fiscal quarters ended
|
||||||||||||
October 1, 2016
|
October 3, 2015
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(1,516
|
)
|
$
|
2,125
|
$
|
(3,641
|
)
|
||||
Interest income
|
1,033
|
1,115
|
(82
|
)
|
||||||||
Other
|
103
|
-
|
103
|
|||||||||
$
|
(380
|
)
|
$
|
3,240
|
$
|
(3,620
|
)
|
Nine fiscal months ended
|
||||||||||||
October 1, 2016
|
October 3, 2015
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(597
|
)
|
$
|
3,873
|
$
|
(4,470
|
)
|
||||
Interest income
|
3,200
|
3,340
|
(140
|
)
|
||||||||
Other
|
52
|
647
|
(595
|
)
|
||||||||
$
|
2,655
|
$
|
7,860
|
$
|
(5,205
|
)
|
October 1, 2016
|
December 31, 2015
|
|||||||
Credit facility
|
$
|
149,000
|
$
|
190,000
|
||||
Exchangeable unsecured notes, due 2102
|
-
|
38,642
|
||||||
Convertible senior debentures, due 2040*
|
107,563
|
106,011
|
||||||
Convertible senior debentures, due 2041*
|
55,157
|
54,424
|
||||||
Convertible senior debentures, due 2042*
|
61,072
|
60,320
|
||||||
Deferred financing costs
|
(11,325
|
)
|
(12,659
|
)
|
||||
Total debt
|
361,467
|
436,738
|
||||||
Cash and cash equivalents
|
511,587
|
475,507
|
||||||
Short-term investments
|
608,314
|
619,040
|
||||||
Net cash and short-term investments (debt)
|
$
|
758,434
|
$
|
657,809
|
Fiscal Period
|
Amount
|
Month of Payment
|
|||
Three fiscal months ended April 2, 2016
|
$
|
9,231
|
March
|
||
Three fiscal months ended July 2, 2016
|
9,209
|
June
|
|||
Three fiscal months ended October 1, 2016
|
9,163
|
September
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share (including commisson)
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
Total Dollar Amount Purchased Under the Program
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
|
|||||||||||||||
|
||||||||||||||||||||
July 3 - July 30
|
294,672
|
$
|
12.48
|
294,672
|
$
|
3,677,787
|
$
|
90,199,043
|
||||||||||||
July 31 - August 27
|
250,721
|
$
|
13.79
|
250,721
|
$
|
3,457,664
|
$
|
86,741,379
|
||||||||||||
August 28 - October 1
|
268,893
|
$
|
13.84
|
268,893
|
$
|
3,722,096
|
$
|
83,019,283
|
||||||||||||
Total
|
814,286
|
$
|
13.33
|
814,286
|
$
|
10,857,547
|
$
|
83,019,283
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
31.1
|
Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Dr. Gerald Paul, Chief Executive Officer.
|
31.2
|
Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Lori Lipcaman, Chief Financial Officer.
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Dr. Gerald Paul, Chief Executive Officer.
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Lori Lipcaman, Chief Financial Officer.
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended October 1, 2016, furnished in XBRL (eXtensible Business Reporting Language)).
|
VISHAY INTERTECHNOLOGY, INC.
|
||
/s/ Lori Lipcaman
|
||
Lori Lipcaman
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial and
|
||
accounting officer)
|
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Document and Entity Information - USD ($) |
9 Months Ended | ||
---|---|---|---|
Oct. 01, 2016 |
Nov. 03, 2016 |
Jul. 02, 2016 |
|
Entity Information [Line Items] | |||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | Q3 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 01, 2016 | ||
Entity Registrant Name | VISHAY INTERTECHNOLOGY INC | ||
Entity Central Index Key | 0000103730 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,674,000,000 | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 133,845,509 | ||
Class B Convertible Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,129,227 |
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2016 |
Oct. 03, 2015 |
Oct. 01, 2016 |
Oct. 03, 2015 |
|
Consolidated Condensed Statements of Operations [Abstract] | ||||
Net revenues | $ 591,955 | $ 560,654 | $ 1,752,612 | $ 1,744,560 |
Costs of products sold | 438,054 | 430,510 | 1,315,274 | 1,327,896 |
Gross profit | 153,901 | 130,144 | 437,338 | 416,664 |
Selling, general, and administrative expenses | 93,916 | 88,995 | 276,455 | 276,717 |
Restructuring and severance costs | 1,197 | 2,324 | 12,139 | 9,394 |
Impairment of Intangible Assets | 1,559 | 57,600 | 1,559 | 57,600 |
Impairment of goodwill | 0 | 5,380 | 0 | 5,380 |
Operating income | 57,229 | (24,155) | 147,185 | 67,573 |
Other income (expense): | ||||
Interest expense | (6,165) | (6,677) | (18,901) | (19,774) |
Other | (380) | 3,240 | 2,655 | 7,860 |
Loss related to Tianjin explosion | 0 | (5,350) | 0 | (5,350) |
Gain on early extinguishment of debt | 4,597 | 0 | ||
Nonoperating Income (Expense), Total | (6,545) | (8,787) | (11,649) | (17,264) |
Income before taxes | 50,684 | (32,942) | 135,536 | 50,309 |
Income tax expense | 14,088 | (5,392) | 37,559 | 20,416 |
Net earnings | 36,596 | (27,550) | 97,977 | 29,893 |
Less: net earnings attributable to noncontrolling interests | 156 | 116 | 437 | 592 |
Net earnings attributable to Vishay stockholders | $ 36,440 | $ (27,666) | $ 97,540 | $ 29,301 |
Basic earnings per share attributable to Vishay stockholders | $ 0.25 | $ (0.19) | $ 0.66 | $ 0.20 |
Diluted earnings per share attributable to Vishay stockholders | $ 0.24 | $ (0.19) | $ 0.65 | $ 0.19 |
Weighted average shares outstanding - basic | 146,924 | 147,701 | 147,470 | 147,700 |
Weighted average shares outstanding - diluted | 149,894 | 147,701 | 150,125 | 151,607 |
Cash dividends per share | $ 0.0625 | $ 0.0600 | $ 0.1875 | $ 0.1800 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Oct. 01, 2016 |
Oct. 03, 2015 |
Oct. 01, 2016 |
Oct. 03, 2015 |
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Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings | $ 36,596 | $ (27,550) | $ 97,977 | $ 29,893 |
Other comprehensive income (loss), net of tax | ||||
Pension and postretirement actuarial items | 1,923 | 2,305 | 5,448 | 6,496 |
Foreign currency translation adjustment | 8,585 | 3,662 | 18,633 | (57,174) |
Unrealized gain (loss) on available-for-sale securities | 318 | (253) | 1,664 | (1,368) |
Other comprehensive income (loss) | 10,826 | 5,714 | 25,745 | (52,046) |
Comprehensive income (loss) | 47,422 | (21,836) | 123,722 | (22,153) |
Less: comprehensive income attributable to noncontrolling interests | 156 | 116 | 437 | 592 |
Comprehensive income (loss) attributable to Vishay stockholders | $ 47,266 | $ (21,952) | $ 123,285 | $ (22,745) |
Consolidated Condensed Statement of Equity - 9 months ended Oct. 01, 2016 - USD ($) $ in Thousands |
Common Stock |
Class B Convertible Common Stock [Member] |
Capital In Excess of Par Value |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Total Vishay Stockholders' Equity |
Noncontrolling Interest |
Total |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2015 | $ 13,546 | $ 1,213 | $ 2,058,492 | $ (319,448) | $ (131,327) | $ 1,622,476 | $ 5,567 | $ 1,628,043 |
Net earnings | 0 | 0 | 0 | 97,540 | 0 | 97,540 | 437 | 97,977 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 25,745 | 25,745 | 0 | 25,745 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (707) | (707) |
Share repurchase | (131) | 0 | (16,850) | 0 | 0 | (16,981) | 0 | (16,981) |
Restricted stock issuances | 10 | 0 | (452) | 0 | 0 | (442) | 0 | (442) |
