Delaware
|
38-1686453
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS employer identification no.)
|
Common Stock, $0.10 par value
|
New York Stock Exchange
|
(Title of class)
|
(Exchange on which registered)
|
Large accelerated filer
|
ý
|
Accelerated filer
|
☐
|
|||
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|||
Emerging growth company
|
☐
|
BUSINESS
|
MOSFETs Segment
|
Resistors & Inductors Segment, continued
|
MOSFETs
|
Film Resistors, continued
|
• Low-Voltage TrenchFET® Power MOSFETs
|
• Power Thick Film Resistors
|
• Medium-Voltage Power MOSFETs
|
• Metal Oxide Film Resistors
|
• High-Voltage Planar MOSFETs
|
• Carbon Film Resistors
|
• High-Voltage Super Junction MOSFETs
|
Wirewound Resistors
|
• Automotive-Grade MOSFETs
|
• Vitreous, Cemented, and Housed Resistors
|
ICs
|
• Braking and Neutral Grounding Resistors
|
• VRPower® DrMOS Integrated Power Stages
|
• Custom Load Banks
|
• Power Management and Power Control ICs
|
Power Metal Strip® Resistors
|
• Smart Load Switches
|
Battery Management Shunts
|
• Analog Switches and Multiplexers
|
Crowbar and Steel Blade Resistors
|
High Power Water Cooled Resistors
|
|
Thermo Fuses
|
|
Diodes Segment
|
Chip Fuses
|
Rectifiers
|
Pyrotechnic Initiators / Igniters
|
• Schottky Rectifiers
|
Variable Resistors
|
• Ultra-Fast Recovery Rectifiers
|
• Cermet Variable Resistors
|
• Standard and Fast Recovery Rectifiers
|
• Wirewound Variable Resistors
|
• High-Power Rectifiers/Diodes
|
• Conductive Plastic Variable Resistors
|
• Bridge Rectifiers
|
• Contactless Potentiometers
|
Small Signal Diodes
|
• Hall Effect Position Sensors
|
• Schottky and Switching Diodes
|
• Precision Magnetic Encoders
|
• Zener Diodes
|
Networks/Arrays/Attenuators
|
• RF PIN Diodes
|
RF and Microwave Resistors
|
Protection Diodes
|
High Voltage Resistors
|
• TVS TransZorb® and PAR® (uni-directional, bi-directional)
|
Dividers
|
• ESD Protection Diodes (including arrays)
|
Non-Linear Resistors and Temperature Sensors
|
Thyristors/SCR
|
• NTC Thermistors
|
• Phase-Control Thyristors
|
• PTC Thermistors
|
• Fast Thyristors
|
• Thin Film RTDs
|
Power Modules
|
• Varistors
|
• Input Modules (diodes and thyristors)
|
• Platinum Chip Temperature Sensors
|
• Output & Switching Modules (contain MOSFETs, IGBTs, and diodes)
|
Magnetics
|
• Custom Modules
|
• Power Inductors Automotive and Commercial Grade
|
• Power Chokes
|
|
Optoelectronic Components Segment
|
• Common Mode Chokes
|
Infrared Emitters and Detectors
|
• High Frequency RF Inductors
|
Large PIN Photo Diodes
|
• Magnetic Actuators
|
Optical Sensors
|
• Wireless Charging Coils
|
• Proximity
|
• Planar Devices
|
• Ambient Light
|
• Transformers
|
• Gesture
|
• Custom Magnetics
|
• Light Index (RGBW, UV, IR)
|
Connectors
|
• Humidity
|
|
• Quadrant Sensors
|
Capacitors Segment
|
• Transmissive
|
Tantalum Capacitors
|
• Reflective
|
• Molded Chip Tantalum Capacitors
|
Infrared Remote Control Receivers
|
• Molded Chip Polymer Tantalum Capacitors
|
Optocouplers
|
• Tantalum MAP Capacitors
|
• Phototransistor, Photodarlington
|
• Polymer Tantalum MAP Capacitors
|
• Linear
|
• Coated Chip Tantalum Capacitors
|
• Phototriac
|
• Solid Through-Hole Tantalum Capacitors
|
• High Speed
|
• Wet Tantalum Capacitors
|
• IGBT and MOSFET Driver
|
Ceramic Capacitors
|
Solid-State Relays
|
• Multilayer Chip Capacitors
|
LEDs and 7-Segment Displays
|
• Disc Capacitors
|
Infrared Data Transceiver Modules
|
• Multilayer Chip RF Capacitors
|
Custom Products
|
• Chip Antennas
|
• Thin Film Capacitors
|
|
Resistors & Inductors Segment
|
Film Capacitors
|
Film Resistors - Chip, MELF, Leaded, and Networks
|
Power Capacitors
|
• Metal Film Resistors
|
Heavy-Current Capacitors
|
• Thin Film Resistors
|
Aluminum Electrolytic Capacitors
|
• Thick Film Resistors
|
ENYCAPTM Energy Storage Capacitors
|
· |
MOSFETs: Infineon, Nexperia, ON Semiconductor, Rohm, STMicroelectronics, Toshiba.
|
· |
Diodes: Diodes, Inc., Infineon, Nexperia, ON Semiconductor, STMicroelectronics.
|
· |
Optoelectronic Components: Broadcom, OSRAM Opto Semiconductors, Rohm, Sharp, Toshiba.
|
· |
Resistors and Inductors: Bourns, KOA, Murata, Panasonic, Rohm, TDK-EPCOS, Yageo.
|
· |
Capacitors: AVX, KEMET, Murata, Nichicon, Panasonic, TDK-EPCOS, Yageo.
|
· |
Corporate Governance Principles
|
· |
Code of Business Conduct and Ethics
|
· |
Code of Ethics Applicable to the Company's Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer or Controller and Financial Managers
|
· |
Audit Committee Charter
|
· |
Nominating and Corporate Governance Committee Charter
|
· |
Compensation Committee Charter
|
· |
Policy on Director Attendance at Annual Meetings
|
· |
Nominating and Corporate Governance Committee Policy Regarding Qualification of Directors
|
· |
Procedures for Securityholders' Submissions of Nominating Recommendations
|
· |
Securityholder Communications with Directors and Interested Party Communication with Non-Management Directors
|
· |
Whistleblower and Ethics Hotline Procedures
|
· |
Related Party Transactions Policy
|
RISK FACTORS
|
•
|
the provision that our Class B common stock is generally entitled to ten votes per share, while our common stock is entitled to one vote per share, enabling the holders of our Class B common stock to effectively control the outcome of substantially all matters submitted to a vote of our stockholders, including the election of directors and change of control transactions;
|
•
|
the provision establishing a classified board of directors with three-year staggered terms and the provision that a director may be removed only for cause, each of which could delay the ability of stockholders to change the membership of a majority of our board of directors;
|
•
|
the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;
|
•
|
the right of our board of directors to elect a director to fill a vacancy created by the expansion of our board of directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;
|
•
|
the requirement that a special meeting of stockholders may be called only by the directors or by any officer instructed by the directors to call the meeting, which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; and
|
•
|
the ability of our board of directors, by majority vote, to amend the bylaws, which may allow our board of directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws to facilitate an unsolicited takeover attempt.
|
· |
overall economic and business conditions;
|
· |
competitive factors in the industries in which we conduct our business;
|
· |
changes in governmental regulation;
|
· |
changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations;
|
· |
changes in GAAP or interpretations of GAAP by governmental agencies and self-regulatory groups;
|
· |
interest rate fluctuations, foreign currency rate fluctuations, and other capital market conditions; and
|
· |
economic and political conditions in international markets, including governmental changes and restrictions on the ability to transfer capital across borders.
|
UNRESOLVED STAFF COMMENTS
|
PROPERTIES
|
Owned Locations
|
Business Segment
|
Approx. Available
Space (Square Feet)
|
|
United States
|
|||
Columbus, NE
|
Resistors & Inductors
|
199,000
|
|
Bennington, VT
|
Capacitors
|
64,000
|
|
Yankton, SD
|
Resistors & Inductors
|
60,000
|
|
Warwick, RI
|
Resistors & Inductors
|
56,000
|
|
Niagara Falls, NY
|
Resistors & Inductors
|
34,000
|
|
Marshall, MN
|
Resistors & Inductors
|
22,000
|
|
Non-U.S.
|
|||
Vocklabruck, Austria
|
Diodes
|
100,000
|
|
People's Republic of China
|
|||
Tianjin |
Diodes
|
374,000 | |
Shanghai |
Optoelectronic Components
|
195,000 | |
Xi'an | MOSFETs and Diodes | 121,000 | |
Czech Republic
|
|||
Blatna
|
Capacitors
|
261,000
|
|
Dolni Rychnov
|
Resistors & Inductors and Capacitors
|
183,000
|
|
Prachatice
|
Resistors & Inductors
|
92,000
|
|
Volary
|
Resistors & Inductors
|
35,000
|
|
France
|
|||
Nice
|
Resistors & Inductors
|
221,000
|
|
Chateau Gontier
|
Resistors & Inductors
|
82,000
|
|
Hyeres
|
Resistors & Inductors
|
59,000
|
|
Germany
|
|||
Selb
|
Resistors & Inductors and Capacitors
|
414,000
|
|
Heide
|
Resistors & Inductors
|
219,000
|
|
Landshut
|
Capacitors
|
75,000
|
|
Fichtelberg
|
Resistors & Inductors
|
36,000
|
|
Budapest, Hungary
|
Diodes
|
101,000
|
|
Loni, India
|
Resistors & Inductors and Capacitors
|
340,000
|
|
Israel
|
|||
Dimona
|
Resistors & Inductors and Capacitors
|
404,000
|
|
Migdal Ha'Emek
|
Capacitors
|
288,000
|
|
Be'er Sheva
|
Resistors & Inductors and Capacitors
|
276,000
|
|
Turin, Italy
|
Diodes
|
99,000
|
|
Miharu, Japan
|
Capacitors
|
165,000
|
|
Melaka, Malaysia
|
Optoelectronic Components
|
156,000
|
|
Juarez, Mexico
|
Resistors & Inductors
|
60,000
|
|
Famalicao, Portugal
|
Capacitors
|
222,000
|
|
Republic of China (Taiwan)
|
|||
Taipei
|
Diodes
|
366,000
|
|
Kaohsiung
|
MOSFETs
|
63,000
|
Leased Locations
|
Business Segment
|
Approx. Available
Space (Square Feet)
|
|
United States
|
|||
Milwaukee, WI
|
Resistors & Inductors
|
42,000
|
|
Ontario, CA
|
Resistors & Inductors
|
38,000
|
|
Dover, NH
|
Resistors & Inductors
|
35,000
|
|
Hollis, NH
|
Resistors & Inductors
|
25,000
|
|
Duluth, MN
|
Resistors & Inductors
|
16,000
|
|
Non-U.S.
|
|||
Klagenfurt, Austria
|
Capacitors
|
150,000
|
|
People's Republic of China
|
|||
Danshui | Capacitors | 446,000 | |
Shanghai | MOSFETs | 300,000 | |
Zhuhai | Resistors & Inductors | 179,000 | |
Prestice, Czech Republic
|
Resistors & Inductors
|
15,000
|
|
Santo Domingo, Dominican Republic
|
Resistors & Inductors
|
44,000
|
|
Germany
|
|||
Itzehoe
|
MOSFETs
|
199,000
|
|
Heilbronn
|
Diodes and Optoelectronic Components
|
139,000
|
|
Mumbai, India
|
Diodes
|
34,000
|
|
Juarez, Mexico
|
Resistors & Inductors
|
102,000
|
|
Manila, Philippines
|
Diodes and Optoelectronic Components
|
149,000
|
|
Kaohsiung, Republic of China (Taiwan)
|
Diodes and MOSFETs
|
130,000
|
LEGAL PROCEEDINGS
|
MINE SAFETY DISCLOSURES
|
Name
|
Age
|
Positions Held
|
|
Marc Zandman*
|
57
|
Executive Chairman of the Board, Chief Business Development Officer, and President, Vishay Israel Ltd.
|
|
Dr. Gerald Paul*
|
69
|
Chief Executive Officer, President, and Director
|
|
Lori Lipcaman
|
61
|
Executive Vice President and Chief Financial Officer
|
|
Johan Vandoorn
|
61
|
Executive Vice President and Chief Technical Officer
|
|
David Valletta
|
58
|
Executive Vice President Worldwide Sales
|
|
Joel Smejkal
|
52
|
Executive Vice President and Business Head Passive Components
|
|
Clarence Tse
|
60
|
Executive Vice President and Business Head Semiconductors
|
|
Werner Gebhardt
|
60
|
Executive Vice President Global Human Resources
|
|
* Member of the Executive Committee of the Board of Directors.
|
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
|
Common stock price range
|
Dividends declared
|
|||||||||||||||||||||||
2018
|
2017
|
per share
|
||||||||||||||||||||||
High
|
Low
|
High
|
Low
|
2018
|
2017
|
|||||||||||||||||||
Fourth quarter
|
$
|
21.37
|
$
|
16.73
|
$
|
23.45
|
$
|
18.75
|
$
|
0.0850
|
$
|
0.0675
|
||||||||||||
Third quarter
|
$
|
26.50
|
$
|
20.08
|
$
|
18.85
|
$
|
16.45
|
$
|
0.0850
|
$
|
0.0625
|
||||||||||||
Second quarter
|
$
|
25.00
|
$
|
17.51
|
$
|
17.60
|
$
|
15.40
|
$
|
0.0850
|
$
|
0.0625
|
||||||||||||
First quarter
|
$
|
23.85
|
$
|
17.15
|
$
|
17.00
|
$
|
15.35
|
$
|
0.0675
|
$
|
0.0625
|
Base
|
Years Ending December 31,
|
||||||||||
Period
|
|||||||||||
Company Name / Index
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
|||||
Vishay Intertechnology, Inc.
|
100
|
108.45
|
94.27
|
129.09
|
167.69
|
147.92
|
|||||
S&P 500 Index
|
100
|
113.69
|
115.26
|
129.05
|
157.22
|
150.33
|
|||||
S&P MidCap 400 Index
|
100
|
109.77
|
107.38
|
129.65
|
150.71
|
134.01
|
|||||
Philadelphia Semiconductor Index
|
100
|
130.61
|
128.53
|
179.07
|
251.67
|
236.46
|
SELECTED FINANCIAL DATA
|
As of and for the years ended December 31,
|
||||||||||||||||||||
2018 (3)
|
2017 (4)
|
2016 (5)
|
(2)
2015 (6)
|
(2)
2014 (7)
|
||||||||||||||||
recast (1)
|
recast (1)
|
|||||||||||||||||||
Statement of Operations Data:
|
||||||||||||||||||||
Net revenues
|
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
$
|
2,300,488
|
$
|
2,493,282
|
||||||||||
Costs of products sold
|
2,146,165
|
1,896,259
|
1,743,506
|
1,758,268
|
1,881,990
|
|||||||||||||||
Gross profit
|
888,524
|
703,109
|
573,822
|
542,220
|
611,292
|
|||||||||||||||
Selling, general, and administrative expenses
|
403,404
|
367,831
|
356,006
|
362,226
|
385,696
|
|||||||||||||||
Restructuring and severance costs
|
-
|
11,273
|
19,199
|
19,215
|
20,897
|
|||||||||||||||
Impairment of intangible assets
|
-
|
-
|
1,559
|
57,600
|
-
|
|||||||||||||||
Impairment of goodwill
|
-
|
-
|
-
|
5,380
|
-
|
|||||||||||||||
U.S. pension settlement charges
|
-
|
-
|
-
|
-
|
15,588
|
|||||||||||||||
Operating income
|
485,120
|
324,005
|
197,058
|
97,799
|
189,111
|
|||||||||||||||
Other income (expense)
|
||||||||||||||||||||
Interest expense
|
(36,680
|
)
|
(27,850
|
)
|
(25,623
|
)
|
(25,685
|
)
|
(24,457
|
)
|
||||||||||
Other components of net periodic pension expense
|
(13,118
|
)
|
(12,417
|
)
|
(16,020
|
)
|
-
|
-
|
||||||||||||
Other
|
8,037
|
1,738
|
4,716
|
7,976
|
2,489
|
|||||||||||||||
Loss on disposal of equity affiliate
|
-
|
(6,112
|
)
|
-
|
-
|
-
|
||||||||||||||
Gain (loss) on early extinguishment of debt
|
(26,583
|
)
|
-
|
4,597
|
-
|
-
|
||||||||||||||
U.S. pension settlement charges
|
-
|
-
|
(79,321
|
)
|
-
|
-
|
||||||||||||||
Gain (loss) related to Tianjin explosion
|
-
|
-
|
8,809
|
(5,350
|
)
|
-
|
||||||||||||||
Total other income (expense)
|
(68,344
|
)
|
(44,641
|
)
|
(102,842
|
)
|
(23,059
|
)
|
(21,968
|
)
|
||||||||||
Income before taxes and noncontrolling interest
|
416,776
|
279,364
|
94,216
|
74,740
|
167,143
|
|||||||||||||||
Income taxes
|
70,239
|
298,924
|
44,843
|
182,473
|
49,300
|
|||||||||||||||
Net earnings (loss)
|
346,537
|
(19,560
|
)
|
49,373
|
(107,733
|
)
|
117,843
|
|||||||||||||
Noncontrolling interest
|
779
|
784
|
581
|
781
|
214
|
|||||||||||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
345,758
|
$
|
(20,344
|
)
|
$
|
48,792
|
$
|
(108,514
|
)
|
$
|
117,629
|
||||||||
Basic earnings (loss) per share attributable to Vishay stockholders:
|
$
|
2.39
|
$
|
(0.14
|
)
|
$
|
0.33
|
$
|
(0.73
|
)
|
$
|
0.80
|
||||||||
Diluted earnings (loss) per share attributable to Vishay stockholders:
|
$
|
2.24
|
$
|
(0.14
|
)
|
$
|
0.32
|
$
|
(0.73
|
)
|
$
|
0.77
|
||||||||
Weighted average shares outstanding – basic
|
144,370
|
145,633
|
147,152
|
147,700
|
147,567
|
|||||||||||||||
Weighted average shares outstanding – diluted
|
154,622
|
145,633
|
150,697
|
147,700
|
153,716
|
|||||||||||||||
Cash dividends per share
|
$
|
0.3225
|
$
|
0.2550
|
$
|
0.2500
|
$
|
0.2400
|
$
|
0.2400
|
||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Total assets
|
$
|
3,106,198
|
$
|
3,462,089
|
$
|
3,080,701
|
$
|
3,152,986
|
$
|
3,274,151
|
||||||||||
Long-term debt, less current portion
|
494,509
|
370,470
|
357,023
|
436,738
|
444,055
|
|||||||||||||||
Working capital
|
1,139,780
|
1,632,655
|
1,410,522
|
1,429,768
|
1,461,686
|
|||||||||||||||
Total Vishay stockholders' equity
|
1,382,384
|
1,430,367
|
1,567,727
|
1,622,476
|
1,825,366
|
(1)
|
Recast due to the retrospective adoption of Financial Accounting Standards Board ("FASB") ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, on January 1, 2018. See Note 1 to our consolidated financial statements.
|
(2)
|
Does not include an adjustment to reflect the retrospective adoption of ASUs No. 2014-09 or No. 2017-07. As described in Note 1 to our consolidated financial statements, effective January 1, 2018, we adopted two ASUs that required retrospective adoption to previously issued financial statements. We used a financial statement approach when adopting the ASUs and recorded a cumulative effect adjustment as of the beginning of the periods presented in the audited financial statements (January 1, 2016). Periods prior to January 1, 2016 have not been adjusted to reflect the retrospective adoption of the ASUs.
|
(3)
|
Includes the results of UltraSource from February 8, 2018 and EuroPower Holdings Ltd. from June 11, 2018. Also includes $26,583 of loss on early extinguishment of debt, $54,877 net tax benefit due to the change in deferred taxes due to early extinguishment of debt, $25,496 net tax expense related to the changes in estimates related to the enactment of the Tax Cuts and Jobs Act in the United States ("TCJA"), and $10,047 tax benefit related to our repatriation of foreign earnings to the United States plan. These items, net of their tax consequences, had a positive $0.12 effect on earnings per share attributable to Vishay stockholders. These items are more fully described in the notes to the consolidated financial statements.
|
(4)
|
Includes $11,273 of restructuring and severance costs, $6,112 of loss on disposal of an equity affiliate, $234,855 net tax expense related to the enactment of the TCJA in the United States, $1,565 tax expense due to the effects of changes in uncertain tax positions, and $5,802 tax benefit related to our previous repatriation of foreign earnings to the United States plan. These items, net of their tax consequences, had a negative $1.57 effect on earnings (loss) per share attributable to Vishay stockholders. These items are more fully described in the notes to the consolidated financial statements.
|
(5)
|
Includes the results of Sonntag Electronic GmbH from January 1, 2016. Also includes $19,199 of restructuring and severance costs, $1,559 of intangible asset impairment charges, a $4,597 gain on early extinguishment of debt, a $8,809 gain on the settlement of insurance claims related to the Tianjin explosion, $79,321 of non-cash pension settlement charges, $34,853 tax expense from accumulated other comprehensive income as a result of the pension settlement, $8,704 tax benefit due to the effects of changes in uncertain tax positions, and $3,553 tax benefit related to the planned repatriation of foreign earnings to the United States. These items, net of their tax consequences, had a negative $0.53 effect on earnings per share attributable to Vishay stockholders. These items are more fully described in the notes to the consolidated financial statements.
|
(6)
|
Includes $19,215 of restructuring and severance costs, $57,600 of intangible asset impairment charges, $5,380 of goodwill impairment charges, a loss of $5,350 related to the Tianjin explosion, a $163,954 tax expense related to the planned repatriation of foreign earnings to the United States, a $8,8880 tax benefit due to the effects of changes in valuation allowances, and a $2,629 tax benefit due to the effects of changes in uncertain tax positions. These items, net of their tax consequences, had a negative $1.45 effect on earnings (loss) per share attributable to Vishay stockholders.
|
(7)
|
Includes the results of Holy Stone Polytech, from June 11, 2014, and the results of Capella from September 1, 2014, including the noncontrolling interest for the period before full control was obtained. Also includes $20,897 of restructuring and severance costs, $15,588 of U.S. pension plan non-cash settlement charges, a $25,706 tax expense related to a planned repatriation of foreign earnings to the United States, a $25,706 tax benefit due to the effects of changes in uncertain tax positions, and a $1,228 one-time tax benefit related to tax law changes. These items, net of their tax consequences, had a negative $0.15 effect on earnings per share attributable to Vishay stockholders.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
GAAP net earnings (loss) attributable to Vishay stockholders
|
$
|
345,758
|
$
|
(20,344
|
)
|
$
|
48,792
|
|||||
Reconciling items affecting operating income:
|
||||||||||||
Restructuring and severance costs
|
$
|
-
|
$
|
11,273
|
$
|
19,199
|
||||||
Impairment of intangible assets
|
-
|
-
|
1,559
|
|||||||||
Reconciling items affecting other income (expense):
|
||||||||||||
Loss (gain) on early extinguishment of debt
|
$
|
26,583
|
$
|
-
|
$
|
(4,597
|
)
|
|||||
Loss on disposal of equity affiliate
|
-
|
6,112
|
-
|
|||||||||
U.S. pension settlement charges
|
-
|
-
|
79,321
|
|||||||||
Gain related to Tianjin explosion
|
-
|
-
|
(8,809
|
)
|
||||||||
Reconciling items affecting tax expense (benefit):
|
||||||||||||
Enactment of TCJA
|
$
|
25,496
|
$
|
234,855
|
$
|
-
|
||||||
Effects of cash repatriation program
|
(10,047
|
)
|
(5,802
|
)
|
(3,553
|
)
|
||||||
Change in deferred taxes due to early extinguishment of debt
|
(54,877
|
)
|
-
|
-
|
||||||||
Additional tax expense from AOCI - pension plans
|
-
|
-
|
34,853
|
|||||||||
Effects of changes in uncertain tax positions
|
-
|
1,565
|
(8,704
|
)
|
||||||||
Tax effects of pre-tax items above
|
(5,812
|
)
|
(3,331
|
)
|
(29,901
|
)
|
||||||
Adjusted net earnings
|
$
|
327,101
|
$
|
224,328
|
$
|
128,160
|
||||||
Adjusted weighted average diluted shares outstanding
|
154,622
|
157,010
|
150,697
|
|||||||||
Adjusted earnings per diluted share *
|
$
|
2.12
|
$
|
1.43
|
$
|
0.85
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Net cash provided by continuing operating activities
|
$
|
258,506
|
$
|
368,777
|
$
|
296,509
|
||||||
Proceeds from sale of property and equipment
|
55,561
|
1,685
|
5,701
|
|||||||||
Less: Capital expenditures
|
(229,899
|
)
|
(170,432
|
)
|
(134,635
|
)
|
||||||
Free cash
|
$
|
84,168
|
$
|
200,030
|
$
|
167,575
|
4th Quarter 2017*
|
1st Quarter 2018
|
2nd Quarter 2018
|
3rd Quarter 2018
|
4th Quarter 2018
|
||||||||||||||||
Net revenues
|
$
|
673,462
|
$
|
716,795
|
$
|
761,030
|
$
|
780,972
|
$
|
775,892
|
||||||||||
Gross profit margin
|
26.3
|
%
|
28.6
|
%
|
29.9
|
%
|
30.3
|
%
|
28.3
|
%
|
||||||||||
Operating margin (1)
|
11.3
|
%
|
14.5
|
%
|
16.2
|
%
|
17.7
|
%
|
15.4
|
%
|
||||||||||
End-of-period backlog
|
$
|
1,320,200
|
$
|
1,498,700
|
$
|
1,595,200
|
$
|
1,559,700
|
$
|
1,497,100
|
||||||||||
Book-to-bill ratio
|
1.28
|
1.22
|
1.17
|
0.95
|
0.94
|
|||||||||||||||
Inventory turnover
|
4.5
|
4.6
|
4.6
|
4.4
|
4.5
|
|||||||||||||||
Change in ASP vs. prior quarter
|
-0.2
|
%
|
-0.2
|
%
|
0.7
|
%
|
0.6
|
%
|
0.7
|
%
|
4th Quarter 2017*
|
1st Quarter 2018
|
2nd Quarter 2018
|
3rd Quarter 2018
|
4th Quarter 2018
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
122,077
|
$
|
127,506
|
$
|
136,559
|
$
|
144,260
|
$
|
139,318
|
||||||||||
Book-to-bill ratio
|
1.59
|
1.23
|
0.96
|
0.88
|
1.08
|
|||||||||||||||
Gross profit margin
|
25.5
|
%
|
25.1
|
%
|
28.1
|
%
|
27.0
|
%
|
26.2
|
%
|
||||||||||
Segment operating margin
|
18.2
|
%
|
17.7
|
%
|
20.9
|
%
|
20.5
|
%
|
18.9
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
159,466
|
$
|
167,017
|
$
|
182,466
|
$
|
186,492
|
$
|
176,961
|
||||||||||
Book-to-bill ratio
|
1.34
|
1.30
|
1.08
|
0.86
|
0.83
|
|||||||||||||||
Gross profit margin
|
26.1
|
%
|
25.9
|
%
|
28.7
|
%
|
29.3
|
%
|
26.2
|
%
|
||||||||||
Segment operating margin
|
23.0
|
%
|
22.7
|
%
|
25.8
|
%
|
26.6
|
%
|
23.3
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
69,389
|
$
|
71,958
|
$
|
75,709
|
$
|
76,443
|
$
|
65,617
|
||||||||||
Book-to-bill ratio
|
1.21
|
1.24
|
1.20
|
0.88
|
0.75
|
|||||||||||||||
Gross profit margin
|
30.1
|
%
|
37.8
|
%
|
34.9
|
%
|
36.2
|
%
|
28.8
|
%
|
||||||||||
Segment operating margin
|
23.8
|
%
|
31.7
|
%
|
29.3
|
%
|
30.3
|
%
|
22.2
|
%
|
||||||||||
Resistors & Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
216,795
|
$
|
244,046
|
$
|
253,947
|
$
|
257,330
|
$
|
262,963
|
||||||||||
Book-to-bill ratio
|
1.19
|
1.15
|
1.16
|
1.02
|
0.94
|
|||||||||||||||
Gross profit margin
|
29.0
|
%
|
32.2
|
%
|
33.5
|
%
|
34.3
|
%
|
32.5
|
%
|
||||||||||
Segment operating margin
|
25.8
|
%
|
28.7
|
%
|
30.0
|
%
|
31.1
|
%
|
29.4
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
105,735
|
$
|
106,268
|
$
|
112,349
|
$
|
116,447
|
$
|
131,033
|
||||||||||
Book-to-bill ratio
|
1.08
|
1.26
|
1.59
|
1.03
|
1.02
|
|||||||||||||||
Gross profit margin
|
19.5
|
%
|
22.9
|
%
|
22.3
|
%
|
23.0
|
%
|
24.7
|
%
|
||||||||||
Segment operating margin
|
14.7
|
%
|
17.8
|
%
|
17.5
|
%
|
18.6
|
%
|
20.4
|
%
|
Years ended December 31,
|
||||||||||||
Total
|
2018
|
2017
|
||||||||||
Remeasurement of net deferred tax liabilities
|
$
|
(76,027
|
)
|
$
|
(1,211
|
)
|
$
|
(74,816
|
)
|
|||
Transition tax on unremitted foreign earnings
|
222,983
|
7,425
|
215,558
|
|||||||||
Incremental foreign taxes on assumed repatriation
|
232,282
|
19,282
|
213,000
|
|||||||||
Reversal of deferred taxes due to cancellation of 2015 repatriation plan
|
(118,887
|
)
|
-
|
(118,887
|
)
|
|||||||
Total tax expense related to the enactment of the TCJA
|
$
|
260,351
|
$
|
25,496
|
$
|
234,855
|
Benefit obligation
|
Plan assets
|
Funded position
|
Informally funded assets
|
Net position
|
Unrecognized actuarial items
|
|||||||||||||||||||
U.S. non-qualified pension plans
|
$
|
38,169
|
$
|
-
|
$
|
(38,169
|
)
|
$
|
23,608
|
$
|
(14,561
|
)
|
$
|
5,501
|
||||||||||
German pension plans
|
172,548
|
-
|
(172,548
|
)
|
4,309
|
(168,239
|
)
|
50,948
|
||||||||||||||||
Taiwanese pension plans
|
67,188
|
45,647
|
(21,541
|
)
|
-
|
(21,541
|
)
|
19,202
|
||||||||||||||||
Other pension plans
|
32,222
|
25,173
|
(7,049
|
)
|
-
|
(7,049
|
)
|
6,548
|
||||||||||||||||
OPEB plans
|
14,947
|
-
|
(14,947
|
)
|
-
|
(14,947
|
)
|
787
|
||||||||||||||||
Other retirement obligations
|
14,521
|
-
|
(14,521
|
)
|
-
|
(14,521
|
)
|
-
|
||||||||||||||||
$
|
339,595
|
$
|
70,820
|
$
|
(268,775
|
)
|
$
|
27,917
|
$
|
(240,858
|
)
|
$
|
82,986
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
|
2016*
|
|
||||||||
Costs of products sold
|
70.7
|
%
|
73.0
|
%
|
75.2
|
%
|
||||||
Gross profit
|
29.3
|
%
|
27.0
|
%
|
24.8
|
%
|
||||||
Selling, general, and administrative expenses
|
13.3
|
%
|
14.2
|
%
|
15.4
|
%
|
||||||
Operating income
|
16.0
|
%
|
12.5
|
%
|
8.5
|
%
|
||||||
Income before taxes and noncontrolling interest
|
13.7
|
%
|
10.7
|
%
|
4.1
|
%
|
||||||
Net earnings (loss) attributable to Vishay stockholders
|
11.4
|
%
|
(0.8
|
)%
|
2.1
|
%
|
||||||
________
|
||||||||||||
Effective tax rate
|
16.9
|
%
|
107.0
|
%
|
47.6
|
%
|
2018
|
2017**
|
|
2016**
|
|
||||||||
Net revenues
|
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
||||||
Change versus prior year
|
$
|
435,321
|
$
|
282,040
|
||||||||
Percentage change versus prior year
|
16.7
|
%
|
12.2
|
%
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
13.5
|
%
|
14.8
|
%
|
||||
Change in average selling prices
|
0.4
|
%
|
-2.6
|
%
|
||||
Foreign currency effects
|
1.6
|
%
|
0.7
|
%
|
||||
Acquisitions
|
0.8
|
%
|
0.0
|
%
|
||||
Other
|
0.4
|
%
|
-0.7
|
%
|
||||
Net change
|
16.7
|
%
|
12.2
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017**
|
|
2016**
|
|
||||||||
Net revenues
|
$
|
547,643
|
$
|
467,476
|
$
|
405,949
|
||||||
Change versus comparable prior year period
|
$
|
80,167
|
$
|
61,527
|
||||||||
Percentage change versus comparable prior year period
|
17.1
|
%
|
15.2
|
%
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
17.0
|
%
|
20.0
|
%
|
||||
Decrease in average selling prices
|
-0.3
|
%
|
-3.6
|
%
|
||||
Foreign currency effects
|
0.6
|
%
|
0.3
|
%
|
||||
Other
|
-0.2
|
%
|
-1.5
|
%
|
||||
Net change
|
17.1
|
%
|
15.2
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
2016*
|
||||||||||
Gross profit margins
|
26.6
|
%
|
23.4
|
%
|
14.4
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017**
|
|
2016**
|
|
||||||||
Net revenues
|
$
|
712,936
|
$
|
619,958
|
$
|
552,766
|
||||||
Change versus comparable prior year period
|
$
|
92,978
|
$
|
67,192
|
||||||||
Percentage change versus comparable prior year period
|
15.0
|
%
|
12.2
|
%
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
10.9
|
%
|
15.6
|
%
|
||||
Change in average selling prices
|
2.0
|
%
|
-3.0
|
%
|
||||
Foreign currency effects
|
1.3
|
%
|
0.5
|
%
|
||||
Other
|
0.8
|
%
|
-0.9
|
%
|
||||
Net change
|
15.0
|
%
|
12.2
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
2016*
|
||||||||||
Gross profit margins
|
27.6
|
%
|
26.6
|
%
|
24.7
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017**
|
2016**
|
||||||||||
Net revenues
|
$
|
289,727
|
$
|
284,429
|
$
|
269,162
|
||||||
Change versus comparable prior year period
|
$
|
5,298
|
$
|
15,267
|
||||||||
Percentage change versus comparable prior year period
|
1.9
|
%
|
5.7
|
%
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
0.6
|
%
|
7.6
|
%
|
||||
Decrease in average selling prices
|
-1.3
|
%
|
-2.7
|
%
|
||||
Foreign currency effects
|
1.9
|
%
|
0.7
|
%
|
||||
Other
|
0.7
|
%
|
0.1
|
%
|
||||
Net change
|
1.9
|
%
|
5.7
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
2016*
|
||||||||||
Gross profit margin
|
34.6
|
%
|
34.5
|
%
|
32.5
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017**
|
|
2016**
|
|
||||||||
Net revenues
|
$
|
1,018,286
|
$
|
843,529
|
$
|
753,524
|
||||||
Change versus comparable prior year period
|
$
|
174,757
|
$
|
90,005
|
||||||||
Percentage change versus comparable prior year period
|
20.7
|
%
|
11.9
|
%
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
15.8
|
%
|
13.8
|
%
|
||||
Decrease in average selling prices
|
-0.1
|
%
|
-2.1
|
%
|
||||
Foreign currency effects
|
2.2
|
%
|
0.9
|
%
|
||||
Acquisitions
|
2.4
|
%
|
0.0
|
%
|
||||
Other
|
0.4
|
%
|
-0.7
|
%
|
||||
Net change
|
20.7
|
%
|
11.9
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
|
2016*
|
|
||||||||
Gross profit margin
|
33.1
|
%
|
29.9
|
%
|
29.8
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017**
|
|
2016**
|
|
||||||||
Net revenues
|
$
|
466,097
|
$
|
383,976
|
$
|
335,927
|
||||||
Change versus comparable prior year period
|
$
|
82,121
|
$
|
48,049
|
||||||||
Percentage change versus comparable prior year period
|
21.4
|
%
|
14.3
|
%
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
17.5
|
%
|
15.3
|
%
|
||||
Change in average selling prices
|
1.1
|
%
|
-1.9
|
%
|
||||
Foreign currency effects
|
2.0
|
%
|
1.0
|
%
|
||||
Other
|
0.8
|
%
|
-0.1
|
%
|
||||
Net change
|
21.4
|
%
|
14.3
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
|
2016*
|
|
||||||||
Gross profit margin
|
23.3
|
%
|
20.4
|
%
|
19.9
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017*
|
2016*
|
||||||||||
Total SG&A expenses
|
$
|
403,404
|
$
|
367,831
|
$
|
356,006
|
||||||
as a percentage of sales
|
13.3
|
%
|
14.2
|
%
|
15.4
|
%
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Amortization of intangible assets
|
$
|
11,807
|
$
|
14,263
|
$
|
14,842
|
||||||
Net loss (gain) on sale of assets
|
(2,216
|
)
|
(265
|
)
|
(4,054
|
)
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(1,991
|
)
|
$
|
(4,536
|
)
|
$
|
2,545
|
||||
Interest income
|
11,940
|
6,482
|
5,458
|
|||||||||
Investment income (loss)†
|
(1,646
|
)
|
-
|
(1,646
|
)
|
|||||||
Other
|
(266
|
)
|
(208
|
)
|
(58
|
)
|
||||||
$
|
8,037
|
$
|
1,738
|
$
|
6,299
|
Years ended December 31,
|
||||||||||||
2017
|
2016
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(4,536
|
)
|
$
|
292
|
$
|
(4,828
|
)
|
||||
Interest income
|
6,482
|
4,264
|
2,218
|
|||||||||
Other
|
(208
|
)
|
160
|
(368
|
)
|
|||||||
$
|
1,738
|
$
|
4,716
|
$
|
(2,978
|
)
|
December 31, 2018
|
December 31, 2017
|
|||||||
Credit Facility
|
$
|
-
|
$
|
150,000
|
||||
Convertible senior notes, due 2025*
|
495,203
|
-
|
||||||
Convertible senior debentures, due 2040*
|
539
|
110,412
|
||||||
Convertible senior debentures, due 2041*
|
12,812
|
56,641
|
||||||
Convertible senior debentures, due 2042*
|
923
|
62,518
|
||||||
Deferred financing costs
|
(14,968
|
)
|
(9,101
|
)
|
||||
Total debt
|
494,509
|
370,470
|
||||||
Cash and cash equivalents
|
686,032
|
748,032
|
||||||
Short-term investments
|
78,286
|
547,136
|
||||||
Net cash and short-term investments (debt)
|
$
|
269,809
|
$
|
924,698
|
Payments due by period
|
||||||||||||||||||||
Total
|
Year 1
|
Years
2-3
|
Years
4-5
|
More than
5
|
||||||||||||||||
Long-term debt
|
$
|
636,556
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
636,556
|
||||||||||
Interest payments on long-term debt
|
110,183
|
16,243
|
30,458
|
28,645
|
34,837
|
|||||||||||||||
Operating leases
|
84,273
|
18,911
|
25,927
|
16,280
|
23,155
|
|||||||||||||||
Letters of credit
|
3,789
|
-
|
3,789
|
-
|
-
|
|||||||||||||||
Expected pension and postretirement plan funding
|
210,013
|
21,355
|
42,681
|
41,923
|
104,054
|
|||||||||||||||
Estimated costs to complete construction in progress
|
127,000
|
127,000
|
-
|
-
|
-
|
|||||||||||||||
TCJA transition tax
|
169,710
|
14,757
|
29,515
|
42,428
|
83,010
|
|||||||||||||||
Uncertain tax positions
|
22,670
|
4,784
|
-
|
-
|
17,886
|
|||||||||||||||
Purchase commitments
|
57,489
|
40,697
|
16,792
|
-
|
-
|
|||||||||||||||
Other long-term liabilities
|
61,603
|
-
|
-
|
-
|
61,603
|
|||||||||||||||
Total contractual cash obligations
|
$
|
1,483,286
|
$
|
243,747
|
$
|
149,162
|
$
|
129,276
|
$
|
961,101
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
CONTROLS AND PROCEDURES
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
|
EXECUTIVE COMPENSATION
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
Item 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
Item 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
1. |
Financial Statements
|
2. |
Financial Statement Schedules
|
3. |
Exhibits
|
101**
|
Interactive Data File (Annual Report on Form 10-K, for the year ended December 31, 2018, furnished in XBRL (eXtensible Business Reporting Language)).
