QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification Number)
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(Address of Principal Executive Offices)
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(Registrant’s Area Code and Telephone Number)
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Title of each class
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Trading symbol
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Name of exchange on which registered
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||
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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Page Number
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||||
April 2, 2022
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December 31, 2021
|
|||||||
(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
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
April 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Liabilities 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
|
|
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
|
|
||||||
Class B convertible common stock
|
|
|
||||||
Capital in excess of par value
|
|
|
||||||
Retained earnings
|
|
|
||||||
Treasury stock (at cost) |
( |
|||||||
Accumulated other comprehensive income (loss)
|
(
|
(
|
||||||
Total Vishay stockholders' equity
|
|
|
||||||
Noncontrolling interests
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
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
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
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
|
$
|
|
$
|
|
Three fiscal months ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
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
|
(
|
)
|
(
|
)
|
||||
Inventory write-offs for obsolescence
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Other
|
|
|
||||||
Net change in operating assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of property and equipment
|
|
|
||||||
Purchase of short-term investments
|
(
|
)
|
(
|
)
|
||||
Maturity of short-term investments
|
|
|
||||||
Other investing activities
|
(
|
)
|
|
|||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
Financing activities
|
||||||||
Repurchase of convertible debt instruments
|
|
(
|
)
|
|||||
Dividends paid to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividends paid to Class B common stockholders
|
(
|
)
|
(
|
)
|
||||
Repurchase of common stock held in treasury
|
( |
) | ||||||
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 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
|
Treasury Stock |
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
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||
Net earnings
|
|
|
||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
( |
) |
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
Dividends declared ($
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Balance at April 3, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at April 2, 2022 |
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|
April 2, 2022
|
December 31, 2021
|
||||||
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
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Lease expense
|
||||||||
Operating lease expense
|
$
|
|
$
|
|
||||
Short-term lease expense
|
|
|
||||||
Variable lease expense
|
|
|
||||||
Total lease expense
|
$
|
|
$
|
|
|
April 2, 2022
|
|||
2022 (excluding the three fiscal months ended April 2, 2022)
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
April 2, 2022
|
December 31, 2021
|
|||||||
Credit facility
|
$
|
|
$
|
|
||||
Convertible senior notes, due 2025
|
|
|
||||||
Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Less current portion
|
|
|
||||||
$
|
|
$
|
|
Convertible