Dividends declared | 0 | 0 | 24 | (27,627) | 0 | (27,603) | 0 | (27,603) |
Stock compensation expense | 0 | 0 | 3,371 | 0 | 0 | 3,371 | 0 | 3,371 |
Tax effects of stock plan | 0 | 0 | (21) | 0 | 0 | (21) | 0 | (21) |
Balance at Oct. 01, 2016 | $ 13,425 | $ 1,213 | $ 2,044,564 | $ (249,535) | $ (105,582) | $ 1,704,085 | $ 5,297 | $ 1,709,382 |
Consolidated Condensed Statement of Equity (Parenthetical) |
9 Months Ended |
---|---|
Oct. 01, 2016
$ / shares
shares
| |
Consolidated Condensed Statement of Equity [Abstract] | |
Restricted stock issuances (in shares) | 103,918 |
Stock repurchase (in shares) | 1,309,855 |
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.1875 |
Basis of Presentation |
9 Months Ended |
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Oct. 01, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. ("Vishay" or the "Company") have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the fiscal quarter and nine fiscal months ended October 1, 2016 are not necessarily indicative of the results to be expected for the full year. The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2016 end on April 2, 2016, July 2, 2016, October 1, 2016, and December 31, 2016, respectively. The four fiscal quarters in 2015 ended on April 4, 2015, July 4, 2015, October 3, 2015, and December 31, 2015, respectively. Recently Issued Accounting Guidance In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU is the result of a convergence project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The ASU removes inconsistencies and weaknesses in revenue requirements; provides a more robust framework for addressing revenue issues; improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; provides more useful information to users of financial statements through expanded disclosure requirements; and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2018, with the ability to early adopt on January 1, 2017. The Company intends to adopt the ASU effective January 1, 2018. The Company is currently evaluating the effect of the ASU on its revenue contracts. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The ASU is the result of the FASB's simplification initiative intended to improve GAAP by reducing costs and complexity while maintaining or enhancing the usefulness of related financial statement information. The ASU eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively, and to instead recognize measurement-period adjustments during the period in which the acquirer determines the amount, including the effect on earnings of any amounts which would have been recorded in previous periods if the accounting had been completed at the acquisition date. The Company adopted the ASU effective January 1, 2016. The ASU had no effect on the Company's results of operations or liquidity. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU is the result of a project between the FASB and the International Accounting Standards Board to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Upon adoption of the ASU, the Company will recognize lease assets and liabilities for its operating leases which are not currently reported on its consolidated balance sheets. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2019, with the ability to early adopt. The Company is currently evaluating the effect of the ASU on its lease contracts. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU is the result of the FASB's simplification initiative intended to improve GAAP by reducing costs and complexity while maintaining or enhancing the usefulness of related financial statement information. The ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2017, with the ability to early adopt. The Company is currently evaluating the effect of the ASU on its employee share-based payment accounting. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2020, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2019. The Company is currently evaluating the effect of the ASU on its financial assets measured at amortized cost. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statements presentation. |
Acquisition and Divestiture Activities |
9 Months Ended |
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Oct. 01, 2016 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 2 – Acquisition Activities As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise. In the fourth fiscal quarter of 2015, the Company deposited the $6,750 purchase price of Sonntag Electronic GmbH ("Sonntag"). The purchase price, net of cash acquired was $5,450. The acquisition was effective January 1, 2016. Sonntag is a distributor of electronic components in Germany. The inclusion of this business did not have a material impact on the Company's consolidated results for the fiscal quarter or nine fiscal months ended October 1, 2016. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $3,485 related to this acquisition. The goodwill related to this acquisition is included in the Resistors & Inductors reporting unit for goodwill impairment testing. Had this acquisition occurred as of the beginning of the periods presented in these consolidated condensed financial statements, the pro forma statements of operations would not be materially different than the consolidated condensed statements of operations presented. The remaining fluctuation in the goodwill account balance is due to foreign currency translation. |
Goodwill and Other Intangible Assets |
9 Months Ended |
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Oct. 01, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 – Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Goodwill is not amortized but rather tested for impairment at least annually. Similarly, indefinite-lived intangible assets are not amortized, but rather tested for impairment at least annually. These impairment tests must be performed more frequently whenever events or changes in circumstances indicate that the asset might be impaired. The Company's business segments (see Note 11) represent its reporting units for goodwill impairment testing purposes. As a result of a review of recent financial results and outlook for the MOSFETs segment following the recent completion of the production transfers, Vishay determined that an interim indefinite-lived intangible asset impairment test was required for its Siliconix tradenames as of the end of the third fiscal quarter of 2016. As a result of this analysis, the Company determined that its Siliconix tradenames, with a carrying value of $20,359, were impaired. The Company recorded an impairment charge of $1,559 to write-down the tradenames to their fair value. The tradenames are no longer considered indefinite-lived and the remaining value will be amortized over the 10 year estimated remaining useful life. The fair value of indefinite-lived trademarks is measured as the discounted cash flow savings realized from owning such tradenames and not having to pay a royalty for their use. The evaluation of the fair value of indefinite-lived trademarks requires us to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the assumed market-royalty rate; the discount rate; terminal growth rates; and forecasts of revenue. Due to the inherent uncertainty involved in making these estimates, actual financial results could differ from those estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on the fair value, whether an impairment is present, and the amount of the impairment charge, if applicable. In light of a sustained decline in market capitalization for Vishay and its peer group companies, and other factors (including the cost reduction programs announced during the third fiscal quarter of 2015 as described in Note 3), Vishay determined that interim impairment tests were required as of the end of the third fiscal quarter of 2015. The Company recorded impairment charges totaling $62,980 as a result of these tests. The recorded impairment charges are noncash in nature and do not affect Vishay's liquidity, cash flows from operating activities, or debt covenants, and will not have a material impact on future operations. |