|
|
Form 10-K Summary
|
By:
|
/s/ Gerald Paul
|
|
Dr. Gerald Paul
|
||
President and Chief Executive Officer
|
||
February 15, 2019
|
Signature
|
Title
|
Date
|
Principal Executive Officer:
|
||
/s/ Gerald Paul
|
President, Chief Executive Officer,
|
February 15, 2019
|
Dr. Gerald Paul
|
and Director
|
|
Principal Financial and Accounting Officer:
|
||
/s/ Lori Lipcaman
|
Executive Vice President and Chief
|
February 15, 2019
|
Lori Lipcaman
|
Financial Officer
|
|
Board of Directors:
|
||
/s/ Marc Zandman
|
Executive Chairman of
|
February 15, 2019
|
Marc Zandman
|
the Board of Directors
|
|
/s/ Michael Cody
|
Director
|
February 15, 2019
|
Michael Cody
|
||
/s/ Abraham Ludomirski
|
Director
|
February 15, 2019
|
Dr. Abraham Ludomirski
|
||
/s/ Frank D. Maier
|
Director
|
February 15, 2019
|
Frank D. Maier
|
||
/s/ Ronald M. Ruzic
|
Director
|
February 15, 2019
|
Ronald M. Ruzic
|
||
/s/ Ziv Shoshani
|
Director
|
February 15, 2019
|
Ziv Shoshani
|
||
/s/ Timothy V. Talbert
|
Director
|
February 15, 2019
|
Timothy V. Talbert
|
||
/s/ Thomas C. Wertheimer
|
Director
|
February 15, 2019
|
Thomas C. Wertheimer
|
||
/s/ Ruta Zandman
|
Director
|
February 15, 2019
|
Ruta Zandman
|
||
/s/ Raanan Zilberman
|
Director
|
February 15, 2019
|
Raanan Zilberman
|
Reports of Independent Registered Public Accounting Firm
|
F-2
|
Audited Consolidated Financial Statements
|
|
Consolidated Balance Sheets
|
F-4
|
Consolidated Statements of Operations
|
F-6
|
Consolidated Statements of Comprehensive Income
|
F-7
|
Consolidated Statements of Cash Flows
|
F-8
|
Consolidated Statements of Stockholders' Equity
|
F-9
|
Notes to the Consolidated Financial Statements
|
F-10
|
|
December 31, 2018
|
December 31, 2017
|
||||||
|
(recast - see Note 1)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
686,032
|
$
|
748,032
|
||||
|
||||||||
Short-term investments
|
78,286
|
547,136
|
||||||
|
||||||||
Accounts receivable, net of allowances for doubtful accounts of $4,269 and $2,008, respectively
|
397,020
|
340,027
|
||||||
|
||||||||
Inventories:
|
||||||||
Finished goods
|
138,112
|
127,272
|
||||||
Work in process
|
190,982
|
170,319
|
||||||
Raw materials
|
150,566
|
132,068
|
||||||
Total inventories
|
479,660
|
429,659
|
||||||
|
||||||||
Prepaid expenses and other current assets
|
142,888
|
130,336
|
||||||
Total current assets
|
1,783,886
|
2,195,190
|
||||||
|
||||||||
Property and equipment, at cost:
|
||||||||
Land
|
87,622
|
92,285
|
||||||
Buildings and improvements
|
619,445
|
606,168
|
||||||
Machinery and equipment
|
2,510,001
|
2,415,769
|
||||||
Construction in progress
|
125,109
|
103,058
|
||||||
Allowance for depreciation
|
(2,373,176
|
)
|
(2,311,522
|
)
|
||||
Property and equipment, net
|
969,001
|
905,758
|
||||||
|
||||||||
Goodwill
|
147,480
|
142,742
|
||||||
|
||||||||
Other intangible assets, net
|
65,688
|
69,754
|
||||||
|
||||||||
Other assets
|
140,143
|
148,645
|
||||||
Total assets
|
$
|
3,106,198
|
$
|
3,462,089
|
December 31, 2018
|
December 31, 2017
|
|||||||
(recast - see Note 1)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Notes payable to banks
|
$
|
18
|
$
|
4
|
||||
Trade accounts payable
|
218,322
|
222,373
|
||||||
Payroll and related expenses
|
141,670
|
135,702
|
||||||
Other accrued expenses
|
229,660
|
154,230
|
||||||
Income taxes
|
54,436
|
50,226
|
||||||
Total current liabilities
|
644,106
|
562,535
|
||||||
|
||||||||
Long-term debt, less current portion
|
494,509
|
370,470
|
||||||
U.S. transition tax payable
|
154,953
|
151,200
|
||||||
Deferred income taxes
|
85,471
|
336,465
|
||||||
Other liabilities
|
79,489
|
75,249
|
||||||
Accrued pension and other postretirement costs
|
260,984
|
281,701
|
||||||
Total liabilities
|
1,719,512
|
1,777,620
|
||||||
|
||||||||
Commitments and contingencies
|
||||||||
Redeemable convertible debentures
|
2,016
|
252,070
|
||||||
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock, par value $1.00 per share: authorized - 1,000,000 shares; none issued
|
||||||||
Common stock, par value $0.10 per share: authorized - 300,000,000 shares; 132,117,715 and 131,874,587 shares outstanding
|
13,212
|
13,188
|
||||||
Class B convertible common stock, par value $0.10 per share: authorized - 40,000,000 shares; 12,097,427 and 12,129,227 shares outstanding
|
1,210
|
1,213
|
||||||
Capital in excess of par value
|
1,436,011
|
1,752,506
|
||||||
(Accumulated deficit) retained earnings
|
(61,258
|
)
|
(362,254
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(6,791
|
)
|
25,714
|
|||||
Total Vishay stockholders' equity
|
1,382,384
|
1,430,367
|
||||||
Noncontrolling interests
|
2,286
|
2,032
|
||||||
Total equity
|
1,384,670
|
1,432,399
|
||||||
Total liabilities, temporary equity, and equity
|
$
|
3,106,198
|
$
|
3,462,089
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(recast - see Note 1)
|
(recast - see Note 1)
|
|||||||||||
Net revenues
|
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
||||||
Costs of products sold
|
2,146,165
|
1,896,259
|
1,743,506
|
|||||||||
Gross profit
|
888,524
|
703,109
|
573,822
|
|||||||||
Selling, general, and administrative expenses
|
403,404
|
367,831
|
356,006
|
|||||||||
Restructuring and severance costs
|
-
|
11,273
|
19,199
|
|||||||||
Impairment of intangible assets
|
-
|
-
|
1,559
|
|||||||||
Operating income
|
485,120
|
324,005
|
197,058
|
|||||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(36,680
|
)
|
(27,850
|
)
|
(25,623
|
)
|
||||||
Other components of net periodic pension cost
|
(13,118
|
)
|
(12,417
|
)
|
(16,020
|
)
|
||||||
Other
|
8,037
|
1,738
|
4,716
|
|||||||||
Gain (loss) on early extinguishment of debt
|
(26,583
|
)
|
-
|
4,597
|
||||||||
Loss on disposal of equity affiliate
|
-
|
(6,112
|
)
|
-
|
||||||||
U.S. pension settlement charges
|
-
|
-
|
(79,321
|
)
|
||||||||
Gain related to Tianjin explosion
|
-
|
-
|
8,809
|
|||||||||
Total other income (expense)
|
(68,344
|
)
|
(44,641
|
)
|
(102,842
|
)
|
||||||
Income before taxes
|
416,776
|
279,364
|
94,216
|
|||||||||
Income tax expense
|
70,239
|
298,924
|
44,843
|
|||||||||
Net earnings (loss)
|
346,537
|
(19,560
|
)
|
49,373
|
||||||||
Less: net earnings attributable to noncontrolling interests
|
779
|
784
|
581
|
|||||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
345,758
|
$
|
(20,344
|
)
|
$
|
48,792
|
|||||
Basic earnings (loss) per share attributable to Vishay stockholders:
|
$
|
2.39
|
$
|
(0.14
|
)
|
$
|
0.33
|
|||||
Diluted earnings (loss) per share attributable to Vishay stockholders:
|
$
|
2.24
|
$
|
(0.14
|
)
|
$
|
0.32
|
|||||
Weighted average shares outstanding - basic
|
144,370
|
145,633
|
147,152
|
|||||||||
Weighted average shares outstanding - diluted
|
154,622
|
145,633
|
150,697
|
|||||||||
Cash dividends per share
|
$
|
0.3225
|
$
|
0.2550
|
$
|
0.2500
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Net earnings (loss)
|
$
|
346,537
|
$
|
(19,560
|
)
|
$
|
49,373
|
|||||
Other comprehensive income (loss), net of tax
|
||||||||||||
Pension and other post-retirement actuarial items
|
10,750
|
(4,545
|
)
|
71,926
|
||||||||
Foreign currency translation adjustment
|
(41,454
|
)
|
124,220
|
(35,863
|
)
|
|||||||
Unrealized gain (loss) on available-for-sale securities
|
-
|
691
|
612
|
|||||||||
Other comprehensive income (loss)
|
(30,704
|
)
|
120,366
|
36,675
|
||||||||
Comprehensive income
|
315,833
|
100,806
|
86,048
|
|||||||||
Less: comprehensive income attributable to noncontrolling interests
|
779
|
784
|
581
|
|||||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
315,054
|
$
|
100,022
|
$
|
85,467
|
Years ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Operating activities
|
||||||||||||
Net earnings (loss)
|
$
|
346,537
|
$
|
(19,560
|
)
|
$
|
49,373
|
|||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
161,863
|
163,146
|
159,363
|
|||||||||
(Gain) loss on disposal of property and equipment
|
(2,216
|
)
|
(265
|
)
|
(4,054
|
)
|
||||||
Accretion of interest on convertible debt instruments
|
10,769
|
4,984
|
4,610
|
|||||||||
Inventory write-offs for obsolescence
|
23,872
|
17,771
|
22,619
|
|||||||||
Impairment of intangible assets
|
-
|
-
|
1,559
|
|||||||||
U.S. pension settlement charges
|
-
|
-
|
79,321
|
|||||||||
Pensions and other postretirement benefits, net of contributions
|
(1,549
|
)
|
(2,425
|
)
|
(3,282
|
)
|
||||||
Loss on disposal of equity affiliate
|
-
|
6,112
|
-
|
|||||||||
Loss (gain) on early extinguishment of debt
|
26,583
|
-
|
(4,597
|
)
|
||||||||
Deferred income taxes
|
(55,206
|
)
|
52,377
|
(2,519
|
)
|
|||||||
Other
|
21,194
|
13,044
|
(1,678
|
)
|
||||||||
U.S. transition tax
|
(14,757
|
)
|
180,000
|
-
|
||||||||
Repatriation taxes
|
(156,767
|
)
|
-
|
-
|
||||||||
Net change in operating assets and liabilities, net of effects of businesses acquired
|
(101,817
|
)
|
(46,407
|
)
|
(4,206
|
)
|
||||||
Net cash provided by operating activities
|
258,506
|
368,777
|
296,509
|
|||||||||
Investing activities
|
||||||||||||
Capital expenditures
|
(229,899
|
)
|
(170,432
|
)
|
(134,635
|
)
|
||||||
Proceeds from sale of property and equipment
|
55,561
|
1,685
|
5,701
|
|||||||||
Purchase of businesses, net of cash acquired
|
(14,880
|
)
|
-
|
-
|
||||||||
Purchase of short-term investments
|
(175,403
|
)
|
(749,600
|
)
|
(555,250
|
)
|
||||||
Maturity of short-term investments
|
636,108
|
887,729
|
532,601
|
|||||||||
Other investing activities
|
(2,058
|
)
|
(4,189
|
)
|
2,942
|
|||||||
Net cash provided by (used in) investing activities
|
269,429
|
(34,807
|
)
|
(148,641
|
)
|
|||||||
Financing activities
|
||||||||||||
Proceeds from long-term borrowings
|
600,000
|
-
|
-
|
|||||||||
Issuance costs
|
(15,621
|
)
|
-
|
-
|
||||||||
Repurchase of convertible debentures
|
(960,995
|
)
|
-
|
-
|
||||||||
Principal payments on long-term debt
|
-
|
-
|
(34,044
|
)
|
||||||||
Net proceeds (payments) on revolving credit lines
|
(150,000
|
)
|
7,000
|
(47,000
|
)
|
|||||||
Common stock repurchases
|
-
|
(39,944
|
)
|
(23,159
|
)
|
|||||||
Dividends paid to common stockholders
|
(42,608
|
)
|
(33,956
|
)
|
(33,693
|
)
|
||||||
Dividends paid to Class B common stockholders
|
(3,901
|
)
|
(3,093
|
)
|
(3,032
|
)
|
||||||
Net changes in short-term borrowings
|
15
|
1
|
(723
|
)
|
||||||||
Distributions to noncontrolling interests
|
(525
|
)
|
(1,140
|
)
|
(707
|
)
|
||||||
Acquisition of noncontrolling interests
|
-
|
(4,100
|
)
|
-
|
||||||||
Proceeds from stock options exercised
|
-
|
1,260
|
356
|
|||||||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(2,297
|
)
|
(1,971
|
)
|
(542
|
)
|
||||||
Other financing activities
|
-
|
(1,255
|
)
|
-
|
||||||||
Net cash used in financing activities
|
(575,932
|
)
|
(77,198
|
)
|
(142,544
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
(14,003
|
)
|
19,479
|
(9,050
|
)
|
|||||||
Net increase (decrease) in cash and cash equivalents
|
(62,000
|
)
|
276,251
|
(3,726
|
)
|
|||||||
Cash and cash equivalents at beginning of year
|
748,032
|
471,781
|
475,507
|
|||||||||
Cash and cash equivalents at end of year
|
$
|
686,032
|
$
|
748,032
|
$
|
471,781
|
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 December 31, 2015
|
$
|
13,546
|
$
|
1,213
|
$
|
2,058,492
|
$
|
(319,448
|
)
|
$
|
(131,327
|
)
|
$
|
1,622,476
|
$
|
5,567
|
$
|
1,628,043
|
||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2014-09 (see Notes 1 and 2)
|
- |
-
|
-
|
2,210
|
-
|
2,210
|
-
|
2,210
|
||||||||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
48,792
|
-
|
48,792
|
581
|
49,373
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
36,675
|
36,675
|
-
|
36,675
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(707
|
)
|
(707
|
)
|
||||||||||||||||||||||
Common stock repurchase (1,752,454 shares)
|
(175
|
)
|
-
|
(22,984
|
)
|
-
|
-
|
(23,159
|
)
|
-
|
(23,159
|
)
|
||||||||||||||||||||
Temporary equity reclassifications
|
-
|
-
|
(88,659
|
)
|
-
|
-
|
(88,659
|
)
|
-
|
(88,659
|
)
|
|||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (110,825 shares)
|
11
|
-
|
(553
|
)
|
-
|
-
|
(542
|
)
|
-
|
(542
|
)
|
|||||||||||||||||||||
Dividends declared ($0.2500 per share)
|
-
|
-
|
36
|
(36,761
|
)
|
-
|
(36,725
|
)
|
-
|
(36,725
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
6,380
|
-
|
-
|
6,380
|
-
|
6,380
|
||||||||||||||||||||||||
Stock options exercised (27,619 shares)
|
3
|
-
|
353
|
-
|
-
|
356
|
-
|
356
|
||||||||||||||||||||||||
Tax effects of stock plan
|
-
|
-
|
(77
|
)
|
-
|
-
|
(77
|
)
|
-
|
(77
|
)
|
|||||||||||||||||||||
Balance at December 31, 2016 (recast - See Note 1)
|
$
|
13,385
|
$
|
1,213
|
$
|
1,952,988
|
$
|
(305,207
|
)
|
$
|
(94,652
|
)
|
$
|
1,567,727
|
$
|
5,441
|
$
|
1,573,168
|
||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-09
|
-
|
-
|
-
|
386
|
-
|
386
|
-
|
386
|
||||||||||||||||||||||||
Net earnings (loss)
|
-
|
-
|
-
|
(20,344
|
)
|
-
|
(20,344
|
)
|
784
|
(19,560
|
)
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
120,366
|
120,366
|
-
|
120,366
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,140
|
)
|
(1,140
|
)
|
||||||||||||||||||||||
Acquisition of noncontrolling interests
|
-
|
-
|
(1,047
|
)
|
-
|
-
|
(1,047
|
)
|
(3,053
|
)
|
(4,100
|
)
|
||||||||||||||||||||
Common stock repurchase (2,250,236 shares)
|
(225
|
)
|
-
|
(39,719
|
)
|
-
|
-
|
(39,944
|
)
|
-
|
(39,944
|
)
|
||||||||||||||||||||
Temporary equity reclassification
|
-
|
-
|
(163,411
|
)
|
-
|
-
|
(163,411
|
)
|
-
|
(163,411
|
)
|
|||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (200,688 shares)
|
20
|
-
|
(1,991
|
)
|
-
|
-
|
(1,971
|
)
|
-
|
(1,971
|
)
|
|||||||||||||||||||||
Dividends declared ($0.2550 per share)
|
-
|
-
|
40
|
(37,089
|
)
|
-
|
(37,049
|
)
|
-
|
(37,049
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
4,394
|
-
|
-
|
4,394
|
-
|
4,394
|
||||||||||||||||||||||||
Stock options exercised 77,334 shares)
|
8
|
-
|
1,252
|
-
|
-
|
1,260
|
-
|
1,260
|
||||||||||||||||||||||||
Balance at December 31, 2017 (recast - see Note 1)
|
$
|
13,188
|
$
|
1,213
|
$
|
1,752,506
|
$
|
(362,254
|
)
|
$
|
25,714
|
$
|
1,430,367
|
$
|
2,032
|
$
|
1,432,399
|
|||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-01 (see Notes 1 and 10)
|
-
|
-
|
-
|
1,801
|
(1,801
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
345,758
|
-
|
345,758
|
779
|
346,537
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
(30,704
|
)
|
(30,704
|
)
|
-
|
(30,704
|
)
|
|||||||||||||||||||||
Conversion of Class B shares (31,800 shares)
|
3
|
(3
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(525
|
)
|
(525
|
)
|
||||||||||||||||||||||
Temporary equity reclassification
|
-
|
-
|
2,330
|
-
|
-
|
2,330
|
-
|
2,330
|
||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (211,328 shares)
|
21
|
-
|
(2,318
|
)
|
-
|
-
|
(2,297
|
)
|
-
|
(2,297
|
)
|
|||||||||||||||||||||
Dividends declared ($0.3225 per share)
|
-
|
-
|
54
|
(46,563
|
)
|
-
|
(46,509
|
)
|
-
|
(46,509
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
4,817
|
-
|
-
|
4,817
|
-
|
4,817
|
||||||||||||||||||||||||
Issuance of convertible notes due 2025
|
-
|
-
|
85,262
|
-
|
-
|
85,262
|
-
|
85,262
|
||||||||||||||||||||||||
Repurchase of convertible debentures
|
-
|
-
|
(406,640
|
)
|
-
|
-
|
(406,640
|
)
|
-
|
(406,640
|
)
|
|||||||||||||||||||||
Balance at December 31, 2018
|
$
|
13,212
|
$
|
1,210
|
$
|
1,436,011
|
$
|
(61,258
|
)
|
$
|
(6,791
|
)
|
$
|
1,382,384
|
$
|
2,286
|
$
|
1,384,670
|
|
Years ended
|
|||||||||||||||||||||||
|
December 31, 2016
|
December 31, 2017
|
||||||||||||||||||||||
|
As Reported
|
Adjustments
|
Recast
|
As Reported
|
Adjustments
|
Recast
|
||||||||||||||||||
|
||||||||||||||||||||||||
Net revenues
|
$
|
2,323,431
|
$
|
(6,103
|
)
|
$
|
2,317,328
|
$
|
2,603,522
|
$
|
(4,154
|
)
|
$
|
2,599,368
|
||||||||||
Costs of products sold
|
1,753,648
|
(10,142
|
)
|
1,743,506
|
1,903,910
|
(7,651
|
)
|
1,896,259
|
||||||||||||||||
Gross profit
|
569,783
|
4,039
|
573,822
|
699,612
|
3,497
|
703,109
|
||||||||||||||||||
Operating income
|
101,717
|
95,341
|
197,058
|
311,588
|
12,417
|
324,005
|
||||||||||||||||||
Total other income (expense)
|
(7,501
|
)
|
(95,341
|
)
|
(102,842
|
)
|
(32,224
|
)
|
(12,417
|
)
|
(44,641
|
)
|
||||||||||||
Income before taxes
|
94,216
|
-
|
94,216
|
279,364
|
-
|
279,364
|
||||||||||||||||||
Income tax expense
|
44,843
|
-
|
44,843
|
298,924
|
-
|
298,924
|
||||||||||||||||||
Net earnings (loss)
|
49,373
|
-
|
49,373
|
(19,560
|
)
|
-
|
(19,560
|
)
|
||||||||||||||||
Less: net earnings attributable to noncontrolling interests
|
581
|
-
|
581
|
784
|
-
|
784
|
||||||||||||||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
48,792
|
$
|
-
|
$
|
48,792
|
$
|
(20,344
|
)
|
$
|
-
|
$
|
(20,344
|
)
|
|
Years Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
Beginning balance
|
$
|
36,680
|
$
|
34,479
|
$
|
32,487
|
||||||
Sales allowances
|
102,026
|
89,009
|
86,896
|
|||||||||
Credits issued
|
(95,521
|
)
|
(87,403
|
)
|
(85,341
|
)
|
||||||
Foreign currency
|
(522
|
)
|
595
|
437
|
||||||||
Ending balance
|
$
|
42,663
|
$
|
36,680
|
$
|
34,479
|
Years ended December 31,
|
||||||||
2017
|
2016
|
|||||||
MOSFETs Enhanced Competitiveness Program
|
$
|
3,204
|
$
|
9,744
|
||||
Global Cost Reduction Programs
|
8,069
|
9,918
|
||||||
Modules Production Transfer
|
-
|
(463
|
)
|
|||||
Total
|
$
|
11,273
|
$
|
19,199
|
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
|
9,744
|
|||
Cash paid
|
(15,686
|
)
|
||
Foreign currency translation
|
2
|
|||
Balance at December 31, 2016
|
$
|
6,232
|
||
Expense recorded in 2017
|
3,204
|
|||
Cash paid
|
(7,173
|
)
|
||
Balance at December 31, 2017
|
$
|
2,263
|
||
Cash paid
|
(2,055
|
)
|
||
Balance at December 31, 2018
|
$
|
208
|
Expense recorded in 2015
|
$
|
13,753
|
||
Cash paid
|
(986
|
)
|
||
Foreign currency translation
|
(150
|
)
|
||
Balance at December 31, 2015
|
$
|
12,617
|
||
Expense recorded in 2016
|
9,918
|
|||
Cash paid
|
(16,237
|
)
|
||
Foreign currency translation
|
(34
|
)
|
||
Balance at December 31, 2016
|
$
|
6,264
|
||
Expense recorded in 2017
|
8,069
|
|||
Cash paid
|
(7,168
|
)
|
||
Foreign currency translation
|
500
|
|||
Balance at December 31, 2017
|
$
|
7,665
|
||
Cash paid
|
(3,903
|
)
|
||
Foreign currency translation
|
(117
|
)
|
||
Balance at December 31, 2018
|
$
|
3,645
|
Years ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Diodes
|
$
|
428
|
$
|
788
|
||||
Optoelectronic Components
|
437
|
936
|
||||||
Resistors & Inductors
|
4,981
|
5,173
|
||||||
Capacitors
|
434
|
687
|
||||||
Unallocated Selling, General, and Administrative Expenses
|
1,789
|
2,334
|
||||||
Total
|
$
|
8,069
|
$
|
9,918
|
Years ended December 31,
|
||||||||||||
Total
|
2018
|
2017
|
||||||||||
Remeasurement of net deferred tax liabilities
|
$
|
(76,027
|
)
|
$
|
(1,211
|
)
|
$
|
(74,816
|
)
|
|||
Transition tax on unremitted foreign earnings
|
222,983
|
7,425
|
215,558
|
|||||||||
Incremental foreign taxes on assumed repatriation
|
232,282
|
19,282
|
213,000
|
|||||||||
Reversal of deferred taxes due to cancellation of 2015 repatriation plan
|
(118,887
|
)
|
-
|
(118,887
|
)
|
|||||||
Total tax expense related to the enactment of the TCJA
|
$
|
260,351
|
$
|
25,496
|
$
|
234,855
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
|
||||||||||||
Domestic
|
$
|
(39,861
|
)
|
$
|
(40,171
|
)
|
$
|
(135,953
|
)
|
|||
Foreign
|
456,637
|
319,535
|
230,169
|
|||||||||
|
$
|
416,776
|
$
|
279,364
|
$
|
94,216
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
|
||||||||||||
Current:
|
||||||||||||
Federal
|
$
|
18,756
|
$
|
180,873
|
$
|
358
|
||||||
State and local
|
209
|
108
|
5
|
|||||||||
Foreign
|
263,247
|
65,566
|
46,999
|
|||||||||
282,212
|
246,547
|
47,362
|
||||||||||
Deferred:
|
||||||||||||
Federal
|
(58,386
|
)
|
(101,896
|
)
|
6,163
|
|||||||
State and local
|
(3,117
|
)
|
1,538
|
(3,039
|
)
|
|||||||
Foreign
|
(150,470
|
)
|
152,735
|
(5,643
|
)
|
|||||||
(211,973
|
)
|
52,377
|
(2,519
|
)
|
||||||||
Total income tax expense
|
$
|
70,239
|
$
|
298,924
|
$
|
44,843
|
|
December 31,
|
|||||||
|
2018
|
2017
|
||||||
Deferred tax assets:
|
||||||||
Pension and other retiree obligations
|
$
|
43,238
|
$
|
43,536
|
||||
Inventories
|
9,795
|
9,658
|
||||||
Property and equipment
|
5,888
|
3,798
|
||||||
Net operating loss carryforwards
|
128,177
|
136,599
|
||||||
Tax credit carryforwards
|
72,708
|
13,328
|
||||||
Other accruals and reserves
|
19,645
|
22,930
|
||||||
Total gross deferred tax assets
|
279,451
|
229,849
|
||||||
Less valuation allowance
|
(200,809
|
)
|
(149,070
|
)
|
||||
78,642
|
80,779
|
|||||||
Deferred tax liabilities:
|
||||||||
Earnings not permanently reinvested
|
(65,537
|
)
|
(213,000
|
)
|
||||
Convertible debentures
|
(32,488
|
)
|
(135,576
|
)
|
||||
Other - net
|
(7,370
|
)
|
(6,125
|
)
|
||||
Total gross deferred tax liabilities
|
(105,395
|
)
|
(354,701
|
)
|
||||
Net deferred tax assets (liabilities)
|
$
|
(26,753
|
)
|
$
|
(273,922
|
)
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
Tax at statutory rate
|
$
|
87,523
|
$
|
97,777
|
$
|
32,976
|
||||||
State income taxes, net of U.S. federal tax benefit
|
(2,298
|
)
|
1,070
|
(1,972
|
)
|
|||||||
Effect of foreign operations
|
5,736
|
(54,807
|
)
|
(26,551
|
)
|
|||||||
Tax on earnings not permanently reinvested
|
9,304
|
88,311
|
(3,553
|
)
|
||||||||
Unrecognized tax benefits
|
2,669
|
5,887
|
(8,453
|
)
|
||||||||
Repurchase of senior convertible debentures
|
(52,312
|
)
|
-
|
-
|
||||||||
TCJA - remeasurement of net deferred tax liabilities
|
(1,211
|
)
|
(74,816
|
)
|
-
|
|||||||
TCJA - transition tax on unremitted foreign earnings
|
7,425
|
215,558
|
-
|
|||||||||
Foreign income taxable in the U.S.
