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 2, 2021 |
December 31, 2020 |
|||||||
(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 2, 2021 |
December 31, 2020 |
|||||||
(Unaudited) |
||||||||
Liabilities, temporary equity, and equity |
||||||||
Current liabilities: |
||||||||
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 2, 2021 |
October 3, 2020 |
|||||||
Net revenues |
$ |
$ |
||||||
Costs of products sold |
||||||||
Gross profit |
||||||||
Selling, general, and administrative expenses |
||||||||
Operating income |
||||||||
Other income (expense): |
||||||||
Interest expense |
( |
) |
( |
) |
||||
Loss on early extinguishment of debt |
( |
) |
||||||
Other |
( |
) |
( |
) |
||||
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 2, 2021 |
October 3, 2020 |
|||||||
Net earnings |
$ |
$ |
||||||
Other comprehensive income (loss), net of tax |
||||||||
Pension and other post-retirement actuarial items |
||||||||
Foreign currency translation adjustment |
( |
) |
||||||
Other comprehensive income (loss) |
( |
) |
||||||
Comprehensive income |
||||||||
Less: comprehensive income attributable to noncontrolling interests |
||||||||
Comprehensive income attributable to Vishay stockholders |
$ |
$ |
||||||
Nine fiscal months ended |
||||||||
October 2, 2021 |
October 3, 2020 |
|||||||
Net revenues |
$ |
$ |
||||||
Costs of products sold |
||||||||
Gross profit |
||||||||
Selling, general, and administrative expenses |
||||||||
Restructuring and severance costs |
||||||||
Operating income |
||||||||
Other income (expense): |
||||||||
Interest expense |
( |
) |
( |
) |
||||
Loss on early extinguishment of debt |
( |
) |
||||||
Other |
( |
) |
( |
) |
||||
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 2, 2021 |
October 3, 2020 |
|||||||
Net earnings |
$ |
$ |
||||||
Other comprehensive income (loss), net of tax |
||||||||
Pension and other post-retirement actuarial items |
||||||||
Foreign currency translation adjustment |
( |
) |
||||||
Other comprehensive income (loss) |
( |
) |
||||||
Comprehensive income |
||||||||
Less: comprehensive income attributable to noncontrolling interests |
||||||||
Comprehensive income attributable to Vishay stockholders |
$ |
$ |
||||||
Nine fiscal months ended |
||||||||
October 2, 2021 |
October 3, 2020 |
|||||||
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 early 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 business acquired |
( |
) |
( |
) |
||||
Net cash provided by operating activities |
||||||||
Investing activities |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Proceeds from sale of property and equipment |
||||||||
Purchase of business, net of cash acquired |
( |
) |
||||||
Purchase of short-term investments |
( |
) |
( |
) |
||||
Maturity of short-term investments |
||||||||
Other investing activities |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Financing activities |
||||||||
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, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-13 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
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 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
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, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2020-06 (see Note 1) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at April 3, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at July 3, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at October 2, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
October 2, 2021 |
December 31, 2020 |
|||||||
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 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
Lease expense |
||||||||||||||||
Operating lease expense |
$ |
$ |
$ |
$ |
||||||||||||
Short-term lease expense |
||||||||||||||||
Variable lease expense |
||||||||||||||||
Total lease expense |
$ |
$ |
$ |
$ |
||||||||||||
October 2, 2021 |
||||
2021 (excluding the nine fiscal months ended October 2, 2021) |
$ |
|||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
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 December 31, 2020 |
$ |
|||
Cash paid |
( |
) |
||
Foreign currency translation |
( |
) |
||
Balance at October 2, 2021 |
$ |
October 2, 2021 |
December 31, 2020 |
|||||||
Credit facility |
$ |
$ |
||||||
Convertible senior notes, due 2025 |
||||||||
Convertible senior debentures, due 2040 |
||||||||
Deferred financing costs |
( |
) |
( |
) |
||||
Less current portion |
||||||||
$ |
$ |
|||||||
Convertible Senior Notes Due 2025 |
||||
Issuance date |
||||
Maturity date |
||||
Principal amount as of October 2, 2021 |
$ |
|||
Cash coupon rate (per annum) |
% |
|||
Nonconvertible debt borrowing rate at issuance (per annum) |
% |
|||
Conversion rate effective September 9, 2021 (per $1 principal amount) |
||||
Effective conversion price effective September 9, 2021 (per share) |
$ |
|||
130% of the conversion price (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 |
|||||||||||||
December 31, 2020 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
( |
) |
$ |
$ |
|||||||||||
Convertible senior debentures due 2040 |
$ |
( |
) |
$ |
$ |
|||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Contractual coupon interest |
Non-cash amortization of debt discount |
Other non-cash interest expense |
Total interest expense related to the debt instruments |
|||||||||||||
October 2, 2021 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
October 3, 2020 |
||||||||||||||||
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 2, 2021 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
October 3, 2020 |
||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||