Restructuring and Related Activities |
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Restructuring and Related Activities | Note 4 – Restructuring and Related Activities The Company places a strong emphasis on controlling its costs and combats general price inflation by continuously improving its efficiency and operating performance. When the ongoing cost containment activities are not adequate, the Company takes actions to maintain its cost competitiveness. The Company incurred significant restructuring costs in its past to reduce its cost structure. Historically, the Company's primary cost reduction technique was through the transfer of production from high-labor-cost countries to lower-labor-cost countries. Since 2013, the Company's cost reduction programs have primarily focused on reducing fixed costs, including selling, general, and administrative expenses. In 2013, the Company announced various cost reduction programs. These programs were substantially implemented by the end of the first fiscal quarter of 2016, with some additional costs incurred in the second and third fiscal quarters of 2016. Many of the severance costs were recognized ratably over the required stay periods. In November 2016, the Company announced an extension of one of these programs. In 2015, the Company announced additional global cost reduction programs. These programs include a facility closure in the Netherlands. The cash costs of these programs, primarily severance, are expected to aggregate to approximately $30,000. Complete implementation of these programs is expected to occur before the end of 2017. The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated condensed statements of operations:
MOSFETs Enhanced Competitiveness Program Over a period of approximately 2 years and in a series of discrete steps, the manufacture of wafers for a substantial share of products was transferred into a more cost-efficient fab. As a consequence, certain other manufacturing currently occurring in-house was transferred to third-party foundries. This transfer of production was substantially completed by the end of the first fiscal quarter of 2016. Employees generally were required to remain with the Company during the production transfer period. Accordingly, the Company accrued these severance costs ratably over the respective employees' remaining service periods. The Company has incurred and may continue to incur other exit costs associated with the production transfer, including certain contract termination costs. As a result of a review of recent financial results and outlook for the Company's MOSFETs segment following the recent completion of production transfers, the Company has determined to implement further cost reductions for the MOSFETs segment. On November 7, 2016, the Company announced an extension of the MOSFETs Enhanced Competitiveness Program. The revised program includes various cost reduction initiatives, primarily the transfer of all remaining manufacturing operations at its Santa Clara, California facility to other Vishay facilities or third-party subcontractors. The production transfers will be completed in steps by the end of 2017. The Company expects to incur cash charges of approximately $4,000 to $8,000, primarily related to severance, to implement these steps. The Company expects to maintain its R&D and management presence in the Silicon Valley area, even after the cessation of manufacturing operations there. The following table summarizes the activity to date related to this program:
Severance benefits are generally paid in a lump sum at cessation of employment. Other exit costs of $5,027 are included in the expenses incurred in 2016 in the table above. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. Voluntary Separation / Retirement Program The voluntary separation / early retirement program was offered to employees worldwide who were eligible because they met job classification, age, and years-of-service criteria as of October 31, 2013. The program benefits varied by country and job classification, but generally included a cash loyalty bonus based on years of service. All employees eligible for the program have left the Company. These employees generally were not aligned with any particular segment. The effective separation / retirement date for most employees who accepted the offer was June 30, 2014 or earlier, with a few exceptions to allow for a transition period. The following table summarizes the activity to date related to this program:
The payment terms vary by country, but generally are paid in a lump sum at cessation of employment. Certain participants are being paid in installments. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. Modules Production Transfer In an effort to reduce costs and streamline production of its module products within its Diodes segment, the Company committed to two smaller cost reduction programs related to the transfer of production of certain of its products. The following table summarizes the activity to date related to this program:
Severance benefits are generally paid in a lump sum at cessation of employment. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. Global Cost Reduction Programs The global cost reduction programs announced in 2015 include a plan to reduce selling, general, and administrative costs company-wide, and targeted streamlining and consolidation of production for certain product lines within its Capacitors and Resistors & Inductors segments. The following table summarizes the activity to date related to this program:
The following table summarizes the expense recognized in 2016 by segment related to this program:
Severance benefits are generally paid in a lump sum at cessation of employment. The current portion of the liability is $4,138 and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. The non-current portion of the liability is included in other liabilities in the accompanying consolidated balance sheets. |
Income Taxes |
9 Months Ended |
