QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation) |
(I.R.S. Employer Identification Number) |
|
(Address of Principal Executive Offices) |
(Registrant’s Area Code and Telephone Number) |
Title of each class |
Trading symbol |
Name of exchange on which registered |
||
Accelerated filer ◻ |
||
Non-accelerated filer ◻ |
Smaller reporting company |
|
Emerging growth company |
Page Number |
||||
October 3, 2020 |
December 31, 2019 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Short-term investments |
||||||||
Accounts receivable, net |
||||||||
Inventories: |
||||||||
Finished goods |
||||||||
Work in process |
||||||||
Raw materials |
||||||||
Total inventories |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
||||||||
Property and equipment, at cost: |
||||||||
Land |
||||||||
Buildings and improvements |
||||||||
Machinery and equipment |
||||||||
Construction in progress |
||||||||
Allowance for depreciation |
( |
) |
( |
) |
||||
Property and equipment, net |
||||||||
Right of use assets |
||||||||
Goodwill |
||||||||
Other intangible assets, net |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
October 3, 2020 |
December 31, 2019 |
|||||||
(Unaudited) |
||||||||
Liabilities, temporary equity, and equity |
||||||||
Current liabilities: |
||||||||
Notes payable to banks |
$ |
$ |
||||||
Trade accounts payable |
||||||||
Payroll and related expenses |
||||||||
Lease liabilities |
||||||||
Other accrued expenses |
||||||||
Income taxes |
||||||||
Total current liabilities |
||||||||
Long-term debt less current portion |
||||||||
U.S. transition tax payable |
||||||||
Deferred income taxes |
||||||||
Long-term lease liabilities |
||||||||
Other liabilities |
||||||||
Accrued pension and other postretirement costs |
||||||||
Total liabilities |
||||||||
Redeemable convertible debentures |
||||||||
Equity: |
||||||||
Vishay stockholders' equity |
||||||||
Common stock |
||||||||
Class B convertible common stock |
||||||||
Capital in excess of par value |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive income (loss) |
( |
) |
( |
) |
||||
Total Vishay stockholders' equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities, temporary equity, and equity |
$ |
$ |
||||||
Fiscal quarters ended |
||||||||
October 3, 2020 |
September 28, 2019 |
|||||||
Net revenues |
$ |
$ |
||||||
Costs of products sold |
||||||||
Gross profit |
||||||||
Selling, general, and administrative expenses |
||||||||
Restructuring and severance costs |
||||||||
Operating income |
||||||||
Other income (expense): |
||||||||
Interest expense |
( |
) |
( |
) |
||||
Other |
( |
) |
||||||
Loss on early extinguishment of debt |
( |
) |
||||||
Total other income (expense) |
( |
) |
( |
) |
||||
Income before taxes |
||||||||
Income tax expense |
||||||||
Net earnings |
||||||||
Less: net earnings attributable to noncontrolling interests |
||||||||
Net earnings attributable to Vishay stockholders |
$ |
$ |
||||||
Basic earnings per share attributable to Vishay stockholders |
$ |
$ |
||||||
Diluted earnings per share attributable to Vishay stockholders |
$ |
$ |
||||||
Weighted average shares outstanding - basic |
||||||||
Weighted average shares outstanding - diluted |
||||||||
Cash dividends per share |
$ |
$ |
||||||
Fiscal quarters ended |
||||||||
October 3, 2020 |
September 28, 2019 |
|||||||
Net earnings |
$ |
$ |
||||||
Other comprehensive income, net of tax |
||||||||
Pension and other post-retirement actuarial items |
||||||||
Foreign currency translation adjustment |
( |
) |
||||||
Other comprehensive income |
( |
) |
||||||
Comprehensive income |
||||||||
Less: comprehensive income attributable to noncontrolling interests |
||||||||
Comprehensive income attributable to Vishay stockholders |
$ |
$ |
||||||
Nine fiscal months ended |
||||||||
October 3, 2020 |
September 28, 2019 |
|||||||
Net revenues |
$ |
$ |
||||||
Costs of products sold |
||||||||
Gross profit |
||||||||
Selling, general, and administrative expenses |
||||||||
Restructuring and severance costs |
||||||||
Operating income |
||||||||
Other income (expense): |
||||||||
Interest expense |
( |
) |
( |
) |
||||
Other |
( |
) |
||||||
Loss on early extinguishment of debt |
( |
) |
( |
) |
||||
Total other income (expense) |
( |
) |
( |
) |
||||
Income before taxes |
||||||||
Income tax expense |
||||||||
Net earnings |
||||||||
Less: net earnings attributable to noncontrolling interests |
||||||||
Net earnings attributable to Vishay stockholders |
$ |
$ |
||||||
Basic earnings per share attributable to Vishay stockholders |
$ |
$ |
||||||
Diluted earnings per share attributable to Vishay stockholders |
$ |
$ |
||||||
Weighted average shares outstanding - basic |
||||||||
Weighted average shares outstanding - diluted |
||||||||
Cash dividends per share |
$ |
$ |
||||||
Nine fiscal months ended |
||||||||
October 3, 2020 |
September 28, 2019 |
|||||||
Net earnings |
$ |
$ |
||||||
Other comprehensive income (loss), net of tax |
||||||||
Pension and other post-retirement actuarial items |
||||||||
Foreign currency translation adjustment |
( |
) |
||||||
Other comprehensive income |
( |
) |
||||||
Comprehensive income |
||||||||
Less: comprehensive income attributable to noncontrolling interests |
||||||||
Comprehensive income attributable to Vishay stockholders |
$ |
$ |
||||||
Nine fiscal months ended |
||||||||
October 3, 2020 |
September 28, 2019 |
|||||||
Operating activities |
||||||||
Net earnings |
$ |
$ |
||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
(Gain) loss on disposal of property and equipment |
( |
) |
||||||
Accretion of interest on convertible debt instruments |
||||||||
Inventory write-offs for obsolescence |
||||||||
Deferred income taxes |
( |
) |
( |
) |
||||
Loss on extinguishment of debt |
||||||||
Other |
||||||||
Change in U.S. transition tax liability |
( |
) |
( |
) |
||||
Change in repatriation tax liability |
( |
) |
( |
) |
||||
Net change in operating assets and liabilities, net of effects of businesses acquired |
( |
) |
( |
) |
||||
Net cash provided by operating activities |
||||||||
Investing activities |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Proceeds from sale of property and equipment |
||||||||
Purchase of businesses, net of cash received |
( |
) |
( |
) |
||||
Purchase of short-term investments |
( |
) |
( |
) |
||||
Maturity of short-term investments |
||||||||
Other investing activities |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Financing activities |
||||||||
Issuance costs |
( |
) |
||||||
Repurchase of convertible debt instruments |
( |
) |
( |
) |
||||
Net changes in short-term borrowings |
( |
) |
( |
) |
||||
Dividends paid to common stockholders |
( |
) |
( |
) |
||||
Dividends paid to Class B common stockholders |
( |
) |
( |
) |
||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||
Cash withholding taxes paid when shares withheld for vested equity awards |
( |
) |
( |
) |
||||
Net cash used in financing activities |
( |
) |
( |
) |
||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) |
||||||
Net increase (decrease) in cash and cash equivalents |
( |
) |
||||||
Cash and cash equivalents at beginning of period |
||||||||
Cash and cash equivalents at end of period |
$ |
$ |
||||||
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, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-02 |
||||||||||||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Conversion of Class B shares ( |
||||||||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance at March 30, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at June 29, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at September 28, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
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, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-13 (see Note 1) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Repurchase of convertible senior debentures due 2041 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance at April 4, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Repurchase of convertible senior notes due 2025 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance at July 4, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Repurchase of convertible senior notes due 2025 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance at October 3, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
October 3, 2020 |
December 31, 2019 |
|||||||
Right of use assets |
||||||||
Operating Leases |
||||||||
Buildings and improvements |
$ |
$ |
||||||
Machinery and equipment |
||||||||
Total |
$ |
$ |
||||||
Current lease liabilities |
||||||||
Operating Leases |
||||||||
Buildings and improvements |
$ |
$ |
||||||
Machinery and equipment |
||||||||
Total |
$ |
$ |
||||||
Long-term lease liabilities |
||||||||
Operating Leases |
||||||||
Buildings and improvements |
$ |
$ |
||||||
Machinery and equipment |
||||||||
Total |
$ |
$ |
||||||
Total lease liabilities |
$ |
$ |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Lease expense |
||||||||||||||||
Operating lease expense |
$ |
$ |
$ |
$ |
||||||||||||