Convertible senior debentures |
$ |
$ |
||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
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, 2021 |
$ |
( |
) |
$ |
$ |
|||||||
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 2, 2021 |
$ |
( |
) |
$ |
$ |
( |
) |
|||||
Fiscal quarter ended October 2, 2021 |
Fiscal quarter ended October 3, 2020 |
|||||||||||||||
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 2, 2021 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
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 2, 2021 |
Fiscal quarter ended October 3, 2020 |
|||||||||||||||
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 2, 2021 |
Nine fiscal months ended October 3, 2020 |
|||||||||||||||
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 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
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, 2021 |
$ |
|||||||
Granted |
||||||||
Vested* |
( |
) |
||||||
Cancelled or forfeited |
||||||||
Outstanding at October 2, 2021 |
$ |
|||||||
Expected to vest at October 2, 2021 |
||||||||
Vesting Date |
Expected to Vest |
Not Expected to Vest |
Total |
|||||||||
January 1, 2022 |
||||||||||||
January 1, 2023 |
||||||||||||
January 1, 2024 |
||||||||||||
Number of units |
Grant-date Fair Value per Unit |
|||||||
Outstanding: |
||||||||
January 1, 2021 |
||||||||
Granted |
$ |
|||||||
Dividend equivalents issued |
||||||||
Outstanding at October 2, 2021 |
||||||||
MOSFETs |
Diodes |
Optoelectronic Components |
Resistors |
Inductors |
Capacitors |
Corporate / Other* |
Total |
|||||||||||||||||||||||||
Fiscal quarter ended October 2, 2021: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Segment operating income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Fiscal quarter ended October 3, 2020: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Segment operating income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Nine fiscal months ended October 2, 2021: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross Profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Nine fiscal months ended October 3, 2020: |
||||||||||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Gross Profit |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
Reconciliation: |
||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
||||||||||||
Restructuring and Severance Costs |
( |
) |
||||||||||||||
Impact of the COVID-19 Pandemic 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 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
Distributors |
$ |
$ |
$ |
$ |
||||||||||||
OEMs |
||||||||||||||||
EMS companies |
||||||||||||||||
Total Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
Asia |
$ |
$ |
$ |
$ |
||||||||||||
Europe |
||||||||||||||||
Americas |
||||||||||||||||
Total Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
Industrial |
$ |
$ |
$ |
$ |
||||||||||||
Automotive |
||||||||||||||||
Telecommunications |
||||||||||||||||
Computing |
||||||||||||||||
Consumer Products |
||||||||||||||||
Power Supplies |
||||||||||||||||
Military and Aerospace |
||||||||||||||||
Medical |
||||||||||||||||
Total revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||
October 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
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 2, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
|||||||||||||
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 2, 2021 |
||||||||||||||||
Assets: |
||||||||||||||||
Assets held in rabbi trusts |
$ |
$ |
$ |
$ |
||||||||||||
Available for sale securities |
$ |
|||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
December 31, 2020 |
||||||||||||||||
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 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders |
$ |
96,820 |
$ |
93,192 |
$ |
33,484 |
$ |
261,447 |
$ |
85,356 |
||||||||||
Reconciling items affecting gross income: |
||||||||||||||||||||
Impact of COVID-19 pandemic |
- |
- |
242 |
- |
4,295 |
|||||||||||||||
Other reconciling items affecting operating income: |
||||||||||||||||||||
Restructuring and severance costs |
- |
- |
- |
- |
743 |
|||||||||||||||
Impact of COVID-19 pandemic |
- |
- |
(441 |
) |
- |
(871 |
) |
|||||||||||||
Reconciling items affecting other income (expense): |
||||||||||||||||||||
Loss on early extinguishment of debt |
- |
- |
3,454 |
- |
7,520 |
|||||||||||||||
Reconciling items affecting tax expense: |
||||||||||||||||||||
Changes in tax regulation |
$ |
- |
$ |
(3,881 |
) |
$ |
- |
$ |
(8,276 |
) |
$ |
- |
||||||||
Effects of changes in valuation allowances |
(5,714 |
) |
- |
- |
(5,714 |
) |
- |
|||||||||||||
Effects of cash repatriation program |
- |
- |
- |
- |
(190 |
) |
||||||||||||||
Change in deferred taxes due to early extinguishment of debt |
- |
- |
- |
- |
(1,346 |
) |
||||||||||||||
Tax effects of pre-tax items above |
- |
- |
(716 |
) |
- |
(2,787 |
) |
|||||||||||||
Adjusted net earnings |
$ |
91,106 |
$ |
89,311 |
$ |
36,023 |
$ |
247,457 |
$ |
92,720 |
||||||||||
Adjusted weighted average diluted shares outstanding |
145,458 |
145,445 |
145,197 |
145,455 |
145,221 |
|||||||||||||||
Adjusted earnings per diluted share |
$ |
0.63 |
$ |
0.61 |
$ |
0.25 |
$ |
1.70 |
$ |
0.64 |
||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net cash provided by continuing operating activities |
$ |
135,669 |
$ |
117,461 |
$ |
64,330 |
$ |
310,452 |
$ |
189,239 |
||||||||||
Proceeds from sale of property and equipment |
1,023 |
34 |
63 |
1,257 |
293 |
|||||||||||||||
Less: Capital expenditures |
(57,446 |
) |
(32,183 |
) |
(21,969 |
) |
(118,156 |
) |
(70,801 |
) |
||||||||||
Free cash |
$ |
79,246 |
$ |
85,312 |
$ |
42,424 |
$ |
193,553 |
$ |
118,731 |
||||||||||