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Oct. 01, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended October 1, 2016 and October 3, 2015 reflect the Company's expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company's earnings and the applicable tax rates in the various jurisdictions where the Company operates. Income tax expense for the fiscal quarter and nine fiscal months ended October 1, 2016 includes the remeasurement of the deferred tax liability recorded for the cash repatriation program announced in the fourth fiscal quarter of 2015 of $1,402 and $3,388, respectively. During the second fiscal quarter of 2016, the Company repatriated $46,000 pursuant to this program. During the nine fiscal months ended October 1, 2016, the liabilities for unrecognized tax benefits increased by $1,339 on a net basis, principally due to increases for tax positions taken in prior periods, interest, and foreign currency effects, partially offset by payments and settlements. |
Long-Term Debt |
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Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following:
Convertible Senior Debentures Vishay currently has three issuances of convertible senior debentures outstanding with generally congruent terms. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for each issuance of the Company's convertible senior debentures effective as of the ex-dividend date of each cash dividend. The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the September 29, 2016 dividend payment:
Prior to three months before the maturity date, the holders may only convert their debentures under the following circumstances: (1) during any fiscal quarter after the first full quarter subsequent to issuance, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the debentures falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; (3) Vishay calls any or all of the debentures for redemption, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. Based on an evaluation of the conversion criteria at October 1, 2016 and December 31, 2015, none of the convertible senior debentures due 2040, due 2041, or due 2042 were convertible. The conversion criteria of the debentures will continue to be evaluated and the debentures may become convertible in the future. At the direction of the Company's Board of Directors, the Company intends, upon conversion, to repay the principal amount of the convertible debentures in cash and settle any additional amounts in shares of the Company's common stock. The Company intends to finance the principal amount of any converted debentures using borrowings under its credit facility. GAAP requires an issuer to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's nonconvertible debt borrowing rate when interest costs are recognized in subsequent periods. The resulting discount on the debt is amortized as non-cash interest expense in future periods. The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows:
Interest is payable on the debentures semi-annually at the cash coupon rate; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate equal to the Company's estimated nonconvertible debt borrowing rate at the time of issuance. In addition to ordinary interest, contingent interest will accrue in certain circumstances relating to the trading price of the debentures and under certain other circumstances beginning ten years subsequent to issuance. Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the nine fiscal months ended:
Exchangeable Unsecured Notes, due 2102 On June 28, 2016 and March 31, 2016, pursuant to agreements dated June 13, 2016 and March 10, 2016, respectively, the Company acquired from holders $12,436 and $26,206, respectively, principal amount of the Company's floating rate exchangeable unsecured notes due 2102. The purchase price for these privately negotiated transactions was $11,449 and $22,595, respectively. Vishay recognized gains on early extinguishment of debt of $4,597 presented as a separate line item in the accompanying consolidated condensed statement of operations for the nine fiscal months ended October 1, 2016. The notes that Vishay repurchased had been exchangeable for 2,510,808 shares of Vishay common stock. Following the June 28, 2016 transaction, no exchangeable unsecured notes are outstanding. |
Other Income (Expense) |
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Oct. 01, 2016 | |
Other Income (Expense) [Abstract] | |
Other Income (Expense) | Note 7 – Other Income (Expense) On August 12, 2015, a major explosion occurred in the port of Tianjin, China. Vishay owns and operates a diodes manufacturing facility in Tianjin near the port. The shockwave of the explosion resulted in some damage to the facility and caused a temporary shutdown. Full production resumed on September 8, 2015. As a result of this incident, through the end of the third fiscal quarter of 2016, the Company estimates that it has incurred $10,174 for inventory, property, and equipment damage (at net book value) and related repair and clean-up costs. The Company received payments totaling $3,321 primarily related to its inventory damage claim in 2016. As of October 1, 2016, the Company has recorded a receivable of $1,503 for amounts which are probable of recovery under its property insurance policies. The Company recorded, as a separate line item, a loss of $5,350 related to these items in the third fiscal quarter of 2015, which represents the insurance deductible and certain costs which are potentially not recoverable. The Company's insurance coverage generally provides for replacement cost of damaged items. The insurance claims process continues as expected. Any amount expected to be received in excess of the book value of the damaged item will be treated as a gain, but will not be recorded until contingencies are resolved. The Company also believes that it has valid claims under its business interruption insurance policies, but those claims cannot be quantified at this time. The Company will not record a receivable for business interruption claims until all contingencies have been resolved. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 8 – Accumulated 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:
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. (See Note 9 for further information). Other comprehensive income (loss) includes Vishay's proportionate share of other comprehensive income (loss) of nonconsolidated subsidiaries accounted for under the equity method. |
Pensions and Other Postretirement Benefits |
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Pensions and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | Note 9 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2016 and 2015 for the Company's defined benefit pension plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2016 and October 3, 2015 for the Company's defined benefit pension plans:
In the second fiscal quarter of 2015, the Company began the process of terminating the Vishay Retirement Plan, the Company's U.S. qualified pension plan. Plan participants will not be adversely affected by the plan termination, but rather will have their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. The completion of this proposed termination and settlement was contingent upon the receipt of a favorable determination letter from the Internal Revenue Service ("IRS") and meeting certain IRS and Pension Benefit Guarantee Corporation ("PBGC") requirements. During the third fiscal quarter of 2016, the Company received a favorable determination letter from the IRS, and has met all other applicable IRS and PBGC requirements. The Company is in the final stages of completing the termination and settlement, which is expected to occur in December 2016. The settlement will result in a non-cash charge to recognize the unrecognized actuarial items related to the Vishay Retirement Plan recorded in accumulated other comprehensive income. As of the last fiscal year-end measurement date (December 31, 2015), the Vishay Retirement Plan was fully-funded on a GAAP basis. In order to terminate the plan in accordance with IRS and PBGC requirements, the Company is required to fully fund the plan on a termination basis and will commit to contribute the additional assets necessary to do so. The amount necessary to do so is not yet known, but is currently estimated to be between zero and $20,000. The Company contributed $16,966 to the Company's Taiwanese pension plans to improve the funded status of those plans in 2016. Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2016 and 2015 for the Company's other postretirement benefit plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2016 and October 3, 2015 for the Company's other postretirement benefit plans:
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Stock-Based Compensation |
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Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Note 10 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units ("RSUs"), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes stock-based compensation expense recognized:
The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes. The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 1, 2016 (amortization periods in years):
The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized. 2007 Stock Incentive Plan The Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. Restricted Stock Units RSU activity under the 2007 Program as of October 1, 2016 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company's employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual's termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. Phantom stock unit activity under the phantom stock plan as of October 1, 2016 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):
Stock Options In addition to stock options outstanding pursuant to the 2007 Program, during the periods presented, the Company had stock options outstanding under previous stockholder-approved stock option programs. These programs are more fully described in Note 12 to the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2015. No additional options may be granted pursuant to these programs. At December 31, 2015 and October 1, 2016, there were 105,000 options outstanding with a weighted average exercise price of $15.38. At October 1, 2016, the weighted average remaining contractual life of all outstanding options was 0.58 years. At October 1, 2016, there were no unvested options outstanding. The pretax aggregate intrinsic value (the difference between the closing stock price on the last trading day of the third fiscal quarter of 2016 of $14.09 per share and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on October 1, 2016 was $33. This amount changes based on changes in the market value of the Company's common stock. During the nine fiscal months ended October 1, 2016, no options were exercised. |
Segment Information |
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Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 11 – Segment Information Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues are from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. The following tables set forth business segment information:
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Earnings Per Share |
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Earnings Per Share | Note 12 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to Vishay stockholders (shares in thousands):
Diluted earnings (loss) per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):
In periods in which they are dilutive, if the potential common shares related to the exchangeable notes are included in the computation, the related interest savings, net of tax, assuming conversion/exchange is added to the net earnings used to compute earnings per share. The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. None of the conversion criteria were met for the periods presented. In periods that the debentures are not convertible, the certain conditions which could trigger conversion of the remaining debentures have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $13.19, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $18.08, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $11.22, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair Value Measurements |
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Fair Value Measurements | Note 13 – Fair Value Measurements The fair value measurement accounting guidance 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. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
In accordance with ASC Subtopic 350-20, and as described in Note 3, the Company performed a nonrecurring fair value measurement of its indefinite-lived Siliconix tradenames. As a result of the fair value measurement, the Siliconix tradenames with a carrying value of $20,359 were written down to their fair value of $18,800, resulting in an impairment charge of $1,559, recorded in the accompanying consolidated condensed statements of operations for the fiscal quarter and nine fiscal months ended October 1, 2016. The Company's nonrecurring fair value measurement of its Siliconix tradenames is considered a Level 3 measurement. See Note 3 for further information on the measurements and inputs. The Company maintains non-qualified trusts, referred to as "rabbi" trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company's insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities 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 Company holds available for sale investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the year. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. The convertible senior debentures, due 2040, due 2041, and due 2042, issued by the Company on November 9, 2010, May 13, 2011, and May 31, 2012, respectively, contain embedded derivative features that GAAP requires to be bifurcated and remeasured each reporting period. Each quarter, the change in the fair value of the embedded derivative features, if any, is recorded in the consolidated condensed statements of operations. The Company uses a derivative valuation model to derive the value of the embedded derivative features. Key inputs into this valuation model are the Company's current stock price, risk-free interest rates, the stock dividend yield, the stock volatility, and the debentures' credit spread over LIBOR. The first three aforementioned inputs are based on observable market data and are considered Level 2 inputs while the last two aforementioned inputs are unobservable and thus require management's judgment and are considered Level 3 inputs. The fair value measurement is considered a Level 3 measurement within the fair value hierarchy. The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $121,130 and $29,000 as of October 1, 2016 and December 31, 2015, respectively. The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statements of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierachy. The value of the forward contracts was immaterial as of October 1, 2016. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at October 1, 2016 and December 31, 2015 is approximately $785,400 and $756,900, respectively, compared to its carrying value, excluding the derivative liabilities and deferred financing costs, of $371,864 and $448,080, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs. At October 1, 2016 and December 31, 2015, the Company's short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet dates. The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. There have been no transfers to or from the held-to-maturity classification. All decreases in the account balance are due to returns of principal at the securities' maturity dates. Interest on the securities is recognized as interest income when earned. At October 1, 2016 and December 31, 2015, the Company's cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets. The Company's financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values. |
Basis of Presentation (Policies) |
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Basis of Presentation [Abstract] | |
Fiscal Period, Policy | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2016 end on April 2, 2016, July 2, 2016, October 1, 2016, and December 31, 2016, respectively. The four fiscal quarters in 2015 ended on April 4, 2015, July 4, 2015, October 3, 2015, and December 31, 2015, respectively. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Guidance In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU is the result of a convergence project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The ASU removes inconsistencies and weaknesses in revenue requirements; provides a more robust framework for addressing revenue issues; improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; provides more useful information to users of financial statements through expanded disclosure requirements; and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2018, with the ability to early adopt on January 1, 2017. The Company intends to adopt the ASU effective January 1, 2018. The Company is currently evaluating the effect of the ASU on its revenue contracts. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The ASU is the result of the FASB's simplification initiative intended to improve GAAP by reducing costs and complexity while maintaining or enhancing the usefulness of related financial statement information. The ASU eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively, and to instead recognize measurement-period adjustments during the period in which the acquirer determines the amount, including the effect on earnings of any amounts which would have been recorded in previous periods if the accounting had been completed at the acquisition date. The Company adopted the ASU effective January 1, 2016. The ASU had no effect on the Company's results of operations or liquidity. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU is the result of a project between the FASB and the International Accounting Standards Board to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Upon adoption of the ASU, the Company will recognize lease assets and liabilities for its operating leases which are not currently reported on its consolidated balance sheets. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2019, with the ability to early adopt. The Company is currently evaluating the effect of the ASU on its lease contracts. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU is the result of the FASB's simplification initiative intended to improve GAAP by reducing costs and complexity while maintaining or enhancing the usefulness of related financial statement information. The ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2017, with the ability to early adopt. The Company is currently evaluating the effect of the ASU on its employee share-based payment accounting. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2020, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2019. The Company is currently evaluating the effect of the ASU on its financial assets measured at amortized cost. |
Income Taxes (Policies) |
9 Months Ended |
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Oct. 01, 2016 | |
Income Taxes [Abstract] | |
Effective Income tax Rate Description | The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended October 1, 2016 and October 3, 2015 reflect the Company's expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company's earnings and the applicable tax rates in the various jurisdictions where the Company operates. |
Stock-Based Compensation (Policies) |
9 Months Ended |
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Oct. 01, 2016 | |
Stock-Based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units ("RSUs"), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. |
Segment Information (Policies) |
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Oct. 01, 2016 | ||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||
Segment Reporting, Policy [Policy Text Block] | Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues are from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. |
Earnings Per Share (Policies) |
9 Months Ended |
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Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
Discussion on convertible debt included in computation of earnings per share diluted | The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. None of the conversion criteria were met for the periods presented. In periods that the debentures are not convertible, the certain conditions which could trigger conversion of the remaining debentures have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $13.19, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $18.08, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $11.22, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair Value Measurements (Policies) |
9 Months Ended |
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Oct. 01, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments, Policy | The fair value measurement accounting guidance 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. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. |