Senior Notes
Due 2025
|
||||
Issuance date
|
|
|||
Maturity date
|
|
|||
Principal amount as of April 2, 2022
|
$
|
|
||
Cash coupon rate (per annum)
|
|
%
|
||
Nonconvertible debt borrowing rate at issuance (per annum)
|
|
%
|
||
Conversion rate effective March 16, 2022 (per $1 principal amount)
|
|
|||
Effective conversion price effective March 16, 2022 (per share)
|
$
|
|
||
130% of the current effective conversion price (per share)
|
$
|
|
Fiscal quarter ended
|
||||
April 2, 2022
|
||||
Dividends paid to stockholders
|
$ |
|
||
Stock repurchases
|
|
|||
Total
|
$ |
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
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, 2022
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
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 April 2, 2022
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Fiscal quarters ended
April 2, 2022
|
Fiscal quarters ended
April 3, 2021
|
|||||||||||||||
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 quarters ended
April 2, 2022
|
Fiscal quarters ended
April 3, 2021
|
|||||||||||||||
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
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Restricted stock units ("RSUs")
|
$
|
|
$
|
|
||||
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, 2022
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Vested*
|
(
|
)
|
|
|||||
Cancelled or forfeited
|
|
|
||||||
Outstanding at April 2, 2022
|
|
$
|
|
|||||
Expected to vest at April 2, 2022
|
|
Vesting Date
|
Expected
to Vest
|
Not Expected
to Vest
|
Total
|
|||||||||
January 1, 2023
|
|
|
|
|||||||||
January 1, 2024
|
|
|
|
|||||||||
January 1, 2025
|
|
|
|
Number of
units
|
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2022
|
|
|||||||
Granted
|
|
$
|
|
|||||
Dividend equivalents issued
|
|
|||||||
Outstanding at April 2, 2022
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Total
|
||||||||||||||||||||||
Fiscal quarter ended April 2, 2022:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Fiscal quarter ended April 3, 2021:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Reconciliation:
|
||||||||
Segment Operating Income
|
$
|
|
$
|
|
||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
||||
Consolidated Operating Income
|
$
|
|
$
|
|
||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Distributors
|
$
|
|
$
|
|
||||
OEMs
|
|
|
||||||
EMS companies
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Asia
|
$
|
|
$
|
|
||||
Europe
|
|
|
||||||
Americas
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Industrial
|
$
|
|
$
|
|
||||
Automotive
|
|
|
||||||
Telecommunications
|
|
|
||||||
Computing
|
|
|
||||||
Consumer Products
|
|
|
||||||
Power Supplies
|
|
|
||||||
Military and Aerospace
|
|
|
||||||
Medical
|
|
|
||||||
Total revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
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 - basic
|
|
|
||||||
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
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Restricted stock units
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
April 2, 2022
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
Precious metals |
$ |
|||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
December 31, 2021
|
||||||||||||||||
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
|
|||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
103,573
|
$
|
36,523
|
$
|
71,435
|
||||||
Reconciling items affecting tax expense:
|
||||||||||||
Changes in tax laws and regulations
|
$
|
-
|
$
|
53,316
|
|
$
|
(4,395)
|
|||||
Adjusted net earnings
|
$
|
103,573
|
$
|
89,839
|
$
|
67,040
|
||||||
Adjusted weighted average diluted shares outstanding
|
145,553
|
145,617
|
145,463
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.71
|
$
|
0.62
|
$
|