Short-term lease expense |
||||||||||||||||
Variable lease expense |
||||||||||||||||
Total lease expense |
$ |
$ |
$ |
$ |
||||||||||||
October 3, 2020 |
||||
2020 (excluding the nine fiscal months ended October 3, 2020) |
$ |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
Thereafter |
||||
Expense recorded in 2019 |
$ |
|||
Cash paid |
( |
) |
||
Foreign currency translation |
||||
Balance at December 31, 2019 |
$ |
|||
Expense recorded in 2020 |
||||
Cash paid |
( |
) |
||
Foreign currency translation |
||||
Balance at October 3, 2020 |
$ |
October 3, 2020 |
December 31, 2019 |
|||||||
Credit facility |
$ |
$ |
||||||
Convertible senior notes, due 2025 |
||||||||
Convertible senior debentures, due 2040 |
||||||||
Convertible senior debentures, due 2041 |
||||||||
Deferred financing costs |
( |
) |
( |
) |
||||
Less current portion |
||||||||
$ |
$ |
|||||||
Convertible Senior Notes Due 2025 |
Convertible Senior Debentures Due 2040 |
Convertible Senior Debentures Due 2041 |
||||||||||
Issuance date |
||||||||||||
Maturity date |
||||||||||||
Principal amount as of October 3, 2020 |
$ |
$ |
$ |
|||||||||
Cash coupon rate (per annum) |
% |
% |
% |
|||||||||
Nonconvertible debt borrowing rate at issuance (per annum) |
% |
% |
% |
|||||||||
Conversion rate effective September 10, 2020 (per $1 principal amount) |
||||||||||||
Effective conversion price effective September 10, 2020 (per share) |
$ |
$ |
$ |
|||||||||
$ |
$ |
$ |
||||||||||
Call date |
n/a |
|||||||||||
Principal amount of the debt instruments |
Unamortized discount |
Carrying value of liability component |
Equity component (including temporary equity) -net carrying value |
|||||||||||||
October 3, 2020 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
( |
) |
$ |
$ |
|||||||||||
Convertible senior debentures due 2040 and due 2041 |
$ |
( |
) |
$ |
$ |
|||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
December 31, 2019 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
( |
) |
$ |
$ |
|||||||||||
Convertible senior debentures due 2040 and due 2041 |
$ |
( |
) |
$ |
$ |
|||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Contractual coupon interest |
Non-cash amortization of debt discount |
Other non-cash interest expense |
Total interest expense related to the debt instruments |
|||||||||||||
October 3, 2020 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
Convertible senior debentures |
$ |
$ |
||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
September 28, 2019 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
Convertible senior debentures |
$ |
( |
) |
$ |
||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Contractual coupon interest |
Non-cash amortization of debt discount |
Other non-cash interest expense |
Total interest expense related to the debt instruments |
|||||||||||||
October 3, 2020 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
Convertible senior debentures |
$ |
$ |
||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
September 28, 2019 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
Convertible senior debentures |
$ |
( |
) |
$ |
||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
||||||||||||
Sales allowances |
||||||||||||||||
Credits issued |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Foreign currency |
( |
) |
( |
) |
||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
||||||||||||
Pension and other post- retirement actuarial items |
Currency translation adjustment |
Total |
||||||||||
Balance at January 1, 2020 |
$ |
( |
) |
$ |
$ |
( |
) |
|||||
Other comprehensive income before reclassifications |
$ |
|||||||||||
Tax effect |
$ |
|||||||||||
Other comprehensive income before reclassifications, net of tax |
$ |
|||||||||||
Amounts reclassified out of AOCI |
$ |
|||||||||||
Tax effect |
( |
) |
$ |
( |
) |
|||||||
Amounts reclassified out of AOCI, net of tax |
$ |
|||||||||||
Net other comprehensive income |
$ |
$ |
$ |
|||||||||
Balance at October 3, 2020 |
$ |
( |
) |
$ |
$ |
( |
) |
|||||
Fiscal quarter ended October 3, 2020 |
Fiscal quarter ended September 28, 2019 |
|||||||||||||||
U.S. Plans |
Non-U.S. Plans |
U.S. Plans |
Non-U.S. Plans |
|||||||||||||
Net service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
||||||||||||
Amortization of prior service cost |
||||||||||||||||
Amortization of losses |
||||||||||||||||
Curtailment and settlement losses |
||||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Nine fiscal months ended October 3, 2020 |
Nine fiscal months ended September 28, 2019 |
|||||||||||||||
U.S. Plans |
Non-U.S. Plans |
U.S. Plans |
Non-U.S. Plans |
|||||||||||||
Net service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
||||||||||||
Amortization of prior service cost |
||||||||||||||||
Amortization of losses |
||||||||||||||||
Curtailment and settlement losses |
||||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarter ended October 3, 2020 |
Fiscal quarter ended September 28, 2019 |
|||||||||||||||
U.S. Plans |
Non-U.S. Plans |
U.S. Plans |
Non-U.S. Plans |
|||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Amortization of losses (gains) |
( |
) |
||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Nine fiscal months ended October 3, 2020 |
Nine fiscal months ended September 28, 2019 |
|||||||||||||||
U.S. Plans |
Non-U.S. Plans |
U.S. Plans |
Non-U.S. Plans |
|||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Amortization of losses (gains) |
( |
) |
||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Restricted stock units |
$ |
$ |
$ |
|||||||||||||
Phantom stock units |
||||||||||||||||
Total |
$ |
$ |
$ |
|||||||||||||
Unrecognized Compensation Cost |
Weighted Average Remaining Amortization Periods |
|||||||
Restricted stock units |
$ |
|||||||
Phantom stock units |
n/a |
|||||||
Total |
$ |
|||||||
Number of RSUs |
Weighted Average Grant-date Fair Value per Unit |
|||||||
Outstanding: |
||||||||
January 1, 2020 |
$ |
|||||||
Granted |
||||||||
Vested* |
( |
) |
||||||
Cancelled or forfeited |
( |
) |
||||||
Outstanding at October 3, 2020 |
$ |
|||||||
Expected to vest at October 3, 2020 |
||||||||
Vesting Date |
Expected to Vest |
Not Expected to Vest |
Total |
|||||||||
January 1, 2021 |
||||||||||||
January 1, 2022 |
||||||||||||
January 1, 2023 |
||||||||||||
Number of units |
Grant-date Fair Value per Unit |
|||||||
Outstanding: |
||||||||
January 1, 2020 |
||||||||
Granted |
$ |
|||||||
Dividend equivalents issued |
||||||||
Outstanding at October 3, 2020 |
||||||||
● |
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 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 |
|||||||||||||||||||||||||
Fiscal quarter ended October 3, 2020: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Segment operating income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Fiscal quarter ended September 28, 2019: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Segment operating income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Nine fiscal months ended October 3, 2020: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross Profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Nine fiscal months ended September 28, 2019: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross Profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Reconciliation: |
||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
||||||||||||
Restructuring and Severance Costs |
( |
) |
( |
) |
( |
) |
||||||||||
Impact of COVID-19 on Selling, General, and Administrative Expenses |
||||||||||||||||
Unallocated Selling, General, and Administrative Expenses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated Operating Income |
$ |
$ |
$ |
$ |
||||||||||||
Unallocated Other Income (Expense) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated Income Before Taxes |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Distributors |
$ |
$ |
$ |
$ |
||||||||||||
OEMs |
||||||||||||||||
EMS companies |
||||||||||||||||
Total Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Asia |
$ |
$ |
$ |
$ |
||||||||||||
Europe |
||||||||||||||||
Americas |
||||||||||||||||
Total Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Industrial |
$ |
$ |
$ |
$ |
||||||||||||
Automotive |
||||||||||||||||
Telecommunications |
||||||||||||||||
Computing |
||||||||||||||||
Consumer Products |
||||||||||||||||
Power Supplies |
||||||||||||||||
Military and Aerospace |
||||||||||||||||
Medical |
||||||||||||||||
Total revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Numerator: |
||||||||||||||||
Net earnings attributable to Vishay stockholders |
$ |
$ |
$ |
$ |
||||||||||||
Denominator: |
||||||||||||||||
Denominator for basic earnings per share: |
||||||||||||||||
Weighted average shares |
||||||||||||||||
Outstanding phantom stock units |
||||||||||||||||
Adjusted weighted average shares |
||||||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Convertible debt instruments |
||||||||||||||||
Restricted stock units |
||||||||||||||||
Dilutive potential common shares |
||||||||||||||||
Denominator for diluted earnings per share: |
||||||||||||||||
Adjusted weighted average shares - diluted |