3rd Quarter 2020 |
4th Quarter 2020 |
1st Quarter 2021 |
2nd Quarter 2021 |
3rd Quarter 2021 |
||||||||||||||||
Net revenues |
$ |
640,160 |
$ |
667,180 |
$ |
764,632 |
$ |
819,120 |
$ |
813,663 |
||||||||||
Gross profit margin(1) |
23.7 |
% |
22.8 |
% |
26.5 |
% |
28.0 |
% |
27.7 |
% |
||||||||||
Operating margin(2) |
9.6 |
% |
9.0 |
% |
12.7 |
% |
15.3 |
% |
15.2 |
% |
||||||||||
End-of-period backlog |
$ |
927,900 |
$ |
1,239,800 |
$ |
1,731,200 |
$ |
2,050,200 |
$ |
2,243,900 |
||||||||||
Book-to-bill ratio |
0.99 |
1.44 |
1.67 |
1.38 |
1.26 |
|||||||||||||||
Inventory turnover |
4.4 |
4.6 |
4.8 |
4.8 |
4.5 |
|||||||||||||||
Change in ASP vs. prior quarter |
(1.1 |
)% |
(0.3 |
)% |
(0.5 |
)% |
1.0 |
% |
1.3 |
% |
||||||||||
3rd Quarter 2020 |
4th Quarter 2020 |
1st Quarter 2021 |
2nd Quarter 2021 |
3rd Quarter 2021 |
||||||||||||||||
MOSFETs |
||||||||||||||||||||
Net revenues |
$ |
133,976 |
$ |
131,567 |
$ |
153,223 |
$ |
167,937 |
$ |
175,499 |
||||||||||
Book-to-bill ratio |
0.93 |
1.64 |
1.97 |
1.26 |
1.19 |
|||||||||||||||
Gross profit margin |
22.1 |
% |
22.4 |
% |
24.2 |
% |
28.2 |
% |
30.7 |
% |
||||||||||
Segment operating margin |
15.0 |
% |
15.3 |
% |
17.8 |
% |
22.3 |
% |
24.9 |
% |
||||||||||
Diodes |
||||||||||||||||||||
Net revenues |
$ |
123,744 |
$ |
139,274 |
$ |
157,178 |
$ |
174,815 |
$ |
185,306 |
||||||||||
Book-to-bill ratio |
1.05 |
1.65 |
1.85 |
1.45 |
1.31 |
|||||||||||||||
Gross profit margin |
16.8 |
% |
17.8 |
% |
21.9 |
% |
23.9 |
% |
25.2 |
% |
||||||||||
Segment operating margin |
12.8 |
% |
14.1 |
% |
18.3 |
% |
20.7 |
% |
22.3 |
% |
||||||||||
Optoelectronic Components |
||||||||||||||||||||
Net revenues |
$ |
64,955 |
$ |
68,352 |
$ |
77,771 |
$ |
75,795 |
$ |
70,750 |
||||||||||
Book-to-bill ratio |
0.97 |
1.46 |
1.66 |
1.69 |
1.36 |
|||||||||||||||
Gross profit margin |
32.8 |
% |
27.7 |
% |
33.0 |
% |
32.4 |
% |
33.7 |
% |
||||||||||
Segment operating margin |
26.5 |
% |
21.3 |
% |
27.3 |
% |
26.6 |
% |
27.9 |
% |
||||||||||
Resistors |
||||||||||||||||||||
Net revenues |
$ |
145,362 |
$ |
161,201 |
$ |
186,602 |
$ |
194,722 |
$ |
181,189 |
||||||||||
Book-to-bill ratio |
1.06 |
1.24 |
1.50 |
1.39 |
1.26 |
|||||||||||||||
Gross profit margin |
24.2 |
% |
25.3 |
% |
28.9 |
% |
29.7 |
% |
27.4 |
% |
||||||||||
Segment operating margin |
20.7 |
% |
21.0 |
% |
25.4 |
% |
26.4 |
% |
24.0 |
% |
||||||||||
Inductors |
||||||||||||||||||||
Net revenues |
$ |
79,399 |
$ |
75,260 |
$ |
83,458 |
$ |
85,539 |
$ |
84,816 |
||||||||||
Book-to-bill ratio |
0.96 |
1.03 |
1.13 |
1.21 |
1.11 |
|||||||||||||||
Gross profit margin |
33.5 |
% |
30.1 |
% |
33.3 |
% |
33.5 |
% |
31.7 |
% |
||||||||||
Segment operating margin |
30.4 |
% |
27.0 |
% |
30.3 |
% |
30.7 |
% |
28.7 |
% |
||||||||||
Capacitors |
||||||||||||||||||||
Net revenues |
$ |
92,724 |
$ |
91,526 |
$ |
106,400 |
$ |
120,312 |
$ |
116,103 |
||||||||||
Book-to-bill ratio |
0.95 |
1.54 |
1.73 |
1.37 |
1.37 |
|||||||||||||||
Gross profit margin |
19.8 |
% |
17.5 |
% |
22.6 |
% |
24.1 |
% |
21.3 |
% |
||||||||||
Segment operating margin |
14.8 |
% |
12.5 |
% |
17.7 |
% |
19.7 |
% |
17.2 |
% |
||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Cost of products sold |
72.3 |
% |
72.0 |
% |
76.3 |
% |
72.6 |
% |
76.6 |
% |
||||||||||
Gross profit |
27.7 |
% |
28.0 |
% |
23.7 |
% |
27.4 |
% |
23.4 |
% |
||||||||||
Selling, general & administrative expenses |
12.6 |
% |
12.7 |
% |
14.1 |
% |
13.0 |
% |
15.2 |
% |
||||||||||
Operating income |
15.2 |
% |
15.3 |
% |
9.6 |
% |
14.4 |
% |
8.2 |
% |
||||||||||
Income before taxes and noncontrolling interest |
14.3 |
% |
14.3 |
% |
7.1 |
% |
13.4 |
% |
6.1 |
% |
||||||||||
Net earnings attributable to Vishay stockholders |
11.9 |
% |
11.4 |
% |
5.2 |
% |
10.9 |
% |
4.7 |
% |
||||||||||
________ |
||||||||||||||||||||
Effective tax rate |
16.6 |
% |
20.3 |
% |
26.4 |
% |
18.3 |
% |
23.0 |
% |
||||||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
813,663 |
$ |
819,120 |
$ |
640,160 |
$ |
2,397,415 |
$ |
1,834,718 |
||||||||||
Fiscal quarter ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
(5,457 |
) |
-0.7 |
% |
|||||||||||
October 3, 2020 |
$ |
173,503 |
27.1 |
% |
$ |
562,697 |
30.7 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
-1.3 |
% |
22.2 |
% |
26.3 |
% |
||||||
Increase in average selling prices |
1.3 |
% |
2.2 |
% |
0.2 |
% |
||||||
Foreign currency effects |
-0.7 |
% |
0.3 |
% |
2.4 |
% |
||||||
Acquisition |
0.0 |
% |
1.0 |
% |
1.0 |
% |
||||||
Other |
0.0 |
% |
1.4 |
% |
0.8 |
% |
||||||
Net change |
-0.7 |
% |
27.1 |
% |
30.7 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
175,499 |
$ |
167,937 |
$ |
133,976 |
$ |
496,659 |
$ |
369,813 |
||||||||||
Gross profit margin |
30.7 |
% |
28.2 |
% |
22.1 |
% |
27.9 |
% |
22.9 |
% |
||||||||||
Fiscal quarter ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
7,562 |
4.5 |
% |
||||||||||||
October 3, 2020 |
$ |
41,523 |
31.0 |
% |
$ |
126,846 |
34.3 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Increase in volume |
3.3 |
% |
27.4 |
% |
35.5 |
% |
||||||
Change in average selling prices |
1.5 |
% |
2.2 |
% |
-1.5 |
% |
||||||
Foreign currency effects |
-0.4 |
% |
0.1 |
% |
1.2 |
% |
||||||
Other |
0.1 |
% |
1.3 |
% |
-0.9 |
% |
||||||
Net change |
4.5 |
% |
31.0 |
% |
34.3 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
185,306 |
$ |
174,815 |
$ |
123,744 |
$ |
517,299 |
$ |
363,274 |
||||||||||
Gross profit margin |
25.2 |
% |
23.9 |
% |
16.8 |
% |
23.8 |
% |
18.0 |
% |
||||||||||
Fiscal quarter ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
10,491 |
6.0 |
% |
||||||||||||
October 3, 2020 |
$ |
61,562 |
49.7 |
% |
$ |
154,025 |
42.4 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Increase in volume |
3.5 |