0.46
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net cash provided by continuing operating activities
|
$
|
33,585
|
$
|
146,652
|
$
|
57,322
|
||||||
Proceeds from sale of property and equipment
|
72
|
60
|
200
|
|||||||||
Less: Capital expenditures
|
(35,909
|
)
|
(100,216
|
)
|
(28,527
|
)
|
||||||
Free cash
|
$
|
(2,252
|
)
|
$
|
46,496
|
$
|
28,995
|
Fiscal quarter ended
|
||||
April 2, 2022
|
||||
Dividends paid to stockholders
|
$ |
14,469
|
||
Stock repurchases
|
9,873
|
|||
Total
|
$ |
24,342
|
1st Quarter 2021
|
2nd Quarter 2021
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
||||||||||||||||
Net revenues
|
$
|
764,632
|
$
|
819,120
|
$
|
813,663
|
$
|
843,072
|
$
|
853,793
|
||||||||||
Gross profit margin
|
26.5
|
%
|
28.0
|
%
|
27.7
|
%
|
27.3
|
%
|
30.3
|
%
|
||||||||||
Operating margin
|
12.7
|
%
|
15.3
|
%
|
15.2
|
%
|
14.4
|
%
|
17.1
|
%
|
||||||||||
End-of-period backlog
|
$
|
1,731,200
|
$
|
2,050,200
|
$
|
2,243,900
|
$
|
2,306,500
|
$
|
2,416,700
|
||||||||||
Book-to-bill ratio
|
1.67
|
1.38
|
1.26
|
1.09
|
1.14
|
|||||||||||||||
Inventory turnover
|
4.8
|
4.8
|
4.5
|
4.5
|
4.2
|
|||||||||||||||
Change in ASP vs. prior quarter
|
(0.5
|
)%
|
1.0
|
%
|
1.3
|
%
|
1.3
|
%
|
2.4
|
%
|
1st Quarter 2021
|
2nd Quarter 2021
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
153,223
|
$
|
167,937
|
$
|
175,499
|
$
|
171,339
|
$
|
172,674
|
||||||||||
Book-to-bill ratio
|
1.97
|
1.26
|
1.19
|
1.01
|
1.28
|
|||||||||||||||
Gross profit margin
|
24.2
|
%
|
28.2
|
%
|
30.7
|
%
|
30.1
|
%
|
34.0
|
%
|
||||||||||
Segment operating margin
|
17.8
|
%
|
22.3
|
%
|
24.9
|
%
|
23.5
|
%
|
28.1
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
157,178
|
$
|
174,815
|
$
|
185,306
|
$
|
192,117
|
$
|
182,334
|
||||||||||
Book-to-bill ratio
|
1.85
|
1.45
|
1.31
|
1.10
|
1.16
|
|||||||||||||||
Gross profit margin
|
21.9
|
%
|
23.9
|
%
|
25.2
|
%
|
23.7
|
%
|
25.1
|
%
|
||||||||||
Segment operating margin
|
18.3
|
%
|
20.7
|
%
|
22.3
|
%
|
20.6
|
%
|
22.2
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
77,771
|
$
|
75,795
|
$
|
70,750
|
$
|
78,398
|
$
|
81,016
|
||||||||||
Book-to-bill ratio
|
1.66
|
1.69
|
1.36
|
1.22
|
0.78
|
|||||||||||||||
Gross profit margin
|
33.0
|
%
|
32.4
|
%
|
33.7
|
%
|
34.2
|
%
|
40.0
|
%
|
||||||||||
Segment operating margin
|
27.3
|
%
|
26.6
|
%
|
27.9
|
%
|
27.2
|
%
|
34.8
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
186,602
|
$
|
194,722
|
$
|
181,189
|
$
|
190,041
|
$
|
207,032
|
||||||||||
Book-to-bill ratio
|
1.50
|
1.39
|
1.26
|
1.14
|
1.24
|
|||||||||||||||
Gross profit margin
|
28.9
|
%
|
29.7
|
%
|
27.4
|
%
|
28.5
|
%
|
31.4
|
%
|
||||||||||
Segment operating margin
|
25.4
|
%
|
26.4
|
%
|
24.0
|
%
|
25.6
|
%
|
28.1
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
83,458
|
$
|
85,539
|
$
|
84,816
|
$
|
81,825
|
$
|
82,777
|
||||||||||
Book-to-bill ratio
|
1.13
|
1.21
|
1.11
|
1.13
|
1.14
|
|||||||||||||||
Gross profit margin
|
33.3
|
%
|
33.5
|
%
|
31.7
|
%
|
29.4
|
%
|
30.0
|
%
|
||||||||||
Segment operating margin
|
30.3
|
%
|
30.7
|
%
|
28.7
|
%
|
26.4
|
%
|
26.8
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
106,400
|
$
|
120,312
|
$
|
116,103
|
$
|
129,352
|
$
|
127,960
|
||||||||||
Book-to-bill ratio
|
1.73
|
1.37
|
1.37
|
1.04
|
1.02
|
|||||||||||||||
Gross profit margin
|
22.6
|
%
|
24.1
|
%
|
21.3
|
%
|
21.6
|
%
|
25.2
|
%
|
||||||||||
Segment operating margin
|
17.7
|
%
|
19.7
|
%
|
17.2
|
%
|
17.7
|
%
|
21.4
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Cost of products sold
|
69.7
|
%
|
72.7
|
%
|
73.5
|
%
|
||||||
Gross profit
|
30.3
|
%
|
27.3
|
%
|
26.5
|
%
|
||||||
Selling, general & administrative expenses
|
13.2
|
%
|
12.8
|
%
|
13.8
|
%
|
||||||
Operating income
|
17.1
|
%
|
14.4
|
%
|
12.7
|
%
|
||||||
Income before taxes and noncontrolling interest