||||||||||||||||
Basic earnings per share attributable to Vishay stockholders |
$ |
$ |
$ |
$ |
||||||||||||
Diluted earnings per share attributable to Vishay stockholders |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 3, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
|||||||||||||
Convertible debt instruments: |
||||||||||||||||
Convertible Senior Notes, due 2025 |
||||||||||||||||
Convertible Senior Debentures, due 2041 |
||||||||||||||||
Weighted average other |
||||||||||||||||
Total Fair Value |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
October 3, 2020 |
||||||||||||||||
Assets: |
||||||||||||||||
Assets held in rabbi trusts |
$ |
$ |
$ |
$ |
||||||||||||
Available for sale securities |
$ |
|||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
December 31, 2019 |
||||||||||||||||
Assets: |
||||||||||||||||
Assets held in rabbi trusts |
$ |
$ |
$ |
|||||||||||||
Available for sale securities |
$ |
|||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders |
$ |
33,484 |
$ |
24,653 |
$ |
30,038 |
$ |
85,356 |
$ |
149,974 |
||||||||||
Reconciling items affecting gross income: |
||||||||||||||||||||
Impact of COVID-19 outbreak |
242 |
923 |
- |
4,295 |
- |
|||||||||||||||
Other reconciling items affecting operating income: |
||||||||||||||||||||
Restructuring and severance costs |
- |
743 |
7,255 |
743 |
7,255 |
|||||||||||||||
Impact of COVID-19 outbreak |
(441 |
) |
(747 |
) |
- |
(871 |
) |
- |
||||||||||||
Reconciling items affecting other income (expense): |
||||||||||||||||||||
Loss on early extinguishment of debt |
3,454 |
1,146 |
- |
7,520 |
1,307 |
|||||||||||||||
Reconciling items affecting tax expense: |
||||||||||||||||||||
Effects of tax-basis foreign exchange gain |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
7,554 |
||||||||||
Effects of cash repatriation program |
- |
(190 |
) |
2,604 |
(190 |
) |
1,971 |
|||||||||||||
Change in deferred taxes due to early extinguishment of debt |
- |
- |
- |
(1,346 |
) |
(1,312 |
) |
|||||||||||||
Tax effects of pre-tax items above |
(716 |
) |
(589 |
) |
(1,644 |
) |
(2,787 |
) |
(1,934 |
) |
||||||||||
Adjusted net earnings |
$ |
36,023 |
$ |
25,939 |
$ |
38,253 |
$ |
92,720 |
$ |
164,815 |
||||||||||
Adjusted weighted average diluted shares outstanding |
145,197 |
145,170 |
145,027 |
145,221 |
145,114 |
|||||||||||||||
Adjusted earnings per diluted share |
$ |
0.25 |
$ |
0.18 |
$ |
0.26 |
$ |
0.64 |
$ |
1.14 |
||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net cash provided by continuing operating activities |
$ |
64,330 |
$ |
90,431 |
$ |
76,202 |
$ |
189,239 |
$ |
212,021 |
||||||||||
Proceeds from sale of property and equipment |
63 |
177 |
22 |
293 |
486 |
|||||||||||||||
Less: Capital expenditures |
(21,969 |
) |
(24,504 |
) |
(30,119 |
) |
(70,801 |
) |
(100,267 |
) |
||||||||||
Free cash |
$ |
42,424 |
$ |
66,104 |
$ |
46,105 |
$ |
118,731 |
$ |
112,240 |
||||||||||
3rd Quarter 2019 |
4th Quarter 2019 |
1st Quarter 2020 |
2nd Quarter 2020 |
3rd Quarter 2020 |
||||||||||||||||
Net revenues |
$ |
628,329 |
$ |
609,577 |
$ |
612,841 |
$ |
581,717 |
$ |
640,160 |
||||||||||
Gross profit margin(1) |
23.9 |
% |
22.2 |
% |
24.0 |
% |
22.5 |
% |
23.7 |
% |
||||||||||
Operating margin(2) |
8.1 |
% |
4.0 |
% |
7.7 |
% |
7.0 |
% |
9.6 |
% |
||||||||||
End-of-period backlog |
$ |
935,400 |
$ |
911,300 |
$ |
1,005,200 |
$ |
914,300 |
$ |
927,900 |
||||||||||
Book-to-bill ratio |
0.72 |
0.94 |
1.17 |
0.82 |
0.99 |
|||||||||||||||
Inventory turnover |
4.1 |
4.3 |
4.2 |
3.9 |
4.4 |
|||||||||||||||
Change in ASP vs. prior quarter |
(1.1 |
)% |
(0.8 |
)% |
(1.1 |
)% |
0.1 |
% |
(1.1 |
)% |
||||||||||
3rd Quarter 2019 |
4th Quarter 2019 |
1st Quarter 2020 |
2nd Quarter 2020 |
3rd Quarter 2020 |
||||||||||||||||
MOSFETs |
||||||||||||||||||||
Net revenues |
$ |
126,747 |
$ |
116,215 |
$ |
116,893 |
$ |
118,944 |
$ |
133,976 |
||||||||||
Book-to-bill ratio |
0.54 |
0.94 |
1.12 |
0.97 |
0.93 |
|||||||||||||||
Gross profit margin |
24.1 |
% |
23.7 |
% |
24.1 |
% |
22.7 |
% |
22.1 |
% |
||||||||||
Segment operating margin |
16.6 |
% |
16.1 |
% |
16.0 |
% |
14.8 |
% |
15.0 |
% |
||||||||||
Diodes |
||||||||||||||||||||
Net revenues |
$ |
123,879 |
$ |
123,382 |
$ |
115,343 |
$ |
124,187 |
$ |
123,744 |
||||||||||
Book-to-bill ratio |
0.57 |
0.88 |
1.36 |
0.61 |
1.05 |
|||||||||||||||
Gross profit margin |
17.1 |
% |
16.3 |
% |
16.9 |
% |
20.1 |
% |
16.8 |
% |
||||||||||
Segment operating margin |
13.3 |
% |
12.6 |
% |
12.5 |
% |
16.0 |
% |
12.8 |
% |
||||||||||
Optoelectronic Components |
||||||||||||||||||||
Net revenues |
$ |
50,702 |
$ |
51,047 |
$ |
54,179 |
$ |
49,130 |
$ |
64,955 |
||||||||||
Book-to-bill ratio |
0.86 |
1.11 |
1.40 |
0.96 |
0.97 |
|||||||||||||||
Gross profit margin |
21.5 |
% |
20.2 |
% |
26.9 |
% |
23.9 |
% |
32.8 |
% |
||||||||||
Segment operating margin |
13.7 |
% |
12.7 |
% |
19.7 |
% |
16.2 |
% |
26.5 |
% |
||||||||||
Resistors |
||||||||||||||||||||
Net revenues |
$ |
155,119 |
$ |
147,883 |
$ |
159,208 |
$ |
140,412 |
$ |
145,362 |
||||||||||
Book-to-bill ratio |
0.82 |
0.95 |
1.05 |
0.73 |
1.06 |
|||||||||||||||
Gross profit margin |
27.4 |
% |
23.5 |
% |
28.1 |
% |
23.2 |
% |
24.2 |
% |
||||||||||
Segment operating margin |
23.8 |
% |
19.0 |
% |
24.4 |
% |
19.9 |
% |
20.7 |
% |
||||||||||
Inductors |
||||||||||||||||||||
Net revenues |
$ |
73,458 |
$ |
76,520 |
$ |
73,785 |
$ |
65,185 |
$ |
79,399 |
||||||||||
Book-to-bill ratio |
0.95 |
1.05 |
0.98 |
0.96 |
0.96 |
|||||||||||||||
Gross profit margin |
31.9 |
% |
33.5 |
% |
31.2 |
% |
31.1 |
% |
33.5 |
% |
||||||||||
Segment operating margin |
28.3 |
% |
30.3 |
% |
27.5 |
% |
27.2 |
% |
30.4 |
% |
||||||||||
Capacitors |
||||||||||||||||||||
Net revenues |
$ |
98,424 |
$ |
94,530 |
$ |
93,433 |
$ |
83,859 |
$ |
92,724 |
||||||||||
Book-to-bill ratio |
0.76 |
0.84 |
1.20 |
0.90 |
0.95 |
|||||||||||||||
Gross profit margin |
22.0 |
% |
17.9 |
% |
21.8 |
% |
18.1 |
% |
19.8 |
% |
||||||||||
Segment operating margin |
16.9 |
% |
12.3 |
% |
16.1 |
% |
12.5 |
% |
14.8 |
% |
||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Cost of products sold |
76.3 |
% |
77.5 |
% |
76.1 |
% |
76.6 |
% |
74.0 |
% |
||||||||||
Gross profit |
23.7 |
% |
22.5 |
% |
23.9 |
% |
23.4 |
% |
26.0 |
% |
||||||||||
Selling, general & administrative expenses |
14.1 |
% |
15.3 |
% |
14.6 |
% |
15.2 |
% |
14.1 |
% |
||||||||||
Operating income |
9.6 |
% |
7.0 |
% |
8.1 |
% |
8.2 |
% |
11.6 |
% |
||||||||||
Income before taxes and noncontrolling interest |
7.1 |
% |
5.1 |
% |
7.0 |
% |
6.1 |
% |
10.4 |
% |
||||||||||
Net earnings attributable to Vishay stockholders |
5.2 |
% |
4.2 |
% |
4.8 |
% |
4.7 |
% |
7.3 |
% |
||||||||||
________ |
||||||||||||||||||||
Effective tax rate |
26.4 |
% |
16.3 |
% |
31.5 |
% |
23.0 |
% |
29.9 |
% |
||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
640,160 |
$ |
581,717 |
$ |
628,329 |
$ |
1,834,718 |
$ |
2,058,728 |
||||||||||
Fiscal quarter ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
58,443 |
10.0 |
% |
||||||||||||
September 28, 2019 |
$ |
11,831 |
1.9 |
% |
$ |
(224,010 |
) |
(10.9 |
)% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
9.4 |
% |
3.4 |
% |
(8.6 |
)% |
||||||
Decrease in average selling prices |
(1.1 |
)% |
(2.7 |
)% |
(2.7 |
)% |
||||||
Foreign currency effects |
1.9 |
% |
1.4 |
% |
0.0 |
% |
||||||
Other |
(0.2 |
)% |
(0.2 |
)% |
0.4 |
% |
||||||
Net change |
10.0 |
% |
1.9 |
% |
(10.9 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
133,976 |
$ |
118,944 |
$ |
126,747 |
$ |
369,813 |
$ |
392,930 |
||||||||||
Gross profit margin |
22.1 |
% |
22.7 |
% |
24.1 |
% |
22.9 |
% |
25.1 |
% |
||||||||||
Fiscal quarter ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
15,032 |
12.6 |
% |
||||||||||||
September 28, 2019 |
$ |
7,229 |
5.7 |
% |
$ |
(23,117 |
) |
(5.9 |
)% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
12.9 |
% |
11.3 |
% |
(0.3 |
)% |
||||||
Decrease in average selling prices |
(1.2 |
)% |
(5.2 |
)% |
(5.7 |
)% |
||||||
Foreign currency effects |
1.1 |
% |
0.8 |
% |
0.0 |
% |
||||||
Other |
(0.2 |
)% |
(1.2 |
)% |
0.1 |
% |
||||||
Net change |
12.6 |
% |
5.7 |
% |
(5.9 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
123,744 |
$ |
124,187 |
$ |
123,879 |
$ |
363,274 |
$ |
433,761 |
||||||||||
Gross profit margin |
16.8 |
% |
20.1 |
% |
17.1 |
% |
18.0 |
% |
21.6 |
% |
||||||||||
Fiscal quarter ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
(443 |
) |
(0.4 |
)% |
|||||||||||
September 28, 2019 |
$ |
(135 |
) |
(0.1 |
)% |
$ |
(70,487 |
) |
(16.3 |
)% |
||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
0.6 |
% |
4.1 |
% |
(12.6 |
)% |
||||||
Decrease in average selling prices |
(1.9 |
)% |
(4.5 |
)% |
(4.6 |
)% |
||||||
Foreign currency effects |
1.4 |
% |
1.0 |
% |
0.0 |
% |
||||||
Other |
(0.5 |
)% |
(0.7 |
)% |
0.9 |
% |
||||||
Net change |
(0.4 |
)% |
(0.1 |
)% |
(16.3 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
64,955 |
$ |
49,130 |
$ |
50,702 |
$ |
168,264 |
$ |
171,939 |
||||||||||
Gross profit margin |
32.8 |
% |
23.9 |
% |
21.5 |
% |
28.3 |
% |
25.1 |
% |
||||||||||
Fiscal quarter ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