% |
39.0 |
% |
36.2 |
% |
||||||
Increase in average selling prices |
2.9 |
% |
5.1 |
% |
1.6 |
% |
||||||
Foreign currency effects |
-0.6 |
% |
0.2 |
% |
2.2 |
% |
||||||
Other |
0.2 |
% |
5.4 |
% |
2.4 |
% |
||||||
Net change |
6.0 |
% |
49.7 |
% |
42.4 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
70,750 |
$ |
75,795 |
$ |
64,955 |
$ |
224,316 |
$ |
168,264 |
||||||||||
Gross profit margin |
33.7 |
% |
32.4 |
% |
32.8 |
% |
33.0 |
% |
28.3 |
% |
||||||||||
Fiscal quarter ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
(5,045 |
) |
(6.7 |
)% |
|||||||||||
October 3, 2020 |
$ |
5,795 |
8.9 |
% |
$ |
56,052 |
33.3 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
-7.9 |
% |
3.2 |
% |
26.7 |
% |
||||||
Increase in average selling prices |
1.9 |
% |
5.0 |
% |
2.0 |
% |
||||||
Foreign currency effects |
-0.7 |
% |
0.3 |
% |
3.1 |
% |
||||||
Other |
0.0 |
% |
0.4 |
% |
1.5 |
% |
||||||
Net change |
-6.7 |
% |
8.9 |
% |
33.3 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
181,189 |
$ |
194,722 |
$ |
145,362 |
$ |
562,513 |
$ |
444,982 |
||||||||||
Gross profit margin |
27.4 |
% |
29.7 |
% |
24.2 |
% |
28.7 |
% |
25.3 |
% |
||||||||||
Fiscal quarter ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
(13,533 |
) |
(6.9 |
)% |
|||||||||||
October 3, 2020 |
$ |
35,827 |
24.6 |
% |
$ |
117,531 |
26.4 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
-6.4 |
% |
18.5 |
% |
18.0 |
% |
||||||
Change in average selling prices |
0.5 |
% |
0.7 |
% |
0.0 |
% |
||||||
Foreign currency effects |
-0.9 |
% |
0.4 |
% |
3.5 |
% |
||||||
Acquisition |
0.0 |
% |
4.5 |
% |
4.1 |
% |
||||||
Other |
-0.1 |
% |
0.5 |
% |
0.8 |
% |
||||||
Net change |
-6.9 |
% |
24.6 |
% |
26.4 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
84,816 |
$ |
85,539 |
$ |
79,399 |
$ |
253,813 |
$ |
218,369 |
||||||||||
Gross profit margin |
31.7 |
% |
33.5 |
% |
33.5 |
% |
32.8 |
% |
32.0 |
% |
||||||||||
Fiscal quarters ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
(723 |
) |
-0.8 |
% |
|||||||||||
October 3, 2020 |
$ |
5,417 |
6.8 |
% |
$ |
35,444 |
16.2 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
-0.7 |
% |
7.9 |
% |
17.7 |
% |
||||||
Change in average selling prices |
0.2 |
% |
-1.0 |
% |
-1.9 |
% |
||||||
Foreign currency effects |
-0.4 |
% |
0.1 |
% |
1.0 |
% |
||||||
Other |
0.1 |
% |
-0.2 |
% |
-0.6 |
% |
||||||
Net change |
-0.8 |
% |
6.8 |
% |
16.2 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Net revenues |
$ |
116,103 |
$ |
120,312 |
$ |
92,724 |
$ |
342,815 |
$ |
270,016 |
||||||||||
Gross profit margin |
21.3 |
% |
24.1 |
% |
19.8 |
% |
22.7 |
% |
20.0 |
% |
||||||||||
Fiscal quarter ended October 2, 2021 |
Nine fiscal months ended October 2, 2021 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
July 3, 2021 |
$ |
(4,209 |
) |
(3.5 |
)% |
|||||||||||
October 3, 2020 |
$ |
23,379 |
25.2 |
% |
$ |
72,799 |
27.0 |
% |
||||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
||||||||||
Change attributable to: |
||||||||||||
Change in volume |
-2.7 |
% |
22.6 |
% |
20.7 |
% |
||||||
Increase in average selling prices |
0.1 |
% |
1.3 |
% |
1.3 |
% |
||||||
Foreign currency effects |
-1.0 |
% |
0.5 |
% |
3.5 |
% |
||||||
Other |
0.1 |
% |
0.8 |
% |
1.5 |
% |
||||||
Net change |
-3.5 |
% |
25.2 |
% |
27.0 |
% |
||||||
Fiscal quarters ended |
Nine fiscal months ended |
|||||||||||||||||||
October 2, 2021 |
July 3, 2021 |
October 3, 2020 |
October 2, 2021 |
October 3, 2020 |
||||||||||||||||
Total SG&A expenses |
$ |
102,215 |
$ |
103,900 |
$ |
90,219 |
$ |
311,800 |
$ |
279,178 |
||||||||||
as a percentage of revenues |
12.6 |
% |
12.7 |
% |
14.1 |
% |
13.0 |
% |
15.2 |
% |
||||||||||
Fiscal quarters ended |
||||||||||||
October 2, 2021 |
October 3, 2020 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
325 |
$ |
(2,339 |
) |
$ |
2,664 |
|||||
Interest income |
295 |
514 |
(219 |
) |
||||||||
Other components of net periodic pension expense |
(3,257 |
) |
(3,267 |
) |
10 |
|||||||
Investment income |
(41 |
) |
201 |
(242 |
) |
|||||||
Other |
(1 |
) |
(7 |
) |
6 |
|||||||
$ |
(2,679 |
) |
$ |
(4,898 |
) |
$ |
2,219 |
|||||
Fiscal quarters ended |
||||||||||||
October 2, 2021 |
July 3, 2021 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
325 |
$ |
(1,824 |
) |
$ |
2,149 |
|||||
Interest income |
295 |
325 |
(30 |
) |
||||||||
Other components of net periodic pension expense |
(3,257 |
) |
(3,305 |
) |
48 |
|||||||
Investment income (expense) |
(41 |
) |
1,055 |
(1,096 |
) |
|||||||
Other |
(1 |
) |
- |
(1 |
) |
|||||||
$ |
(2,679 |
) |
$ |
(3,749 |
) |
$ |
1,070 |
|||||
Nine fiscal months ended |
||||||||||||
October 2, 2021 |
October 3, 2020 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(2,110 |
) |
$ |
(1,658 |
) |
$ |
(452 |
) |
|||
Interest income |
907 |
3,324 |
(2,417 |
) |
||||||||
Other components of net periodic pension expense |
(9,864 |
) |
(9,398 |
) |
(466 |
) |
||||||
Investment income (expense) |
(1,107 |
) |
1,570 |
(2,677 |
) |
|||||||
Other |
15 |
(22 |
) |
37 |
||||||||
$ |
(12,159 |
) |
$ |
(6,184 |
) |
$ |
(5,975 |
) |
||||
October 2, 2021 |
December 31, 2020 |
|||||||
Credit facility |
$ |
- |
$ |
- |
||||
Convertible senior notes, due 2025* |
465,344 |
406,268 |
||||||
Convertible senior debentures, due 2040* |
- |
130 |
||||||
Deferred financing costs |
(10,496 |
) |
(11,512 |
) |
||||
Total debt |
454,848 |
394,886 |
||||||
Cash and cash equivalents |
831,760 |
619,874 |
||||||
Short-term investments |
84,177 |
158,476 |
||||||
Net cash and short-term investments (debt) |
$ |
461,089 |
$ |
383,464 |
||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. | Controls and Procedures |
| Item 1. | Legal Proceedings |
| Item 1A. | Risk Factors |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