|
16.0
|
%
|
13.5
|
%
|
11.4
|
%
|
||||||
Net earnings attributable to Vishay stockholders
|
12.1
|
%
|
4.3
|
%
|
9.3
|
%
|
||||||
________
|
||||||||||||
Effective tax rate
|
23.7
|
%
|
67.7
|
%
|
17.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
853,793
|
$
|
843,072
|
$
|
764,632
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
10,721
|
|
1.3%
|
|
||||
April 3, 2021
|
89,161
|
|
11.7%
|
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-0.9
|
%
|
7.1
|
%
|
||||
Increase in average selling prices
|
2.4
|
%
|
6.0
|
%
|
||||
Foreign currency effects
|
-0.6
|
%
|
-2.6
|
%
|
||||
Acquisition
|
0.4
|
%
|
0.5
|
%
|
||||
Other
|
0.0
|
%
|
0.7
|
%
|
||||
Net change
|
1.3
|
%
|
11.7
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
172,674
|
$
|
171,339
|
$
|
153,223
|
||||||
Gross profit margin |
34.0 | % | 30.1 | % | 24.2 | % | ||||||
Segment operating margin
|
28.1
|
%
|
23.5
|
%
|
17.8
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
1,335
|
0.8
|
%
|
||||
April 3, 2021
|
$
|
19,451
|
12.7
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-3.2
|
%
|
5.1
|
%
|
||||
Increase in average selling prices
|
4.5
|
%
|
8.3
|
%
|
||||
Foreign currency effects
|
-0.4
|
%
|
-1.3
|
%
|
||||
Other
|
-0.1
|
%
|
0.6
|
%
|
||||
Net change
|
0.8
|
%
|
12.7
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
182,334
|
$
|
192,117
|
$
|
157,178
|
||||||
Gross profit margin |
25.1 | % | 23.7 | % | 21.9 | % | ||||||
Segment operating margin
|
22.2
|
%
|
20.6
|
%
|
18.3
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
(9,783)
|
-5.1
|
%
|
||||
April 3, 2021
|
$
|
25,156
|
16.0
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-7.4
|
%
|
7.6
|
%
|
||||
Increase in average selling prices
|
3.2
|
%
|
9.3
|
%
|
||||
Foreign currency effects
|
-0.5
|
%
|
-2.2
|
%
|
||||
Other
|
-0.4
|
%
|
1.3
|
%
|
||||
Net change
|
-5.1
|
%
|
16.0
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
81,016
|
$
|
78,398
|
$
|
77,771
|
||||||
Gross profit margin
|
40.0
|
%
|
34.2
|
%
|
33.0
|
%
|
||||||
Segment operating margin
|
34.8
|
%
|
27.2
|
%
|
27.3
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
2,618
|
|
3.3
|
%
|
|||
April 3, 2021
|
$
|
3,245
|
4.2
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
1.8
|
%
|
-1.6
|
%
|
||||
Increase in average selling prices
|
1.8
|
%
|
8.9
|
%
|
||||
Foreign currency effects
|
-0.8
|
%
|
-2.8
|
%
|
||||
Other
|
0.5
|
%
|
-0.3
|
%
|
||||
Net change
|
3.3
|
%
|
4.2
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
207,032
|
$
|
190,041
|
$
|
186,602
|
||||||
Gross profit margin |
31.4 | % | 28.5 | % | 28.9 | % | ||||||
Segment operating margin
|
28.1
|
%
|
25.6
|
%
|
25.4
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
16,991
|
|
8.9
|
%
|
|||
April 3, 2021
|
$
|
20,430
|
10.9
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
6.0
|
%
|
9.1
|
%
|
||||
Increase in average selling prices
|
1.9
|
%
|
3.4
|
%
|
||||
Foreign currency effects
|
-0.9
|
%
|
-3.7
|
%
|
||||
Acquisition
|
1.8
|
%
|
1.9
|
%
|
||||
Other
|
0.1
|
%
|
0.2
|
%
|
||||
Net change
|
8.9
|
%
|
10.9
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
82,777
|
$
|
81,825
|
$
|
83,458
|
||||||
Segment operating margin |
30.0 | % | 29.4 | % | 33.3 | % | ||||||
Gross profit margin
|
26.8
|
%
|
26.4
|
%
|
30.3
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
952
|
1.2
|
%
|
||||
April 3, 2021
|
$
|
(681
|
)
|
-0.8
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
1.5
|
%
|
-0.8
|
%
|
||||
Change in average selling prices
|
0.0
|
%
|
1.0
|
%
|
||||
Foreign currency effects
|
-0.2
|
%
|
-1.1
|
%
|
||||
Other
|
-0.1
|
%
|
0.1
|
%
|
||||
Net change
|
1.2
|
%
|
-0.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
127,960
|
$
|
129,352
|
$
|
106,400
|
||||||
Segment operating margin |
25.2 | % | 21.6 | % | 22.6 | % | ||||||