15,825 |
32.2 |
% |
||||||||||||
September 28, 2019 |
$ |
14,253 |
28.1 |
% |
$ |
(3,675 |
) |
(2.1 |
)% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
29.5 |
% |
25.4 |
% |
(1.0 |
)% |
||||||
Decrease in average selling prices |
(0.2 |
)% |
(0.6 |
)% |
(1.6 |
)% |
||||||
Foreign currency effects |
2.8 |
% |
2.4 |
% |
0.1 |
% |
||||||
Other |
0.1 |
% |
0.9 |
% |
0.4 |
% |
||||||
Net change |
32.2 |
% |
28.1 |
% |
(2.1 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
145,362 |
$ |
140,412 |
$ |
155,119 |
$ |
444,982 |
$ |
509,309 |
||||||||||
Gross profit margin |
24.2 |
% |
23.2 |
% |
27.4 |
% |
25.3 |
% |
29.8 |
% |
||||||||||
Fiscal quarter ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
4,950 |
3.5 |
% |
||||||||||||
September 28, 2019 |
$ |
(9,757 |
) |
(6.3 |
)% |
$ |
(64,327 |
) |
(12.6 |
)% |
||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
5.4 |
% |
(4.6 |
)% |
(11.0 |
)% |
||||||
Decrease in average selling prices |
(0.7 |
)% |
(2.5 |
)% |
(1.8 |
)% |
||||||
Foreign currency effects |
2.8 |
% |
1.9 |
% |
(0.1 |
)% |
||||||
Other |
(4.0 |
)% |
(1.1 |
)% |
0.3 |
% |
||||||
Net change |
3.5 |
% |
(6.3 |
)% |
(12.6 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
79,399 |
$ |
65,185 |
$ |
73,458 |
$ |
218,369 |
$ |
222,122 |
||||||||||
Gross profit margin |
33.5 |
% |
31.1 |
% |
31.9 |
% |
32.0 |
% |
32.1 |
% |
||||||||||
Fiscal quarters ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
14,214 |
21.8 |
% |
||||||||||||
September 28, 2019 |
$ |
5,941 |
8.1 |
% |
$ |
(3,753 |
) |
(1.7 |
)% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Increase in volume |
24.3 |
% |
10.3 |
% |
0.3 |
% |
||||||
Decrease in average selling prices |
(2.5 |
)% |
(2.5 |
)% |
(2.0 |
)% |
||||||
Foreign currency effects |
1.1 |
% |
0.7 |
% |
0.0 |
% |
||||||
Other |
(1.1 |
)% |
(0.4 |
)% |
0.0 |
% |
||||||
Net change |
21.8 |
% |
8.1 |
% |
(1.7 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Net revenues |
$ |
92,724 |
$ |
83,859 |
$ |
98,424 |
$ |
270,016 |
$ |
328,667 |
||||||||||
Gross profit margin |
19.8 |
% |
18.1 |
% |
22.0 |
% |
20.0 |
% |
23.6 |
% |
||||||||||
Fiscal quarter ended October 3, 2020 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 4, 2020 |
$ |
8,865 |
10.6 |
% |
||||||||||||
September 28, 2019 |
$ |
(5,700 |
) |
(5.8 |
)% |
$ |
(58,651 |
) |
(17.8 |
)% |
||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
7.6 |
% |
(8.9 |
)% |
(18.6 |
)% |
||||||
Increase in average selling prices |
0.1 |
% |
2.0 |
% |
1.4 |
% |
||||||
Foreign currency effects |
2.7 |
% |
1.6 |
% |
(0.2 |
)% |
||||||
Other |
0.2 |
% |
(0.5 |
)% |
(0.4 |
)% |
||||||
Net change |
10.6 |
% |
(5.8 |
)% |
(17.8 |
)% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 3, 2020 |
July 4, 2020 |
September 28, 2019 |
October 3, 2020 |
September 28, 2019 |
||||||||||||||||
Total SG&A expenses |
$ |
90,219 |
$ |
89,127 |
$ |
91,796 |
$ |
279,178 |
$ |
290,332 |
||||||||||
as a percentage of revenues |
14.1 |
% |
15.3 |
% |
14.6 |
% |
15.2 |
% |
14.1 |
% |
||||||||||
Fiscal quarters ended |
||||||||||||
October 3, 2020 |
September 28, 2019 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(2,339 |
) |
$ |
1,113 |
$ |
(3,452 |
) |
||||
Interest income |
514 |
2,365 |
(1,851 |
) |
||||||||
Other components of net periodic pension expense |
(3,267 |
) |
(3,348 |
) |
81 |
|||||||
Investment income (expense) |
201 |
1,556 |
(1,355 |
) |
||||||||
Other |
(7 |
) |
32 |
(39 |
) |
|||||||
$ |
(4,898 |
) |
$ |
1,718 |
$ |
(6,616 |
) |
|||||
Fiscal quarters ended |
||||||||||||
October 3, 2020 |
July 4, 2020 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(2,339 |
) |
$ |
(1,183 |
) |
$ |
(1,156 |
) |
|||
Interest income |
514 |
956 |
(442 |
) |
||||||||
Other components of net periodic pension expense |
(3,267 |
) |
(3,063 |
) |
(204 |
) |
||||||
Investment income (expense) |
201 |
1,806 |
(1,605 |
) |
||||||||
Other |
(7 |
) |
- |
(7 |
) |
|||||||
$ |
(4,898 |
) |
$ |
(1,484 |
) |
$ |
(3,414 |
) |
||||
Nine fiscal months ended |
||||||||||||
October 3, 2020 |
September 28, 2019 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(1,658 |
) |
$ |
162 |
$ |
(1,820 |
) |
||||
Interest income |
3,324 |
6,711 |
(3,387 |
) |
||||||||
Other components of net periodic pension expense |
(9,398 |
) |
(10,111 |
) |
713 |
|||||||
Investment income (expense) |
1,570 |
6,545 |
(4,975 |
) |
||||||||
Other |
(22 |
) |
(74 |
) |
52 |
|||||||
$ |
(6,184 |
) |
$ |
3,233 |
$ |
(9,417 |
) |
|||||
October 3, 2020 |
December 31, 2019 |
|||||||
Credit facility |
$ |
- |
$ |
- |
||||
Convertible senior notes, due 2025* |
403,345 |
509,128 |
||||||
Convertible senior debentures, due 2040* |
129 |
126 |
||||||
Convertible senior debentures, due 2041* |
1,065 |
6,677 |
||||||
Deferred financing costs |
(12,249 |
) |
(16,784 |
) |
||||
Total debt |
392,290 |
499,147 |
||||||
Cash and cash equivalents |
682,422 |
694,133 |
||||||
Short-term investments |
29,538 |
108,822 |
||||||
Net cash and short-term investments (debt) |
$ |
319,670 |
$ |
303,808 |
||||
Payments due by period |
||||||||||||||||||||
Total |
2020 |
2021 - 2022 |
2023 - 2024 |
2025 and beyond |
||||||||||||||||
Long-term debt (1) |
468,284 |
- |
- |
- |
468,284 |
|||||||||||||||
Interest payments on long-term debt (2) |
57,559 |
3,102 |
24,823 |
23,755 |
5,879 |
|||||||||||||||
(1) Excludes unamortized debt discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. |
||||||||||||||||||||
(2) Excludes the non-cash interest expense related to the amortization of the discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. |
||||||||||||||||||||
Payments due by period |
||||||||||||||||||||
Total |
2020 |
2021 - 2022 |
2023 - 2024 |
2025 and beyond |
||||||||||||||||
Long-term debt (1) |
617,190 |
- |
- |
- |
617,190 |
|||||||||||||||
Interest payments on long-term debt (2) |
90,260 |
15,762 |
31,524 |
30,456 |
12,518 |
|||||||||||||||
(1) Excludes unamortized debt discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. |
||||||||||||||||||||
(2) Excludes the non-cash interest expense related to the amortization of the discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. |
||||||||||||||||||||
Fiscal Period |
Amount |
Month of Payment |
|||
Three fiscal months ended April 4, 2020 |
$ |
13,741 |
March |
||
Three fiscal months ended July 4, 2020 |
13,743 |
June |
|||
Three fiscal months ended October 3, 2020 |
13,743 |
September |
|||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. | Controls and Procedures |
| Item 1. | Legal Proceedings |
| Item 1A. | Risk Factors |
• |
Adverse impact on our customers and supply channels; |
• |
Decrease in sales, product demand and pricing and unfavorable economic and market conditions; |
• |
Increased costs, including higher shipping costs due to reduced shipping capacity; |
• |
Restrictions on our manufacturing, support operations or workforce, or similar limitations for our customers, vendors, and suppliers, that could limit our ability to meet customer demand; |
• |
Potential increased credit risk if customers, distributors, and resellers are unable to pay us, or must delay paying their obligations to us; |
• |
Restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures could result in delays; |
• |
Impact on our workforce/employees due to the ease with which the virus spreads and the current shelter-in-place orders; and |
• |
Cybersecurity risks as a result of extended periods of remote work arrangements. |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
| Item 3. | Defaults Upon Senior Securities |
| Item 4. | Mine Safety Disclosures |
| Item 5. | Other Information |
| Item 6. | Exhibits |
101 |
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended October 3, 2020, furnished in iXBRL (Inline eXtensible Business Reporting Language)). |
104 |
Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language and contained in Exhibit 101) |
VISHAY INTERTECHNOLOGY, INC. |
||
/s/ Lori Lipcaman |
||
Lori Lipcaman |
||
Executive Vice President and Chief Financial Officer |
||
(as a duly authorized officer and principal financial and |
||
accounting officer) |
||
| 1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
| 1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Consolidated Condensed Statements of Operations [Abstract] | ||||
| Net revenues | $ 640,160 | $ 628,329 | $ 1,834,718 | $ 2,058,728 |
| Costs of products sold | 488,451 | 478,250 | 1,405,099 | 1,522,889 |
| Gross profit | 151,709 | 150,079 | 429,619 | 535,839 |
| Selling, general, and administrative expenses | 90,219 | 91,796 | 279,178 | 290,332 |
| Restructuring and severance costs | 0 | 7,255 | 743 | 7,255 |
| Operating income | 61,490 | 51,028 | 149,698 | 238,252 |
| Other income (expense): | ||||
| Interest expense | (7,414) | (8,564) | (24,396) | (25,160) |
| Other | (4,898) | 1,718 | (6,184) | 3,233 |
| Loss on early extinguishment of debt | (3,454) | 0 | (7,520) | (1,307) |
| Total other income (expense) | (15,766) | (6,846) | (38,100) | (23,234) |
| Income before taxes | 45,724 | 44,182 | 111,598 | 215,018 |
| Income tax expense | 12,063 | 13,917 | 25,658 | 64,377 |
| Net earnings | 33,661 | 30,265 | 85,940 | 150,641 |