Restructuring and Related Activities (Tables) |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Expenses | The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated condensed statements of operations:
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Global Cost Reduction Program [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring expenses by segment [Table Text Block] | The following table summarizes the expense recognized in 2016 by segment related to this program:
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program:
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MOSFETs Enhanced Competitiveness Program [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program:
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Voluntary Separation/Retirement Program [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program:
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Modules Product Transfer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program:
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Long-Term Debt (Tables) |
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Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt instruments | Long-term debt consists of the following:
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Key terms of the convertible debentures | The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the September 29, 2016 dividend payment:
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Liability and equity of component of convertible senior debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows:
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Convertible debentures, interest expense | Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the nine fiscal months ended:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of components of other comprehensive income | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:
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Pensions and Other Postretirement Benefits (Tables) |
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost for pension and other postretirement benefit plans | The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2016 and 2015 for the Company's defined benefit pension plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2016 and October 3, 2015 for the Company's defined benefit pension plans:
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Other Postretirement Benefit Plan, Defined Benefit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost for pension and other postretirement benefit plans | The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2016 and 2015 for the Company's other postretirement benefit plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2016 and October 3, 2015 for the Company's other postretirement benefit plans:
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Stock-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of recognized stock-based compensation expense | The following table summarizes stock-based compensation expense recognized:
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Schedule of unrecognized compensation cost, nonvested awards | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 1, 2016 (amortization periods in years):
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Schedule of share-based compensation, restricted stock units award activity | RSU activity under the 2007 Program as of October 1, 2016 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
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Schedule of share-based compensation arrangement by share-based units, vested and expected to vest | The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
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Schedule of share-based compensation, phantom stock units, Activity | Phantom stock unit activity under the phantom stock plan as of October 1, 2016 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables set forth business segment information:
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to Vishay stockholders (shares in thousands):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Diluted earnings (loss) per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):
In periods in which they are dilutive, if the potential common shares related to the exchangeable notes are included in the computation, the related interest savings, net of tax, assuming conversion/exchange is added to the net earnings used to compute earnings per share. |
Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair Value, Assets and Liabilities Measured on Recurring basis | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
|
Acquisition and Divestiture Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 02, 2016 |
Dec. 31, 2015 |
Oct. 01, 2016 |
|
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Goodwill | $ 138,244 | $ 142,032 | |
Sonntag [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Acquisition of business, net of cash acquired | $ 5,450 | ||
Business Acquisition, Name of Acquired Entity | Sonntag Electronic GmbH | ||
Business Acquisition, Effective Date of Acquisition | Jan. 01, 2016 | ||
Goodwill related to acquisitions | $ 3,485 | ||
Gross purchase price of acquired business | $ 6,750 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 01, 2016 |
Oct. 03, 2015 |
Oct. 01, 2016 |
Oct. 03, 2015 |
Jul. 02, 2016 |
Dec. 31, 2015 |
|
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | $ 138,244 | |||||
Goodwill impairment | $ 0 | $ 5,380 | 0 | $ 5,380 | ||
Balance at end of period | 142,032 | 142,032 | ||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-Lived Trade Names | $ 20,359 | |||||
Intangible assets, net | 89,784 | 89,784 | $ 103,258 | |||
Impairment of Intangible Assets | $ 1,559 | 57,600 | 1,559 | 57,600 | ||
Impairment of goodwill and long-lived assets | $ 62,980 | $ 1,559 | $ 62,980 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Oct. 01, 2016 |
Jul. 02, 2016 |
Oct. 01, 2016 |
|
Income Taxes [Abstract] | |||
Increase in liabilities for unrecognized tax benefits | $ 1,339 | ||
Effect on Income Tax Expense (Benefit) [Line Items] | |||
Cash repatriated during the current period | $ 46,000 | ||
Remeasurement of repatriation deferred tax liability [Member] | |||
Effect on Income Tax Expense (Benefit) [Line Items] | |||
Deferred Other Tax Expense (Benefit) | $ 1,402 | $ 3,388 |
Other Income (Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2016 |
Oct. 03, 2015 |
Oct. 01, 2016 |
Oct. 03, 2015 |
|
Other Income (Expense) [Abstract] | ||||
Insurance receivable | $ 1,503 | $ 1,503 | ||
Loss related to Tianjin explosion | 0 | $ 5,350 | 0 | $ 5,350 |
Estimate of Loss | 10,174 | $ 10,174 | ||
Insurance proceeds received | $ 3,321 |
Segment Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2016
USD ($)
|
Oct. 03, 2015
USD ($)
|
Oct. 01, 2016
USD ($)
Segment
|
Oct. 03, 2015
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 5 | |||
Product Sales | $ 591,903 | $ 559,918 | $ 1,752,400 | $ 1,741,965 |
Royalty Revenues | 52 | 736 | 212 | 2,595 |