Gross profit margin
|
21.4 | % | 17.7 | % | 17.7 | % |
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
(1,392)
|
|
-1.1
|
%
|
|||
April 3, 2021
|
$
|
21,560
|
20.3
|
%
|
vs. Prior
Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-1.3
|
%
|
19.4
|
%
|
||||
Increase in average selling prices
|
1.5
|
%
|
4.4
|
%
|
||||
Foreign currency effects
|
-0.9
|
%
|
-4.0
|
%
|
||||
Other
|
-0.4
|
%
|
0.5
|
%
|
||||
Net change
|
-1.1
|
%
|
20.3
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Total SG&A expenses
|
$
|
112,855
|
$
|
108,311
|
$
|
105,685
|
||||||
as a percentage of revenues
|
13.2
|
%
|
12.8
|
%
|
13.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(281
|
)
|
$
|
(582
|
)
|
$
|
301
|
||||
Interest income
|
561
|
362
|
199
|
|||||||||
Other components of other periodic pension cost
|
(2,910
|
)
|
(3,342
|
)
|
432
|
|||||||
Investment income (expense)
|
(3,116
|
)
|
71
|
(3,187
|
)
|
|||||||
Other
|
(5
|
)
|
(4
|
)
|
(1
|
)
|
||||||
$
|
(5,751
|
)
|
$
|
(3,495
|
)
|
$
|
(2,256
|
)
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
April 3, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(281
|
)
|
$
|
(611
|
)
|
$
|
330
|
||||
Interest income
|
561
|
287
|
274
|
|||||||||
Other components of other periodic pension cost
|
(2,910
|
)
|
(3,302
|
)
|
392
|
|||||||
Investment income (expense)
|
(3,116
|
)
|
(2,121
|
)
|
(995
|
)
|
||||||
Other
|
(5
|
)
|
16
|
(21
|
)
|
|||||||
$
|
(5,751
|
)
|
$
|
(5,731
|
)
|
$
|
(20
|
)
|
April 2, 2022
|
December 31, 2021
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025
|
465,344
|
465,344
|
||||||
Deferred financing costs
|
(8,860
|
)
|
(9,678
|
)
|
||||
Total debt
|
456,484
|
455,666
|
||||||
Cash and cash equivalents
|
789,248
|
774,108
|
||||||
Short-term investments
|
96,561
|
146,743
|
||||||
Net cash and short-term investments (debt)
|
$
|
429,325
|
$
|
465,185
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered
Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share (including commission)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Total Dollar Amount Purchased Under the Program
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||||||||||||
January 1 - January 29
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
January 30 - February 26
|
20,500
|
$
|
19.52
|
20,500
|
$
|
400,058
|
$
|
41,599,942
|
||||||||||||
February 27 - April 2
|
492,727
|
$
|
19.23
|
492,727
|
$
|
9,473,193
|
$
|
32,126,749
|
||||||||||||
Total
|
513,227
|
$
|
19.24
|
513,227
|
$
|
9,873,251
|
$
|
32,126,749
|
Item 6. |
Exhibits
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended April 2, 2022, 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 Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2022 |
Apr. 03, 2021 |
|
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net earnings | $ 103,950 | $ 71,643 |
Other comprehensive income (loss), net of tax | ||
Pension and other post-retirement actuarial items | 1,559 | 1,864 |
Foreign currency translation adjustment | (13,484) | (26,949) |
Other comprehensive income (loss) | (11,925) | (25,085) |
Comprehensive income | 92,025 | 46,558 |
Less: comprehensive income attributable to noncontrolling interests | 377 | 208 |
Comprehensive income attributable to Vishay stockholders | $ 91,648 | $ 46,350 |
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]
|
Treasury Stock [Member] |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | $ 0 | ||||||||
Net earnings | 0 | 71,435 | 0 | 71,435 | 208 | 71,643 | 0 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | (25,085) | (25,085) | 0 | (25,085) | 0 | 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 | 0 | ||||||||
Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | 0 | |||||||||
Dividends declared (APIC) | 20 | ||||||||||||||||