|
15,055
|
20,436
|
18,442
|
|||||||||
Termination of U.S. pension
|
-
|
-
|
34,853
|
|||||||||
Other
|
(1,652
|
)
|
(492
|
)
|
(899
|
)
|
||||||
Total income tax expense
|
$
|
70,239
|
$
|
298,924
|
$
|
44,843
|
|
Expires
|
|||||||
Austria
|
$
|
15,763
|
No expiration
|
|||||
Belgium
|
162,787
|
No expiration
|
||||||
Brazil
|
11,774
|
No expiration
|
||||||
Israel
|
10,707
|
No expiration
|
||||||
Japan
|
5,052
|
2020 - 2026
|
||||||
Netherlands
|
12,216
|
2019 - 2026
|
||||||
The Republic of China (Taiwan)
|
18,833
|
2024 - 2028
|
||||||
California
|
53,377
|
2026 - 2038
|
||||||
Pennsylvania
|
688,932
|
2019 - 2038
|
|
Expires
|
|||||||
U.S. Foreign Tax Credit
|
$
|
57,852
|
2028
|
|||||
California Research Credit
|
14,856
|
No expiration
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
|
||||||||||||
Balance at beginning of year
|
$
|
17,056
|
$
|
16,805
|
$
|
23,527
|
||||||
Addition based on tax positions related to the current year
|
4,332
|
3,911
|
1,553
|
|||||||||
Addition based on tax positions related to prior years
|
2,066
|
1,837
|
1,047
|
|||||||||
Currency translation adjustments
|
(984
|
)
|
915
|
(96
|
)
|
|||||||
Reduction based on tax positions related to prior years
|
-
|
(1,473
|
)
|
-
|
||||||||
Reduction for settlements
|
(1,229
|
)
|
(4,077
|
)
|
(1,210
|
)
|
||||||
Reduction for lapses of statute of limitation
|
-
|
(862
|
)
|
(8,016
|
)
|
|||||||
Balance at end of year
|
$
|
21,241
|
$
|
17,056
|
$
|
16,805
|
December 31, 2018
|
December 31, 2017
|
|||||||
Credit facility
|
$
|
-
|
$
|
150,000
|
||||
Convertible senior notes, due 2025
|
495,203
|
-
|
||||||
Convertible senior debentures, due 2040
|
539
|
110,412
|
||||||
Convertible senior debentures, due 2041
|
12,812
|
56,641
|
||||||
Convertible senior debentures, due 2042
|
923
|
62,518
|
||||||
Deferred financing costs
|
(14,968
|
)
|
(9,101
|
)
|
||||
494,509
|
370,470
|
|||||||
Less current portion
|
-
|
-
|
||||||
|
$
|
494,509
|
$
|
370,470
|
|
Principal amount of the notes
|
Unamortized discount
|
Carrying value of liability component
|
Equity component (including temporary equity) - net carrying value
|
||||||||||||
December 31, 2018
|
$
|
600,000
|
(104,797
|
)
|
$
|
495,203
|
$
|
85,262
|
Contractual coupon interest
|
Non-cash amortization of debt discount
|
Non-cash amortization of deferred financing costs
|
Total interest expense related to the notes
|
|||||||||||
$
|
7,463
|
7,240
|
1,059
|
$
|
15,762
|
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
|
$
|
1,310
|
$
|
33,078
|
$
|
2,168
|
||||||
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 December 5, 2018 (per $1 principal amount)
|
78.3806
|
57.1981
|
92.1569
|
|||||||||
Effective conversion price effective December 5, 2018 (per share)
|
$
|
12.76
|
$
|
17.48
|
$
|
10.85
|
||||||
130% of the conversion price (per share)
|
$
|
16.59
|
$
|
22.72
|
$
|
14.11
|
||||||
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 (including temporary equity) - net carrying value
|
|||||||||||||||
December 31, 2018
|
||||||||||||||||||||
Due 2040
|
$
|
1,310
|
(772
|
)
|
1
|
$
|
539
|
$
|
528
|
|||||||||||
Due 2041
|
$
|
33,078
|
(20,333
|
)
|
67
|
$
|
12,812
|
$
|
13,725
|
|||||||||||
Due 2042
|
$
|
2,168
|
(1,247
|
)
|
2
|
$
|
923
|
$
|
839
|
|||||||||||
Total
|
$
|
36,556
|
$
|
(22,352
|
)
|
$
|
70
|
$
|
14,274
|
$
|
15,092
|
|||||||||
December 31, 2017
|
||||||||||||||||||||
Due 2040
|
$
|
275,000
|
(164,794
|
)
|
206
|
$
|
110,412
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(93,573
|
)
|
214
|
$
|
56,641
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(87,600
|
)
|
118
|
$
|
62,518
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(345,967
|
)
|
$
|
538
|
$
|
229,571
|
$
|
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
|
|||||||||||||||
2018
|
||||||||||||||||||||
Due 2040
|
$
|
3,150
|
1,340
|
45
|
81
|
$
|
4,616
|
|||||||||||||
Due 2041
|
$
|
3,156
|
1,285
|
45
|
43
|
$
|
4,529
|
|||||||||||||
Due 2042
|
$
|
2,321
|
904
|
36
|
4
|
$
|
3,265
|
|||||||||||||
Total
|
$
|
8,627
|
$
|
3,529
|
$
|
126
|
$
|
128
|
$
|
12,410
|
||||||||||
2017
|
||||||||||||||||||||
Due 2040
|
$
|
6,188
|
2,479
|
88
|
(187
|
)
|
$
|
8,568
|
||||||||||||
Due 2041
|
$
|
3,375
|
1,270
|
47
|
(71
|
)
|
$
|
4,621
|
||||||||||||
Due 2042
|
$
|
3,375
|
1,235
|
54
|
(58
|
)
|
$
|
4,606
|
||||||||||||
Total
|
$
|
12,938
|
$
|
4,984
|
$
|
189
|
$
|
(316
|
)
|
$
|
17,795
|
|||||||||
2016
|
||||||||||||||||||||
Due 2040
|
$
|
6,188
|
2,292
|
88
|
(183
|
)
|
$
|
8,385
|
||||||||||||
Due 2041
|
$
|
3,375
|
1,171
|
47
|
(153
|
)
|
$
|
4,440
|
||||||||||||
Due 2042
|
$
|
3,375
|
1,147
|
54
|
(126
|
)
|
$
|
4,450
|
||||||||||||
Total
|
$
|
12,938
|
$
|
4,610
|
$
|
189
|
$
|
(462
|
)
|
$
|
17,275
|
2019
|
$
|
-
|
||
2020
|
-
|
|||
2021
|
-
|
|||
2022
|
-
|
|||
2023
|
-
|
|||
Thereafter
|
636,556
|
Record date
|
Payment date
|
Amount (per share)
|
Record date
|
Payment date
|
Amount (per share)
|
||||||
March 14, 2018
|
March 29, 2018
|
$
|
0.0675
|
March 14, 2017
|
March 29, 2017
|
$
|
0.0625
|
||||
June 13, 2018
|
June 28, 2018
|
$
|
0.0850
|
June 15, 2017
|
June 29, 2017
|
$
|
0.0625
|
||||
September 14, 2018
|
September 27, 2018
|
$
|
0.0850
|
September 15, 2017
|
September 28, 2017
|
$
|
0.0625
|
||||
December 6, 2018
|
December 20, 2018
|
$
|
0.0850
|
December 7, 2017
|
December 21, 2017
|
$
|
0.0675
|
Restricted stock units outstanding
|
904,000
|
Phantom stock units outstanding
|
170,000
|
2007 Stock Incentive Program - available to grant
|
2,894,000
|
Convertible senior debentures, due 2040*
|
115,513
|
Convertible senior debentures, due 2041*
|
2,128,497
|
Convertible senior debentures, due 2042*
|
227,268
|
Convertible senior notes, due 2025*
|
24,291,480
|
Conversion of Class B common stock
|
12,097,427
|
|
42,828,185
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
|
||||||||||||
Foreign exchange gain (loss)
|
$
|
(1,991
|
)
|
$
|
(4,536
|
)
|
$
|
292
|
||||
Interest income
|
11,940
|
6,482
|
4,264
|
|||||||||
Investment income (expense)†
|
(1,646
|
)
|
-
|
-
|
||||||||
Other
|
(266
|
)
|
(208
|
)
|
160
|
|||||||
|
$
|
8,037
|
$
|
1,738
|
$
|
4,716
|
|
December 31,
|
|||||||
|
2018
|
2017**
|
||||||
|
||||||||
Sales returns and allowances
|
$
|
42,663
|
$
|
36,680
|
||||
Goods received, not yet invoiced
|
39,713
|
39,221
|
||||||
Accrued restructuring
|
2,538
|
7,352
|
||||||
Deferred proceeds - property sale (see Note 4)
|
45,500
|
-
|
||||||
Other
|
99,246
|
70,977
|
||||||
|
$
|
229,660
|
$
|
154,230
|
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
|
(32,398
|
)
|
(35,863
|
)
|
941
|
$
|
(67,320
|
)
|
||||||||
Tax effect
|
9,815
|
-
|
(329
|
)
|
$
|
9,486
|
||||||||||
Other comprehensive income before reclassifications, net of tax
|
(22,583
|
)
|
(35,863
|
)
|
612
|
$
|
(57,834
|
)
|
||||||||
Amounts reclassified out of AOCI
|
91,014
|
-
|
-
|
$
|
91,014
|
|||||||||||
Tax effect
|
3,495
|
-
|
-
|
$
|
3,495
|
|||||||||||
Amounts reclassified out of AOCI, net of tax
|
94,509
|
-
|
-
|
$
|
94,509
|
|||||||||||
Net comprehensive income (loss)
|
$
|
71,926
|
$
|
(35,863
|
)
|
$
|
612
|
$
|
36,675
|
|||||||
Balance at December 31, 2016
|
$
|
(64,496
|
)
|
$
|
(31,266
|
)
|
$
|
1,110
|
$
|
(94,652
|
)
|
|||||
Other comprehensive income before reclassifications
|
(15,671
|
)
|
124,220
|
1,881
|
$
|
110,430
|
||||||||||
Tax effect
|
4,373
|
-
|
(659
|
)
|
$
|
3,714
|
||||||||||
Other comprehensive income before reclassifications, net of tax
|
(11,298
|
)
|
124,220
|
1,222
|
$
|
114,144
|
||||||||||
Amounts reclassified out of AOCI
|
9,147
|
-
|
(817
|
)
|
$
|
8,330
|
||||||||||
Tax effect
|
(2,394
|
)
|
-
|
286
|
$
|
(2,108
|
)
|
|||||||||
Amounts reclassified out of AOCI, net of tax
|
6,753
|
-
|
(531
|
)
|
$
|
6,222
|
||||||||||
Net comprehensive income (loss)
|
$
|
(4,545
|
)
|
$
|
124,220
|
$
|
691
|
$
|
120,366
|
|||||||
Balance at December 31, 2017
|
$
|
(69,041
|
)
|
$
|
92,954
|
$
|
1,801
|
$
|
25,714
|
|||||||
Cumulative effect of accounting for adoption of ASU 2016-01
|
-
|
-
|
(1,801
|
)
|
(1,801
|
)
|
||||||||||
Other comprehensive income before reclassifications
|
5,617
|
(41,454
|
)
|
-
|
$
|
(35,837
|
)
|
|||||||||
Tax effect
|
(1,032
|
)
|
-
|
-
|
$
|
(1,032
|
)
|
|||||||||
Other comprehensive income before reclassifications, net of tax
|
4,585
|
(41,454
|
)
|
-
|
$
|
(36,869
|
)
|
|||||||||
Amounts reclassified out of AOCI
|
8,343
|
-
|
-
|
$
|
8,343
|
|||||||||||
Tax effect
|
(2,178
|
)
|
-
|
-
|
$
|
(2,178
|
)
|
|||||||||
Amounts reclassified out of AOCI, net of tax
|
6,165
|
-
|
-
|
$
|
6,165
|
|||||||||||
Net comprehensive income (loss)
|
$
|
10,750
|
$
|
(41,454
|
)
|
$
|
-
|
$
|
(30,704
|
)
|
||||||
Balance at December 31, 2018
|
$
|
(58,291
|
)
|
$
|
51,500
|
$
|
-
|
$
|
(6,791
|
)
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
|
||||||||
Included in "Other assets":
|
||||||||
Non-U.S. pension plans
|
$
|
356
|
$
|
347
|
||||
Total included in other assets
|
$
|
356
|
$
|
347
|
||||
Included in "Payroll and related expenses":
|
||||||||
U.S. pension plans
|
$
|
(35
|
)
|
$
|
(37
|
)
|
||
Non-U.S. pension plans
|
(7,228
|
)
|
(7,308
|
)
|
||||
U.S. other postretirement plans
|
(703
|
)
|
(705
|
)
|
||||
Non-U.S. other postretirement plans
|
(181
|
)
|
(453
|
)
|
||||
Total included in payroll and related expenses
|
$
|
(8,147
|
)
|
$
|
(8,503
|
)
|
||
Accrued pension and other postretirement costs:
|
||||||||
U.S. pension plans
|
$
|
(38,134
|
)
|
$
|
(39,880
|
)
|
||
Non-U.S. pension plans
|
(194,266
|
)
|
(213,596
|
)
|
||||
U.S. other postretirement plans
|
(6,291
|
)
|
(6,928
|
)
|
||||
Non-U.S. other postretirement plans
|
(7,772
|
)
|
(7,445
|
)
|
||||
Other retirement obligations
|
(14,521
|
)
|
(13,852
|
)
|
||||
Total accrued pension and other postretirement costs
|
$
|
(260,984
|
)
|
$
|
(281,701
|
)
|
||
Accumulated other comprehensive loss:
|
||||||||
U.S. pension plans
|
$
|
5,501
|
$
|
7,731
|
||||
Non-U.S. pension plans
|
76,698
|
88,398
|
||||||
U.S. other postretirement plans
|
(1,257
|
)
|
(1,101
|
)
|
||||
Non-U.S. other postretirement plans
|
2,044
|
1,916
|
||||||
Total accumulated other comprehensive loss*
|
$
|
82,986
|
$
|
96,944
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
||||||||||||
Change in benefit obligation:
|
||||||||||||||||
Benefit obligation at beginning of year
|
$
|
39,917
|
$
|
291,162
|
$
|
38,914
|
$
|
266,427
|
||||||||
Service cost
|
-
|
3,822
|
-
|
3,725
|
||||||||||||
Interest cost
|
1,484
|
4,793
|
1,643
|
4,866
|
||||||||||||
Plan amendments
|
-
|
125
|
-
|
686
|
||||||||||||
Actuarial (gains) losses
|
(1,431
|
)
|
(1,311
|
)
|
1,149
|
3,019
|
||||||||||
Benefits paid
|
(1,801
|
)
|
(14,397
|
)
|
(1,789
|
)
|
(17,921
|
)
|
||||||||
Currency translation
|
-
|
(12,236
|
)
|
-
|
30,360
|
|||||||||||
Benefit obligation at end of year
|
$
|
38,169
|
$
|
271,958
|
$
|
39,917
|
$
|
291,162
|
||||||||
Change in plan assets:
|
||||||||||||||||
Fair value of plan assets at beginning of year
|
$
|
-
|
$
|
70,605
|
$
|
-
|
66,090
|
|||||||||
Actual return on plan assets
|
-
|
1,412
|
-
|
1,608
|
||||||||||||
Company contributions
|
1,801
|
16,105
|
1,789
|
16,120
|
||||||||||||
Benefits paid
|
(1,801
|
)
|
(14,397
|
)
|
(1,789
|
)
|
(17,921
|
)
|
||||||||
Currency translation
|
-
|
(2,905
|
)
|
-
|
4,708
|
|||||||||||
Fair value of plan assets at end of year
|
$
|
-
|
$
|
70,820
|
$
|
-
|
$
|
70,605
|
||||||||
Funded status at end of year
|
$
|
(38,169
|
)
|
$
|
(201,138
|
)
|
$
|
(39,917
|
)
|
$
|
(220,557
|
)
|
December 31, 2018
|
December 31, 2017
|
|||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||
Other assets
|
$
|
-
|
$
|
356
|
$
|
-
|
$
|
347
|
||||||||
Accrued benefit liability - current
|
(35
|
)
|
(7,228
|
)
|
(37
|
)
|
(7,308
|
)
|
||||||||
Accrued benefit liability - non-current
|
(38,134
|
)
|
(194,266
|
)
|
(39,880
|
)
|
(213,596
|
)
|
||||||||
Accumulated other comprehensive loss
|
5,501
|
76,698
|
7,731
|
88,398
|
||||||||||||
|
$
|
(32,668
|
)
|
$
|
(124,440
|
)
|
$
|
(32,186
|
)
|
$
|
(132,159
|
)
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||
Unrecognized net actuarial loss
|
$
|
4,717
|
$
|
76,254
|
$
|
6,804
|
$
|
87,896
|
||||||||
Unamortized prior service cost
|
784
|
444
|
927
|
502
|
||||||||||||
|
$
|
5,501
|
$
|
76,698
|
$
|
7,731
|
$
|
88,398
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||
Accumulated benefit obligation, all plans
|
$
|
38,169
|
$
|
258,244
|
$
|
39,917
|
$
|
270,914
|
||||||||
Plans for which the accumulated benefit obligation exceeds plan assets:
|
||||||||||||||||
Projected benefit obligation
|
$
|
38,169
|
$
|
247,066
|
$
|
39,917
|
$
|
277,615
|
||||||||
Accumulated benefit obligation
|
38,169
|
235,167
|
39,917
|
262,779
|
||||||||||||
Fair value of plan assets
|
-
|
45,818
|
-
|
57,727
|
|
Years ended December 31,
|
|||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
||||||||||||||||||
Service cost net of employee contributions
|
$
|
-
|
$
|
3,822
|
$
|
-
|
$
|
3,725
|
$
|
-
|
$
|
3,291
|
||||||||||||
Interest cost
|
1,484
|
4,793
|
1,643
|
4,866
|
11,788
|
5,475
|
||||||||||||||||||
Expected return on plan assets
|
-
|
(1,889
|
)
|
-
|
(2,072
|
)
|
(11,302
|
)
|
(2,117
|
)
|
||||||||||||||
Amortization of actuarial losses
|
656
|
6,196
|
587
|
6,179
|
6,513
|
4,733
|
||||||||||||||||||
Amortization of prior service cost (credit)
|
144
|
318
|
144
|
150
|
144
|
261
|
||||||||||||||||||
Curtailment and settlement losses
|
-
|
1,111
|
-
|
1,360
|
79,321
|
841
|
||||||||||||||||||
Net periodic pension cost
|
$
|
2,284
|
$
|
14,351
|
$
|
2,374
|
$
|
14,208
|
$
|
86,464
|
$
|
12,484
|
|
2018
|
2017
|
||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Discount rate
|
4.50
|
%
|
1.96
|
%
|
3.75
|
%
|
1.80
|
%
|
||||||||
Rate of compensation increase
|
0.00
|
%
|
2.17
|
%
|
0.00
|
%
|
2.10
|
%
|
|
Years ended December 31,
|
|||||||||||||||
|
2018
|
2017
|
||||||||||||||
|
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S. Plans
|
||||||||||||
Discount rate
|
3.75
|
%
|
1.80
|
%
|
4.25
|
%
|
1.76
|
%
|
||||||||
Rate of compensation increase
|
0.00
|
%
|
2.10
|
%
|
0.00
|
%
|
2.12
|
%
|
||||||||
Expected return on plan assets
|
0.00
|
%
|
2.95
|
%
|
0.00
|
%
|
2.90
|
%
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||
2019
|
$
|
1,859
|
$
|
18,612
|
||||
2020
|
1,829
|
15,113
|
||||||
2021
|
8,364
|
15,319
|
||||||
2022
|
3,153
|
17,300
|
||||||
2023
|
3,159
|
16,327
|
||||||
2024-2028
|
17,122
|
81,505
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
U.S.
Plans
|
Non-U.S. Plans
|
U.S.
Plans
|
Non-U.S. Plans
|
|||||||||||||
Change in benefit obligation:
|
||||||||||||||||
Benefit obligation at beginning of year
|
$
|
7,633
|
$
|
7,898
|
$
|
7,647
|
$
|
6,625
|
||||||||
Service cost
|
137
|
288
|
131
|
273
|
||||||||||||
Interest cost
|
273
|
114
|
311
|
103
|
||||||||||||
Actuarial (gains) losses
|
(344
|
)
|
327
|
257
|
312
|
|||||||||||
Benefits paid
|
(705
|
)
|
(303
|
)
|
(713
|
)
|
(349
|
)
|
||||||||
Currency translation
|
-
|
(371
|
)
|
-
|
934
|
|||||||||||
Benefit obligation at end of year
|
$
|
6,994
|
$
|
7,953
|
$
|
7,633
|
$
|
7,898
|
||||||||
Fair value of plan assets at end of year
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Funded status at end of year
|
$
|
(6,994
|
)
|
$
|
(7,953
|
)
|
$
|
(7,633
|
)
|
$
|
(7,898
|
)
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
U.S.
Plans
|
Non-U.S. Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||
Accrued benefit liability - current
|
$
|
(703
|
)
|
$
|
(181
|
)
|
$
|
(705
|
)
|
$
|
(453
|
)
|
||||
Accrued benefit liability - non-current
|
(6,291
|
)
|
(7,772
|
)
|
(6,928
|
)
|
(7,445
|
)
|
||||||||
Accumulated other comprehensive income
|
(1,257
|
)
|
2,044
|
(1,101
|
)
|
1,916
|
||||||||||
|
$
|
(8,251
|
)
|
$
|
(5,909
|
)
|
$
|
(8,734
|
)
|
$
|
(5,982
|
)
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
U.S.
Plans
|
Non-U.S. Plans
|
U.S.
Plans
|
Non-U.S. Plans
|
|||||||||||||
Unrecognized net actuarial loss (gain)
|
$
|
(1,257
|
)
|
$
|
2,044
|
$
|
(953
|
)
|
$
|
1,916
|
||||||
Unamortized prior service (credit) cost
|
-
|
-
|
(148
|
)
|
-
|
|||||||||||
|
$
|
(1,257
|
)
|
$
|
2,044
|
$
|
(1,101
|
)
|
$
|
1,916
|
|
Years ended December 31,
|
|||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||||||||
Service cost
|
$
|
137
|
$
|
288
|
$
|
131
|
$
|
273
|
$
|
126
|
$
|
268
|
||||||||||||
Interest cost
|
273
|
114
|
311
|
103
|
340
|
143
|
||||||||||||||||||
Amortization of actuarial (gains) losses
|
(39
|
)
|
105
|
(93
|
)
|
76
|
(30
|
)
|
68
|
|||||||||||||||
Amortization of prior service credit
|
(148
|
)
|
-
|
(837
|
)
|
-
|
(837
|
)
|
-
|
|||||||||||||||
Net periodic benefit cost (benefit)
|
$
|
223
|
$
|
507
|
$
|
(488
|
)
|
$
|
452
|
$
|
(401
|
)
|
$
|
479
|
|
2018
|
2017
|
||||||||||||||
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
||||||||||||
Discount rate
|
4.50
|
%
|
1.60
|
%
|
3.75
|
%
|
1.50
|
%
|
||||||||
Rate of compensation increase
|
0.00
|
%
|
3.18
|
%
|
0.00
|
%
|
2.88
|
%
|
|
Years ended December 31,
|
|||||||||||||||
|
2018
|
2017
|
||||||||||||||
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
||||||||||||
Discount rate
|
3.75
|
%
|
1.50
|
%
|
4.25
|
%
|
1.50
|
%
|
||||||||
Rate of compensation increase
|
0.00
|
%
|
2.88
|
%
|
0.00
|
%
|
2.58
|
%
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||
2019
|
$
|
703
|
$
|
181
|
||||
2020
|
671
|
387
|
||||||
2021
|
661
|
337
|
||||||
2022
|
633
|
776
|
||||||
2023
|
294
|
281
|
||||||
2024-2028
|
2,244
|
3,183
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
|
||||||||||||
Restricted stock units
|
$
|
4,603
|
$
|
4,231
|
$
|
6,263
|
||||||
Phantom stock units
|
214
|
163
|
117
|
|||||||||
Total
|
$
|
4,817
|
$
|
4,394
|
$
|
6,380
|
|
Unrecognized Compensation Cost
|
Weighted Average Remaining Amortization Periods
|
||||||
|
||||||||
Restricted stock units
|
$
|
3,060
|
0.8
|
|||||
Phantom stock units
|
-
|
0.0
|
||||||
Total
|
$
|
3,060
|
|
Years ended December 31,
|
|||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||
|
Number of RSUs
|
Weighted Average Grant-date Fair Value
|
Number of RSUs
|
Weighted Average Grant-date Fair Value
|
Number of RSUs
|
Weighted Average Grant-date Fair Value
|
||||||||||||||||||
|
||||||||||||||||||||||||
Outstanding:
|
||||||||||||||||||||||||
Beginning of year
|
986
|
$
|
13.34
|
1,004
|
$
|
12.74
|
1,028
|
$
|
13.24
|
|||||||||||||||
Granted
|
252
|
18.90
|
304
|
15.52
|
353
|
11.35
|
||||||||||||||||||
Vested*
|
(334
|
)
|
13.67
|
(322
|
)
|
13.54
|
(155
|
)
|
12.27
|
|||||||||||||||
Cancelled or forfeited
|
-
|
-
|
-
|
-
|
(222
|
)
|
13.19
|
|||||||||||||||||
End of year
|
904
|
$
|
14.77
|
986
|
$
|
13.34
|
1,004
|
$
|
12.74
|
|||||||||||||||
|
||||||||||||||||||||||||
Expected to vest
|
904
|
986
|
1,004
|
Vesting Date
|
Expected to Vest
|
Not Expected to Vest
|
Total
|
|||||||||
January 1, 2019**
|
213
|
-
|
213
|
|||||||||
January 1, 2020
|
167
|
-
|
167
|
|||||||||
January 1, 2021
|
141
|
-
|
141
|
|
Years ended December 31,
|
|||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||
Number
of
Phantom
Stock Units
|
Grant-
date
Fair Value per Unit
|
Number
of
Phantom
Stock Units
|
Grant-
date
Fair Value per Unit
|
Number
of
Phantom
Stock Units
|
Grant-
date
Fair Value per Unit
|
|||||||||||||||||||
Outstanding:
|
||||||||||||||||||||||||
Beginning of year
|
157
|
145
|
132
|
|||||||||||||||||||||
Granted
|
10
|
$
|
21.35
|
10
|
$
|
16.25
|
10
|
$
|
11.71
|
|||||||||||||||
Dividend equivalents issued
|
3
|
2
|
3
|
|||||||||||||||||||||
Redeemed for common stock
|
-
|
-
|
-
|
|||||||||||||||||||||
End of year
|
170
|
157
|
145
|
2019
|
$
|
18,911
|
||
2020
|
14,955
|
|||
2021
|
10,972
|
|||
2022
|
8,790
|
|||
2023
|
7,490
|
|||
Thereafter
|
23,155
|
MUFG Bank Ltd.