| 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 2, 2021, 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. 02, 2021 |
Oct. 03, 2020 |
Oct. 02, 2021 |
Oct. 03, 2020 |
|
| Consolidated Condensed Statements of Operations [Abstract] | ||||
| Net revenues | $ 813,663 | $ 640,160 | $ 2,397,415 | $ 1,834,718 |
| Costs of products sold | 587,927 | 488,451 | 1,739,458 | 1,405,099 |
| Gross profit | 225,736 | 151,709 | 657,957 | 429,619 |
| Selling, general, and administrative expenses | 102,215 | 90,219 | 311,800 | 279,178 |
| Restructuring and severance costs | 0 | 743 | ||
| Operating income | 123,521 | 61,490 | 346,157 | 149,698 |
| Other income (expense): | ||||
| Interest expense | (4,427) | (7,414) | (13,246) | (24,396) |
| Loss on early extinguishment of debt | 0 | (3,454) | 0 | (7,520) |
| Other | (2,679) | (4,898) | (12,159) | (6,184) |
| Total other income (expense) | (7,106) | (15,766) | (25,405) | (38,100) |
| Income before taxes | 116,415 | 45,724 | 320,752 | 111,598 |
| Income tax expense | 19,333 | 12,063 | 58,646 | 25,658 |
| Net earnings | 97,082 | 33,661 | 262,106 | 85,940 |
| Less: net earnings attributable to noncontrolling interests | 262 | 177 | 659 | 584 |
| Net earnings attributable to Vishay stockholders | $ 96,820 | $ 33,484 | $ 261,447 | $ 85,356 |
| Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
| Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
| Weighted average shares outstanding - basic (in shares) | 145,017 | 144,854 | 145,000 | 144,831 |
| Weighted average shares outstanding - diluted (in shares) | 145,458 | 145,197 | 145,455 | 145,221 |
| Cash dividends per share (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.285 | $ 0.285 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 02, 2021 |
Oct. 03, 2020 |
Oct. 02, 2021 |
Oct. 03, 2020 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | ||||
| Net earnings | $ 97,082 | $ 33,661 | $ 262,106 | $ 85,940 |
| Other comprehensive income (loss), net of tax | ||||
| Pension and other post-retirement actuarial items | 1,850 | 1,886 | 5,734 | 5,247 |
| Foreign currency translation adjustment | (17,242) | 21,100 | (34,906) | 18,059 |
| Other comprehensive income (loss) | (15,392) | 22,986 | (29,172) | 23,306 |
| Comprehensive income | 81,690 | 56,647 | 232,934 | 109,246 |
| Less: comprehensive income attributable to noncontrolling interests | 262 | 177 | 659 | 584 |
| Comprehensive income attributable to Vishay stockholders | $ 81,428 | $ 56,470 | $ 232,275 | $ 108,662 |
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, 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 | |||||||||
| 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 | 138,990 | 20,566 | ||||||||||||||
| Balance at Period Start at Dec. 31, 2020 | 1,409,200 | 138,990 | 13,559 | 1,576,215 | 2,800 | 1,579,015 | 13,256 | 1,210 | ||||||||
| Net earnings | 0 | 71,435 | 0 | 71,435 | 208 | 71,643 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | (25,085) | (25,085) | 0 | (25,085) | 0 | 0 | ||||||||
| Issuance of stock and related tax withholdings for vested restricted stock units | (1,978) | 0 | 0 | (1,963) | 0 | (1,963) | 15 | 0 | ||||||||
| Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 20 | |||||||||||||||
| Stock compensation expense | 4,120 | 0 | 0 | 4,120 | 0 | 4,120 | 0 | 0 | ||||||||
| Balance at Period End at Apr. 03, 2021 | 1,345,284 | 217,214 | (11,526) | 1,565,453 | 3,008 | 1,568,461 | 13,271 | 1,210 | ||||||||
| Balance at Period Start at Dec. 31, 2020 | 1,409,200 | 138,990 | 13,559 | 1,576,215 | 2,800 | 1,579,015 | 13,256 | 1,210 | ||||||||
| Net earnings | 262,106 | |||||||||||||||
| Other comprehensive income | (29,172) | |||||||||||||||
| Balance at Period End at Oct. 02, 2021 | 1,346,980 | 379,672 | (15,613) | 1,725,520 | 2,659 | 1,728,179 | 13,271 | 1,210 | ||||||||
| Cumulative effect of accounting change for adoption of ASU | $ (66,078) | $ 20,566 | $ 0 | $ (45,512) | $ 0 | $ (45,512) | $ 0 | $ 0 | ||||||||
| Balance at Period Start at Apr. 03, 2021 | 1,345,284 | 217,214 | (11,526) | 1,565,453 | 3,008 | 1,568,461 | 13,271 | 1,210 | ||||||||
| Net earnings | 0 | 93,192 | 0 | 93,192 | 189 | 93,381 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | 11,305 | 11,305 | 0 | 11,305 | 0 | 0 | ||||||||
| Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (800) | (800) | 0 | 0 | ||||||||
| Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 20 | |||||||||||||||
| Stock compensation expense | 828 | 0 | 0 | 828 | 0 | 828 | 0 | 0 | ||||||||
| Balance at Period End at Jul. 03, 2021 | 1,346,132 | 296,629 | (221) | 1,657,021 | 2,397 | 1,659,418 | 13,271 | 1,210 | ||||||||
| Net earnings | 0 | 96,820 | 0 | 96,820 | 262 | 97,082 | 0 | 0 | ||||||||
| Other comprehensive income | 0 | 0 | (15,392) | (15,392) | 0 | (15,392) | 0 | 0 | ||||||||
| Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | |||||||||
| Dividends declared (APIC) | 20 | |||||||||||||||
| Stock compensation expense | 828 | 0 | 0 | 828 | 0 | 828 | 0 | 0 | ||||||||
| Balance at Period End at Oct. 02, 2021 | $ 1,346,980 | $ 379,672 | $ (15,613) | $ 1,725,520 | $ 2,659 | 1,728,179 | $ 13,271 | $ 1,210 | ||||||||
| Cumulative effect of accounting change for adoption of ASU | $ 379,672 |
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares |
3 Months Ended | ||
|---|---|---|---|
Apr. 03, 2021 |
Jul. 04, 2020 |
Apr. 04, 2020 |
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| Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | |||
| Restricted stock issuances (in shares) | 149,722 | 13,141 | 199,251 |
| Dividends declared (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.095 |
Basis of Presentation |
9 Months Ended |
|---|---|
Oct. 02, 2021 | |