Stock compensation expense | 4,120 | 0 | 0 | 4,120 | 0 | 4,120 | 0 | 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 | 0 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ (66,078) | $ 20,566 | $ 0 | $ (45,512) | $ 0 | $ (45,512) | $ 0 | $ 0 | 0 | ||||||||
Cumulative effect of accounting change for adoption of ASU | 401,694 | ||||||||||||||||
Balance at Period Start at Dec. 31, 2021 | 1,347,830 | 401,694 | (20,252) | 1,743,753 | 2,967 | 1,746,720 | 13,271 | 1,210 | 0 | ||||||||
Net earnings | 0 | 103,573 | 0 | 103,573 | 377 | 103,950 | 0 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | (11,925) | (11,925) | 0 | (11,925) | 0 | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (2,142) | 0 | 0 | (2,123) | 0 | (2,123) | 19 | 0 | 0 | ||||||||
Dividends declared | (14,491) | 0 | (14,469) | 0 | (14,469) | 0 | 0 | 0 | |||||||||
Dividends declared (APIC) | 22 | ||||||||||||||||
Stock compensation expense | 3,842 | 0 | 0 | 3,842 | 0 | 3,842 | 0 | 0 | 0 | ||||||||
Repurchase of common stock held in treasury | 0 | 0 | 0 | (9,873) | 0 | (9,873) | 0 | 0 | (9,873) | ||||||||
Balance at Period End at Apr. 02, 2022 | $ 1,349,552 | $ 490,776 | $ (32,177) | $ 1,812,778 | $ 3,344 | 1,816,122 | $ 13,290 | $ 1,210 | $ (9,873) | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 490,776 |
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Apr. 02, 2022 |
Apr. 03, 2021 |
|
Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | ||
Restricted stock issuances (in shares) | 189,731 | 149,722 |
Stock repurchase (in shares) | 513,227 | |
Dividends declared (in dollars per share) | $ 0.100 | $ 0.095 |
Basis of Presentation |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
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, 2021. The
results of operations for the three fiscal months ended April 2, 2022 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 2022 end on April 2, 2022, July 2, 2022, October 1, 2022, and December 31, 2022, respectively. The four fiscal quarters
in 2021 ended on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
|
Leases |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $6,332 and $6,161 for its operating leases in the three
fiscal months ended April 2, 2022 and April 3, 2021, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.7 years and the weighted-average discount rate is 5.4%
as of April 2, 2022.
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.
|
Income Taxes |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
Income Taxes [Abstract] | |
Income Taxes |
Note 3 – 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 April 2, 2022 and April 3, 2021
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.
During the three fiscal months ended April 2, 2022,
the liabilities for unrecognized tax benefits decreased by $3,047 on a net basis, primarily due to a payment and currency translation
adjustments, partially offset by accruals for current year tax positions and interest.
|
Long-Term Debt |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt |
Note 4 – 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 April 2, 2022:
Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances: (1) 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.
|
Stockholders' Equity |
3 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2022 | ||||||||||||||||||||||||||
Stockholders' Equity Policy [Abstract] | ||||||||||||||||||||||||||
Stockholders' Equity |
Note 5 - Stockholders' Equity
On February 7, 2022, the Company's Board of Directors adopted a Stockholder Return
Policy that will remain in effect until such time as the Board votes to amend or rescind the policy. The Stockholder Return Policy calls for the Company to return a prescribed amount of cash flows on an annual basis. The Company intends to return
such amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases.