Total Revenue | 591,955 | 560,654 | 1,752,612 | 1,744,560 |
Gross Margin | 153,901 | 130,144 | 437,338 | 416,664 |
Segment Operating Income | 124,736 | 95,162 | 336,994 | 310,437 |
Restructuring and severance Costs | (1,197) | (2,324) | (12,139) | (9,394) |
Impairment of Intangible Assets | 1,559 | 57,600 | 1,559 | 57,600 |
Impairment of goodwill | 0 | 5,380 | 0 | 5,380 |
Operating income | 57,229 | (24,155) | 147,185 | 67,573 |
Unallocated Other Income (Expense) | (6,545) | (8,787) | (11,649) | (17,264) |
Income before taxes | 50,684 | (32,942) | 135,536 | 50,309 |
MOSFETS Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product Sales | 101,687 | 109,446 | 304,839 | 322,553 |
Royalty Revenues | 0 | 0 | 0 | 11 |
Total Revenue | 101,687 | 109,446 | 304,839 | 322,564 |
Gross Margin | 16,443 | 16,795 | 40,914 | 45,261 |
Segment Operating Income | 7,493 | 6,839 | 12,671 | 16,506 |
Diodes Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product Sales | 141,127 | 123,922 | 418,629 | 399,155 |
Royalty Revenues | 0 | 0 | 0 | 0 |
Total Revenue | 141,127 | 123,922 | 418,629 | 399,155 |
Gross Margin | 36,444 | 27,508 | 106,364 | 88,998 |
Segment Operating Income | 31,832 | 21,628 | 90,025 | 70,641 |
Optoelectronic Components Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product Sales | 72,801 | 70,008 | 203,635 | 211,610 |
Royalty Revenues | 0 | 0 | 0 | 0 |
Total Revenue | 72,801 | 70,008 | 203,635 | 211,610 |
Gross Margin | 24,250 | 22,969 | 65,049 | 69,483 |
Segment Operating Income | 20,340 | 17,673 | 49,838 | 53,923 |
Resistors And Inductors Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product Sales | 191,989 | 172,995 | 568,122 | 538,173 |
Royalty Revenues | 52 | 736 | 212 | 2,584 |
Total Revenue | 192,041 | 173,731 | 568,334 | 540,757 |
Gross Margin | 58,768 | 49,843 | 171,808 | 162,034 |
Segment Operating Income | 51,861 | 41,404 | 147,315 | 135,399 |
Capacitors Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product Sales | 84,299 | 83,547 | 257,175 | 270,474 |
Royalty Revenues | 0 | 0 | 0 | 0 |
Total Revenue | 84,299 | 83,547 | 257,175 | 270,474 |
Gross Margin | 17,996 | 13,029 | 53,203 | 50,888 |
Segment Operating Income | 13,210 | 7,618 | 37,145 | 33,968 |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Operating Income | (64,751) | (54,013) | (176,111) | (170,490) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment Operating Income | 124,736 | 95,162 | 336,994 | 310,437 |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and severance Costs | (1,197) | (2,324) | (12,139) | (9,394) |
Impairment of Intangible Assets | (1,559) | (57,600) | (1,559) | (57,600) |
Impairment of goodwill | 0 | (5,380) | 0 | (5,380) |
Unallocated Other Income (Expense) | $ (6,545) | $ (8,787) | $ (11,649) | $ (17,264) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2016 |
Oct. 03, 2015 |
Oct. 01, 2016 |
Oct. 03, 2015 |
|
Numerator for basic earnings per share: | ||||
Net earnings attributable to Vishay stockholders | $ 36,440 | $ (27,666) | $ 97,540 | $ 29,301 |
Adjustment to the numerator for continuing operations and net earnings: | ||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 0 | 0 | 38 | 50 |
Numerator for diluted earnings per share: | ||||
Net earnings attributable to Vishay stockholders - diluted | $ 36,440 | $ (27,666) | $ 97,578 | $ 29,351 |
Denominator for basic earnings per share: | ||||
Weighted average shares | 146,781 | 147,570 | 147,327 | 147,570 |
Outstanding phantom stock units | 143 | 131 | 143 | 130 |
Adjusted weighted average shares (basic) | 146,924 | 147,701 | 147,470 | 147,700 |
Effect of dilutive securities: | ||||
Convertible and exchangeable debt instruments | 2,541 | 0 | 2,387 | 3,692 |
Restricted stock units | 423 | 0 | 266 | 213 |
Other | 6 | 0 | 2 | 2 |
Dilutive potential common shares | 2,970 | 0 | 2,655 | 3,907 |
Denominator for diluted earnings per share: | ||||
Adjusted weighted average shares (diluted) | 149,894 | 147,701 | 150,125 | 151,607 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.25 | $ (0.19) | $ 0.66 | $ 0.20 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.24 | $ (0.19) | $ 0.65 | $ 0.19 |
Convertible Senior Debentures, Due 2040 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 0 | 20,364 | 13,750 | 13,537 |
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 13.19 | $ 13.19 | ||
Convertible Senior Debentures, Due 2041 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 8,268 | 8,106 | 8,229 | 8,063 |
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 18.08 | $ 18.08 | ||
Convertible Senior Debentures, Due 2042 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 0 | 13,060 | 0 | 4,353 |
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 11.22 | $ 11.22 | ||
Weighted average employees stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 77 | 105 | 96 | 96 |
Weighted average other [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 415 | 1,059 | 545 | 768 |
Exchangeable Unsecured Notes, Due 2102 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 0 | 2,512 | 0 | 0 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Oct. 01, 2016 |
Dec. 31, 2015 |
|
Assets: | ||
Held-to-maturity Securities, Transferred Security, at Carrying Value | $ 0 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | |
Liabilities: | ||
Embedded derivative | (928) | $ (1,316) |
Long-term Debt, Fair Value | 785,400 | 756,900 |
Carrying value of long-term debt, excluding derivative liabilities | 371,864 | 448,080 |
Derivative, Notional Amount | 121,130 | 29,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 42,178 | 39,849 |
Available for sale securities | 4,280 | 3,604 |
Fair Value Assets | 46,458 | 43,453 |
Liabilities: | ||
Fair Value Liabilities | (928) | (1,316) |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 27,663 | 25,906 |
Available for sale securities | 4,280 | 3,604 |
Fair Value Assets | 31,943 | 29,510 |
Liabilities: | ||
Fair Value Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 14,515 | 13,943 |
Available for sale securities | 0 | 0 |
Fair Value Assets | 14,515 | 13,943 |
Liabilities: | ||
Fair Value Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair Value Assets | 0 | 0 |
Liabilities: | ||
Fair Value Liabilities | (928) | (1,316) |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value of intangible asset | 18,800 | |
Convertible Senior Debentures, Due 2040 [Member] | ||
Liabilities: | ||
Embedded derivative | (426) | (576) |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (426) | (576) |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (426) | (576) |
Convertible Senior Debentures, Due 2041 [Member] | ||
Liabilities: | ||
Embedded derivative | (302) | (438) |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (302) | (438) |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (302) | (438) |
Convertible Senior Debentures, Due 2042 [Member] | ||
Liabilities: | ||
Embedded derivative | (200) | (302) |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (200) | (302) |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | $ (200) | $ (302) |
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