| Less: net earnings attributable to noncontrolling interests | 177 | 227 | 584 | 667 |
| Net earnings attributable to Vishay stockholders | $ 33,484 | $ 30,038 | $ 85,356 | $ 149,974 |
| Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.04 |
| Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.03 |
| Weighted average shares outstanding - basic (in shares) | 144,854 | 144,628 | 144,831 | 144,602 |
| Weighted average shares outstanding - diluted (in shares) | 145,197 | 145,027 | 145,221 | 145,114 |
| Cash dividends per share (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.285 | $ 0.275 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | ||||
| Net earnings | $ 33,661 | $ 30,265 | $ 85,940 | $ 150,641 |
| Other comprehensive income (loss), net of tax | ||||
| Pension and other post-retirement actuarial items | 1,886 | 1,368 | 5,247 | 4,448 |
| Foreign currency translation adjustment | 21,100 | (23,004) | 18,059 | (25,609) |
| Other comprehensive income (loss) | 22,986 | (21,636) | 23,306 | (21,161) |
| Comprehensive income | 56,647 | 8,629 | 109,246 | 129,480 |
| Less: comprehensive income attributable to noncontrolling interests | 177 | 227 | 584 | 667 |
| Comprehensive income attributable to Vishay stockholders | $ 56,470 | $ 8,402 | $ 108,662 | $ 128,813 |
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands |
Capital In Excess of Par Value [Member] |
Capital In Excess of Par Value [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Retained Earnings (Accumulated Deficit) [Member] |
Retained Earnings (Accumulated Deficit) [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Total Vishay Stockholders' Equity [Member] |
Total Vishay Stockholders' Equity [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Noncontrolling Interests [Member] |
Noncontrolling Interests [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Total |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Common Stock [Member] |
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Class B Convertible Common Stock [Member] |
Class B Convertible Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Period Start at Dec. 31, 2018 | $ 1,436,011 | $ (61,258) | $ (6,791) | $ 1,382,384 | $ 2,286 | $ 1,384,670 | $ 13,212 | $ 1,210 | ||||||||
| Net earnings | 0 | 75,459 | 0 | 75,459 | 182 | 75,641 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | (8,532) | (8,532) | 0 | (8,532) | 0 | 0 | ||||||||
| Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Temporary equity reclassification | 3 | 0 | 0 | 3 | 0 | 3 | 0 | 0 | ||||||||
| Issuance of stock and related tax withholdings for vested restricted stock units | (2,681) | 0 | 0 | (2,659) | 0 | (2,659) | 22 | 0 | ||||||||
| Dividends declared | (12,292) | 0 | (12,277) | 0 | (12,277) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 15 | |||||||||||||||
| Stock compensation expense | 3,536 | 0 | 0 | 3,536 | 0 | 3,536 | 0 | 0 | ||||||||
| Repurchase of convertible debt instruments | (11,783) | 0 | 0 | (11,783) | 0 | (11,783) | 0 | 0 | ||||||||
| Balance at Period End at Mar. 30, 2019 | 1,425,101 | 24,922 | (15,323) | 1,449,144 | 2,468 | 1,451,612 | 13,234 | 1,210 | ||||||||
| Balance at Period Start at Dec. 31, 2018 | 1,436,011 | (61,258) | (6,791) | 1,382,384 | 2,286 | 1,384,670 | 13,212 | 1,210 | ||||||||
| Net earnings | 150,641 | |||||||||||||||
| Other comprehensive income | (21,161) | |||||||||||||||
| Balance at Period End at Sep. 28, 2019 | 1,427,049 | 71,956 | (27,952) | 1,485,498 | 2,353 | 1,487,851 | 13,235 | 1,210 | ||||||||
| Cumulative effect of accounting change for adoption of ASU | $ 0 | $ 23,013 | $ 0 | $ 23,013 | $ 0 | $ 23,013 | $ 0 | $ 0 | ||||||||
| Balance at Period Start at Mar. 30, 2019 | 1,425,101 | 24,922 | (15,323) | 1,449,144 | 2,468 | 1,451,612 | 13,234 | 1,210 | ||||||||
| Net earnings | 0 | 44,477 | 0 | 44,477 | 258 | 44,735 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | 9,007 | 9,007 | 0 | 9,007 | 0 | 0 | ||||||||
| Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 | ||||||||
| Temporary equity reclassification | 206 | 0 | 0 | 206 | 0 | 206 | 0 | 0 | ||||||||
| Issuance of stock and related tax withholdings for vested restricted stock units | (50) | 0 | 0 | (49) | 0 | (49) | 1 | 0 | ||||||||
| Dividends declared | (13,740) | 0 | (13,723) | 0 | (13,723) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 17 | |||||||||||||||
| Stock compensation expense | 890 | 0 | 0 | 890 | 0 | 890 | 0 | 0 | ||||||||
| Balance at Period End at Jun. 29, 2019 | 1,426,164 | 55,659 | (6,316) | 1,489,952 | 2,126 | 1,492,078 | 13,235 | 1,210 | ||||||||
| Net earnings | 0 | 30,038 | 0 | 30,038 | 227 | 30,265 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | (21,636) | (21,636) | 0 | (21,636) | 0 | 0 | ||||||||
| Dividends declared | (13,741) | 0 | (13,723) | 0 | (13,723) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 18 | |||||||||||||||
| Stock compensation expense | 867 | 0 | 0 | 867 | 0 | 867 | 0 | 0 | ||||||||
| Balance at Period End at Sep. 28, 2019 | 1,427,049 | 71,956 | (27,952) | 1,485,498 | 2,353 | 1,487,851 | 13,235 | 1,210 | ||||||||
| Cumulative effect of accounting change for adoption of ASU | 72,180 | |||||||||||||||
| Balance at Period Start at Dec. 31, 2019 | 1,425,170 | 72,180 | (26,646) | 1,485,149 | 2,540 | 1,487,689 | 13,235 | 1,210 | ||||||||
| Net earnings | 0 | 27,219 | 0 | 27,219 | 165 | 27,384 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | (21,528) | (21,528) | 0 | (21,528) | 0 | 0 | ||||||||
| Temporary equity reclassification | 174 | 0 | 0 | 174 | 0 | 174 | 0 | 0 | ||||||||
| Issuance of stock and related tax withholdings for vested restricted stock units | (2,011) | 0 | 0 | (1,991) | 0 | (1,991) | 20 | 0 | ||||||||
| Dividends declared | (13,759) | 0 | (13,741) | 0 | (13,741) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 18 | |||||||||||||||
| Stock compensation expense | 2,998 | 0 | 0 | 2,998 | 0 | 2,998 | 0 | 0 | ||||||||
| Repurchase of convertible debt instruments | (10,089) | 0 | 0 | (10,089) | 0 | (10,089) | 0 | 0 | ||||||||
| Balance at Period End at Apr. 04, 2020 | 1,416,260 | 84,570 | (48,174) | 1,467,121 | 2,705 | 1,469,826 | 13,255 | 1,210 | ||||||||
| Balance at Period Start at Dec. 31, 2019 | 1,425,170 | 72,180 | (26,646) | 1,485,149 | 2,540 | 1,487,689 | 13,235 | 1,210 | ||||||||
| Net earnings | 85,940 | |||||||||||||||
| Other comprehensive income | 23,306 | |||||||||||||||
| Balance at Period End at Oct. 03, 2020 | 1,410,335 | 115,184 | (3,340) | 1,536,645 | 2,524 | 1,539,169 | 13,256 | 1,210 | ||||||||
| Cumulative effect of accounting change for adoption of ASU | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ 0 | ||||||||
| Balance at Period Start at Apr. 04, 2020 | 1,416,260 | 84,570 | (48,174) | 1,467,121 | 2,705 | 1,469,826 | 13,255 | 1,210 | ||||||||
| Net earnings | 0 | 24,653 | 0 | 24,653 | 242 | 24,895 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | 21,848 | 21,848 | 0 | 21,848 | 0 | 0 | ||||||||
| Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 | ||||||||
| Issuance of stock and related tax withholdings for vested restricted stock units | (26) | 0 | 0 | (25) | 0 | (25) | 1 | 0 | ||||||||
| Dividends declared | (13,761) | 0 | (13,743) | 0 | (13,743) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 18 | |||||||||||||||
| Stock compensation expense | 875 | 0 | 0 | 875 | 0 | 875 | 0 | 0 | ||||||||
| Repurchase of convertible debt instruments | (4,352) | 0 | 0 | (4,352) | 0 | (4,352) | 0 | 0 | ||||||||
| Balance at Period End at Jul. 04, 2020 | 1,412,775 | 95,462 | (26,326) | 1,496,377 | 2,347 | 1,498,724 | 13,256 | 1,210 | ||||||||
| Net earnings | 0 | 33,484 | 0 | 33,484 | 177 | 33,661 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | 22,986 | 22,986 | 0 | 22,986 | 0 | 0 | ||||||||
| Dividends declared | (13,762) | 0 | (13,743) | 0 | (13,743) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 19 | |||||||||||||||
| Stock compensation expense | 732 | 0 | 0 | 732 | 0 | 732 | 0 | 0 | ||||||||
| Repurchase of convertible debt instruments | (3,191) | 0 | 0 | (3,191) | 0 | (3,191) | 0 | 0 | ||||||||
| Balance at Period End at Oct. 03, 2020 | $ 1,410,335 | $ 115,184 | $ (3,340) | $ 1,536,645 | $ 2,524 | 1,539,169 | $ 13,256 | $ 1,210 | ||||||||
| Cumulative effect of accounting change for adoption of ASU | $ 115,184 |
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares |
3 Months Ended | |||
|---|---|---|---|---|
Jul. 04, 2020 |
Apr. 04, 2020 |
Jun. 29, 2019 |
Mar. 30, 2019 |
|
| Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | ||||
| Conversion of Class B shares (in shares) | 18 | |||
| Restricted stock issuances (in shares) | 13,141 | 199,251 | 9,906 | 220,718 |
| Dividends declared (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.085 | |
Basis of Presentation |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Basis of Presentation [Abstract] | |
| Basis of Presentation |
Note 1 – Basis of Presentation
The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the fiscal quarter and nine fiscal months ended October 3, 2020 are not necessarily indicative of the results to be expected for the full year.