The following table summarizes activity pursuant to this policy:
The repurchased shares are being held as treasury stock. The Company records treasury stock at cost, inclusive of fees, commissions and other expenses,
when outstanding common shares are repurchased. As of December 31, 2021, no shares of common stock were held as treasury stock. As of April 2,
2022, 513,227 shares of common stock are being held as treasury stock.
|
Revenue Recognition |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition |
Note 6 – Revenue Recognition
Sales returns and allowances accrual activity is shown below:
See disaggregated revenue information in Note 10.
|
Accumulated Other Comprehensive Income (Loss) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Pensions and Other Postretirement Benefits |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 first fiscal quarters of 2022 and 2021 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 first fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:
|
Stock-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation |
Note 9 – Stock-Based Compensation
The following table summarizes stock-based compensation expense recognized:
The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 2, 2022 (amortization periods in years):
Restricted Stock Units
RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 2, 2022 and changes during the three 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 2007 Program as of April 2, 2022 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands):
|
Segment Information |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
Note 10 – Segment Information
The following tables set forth business segment information:
The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is
shown below:
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:
|
Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
Note 12 – Fair Value Measurements
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented.
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.
From time to time, the Company purchases precious metals bullion in excess of its immediate manufacturing needs to mitigate the risk of supply shortages or
volatile price fluctuations. The metals are valued based on quoted market prices on the last business day of the period. The fair value measurement of the metals are 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 $80,000 and
$100,000 as of April 2, 2022
and December 31, 2021, respectively. The forward contracts are short-term in nature and are expected to be renewed at the Company's
discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statements of
operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within
the fair value hierarchy. The value of the forward contracts was immaterial as of April 2, 2022 and December 31, 2021. 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 April 2, 2022 and December 31, 2021 is approximately $463,800 and $485,500, respectively,
compared to its carrying value, excluding the deferred financing costs, of $465,344. 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 April 2, 2022 and December 31, 2021, 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 April 2, 2022 and December 31, 2021, 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.
|
Basis of Presentation (Policies) |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
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 2022 end on April 2, 2022, July 2, 2022, October 1, 2022, and December 31, 2022, respectively. The four fiscal quarters
in 2021 ended on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively.
|
Reclassifications |
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
|
Income Taxes (Policies) |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
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 April 2, 2022 and April 3, 2021
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.
|
Stockholders' Equity (Policies) |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
Stockholders' Equity Policy [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | The Company records treasury stock at cost, inclusive of fees, commissions and other expenses, when outstanding common shares are repurchased. |
Earnings Per Share (Policies) |
3 Months Ended |
---|---|
Apr. 02, 2022 | |
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.
|
Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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:
|
Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 April 2, 2022:
|
Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||
Stockholders' Equity Policy [Abstract] | ||||||||||||||||||||||||||
Schedule of Stockholder Return Policy [Table Text Block] |
The following table summarizes activity pursuant to this policy:
|
Revenue Recognition (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales returns and allowances accrual activity |
Sales returns and allowances accrual activity is shown below:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Pensions and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 first fiscal quarters of 2022 and 2021 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 first fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:
|
Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 April 2, 2022 (amortization periods in years):
|
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RSU Activity |
RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 2, 2022 and changes during the three 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 | 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 Units
Phantom stock unit activity under the 2007 Program as of April 2, 2022 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands):
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information by Segment |