|
18.5
|
%
|
||
JPMorgan*
|
11.7
|
%
|
||
HSBC*
|
12.5
|
%
|
Germany
|
20.6
|
%
|
||
Singapore
|
20.4
|
%
|
||
Israel
|
16.4
|
%
|
||
United States
|
14.9
|
%
|
||
The Republic of China (Taiwan)
|
11.0
|
%
|
||
People's Republic of China
|
9.9
|
%
|
||
Other Asia
|
3.0
|
%
|
||
Other Europe
|
2.4
|
%
|
||
Other
|
1.4
|
%
|
●
|
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
|
Corporate / Other
|
Total
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Year ended December 31, 2018:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
547,643
|
$
|
712,936
|
$
|
289,727
|
$
|
1,018,286
|
$
|
466,097
|
$
|
-
|
$
|
3,034,689
|
||||||||||||||
Gross Profit
|
145,923
|
196,702
|
100,219
|
337,268
|
108,412
|
-
|
$
|
888,524
|
||||||||||||||||||||
Segment Operating Income
|
106,955
|
175,752
|
82,681
|
303,571
|
86,929
|
-
|
$
|
755,888
|
||||||||||||||||||||
Depreciation expense
|
32,104
|
38,197
|
16,612
|
37,708
|
17,745
|
7,690
|
$
|
150,056
|
||||||||||||||||||||
Capital expenditures
|
49,557
|
57,756
|
19,935
|
80,862
|
12,200
|
9,589
|
$
|
229,899
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Assets as of December 31, 2018:
|
$
|
444,356
|
$
|
804,784
|
$
|
342,656
|
$
|
874,835
|
$
|
487,540
|
$
|
152,027
|
$
|
3,106,198
|
||||||||||||||
|
||||||||||||||||||||||||||||
Year ended December 31, 2017:*
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
467,476
|
$
|
619,958
|
$
|
284,429
|
$
|
843,529
|
$
|
383,976
|
$
|
-
|
$
|
2,599,368
|
||||||||||||||
Gross Profit
|
109,603
|
165,176
|
98,000
|
251,905
|
78,425
|
-
|
$
|
703,109
|
||||||||||||||||||||
Segment Operating Income
|
74,174
|
145,645
|
80,499
|
222,878
|
58,544
|
-
|
$
|
581,740
|
||||||||||||||||||||
Depreciation expense
|
34,731
|
37,396
|
16,871
|
34,083
|
17,736
|
8,066
|
$
|
148,883
|
||||||||||||||||||||
Capital expenditures
|
33,475
|
38,681
|
16,115
|
67,007
|
11,135
|
4,019
|
$
|
170,432
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Assets as of December 31, 2017:
|
$
|
412,598
|
$
|
792,610
|
$
|
332,228
|
$
|
994,639
|
$
|
568,113
|
$
|
361,901
|
$
|
3,462,089
|
||||||||||||||
|
||||||||||||||||||||||||||||
Year ended December 31, 2016:*
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
405,949
|
$
|
552,766
|
$
|
269,162
|
$
|
753,524
|
$
|
335,927
|
$
|
-
|
$
|
2,317,328
|
||||||||||||||
Gross Profit
|
58,431
|
136,580
|
87,516
|
224,352
|
66,943
|
-
|
$
|
573,822
|
||||||||||||||||||||
Segment Operating Income
|
22,536
|
115,873
|
68,246
|
193,241
|
46,414
|
-
|
$
|
446,310
|
||||||||||||||||||||
Depreciation expense
|
34,531
|
35,335
|
15,549
|
32,240
|
17,817
|
9,049
|
$
|
144,521
|
||||||||||||||||||||
Capital expenditures
|
22,430
|
29,860
|
18,276
|
47,006
|
14,410
|
2,653
|
$
|
134,635
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Assets as of December 31, 2016:
|
$
|
389,482
|
$
|
714,898
|
$
|
312,423
|
$
|
907,995
|
$
|
495,925
|
$
|
259,978
|
$
|
3,080,701
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017**
|
|
2016**
|
|
|||||||
Reconciliation:
|
||||||||||||
Segment Operating Income
|
$
|
755,888
|
$
|
581,740
|
$
|
446,310
|
||||||
Restructuring and Severance Costs
|
-
|
(11,273
|
)
|
(19,199
|
)
|
|||||||
Impairment of Intangible Assets
|
-
|
-
|
(1,559
|
)
|
||||||||
Unallocated Selling, General, and Administrative Expenses
|
(270,768
|
)
|
(246,462
|
)
|
(228,494
|
)
|
||||||
Consolidated Operating Income (Loss)
|
$
|
485,120
|
$
|
324,005
|
$
|
197,058
|
||||||
Unallocated Other Income (Expense)
|
(68,344
|
)
|
(44,641
|
)
|
(102,842
|
)
|
||||||
Consolidated Income Before Taxes
|
$
|
416,776
|
$
|
279,364
|
$
|
94,216
|
|
Years Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
Distributors
|
$
|
1,742,262
|
$
|
1,484,276
|
$
|
1,280,060
|
||||||
OEMs
|
1,085,292
|
931,291
|
861,322
|
|||||||||
EMS companies
|
207,135
|
183,801
|
175,946
|
|||||||||
Total Revenue
|
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
|
Years Ended December 31,
|
|||||||||||
|
2018
|
2017
|
|
2016
|
|
|||||||
Asia
|
$
|
1,193,827
|
$
|
1,091,107
|
$
|
948,195
|
||||||
Europe
|
1,081,073
|
902,357
|
810,543
|
|||||||||
Americas
|
759,789
|
605,904
|
558,590
|
|||||||||
Total Revenue
|
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
|
Years Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
Industrial
|
$
|
1,139,880
|
$
|
934,631
|
$
|
796,031
|
||||||
Automotive
|
861,436
|
727,220
|
640,767
|
|||||||||
Telecommunications
|
200,379
|
190,682
|
193,456
|
|||||||||
Computing
|
228,831
|
198,850
|
172,481
|
|||||||||
Consumer Products
|
168,884
|
145,243
|
150,741
|
|||||||||
Power Supplies
|
144,433
|
160,038
|
132,555
|
|||||||||
Military and Aerospace
|
162,921
|
132,898
|
128,523
|
|||||||||
Medical
|
127,925
|
109,806
|
102,774
|
|||||||||
Total Revenue
|
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017**
|
2016**
|
|||||||||
|
||||||||||||
United States
|
$
|
743,647
|
$
|
590,839
|
$
|
541,106
|
||||||
Germany
|
982,082
|
837,258
|
743,500
|
|||||||||
Other Europe
|
123,846
|
99,636
|
83,532
|
|||||||||
Israel
|
13,299
|
11,075
|
10,046
|
|||||||||
Asia
|
1,171,815
|
1,060,560
|
939,144
|
|||||||||
$
|
3,034,689
|
$
|
2,599,368
|
$
|
2,317,328
|
|
December 31,
|
|||||||
|
2018
|
2017
|
||||||
|
||||||||
United States
|
$
|
117,138
|
$
|
99,993
|
||||
Germany
|
169,941
|
154,874
|
||||||
Other Europe
|
121,964
|
130,523
|
||||||
Israel
|
103,675
|
102,890
|
||||||
People's Republic of China
|
217,681
|
192,521
|
||||||
Republic of China (Taiwan)
|
145,644
|
122,080
|
||||||
Other Asia
|
88,864
|
99,493
|
||||||
Other
|
4,094
|
3,384
|
||||||
|
$
|
969,001
|
$
|
905,758
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
Numerator:
|
||||||||||||
Numerator for basic earnings (loss) per share:
|
||||||||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
345,758
|
$
|
(20,344
|
)
|
$
|
48,792
|
|||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax
|
-
|
-
|
38
|
|||||||||
Numerator for diluted earnings (loss) per share:
|
||||||||||||
Net earnings (loss) attributed to Vishay stockholders - diluted
|
$
|
345,758
|
$
|
(20,344
|
)
|
$
|
48,830
|
|||||
Denominator:
|
||||||||||||
Denominator for basic earnings (loss) per share:
|
||||||||||||
Weighted average shares
|
144,202
|
145,478
|
147,009
|
|||||||||
Outstanding phantom stock units
|
168
|
155
|
143
|
|||||||||
Adjusted weighted average shares - basic
|
144,370
|
145,633
|
147,152
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Convertible and exchangeable debt instruments
|
9,707
|
-
|
3,219
|
|||||||||
Restricted stock units
|
545
|
-
|
323
|
|||||||||
Other
|
-
|
-
|
3
|
|||||||||
Dilutive potential common shares
|
10,252
|
-
|
3,545
|
|||||||||
Denominator for diluted earnings (loss) per share:
|
||||||||||||
Adjusted weighted average shares - diluted
|
154,622
|
145,633
|
150,697
|
|||||||||
Basic earnings (loss) per share attributable to Vishay stockholders
|
$
|
2.39
|
$
|
(0.14
|
)
|
$
|
0.33
|
|||||
Diluted earnings (loss) per share attributable to Vishay stockholders
|
$
|
2.24
|
$
|
(0.14
|
)
|
$
|
0.32
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
Convertible and exchangeable notes:
|
||||||||||||
Convertible Senior Debentures, due 2040
|
-
|
21,184
|
10,312
|
|||||||||
Convertible Senior Debentures, due 2041
|
-
|
8,432
|
8,249
|
|||||||||
Convertible Senior Debentures, due 2042
|
-
|
13,586
|
-
|
|||||||||
Convertible Senior Notes, due 2025
|
10,468
|
-
|
-
|
|||||||||
Weighted average employee stock options
|
-
|
26
|
91
|
|||||||||
Weighted average other
|
266
|
981
|
512
|
|
Years ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
|||||||||
|
||||||||||||
Accounts receivable
|
$
|
(62,433
|
)
|
$
|
(51,152
|
)
|
$
|
(4,120
|
)
|
|||
Inventories
|
(80,182
|
)
|
(55,062
|
)
|
13,760
|
|||||||
Prepaid expenses and other current assets
|
(11,670
|
)
|
(3,668
|
)
|
(12,180
|
)
|
||||||
Accounts payable
|
(2,277
|
)
|
42,291
|
17,839
|
||||||||
Other current liabilities
|
54,745
|
21,184
|
(19,505
|
)
|
||||||||
Net change in operating assets and liabilities
|
$
|
(101,817
|
)
|
$
|
(46,407
|
)
|
$
|
(4,206
|
)
|
|
Total Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
December 31, 2018
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
41,770
|
$
|
26,278
|
$
|
15,492
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
4,309
|
4,309
|
-
|
-
|
|||||||||||
Non - U.S. Defined Benefit Pension Plan Assets:
|
||||||||||||||||
Equity securities
|
$
|
9,344
|
9,344
|
-
|
-
|
|||||||||||
Fixed income securities
|
$
|
13,572
|
13,572
|
-
|
-
|
|||||||||||
Cash
|
$
|
47,904
|
47,904
|
-
|
-
|
|||||||||||
$
|
116,899
|
$
|
101,407
|
$
|
15,492
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(1
|
)
|
-
|
-
|
(1
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(67
|
)
|
-
|
-
|
(67
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(2
|
)
|
-
|
-
|
(2
|
)
|
|||||||||
$
|
(70
|
)
|
$
|
-
|
$
|
-
|
$
|
(70
|
)
|
|||||||
December 31, 2017
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
45,252
|
$
|
28,589
|
$
|
16,663
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
4,621
|
4,621
|
-
|
-
|
|||||||||||
Non - U.S. Defined Benefit Pension Plan Assets:
|
||||||||||||||||
Equity securities
|
$
|
8,793
|
8,793
|
-
|
-
|
|||||||||||
Fixed income securities
|
$
|
12,793
|
12,793
|
-
|
-
|
|||||||||||
Cash
|
$
|
49,019
|
49,019
|
-
|
-
|
|||||||||||
$
|
120,478
|
$
|
103,815
|
$
|
16,663
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(206
|
)
|
-
|
-
|
(206
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(214
|
)
|
-
|
-
|
(214
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(118
|
)
|
-
|
-
|
(118
|
)
|
|||||||||
|
$
|
(538
|
)
|
$
|
-
|
$
|
-
|
$
|
(538
|
)
|
Optoelectronic Components
|
Resistors & Inductors
|
Total
|
||||||||||
Balance at January 1, 2017
|
$
|
96,849
|
$
|
44,558
|
$
|
141,407
|
||||||
Exchange rate effects
|
-
|
1,335
|
1,335
|
|||||||||
Balance at December 31, 2017
|
$
|
96,849
|
45,893
|
142,742
|
||||||||
UltraSource acquisition
|
-
|
4,227
|
4,227
|
|||||||||
EuroPower acquisition
|
-
|
1,068
|
1,068
|
|||||||||
Exchange rate effects
|
-
|
(557
|
)
|
(557
|
)
|
|||||||
Balance at December 31, 2018
|
$
|
96,849
|
$
|
50,631
|
$
|
147,480
|
December 31, 2018
|
December 31, 2017
|
|||||||
Intangible assets subject to amortization:
|
||||||||
Patents and acquired technology
|
$
|
32,854
|
$
|
71,596
|
||||
Capitalized software
|
53,218
|
54,325
|
||||||
Customer relationships
|
59,119
|
63,655
|
||||||
Tradenames
|
23,041
|
55,272
|
||||||
Non-competition agreements
|
-
|
606
|
||||||
168,232
|
245,454
|
|||||||
Accumulated amortization:
|
||||||||
Patents and acquired technology
|
(26,469
|
)
|
(63,868
|
)
|
||||
Capitalized software
|
(49,288
|
)
|
(50,246
|
)
|
||||
Customer relationships
|
(19,958
|
)
|
(26,622
|
)
|
||||
Tradenames
|
(6,829
|
)
|
(34,378
|
)
|
||||
Non-competition agreements
|
-
|
(586
|
)
|
|||||
(102,544
|
)
|
(175,700
|
)
|
|||||
Net Intangible Assets Subject to Amortization
|
$
|
65,688
|
$
|
69,754
|
2019
|
$
|
8,424
|
||
2020
|
7,433
|
|||
2021
|
6,543
|
|||
2022
|
5,891
|
|||
2023
|
5,668
|
2018
|
2017*
|
|||||||||||||||||||||||||||||||
|
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Statement of Operations data:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
716,795
|
$
|
761,030
|
$
|
780,972
|
$
|
775,892
|
$
|
604,801
|
$
|
643,164
|
$
|
677,941
|
$
|
673,462
|
||||||||||||||||
Gross profit
|
205,300
|
227,238
|
236,296
|
219,690
|
161,749
|
173,837
|
190,147
|
177,376
|
||||||||||||||||||||||||
Operating income (loss)
|
104,062
|
123,293
|
138,098
|
119,667
|
67,578
|
85,005
|
95,416
|
76,006
|
||||||||||||||||||||||||
Net earnings (loss)
|
62,545
|
103,262
|
78,071
|
102,659
|
36,949
|
56,409
|
64,583
|
(177,501
|
)
|
|||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests
|
179
|
165
|
195
|
240
|
230
|
219
|
179
|
156
|
||||||||||||||||||||||||
Net earnings (loss) attributable to Vishay stockholders
|
62,366
|
103,097
|
77,876
|
102,419
|
36,719
|
56,190
|
64,404
|
(177,657
|
)
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Per Share data:
|
||||||||||||||||||||||||||||||||
Basic earnings (loss) per share attributable to Vishay stockholders (a)
|
$
|
0.43
|
$
|
0.71
|
$
|
0.54
|
$
|
0.71
|
$
|
0.25
|
$
|
0.38
|
$
|
0.44
|
$
|
(1.23
|
)
|
|||||||||||||||
|
||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share attributable to Vishay stockholders (a)
|
$
|
0.39
|
$
|
0.65
|
$
|
0.51
|
$
|
0.69
|
$
|
0.24
|
$
|
0.36
|
$
|
0.41
|
$
|
(1.23
|
)
|
|||||||||||||||
|
||||||||||||||||||||||||||||||||
Certain Items Recorded during the Quarters:
|
||||||||||||||||||||||||||||||||
Operating income (loss):
|
||||||||||||||||||||||||||||||||
Restructuring and severance costs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,469
|
$
|
481
|
$
|
3,244
|
$
|
6,079
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||
Loss on disposal of equity affiliate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(7,060
|
)
|
$
|
-
|
$
|
-
|
$
|
948
|
|||||||||||||||
Loss on early extinguishment of debt
|
-
|
|
(17,309
|
)
|
|
-
|
(9,274
|
) |
-
|
-
|
-
|
-
|
||||||||||||||||||||
Income tax expense:
|
||||||||||||||||||||||||||||||||
Enactment of TCJA
|
$
|
-
|
$
|
12,000
|
$
|
13,496
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
234,855
|
||||||||||||||||
Change in deferred taxes due to early extinguishment of debt
|
-
|
(33,963
|
)
|
-
|
(20,914
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Tax effects of cash repatriation program
|
1,316
|
(9,006
|
)
|
680
|
(3,037
|
)
|
(968
|
)
|
(1,240
|
)
|
(892
|
)
|
(2,702
|
)
|
||||||||||||||||||
Tax effects of changes in uncertain tax positions
|
- | - | - | - | - | - |
(804
|
)
|
2,369
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Quarter end date (b)
|
March 31
|
June 30
|
September 29
|
December 31
|
April 1
|
July 1
|
September 30
|
December 31
|
|
Fiscal quarters ended
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
April 1, 2017
|
July 1, 2017
|
September 30, 2017
|
December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||||
|
As Reported
|
Adjustments
|
Recast
|
As Reported
|
Adjustments
|
Recast
|
As Reported
|
Adjustments
|
Recast
|
As Reported
|
Adjustments
|
Recast
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues
|
$
|
606,258
|
$
|
(1,457
|
)
|
$
|
604,801
|
$
|
644,892
|
$
|
(1,728
|
)
|
$
|
643,164
|
$
|
677,883
|
$
|
58
|
$
|
677,941
|
$
|
674,489
|
$
|
(1,027
|
)
|
$
|
673,462
|
|||||||||||||||||||||
Costs of products sold
|
445,383
|
(2,331
|
)
|
443,052
|
471,929
|
(2,602
|
)
|
469,327
|
488,610
|
(816
|
)
|
487,794
|
497,988
|
(1,902
|
)
|
496,086
|
||||||||||||||||||||||||||||||||
Gross profit
|
160,875
|
874
|
161,749
|
172,963
|
874
|
173,837
|
189,273
|
874
|
190,147
|
176,501
|
875
|
177,376
|
||||||||||||||||||||||||||||||||||||
Operating income
|
64,688
|
2,890
|
67,578
|
82,036
|
2,969
|
85,005
|
92,328
|
3,088
|
95,416
|
72,536
|
3,470
|
76,006
|
||||||||||||||||||||||||||||||||||||
Total other income (expense)
|
(14,246
|
)
|
(2,890
|
)
|
(17,136
|
)
|
(6,327
|
)
|
(2,969
|
)
|
(9,296
|
)
|
(6,140
|
)
|
(3,088
|
)
|
(9,228
|
)
|
(5,511
|
)
|
(3,470
|
)
|
(8,981
|
)
|
||||||||||||||||||||||||
Income before taxes
|
50,442
|
-
|
50,442
|
75,709
|
-
|
75,709
|
86,188
|
-
|
86,188
|
67,025
|
-
|
67,025
|
||||||||||||||||||||||||||||||||||||
Income tax expense
|
13,493
|
-
|
13,493
|
19,300
|
-
|
19,300
|
21,605
|
-
|
21,605
|
244,526
|
-
|
244,526
|
||||||||||||||||||||||||||||||||||||
Net earnings (loss)
|
36,949
|
-
|
36,949
|
56,409
|
-
|
56,409
|
64,583
|
-
|
64,583
|
(177,501
|
)
|
-
|
(177,501
|
)
|
||||||||||||||||||||||||||||||||||
Less: net earnings attributable to noncontrolling interests
|
230
|
-
|
230
|
219
|
-
|
219
|
179
|
-
|
179
|
156
|
-
|
156
|
||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Vishay stockholders
|
$
|
36,719
|
$
|
-
|
$
|
36,719
|
$
|
56,190
|
$
|
-
|
$
|
56,190
|
$
|
64,404
|
$
|
-
|
$
|
64,404
|
$
|
(177,657
|
)
|
$
|
-
|
$
|
(177,657
|
)
|
Vishay Americas, Inc.
|
Delaware
|
|
Vishay Americas do Brasil, LTDA
|
Brazil
|
|
Vishay Insurance, DAC
|
Ireland
|
|
Vishay France Holdings SAS
|
France
|
|
Vishay MCB Industrie S.A.S.
|
France
|
|
Vishay Dale Electronics, LLC
|
Delaware
|
|
Electronica Dale de Mexico S.A. de C.V.
|
Mexico
|
|
Vishay HiRel Systems LLC
|
Delaware
|
|
Vishay HiRel Systems International, LLC
|
Delaware
|
|
Vishay Sprague, Inc.
|
Delaware
|
|
Sprague Electric of Canada Limited
|
Canada
|
|
Siliconix incorporated
|
Delaware
|
|
Vishay Siliconix, LLC
|
Delaware
|
|
Siliconix Semiconductor, LLC
|
Delaware
|
|
Siliconix Technology C.V.
|
Netherlands
|
(a)
|
Vishay Siliconix Electronic Co. Ltd.
|
The Republic of China (Taiwan)
|
|
Shanghai Simconix Electronic Company Ltd.
|
China
|
|
Vishay Semiconductor Italiana S.p.A.
|
Italy
|
|
Vishay Siliconix Singapore Pte. Ltd.
|
Singapore
|
|
Vishay Semiconductor India Pvt. Ltd.
|
India
|
|
Siliconix Singapore Pte Ltd
|
Singapore
|
|
Vishay GSI, Inc.
|
Delaware
|
|
Vishay GSI Holdings, LLC
|
Delaware
|
|
Vishay General Semiconductor, L.P.
|
Cayman Islands
|
(b)
|
Vishay General Semiconductor, LLC
|
Delaware
|
|
Vishay General Semiconductor of Taiwan, Ltd.
|
The Republic of China (Taiwan)
|
|
Vishay Asia GS Investments Pte., Ltd.
|
Singapore
|
|
ATC Corp.
|
Delaware
|
|
General Semiconductor Hong Kong Ltd.
|
Hong Kong
|
|
Vishay BCcomponents Holdings Ltd.
|
Delaware
|
|
Vishay BCcomponents B.V.
|
Netherlands
|
|
Vishay Capacitors Belgium NV
|
Belgium
|
|
Vishay Resistors Belgium BVBA
|
Belgium
|
|
Vishay Components India Pvt. Ltd
|
India
|
(c)
|
Vishay BCcomponents Hong Kong Ltd.
|
Hong Kong
|
|
BCcomponents China Ltd
|
Hong Kong
|
|
Vishay Components (Huizhou) Co. Ltd.
|
China
|
(d)
|
Vishay Intertechnology Asia Pte Ltd.
|
Singapore
|
|
Vishay Hong Kong Ltd.
|
Hong Kong
|
|
Vishay Japan Co. Ltd.
|
Japan
|
|
Vishay Korea Co. Ltd.
|
Korea
|
|
Vishay (Taiwan) Ltd.
|
The Republic of China (Taiwan)
|
|
Vishay Malaysia Sdn. Bhd. | Malaysia | |
Vishay Dutch Holdings B.V. | Netherlands | |
Vishay Capella Microsystems (Taiwan) Limited |
The Republic of China (Taiwan)
|
(e) |
Capella Microsystems, Inc. | California |
Vishay Israel Limited
|
Israel
|
|
Z.T.R. Electronics Ltd.
|
Israel
|
|
ECOMAL Israel Ltd.
|
Israel
|
(f)
|
Vishay Polytech Co. Ltd. | Japan | |
Vishay Europe GmbH
|
Germany
|
(g)
|
Vishay Europe Sales GmbH
|
Germany
|
|
Vishay BCcomponents Austria GmbH
|
Austria
|
|
Vishay Electronic GmbH
|
Germany
|
|
Vishay Siliconix Itzehoe GmbH
|
Germany
|
|
Vishay Electronica Portugal Lda.
|
Portugal
|
(h)
|
ECOMAL Europe GmbH
|
Germany
|
|
ECOMAL Sweden AB
|
Sweden
|
|
ECOMAL Schweiz A.G.
|
Switzerland
|
|
ECOMAL Austria GmbH
|
Austria
|
|
Vishay Components, S.A.
|
Spain
|
|
ECOMAL Iberia S.A.U.
|
Spain
|
|
ECOMAL Nederland BV
|
Netherlands
|
|
ECOMAL Belgium BVBA
|
Belgium
|
|
ECOMAL Ceska republika S.r.O.
|
Czech Republic
|
|
ECOMAL Denmark A/S
|
Denmark
|
|
ECOMAL Finland OY
|
Finland
|
|
ECOMAL France S.A.S.
|
France
|
|
ECOMAL UK Ltd.
|
United Kingdom
|
|
E-Sil Components Ltd. |
United Kingdom
|
|
Vishay Ltd. |
United Kingdom
|
|
EuroPower Holdings Ltd. | United Kingdom | |
EuroPower Components Ltd. |
United Kingdom
|
|
ECOMAL Italy s.r.l.
|
Italy
|
|
ECOMAL Elektronske Komponente d.o.o. | Slovenia | |
Vishay Electronic SPOL SRO
|
Czech Republic
|
|
Ecomal Poland Sp. Z.o.o. | Poland | |
Ecomal Hungary Kft. | Hungary | |
Vishay S.A.
|
France
|
(i)
|
Ultronix, Inc.
|
Delaware
|
|
Vishay Semiconductor GmbH
|
Germany
|
|
Vishay (Phils.) Inc.
|
Philippines
|
|
Vishay Semiconductor Ges.mbH
|
Austria
|
(j)
|
Vishay Asia Semiconductor Investments Pte. Ltd.
|
Singapore
|
|
Vishay Singapore Pte. Ltd.
|
Singapore
|
(k)
|
Shanghai Vishay Semiconductors Ltd.
|
China
|
|
General Semiconductor (China) Co., Ltd.
|
China
|
|
Vishay Xi'an Micro-Electronics Co. Ltd.
|
China
|
|
Vishay China Co. Ltd.