The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2020 end on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively. The four fiscal quarters in 2019 ended on March 30, 2019, June 29, 2019, September 28, 2019, and December 31, 2019, respectively.
Recently Adopted Accounting Guidance
In June 2016, the Financial Accounting Standards Board ("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 Company adopted the ASU effective January 1, 2020.
Payment terms for the Company's sales are generally less than ninety 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 credit loss 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. Receivables from customers with deteriorating financial condition and those over 180 days past due are removed from the pool and evaluated separately. The adoption of ASU 2016-13 on January 1, 2020 had no material impact on the Company’s allowance for accounts receivable credit losses.
The Company’s cash equivalents, short-term investments, and restricted investments are accounted for as held-to-maturity debt instruments, at amortized cost. Interest income on these instruments is recorded as “Other income” on the consolidated condensed statements of operations and interest receivable is recognized as a separate asset and recorded in “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company has not experienced a credit loss on the principal or interest receivable of its cash equivalents, short-term investments, or restricted investments. The Company pools its cash equivalents, short-term investments, and restricted investments by credit rating of the issuing financial institution and estimates an allowance for credit losses based on the corporate bond default ratios, evaluation of the impact of current and projected economic conditions, and probability of credit loss. The Company recorded a cumulative-effect adjustment of $810 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. The Company does not measure an allowance for credit losses on interest receivable. Any uncollectible interest receivable will be recognized by reversing interest income within the fiscal quarter that the interest becomes uncollectible.
The Company has an immaterial amount of other short-term held-to-maturity debt instruments recorded within “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company analyzes these assets on a separate asset basis and estimates an allowance for credit losses based on historical credit loss rates and an evaluation of the impact of current and projected economic conditions. The Company recorded a cumulative-effect adjustment of $260 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13.
Recently Issued Accounting Guidance
In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible debt instruments. The ASU reduces the number of accounting models available for convertible debt instruments, requires the use of the if-converted method for the calculation of diluted earnings per share for convertible debt instruments, and increases disclosure requirements. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2022, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2021. The Company is currently evaluating the effect of the ASU on its convertible debt instruments.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
|
Impact of Coronavirus Outbreak |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Impact of Coronavirus Outbreak [Abstract] | |
| Impact of Coronavirus Outbreak |
Note 2 – Impact of Coronavirus Outbreak
The Company's operations have been impacted by the coronavirus ("COVID-19") outbreak. Some manufacturing facilities were temporarily closed and some are operating at levels less than full capacity. The Company has incurred incremental costs separable from normal operations that are directly related to the outbreak and containment efforts, primarily wages paid to manufacturing employees during government-mandated shut-downs, additional wages and hardship allowances for working during lockdown periods, additional costs of cleaning and disinfecting facilities, costs of additional safety equipment for employees, and temporary housing for employees due to travel restrictions, which were partially offset by government subsidies. The net impact of the costs and subsidies are reported as cost of products sold ($242 and $4,295) and selling, general, and administrative benefits of ($441 and $871) based on employee function on the consolidated condensed statements of operations for the fiscal quarter and nine fiscal months ended October 3, 2020, respectively.
The Company's insurance coverages generally exclude losses incurred due to pandemics. Any amounts that may be received will not be recognized until all contingencies are settled.
|
Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
Note 3 – Leases
The Company leases buildings and machinery and equipment used for manufacturing and/or sales and administrative purposes. The Company is also party to various service, warehousing, and other agreements that it evaluates for potential embedded leases.
The Company leases assets in each region in which it operates. No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant.
The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:
Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:
The Company paid $18,703 and $16,023 for its operating leases in the nine fiscal months ended October 3, 2020 and September 28, 2019, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.9 years and the weighted-average discount rate is 5.9% as of October 3, 2020.
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.
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Acquisitions |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Acquisition and Divestiture Activities [Abstract] | |
| Acquisition and Divestiture Activities |
Note 4 – Acquisition Activities
As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise.
On October 1, 2020, the Company acquired the worldwide business and substantially all of the U.S. assets of Applied Thin-Film Products, a California-based, privately-held manufacturer of custom, build-to-print thin film substrates for the microwave, fiber optic, and life science industries. Concurrently, a Chinese subsidiary of Applied Thin-Film Products entered into an agreement to sell certain inventory and equipment to a subsidiary of Vishay for approximately $350 at a later date. The total acquisition price was $25,852, subject to customary post-closing adjustments. Based on its preliminary estimate of their fair values, the Company allocated $10,800 of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on a preliminary estimation of their fair values at the date of acquisition, the Company recorded goodwill of $6,309 related to this acquisition. The results and operations of this acquisition have been included in the Resistors segment since October 1, 2020. The inclusion of this acquisition did not have a material impact on the Company's consolidated results for the fiscal quarter and nine fiscal months ended October 3, 2020. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. The purchase price allocation is preliminary pending finalization of a working capital adjustment.
Had this acquisition occurred as of the beginning of the periods presented in these consolidated condensed financial statements, the pro forma statements of operations would not be materially different than the consolidated condensed statements of operations presented.
The remaining fluctuation in the goodwill account balance is due to foreign currency translation.
|
Restructuring and Related Activities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities |
Note 5 – Restructuring and Related Activities
In the third fiscal quarter of 2019, the Company announced global cost reduction and management rejuvenation programs as part of its continuous efforts to improve efficiency and operating performance.
The programs are primarily designed to reduce manufacturing fixed costs and selling, general, and administrative costs company-wide, and provide management rejuvenation. The Company has incurred charges totalling $24,882, primarily related to cash severance costs, to implement these programs. The Company expects these cost reductions to be fully achieved by December 2020. All participants in the program are now identified.
The following table summarizes the activity to date related to this program:
The payment terms vary by country, but generally are paid in a lump sum at cessation of employment. The current portion of the liability is $12,425 and is included in other accrued expenses on the consolidated condensed balance sheet. The non-current portion of the liability is $3,395 and is included in other liabilities on the consolidated condensed balance sheet.
|
Income Taxes |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Income Taxes [Abstract] | |
| Income Taxes |
Note 6 – Income Taxes
The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended October 3, 2020 and September 28, 2019 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
During the second fiscal quarter of 2020, the Company repatriated $104,091 to the United States, and paid withholding and foreign taxes of $16,258, which completes the cash repatriation program that the Company initiated in 2017 in response to the Tax Cuts and Jobs Act enacted in the United States. Substantially all of these amounts were used to repay certain indebtedness.
The Company repurchased a portion of outstanding convertible notes and debentures in the fiscal quarter and nine fiscal months ended October 3, 2020 (see Note 7). The Company recognized tax benefits on the pre-tax loss on early extinguishment of debt. The Company also recognized tax benefits of $1,346 in the nine fiscal months ended October 3, 2020, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures.
During the nine fiscal months ended October 3, 2020, the liabilities for unrecognized tax benefits decreased by $2,621 on a net basis, primarily due to settlement of an audit and the expiration of a statute, partially offset by accruals for current year tax positions and interest.
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Long-Term Debt |
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| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt |
Note 7 – Long-Term Debt
Long-term debt consists of the following:
The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of October 3, 2020:
The terms of the convertible senior debentures due 2040 and due 2041 are generally congruent.
Prior to three months before the maturity date, the holders may convert their convertible senior debentures due 2040 and due 2041 only 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 senior debentures due 2040 and due 2041 are not currently convertible.
Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only 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; (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 senior notes due 2025 are not currently convertible.
Vishay may not redeem the convertible senior 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.
The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible debt instruments effective as of the ex-dividend date of each cash dividend. The conversion rate and effective conversion price for the convertible senior notes due 2025 is adjusted for quarterly cash dividends to the extent such dividends exceed $0.085 per share of common stock.
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 debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows:
Interest is payable on the convertible debt instruments 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 convertible senior debentures due 2040 and due 2041 and under certain other circumstances, beginning in 2020 and 2021, respectively. The convertible senior notes due 2025 do not possess contingent interest features.
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the nine fiscal months ended:
Other non-cash interest expense includes amortization of deferred financing costs and changes in the value of embedded derivative liabilities.
The Company used cash to repurchase $58,886 and $134,656 principal amount of convertible senior notes due 2025 in the fiscal quarter and nine fiscal months ending October 3, 2020, respectively. The net carrying value of the debentures repurchased was $50,922 and $115,978, respectively. In accordance with the authoritative accounting guidance for convertible debt, the aggregate repurchase payments in the fiscal quarter and nine fiscal months ending October 3, 2020 of $57,652 and $128,328, respectively, were allocated between the liability ($53,531 and $118,587, respectively) and equity ($4,121 and $9,741, respectively) components of the convertible notes, using the Company's nonconvertible debt borrowing rate at the time of the repurchases. As a result, the Company recognized losses on extinguishment of convertible notes of $3,454 and $4,600, including the write-off of unamortized debt issuance costs in the fiscal quarter and nine fiscal months ended October 3, 2020, respectively.