The following tables set forth business segment information:
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
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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:
|
Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Income Taxes (Details) $ in Thousands |
3 Months Ended |
---|---|
Apr. 02, 2022
USD ($)
| |
Income Taxes [Abstract] | |
Decrease in liabilities for unrecognized tax benefits | $ 3,047 |
Stockholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 02, 2022 |
Apr. 03, 2021 |
Dec. 31, 2021 |
|
Stockholders' Equity Policy [Abstract] | |||
Treasury Stock, Value, Acquired, Par Value Method | $ 9,873 | ||
Dividends declared | 14,469 | $ 13,757 | |
Stockholder Return Policy Payments | $ 24,342 | ||
Treasury Stock, Common, Shares | 513,227 | 0 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2022 |
Apr. 03, 2021 |
|
Sales returns and allowances accrual activity [Roll Forward] | ||
Beginning balance | $ 39,759 | $ 39,629 |
Sales allowances | 27,377 | 23,796 |
Credits issued | (27,726) | (28,446) |
Foreign currency | (249) | (530) |
Ending balance | $ 39,161 | $ 34,449 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2022 |
Apr. 03, 2021 |
|
Segment Reporting Information [Line Items] | ||
Net revenues | $ 853,793 | $ 764,632 |
Unallocated Selling, General, and Administrative Expenses | (112,855) | (105,685) |
Operating income | 146,253 | 97,264 |
Unallocated Other Income (Expense) | (9,973) | (10,107) |
Consolidated Income Before Taxes | 136,280 | 87,157 |
Distributors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 497,869 | 424,125 |
OEMs [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 297,429 | 294,637 |
EMS Companies [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 58,495 | 45,870 |
Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 337,369 | 270,801 |
Automotive [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 259,501 | 255,973 |
Telecommunications [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 31,013 | 24,902 |
Computing [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 67,931 | 59,899 |
Consumer Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 38,708 | 40,795 |
Power Supplies [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 40,282 | 35,246 |
Military and Aerospace [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 46,498 | 41,538 |
Medical [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 32,491 | 35,478 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 344,012 | 322,460 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 289,984 | 268,323 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 219,797 | 173,849 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 224,851 | 168,767 |
Operating Segments [Member] | MOSFETS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 172,674 | 153,223 |
Operating income | 48,524 | 27,207 |
Operating Segments [Member] | Diodes [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 182,334 | 157,178 |
Operating income | 40,426 | 28,821 |
Operating Segments [Member] | Optoelectronic Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 81,016 | 77,771 |
Operating income | 28,159 | 21,210 |
Operating Segments [Member] | Resistors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 207,032 | 186,602 |
Operating income | 58,143 | 47,376 |
Operating Segments [Member] | Inductors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 82,777 | 83,458 |
Operating income | 22,199 | 25,290 |
Operating Segments [Member] | Capacitors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 127,960 | 106,400 |
Operating income | 27,400 | 18,863 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Unallocated Selling, General, and Administrative Expenses | (78,598) | (71,503) |
Unallocated Other Income (Expense) | $ (9,973) | $ (10,107) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2022 |
Apr. 03, 2021 |
|
Numerator [Abstract] | ||
Net earnings attributable to Vishay stockholders | $ 103,573 | $ 71,435 |
Denominator [Abstract] | ||
Weighted average shares (in shares) | 144,832 | 144,760 |
Outstanding phantom stock units (in shares) | 221 | 208 |
Adjusted weighted average shares - basic (in shares) | 145,053 | 144,968 |
Effect of dilutive securities [Abstract] | ||
Convertible and exchangeable debt instruments (in shares) | 0 | 9 |
Restricted stock units (in shares) | 500 | 486 |
Dilutive potential common shares (in shares) | 500 | 495 |
Denominator for diluted earnings per share [Abstract] | ||
Adjusted weighted average shares - diluted (in shares) | 145,553 | 145,463 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.71 | $ 0.49 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.71 | $ 0.49 |
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) | 333 | 317 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Apr. 02, 2022 |
Dec. 31, 2021 |
|
Assets [Abstract] | ||
Held-to-maturity Securities Transferred | $ 0 | $ 0 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 463,800 | 485,500 |
Carrying value of long-term debt, excluding derivative liabilities | 465,344 | 465,344 |
Derivative, Notional Amount | 80,000 | 100,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 53,881 | 59,687 |
Available for sale securities | 4,165 | 4,455 |
Precious metals | 5,666 | |
Fair value assets | 63,712 | 64,142 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 28,280 | 32,713 |
Available for sale securities | 4,165 | 4,455 |
Precious metals | 5,666 | |
Fair value assets | 38,111 | 37,168 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 25,601 | 26,974 |
Available for sale securities | 0 | 0 |
Precious metals | 0 | |
Fair value assets | 25,601 | 26,974 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 0 | 0 |
Available for sale securities | 0 | 0 |
Precious metals | 0 | |
Fair value assets | $ 0 | $ 0 |
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