|
China
|
|
Vishay HiRel Systems Zhuhai Electronics Co Ltd
|
China
|
|
Vishay Hungary Elektronikai KFT
|
Hungary
|
|
Vishay Semiconductor Malaysia Sdn Bhd
|
Malaysia
|
|
Vishay Phoenix do Brasil Ltda
|
Brazil
|
(l)
|
Vishay Beyschlag Holding GmbH | Germany | |
Vishay BCcomponents Beyschlag GmbH | Germany |
(a) - | Registrant's indirect ownership percentage in Siliconix Technology C.V. is 100%; 89% is owned by its wholly owned subsidiary Siliconix Incorporated, 10% is owned by its indirectly wholly owned subsidiary Siliconix Semiconductor, LLC, and 1% is owned by its indirect wholly owned subsidiary Vishay Siliconix LLC. |
(b) - | Registrant's indirect ownership percentage in Vishay General Semiconductor, L.P. is 100%; 1% is owned by its indirectly wholly owned subsidiary Vishay GSI Holdings, LLC, and 99% is owned by its wholly owned subsidiary Vishay GSI, Inc. |
(c) - | Registrant's indirect ownership percentage in Vishay Components India Pvt. Ltd. is 100%; 69% is owned directly and 31% is owned by its indirectly wholly owned subsidiary Vishay BCcomponents B.V. |
(d) - | Registrant's indirect ownership percentage in Vishay Components (Huizhou) Co. Ltd. is 100%; 50% is owned by its indirectly wholly owned subsidiary BCcomponents China Ltd and 50% is owned by its indirectly wholly owned subsidiary Vishay China Co. Ltd. |
(e) - | Registrant's indirect ownership percentage in Vishay Capella Microsystems (Taiwan) Limited is 100%, over 99.9% is owned by its directly wholly owned subsidiary Vishay Dutch Holdings B.V. and less than 0.1% is owned directly. |
(f) - | Registrant's indirect ownership percentage in Ecomal Israel Ltd. is 66.7%. |
(g) - | Registrant's indirect ownership percentage in Vishay Europe GmbH is 100%; over 99.9% is owned directly or indirectly by its wholly owned subsidiary Vishay Israel Limited and its affiliates; and less than 0.1% is owned directly. |
(h) - | Registrant's indirect ownership percentage in Vishay Electronica Portugal Lda. is 100%; 70% is owned by its indirectly wholly owned subsidiary Vishay Europe GmbH and 30% is owned by its indirectly wholly owned subsidiary Vishay Electronic GmbH. |
(i) - | Registrant's indirect ownership percentage in Vishay S.A. is 99.9%. |
(j) - | Registrant's indirect ownership percentage in Vishay Semiconductor Ges.mbH is 100%, 54% is owned by its indirectly wholly owned subsidiary Sprague Electric of Canada and 46% is owned by its indirectly wholly owned subsidiary Vishay Semiconductor GmbH. |
(k) - | Registrant's indirect ownership percentage in Vishay Singapore Pte. Ltd. is 100%, 48% is owned by its indirectly wholly owned subsidiary Vishay Asia Semiconductor Investments Pte. Ltd., 26% is owned by its indirectly wholly owned subsidiary Vishay Asia Semiconductor GS Investments Pte. Ltd., and 26% is owned by its indirectly wholly owned subsidiary Siliconix Technology C.V. |
(l) - | Registrant's indirect ownership percentage in Vishay Phoenix do Brazil LTDA is 100%, over 99.9% is owned by its indirectly wholly owned subsidiary Vishay Europe GmbH and less than 0.1% is owned by its indirectly wholly owned subsidiary Vishay Electronic GmbH. |
1)
|
Registration Statement (Form S-8 No. 333-144466) pertaining to the 2007 Stock Incentive Program of Vishay Intertechnology, Inc.,
|
2)
|
Registration Statement (Form S-8 No. 333-178895) pertaining to the Deferred Compensation Plan of Vishay Intertechnology, Inc., and
|
3)
|
Registration Statement (Form S-8 No. 333-196143) pertaining to the 2007 Stock Incentive Program of Vishay Intertechnology, Inc.;
|
/s/ Ernst & Young LLP
|
|
|
|
Philadelphia, Pennsylvania
|
|
February 15, 2019
|
1. | I have reviewed this Annual Report on Form 10-K 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 Annual Report on Form 10-K 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. |
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M54 !1TR
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 13, 2019 |
Jun. 30, 2018 |
|
Entity Information [Line Items] | |||
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 | $ 3,075,000,000 | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Company Growth | false | ||
Entity Ex Transition Period | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 132,221,366 | ||
Class B Convertible Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,097,409 |
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Current assets: | ||
Accounts receivable, allowances for doubtful accounts | $ 4,269 | $ 2,008 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares outstanding (in shares) | 132,117,715 | 131,874,587 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 12,097,427 | 12,129,227 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 346,537 | $ (19,560) | $ 49,373 |
Other comprehensive income (loss), net of tax | |||
Pension and other post-retirement actuarial items | 10,750 | (4,545) | 71,926 |
Foreign currency translation adjustment | (41,454) | 124,220 | (35,863) |
Unrealized gain (loss) on available-for-sale securities | 0 | 691 | 612 |
Other comprehensive income (loss) | (30,704) | 120,366 | 36,675 |
Comprehensive income (loss) | 315,833 | 100,806 | 86,048 |
Less: comprehensive income attributable to noncontrolling interests | 779 | 784 | 581 |
Comprehensive income (loss) attributable to Vishay stockholders | $ 315,054 | $ 100,022 | $ 85,467 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Class B Convertible Common Stock [Member] |
Capital In Excess of Par Value [Member] |
Retained Earnings (Accumulated Deficit) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total Vishay Stockholders' Equity [Member] |
Noncontrolling Interests [Member] |
Total |
---|---|---|---|---|---|---|---|---|
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ 0 | $ 0 | $ 2,210 | $ 0 | $ 2,210 | $ 0 | $ 2,210 |
Balance at January 1, 2015 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 (loss) | 0 | 0 | 0 | 48,792 | 0 | 48,792 | 581 | 49,373 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 36,675 | 36,675 | 0 | 36,675 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (707) | (707) |
Acquisition of noncontrolling interests | 0 | |||||||
Share repurchase | (175) | 0 | (22,984) | 0 | 0 | (23,159) | 0 | (23,159) |
Temporary equity reclassification | 0 | 0 | (88,659) | 0 | 0 | (88,659) | 0 | (88,659) |
Restricted stock issuances | 11 | 0 | (553) | 0 | 0 | (542) | 0 | (542) |
Dividends declared | 0 | 0 | 36 | (36,761) | 0 | (36,725) | 0 | (36,725) |
Stock compensation expense | 0 | 0 | 6,380 | 0 | 0 | 6,380 | 0 | 6,380 |
Stock options exercised | 3 | 0 | 353 | 0 | 0 | 356 | 0 | 356 |
Tax effects of stock plan | 0 | 0 | (77) | 0 | 0 | (77) | 0 | (77) |
Balance at Dec. 31, 2016 | 13,385 | 1,213 | 1,952,988 | (305,207) | (94,652) | 1,567,727 | 5,441 | 1,573,168 |
Cumulative effect of accounting change for adoption of ASU | 0 | 0 | 0 | 386 | 0 | 386 | 0 | 386 |
Net earnings (loss) | 0 | 0 | 0 | (20,344) | 0 | (20,344) | 784 | (19,560) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 120,366 | 120,366 | 0 | 120,366 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,140) | (1,140) |
Acquisition of noncontrolling interests | 0 | 0 | (1,047) | 0 | 0 | (1,047) | (3,053) | (4,100) |
Share repurchase | (225) | 0 | (39,719) | 0 | 0 | (39,944) | 0 | (39,944) |
Temporary equity reclassification | 0 | 0 | (163,411) | 0 | 0 | (163,411) | 0 | (163,411) |
Restricted stock issuances | 20 | 0 | (1,991) | 0 | 0 | (1,971) | 0 | (1,971) |
Dividends declared | 0 | 0 | 40 | (37,089) | 0 | (37,049) | 0 | (37,049) |
Stock compensation expense | 0 | 0 | 4,394 | 0 | 0 | 4,394 | 0 | 4,394 |
Stock options exercised | 8 | 0 | 1,252 | 0 | 0 | 1,260 | 0 | 1,260 |
Balance at Dec. 31, 2017 | 13,188 | 1,213 | 1,752,506 | (362,254) | 25,714 | 1,430,367 | 2,032 | 1,432,399 |
Cumulative effect of accounting change for adoption of ASU | 0 | 0 | 0 | 1,801 | (1,801) | 0 | 0 | 0 |
Net earnings (loss) | 0 | 0 | 0 | 345,758 | 0 | 345,758 | 779 | 346,537 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (30,704) | (30,704) | 0 | (30,704) |
Conversions from Class B to common stock | 3 | (3) | 0 | 0 | 0 | 0 | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (525) | (525) |
Acquisition of noncontrolling interests | 0 | |||||||
Temporary equity reclassification | 0 | 0 | 2,330 | 0 | 0 | 2,330 | 0 | 2,330 |
Restricted stock issuances | 21 | 0 | (2,318) | 0 | 0 | (2,297) | 0 | (2,297) |
Dividends declared | 0 | 0 | 54 | (46,563) | 0 | (46,509) | 0 | (46,509) |
Stock compensation expense | 0 | 0 | 4,817 | 0 | 0 | 4,817 | 0 | 4,817 |
Issuance of convertible debentures | 0 | 0 | 85,262 | 0 | 0 | 85,262 | 0 | 85,262 |
Repurchase of convertible debentures | 0 | 0 | (406,640) | 0 | 0 | (406,640) | 0 | (406,640) |
Balance at Dec. 31, 2018 | $ 13,212 | $ 1,210 | $ 1,436,011 | $ (61,258) | $ (6,791) | $ 1,382,384 | $ 2,286 | $ 1,384,670 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Phantom and restricted stock issuances (in shares) | 211,328 | 200,688 | 110,825 |
Stock options exercised (in shares) | 77,334 | 27,619 | |
Share repurchase (in shares) | 2,250,236 | 1,752,454 | |
Common stock issued upon exchange of convertible securities (in shares) | 31,800 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.3225 | $ 0.255 | $ 0.250 |
Summary of Significant Accounting Policies |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. Revenue Recognition The Company recognizes revenue from contracts with customers in accordance with Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 2. Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $72,885, $67,153, and $66,842, for the years ended December 31, 2018, 2017, and 2016, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of "more likely than not" to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company's assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management's best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company's effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. See Note 5. Note 1 – Summary of Significant Accounting Policies (continued) Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2018 and 2017, the Company's short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Bad debt expense was $2,570, $301, and $61 for the years ended December 31, 2018, 2017, and 2016, respectively. Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or net realizable value. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2018 was approximately $127,000. Depreciation of capital lease assets is included in total depreciation expense. Depreciation expense was $150,056, $148,883, and $144,521 for the years ended December 31, 2018, 2017, and 2016, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. 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. Certain of the Company's tradenames were assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. See Note 20 for further information on the impairment test performed in 2016. At December 31, 2018 and 2017, respectively, the Company has no recorded indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty-five years. Capitalized software is amortized over periods of three to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five to twenty years. Noncompete agreements are amortized over periods of three to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the quantitative impairment test is required. The Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would recognize an impairment charge. Note 1 – Summary of Significant Accounting Policies (continued) Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. Available-for-Sale Securities Short-term investments and other assets reported on the accompanying consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year and investments in marketable securities which are classified as available-for-sale. These assets include assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans (see Note 11) and assets that are intended to fund a portion of the Company's other postretirement benefit obligations outside of the U.S. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Beginning in 2018, unrealized gains and losses are reported, net of their related tax consequences, as Other Income (Expense) on the consolidated statements of operations. See "Recently Adopted Accounting Guidance" below. At the time of sale, the assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. The convertible senior debentures due 2040, due 2041, and due 2042 contain embedded derivatives that are recorded at fair value on a recurring basis. At December 31, 2018 and 2017, outstanding derivative instruments were not material. The Company reports derivative instruments on the accompanying consolidated balance sheet at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and the ineffective portion, if any, is reported in current period net earnings (loss). Changes in the fair values of derivative instruments that are not designated as hedges, including embedded derivatives, are recorded in current period net earnings (loss). The Company has in the past used interest rate swap agreements to modify variable rate obligations to fixed rate obligations, thereby reducing exposure to market rate fluctuations. The Company uses financial instruments such as forward exchange contracts to mitigate a portion, but not all, of the risk associated with its firm commitments denominated in foreign currencies. The purpose of the Company's foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported on the accompanying consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director is required to provide service in exchange for the award. For awards subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units ("RSUs") that are expected to vest and records cumulative adjustments in the period that the expectation changes. Note 1 – Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company's operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities on the accompanying consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders' equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2018 and 2017 do not include claims against third parties. Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined company program. The Company recognizes other exit costs as incurred. Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property damage, director and officers' liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2018, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors' and officers' insurance. The captive insurance entity had no amounts accrued for outstanding claims at December 31, 2018 and $560 accrued for outstanding claims at December 31, 2017. Certain investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Such amounts are recorded in other noncurrent assets and total $11,046 and $9,438 at December 31, 2018 and 2017, respectively, representing required statutory reserves of the captive insurance entity. Note 1 – Summary of Significant Accounting Policies (continued) Convertible Debt Instruments The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company's nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debt instruments are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debt instruments over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. Recent Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company will adopt the ASU effective January 1, 2019 and provide comparative disclosures for the years ended December 31, 2017 and 2018 using the existing guidance in ASC Topic 840, Leases. Based on work performed to date, the Company expects to recognize right of use assets and lease liabilities between $90,000 and $100,000 as of January 1, 2019. The Company continues to evaluate the effect of the ASU on the sale-leaseback transaction of its former manufacturing facility in Santa Clara, California. The adoption of the ASU is not expected to have a material impact on the Company's results of operations. 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 plans to adopt the ASU effective January 1, 2020. The Company is currently evaluating the effect of the ASU on its financial assets measured at amortized cost. Recent Accounting Guidance Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued 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 Company retrospectively adopted the ASU on January 1, 2018. The adoption of the ASU did not have a material impact on the Company's results of operations. See Note 2 and "Changes in Accounting Policies" below. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU enhances the reporting model for financial instruments by addressing certain aspects, including requiring equity investments to be measured at fair value with changes in fair value recognized in net income; simplifying the impairment assessment of equity investments without readily determinable fair values; eliminating the requirement to disclose the method and significant assumptions used to estimate the disclosed fair value of financial instruments measured at amortized cost; and requiring the use of the exit price notion for fair value measurements of financial instruments for disclosure purposes. The Company adopted the ASU on January 1, 2018. The Company recognized a cumulative-effect adjustment to January 1, 2018 retained earnings (accumulated deficit) of $1,801 for the cumulative change in fair value of available-for-sale equity investments previously recognized in other comprehensive income. The adoption of the ASU did not have a material impact on the Company's results of operations. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU amends the income statement presentation requirements of net periodic benefit cost of defined benefit pension and other postretirement plans. The Company retrospectively adopted the ASU on January 1, 2018. The adoption of the ASU did not have a material impact on the Company's results of operations. See "Changes in Accounting Policies" below. Note 1 – Summary of Significant Accounting Policies (continued) Changes in Accounting Policies Except for the changes described in "Recent Accounting Guidance Adopted" above and in this section below, the Company has consistently applied the accounting policies described in its Note 1 to its audited consolidated financial statements included in its annual report on Form 10-K. Revenue Recognition The Company adopted ASU 2014-09 as of January 1, 2018 using the full retrospective method. As a result, the Company has changed its accounting policy for revenue recognition. The details of significant changes and quantitative impact of the changes are disclosed below. Service-type warranty performance obligations ASU 2014-09 introduces the concept of service-type warranties, which represent separate performance obligations. Upon adoption of ASU 2014-09, the Company considers its warranty obligations as service-type warranties and allocates a portion of the estimated consideration to be received from the related contract to the service-type warranty performance obligation and recognizes the related revenue over the warranty period. The impact of accounting for service-type warranties as separate performance obligations was not significant in the retrospective adoption period and is included in the tables below. See further discussion of the warranty obligations in Note 2. Custom products The Company previously recognized revenue when the sales process was completed, which generally occurred when the product was delivered and risk of loss was transferred to the customer. Upon adoption of ASU 2014-09, the Company analyzes its contractual arrangements to determine whether the promise in the contract to construct and transfer goods to the customer is a performance obligation that will be satisfied over time or at a point in time. When the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date, the Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time. The Company has a limited number of contracts for custom products that meet the criteria to recognize revenue over time. The dollar amount of these custom products did not materially change during the retrospective adoption period. The Company recorded a cumulative-effect adjustment of $2,210 to January 1, 2016 retained earnings (accumulated deficit) and recorded adjustments to its consolidated balance sheets due to the impact of recognizing revenue for certain custom products over time rather than at a point in time. ASU 2014-09 provides several transition practical expedients. The Company has not restated completed contracts that begin and end in the same annual reporting period; used the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; has not disclosed the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the Company expects to recognize the amount as revenue for the reporting periods presented prior to January 1, 2016; and has not retrospectively restated the contract for modifications made prior to January 1, 2016 and instead reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price pursuant to the transition practical expedients available. Pension and Other Postretirement Benefits The Company retrospectively adopted ASU No. 2017-07 as of January 1, 2018. As a result, the Company has changed its accounting policy for pension and other postretirement benefits costs as detailed below. ASU 2017-07 amends the income statement presentation requirements of net periodic benefit cost of defined benefit pension and other postretirement plans. The service cost component of net periodic pension cost is recorded in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and other components of net periodic pension cost are included on a separate line within other income (expense). The Company reclassified net benefit costs other than the current service component previously reported as cost of goods sold and selling, general, and administrative expenses to other expenses for each quarter in the retrospective adoption period in the table below. The Company also reclassified the $79,321 U.S. pension settlement charges recorded for the year ended December 31, 2016 to other expenses. See the impact of this change in the tables below. Note 1 – Summary of Significant Accounting Policies (continued) The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption for the 2017 fiscal quarters in Note 21 and for the years ended December 31, 2017 and 2016 in the table below:
Reclassifications In addition to the changes due to retrospective adoption of new accounting guidance described above, certain prior year amounts have been reclassified. Such reclassifications had no effect on reported net earnings (loss) attributable to Vishay stockholders, total assets, stockholders' equity, or the statements of cash flows. |
Disclosure - Revenue Recognition |
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Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Text Block] | Note 2 – Revenue Recognition As of January 1, 2018, the Company recognizes revenue from contracts with customers in accordance with ASU 2014-09. The Company has framework agreements with many of its customers that contain the terms and conditions of future sales, but do not create enforceable rights or obligations. Per ASU 2014-09, the Company's contracts are the combined purchase orders and the terms and conditions contained within such framework agreements. Payment terms for the Company's sales are generally less than sixty days. Substantially all of the Company's receivables are collected within twelve months of the transfer of products to the customer and the Company expects this to continue going forward. The Company applies the practical expedient within ASU 2014-09 to all of its contracts with payment terms less than or equal to twelve months and does not recognize a financing component of the transaction price. Revenue is measured based on the consideration specified in contracts with customers, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies its performance obligations. The Company's contracts contain two performance obligations: delivery of products and warranty protection. The Company does not sell separate, enhanced, or extended warranty coverage, but through its customary business practices, the Company has created implied service-type warranties, which are accounted for as separate performance obligations. Revenue is allocated between these two performance obligations and recognized as the obligations are satisfied. The allocation of revenue to warranty protection is based on an estimate of expected cost plus margin. The delivery of products performance obligation is satisfied and product sales revenue is recognized when the customer takes control of the products. Warranty revenue is deferred and the warranty protection performance obligation is satisfied and revenue is recognized over the warranty period, which is typically less than twenty-four months from sale to end customer. The warranty deferred revenue liability is recorded within Other Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets. The deferred revenue balance associated with the service-type warranty performance obligations and the components that comprise the change in the deferred revenue balance are not significant. The Company has a broad line of products that it sells to original equipment manufacturers ("OEMs"), electronic manufacturing services ("EMS") companies, which manufacture for OEMs on an outsourcing basis, and independent distributors that maintain large inventories of electronic components for resale to OEMs and EMS companies. The Company has and will continue to recognize revenue on sales to distributors when the distributor takes control of the products ("sold-to" model). The Company has agreements with distributors that allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company recognizes the estimated variable consideration to be received as revenue and records a related accrued expense for the consideration not expected to be received, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. Notes 2 - Revenue Recognition (continued) Sales returns and allowances accrual activity is shown below:
The Company pays commissions to external sales representatives on a per-sale basis. The Company applies the practical expedient available within ASU 2014-09 to all commissions paid as the future amortization period of the asset that the Company otherwise would have recognized is one year or less. Accordingly, these commissions are expensed as incurred. Internal staff are not paid commissions. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the product even if the shipping and handling activities are performed after the customer obtains control. The Company does not evaluate whether shipping and handling activities are promised services to its customers. If control transfers and revenue is recognized for the related products before the shipping and handling activities occur, the related costs of those shipping and handling activities is accrued. The Company applies this accounting policy election consistently to similar types of transactions. See disaggregated revenue information in Note 15. |
Acquisition and Divestiture Activities |
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Dec. 31, 2018 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 3 - Acquisition and Divestiture 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. Year ended December 31, 2018 On February 8, 2018, the Company acquired substantially all of the assets and liabilities of Ultrasource, Inc. ("UltraSource"), a U.S.-based, privately-held thin film circuit and thin film interconnect manufacturer, for $13,596. Based on an estimate of their fair values, the Company allocated $6,500 of the purchase price to definite-lived intangible assets. 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 $4,227 related to this acquisition. The results and operations of this acquisition have been included in the Resistors & Inductors segment since February 8, 2018. The inclusion of this acquisition did not have a material impact on the Company's consolidated results for the year ended December 31, 2018. The goodwill related to this acquisition is included in the Resistors & Inductors reporting unit for goodwill impairment testing. On June 11, 2018, the Company acquired EuroPower Holdings Ltd. ("EuroPower") for $2,939, net of cash acquired. EuroPower is a distributor of electronic components in the United Kingdom. The inclusion of this business did not have a material impact on the Company's consolidated results for the year ended December 31, 2018. 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 $1,068 related to this acquisition. The goodwill related to this acquisition is included in the Resistors & Inductors reporting unit for goodwill impairment testing. Prior years 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 year ended December 31, 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 these acquisitions occurred as of the beginning of the periods presented in these consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented. Subsequent Events On January 3, 2019, the Company acquired substantially all of the assets of Bi-Metallix, Inc. ("Bi-Metallix"), a U.S.-based, privately-held provider of electron beam continuous strip welding services for $12,000, subject to customary post-closing adjustments. The Company was a major customer of Bi-Metallix, and the acquired business will be vertically integrated into the Company's Resistors & Inductors segment. |
Restructuring and Related Activities |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. As of December 31, 2017, the Company's restructuring programs were substantially completed. The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated statements of operations:
MOSFETs Enhanced Competitiveness Program Over a period of approximately 2 years and in a period 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 previously 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. As a result of a review of the financial results and outlook for the Company's MOSFETs segment following the completion of the aforementioned production transfers, in November 2016, the Company determined to implement further cost reductions for the MOSFETs segment. In November 2016, the Company announced an extension of the MOSFETs Enhanced Competitiveness Program. The revised program included 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 following table summarizes the activity to date related to this program:
Note 4 – Restructuring and Related Activities (continued) Severance benefits are generally paid in a lump sum at cessation of employment. Other exit costs of $958 and $5,763 are included in the expenses incurred in 2017 and 2016, respectively, in the table above. The entire amount of the liability is considered current and is included in other accrued expenses on the accompanying consolidated balance sheets. Sale of Vacated Property On December 20, 2018, the Company entered into a transaction to sell the site of its former manufacturing facility in Santa Clara, California to a third-party buyer. On December 20, 2018, the Company received sale proceeds of $45,500 and concurrently leased-back the property under a short-term arrangement, to raze the buildings on the property. Due to the short-term lease-back, obligation to raze the buildings, and other factors, the transaction is not considered a completed sale under U.S. GAAP. The cash received is included in other accrued expenses on the accompanying consolidated balance sheet, and included in proceeds from sale of property and equipment on the accompanying consolidated statement of cash flows. The short-term lease-back will expire on the earlier of 15 days after the completion of demolition or June 30, 2019. The Company continues to evaluate the effect of ASU No. 2016-02 on the transaction. 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 transferring of production of certain of its products. The Company recorded restructuring and severance costs of $2,080 for the year ended December 31, 2014 and an adjustment of $(463) during the year ended December 31, 2016 related to these production transfer programs. Substantially all amounts related to these programs were paid as of December 31, 2016. Note 4 – Restructuring and Related Activities (continued) Global Cost Reduction Programs The global cost reduction programs announced in 2015 included 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. These programs were substantially completed as of December 31, 2017. The following table summarizes the activity to date related to this program:
The following table summarizes the expense recognized by segment related to this program:
Severance benefits are generally paid in a lump sum at cessation of employment. Other exit costs of $577 are included in the expenses incurred in 2017 in the tables above. The current portion of the liability is $2,330 and is included in other accrued expenses on the accompanying consolidated balance sheet. The non-current portion of the liability is included in other liabilities on the accompanying consolidated balance sheet. |
Income Taxes |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 5 – Income Taxes U.S. Tax Reform: Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted in the United States. The TCJA represents sweeping changes in U.S. tax law. Among the numerous changes in tax law, the TCJA permanently reduced the U.S. corporate income tax rate to 21% beginning in 2018; imposed a one-time transition tax on deferred foreign earnings; established a partial territorial tax system by allowing a 100% dividends received deduction on qualifying dividends paid by foreign subsidiaries; limited deductions for net interest expense; expanded the U.S. taxation of foreign earned income to include "global intangible low-taxed income" ("GILTI") of foreign subsidiaries; and imposed a base erosion and anti-abuse minimum tax ("BEAT"). As permitted by SAB No. 118, the tax expense recorded in the fourth fiscal quarter of 2017 due to the enactment of the TCJA was considered "provisional," based on reasonable estimates. As further described below, after additional analysis was completed in 2018, the Company identified additional amounts available to be repatriated to the U.S. and additional information regarding the foreign taxes payable and recorded additional provisional tax expense to accrue the incremental foreign income taxes and withholding taxes payable to foreign jurisdiction. The Company collected and analyzed detailed information about the earnings and profits of its non-U.S. subsidiaries, the related taxes paid, the amounts which could be repatriated, the foreign taxes which may be incurred on repatriation, and the associated impact of these items under the TCJA, including under regulatory guidance issued in 2018, throughout the measurement period. As of December 31, 2018, the measurement period has ended and the tax expense is no longer considered provisional. The amount of net tax expense recorded provisionally by the Company in the fourth fiscal quarter of 2017 and adjustments recorded during the measurement period in 2018 that are directly and indirectly related to the TCJA are summarized as follows:
As a result of the TCJA, the Company recognized a tax benefit of $76,027 to remeasure its net deferred tax liabilities at the lower, 21% rate. The TCJA transitioned the U.S. from a worldwide tax system to a territorial tax system. Under previous law, companies could indefinitely defer U.S. income taxation on unremitted foreign earnings. The TCJA imposed a one-time transition tax on deferred foreign earnings of 15.5% for liquid assets and 8% for illiquid assets, payable in defined increments over eight years. As a result of this requirement, the Company recognized provisional tax expense of $215,558 in 2017, and provisionally expected to pay $180,000, net of estimated applicable foreign tax credits, and after utilization of net operating loss and R&D and FTC Credit carryforwards. As a result of additional analysis completed during the measurement period, the Company accrued additional tax expense of $7,425 in 2018 and now expects to pay $184,467. The first installment of $14,757 was paid in 2018. These previously deferred foreign earnings may now be repatriated to the United States without additional U.S. federal taxation. However, any such repatriation could incur withholding and other foreign taxes in the source and intervening foreign jurisdictions, and certain U.S. state taxes. Due to the changes in taxation of dividends received from foreign subsidiaries, and also because of the need to finance the payment of the transition tax, the Company made the determination during the fourth fiscal quarter of 2017 that certain unremitted foreign earnings in Israel, Germany, Austria, and France are no longer permanently reinvested, and recorded provisional tax expense of $213,000 to accrue the incremental foreign income taxes and withholding taxes payable to foreign jurisdictions assuming the repatriation to the United States of these approximately $1,100,000 of available foreign earnings. As a result of additional analysis completed during the measurement period, the Company adjusted the amount of foreign unremitted earnings available from Israel, Germany, Austria, and France to approximately $1,200,000, identified additional information regarding foreign taxes payable, and accrued additional tax expense of $19,282. The Company repatriated approximately $724,000 to the United States, and paid withholding and foreign taxes of $156,767 in 2018. Substantially all of the amounts repatriated were used to reduce the outstanding balance of the credit facility (see Note 6), to repay certain intercompany indebtedness, and to fund the repurchase of convertible senior debentures in the fourth fiscal quarter of 2018 (see Note 6). Note 5 – Income Taxes (continued) After completing these phases of cash repatriation, there is approximately $300,000 of unremitted foreign earnings that the Company has deemed not permanently reinvested and thus has accrued foreign withholding and other taxes. The Company expects to repatriate these remaining amounts at a measured pace over several years, and may decide to ultimately not repatriate some of these amounts. There are additional amounts of unremitted foreign earnings in other countries, which continue to be reinvested indefinitely, and the Company has made no provision for incremental foreign income taxes and withholding taxes payable to foreign jurisdictions related to these amounts. Determination of the amount of the unrecognized deferred foreign tax liability for these amounts is not practicable because of the complexities associated with its hypothetical calculation. During the fourth fiscal quarter of 2015, the Company recognized income tax, including U.S. federal and state income taxes, incremental foreign income taxes, and withholding taxes payable to foreign jurisdictions, on $300,000 of foreign earnings. This tax expense was recognized in 2015 following an evaluation of the Company's anticipated domestic cash needs over the next several years and the Company's most efficient use of liquidity, and with consideration of the amount of cash that could be repatriated to the U.S. efficiently with lesser withholding taxes in foreign jurisdictions. The Company repatriated $38,000 and $46,000 pursuant to this program in 2017 and 2016, respectively. Prior to the enactment of the TCJA, the related deferred tax liability for the 2015 repatriation plan was $118,887. The Company terminated the 2015 cash repatriation plan and recorded a provisional income tax benefit to reverse this deferred tax liability, which was replaced by the liability for the transition tax and foreign income and withholding taxes described above. The deferred tax liability related to these unremitted foreign earnings is based on the available sources of cash, applicable tax rates, foreign currency exchange rates, and other factors and circumstances, as of each balance sheet date. Changes in these underlying facts and circumstances result in changes in the deferred tax liability balance, which are recorded as tax benefit or expense. Certain provisions of the TCJA had a significant impact on the Company's effective tax rate for the year ended December 31, 2018, and are expected to have a significant impact in future periods. Because the various provisions of the TCJA are interrelated, and because of changes in the Company's operations and changes in the capital structure in response to the TCJA, the impact of any specific provision of the TCJA cannot be isolated. The Company recognized a significant amount of GILTI income in 2018, but was able to utilize related foreign tax credits to reduce the impact on the effective tax rate. The Company has elected to account for GILTI tax in the period in which it is incurred and, therefore, does not provide any deferred taxes in the consolidated financial statements at December 31, 2018 or 2017. The inclusion of significant GILTI income was a contributing factor in allowing the Company to avoid a limitation on the deductibility of its U.S. interest expense in 2018. The Company was not subject to the BEAT minimum tax in 2018, but BEAT could increase the Company's future tax by disallowing certain otherwise deductible payments from the U.S. to non-U.S. subsidiaries and imposing a minimum tax if greater than the regular tax. The Company's repurchase of outstanding convertible debentures in 2018 (see Note 6) reduced the Company's 2018 tax rate. Note 5 – Income Taxes (continued) Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components:
Significant components of income taxes are as follows:
Note 5 – Income Taxes (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:
The Company makes significant judgments regarding the realizability of its deferred tax assets (principally net operating losses and tax credits). The carrying value of deferred tax assets is based on the Company's assessment that it is more likely than not that the Company will realize these assets after consideration of all available positive and negative evidence. During the year-ended December 31, 2018, the Company generated an excess U.S. foreign tax credit of $57,900. Because the Company does not anticipate sufficient U.S. foreign source income during the carryforward period, the Company has not recognized the benefit of the carryforward as of December 31, 2018. A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows:
Note 5 – Income Taxes (continued) Income tax expense for the years ended December 31, 2018, 2017, and 2016 includes certain discrete tax items for changes in uncertain tax positions, valuation allowances, tax rates, and other related items. These items total $39,428 (tax benefit), $230,618, and $22,596 in 2018, 2017, and 2016, respectively. For the year ended December 31, 2018, the discrete items include $25,496 related to the enactment of the TCJA, as previously described, a tax benefit of $54,877 resulting from the early extinguishment of convertible senior debentures, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the debentures, and $10,047 (tax benefit) for the periodic remeasurement of the deferred tax liability recorded for the foreign taxes associated with the cash repatriation program described above. For the year ended December 31, 2017, the discrete items include $234,855 related to the enactment of the TCJA, as previously described; $5,802 (tax benefit) for the periodic remeasurement of the deferred tax liability related to the 2015 cash repatriation program described below, and $1,565 of net tax expense for changes in uncertain tax positions. The 2015 cash repatriation program was expected to occur over several years, and the deferred tax liability is based on the available sources of cash, applicable tax rates, and other factors and circumstances, as of each respective balance sheet date. Changes in the underlying facts and circumstances result in changes in the deferred tax liability balance, which are recorded as tax benefit or expense. For the year ended December 31, 2016, the discrete items include $34,853 of additional tax expense related to the termination and settlement of the Vishay Retirement Plan (see Notes 10 and 11), $8,704 (tax benefit) for changes in uncertain tax positions related largely to statute expiration, and $3,553 (tax benefit) for periodic remeasurement of the deferred tax liability related to the 2015 cash repatriation program described below. At December 31, 2018, the Company had the following significant net operating loss carryforwards for tax purposes:
At December 31, 2018, the Company had the following significant tax credit carryforwards available:
Note 5 – Income Taxes (continued) Net income taxes paid were $248,958, $76,900, and $58,788 for the years ended December 31, 2018, 2017, and 2016, respectively. Net income taxes paid for the year ended December 31, 2018 includes $156,767 for repatriation activity and $14,757 for the TCJA transition tax. See Note 19 for a discussion of the tax-related uncertainties for the pre-spin-off period of Vishay Precision Group, Inc. ("VPG"), which was spun off on July 6, 2010. The following table summarizes changes in the liabilities associated with unrecognized tax benefits:
All of the unrecognized tax benefits of $21,241 and $17,056, as of December 31, 2018 and 2017, respectively, would reduce the effective tax rate if recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. At December 31, 2018 and 2017, the Company had accrued interest and penalties related to the unrecognized tax benefits of $2,887 and $2,845, respectively. During the years ended December 31, 2018, 2017, and 2016, the Company recognized $1,470, $2,479, and $542, respectively, in interest and penalties. The Company and its subsidiaries file U.S. federal income tax returns, as well as tax returns in multiple states and foreign jurisdictions. The Company's U.S. federal tax returns are open to examination for all years after 2012. During the years ended December 31, 2018, 2017, and 2016, certain tax examinations were concluded and certain statutes of limitations lapsed. The tax provision for those years includes adjustments related to the resolution of these matters, as reflected in the table above. The tax returns of significant non-U.S. subsidiaries which are currently under examination include India (2004 through 2014), Italy (2012 through 2016), Germany (2013 through 2016), Israel (2016), and Taiwan (2016). The Company and its subsidiaries also file income tax returns in other taxing jurisdictions in the U.S. and around the world, many of which are still open to examination. The timing of the resolution of income tax examinations is highly uncertain, as are the amounts and timing of tax payments that result from such examinations. These events could cause large fluctuations in the balance sheet classification of current and non-current unrecognized tax benefits. The Company believes that in the next 12 months it is reasonably possible that certain income tax examinations will conclude or the statutes of limitation on certain income tax periods open to examination will expire, or both. Given the uncertainties described above, the Company can only determine an estimate of potential decreases in unrecognized tax benefits ranging from $818 to $5,713. |
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:
Credit Facility The Company maintains a credit facility with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent (the "Credit Facility"). The Credit Facility, as amended and restated, provides an aggregate commitment of $640,000 of revolving loans available until December 10, 2020, and also provides for the ability of Vishay to request up to $50,000 of incremental revolving commitments, subject to the satisfaction of certain conditions. Borrowings under the Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay's leverage ratio. Based on Vishay's current leverage ratio, borrowings bear interest at LIBOR plus 1.50%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay's current leverage ratio, is 0.30% per annum. The Credit Facility allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is less than 2.25 to 1. If the Company's leverage ratio is greater than 2.25 to 1, the Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). The borrowings under the Credit Facility are secured by a lien on substantially all assets, including accounts receivable, inventory, machinery and equipment, and general intangibles (but excluding real estate, intellectual property registered or licensed for use in, or arising under the laws of, any country other than the United States, assets located outside of the United States and deposit and securities accounts), of Vishay and certain significant subsidiaries located in the United States, and pledges of stock in certain significant domestic and foreign subsidiaries; and are guaranteed by certain significant subsidiaries. Certain of the Company's subsidiaries are permitted to borrow under the Credit Facility, subject to the satisfaction of specified conditions. Any borrowings by these subsidiaries under the Credit Facility are guaranteed by Vishay and certain subsidiaries. The Credit Facility also limits or restricts the Company and its subsidiaries, from, among other things, incurring indebtedness, incurring liens on its respective assets, making investments and acquisitions, making asset sales, and making other restricted payments (assuming the Company's leverage ratio is greater than 2.25 to 1), and requires the Company to comply with other covenants, including the maintenance of specific financial ratios. The Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of Vishay or certain of its significant subsidiaries, and the rendering of a judgment in excess of $25,000 against Vishay or certain of its significant subsidiaries. Upon the occurrence of an event of default under the Credit Facility, the Company's obligations under the credit facility may be accelerated and the lending commitments under the credit facility terminated. At December 31, 2018 and 2017, there was $636,211 and $486,211, respectively, available under the Credit Facility. Letters of credit totaling $3,789 were outstanding at both December 31, 2018 and 2017. Note 6 – Long-Term Debt (continued) Convertible Senior Notes due 2025 In June 2018, the Company issued $600,000 aggregate principal amount of 2.25% convertible senior notes due 2025 to qualified institutional investors. The Company used the net proceeds from this offering to repurchase $220,000 and $69,060 principal amounts of convertible senior debentures due 2040 and 2042, respectively, as further described below. 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 notes are reflected in the Company's consolidated balance sheets as follows:
Interest is payable on the convertible notes due 2025 semi-annually in arrears on June 15 and December 15 of each year, beginning December 15, 2018, at a rate of 2.25% per annum; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate of 5.50% based on the Company's estimated nonconvertible debt borrowing rate. Interest expense for the year ended December 31, 2018 related to the convertible notes due 2025 is reflected on the consolidated statement of operations as follows:
The convertible notes due 2025 will mature on June 15, 2025, unless earlier repurchased or converted. Prior to December 15, 2024, such conversion is subject to the satisfaction of certain conditions set forth below. The convertible notes due 2025 are not redeemable by the Company before the maturity date. Prior to December 15, 2024, the holders may only convert their notes under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ending September 29, 2018, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period (initially $40.94); (2) the trading price of the notes falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; or (3) upon the occurrence of specified corporate transactions. The convertible notes due 2025 are initially convertible into cash, shares of Vishay common stock, or a combination thereof, at the Company's option, at a conversion rate of 31.7536 shares of common stock per $1,000 principal amount of notes. This initial conversion price represents a premium of 27.5% to the closing price of Vishay's common stock on June 8, 2018, which was $24.70 per share. The conversion rate of the convertible notes is not adjusted for quarterly cash dividends equal to or less than $0.085 per share of common stock. This represents an initial effective conversion price of approximately $31.49 per share. At the direction of its Board of Directors, Vishay intends, upon conversion, to repay the principal amount of the notes in cash and settle any additional amounts in shares. Vishay must provide additional shares upon conversion if there is a "fundamental change" in the business as defined in the indenture governing the notes. Note 6 – Long-Term Debt (continued) Convertible Senior Debentures Vishay currently has three issuances of convertible senior debentures outstanding with generally congruent terms. The Company used substantially all of the net proceeds of the June 2018 issuance of convertible senior notes due 2025 to repurchase $220,000 and $69,060 principal amounts of convertible senior debentures due 2040 and due 2042, respectively. The net carrying value of the debentures repurchased were $89,276 and $29,037, respectively. In accordance with the authoritative accounting guidance for convertible debentures, the aggregate repurchase payment of $584,991 was allocated between the liability ($133,647) and equity (including temporary equity, $451,344) components of the convertible debentures, using the Company's nonconvertible debt borrowing rate at the time of the repurchases. As a result, the Company recognized a loss on extinguishment of convertible debentures of $17,309, including the write-off of a portion of unamortized debt issuance costs. The Company used a substantial portion of the cash repatriated to the United States in the third fiscal quarter of 2018 (see Note 5) to repurchase $53,690, $116,922, and $78,772 principal amounts of convertible senior debentures due 2040, due 2041, and due 2042, respectively. The net carrying value of the debentures repurchased were $22,018, $45,157, and $33,466, respectively. In accordance with the authoritative accounting guidance for convertible debentures, the aggregate repurchase payment of $376,004 was allocated between the liability ($108,059) and equity (including temporary equity, $267,945) components of the convertible debentures, using the Company's nonconvertible debt borrowing rate at the time of the repurchases. As a result, the Company recognized a loss on extinguishment of convertible debentures of $9,274, including the write-off of a portion of unamortized debt issuance costs. 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 December 20, 2018 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. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the December 31, 2018 evaluation, due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the December 31, 2018 evaluation, due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods. The debentures due 2040 and due 2042 will remain convertible until December 31, 2018, at which time the conversion criteria will be reevaluated. At the direction of its Board of Directors, the Company intends, upon future conversion of any of the convertible senior debentures, to repay the principal amounts of the convertible senior debentures in cash and settle any additional amounts in shares of Vishay common stock. The excess of the amount that the Company would pay to the holders of the debentures due 2040 and due 2042 upon conversion over the carrying value of the liability component of the debentures currently convertible has been reclassified as temporary equity on the consolidated financial statements. The Company intends to finance the principal amount of any converted debentures using borrowings under its credit facility. Accordingly, the debt component of the convertible debentures due 2040 and due 2042 continues to be classified as a non-current liability on the consolidated balance sheets. Note 6 – Long-Term Debt (continued) Vishay must provide additional shares upon conversion if there is a "fundamental change" in the business as defined in the indenture governing the debentures. Vishay may not redeem the debentures prior to the respective call dates. On or after the call date and prior to the maturity date, Vishay may redeem for cash all or part of the debentures at a redemption price equal to 100% of the principal amount of the debentures to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of Vishay's common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period prior to the date on which Vishay provides notice of redemption. 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 accompanying consolidated 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. Note 6 – Long-Term Debt (continued) Interest expense related to the debentures is reflected on the accompanying consolidated statements of operations for the years ended December 31:
Exchangeable Unsecured Notes, due 2102 In 2016, the Company acquired from holders the remaining $38,642 principal amount of the Company's floating rate exchangeable unsecured notes due 2102 in two separate transactions. The aggregate purchase price for the privately negotiated transactions was $34,045. Vishay recognized gains on early extinguishment of debt of $4,597 presented as a separate line item in the accompanying consolidated statement of operations for the year ended December 31, 2016. There are no exchangeable unsecured notes outstanding. Other Borrowings Information Aggregate annual maturities of long-term debt, based on the terms stated in the respective agreements, are as follows:
The annual maturities of long-term debt are based on the amount required to settle the obligation. Accordingly, the discounts associated with the convertible debt instruments are excluded from the calculation of the annual maturities of long-term debt in the table above. At December 31, 2018, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $7,000, with substantially no amounts borrowed. At December 31, 2017, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $15,000, with substantially no amounts borrowed. Interest paid was $23,859, $21,216, and $19,316 for the years ended December 31, 2018, 2017, and 2016, respectively. See Note 18 for further discussion on the fair value of the Company's long-term debt. |
Stockholders' Equity |
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Stockholders' Equity | Note 7 – Stockholders' Equity The Company's Class B common stock carries 10 votes per share while the common stock carries 1 vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock. The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. Stock dividends or distributions on any class of stock are payable only in shares of stock of that class. Shares of either common stock or Class B common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally. In 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program. Cash dividends were paid quarterly in 2018 and 2017 as follows:
The Credit Facility allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is less than 2.25 to 1. If the Company's leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). The amount and timing of any future stock repurchases or cash dividends remains subject to authorization of the Company's Board of Directors. At December 31, 2018, the Company had reserved shares of common stock for future issuance as follows:
___________________ *At December 31, 2018, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 102,679, 1,891,999, and 199,796 shares, respectively, of Vishay common stock. The convertible senior notes due 2025 are convertible into 19,052,160 shares of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the convertible debt instruments. |
Other Income (Expense) |
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Other Income (Expense) | Note 8 – Other Income (Expense) The caption "Other" on the accompanying consolidated statements of operations consists of the following:
† Recognized in "Other" subsequent to the prospective adoption of ASU 2016-01. Previously recorded in accumulated other comprehensive income until realized. See Note 1. In 2018, we issued $600 million principal amount of 2.25% senior convertible notes due 2025 to qualified institutional investors. We used the net proceeds from this offering and cash repatriated to the United States (see Note 5) to repurchase $273,690, $116,922, and $147,832 principal amounts of convertible senior debentures due 2040, due 2041, and 2042, respectively, for $960,995. We recognized a $26,583 loss on early extinguishment of the repurchased convertible debentures in 2018. In 2017, the Company sold its 50% interest in an investment accounted for using the equity method, and recorded a loss aggregating to $6,112. The $7,060 loss recorded in March 2017 included Vishay's proportionate share of the investee's accumulated other comprehensive loss of $1,110, recognized upon discontinuation of the equity investment, and the estimated cost of certain contingencies pending resolution related to the investee. In December 2017, the remaining contingencies related to the investee were favorably resolved and the Company reduced the loss by $948. The loss on disposal is not deductible for income tax purposes. 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. The Company's insurance coverage generally provides for replacement cost of damaged items. Any amount received in excess of the book value is treated as a gain. The Company also had business interruption claims under its insurance policies. During 2016, the Company received proceeds totaling $13,406 under its various insurance policies, of which $4,911 is classified as proceeds from the sale of property and equipment on the accompanying consolidated statement of cash flows, and the remainder is considered cash flows from operating activities. The Company recorded, as a separate line on the accompanying consolidated statement of operations for the year ended December 31, 2016, a gain of $8,809, equal to the proceeds received less the costs incurred for inventory, property, and equipment damage (at net book value) and related repair and clean-up costs. |
Other Accrued Expenses |
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Other Accrued Expenses | Note 9 – Other Accrued Expenses Other accrued expenses consist of the following:
**Recast for the retrospective adoption of ASU 2017-07. See Note 1. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 10 – 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:
The Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $1,801 for the cumulative change in fair value of available-for-sale equity investments previously recognized in other comprehensive income due to the adoption of ASU 2016-01. See Note 1 for further information. The amount of unrealized gains (losses) on available-for-sale securities reclassified out of AOCI as a result of sales of securities held by the Company's rabbi trust used to fund a deferred compensation plan was $817 and $0 for the years ended December 31, 2017 and 2016, respectively. These reclassifications are recorded as a component of compensation expense within Selling, General, and Administrative expenses on the accompanying consolidated statements of operations. The pre-tax amount of unrealized gains (losses) on available-for-sale securities reclassified out of AOCI as a result of sales of available-for-sale securities was $0 for the years ended December 31, 2017 and 2016. These reclassifications are recorded as a component of Other Income on the accompanying consolidated statements of operations. The tax effect of the reclassifications of unrealized gains (losses) on available-for-sale securities is recorded as a component of Income Tax Expense on the accompanying consolidated statements of operations. Reclassifications of pension and other post-retirement actuarial items out of AOCI, including the recognition of the settlement charge for the termination of the Vishay Retirement Plan in 2016, are included in the computation of net periodic benefit cost (see Note 11). Historically, valuation allowances were recorded against the deferred taxes associated with certain unrecognized pension and other postretirement actuarial items. Changes in estimates related to these valuation allowances are recorded in the statement of operations and do not affect accumulated other comprehensive income until the underlying pension or other postretirement benefit plan is extinguished. As a result of the termination and settlement of the Vishay Retirement Plan, the Company recorded $34,853 of additional income tax expense and the related reclassification adjustment in 2016 within accumulated other comprehensive income related to changes in estimates recorded in 2010. 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 11 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. GAAP requires employers to recognize the funded status of a benefit plan, measured as the difference between plan assets at fair value and the benefit obligation, in its balance sheet. The recognition of the funded status on the balance sheet requires employers to recognize actuarial items (such as actuarial gains and losses, prior service costs, and transition obligations) as a component of other comprehensive income, net of tax. The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans:
* - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. Defined Benefit Pension Plans U.S. Pension Plans The Company maintained several defined benefit pension plans which covered most full-time U.S. employees. These included pension plans which are "qualified" under the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code, and "non-qualified" pension plans which provide defined benefits primarily to U.S. employees whose benefits under the qualified pension plan would be limited by ERISA and the Internal Revenue Code. Pension benefits earned are generally based on years of service and compensation during active employment. The Society of Actuaries Retirement Plans Experience Committee issued updated mortality improvement scales in 2018 and 2017, which did not have a material effect on the Company's projected benefit obligations or future net periodic pension cost. Note 11 – Pensions and Other Postretirement Benefits (continued) Qualified U.S. Pension Plans The qualified U.S. pension plans historically included both contributory and non-contributory plans. The Company's principal qualified U.S. pension plan (the Vishay Retirement Plan) was funded through Company and participant contributions to an irrevocable trust fund. The Company's other qualified U.S. pension plans, which were assumed as a result of past acquisitions, were funded only through Company contributions. In 2008, the Company adopted amendments to the Vishay Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees could participate in the plan, no further participant contributions were required or permitted, and no further benefits accrued after December 31, 2008. The Company's other qualified U.S. pension plans had all been effectively frozen in prior years. All of the Company's qualified U.S. pension plans were merged into the Vishay Retirement Plan. In the second fiscal quarter of 2015, the Company began the process of terminating the Vishay Retirement Plan. During the third fiscal quarter of 2016, the Company received a favorable determination letter from the U.S. Internal Revenue Service ("IRS"), and met all other applicable IRS and Pension Benefit Guarantee Corporation requirements. The termination and settlement occurred in December 2016. Plan participants had their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. The settlement resulted in a non-cash charge of $79,321 to recognize the unrecognized actuarial items related to the Vishay Retirement Plan recorded in 2016 in accumulated other comprehensive income. These non-cash charges are presented on a separate line in the accompanying consolidated statements of operations. The termination and settlement required no additional cash contributions. Excess plan assets were transferred to a qualified defined contribution retirement plan, and are presented on the accompanying reconciliation as a negative Company contribution. A final reconciliation of participant data subject to the settlement annuity contract was completed during 2017. The final annuity pricing adjustment and related items did not have a material impact on the Company's financial results. Non-qualified U.S. Pension Plans The Company's principal non-qualified U.S. pension plan (the Vishay Non-qualified Retirement Plan) was a contributory pension plan designed to provide similar defined benefits to covered U.S. employees whose benefits under the Vishay Retirement Plan would be limited by ERISA and the Internal Revenue Code. The Vishay Non-qualified Retirement Plan was identical in construction to the Vishay Retirement Plan, except that the plan is not qualified under ERISA. The Vishay Non-qualified Retirement Plan, like all non-qualified plans, is considered to be unfunded. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the non-qualified pension plan were $22,409 and $24,505 at December 31, 2018 and 2017, respectively. In 2008, the Company adopted amendments to the Vishay Non-Qualified Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees may participate in the plans, no further participant contributions were required or permitted, and no further benefits shall accrue after December 31, 2008. Benefits accumulated as of December 31, 2008 will be paid to employees upon retirement, and the Company will likely need to make additional cash contributions to the rabbi trust to fund this accumulated benefit obligation. To mitigate the loss in benefits of these employees, effective January 1, 2009, the Company increased the Company-match portion of its 401(k) defined contribution savings plan for employees impacted by the pension freeze. The Company also maintains other pension plans which provide supplemental defined benefits primarily to former U.S. employees whose benefits under qualified pension plans were limited by ERISA. These non-qualified plans are all non-contributory plans, and are considered to be unfunded. In 2004, the Company entered into an employment agreement with Dr. Felix Zandman, its Executive Chairman and then-Chief Executive Officer. Pursuant to this agreement, the Company is providing an annual retirement benefit of approximately $614 to his surviving spouse. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to this non-qualified pension plan were $1,199 and $1,789 at December 31, 2018 and 2017, respectively. Non-U.S. Pension Plans The Company provides pension and similar benefits to employees of certain non-U.S. subsidiaries consistent with local practices. Pension benefits earned are generally based on years of service and compensation during active employment. Note 11 – Pensions and Other Postretirement Benefits (continued) The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans:
The plan assets are stated at fair value. See Note 18 for further discussion of the valuation of the plan assets. Amounts recognized on the accompanying consolidated balance sheets consist of the following:
Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following:
The following table sets forth additional information regarding the projected and accumulated benefit obligations:
The following table sets forth the components of net periodic pension cost:
Net periodic benefit cost in 2018 and 2017 was significantly impacted by the termination and settlement of the Company's qualified U.S. pension plan in December 2016. The settlement resulted in the immediate recognition of previously unrecognized actuarial items related to the plan in 2016 that were recorded in accumulated other comprehensive income and were being amortized into net periodic pension cost. Note 11 – Pensions and Other Postretirement Benefits (continued) See Note 10 for the pretax, tax effect and after tax amounts included in other comprehensive income during the years ended December 31, 2018, 2017, and 2016. The estimated actuarial items for the defined benefit pensions plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2019 is $6,300. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
The following weighted average assumptions were used to determine the net periodic pension costs:
The plans' expected return on assets is based on management's expectations of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The investment mix between equity securities and fixed income securities is based upon achieving a desired return, balancing higher return, more volatile equity securities, and lower return, less volatile fixed income securities and is adjusted for the expected duration of the obligation and the funded status of the plan. Investment allocations are made across a range of securities, maturities and credit quality. The Company's non-U.S. defined benefit plan investments are based on local laws and customs. Most plans invest in cash and local government fixed income securities, although plans in certain countries have investments in equity securities. The plans do not invest in securities of Vishay or its subsidiaries. Negative investment returns could ultimately affect the funded status of the plans, requiring additional cash contributions. See Note 18 for further information on the fair value of the plan assets by asset category. Estimated future benefit payments are as follows:
The Company's anticipated 2019 contributions for defined benefit pension plans will approximate the expected benefit payments disclosed above. Note 11 – Pensions and Other Postretirement Benefits (continued) Other Postretirement Benefits In the U.S., the Company maintains unfunded non-pension postretirement plans, including medical benefits for certain executives and their surviving spouses, which are funded as costs are incurred. The Company also maintains two unfunded non-pension postretirement plans at two European subsidiaries. The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans:
Amounts recognized on the accompanying consolidated balance sheets consist of the following:
Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following:
The following table sets forth the components of net periodic benefit cost:
The estimated actuarial items for the other postretirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2019 are not material. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
The following weighted average assumptions were used to determine the net periodic benefit costs:
The impact of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit cost and postretirement benefit obligation is not material. Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows:
As the plans are unfunded, the Company's anticipated contributions for 2019 are equal to its estimated benefits payments. Other Retirement Obligations The Company participates in various other defined contribution and government-mandated retirement plans based on local law or custom. The Company periodically makes required contributions for certain of these plans, whereas other plans are unfunded retirement bonus plans which will be paid at the employee's retirement date. At December 31, 2018 and 2017, the accompanying consolidated balance sheets include $14,521 and $13,852, respectively, within accrued pension and other postretirement costs related to these plans. The Company's U.S. employees are eligible to participate in a 401(k) savings plan, which provides for Company matching contributions. The Company's matching expense for the plans was $6,353, $5,843, and $5,039 for the years ended December 31, 2018, 2017, and 2016, respectively. No material amounts are included in the accompanying consolidated balance sheets at December 31, 2018 and 2017 related to unfunded 401(k) contributions. Certain key employees participate in a deferred compensation plan. During the years ended December 31, 2018, 2017, and 2016, these employees could defer a portion of their compensation until retirement, or elect shorter deferral periods. The Company maintains a liability within other noncurrent liabilities on its consolidated balance sheets related to these deferrals. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the deferred compensation plan at December 31, 2018 and 2017 were approximately $18,162 and $18,958, respectively. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Note 12 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of share-based compensation to officers, employees, and non-employee directors. 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 share-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 December 31, 2018 (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. Note 12 – Stock-Based Compensation (continued) 2007 Stock Incentive Program The Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, was approved by Vishay's stockholders at Vishay's Annual Meeting of Stockholders on May 20, 2014. The 2007 Program 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. At December 31, 2018, the Company has reserved 2,894,000 shares of common stock for future grants of equity awards pursuant to the 2007 Program. If any outstanding awards are forfeited by the holder or cancelled by the Company, the underlying shares would be available for regrant to others. Restricted Stock Units Each RSU entitles the recipient to receive a share of common stock when the RSU vests. RSU activity is presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. The number of performance-based RSUs 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):
** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2019 were achieved. In the event of (i) any termination (other than for cause) after attaining retirement age (as defined in the respective executive's employment arrangement), the executive's outstanding RSUs shall immediately vest and the outstanding performance-based RSUs shall vest on their normal vesting date to the extent applicable performance criteria are realized; and (ii) a change of control of Vishay, all of such executive's outstanding RSUs and performance-based RSUs shall immediately vest. In the event of voluntary termination by the executive prior to attaining retirement age or termination for cause, the executive's outstanding RSUs and performance-based RSUs will be forfeited. Note 12 – Stock-Based Compensation (continued) 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. The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands):
Stock Options During the periods presented, the Company had stock options outstanding under the 2007 Program and previous stockholder-approved stock option programs. Since December 31, 2013, all outstanding options had vested and were exercisable. As of December 31, 2016, approximately 77,000 options were outstanding with a weighted average exercise price of $16.29. As of December 31, 2017, there were no stock options outstanding. There were no options granted in 2018, 2017, or 2016. During the years ended December 31, 2017 and 2016, approximately 77,000 and 28,000 options were exercised, respectively. The total intrinsic value of options exercised during the years ended December 31, 2017 and 2016 was $20 and $85, respectively. |
Commitments and Contingencies |
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||
Commitments and Contingencies | Note 13 – Commitments and Contingencies Leases The Company uses various leased facilities and equipment in its operations. In the normal course of business, operating leases are generally renewed or replaced by other leases. Certain operating leases include escalation clauses. Total rental expense under operating leases was $22,658, $29,039, and $27,431 for the years ended December 31, 2018, 2017, and 2016, respectively. Future minimum lease payments for operating leases with initial or remaining noncancelable lease terms in excess of one year are as follows:
Environmental Matters The Company is subject to various federal, state, local, and foreign laws and regulations governing environmental matters, including the use, discharge, and disposal of hazardous materials. The Company's manufacturing facilities are believed to be in substantial compliance with current laws and regulations. Complying with current laws and regulations has not had a material adverse effect on the Company's financial condition. The Company has engaged environmental consultants and attorneys to assist management in evaluating potential liabilities related to environmental matters. Management assesses the input from these consultants along with other information known to the Company in its effort to continually monitor these potential liabilities. Management assesses its environmental exposure on a site-by-site basis, including those sites where the Company has been named as a "potentially responsible party." Such assessments include the Company's share of remediation costs, information known to the Company concerning the size of the hazardous waste sites, their years of operation, and the number of past users and their financial viability. The Company has accrued environmental liabilities of $12,190, of which $5,438 is included in other accrued liabilities on the accompanying consolidated balance sheet, and $6,752 is included in other noncurrent liabilities on the accompanying consolidated balance sheet. While the ultimate outcome of these matters cannot be determined, management does not believe that the final disposition of these matters will have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. The Company's present and past facilities have been in operation for many years. These facilities have used substances and have generated and disposed of wastes which are or might be considered hazardous. Therefore, it is possible that additional environmental issues may arise in the future, which the Company cannot now predict. Litigation The Company is a party to various claims and lawsuits arising in the normal course of business. The Company is of the opinion that these litigations or claims will not have a material negative effect on its consolidated financial position, results of operations, or cash flows. Semiconductor Foundry Agreements The Company's Siliconix subsidiary maintains long-term foundry agreements with subcontractors to ensure access to external front-end capacity. Since 2004, Siliconix has maintained long-term foundry arrangements for semiconductor manufacturing with Tower Semiconductor, pursuant to which Siliconix transferred certain technology to Tower Semiconductor and committed to purchase a minimum amount of semiconductor wafers. The Company has minimum purchase commitments pursuant to the current arrangement of $40,697 and $16,792 for 2019 and 2020, respectively. The minimum purchase commitments are based on a 18-month rolling forecast and, accordingly, the 2020 minimum purchase commitments will likely increase. The Company has the option to purchase wafers in addition to the minimum commitment and, accordingly, actual purchases may be different than the amounts disclosed above. The Company's 2018 purchases pursuant to the arrangement exceeded the minimum purchase commitment. Note 13 – Commitments and Contingencies (continued) Product Quality Claims The Company is a party to various product quality claims in the normal course of business. See Note 2 for further information on the Company's warranty obligations. Executive Employment Agreements The Company has employment agreements with certain of its senior executives. These employment agreements provide incremental compensation in the event of termination. The Company does not provide any severance or other benefits specifically upon a change in control. |
Current Vulnerability Due to Certain Concentrations |
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Current Vulnerability Due to Certain Concentrations Abstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Vulnerability Due to Certain Concentrations | Note 14 – Current Vulnerability Due to Certain Concentrations Market Concentrations The Company's largest customer, TTI, Inc., an electronics distributor, represented 10.4% of consolidated net revenues in 2018. The loss of this customer could have a material effect on the results of operations of the Company. No other customers represented greater than 10% of consolidated net revenue in 2018 and no customers represented greater than 10% of consolidated net revenues in 2017 or 2016. A material portion of the Company's revenues are derived from the worldwide industrial, automotive, telecommunications, and computing markets. These markets have historically experienced wide variations in demand for end products. If demand for these end products should decrease, the producers thereof could reduce their purchases of the Company's products, which could have an adverse effect on the Company's results of operations and financial position. Certain subsidiaries and product lines have customers which comprise greater than 10% of the subsidiary's or product line's net revenues. The loss of one of these customers could have a material effect on the results of operations of the subsidiary or product line and financial position of the subsidiary, which could result in an impairment charge which could be material to the Company's consolidated financial statements. Credit Risk Concentrations Financial instruments with potential credit risk consist principally of cash and cash equivalents, short-term investments, accounts receivable, and notes receivable. Concentrations of credit risk with respect to receivables are generally limited due to the Company's large number of customers and their dispersion across many countries and industries. As of December 31, 2018, one customer comprised 15.9% of the Company's accounts receivable balance. This customer comprised 16.1% of the Company's accounts receivable balance as of December 31, 2017. No other customer comprised greater than 10% of the Company's accounts receivable balance as of December 31, 2018 or December 31, 2017. The Company continually monitors the credit risks associated with its accounts receivable and adjusts the allowance for uncollectible accounts accordingly. The credit risk exposure associated with the accounts receivable is limited by the allowance and is not considered material to the financial statements. The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2018, the following financial institutions held over 10% of the Company's combined cash and cash equivalents and short-term investments balance:
*Participant in Credit Facility Sources of Supplies Many of the Company's products require the use of raw materials that are produced in only a limited number of regions around the world or are available from only a limited number of suppliers. The Company's consolidated results of operations may be materially and adversely affected if there are significant price increases for these raw materials, the Company has difficulty obtaining these raw materials, or the quality of available raw materials deteriorates. For periods in which the prices of these raw materials are rising, the Company may be unable to pass on the increased cost to the Company's customers, which would result in decreased margins for the products in which they are used. For periods in which the prices are declining, the Company may be required to write down its inventory carrying cost of these raw materials which, depending on the extent of the difference between market price and its carrying cost, could have a material adverse effect on the Company's net earnings. Vishay is a major consumer of the world's annual production of tantalum. Tantalum, a metal purchased in powder or wire form, is the principal material used in the manufacture of tantalum capacitors. There are few suppliers that process tantalum ore into capacitor grade tantalum powder. From time to time, there have been short-term market shortages of raw materials utilized by the Company. While these shortages have not historically adversely affected the Company's ability to increase production of products containing these raw materials, they have historically resulted in higher raw material costs for the Company. The Company cannot assure that any of these market shortages in the future would not adversely affect the Company's ability to increase production, particularly during periods of growing demand for the Company's products. Note 14 – Current Vulnerability Due to Certain Concentrations (continued) Certain raw materials used in the manufacture of the Company's products, such as gold, copper, palladium, and other metals, are traded on active markets and can be subject to significant price volatility. To ensure adequate supply and to provide cost certainty, the Company's policy is to enter into short-term commitments to purchase defined portions of annual consumption of the raw materials utilized by the Company if market prices decline below budget. If after entering into these commitments, the market prices for these raw materials decline, the Company must recognize losses on these adverse purchase commitments. Recently enacted rules in the U.S. on conflict minerals, which include tantalum, tungsten, tin, and gold, all of which are used in the Company's products, could result in increased prices and decreased supply of conflict minerals, which could negatively affect the Company's consolidated results of operations. Geographic Concentration The Company has operations outside the United States, and approximately 75% of revenues earned during 2018 were derived from sales to customers outside the United States. Additionally, as of December 31, 2018, $686,284 of the Company's cash and cash equivalents and short-term investments were held by subsidiaries outside of the United States. Some of the Company's products are produced and cash and cash equivalents and short-term investments are held in countries which are subject to risks of political, economic, and military instability. This instability could result in wars, riots, nationalization of industry, currency fluctuations, and labor unrest. These conditions could have an adverse impact on the Company's ability to operate in these regions and, depending on the extent and severity of these conditions, could materially and adversely affect the Company's overall financial condition, operating results, and ability to access its liquidity when needed. As of December 31, 2018 the Company's cash and cash equivalents and short-term investments were concentrated in the following countries:
Certain of the Company's non-U.S. subsidiaries have cash and cash equivalents and short-term investments deposited in U.S. financial institutions. Vishay has been in operation in Israel for 48 years. The Company has never experienced any material interruption in its operations attributable to these factors, in spite of several Middle East crises, including wars. |
Segment and Geographic Data |
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Segment and Geographic Data | Note 15 – Segment and Geographic Data 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. An immaterial 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. Note 15 – Segment and Geographic Data (continued) The following tables set forth business segment information:
________________ *Recast for the retrospective adoption of ASUs 2014-09 and 2017-07. See Note 1.
**Recast for the retrospective adoption of ASU 2017-07. See Note 1. See Note 4 for restructuring and severance costs segment information. The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:
Note 15 – Segment and Geographic Data (continued) Net revenues were attributable to customers in the following regions:
The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below:
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
**Recast for the retrospective adoption of ASU 2017-07. See Note 1. The following table summarizes property and equipment based on physical location:
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Note 16 – Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock options and restricted stock units (see Note 12), convertible debt instruments (see Note 6), and other potentially dilutive securities. The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):
Note 16 – Earnings Per Share (continued) Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (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. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the December 31, 2018 evaluation. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the December 31, 2018 evaluation. 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 $12.76, 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 $17.48, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, if the average market price is less than $10.85, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042, and if the average market price is less than $31.49, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. |
Additional Cash Flow Information |
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Additional Cash Flow Information | Note 17 – Additional Cash Flow Information Changes in operating assets and liabilities, net of effects of businesses acquired consist of the following:
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Fair Value Measurements |
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Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 18 – 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. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
As described in Note 6, the Company allocated the aggregate repurchase payment of convertible senior debentures between the associated liability and equity components of the repurchased convertible senior debentures based on a nonrecurring fair value measurement of the convertible senior debentures immediately prior to the repurchases. The nonrecurring fair value measurements are considered Level 3 measurements. See Note 6 for further information on the measurements and inputs. In accordance with ASC Subtopic 350-20, and as described in Note 20, the Company performed nonrecurring fair value measurements of its indefinite-lived Siliconix tradenames as of the last day of its third fiscal quarter of 2016. As a result of the fair value measurements, 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 statements of operations for the year ended December 31, 2016. The Company's nonrecurring fair value measurement of its Siliconix tradenames is considered Level 3 measurements. See Note 20 for further information on the measurements and inputs. Note 18 – Fair Value Measurements (continued) 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 year. The company-owned life insurance assets are valued in consultation with the Company's insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of 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 maintains defined benefit retirement plans in certain of its non-U.S. subsidiaries. The assets of the plans are measured at fair value. Equity securities held by the non-U.S. defined benefit retirement plans consist of equity securities that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the equity securities is considered a Level 1 measurement within the fair value hierarchy. Fixed income securities held by the non-U.S. defined benefit retirement plans consist of government bonds in the Philippines and India and corporate notes that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the fixed income securities is considered a Level 1 measurement within the fair value hierarchy. Cash held by the non-U.S. defined benefit retirement plans consists of demand deposits on account in various financial institutions to fund current benefit payments. The carrying amount of the cash approximates its fair value. The Company holds investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the U.S. 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 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 London Interbank Offered Rate (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 has entered 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 $100,000 as of December 31, 2017. There were no such contracts outstanding as of December 31, 2018. The forward contracts were short-term in nature and were renewed at the Company's discretion until the intercompany loans were repaid. We did not designate the forward contracts as hedges for accounting purposes, and as such the changes in the fair value of the contracts were recognized in the accompanying consolidated statements of operations as a component of other income (expense). The Company estimated 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 hierarchy. The value of the forward contracts were immaterial as of December 31, 2017. 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 liability and capitalized deferred financing costs, at December 31, 2018 and 2017 is approximately $577,200 and $1,071,200, respectively, compared to its carrying value, excluding the derivative liability and capitalized deferred financing costs, of $509,407 and $379,033, 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 December 31, 2018 and 2017, 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 December 31, 2018 and 2017, 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 accompanying consolidated 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 accompanying consolidated balance sheets approximate their fair values. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19 – Related Party Transactions Vishay Precision Group, Inc. On July 6, 2010, Vishay completed the spin-off of its measurements and foil resistors businesses into an independent, publicly-traded company, Vishay Precision Group, Inc. Vishay's common stockholders received 1 share of VPG common stock for every 14 shares of Vishay common stock they held on the record date, June 25, 2010, and Vishay's Class B common stockholders received 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock they held on the record date. Following the spin-off, VPG is an independent company and Vishay retains no ownership interest. Relationship with VPG after Spin-off Following the spin-off, VPG and Vishay operate separately, each as independent public companies. Vishay has no ownership interest in VPG. However, Ruta Zandman solely or on a shared basis with Marc Zandman and Ziv Shoshani, all of whom are members of Vishay's Board of Directors, control a large portion of the voting power of both Vishay and VPG. Marc Zandman, Vishay's Executive Chairman of the Board and an executive officer of Vishay, serves as the Chairman of VPG. Ziv Shoshani, CEO of VPG, serves as a director of Vishay. Additionally, Timothy V. Talbert, a member of Vishay's Board of Directors is also a member of the Board of Directors of VPG. In connection with the completion of the spin-off, Vishay and its subsidiaries entered into several agreements with VPG and its subsidiaries that govern the relationship of the parties following the spin-off. Among the agreements entered into with VPG and its subsidiaries were a transition services agreement, several lease agreements, and supply agreements. None of the agreements have had nor are expected to have a material impact on Vishay's financial position, results of operations, or liquidity. Some of these agreements have expired and have not been renewed. Vishay also entered into a trademark license agreement with VPG pursuant to which Vishay granted VPG the license to use certain trademarks, service marks, logos, trade names, entity names, and domain names which include the term "Vishay." The license granted VPG the limited, exclusive, royalty-free right and license to use certain marks and names incorporating the term "Vishay" in connection with the design, development, manufacture, marketing, provision and performance of certain VPG products that do not compete with any products within Vishay's product range as constituted immediately following the separation and certain services provided in connection with the products. The license cannot be terminated except as a result of willful misconduct or liquidation bankruptcy of VPG. Until the spin-off, VPG was included in Vishay's consolidated federal income tax returns and with Vishay and/or certain of Vishay's subsidiaries in applicable combined or unitary state and local income tax returns. In conjunction with the spin-off, Vishay and VPG entered a tax matters agreement under which Vishay generally will be liable for all U.S. federal, state, local, and foreign income taxes attributable to VPG with respect to taxable periods ending on or before the distribution date except to the extent that VPG has a liability for such taxes on its books at the time of the spin-off. Vishay is also principally responsible for managing any income tax audits by the various tax jurisdictions for pre-spin-off periods. Vishay has fully indemnified VPG of tax exposures arising prior to the spin-off. |
Goodwill and Other Intangible Assets |
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Goodwill and Other Intangible Assets | Note 20 – Goodwill and Other Intangible Assets As a result of a review of the financial results and outlook for the MOSFETs segment following the completion of 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 is being amortized over 10 years, which was the 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 conclusion that an indefinite-lived asset is not impaired, or the determination of any impairment charge if it was determined that the asset values were indeed impaired. The Company performs its annual goodwill and indefinite-lived impairment tests as of the first day of the fiscal fourth quarter. The interim impairment test performed as the last day of the third fiscal quarter of 2016, was effectively the annual impairment test for 2016. No impairment was identified as a result of the Company's annual impairment tests for 2018 and 2017. The Company has no remaining indefinite-lived intangible assets. 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. Note 20 – Goodwill and Other Intangible Assets (continued) The changes in the carrying amount of goodwill by segment for the years ended December 31, 2018 and 2017 were as follows:
Other intangible assets are as follows:
Amortization expense (excluding capitalized software) was $11,807, $14,263, and $14,842, for the years ended December 31, 2018, 2017, and 2016, respectively. Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2018 for each of the next five years is as follows:
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Summary of Quarterly Financial Information (Unaudited) |
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Summary of Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information (Unaudited) | Note 21 – Summary of Quarterly Financial Information (Unaudited)
* Recast for the retrospective adoption of ASUs 2014-09 and 2017-07. See Note 1. (a) May not add due to differences in weighted average share counts. (b) 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. Note 21 – Summary of Quarterly Financial Information (Unaudited) (continued) The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption in the tables below:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers in accordance with Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 2. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $72,885, $67,153, and $66,842, for the years ended December 31, 2018, 2017, and 2016, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. |
Income Taxes | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of "more likely than not" to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company's assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management's best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company's effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. See Note 5. |
Cash, Cash Equivalents, and Short-Term Investments | Note 1 – Summary of Significant Accounting Policies (continued) Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2018 and 2017, the Company's short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Bad debt expense was $2,570, $301, and $61 for the years ended December 31, 2018, 2017, and 2016, respectively. |
Inventories | Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or net realizable value. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. |
Property and Equipment | Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2018 was approximately $127,000. Depreciation of capital lease assets is included in total depreciation expense. Depreciation expense was $150,056, $148,883, and $144,521 for the years ended December 31, 2018, 2017, and 2016, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. |
Goodwill and Other Intangible Assets | 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. Certain of the Company's tradenames were assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. See Note 20 for further information on the impairment test performed in 2016. At December 31, 2018 and 2017, respectively, the Company has no recorded indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty-five years. Capitalized software is amortized over periods of three to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five to twenty years. Noncompete agreements are amortized over periods of three to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the quantitative impairment test is required. The Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would recognize an impairment charge. |
Impairment of Long-Lived Assets | Note 1 – Summary of Significant Accounting Policies (continued) Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. |
Available-for-Sale Securities | Available-for-Sale Securities Short-term investments and other assets reported on the accompanying consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year and investments in marketable securities which are classified as available-for-sale. These assets include assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans (see Note 11) and assets that are intended to fund a portion of the Company's other postretirement benefit obligations outside of the U.S. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Beginning in 2018, unrealized gains and losses are reported, net of their related tax consequences, as Other Income (Expense) on the consolidated statements of operations. See "Recently Adopted Accounting Guidance" below. At the time of sale, the assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. |
Financial Instruments | Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. The convertible senior debentures due 2040, due 2041, and due 2042 contain embedded derivatives that are recorded at fair value on a recurring basis. At December 31, 2018 and 2017, outstanding derivative instruments were not material. The Company reports derivative instruments on the accompanying consolidated balance sheet at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and the ineffective portion, if any, is reported in current period net earnings (loss). Changes in the fair values of derivative instruments that are not designated as hedges, including embedded derivatives, are recorded in current period net earnings (loss). The Company has in the past used interest rate swap agreements to modify variable rate obligations to fixed rate obligations, thereby reducing exposure to market rate fluctuations. The Company uses financial instruments such as forward exchange contracts to mitigate a portion, but not all, of the risk associated with its firm commitments denominated in foreign currencies. The purpose of the Company's foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported on the accompanying consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. |
Foreign Currency Translation | Note 1 – Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company's operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities on the accompanying consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders' equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director is required to provide service in exchange for the award. For awards subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units ("RSUs") that are expected to vest and records cumulative adjustments in the period that the expectation changes. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2018 and 2017 do not include claims against third parties. |
Restructuring and Severance Costs | Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined company program. The Company recognizes other exit costs as incurred. |
Self-Insurance Programs | Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property damage, director and officers' liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2018, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors' and officers' insurance. The captive insurance entity had no amounts accrued for outstanding claims at December 31, 2018 and $560 accrued for outstanding claims at December 31, 2017. Certain investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Such amounts are recorded in other noncurrent assets and total $11,046 and $9,438 at December 31, 2018 and 2017, respectively, representing required statutory reserves of the captive insurance entity. |
Convertible Debentures | Note 1 – Summary of Significant Accounting Policies (continued) Convertible Debt Instruments The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company's nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debt instruments are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debt instruments over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. |
Recent Accounting Guidance Adopted | Recent Accounting Guidance Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued 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 Company retrospectively adopted the ASU on January 1, 2018. The adoption of the ASU did not have a material impact on the Company's results of operations. See Note 2 and "Changes in Accounting Policies" below. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU enhances the reporting model for financial instruments by addressing certain aspects, including requiring equity investments to be measured at fair value with changes in fair value recognized in net income; simplifying the impairment assessment of equity investments without readily determinable fair values; eliminating the requirement to disclose the method and significant assumptions used to estimate the disclosed fair value of financial instruments measured at amortized cost; and requiring the use of the exit price notion for fair value measurements of financial instruments for disclosure purposes. The Company adopted the ASU on January 1, 2018. The Company recognized a cumulative-effect adjustment to January 1, 2018 retained earnings (accumulated deficit) of $1,801 for the cumulative change in fair value of available-for-sale equity investments previously recognized in other comprehensive income. The adoption of the ASU did not have a material impact on the Company's results of operations. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU amends the income statement presentation requirements of net periodic benefit cost of defined benefit pension and other postretirement plans. The Company retrospectively adopted the ASU on January 1, 2018. The adoption of the ASU did not have a material impact on the Company's results of operations. See "Changes in Accounting Policies" below. Note 1 – Summary of Significant Accounting Policies (continued) Changes in Accounting Policies Except for the changes described in "Recent Accounting Guidance Adopted" above and in this section below, the Company has consistently applied the accounting policies described in its Note 1 to its audited consolidated financial statements included in its annual report on Form 10-K. Revenue Recognition The Company adopted ASU 2014-09 as of January 1, 2018 using the full retrospective method. As a result, the Company has changed its accounting policy for revenue recognition. The details of significant changes and quantitative impact of the changes are disclosed below. Service-type warranty performance obligations ASU 2014-09 introduces the concept of service-type warranties, which represent separate performance obligations. Upon adoption of ASU 2014-09, the Company considers its warranty obligations as service-type warranties and allocates a portion of the estimated consideration to be received from the related contract to the service-type warranty performance obligation and recognizes the related revenue over the warranty period. The impact of accounting for service-type warranties as separate performance obligations was not significant in the retrospective adoption period and is included in the tables below. See further discussion of the warranty obligations in Note 2. Custom products The Company previously recognized revenue when the sales process was completed, which generally occurred when the product was delivered and risk of loss was transferred to the customer. Upon adoption of ASU 2014-09, the Company analyzes its contractual arrangements to determine whether the promise in the contract to construct and transfer goods to the customer is a performance obligation that will be satisfied over time or at a point in time. When the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date, the Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time. The Company has a limited number of contracts for custom products that meet the criteria to recognize revenue over time. The dollar amount of these custom products did not materially change during the retrospective adoption period. The Company recorded a cumulative-effect adjustment of $2,210 to January 1, 2016 retained earnings (accumulated deficit) and recorded adjustments to its consolidated balance sheets due to the impact of recognizing revenue for certain custom products over time rather than at a point in time. ASU 2014-09 provides several transition practical expedients. The Company has not restated completed contracts that begin and end in the same annual reporting period; used the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; has not disclosed the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the Company expects to recognize the amount as revenue for the reporting periods presented prior to January 1, 2016; and has not retrospectively restated the contract for modifications made prior to January 1, 2016 and instead reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price pursuant to the transition practical expedients available. Pension and Other Postretirement Benefits The Company retrospectively adopted ASU No. 2017-07 as of January 1, 2018. As a result, the Company has changed its accounting policy for pension and other postretirement benefits costs as detailed below. ASU 2017-07 amends the income statement presentation requirements of net periodic benefit cost of defined benefit pension and other postretirement plans. The service cost component of net periodic pension cost is recorded in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and other components of net periodic pension cost are included on a separate line within other income (expense). The Company reclassified net benefit costs other than the current service component previously reported as cost of goods sold and selling, general, and administrative expenses to other expenses for each quarter in the retrospective adoption period in the table below. The Company also reclassified the $79,321 U.S. pension settlement charges recorded for the year ended December 31, 2016 to other expenses. See the impact of this change in the tables below. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company will adopt the ASU effective January 1, 2019 and provide comparative disclosures for the years ended December 31, 2017 and 2018 using the existing guidance in ASC Topic 840, Leases. Based on work performed to date, the Company expects to recognize right of use assets and lease liabilities between $90,000 and $100,000 as of January 1, 2019. The Company continues to evaluate the effect of the ASU on the sale-leaseback transaction of its former manufacturing facility in Santa Clara, California. The adoption of the ASU is not expected to have a material impact on the Company's results of operations. 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 plans to adopt the ASU effective January 1, 2020. The Company is currently evaluating the effect of the ASU on its financial assets measured at amortized cost. |
Earnings Per Share (Policies) |
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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. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the December 31, 2018 evaluation. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the December 31, 2018 evaluation. 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 $12.76, 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 $17.48, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, if the average market price is less than $10.85, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042, and if the average market price is less than $31.49, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. |
Fair Value Measurements (Policies) |
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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. |
Summary of Significant Accounting Policies (Tables) |
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Retrospective Adoption of New Accounting Pronouncements [Table Text Block] | Note 1 – Summary of Significant Accounting Policies (continued) The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption for the 2017 fiscal quarters in Note 21 and for the years ended December 31, 2017 and 2016 in the table below:
Note 21 – Summary of Quarterly Financial Information (Unaudited) (continued) The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption in the tables below:
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Revenue Recognition (Tables) |
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Schedule of Loss Contingencies by Contingency [Table Text Block] | Notes 2 - Revenue Recognition (continued) Sales returns and allowances accrual activity is shown below:
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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 statements of operations:
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Restructuring expenses by segment [Table Text Block] | The following table summarizes the expense recognized 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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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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Income Taxes (Tables) |
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of income tax expense associated with the TCJA [Table Text Block] | The amount of net tax expense recorded provisionally by the Company in the fourth fiscal quarter of 2017 and adjustments recorded during the measurement period in 2018 that are directly and indirectly related to the TCJA are summarized as follows:
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Components of income (loss) from continuing operations before taxes and noncontrolling interest | Note 5 – Income Taxes (continued) Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components:
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Components of income taxes | Significant components of income taxes are as follows:
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Deferred tax assets and liabilities | Note 5 – Income Taxes (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:
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Federal statutory income tax rate reconciliation | A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows:
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Net operating loss carryforwards | At December 31, 2018, the Company had the following significant net operating loss carryforwards for tax purposes:
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Summary of significant tax credit carryforwards available | At December 31, 2018, the Company had the following significant tax credit carryforwards available:
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Unrecognized tax benefits | The following table summarizes changes in the liabilities associated with unrecognized tax benefits:
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Long-Term Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate annual maturities of long-term debt | Other Borrowings Information Aggregate annual maturities of long-term debt, based on the terms stated in the respective agreements, are as follows:
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Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 20, 2018 dividend payment:
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Convertible Senior Notes, Due 2025 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability and equity components of the convertible debentures | The carrying values of the liability and equity components of the convertible notes are reflected in the Company's consolidated balance sheets as follows:
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Schedule of Interest Expense on Convertible Debt [Table Text Block] | Interest expense for the year ended December 31, 2018 related to the convertible notes due 2025 is reflected on the consolidated statement of operations as follows:
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Convertible senior debentures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability and equity components of the convertible debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's accompanying consolidated balance sheets as follows:
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Schedule of Interest Expense on Convertible Debt [Table Text Block] | Interest expense related to the debentures is reflected on the accompanying consolidated statements of operations for the years ended December 31:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | In 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program. Cash dividends were paid quarterly in 2018 and 2017 as follows:
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Shares of common stock reserved for future issuance | At December 31, 2018, the Company had reserved shares of common stock for future issuance as follows:
___________________ *At December 31, 2018, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 102,679, 1,891,999, and 199,796 shares, respectively, of Vishay common stock. The convertible senior notes due 2025 are convertible into 19,052,160 shares of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the convertible debt instruments. |
Other Income (Expense) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other Income (expense) | The caption "Other" on the accompanying consolidated statements of operations consists of the following:
† Recognized in "Other" subsequent to the prospective adoption of ASU 2016-01. Previously recorded in accumulated other comprehensive income until realized. See Note 1. |
Other Accrued Expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Expenses (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other accrued expenses | Other accrued expenses consist of the following:
**Recast for the retrospective adoption of ASU 2017-07. See Note 1. |
Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plan amounts recorded on consolidated balance sheets | The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans:
* - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. |
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Defined Benefit Pension Plans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans:
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Amounts recognized in consolidated balance sheet | Amounts recognized on the accompanying consolidated balance sheets consist of the following:
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Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following:
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Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations:
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Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost:
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Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
The following weighted average assumptions were used to determine the net periodic pension costs:
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Estimated future benefit payments | Estimated future benefit payments are as follows:
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Other Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans:
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Amounts recognized in consolidated balance sheet | Amounts recognized on the accompanying consolidated balance sheets consist of the following:
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Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following:
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Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit cost:
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Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
The following weighted average assumptions were used to determine the net periodic benefit costs:
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Estimated future benefit payments | Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of recognized stock-based compensation expense | The following table summarizes share-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 December 31, 2018 (amortization periods in years):
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Restricted Stock Units Activity | RSU activity is presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. |
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Schedule of share-based compensation arrangement by share-based payment award, performance-based units, vested and expected to vest | The number of performance-based RSUs 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):
** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2019 were achieved. |
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Phantom stock units activity under the 2007 Program | The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||
Future minimum lease payments for operating leases | Future minimum lease payments for operating leases with initial or remaining noncancelable lease terms in excess of one year are as follows:
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Current Vulnerability Due to Certain Concentrations (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Geographic Concentration [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Current Vulnerability Due to Certain Concentrations | As of December 31, 2018 the Company's cash and cash equivalents and short-term investments were concentrated in the following countries:
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Credit Concentration Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Current Vulnerability Due to Certain Concentrations | The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2018, the following financial institutions held over 10% of the Company's combined cash and cash equivalents and short-term investments balance:
*Participant in Credit Facility |
Segment and Geographic Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting information | Note 15 – Segment and Geographic Data (continued) The following tables set forth business segment information:
________________ *Recast for the retrospective adoption of ASUs 2014-09 and 2017-07. See Note 1. |
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Operating margin reconciliation |
**Recast for the retrospective adoption of ASU 2017-07. See Note 1. See Note 4 for restructuring and severance costs segment information. |
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Revenues Based on Geographic Area | The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
**Recast for the retrospective adoption of ASU 2017-07. See Note 1. The following table summarizes property and equipment based on physical location: |
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Property and Equipment Based on Geographic Area |
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Disaggregation of Revenue | The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:
Note 15 – Segment and Geographic Data (continued) Net revenues were attributable to customers in the following regions:
The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below:
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Earnings Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Note 16 – Earnings Per Share (continued) Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands):
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Additional Cash Flow Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities | Changes in operating assets and liabilities, net of effects of businesses acquired consist of the following:
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill rollforward | The changes in the carrying amount of goodwill by segment for the years ended December 31, 2018 and 2017 were as follows:
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Other Intangible Assets | Other intangible assets are as follows:
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Estimated annual amortization expense for each of the next five years | Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2018 for each of the next five years is as follows:
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Summary of Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Retrospective Adoption of New Accounting Pronouncements [Table Text Block] | Note 1 – Summary of Significant Accounting Policies (continued) The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption for the 2017 fiscal quarters in Note 21 and for the years ended December 31, 2017 and 2016 in the table below:
Note 21 – Summary of Quarterly Financial Information (Unaudited) (continued) The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption in the tables below:
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Quarterly Financial Information |
* Recast for the retrospective adoption of ASUs 2014-09 and 2017-07. See Note 1. (a) May not add due to differences in weighted average share counts. (b) 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. |
Revenue Recognition (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Distributor sales accruals [Line Items] | |||
Beginning Balance | $ 36,680 | $ 34,479 | $ 32,487 |
Sales allowances | 102,026 | 89,009 | 86,896 |
Credits issued | (95,521) | (87,403) | (85,341) |
Foreign currency | (522) | 595 | 437 |
Ending Balance | $ 42,663 | $ 36,680 | $ 34,479 |
Other Income (Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | |||||||||||
Repurchase of convertible debentures | $ 960,995 | $ 0 | $ 0 | ||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loss on disposal of equity affiliate | $ 0 | $ 0 | $ 0 | $ 0 | $ (948) | $ 0 | $ 0 | $ 7,060 | 0 | 6,112 | 0 |
Foreign exchange gain (loss) | (1,991) | (4,536) | 292 | ||||||||
Interest income | 11,940 | 6,482 | 4,264 | ||||||||
Investment Income | (1,646) | 0 | 0 | ||||||||
Other | (266) | (208) | 160 | ||||||||
Other Income (expense) | 8,037 | 1,738 | 4,716 | ||||||||
Insurance proceeds received | 13,406 | ||||||||||
Insurance proceeds classified as investing activities | 4,911 | ||||||||||
Loss related to Tianjin explosion | 0 | 0 | $ (8,809) | ||||||||
Equity affiliate [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Amounts reclassified out of AOCI, net of tax | $ 1,110 | ||||||||||
Convertible Senior Debentures, Due 2040 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cumulative principal amount of debt instruments repurchased | 273,690 | ||||||||||
Principal amount of repurchased debt | 53,690 | 220,000 | 53,690 | ||||||||
Convertible Senior Debentures, Due 2041 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cumulative principal amount of debt instruments repurchased | 116,922 | ||||||||||
Principal amount of repurchased debt | 116,922 | 116,922 | |||||||||
Convertible Senior Debentures, Due 2042 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cumulative principal amount of debt instruments repurchased | 147,832 | ||||||||||
Principal amount of repurchased debt | $ 78,772 | $ 69,060 | $ 78,772 |