The Company used cash to repurchase $14,250 principal amount of convertible senior debentures due 2041 in the first fiscal quarter of 2020. The net carrying value of the debentures repurchased was $5,645. The aggregate repurchase payment of $19,849 was allocated between the liability ($8,452) and equity ($11,397) components of the convertible debentures, using the Company's nonconvertible debt borrowing rate at the time of the repurchase. As a result, the Company recognized a loss on extinguishment of convertible debentures of $2,920, including the write-off of unamortized debt issuance costs in the first fiscal quarter of 2020.
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Revenue Recognition |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition |
Note 8 – Revenue Recognition
Sales returns and allowances accrual activity is shown below:
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Accumulated Other Comprehensive Income (Loss) |
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| Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) |
Note 9 – Accumulated Other Comprehensive Income (Loss)
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 10 for further information.
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Pensions and Other Postretirement Benefits |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Pensions and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pensions and Other Postretirement Benefits |
Note 10 – Pensions and Other Postretirement Benefits
The Company maintains various retirement benefit plans. The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function. The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations.
Defined Benefit Pension Plans
The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s defined benefit pension plans:
Other Postretirement Benefits
The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s other postretirement benefit plans:
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Stock-Based Compensation |
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| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
Note 11 – Stock-Based Compensation
The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company.
The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award.
The following table summarizes stock-based compensation expense recognized:
The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes.
The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 3, 2020 (amortization periods in years):
The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized.
2007 Stock Incentive Plan
The Company’s 2007 Stock Incentive Program (the “2007 Program”), as amended and restated, permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024.
Restricted Stock Units
RSU activity under the 2007 Program as of October 3, 2020 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
Phantom Stock Units
The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company’s employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual’s termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times.
Phantom stock unit activity under the phantom stock plan as of October 3, 2020 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):
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Segment Information |
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| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
Note 12 – Segment Information
Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, six reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
The current six segment alignment reflects a change in reporting structure made during the fourth fiscal quarter of 2019. The fiscal periods ended September 28, 2019 have been recast to separately present Resistors and Inductors.
Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is 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, the direct impact of the COVID-19 outbreak, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business.
The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments.
The following tables set forth business segment information:
*Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 outbreak, which are reported as costs of products sold on the consolidated condensed statements of operations.
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:
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 |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
Note 13 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):
The Company’s convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The Company's convertible debt instruments are not currently convertible. In periods that the convertible debt instruments are not convertible, the certain conditions which could trigger conversion of the debt instruments 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 any of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the convertible instruments 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 $12.28, 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 $16.83, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $31.38, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025.
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Fair Value Measurements |
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| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
Note 14 – Fair Value Measurements
The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs that reflect the Company’s own assumptions.
An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented.
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
As described in Note 7, the Company allocated the aggregate repurchase payment of convertible senior debt instruments between the associated liability and equity components of the repurchased convertible senior debt instruments based on a nonrecurring fair value measurement of the convertible senior debt instruments immediately prior to the repurchase. The nonrecurring fair value measurement is considered a Level 3 measurement. See Note 7 for further information on the measurement and input.
The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy.
The Company holds investments in equity securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the period. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy.
The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $100,000 as of October 3, 2020. The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statement of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierarchy. The value of the forward contracts was immaterial as of October 3, 2020. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes.
The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at October 3, 2020 and December 31, 2019 is approximately $460,500 and $632,200, respectively, compared to its carrying value, excluding the derivative liabilities and deferred financing costs, of $404,539 and $515,931, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
At October 3, 2020 and December 31, 2019, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet dates. The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. There have been no transfers to or from the held-to-maturity classification. All decreases in the account balance are due to returns of principal at the securities’ maturity dates. Interest on the securities is recognized as interest income when earned.
At October 3, 2020 and December 31, 2019, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets.
The Company’s financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.
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Basis of Presentation (Policies) |
9 Months Ended |
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Oct. 03, 2020 | |
| Basis of Presentation [Abstract] | |
| Fiscal Period, Policy |
The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2020 end on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively. The four fiscal quarters in 2019 ended on March 30, 2019, June 29, 2019, September 28, 2019, and December 31, 2019, respectively.
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| Recently Adopted Accounting Guidance |
Recently Adopted Accounting Guidance
In June 2016, the Financial Accounting Standards Board ("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 Company adopted the ASU effective January 1, 2020.
Payment terms for the Company's sales are generally less than ninety 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 credit loss 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. Receivables from customers with deteriorating financial condition and those over 180 days past due are removed from the pool and evaluated separately. The adoption of ASU 2016-13 on January 1, 2020 had no material impact on the Company’s allowance for accounts receivable credit losses.
The Company’s cash equivalents, short-term investments, and restricted investments are accounted for as held-to-maturity debt instruments, at amortized cost. Interest income on these instruments is recorded as “Other income” on the consolidated condensed statements of operations and interest receivable is recognized as a separate asset and recorded in “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company has not experienced a credit loss on the principal or interest receivable of its cash equivalents, short-term investments, or restricted investments. The Company pools its cash equivalents, short-term investments, and restricted investments by credit rating of the issuing financial institution and estimates an allowance for credit losses based on the corporate bond default ratios, evaluation of the impact of current and projected economic conditions, and probability of credit loss. The Company recorded a cumulative-effect adjustment of $810 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. The Company does not measure an allowance for credit losses on interest receivable. Any uncollectible interest receivable will be recognized by reversing interest income within the fiscal quarter that the interest becomes uncollectible.
The Company has an immaterial amount of other short-term held-to-maturity debt instruments recorded within “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company analyzes these assets on a separate asset basis and estimates an allowance for credit losses based on historical credit loss rates and an evaluation of the impact of current and projected economic conditions. The Company recorded a cumulative-effect adjustment of $260 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13.
Recently Issued Accounting Guidance
In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible debt instruments. The ASU reduces the number of accounting models available for convertible debt instruments, requires the use of the if-converted method for the calculation of diluted earnings per share for convertible debt instruments, and increases disclosure requirements. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2022, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2021. The Company is currently evaluating the effect of the ASU on its convertible debt instruments.
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| Reclassifications |
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
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Leases (Policies) |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Leases [Abstract] | |
| Leases |
The Company leases buildings and machinery and equipment used for manufacturing and/or sales and administrative purposes. The Company is also party to various service, warehousing, and other agreements that it evaluates for potential embedded leases.
The Company leases assets in each region in which it operates. No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant.
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Income Taxes (Policies) |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Income Taxes [Abstract] | |
| Effective Income Tax Rate Description |
The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended October 3, 2020 and September 28, 2019 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
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Stock-Based Compensation (Policies) |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Stock-Based Compensation [Abstract] | |
| Share-based Compensation, Option and Incentive Plans Policy |
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 Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units 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.
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Segment Information (Policies) |
9 Months Ended | ||||||||||||||||||
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Oct. 03, 2020 | |||||||||||||||||||
| Segment Information [Abstract] | |||||||||||||||||||
| Segment Reporting, Policy [Policy Text Block] |
Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, six reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
The current six segment alignment reflects a change in reporting structure made during the fourth fiscal quarter of 2019. The fiscal periods ended September 28, 2019 have been recast to separately present Resistors and Inductors.
Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is 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, the direct impact of the COVID-19 outbreak, 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.
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Earnings Per Share (Policies) |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| 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 Company's convertible debt instruments are not currently convertible. In periods that the convertible debt instruments are not convertible, the certain conditions which could trigger conversion of the debt instruments 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 any of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the convertible instruments 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 $12.28, 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 $16.83, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $31.38, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025.
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Fair Value Measurements (Policies) |
9 Months Ended |
|---|---|
Oct. 03, 2020 | |
| Fair Value Measurements [Abstract] | |
| Fair Value of Financial Instruments, Policy |
The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs that reflect the Company’s own assumptions.
An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented.
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Right of Use Assets and Lease Liabilities |
The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:
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| Lease Expense |
Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:
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| Undiscounted Future Lease Payments for Operating Lease Liabilities |
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
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Restructuring and Related Activities (Tables) |
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Expenses |
The following table summarizes the activity to date related to this program:
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Long-Term Debt (Tables) |
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt Instruments |
Long-term debt consists of the following:
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| Key Facts and Terms of the Convertible Debt Instruments |
The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of October 3, 2020:
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| Liability and Equity of Component of Convertible Debt Instruments |
The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows:
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| Convertible Debt Instruments, Interest Expense |
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the nine fiscal months ended:
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Revenue Recognition (Tables) |
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| Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales returns and allowances accrual activity |
Sales returns and allowances accrual activity is shown below:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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| Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss) and Income Tax Effects Allocated |
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:
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Pensions and Other Postretirement Benefits (Tables) |
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| Defined Benefit Pension Plans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans |
The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s defined benefit pension plans:
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| Other Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans |
The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans:
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s other postretirement benefit plans:
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Recognized Stock-based Compensation Expense |
The following table summarizes stock-based compensation expense recognized:
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| Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods |
The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 3, 2020 (amortization periods in years):
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| RSU Activity |
RSU activity under the 2007 Program as of October 3, 2020 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
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| RSUs with Performance-Based Vesting Criteria |
The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
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| Phantom Stock Unit Activity Under the Phantom Stock Plan |
Phantom stock unit activity under the phantom stock plan as of October 3, 2020 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information by Segment |
The following tables set forth business segment information:
*Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 outbreak, which are reported as costs of products sold on the consolidated condensed statements of operations.