| 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, 2020. The results of operations for the fiscal quarter and nine fiscal months ended October 2, 2021 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 2021 end on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively. The four fiscal quarters in 2020 ended on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively.
Recently Adopted Accounting Guidance
In August 2020, the Financial Accounting Standards Board ("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 Company adopted the ASU effective January 1, 2021 using a modified retrospective approach. Upon adoption, Company recorded a $66,078 decrease in additional paid in capital from the derecognition of the bifurcated equity component of the convertible debt instruments, a $59,246 increase in debt from the derecognition of the discount associated with the bifurcated equity component of the convertible debt instruments and a $20,566 increase to the opening balance of retained earnings, representing the cumulative interest expense, net of tax effects, recognized related to the amortization of the bifurcated conversion option. The adoption of the ASU did not have a significant impact on the diluted sharecount due to Vishay exercising existing rights to legally amend the indenture governing the convertible senior notes due 2025. See Note 5.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
Note 2 – Leases
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 $18,000 and $18,703 for its operating leases in the nine fiscal months ended October 2, 2021 and October 3, 2020, 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 9.3 years and the weighted-average discount rate is 5.6% as of October 2, 2021.
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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Restructuring and Related Activities |
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| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities |
Note 3 – Restructuring and Related Activities
In 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 were primarily designed to reduce manufacturing fixed costs and selling, general, and administrative costs company-wide, and provide management rejuvenation. These programs are fully implemented. The Company incurred total charges of $24,882, primarily related to cash severance costs, to implement these programs.
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. Some payments are made over an extended period. The current portion of the liability is $1,738 and is included in other accrued expenses on the consolidated condensed balance sheet. The non-current portion of the liability is $1,009 and is included in other liabilities on the consolidated condensed balance sheet.
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Income Taxes |
9 Months Ended |
|---|---|
Oct. 02, 2021 | |
| Income Taxes [Abstract] | |
| Income Taxes |
Note 4 – 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 2, 2021 and October 3, 2020 reflect the Company’s expected tax rate on reported income 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.
The Company adjusted its deferred tax balances by $12,127 upon the adoption of ASU No. 2020-06 on January 1, 2021, which was included in the cumulative-effect adjustment recorded to retained earnings. See Note 1.
The Company recognized tax benefits of $5,714 due to the release of a valuation allowance during the fiscal quarter ended October 2, 2021. The Company also recognized tax benefits of $8,276 due to changes in tax regulations during the nine fiscal months ended October 2, 2021.
During the nine fiscal months ended October 2, 2021, the liabilities for unrecognized tax benefits decreased by $1,328 on a net basis, primarily due to a payment, statute expiration, and currency translation adjustments, 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 5 – Long-Term Debt
Long-term debt consists of the following:
The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of October 2, 2021:
Effective January 1, 2021, Vishay adopted ASU No. 2020-06. Upon adoption, Vishay derecognized the bifurcated equity component, debt discount, and deferred taxes and remeasured the deferred financing costs associated with its convertible debt instruments. See Note 1. The carrying value of Vishay's convertible debt instruments is now equal to the outstanding principal amount and interest expense is now equal to the cash interest paid. The remeasured deferred financing costs continue to be recognized as non-cash interest expense.
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.
Upon conversion of the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock.
The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible senior notes due 2025 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.
As of December 31, 2020, there were $300 of convertible senior debentures due 2040 outstanding. On January 5, 2021, Vishay gave notice to the holders of its convertible senior debentures due 2040 that Vishay would redeem the debentures on February 4, 2021. The redemption price was paid in cash and was equal to 100% of the principal amount plus accrued but unpaid interest to, but excluding February 4, 2021.
The carrying value of the convertible senior notes due 2025 was $465,344 as of October 2, 2021. The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated condensed balance sheet as follows:
Interest is payable on the convertible debt instruments semi-annually at the cash coupon rate. Prior to the adoption of ASU 2020-06 on January 1, 2021, the debt discount associated with the convertible debt instruments was 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.