Other Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Accrued Expenses (Tables) [Abstract] | ||
Sales returns and allowances | $ 42,663 | $ 36,680 |
Goods received, not yet invoiced | 39,713 | 39,221 |
Restructuring reserve, current | 2,538 | 7,352 |
Deferred proceeds - property sale | 45,500 | 0 |
Other | 99,246 | 70,977 |
Total other accrued expenses | $ 229,660 | $ 154,230 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 25,714 | |||
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ 386 | $ 2,210 | |
Other comprehensive income (loss) | (30,704) | 120,366 | 36,675 | |
Ending Balance | (6,791) | 25,714 | ||
Pension and Other Post-Retirement Actuarial Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (69,041) | (64,496) | (136,422) | |
Cumulative effect of accounting change for adoption of ASU | 0 | |||
Other comprehensive income before reclassifications | 5,617 | (15,671) | (32,398) | |
Tax effect | (1,032) | 4,373 | 9,815 | |
Other comprehensive income before reclassifications, net of tax | 4,585 | (11,298) | (22,583) | |
Amounts reclassified out of AOCI | 8,343 | 9,147 | 91,014 | |
Tax effect | (2,178) | (2,394) | 3,495 | |
Amounts reclassified out of AOCI, net of tax | 6,165 | 6,753 | 94,509 | |
Other comprehensive income (loss) | 10,750 | (4,545) | 71,926 | |
Ending Balance | (58,291) | (69,041) | (64,496) | |
Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 92,954 | (31,266) | 4,597 | |
Cumulative effect of accounting change for adoption of ASU | 0 | |||
Other comprehensive income before reclassifications | (41,454) | 124,220 | (35,863) | |
Tax effect | 0 | 0 | 0 | |
Other comprehensive income before reclassifications, net of tax | (41,454) | 124,220 | (35,863) | |
Amounts reclassified out of AOCI | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Amounts reclassified out of AOCI, net of tax | 0 | 0 | 0 | |
Other comprehensive income (loss) | (41,454) | 124,220 | (35,863) | |
Ending Balance | 51,500 | 92,954 | (31,266) | |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 1,801 | 1,110 | 498 | |
Cumulative effect of accounting change for adoption of ASU | (1,801) | |||
Other comprehensive income before reclassifications | 0 | 1,881 | 941 | |
Tax effect | 0 | (659) | (329) | |
Other comprehensive income before reclassifications, net of tax | 0 | 1,222 | 612 | |
Amounts reclassified out of AOCI | 0 | (817) | 0 | |
Tax effect | 0 | 286 | 0 | |
Amounts reclassified out of AOCI, net of tax | 0 | (531) | 0 | |
Other comprehensive income (loss) | 0 | 691 | 612 | |
Ending Balance | 0 | 1,801 | 1,110 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 25,714 | (94,652) | (131,327) | |
Cumulative effect of accounting change for adoption of ASU | (1,801) | 0 | $ 0 | |
Other comprehensive income before reclassifications | (35,837) | 110,430 | (67,320) | |
Tax effect | (1,032) | 3,714 | 9,486 | |
Other comprehensive income before reclassifications, net of tax | (36,869) | 114,144 | (57,834) | |
Amounts reclassified out of AOCI | 8,343 | 8,330 | 91,014 | |
Tax effect | (2,178) | (2,108) | 3,495 | |
Amounts reclassified out of AOCI, net of tax | 6,165 | 6,222 | 94,509 | |
Other comprehensive income (loss) | (30,704) | 120,366 | 36,675 | |
Ending Balance | $ (6,791) | $ 25,714 | $ (94,652) |
Accumulated Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) Reclassifications (Details) - Unrealized Gain (Loss) on Available-for-Sale Securities [Member] - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Rabbi Trust Assets [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Component of Selling, General, and Administrative Expense | $ 817 | $ 0 |
Other AFS Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Component of Other Income | $ 0 | $ 0 |
Pensions and Other Postretirement Benefits (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
Plan
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||
Included in other assets | $ 356 | $ 347 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (8,147) | (8,503) | |
Accrued pension and other postretirement costs | (260,984) | (281,701) | |
Total actuarial items | 82,986 | 96,944 | |
Components of actuarial items [Abstract] | |||
Total actuarial items | 82,986 | 96,944 | |
Components of net periodic pension cost [Abstract] | |||
Curtailment and settlement losses (gains) | 0 | 0 | $ 79,321 |
Amounts that will be amortized from accumulated other comprehensive loss into net periodic pension cost during next fiscal year | $ 6,300 | ||
Other postretirement benefits [Abstract] | |||
Number of unfunded non-pension postretirement plans | Plan | 2 | ||
Number of European subsidiaries with unfunded non-pension postretirement plans | Plan | 2 | ||
Other retirement obligations [Abstract] | |||
Company's matching expense for 401(k) savings plans | $ 6,353 | 5,843 | 5,039 |
Defined Benefit Pension [Member] | Domestic Plan [Member] | |||
Change in benefit obligation [Roll forward] | |||
Benefit obligation at beginning of year | 39,917 | 38,914 | |
Service cost | 0 | 0 | 0 |
Interest cost | 1,484 | 1,643 | 11,788 |
Plan amendments and initiations | 0 | 0 | |
Transfer from equity affiliate (liabilities) | 0 | 0 | |
Actuarial (gains) losses | (1,431) | 1,149 | |
Benefits paid | (1,801) | (1,789) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligation at end of year | 38,169 | 39,917 | 38,914 |
Change in plan assets [Roll forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Transfer from Equity Affiliate (assets) | 0 | 0 | |
Company contributions | 1,801 | 1,789 | |
Benefits paid | (1,801) | (1,789) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | (38,169) | (39,917) | |
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||
Included in other assets | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (35) | (37) | |
Accrued pension and other postretirement costs | (38,134) | (39,880) | |
Total actuarial items | 5,501 | 7,731 | |
Total | (32,668) | (32,186) | |
Components of actuarial items [Abstract] | |||
Unrecognized net actuarial loss (gain) | 4,717 | 6,804 | |
Unamortized prior service (credit) cost | 784 | 927 | |
Total actuarial items | 5,501 | 7,731 | |
Projected and accumulated benefit obligations [Abstract] | |||
Accumulated benefit obligation, all plans | 38,169 | 39,917 | |
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | |||
Projected benefit obligation | 38,169 | 39,917 | |
Accumulated benefit obligation | 38,169 | 39,917 | |
Fair value of plan assets | 0 | 0 | |
Components of net periodic pension cost [Abstract] | |||
Net service cost | 0 | 0 | 0 |
Interest cost | 1,484 | 1,643 | 11,788 |
Expected return on plan assets | 0 | 0 | (11,302) |
Amortization of actuarial losses | 656 | 587 | 6,513 |
Amortization of prior service (credit) cost | 144 | 144 | 144 |
Curtailment and settlement losses (gains) | 0 | 0 | 79,321 |
Net periodic benefit cost | $ 2,284 | $ 2,374 | 86,464 |
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||
Discount rate (in hundredths) | 4.50% | 3.75% | |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 3.75% | 4.25% | |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |
Expected return on plan assets (in hundredths) | 0.00% | 0.00% | |
Estimated future benefit payments [Abstract] | |||
2019 | $ 1,859 | ||
2020 | 1,829 | ||
2021 | 8,364 | ||
2022 | 3,153 | ||
2023 | 3,159 | ||
2024-2028 | 17,122 | ||
Defined Benefit Pension [Member] | Foreign Plan [Member] | |||
Change in benefit obligation [Roll forward] | |||
Benefit obligation at beginning of year | 291,162 | $ 266,427 | |
Service cost | 3,822 | 3,725 | 3,291 |
Interest cost | 4,793 | 4,866 | 5,475 |
Plan amendments and initiations | 125 | 686 | |
Transfer from equity affiliate (liabilities) | 0 | 0 | |
Actuarial (gains) losses | (1,311) | 3,019 | |
Benefits paid | (14,397) | (17,921) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | (12,236) | 30,360 | |
Benefit obligation at end of year | 271,958 | 291,162 | 266,427 |
Change in plan assets [Roll forward] | |||
Fair value of plan assets at beginning of year | 70,605 | 66,090 | |
Actual return on plan assets | 1,412 | 1,608 | |
Transfer from Equity Affiliate (assets) | 0 | 0 | |
Company contributions | 16,105 | 16,120 | |
Benefits paid | (14,397) | (17,921) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | (2,905) | 4,708 | |
Fair value of plan assets at end of year | 70,820 | 70,605 | 66,090 |
Funded status at end of year | (201,138) | (220,557) | |
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||
Included in other assets | 356 | 347 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (7,228) | (7,308) | |
Accrued pension and other postretirement costs | (194,266) | (213,596) | |
Total actuarial items | 76,698 | 88,398 | |
Total | (124,440) | (132,159) | |
Components of actuarial items [Abstract] | |||
Unrecognized net actuarial loss (gain) | 76,254 | 87,896 | |
Unamortized prior service (credit) cost | 444 | 502 | |
Total actuarial items | 76,698 | 88,398 | |
Projected and accumulated benefit obligations [Abstract] | |||
Accumulated benefit obligation, all plans | 258,244 | 270,914 | |
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | |||
Projected benefit obligation | 247,066 | 277,615 | |
Accumulated benefit obligation | 235,167 | 262,779 | |
Fair value of plan assets | 45,818 | 57,727 | |
Components of net periodic pension cost [Abstract] | |||
Net service cost | 3,822 | 3,725 | 3,291 |
Interest cost | 4,793 | 4,866 | 5,475 |
Expected return on plan assets | (1,889) | (2,072) | (2,117) |
Amortization of actuarial losses | 6,196 | 6,179 | 4,733 |
Amortization of prior service (credit) cost | 318 | 150 | 261 |
Curtailment and settlement losses (gains) | 1,111 | 1,360 | 841 |
Net periodic benefit cost | $ 14,351 | $ 14,208 | 12,484 |
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||
Discount rate (in hundredths) | 1.96% | 1.80% | |
Rate of compensation increase (in hundredths) | 2.17% | 2.10% | |
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 1.80% | 1.76% | |
Rate of compensation increase (in hundredths) | 2.10% | 2.12% | |
Expected return on plan assets (in hundredths) | 2.95% | 2.90% | |
Estimated future benefit payments [Abstract] | |||
2019 | $ 18,612 | ||
2020 | 15,113 | ||
2021 | 15,319 | ||
2022 | 17,300 | ||
2023 | 16,327 | ||
2024-2028 | 81,505 | ||
Other Postretirement Benefits [Member] | Domestic Plan [Member] | |||
Change in benefit obligation [Roll forward] | |||
Benefit obligation at beginning of year | 7,633 | $ 7,647 | |
Service cost | 137 | 131 | 126 |
Interest cost | 273 | 311 | 340 |
Actuarial (gains) losses | (344) | 257 | |
Benefits paid | (705) | (713) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligation at end of year | 6,994 | 7,633 | 7,647 |
Change in plan assets [Roll forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Benefits paid | (705) | (713) | |
Fair value of plan assets at end of year | 0 | 0 | |
Funded status at end of year | (6,994) | (7,633) | |
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (703) | (705) | |
Accrued pension and other postretirement costs | (6,291) | (6,928) | |
Total actuarial items | (1,257) | (1,101) | |
Total | (8,251) | (8,734) | |
Components of actuarial items [Abstract] | |||
Unrecognized net actuarial loss (gain) | (1,257) | (953) | |
Unamortized prior service (credit) cost | 0 | (148) | |
Total actuarial items | (1,257) | (1,101) | |
Components of net periodic pension cost [Abstract] | |||
Net service cost | 137 | 131 | 126 |
Interest cost | 273 | 311 | 340 |
Amortization of actuarial losses | (39) | (93) | (30) |
Amortization of prior service (credit) cost | (148) | (837) | (837) |
Net periodic benefit cost | $ 223 | $ (488) | (401) |
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||
Discount rate (in hundredths) | 4.50% | 3.75% | |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 3.75% | 4.25% | |
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |
Estimated future benefit payments [Abstract] | |||
2019 | $ 703 | ||
2020 | 671 | ||
2021 | 661 | ||
2022 | 633 | ||
2023 | 294 | ||
2024-2028 | 2,244 | ||
Other Postretirement Benefits [Member] | Foreign Plan [Member] | |||
Change in benefit obligation [Roll forward] | |||
Benefit obligation at beginning of year | 7,898 | $ 6,625 | |
Service cost | 288 | 273 | 268 |
Interest cost | 114 | 103 | 143 |
Actuarial (gains) losses | 327 | 312 | |
Benefits paid | (303) | (349) | |
Curtailments and settlements | 0 | 0 | |
Currency translation | (371) | 934 | |
Benefit obligation at end of year | 7,953 | 7,898 | 6,625 |
Change in plan assets [Roll forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Benefits paid | (303) | (349) | |
Fair value of plan assets at end of year | 0 | 0 | |
Funded status at end of year | (7,953) | (7,898) | |
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (181) | (453) | |
Accrued pension and other postretirement costs | (7,772) | (7,445) | |
Total actuarial items | 2,044 | 1,916 | |
Total | (5,909) | (5,982) | |
Components of actuarial items [Abstract] | |||
Unrecognized net actuarial loss (gain) | 2,044 | 1,916 | |
Unamortized prior service (credit) cost | 0 | 0 | |
Total actuarial items | 2,044 | 1,916 | |
Components of net periodic pension cost [Abstract] | |||
Net service cost | 288 | 273 | 268 |
Interest cost | 114 | 103 | 143 |
Amortization of actuarial losses | 105 | 76 | 68 |
Amortization of prior service (credit) cost | 0 | 0 | 0 |
Net periodic benefit cost | $ 507 | $ 452 | $ 479 |
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||
Discount rate (in hundredths) | 1.60% | 1.50% | |
Rate of compensation increase (in hundredths) | 3.18% | 2.88% | |
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 1.50% | 1.50% | |
Rate of compensation increase (in hundredths) | 2.88% | 2.58% | |
Estimated future benefit payments [Abstract] | |||
2019 | $ 181 | ||
2020 | 387 | ||
2021 | 337 | ||
2022 | 776 | ||
2023 | 281 | ||
2024-2028 | 3,183 | ||
Other Retirement Obligations [Member] | |||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||
Accrued pension and other postretirement costs | (14,521) | $ (13,852) | |
Deferred Compensation [Member] | |||
Defined benefit pension plans [Abstract] | |||
Assets held in trust | 18,162 | 18,958 | |
Non-qualified Pension Plans [Member] | |||
Defined benefit pension plans [Abstract] | |||
Assets held in trust | 22,409 | 24,505 | |
Dr. Felix Zandman [Member] | Non-qualified Pension Plans [Member] | |||
Defined benefit pension plans [Abstract] | |||
Assets held in trust | 1,199 | $ 1,789 | |
Deferred compensation arrangement, annual retirement benefit to surviving spouse | $ 614 |
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jun. 08, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 4,817 | $ 4,394 | $ 6,380 | |
Unrecognized Compensation Cost | $ 3,060 | |||
Expiration date of 2007 Stock Incentive Plan | May 20, 2024 | |||
Outstanding: | ||||
Beginning Balance (in shares) | 77,000 | |||
Beginning Balance, weighted average exercise price (in dollars per share) | $ 16.29 | |||
Granted (in shares) | 0 | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Stock options exercised (in shares) | 77,334 | 27,619 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |||
Ending Balance (in shares) | 77,000 | |||
Ending balance, weighted average exercise price (in dollars per share) | $ 16.29 | |||
Exercisable (in shares) | ||||
Stock price per share (in dollars per share) | $ 24.70 | |||
Intrinsic value under share based compensation scheme | $ 20 | $ 85 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 4,603 | $ 4,231 | $ 6,263 | |
Unrecognized Compensation Cost | $ 3,060 | |||
Weighted Average Remaining Amortization Periods (in years) | 9 months 18 days | |||
Exercisable (in shares) | ||||
Expected to vest | 904,000 | 986,000 | 1,004,000 | |
Outstanding: | ||||
Balance (in shares) | 986,000 | 1,004,000 | 1,028,000 | |
Granted (in shares) | 252,000 | 304,000 | 353,000 | |
Vested (in shares) | (334,000) | (322,000) | (155,000) | |
Cancelled or forfeited (in shares) | 0 | 0 | (222,000) | |
Balance (in shares) | 904,000 | 986,000 | 1,004,000 | |
Beginning balance, Weighted average grant-date fair value (in dollars per share) | $ 13.34 | $ 12.74 | $ 13.24 | |
Granted, Weighted average grant-date fair value (in dollars per share) | 18.90 | 15.52 | 11.35 | |
Vested, Weighted average grant-date fair value (in dollars per share) | 13.67 | 13.54 | 12.27 | |
Forfeitures, Weighted average grant date fair value | 0 | 0 | 13.19 | |
Ending balance, Weighted average grant-date fair value (in dollars per share) | $ 14.77 | $ 13.34 | $ 12.74 | |
Phantom Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 214 | $ 163 | $ 117 | |
Unrecognized Compensation Cost | $ 0 | |||
Weighted Average Remaining Amortization Periods (in years) | 0 years | |||
Outstanding: | ||||
Balance (in shares) | 157,000 | 145,000 | 132,000 | |
Granted (in shares) | 10,000 | 10,000 | 10,000 | |
Dividend equivalents issued | 3,000 | 2,000 | 3,000 | |
Redeemed for common stock (in shares) | 0 | 0 | 0 | |
Balance (in shares) | 170,000 | 157,000 | 145,000 | |
Granted, Weighted average grant-date fair value (in dollars per share) | $ 21.35 | $ 16.25 | $ 11.71 | |
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2019 [Member] | ||||
Exercisable (in shares) | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | |||
Expected to vest | 213,000 | |||
Outstanding: | ||||
Balance (in shares) | 213,000 | |||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2020 [Member] | ||||
Exercisable (in shares) | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | |||
Expected to vest | 167,000 | |||
Outstanding: | ||||
Balance (in shares) | 167,000 | |||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2021 [Member] | ||||
Exercisable (in shares) | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | |||
Expected to vest | 141,000 | |||
Outstanding: | ||||
Balance (in shares) | 141,000 | |||
2007 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares authorized under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and non-employee directors (in shares) | 6,500,000 | |||
Exercisable (in shares) | ||||
Available for future grants (in shares) | 2,894,000 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Commitments and Contingencies [Abstract] | |||
Total rental expense under operating leases | $ 22,658 | $ 29,039 | $ 27,431 |
Future minimum lease payments for operating leases [Abstract] | |||
2019 | 18,911 | ||
2020 | 14,955 | ||
2021 | 10,972 | ||
2022 | 8,790 | ||
2023 | 7,490 | ||
Thereafter | 23,155 | ||
Environmental Matters | |||
Accrued environmental liabilities | 12,190 | ||
Accrued environmental liabilities, current | 5,438 | ||
Accrued environmental liabilities, noncurrent | 6,752 | ||
Estimated purchase commitments [Abstract] | |||
2019 | 40,697 | ||
2020 | $ 16,792 |
Current Vulnerability Due to Certain Concentrations (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Concentration Risks [Abstract] | ||
Duration of business operations in Israel (in years) | P48Y | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | MUFG Bank Ltd. [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 18.50% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | JPMorgan [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 11.70% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | HSBC [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 12.50% | |
Geographic Concentration [Member] | Outside Of United States [Member] | ||
Concentration Risks [Abstract] | ||
Cash and cash equivalents and short-term investments | $ 686,284 | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | United States [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 14.90% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Germany [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 20.60% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Europe [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 2.40% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Israel [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 16.40% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | People's Republic Of China [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 9.90% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Asia [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 3.00% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 1.40% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Singapore [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 20.40% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | The Republic of China (Taiwan) [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 11.00% | |
Geographic Concentration [Member] | Revenue [Member] | Outside Of United States [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 75.00% | |
Customer Concentration Risk [Member] | Revenue [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 10.40% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 15.90% | 16.10% |
Segment and Geographic Data (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Sep. 29, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jul. 01, 2017
USD ($)
|
Apr. 01, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
Segment
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||||||||
Number of reporting segments | Segment | 5 | ||||||||||
Segment Operating Income Description | 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. | ||||||||||
Segment Operating Income | $ 755,888 | $ 581,740 | $ 446,310 | ||||||||
Total revenue | $ 775,892 | $ 780,972 | $ 761,030 | $ 716,795 | $ 673,462 | $ 677,941 | $ 643,164 | $ 604,801 | 3,034,689 | 2,599,368 | 2,317,328 |
Gross profit | 219,690 | $ 236,296 | $ 227,238 | $ 205,300 | 177,376 | $ 190,147 | $ 173,837 | $ 161,749 | 888,524 | 703,109 | 573,822 |
Depreciation expense | 150,056 | 148,883 | 144,521 | ||||||||
Capital expenditures | 229,899 | 170,432 | 134,635 | ||||||||
Total Assets | 3,106,198 | 3,462,089 | 3,106,198 | 3,462,089 | 3,080,701 | ||||||
EMS companies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 207,135 | 183,801 | 175,946 | ||||||||
OEMs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,085,292 | 931,291 | 861,322 | ||||||||
Distributors [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,742,262 | 1,484,276 | 1,280,060 | ||||||||
Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,139,880 | 934,631 | 796,031 | ||||||||
Automotive [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 861,436 | 727,220 | 640,767 | ||||||||
Telecommunications [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 200,379 | 190,682 | 193,456 | ||||||||
Computing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 228,831 | 198,850 | 172,481 | ||||||||
Consumer Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 168,884 | 145,243 | 150,741 | ||||||||
Power Supplies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 144,433 | 160,038 | 132,555 | ||||||||
Military and Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 162,921 | 132,898 | 128,523 | ||||||||
Medical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 127,925 | 109,806 | 102,774 | ||||||||
Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 3,034,689 | 2,599,368 | 2,317,328 | ||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,171,815 | 1,060,560 | 939,144 | ||||||||
Asia [Member] | Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,193,827 | 1,091,107 | 948,195 | ||||||||
Europe [Member] | Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,081,073 | 902,357 | 810,543 | ||||||||
Americas [Member] | Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 759,789 | 605,904 | 558,590 | ||||||||
MOSFETS Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 106,955 | 74,174 | 22,536 | ||||||||
Total revenue | 547,643 | 467,476 | 405,949 | ||||||||
Gross profit | 145,923 | 109,603 | 58,431 | ||||||||
Depreciation expense | 32,104 | 34,731 | 34,531 | ||||||||
Capital expenditures | 49,557 | 33,475 | 22,430 | ||||||||
Total Assets | 444,356 | 412,598 | 444,356 | 412,598 | 389,482 | ||||||
Diodes Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 175,752 | 145,645 | 115,873 | ||||||||
Total revenue | 712,936 | 619,958 | 552,766 | ||||||||
Gross profit | 196,702 | 165,176 | 136,580 | ||||||||
Depreciation expense | 38,197 | 37,396 | 35,335 | ||||||||
Capital expenditures | 57,756 | 38,681 | 29,860 | ||||||||
Total Assets | 804,784 | 792,610 | 804,784 | 792,610 | 714,898 | ||||||
Optoelectronic Components Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 82,681 | 80,499 | 68,246 | ||||||||
Total revenue | 289,727 | 284,429 | 269,162 | ||||||||
Gross profit | 100,219 | 98,000 | 87,516 | ||||||||
Depreciation expense | 16,612 | 16,871 | 15,549 | ||||||||
Capital expenditures | 19,935 | 16,115 | 18,276 | ||||||||
Total Assets | 342,656 | 332,228 | 342,656 | 332,228 | 312,423 | ||||||
Resistors And Inductors Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 303,571 | 222,878 | 193,241 | ||||||||
Total revenue | 1,018,286 | 843,529 | 753,524 | ||||||||
Gross profit | 337,268 | 251,905 | 224,352 | ||||||||
Depreciation expense | 37,708 | 34,083 | 32,240 | ||||||||
Capital expenditures | 80,862 | 67,007 | 47,006 | ||||||||
Total Assets | 874,835 | 994,639 | 874,835 | 994,639 | 907,995 | ||||||
Capacitors Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 86,929 | 58,544 | 46,414 | ||||||||
Total revenue | 466,097 | 383,976 | 335,927 | ||||||||
Gross profit | 108,412 | 78,425 | 66,943 | ||||||||
Depreciation expense | 17,745 | 17,736 | 17,817 | ||||||||
Capital expenditures | 12,200 | 11,135 | 14,410 | ||||||||
Total Assets | 487,540 | 568,113 | 487,540 | 568,113 | 495,925 | ||||||
Corporate Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 0 | 0 | 0 | ||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Depreciation expense | 7,690 | 8,066 | 9,049 | ||||||||
Capital expenditures | 9,589 | 4,019 | 2,653 | ||||||||
Total Assets | $ 152,027 | $ 361,901 | 152,027 | 361,901 | 259,978 | ||||||
Unallocated Amount to Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | $ (270,768) | $ (246,462) | $ (228,494) |
Segment and Geographic Data, Operating Margin Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Operating margin reconciliation [Abstract] | |||||||||||
Impairment of Intangible Assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,559) |
Restructuring and severance costs | 0 | 0 | 0 | 0 | (6,079) | (3,244) | (481) | (1,469) | 0 | (11,273) | (19,199) |
U.S. pension settlement charges | 0 | 0 | (79,321) | ||||||||
Segment Operating Income | 755,888 | 581,740 | 446,310 | ||||||||
Consolidated Operating Income | $ 119,667 | $ 138,098 | $ 123,293 | $ 104,062 | 76,006 | 95,416 | 85,005 | 67,578 | 485,120 | 324,005 | 197,058 |
Unallocated Other Income (Expense) | (8,981) | (9,228) | (9,296) | (17,136) | (68,344) | (44,641) | (102,842) | ||||
Income before taxes | $ 67,025 | $ 86,188 | $ 75,709 | $ 50,442 | 416,776 | 279,364 | 94,216 | ||||
Unallocated Amount to Segment [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | $ (270,768) | $ (246,462) | $ (228,494) |
Segment and Geographic Data, Revenue and assets by geographic area (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 775,892 | $ 780,972 | $ 761,030 | $ 716,795 | $ 673,462 | $ 677,941 | $ 643,164 | $ 604,801 | $ 3,034,689 | $ 2,599,368 | $ 2,317,328 |
Property and equipment, net | 969,001 | 905,758 | 969,001 | 905,758 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 743,647 | 590,839 | 541,106 | ||||||||
Property and equipment, net | 117,138 | 99,993 | 117,138 | 99,993 | |||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 982,082 | 837,258 | 743,500 | ||||||||
Property and equipment, net | 169,941 | 154,874 | 169,941 | 154,874 | |||||||
Other Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 123,846 | 99,636 | 83,532 | ||||||||
Property and equipment, net | 121,964 | 130,523 | 121,964 | 130,523 | |||||||
Israel [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 13,299 | 11,075 | 10,046 | ||||||||
Property and equipment, net | 103,675 | 102,890 | 103,675 | 102,890 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,171,815 | 1,060,560 | $ 939,144 | ||||||||
People's Republic of China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 217,681 | 192,521 | 217,681 | 192,521 | |||||||
Republic of China (Taiwan) [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 145,644 | 122,080 | 145,644 | 122,080 | |||||||
Other Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 88,864 | 99,493 | 88,864 | 99,493 | |||||||
Other Geographic Area [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | $ 4,094 | $ 3,384 | $ 4,094 | $ 3,384 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Numerator for basic earnings (loss) per share: | |||||||||||||||||||||
Net earnings attributable to Vishay stockholders | $ 102,419 | $ 77,876 | $ 103,097 | $ 62,366 | $ (177,657) | $ 64,404 | $ 56,190 | $ 36,719 | $ 345,758 | $ (20,344) | $ 48,792 | ||||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 0 | 0 | 38 | ||||||||||||||||||
Numerator for diluted earnings (loss) per share: | |||||||||||||||||||||
Net earnings (loss) attributed to Vishay stockholders - diluted | $ 345,758 | $ (20,344) | $ 48,830 | ||||||||||||||||||
Denominator for basic earnings (loss) per share: | |||||||||||||||||||||
Weighted average shares | 144,202 | 145,478 | 147,009 | ||||||||||||||||||
Incremental outstanding phantom stock units | 168 | 155 | 143 | ||||||||||||||||||
Adjusted weighted average shares outstanding - basic | 144,370 | 145,633 | 147,152 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Convertible and exchangeable debt instruments (in shares) | 9,707 | 0 | 3,219 | ||||||||||||||||||
Restricted stock units (in shares) | 545 | 0 | 323 | ||||||||||||||||||
Other (in shares) | 0 | 0 | 3 | ||||||||||||||||||
Dilutive potential common shares (in shares) | 10,252 | 0 | 3,545 | ||||||||||||||||||
Denominator for diluted earnings (loss) per share: | |||||||||||||||||||||
Adjusted weighted average shares - diluted | 154,622 | 145,633 | 150,697 | ||||||||||||||||||
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.71 | [1] | $ 0.54 | [1] | $ 0.71 | [1] | $ 0.43 | [1] | $ (1.23) | [1] | $ 0.44 | [1] | $ 0.38 | [1] | $ 0.25 | [1] | $ 2.39 | $ (0.14) | $ 0.33 | ||
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | 0.69 | [1] | $ 0.51 | [1] | $ 0.65 | [1] | $ 0.39 | [1] | $ (1.23) | [1] | $ 0.41 | [1] | $ 0.36 | [1] | $ 0.24 | [1] | $ 2.24 | $ (0.14) | $ 0.32 | ||
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 | 21,184 | 10,312 | ||||||||||||||||||
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) | 12.76 | $ 12.76 | |||||||||||||||||||
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) | 0 | 8,432 | 8,249 | ||||||||||||||||||
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) | 17.48 | $ 17.48 | |||||||||||||||||||
Convertible Senior Debentures 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 | 13,586 | 0 | ||||||||||||||||||
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) | 10.85 | $ 10.85 | |||||||||||||||||||
Weighted average 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) | 0 | 26 | 91 | ||||||||||||||||||
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) | 266 | 981 | 512 | ||||||||||||||||||
Convertible Senior Notes, Due 2025 [Member] | |||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 10,468 | 0 | 0 | ||||||||||||||||||
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) | $ 31.49 | $ 31.49 | |||||||||||||||||||
|
Additional Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Changes in operating assets and liabilities, net of effect of businesses acquired [Abstract] | |||
Accounts receivable | $ (62,433) | $ (51,152) | $ (4,120) |
Inventories | (80,182) | (55,062) | 13,760 |
Prepaid expenses and other current assets | (11,670) | (3,668) | (12,180) |
Accounts payable | (2,277) | 42,291 | 17,839 |
Other current liabilities | 54,745 | 21,184 | (19,505) |
Net change in operating assets and liabilities | $ (101,817) | $ (46,407) | $ (4,206) |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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: | |||||
Long-term Debt | 509,407 | $ 379,033 | |||
Derivative, Notional Amount | 0 | 100,000 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Assets held in rabbi trusts | 41,770 | 45,252 | |||
Available for sale securities | 4,309 | 4,621 | |||
Fair Value Assets | 116,899 | 120,478 | |||
Liabilities: | |||||
Fair Value Liabilities | (70) | (538) | |||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | |||||
Assets: | |||||
Fair value of plan assets | 70,820 | 70,605 | $ 66,090 | ||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 9,344 | 8,793 | |||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 13,572 | 12,793 | |||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 47,904 | 49,019 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Assets held in rabbi trusts | 26,278 | 28,589 | |||
Available for sale securities | 4,309 | 4,621 | |||
Fair Value Assets | 101,407 | 103,815 | |||
Liabilities: | |||||
Fair Value Liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 9,344 | 8,793 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 13,572 | 12,793 | |||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 47,904 | 49,019 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Liabilities: | |||||
Long-term Debt, Fair Value | 577,200 | 1,071,200 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Assets held in rabbi trusts | 15,492 | 16,663 | |||
Available for sale securities | 0 | 0 | |||
Fair Value Assets | 15,492 | 16,663 | |||
Liabilities: | |||||
Fair Value Liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 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 | (70) | (538) | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets: | |||||
Fair value of definite-lived intangible asset | $ 18,800 | $ 20,359 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of plan assets | 0 | 0 | |||
Convertible Senior Debentures, Due 2040 [Member] | |||||
Liabilities: | |||||
Embedded derivative | $ (1) | (206) | |||
Convertible debentures issuance date | Nov. 09, 2010 | ||||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Liabilities: | |||||
Embedded derivative | $ (1) | (206) | |||
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 | (1) | (206) | |||
Convertible Senior Debentures, Due 2041 [Member] | |||||
Liabilities: | |||||
Embedded derivative | $ (67) | (214) | |||
Convertible debentures issuance date | May 13, 2011 | ||||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Liabilities: | |||||
Embedded derivative | $ (67) | (214) | |||
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 | $ (67) | (214) | |||
Convertible Senior Debentures 2042 [Member] | |||||
Liabilities: | |||||
Convertible debentures issuance date | May 31, 2012 | ||||
Convertible Senior Debentures 2042 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Liabilities: | |||||
Embedded derivative | $ (2) | (118) | |||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Liabilities: | |||||
Embedded derivative | 0 | 0 | |||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Liabilities: | |||||
Embedded derivative | 0 | 0 | |||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Liabilities: | |||||
Embedded derivative | $ (2) | $ (118) |
Related Party Transactions (Details) |
3 Months Ended |
---|---|
Oct. 02, 2010 | |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG common stock for every 14 shares of Vishay common stock |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Apr. 02, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Goodwill [Roll Forward] | |||||||
Balance at beginning of period | $ 142,742 | $ 142,742 | $ 141,407 | ||||
Exchange rate effects | (557) | 1,335 | |||||
Balance at end of period | 147,480 | 142,742 | $ 141,407 | ||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets Subject to Amortization | 168,232 | 245,454 | |||||
Accumulated amortization | (102,544) | (175,700) | |||||
Net Intangible Assets Subject to Amortization | 65,688 | 69,754 | |||||
Intangible assets, net | 65,688 | 69,754 | |||||
Amortization expense (excluding capitalized software) | 11,807 | 14,263 | 14,842 | ||||
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |||||||
2019 | 8,424 | ||||||
2020 | 7,433 | ||||||
2021 | 6,543 | ||||||
2022 | 5,891 | ||||||
2023 | 5,668 | ||||||
Sonntag [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | $ 3,485 | ||||||
Capella Microsystems (Taiwan) Inc. [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 1,559 | ||||||
UltraSource [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | 4,227 | 4,227 | |||||
Other intangible assets related to acquisitions | 6,500 | ||||||
EuroPower [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | $ 1,068 | 1,068 | |||||
Resistors And Inductors Segment [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Balance at beginning of period | 45,893 | 45,893 | 44,558 | ||||
Exchange rate effects | (557) | 1,335 | |||||
Balance at end of period | 50,631 | 45,893 | 44,558 | ||||
Resistors And Inductors Segment [Member] | UltraSource [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | 4,227 | ||||||
Resistors And Inductors Segment [Member] | EuroPower [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | 1,068 | ||||||
Optoelectronic Components Segment [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Balance at beginning of period | $ 96,849 | 96,849 | 96,849 | ||||
Exchange rate effects | 0 | 0 | |||||
Balance at end of period | 96,849 | 96,849 | $ 96,849 | ||||
Optoelectronic Components Segment [Member] | UltraSource [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | 0 | ||||||
Optoelectronic Components Segment [Member] | EuroPower [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill acquired during period | 0 | ||||||
Patents and Acquired Technology [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets Subject to Amortization | 32,854 | 71,596 | |||||
Accumulated amortization | (26,469) | (63,868) | |||||
Capitalized Software [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets Subject to Amortization | 53,218 | 54,325 | |||||
Accumulated amortization | (49,288) | (50,246) | |||||
Customer Relationships [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets Subject to Amortization | 59,119 | 63,655 | |||||
Accumulated amortization | (19,958) | (26,622) | |||||
Tradenames [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets Subject to Amortization | 23,041 | 55,272 | |||||
Accumulated amortization | (6,829) | (34,378) | |||||
Non-competition Agreements [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets Subject to Amortization | 0 | 606 | |||||
Accumulated amortization | $ 0 | $ (586) |
Summary of Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Statement of Operations data: | |||||||||||||||||||||
Net revenues | $ 775,892 | $ 780,972 | $ 761,030 | $ 716,795 | $ 673,462 | $ 677,941 | $ 643,164 | $ 604,801 | $ 3,034,689 | $ 2,599,368 | $ 2,317,328 | ||||||||||
Gross profit | 219,690 | 236,296 | 227,238 | 205,300 | 177,376 | 190,147 | 173,837 | 161,749 | 888,524 | 703,109 | 573,822 | ||||||||||
Operating Income | 119,667 | 138,098 | 123,293 | 104,062 | 76,006 | 95,416 | 85,005 | 67,578 | 485,120 | 324,005 | 197,058 | ||||||||||
Net earnings (loss) | 102,659 | 78,071 | 103,262 | 62,545 | (177,501) | 64,583 | 56,409 | 36,949 | 346,537 | (19,560) | 49,373 | ||||||||||
Net earnings (loss) attributable to noncontrolling interests | 240 | 195 | 165 | 179 | 156 | 179 | 219 | 230 | 779 | 784 | 581 | ||||||||||
Net earnings (loss) attributable to Vishay stockholders | $ 102,419 | $ 77,876 | $ 103,097 | $ 62,366 | $ (177,657) | $ 64,404 | $ 56,190 | $ 36,719 | $ 345,758 | $ (20,344) | $ 48,792 | ||||||||||
Per Share data: | |||||||||||||||||||||
Basic earnings (loss) per share attributable to Vishay stockholders: | $ 0.71 | [1] | $ 0.54 | [1] | $ 0.71 | [1] | $ 0.43 | [1] | $ (1.23) | [1] | $ 0.44 | [1] | $ 0.38 | [1] | $ 0.25 | [1] | $ 2.39 | $ (0.14) | $ 0.33 | ||
Diluted earnings (loss) per share attributable to Vishay stockholders: | $ 0.69 | [1] | $ 0.51 | [1] | $ 0.65 | [1] | $ 0.39 | [1] | $ (1.23) | [1] | $ 0.41 | [1] | $ 0.36 | [1] | $ 0.24 | [1] | $ 2.24 | $ (0.14) | $ 0.32 | ||
Operating income (loss): | |||||||||||||||||||||
Restructuring and related expenses | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,079 | $ 3,244 | $ 481 | $ 1,469 | $ 0 | $ 11,273 | $ 19,199 | ||||||||||
Impairment of Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,559 | ||||||||||
U.S. pension settlement charges | 0 | 0 | 79,321 | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Loss on disposal of equity affiliate | 0 | 0 | 0 | 0 | 948 | 0 | 0 | (7,060) | 0 | (6,112) | 0 | ||||||||||
Gain on early extinguishment of debt | (9,274) | 0 | (17,309) | 0 | 0 | 0 | 0 | 0 | (26,583) | 0 | 4,597 | ||||||||||
Gain (loss) related to Tianjin explosion | 0 | 0 | 8,809 | ||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||
Total tax expense enactment of TCJA | 0 | 13,496 | 12,000 | 0 | 234,855 | 0 | 0 | 0 | 25,496 | 234,855 | |||||||||||
Discrete Tax Items Repatriation | (3,037) | 680 | (9,006) | 1,316 | (2,702) | (892) | (1,240) | (968) | (10,047) | (5,802) | (3,553) | ||||||||||
Discrete Tax Items - Pension Settlement | 0 | 0 | 34,853 | ||||||||||||||||||
Tax effects of changes in uncertain tax positions | 0 | 0 | 0 | 0 | 2,369 | (804) | 0 | 0 | $ (1,565) | $ (8,704) | |||||||||||
Discrete Tax Items Debt Extinguishment | $ (20,914) | $ 0 | $ (33,963) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 54,877 | ||||||||||||
Number of weeks in an interim reporting period | 13 | ||||||||||||||||||||
|
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