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| Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
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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:
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Earnings per Share |
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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| Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions |
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):
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Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Assets and Liabilities Carried at Fair Value 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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Impact of Coronavirus Outbreak (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Oct. 03, 2020 |
Oct. 03, 2020 |
|
| Impact of Coronavirus Outbreak [Abstract] | ||
| COVID-19 Impact on COGS | $ 242 | $ 4,295 |
| COVID-19 Impact on SGA | $ (441) | $ (871) |
Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
|---|---|---|---|
Oct. 03, 2020 |
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
| Acquisition of business, net of cash acquired | $ 25,852 | $ 11,862 | |
| Applied Thin-Film Products [Member] | |||
| Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
| Business acquisition, effective date of acquisition | Oct. 01, 2020 | ||
| Business acquisition, name of acquired entity | Applied Thin-Film Products | ||
| Acquisition of business, net of cash acquired | $ 25,852 | ||
| Definite-lived intangible assets | 10,800 | ||
| Goodwill related to acquisitions | 6,309 | ||
| Remaining acquisition price to be paid | $ 350 | $ 350 | |
Restructuring and Related Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Oct. 03, 2020 |
Dec. 31, 2019 |
Sep. 28, 2019 |
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Restructuring Reserve [Roll Forward] | |||||
| Restructuring and severance costs | $ 0 | $ 7,255 | $ 743 | $ 7,255 | |
| 2019 Global Cost Reduction and Management Rejuvenation Programs [Member] | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring reserve, current | 12,425 | 12,425 | |||
| Restructuring reserve, noncurrent | 3,395 | 3,395 | |||
| Restructuring Reserve [Roll Forward] | |||||
| Restructuring and severance costs | $ 24,139 | 743 | |||
| Cash paid | (1,330) | (8,422) | |||
| Foreign currency translation | 35 | 655 | |||
| Balance at end of period | 15,820 | $ 22,844 | 15,820 | ||
| Expected restructuring costs | $ 24,882 | $ 24,882 | |||
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Jul. 04, 2020 |
Oct. 03, 2020 |
|
| Income Taxes [Abstract] | ||
| Decrease in liabilities for unrecognized tax benefits | $ 2,621 | |
| Income Tax Uncertainties [Abstract] | ||
| Cash repatriated during the current period | $ 104,091 | |
| Repatriation taxes paid | $ 16,258 | |
| Remeasurement of Deferred Tax Liability Debt Extinguishment [Member] | ||
| Effect on Income Tax Expense (Benefit) [Line Items] | ||
| Deferred other tax expense (benefit) | $ 1,346 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Sales returns and allowances accrual activity [Roll Forward] | ||||
| Beginning balance | $ 39,432 | $ 44,382 | $ 40,508 | $ 42,663 |
| Sales allowances | 22,190 | 26,403 | 64,046 | 83,517 |
| Credits issued | (27,610) | (34,937) | (70,583) | (90,269) |
| Foreign currency | 534 | (449) | 575 | (512) |
| Ending balance | $ 34,546 | $ 35,399 | $ 34,546 | $ 35,399 |
Segment Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Oct. 03, 2020
USD ($)
|
Sep. 28, 2019
USD ($)
|
Oct. 03, 2020
USD ($)
Segment
|
Sep. 28, 2019
USD ($)
|
|
| Segment Reporting Information [Line Items] | ||||
| Number of reportable segments | Segment | 6 | |||
| Net revenues | $ 640,160 | $ 628,329 | $ 1,834,718 | $ 2,058,728 |
| Gross profit | 151,709 | 150,079 | 429,619 | 535,839 |
| Restructuring and severance Costs | 0 | (7,255) | (743) | (7,255) |
| Unallocated Selling, General, and Administrative Expenses | (90,219) | (91,796) | (279,178) | (290,332) |
| Operating income | 61,490 | 51,028 | 149,698 | 238,252 |
| Unallocated Other Income (Expense) | (15,766) | (6,846) | (38,100) | (23,234) |
| Consolidated Income Before Taxes | 45,724 | 44,182 | 111,598 | 215,018 |
| Distributors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 325,695 | 317,385 | 980,703 | 1,097,365 |
| OEMs [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 273,664 | 263,983 | 725,592 | 815,645 |
| EMS Companies [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 40,801 | 46,961 | 128,423 | 145,718 |
| Industrial [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 209,473 | 205,670 | 651,461 | 738,043 |
| Automotive [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 216,641 | 212,222 | 552,418 | 627,588 |
| Telecommunications [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 27,845 | 34,409 | 91,033 | 132,251 |
| Computing [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 51,032 | 47,923 | 151,974 | 143,675 |
| Consumer Products [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 33,353 | 23,401 | 76,477 | 87,936 |
| Power Supplies [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 29,112 | 31,103 | 86,482 | 90,704 |
| Military and Aerospace [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 40,582 | 41,872 | 125,968 | 137,281 |
| Medical [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 32,122 | 31,729 | 98,905 | 101,250 |
| Asia [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 270,451 | 231,999 | 748,160 | 737,918 |
| Europe [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 213,296 | 231,677 | 626,276 | 765,318 |
| Americas [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 156,413 | 164,653 | 460,282 | 555,492 |
| Operating Segments [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 1,834,718 | 2,058,728 | ||
| Gross profit | 429,619 | 535,839 | ||
| Operating income | 120,854 | 118,733 | 336,312 | 439,979 |
| Operating Segments [Member] | MOSFETS [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 133,976 | 126,747 | 369,813 | 392,930 |
| Gross profit | 29,649 | 30,491 | 84,779 | 98,483 |
| Operating income | 20,148 | 21,018 | 56,408 | 70,237 |
| Operating Segments [Member] | Diodes [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 123,744 | 123,879 | 363,274 | 433,761 |
| Gross profit | 20,843 | 21,138 | 65,265 | 93,487 |
| Operating income | 15,828 | 16,420 | 50,064 | 78,558 |
| Operating Segments [Member] | Optoelectronic Components [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 64,955 | 50,702 | 168,264 | 171,939 |
| Gross profit | 21,289 | 10,883 | 47,602 | 43,131 |
| Operating income | 17,184 | 6,923 | 35,818 | 30,655 |
| Operating Segments [Member] | Resistors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 145,362 | 155,119 | 444,982 | 509,309 |
| Gross profit | 35,186 | 42,444 | 112,472 | 151,910 |
| Operating income | 30,127 | 36,900 | 96,891 | 134,914 |
| Operating Segments [Member] | Inductors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 79,399 | 73,458 | 218,369 | 222,122 |
| Gross profit | 26,597 | 23,450 | 69,836 | 71,268 |
| Operating income | 24,106 | 20,797 | 62,129 | 63,213 |
| Operating Segments [Member] | Capacitors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 92,724 | 98,424 | 270,016 | 328,667 |
| Gross profit | 18,387 | 21,673 | 53,960 | 77,560 |
| Operating income | 13,703 | 16,675 | 39,297 | 62,402 |
| Operating Segments [Member] | Corporate Other [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 0 | 0 | 0 | 0 |
| Gross profit | (242) | 0 | (4,295) | 0 |
| Operating income | (242) | 0 | (4,295) | 0 |
| Unallocated Amount to Segment [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Restructuring and severance Costs | 0 | (7,255) | (743) | (7,255) |
| Impact of coronavirus outbreak | 441 | 0 | 871 | 0 |
| Unallocated Selling, General, and Administrative Expenses | (59,805) | (60,450) | (186,742) | (194,472) |
| Unallocated Other Income (Expense) | $ (15,766) | $ (6,846) | $ (38,100) | $ (23,234) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Numerator [Abstract] | ||||
| Net earnings attributable to Vishay stockholders | $ 33,484 | $ 30,038 | $ 85,356 | $ 149,974 |
| Denominator [Abstract] | ||||
| Weighted average shares (in shares) | 144,658 | 144,446 | 144,636 | 144,421 |
| Outstanding phantom stock units (in shares) | 196 | 182 | 195 | 181 |
| Adjusted weighted average shares - basic (in shares) | 144,854 | 144,628 | 144,831 | 144,602 |
| Effect of dilutive securities [Abstract] | ||||
| Convertible and exchangeable debt instruments (in shares) | 5 | 6 | 35 | 89 |
| Restricted stock units (in shares) | 338 | 393 | 355 | 423 |
| Dilutive potential common shares (in shares) | 343 | 399 | 390 | 512 |
| Denominator for diluted earnings per share [Abstract] | ||||
| Adjusted weighted average shares - diluted (in shares) | 145,197 | 145,027 | 145,221 | 145,114 |
| Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.04 |
| Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.03 |
| Convertible Senior Notes, Due 2025 [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 16,009 | 19,066 | 17,806 | 19,058 |
| 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) | $ 31.38 | $ 31.38 | ||
| Convertible Senior Debentures, Due 2040 [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| 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) | $ 12.28 | $ 12.28 | ||
| Convertible Senior Debentures, Due 2041 [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 156 | 1,204 | 133 | 401 |
| 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) | $ 16.83 | $ 16.83 | ||
| Weighted Average Other [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 325 | 315 | 346 | 315 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended |
|---|---|---|---|
Oct. 03, 2020 |
Oct. 03, 2020 |
Dec. 31, 2019 |
|
| Assets [Abstract] | |||
| Held-to-maturity Securities Transferred | $ 0 | $ 0 | |
| Held-to-maturity Securities, Unrecognized Holding Gain | $ 0 | 0 | 0 |
| Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | 0 | |
| Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | 0 |
| Liabilities [Abstract] | |||
| Long-term debt, fair value | 460,500 | 460,500 | 632,200 |
| Carrying value of long-term debt, excluding derivative liabilities | 404,539 | 404,539 | 515,931 |
| Derivative, Notional Amount | 100,000 | 100,000 | |
| Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 54,972 | 54,972 | 52,148 |
| Available for sale securities | 4,643 | 4,643 | 4,405 |
| Fair value assets | 59,615 | 59,615 | 56,553 |
| Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 37,029 | 37,029 | 34,280 |
| Available for sale securities | 4,643 | 4,643 | 4,405 |
| Fair value assets | 41,672 | 41,672 | 38,685 |
| Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 17,943 | 17,943 | 17,868 |
| Available for sale securities | 0 | 0 | 0 |
| Fair value assets | 17,943 | 17,943 | 17,868 |
| Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 0 | 0 | 0 |
| Available for sale securities | 0 | 0 | 0 |
| Fair value assets | $ 0 | $ 0 | $ 0 |