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. Interest expense related to the convertible senior debentures was immaterial in 2021.
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Revenue Recognition |
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| Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition |
Note 6 – 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) |
Note 7 – 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 8 for further information.
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Pensions and Other Postretirement Benefits |
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| Pensions and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pensions and Other Postretirement Benefits |
Note 8 – 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 2021 and 2020 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 2, 2021 and October 3, 2020 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 2021 and 2020 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 2, 2021 and October 3, 2020 for the Company’s other postretirement benefit plans:
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Stock-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
Note 9 – 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 following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 2, 2021 (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.
Restricted Stock Units
RSU activity under the 2007 Program as of October 2, 2021 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
Phantom stock unit activity under the phantom stock plan as of October 2, 2021 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 |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
Note 10 – Segment Information
The following tables set forth business segment information:
*Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 pandemic, 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 |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
Note 11 – 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):
If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock. Accordingly, the notes are not anti-dilutive when the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025.
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Fair Value Measurements |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
Note 12 – 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:
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 debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the 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 2, 2021 and December 31, 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 statements of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierarchy. The value of the forward contracts was immaterial as of October 2, 2021 and December 31, 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 2, 2021 and December 31, 2020 is approximately $486,800 and $491,400, respectively, compared to its carrying value, excluding the deferred financing costs, of $465,344 and $406,398, 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 2, 2021 and December 31, 2020, 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 2, 2021 and December 31, 2020, 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 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 |
|---|---|
Oct. 02, 2021 | |
| 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 2021 end on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively. The four fiscal quarters in 2020 ended on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively.
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| Recently Adopted Accounting Guidance |
Recently Adopted Accounting Guidance
In August 2020, the Financial Accounting Standards Board ("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 Company adopted the ASU effective January 1, 2021 using a modified retrospective approach. Upon adoption, Company recorded a $66,078 decrease in additional paid in capital from the derecognition of the bifurcated equity component of the convertible debt instruments, a $59,246 increase in debt from the derecognition of the discount associated with the bifurcated equity component of the convertible debt instruments and a $20,566 increase to the opening balance of retained earnings, representing the cumulative interest expense, net of tax effects, recognized related to the amortization of the bifurcated conversion option. The adoption of the ASU did not have a significant impact on the diluted sharecount due to Vishay exercising existing rights to legally amend the indenture governing the convertible senior notes due 2025. See Note 5.
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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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Income Taxes (Policies) |
9 Months Ended |
|---|---|
Oct. 02, 2021 | |
| 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 2, 2021 and October 3, 2020 reflect the Company’s expected tax rate on reported income 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. 02, 2021 | |
| 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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Earnings Per Share (Policies) |
9 Months Ended |
|---|---|
Oct. 02, 2021 | |
| Earnings Per Share [Abstract] | |
| Discussion on convertible debt included in computation of earnings per share diluted |
If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock. Accordingly, the notes are not anti-dilutive when the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025.
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Fair Value Measurements (Policies) |
9 Months Ended |
|---|---|
Oct. 02, 2021 | |
| 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) |
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| 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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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| 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 senior notes due 2025 as of October 2, 2021:
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| Liability and Equity of Component of Convertible Debt Instruments |
The carrying value of the convertible senior notes due 2025 was $465,344 as of October 2, 2021. The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated condensed balance sheet 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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| 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 2021 and 2020 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 2, 2021 and October 3, 2020 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 2021 and 2020 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 2, 2021 and October 3, 2020 for the Company’s other postretirement benefit plans:
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 2, 2021 (amortization periods in years):
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| RSU Activity |
RSU activity under the 2007 Program as of October 2, 2021 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 2, 2021 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. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 pandemic, 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. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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Restructuring and Related Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2019 |
Oct. 02, 2021 |
Oct. 03, 2020 |
Dec. 31, 2020 |
|
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring and severance costs | $ 0 | $ 743 | ||
| 2019 Global Cost Reduction and Management Rejuvenation Programs [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring reserve, current | 1,738 | |||
| Restructuring reserve, noncurrent | 1,009 | |||
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring and severance costs | $ 24,139 | $ 743 | ||
| Cash paid | (1,330) | (10,624) | (10,813) | |
| Foreign currency translation | 35 | (86) | 683 | |
| Balance at end of period | $ 22,844 | 2,747 | $ 13,457 | |
| Expected restructuring costs | $ 24,882 | |||
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Oct. 02, 2021 |
Oct. 02, 2021 |
|
| Income Taxes [Abstract] | ||
| Decrease in liabilities for unrecognized tax benefits | $ 1,328 | |
| Effect on Income Tax Expense (Benefit) [Line Items] | ||
| Deferred other tax expense (benefit) | $ (5,714) | |
| Adoption of New Accounting Standard [Member] | ||
| Effect on Income Tax Expense (Benefit) [Line Items] | ||
| Deferred other tax expense (benefit) | 12,127 | |
| Change in Tax Regulation [Member] | ||
| Effect on Income Tax Expense (Benefit) [Line Items] | ||
| Deferred other tax expense (benefit) | $ (8,276) |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 02, 2021 |
Oct. 03, 2020 |
Oct. 02, 2021 |
Oct. 03, 2020 |
|
| Sales returns and allowances accrual activity [Roll Forward] | ||||
| Beginning balance | $ 41,262 | $ 39,432 | $ 39,629 | $ 40,508 |
| Sales allowances | 22,850 | 22,190 | 68,689 | 64,046 |
| Credits issued | (28,948) | (27,610) | (72,744) | (70,583) |
| Foreign currency | (314) | 534 | (724) | 575 |
| Ending balance | $ 34,850 | $ 34,546 | $ 34,850 | $ 34,546 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 02, 2021 |
Oct. 03, 2020 |
Oct. 02, 2021 |
Oct. 03, 2020 |
|
| Segment Reporting Information [Line Items] | ||||
| Net revenues | $ 813,663 | $ 640,160 | $ 2,397,415 | $ 1,834,718 |
| Gross profit | 225,736 | 151,709 | 657,957 | 429,619 |
| Restructuring and severance Costs | 0 | (743) | ||
| Unallocated Selling, General, and Administrative Expenses | (102,215) | (90,219) | (311,800) | (279,178) |
| Operating income | 123,521 | 61,490 | 346,157 | 149,698 |
| Unallocated Other Income (Expense) | (7,106) | (15,766) | (25,405) | (38,100) |
| Consolidated Income Before Taxes | 116,415 | 45,724 | 320,752 | 111,598 |
| Distributors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 483,766 | 325,695 | 1,400,700 | 980,703 |
| OEMs [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 278,358 | 273,664 | 850,413 | 725,592 |
| EMS Companies [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 51,539 | 40,801 | 146,302 | 128,423 |
| Industrial [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 335,047 | 209,473 | 927,981 | 651,461 |
| Automotive [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 240,764 | 216,641 | 743,766 | 552,418 |
| Telecommunications [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 24,580 | 27,845 | 72,438 | 91,033 |
| Computing [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 58,703 | 51,032 | 183,234 | 151,974 |
| Consumer Products [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 43,839 | 33,353 | 128,243 | 76,477 |
| Power Supplies [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 42,082 | 29,112 | 119,373 | 86,482 |
| Military and Aerospace [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 40,198 | 40,582 | 124,909 | 125,968 |
| Medical [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 28,450 | 32,122 | 97,471 | 98,905 |
| Asia [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 365,133 | 270,451 | 1,034,936 | 748,160 |
| Europe [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 263,650 | 213,296 | 800,801 | 626,276 |
| Americas [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 184,880 | 156,413 | 561,678 | 460,282 |
| Operating Segments [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income | 192,616 | 120,854 | 556,460 | 336,312 |
| Operating Segments [Member] | MOSFETS [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 175,499 | 133,976 | 496,659 | 369,813 |
| Gross profit | 53,868 | 29,649 | 138,410 | 84,779 |
| Operating income | 43,717 | 20,148 | 108,434 | 56,408 |
| Operating Segments [Member] | Diodes [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 185,306 | 123,744 | 517,299 | 363,274 |
| Gross profit | 46,756 | 20,843 | 122,929 | 65,265 |
| Operating income | 41,363 | 15,828 | 106,304 | 50,064 |
| Operating Segments [Member] | Optoelectronic Components [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 70,750 | 64,955 | 224,316 | 168,264 |
| Gross profit | 23,810 | 21,289 | 73,958 | 47,602 |
| Operating income | 19,708 | 17,184 | 61,070 | 35,818 |
| Operating Segments [Member] | Resistors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 181,189 | 145,362 | 562,513 | 444,982 |
| Gross profit | 49,729 | 35,186 | 161,631 | 112,472 |
| Operating income | 43,547 | 30,127 | 142,288 | 96,891 |
| Operating Segments [Member] | Inductors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 84,816 | 79,399 | 253,813 | 218,369 |
| Gross profit | 26,857 | 26,597 | 83,288 | 69,836 |
| Operating income | 24,368 | 24,106 | 75,902 | 62,129 |
| Operating Segments [Member] | Capacitors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 116,103 | 92,724 | 342,815 | 270,016 |
| Gross profit | 24,716 | 18,387 | 77,741 | 53,960 |
| Operating income | 19,913 | 13,703 | 62,462 | 39,297 |
| Operating Segments [Member] | Corporate Other [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 0 | 0 | 0 | 0 |
| Gross profit | 0 | (242) | 0 | (4,295) |
| Operating income | 0 | (242) | 0 | (4,295) |
| Unallocated Amount to Segment [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Restructuring and severance Costs | 0 | 0 | 0 | (743) |
| Impact of COVID-19 Pandemic on Selling, General, and Administrative Expenses | 0 | 441 | 0 | 871 |
| Unallocated Selling, General, and Administrative Expenses | (69,095) | (59,805) | (210,303) | (186,742) |
| Unallocated Other Income (Expense) | $ (7,106) | $ (15,766) | $ (25,405) | $ (38,100) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 02, 2021 |
Oct. 03, 2020 |
Oct. 02, 2021 |
Oct. 03, 2020 |
|
| Numerator [Abstract] | ||||
| Net earnings attributable to Vishay stockholders | $ 96,820 | $ 33,484 | $ 261,447 | $ 85,356 |
| Denominator [Abstract] | ||||
| Weighted average shares (in shares) | 144,808 | 144,658 | 144,792 | 144,636 |
| Outstanding phantom stock units (in shares) | 209 | 196 | 208 | 195 |
| Adjusted weighted average shares - basic (in shares) | 145,017 | 144,854 | 145,000 | 144,831 |
| Effect of dilutive securities [Abstract] | ||||
| Convertible and exchangeable debt instruments (in shares) | 0 | 5 | 3 | 35 |
| Restricted stock units (in shares) | 441 | 338 | 452 | 355 |
| Dilutive potential common shares (in shares) | 441 | 343 | 455 | 390 |
| Denominator for diluted earnings per share [Abstract] | ||||
| Adjusted weighted average shares - diluted (in shares) | 145,458 | 145,197 | 145,455 | 145,221 |
| Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
| Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
| 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) | 0 | 16,009 | 0 | 17,806 |
| 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) | 0 | 156 | 0 | 133 |
| 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) | 317 | 325 | 317 | 346 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended |
|---|---|---|---|
Oct. 02, 2021 |
Oct. 02, 2021 |
Dec. 31, 2020 |
|
| 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 | 486,800 | 486,800 | 491,400 |
| Carrying value of long-term debt, excluding derivative liabilities | 465,344 | 465,344 | 406,398 |
| Derivative, Notional Amount | 100,000 | 100,000 | 100,000 |
| Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 58,169 | 58,169 | 57,892 |
| Available for sale securities | 4,669 | 4,669 | 4,917 |
| Fair value assets | 62,838 | 62,838 | 62,809 |
| Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 32,436 | 32,436 | 34,145 |
| Available for sale securities | 4,669 | 4,669 | 4,917 |
| Fair value assets | 37,105 | 37,105 | 39,062 |
| Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
| Assets [Abstract] | |||
| Assets held in rabbi trusts | 25,733 | 25,733 | 23,747 |
| Available for sale securities | 0 | 0 | 0 |
| Fair value assets | 25,733 | 25,733 | 23,747 |
| 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 |