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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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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||||
October 1, 2022
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December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
|
|
||||||
Accounts receivable, net
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|
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||||||
Inventories:
|
||||||||
Finished goods
|
|
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||||||
Work in process
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||||||
Raw materials
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||||||
Total inventories
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||||||
Prepaid expenses and other current assets
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||||||
Total current assets
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||||||
Property and equipment, at cost:
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||||||||
Land
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||||||
Buildings and improvements
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|
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||||||
Machinery and equipment
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|
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||||||
Construction in progress
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|
|
||||||
Allowance for depreciation
|
(
|
)
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(
|
)
|
||||
Property and equipment, net
|
|
|
||||||
Right of use assets
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
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||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
October 1, 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
|
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|
||||||
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
|
||||||||
October 1, 2022
|
October 2, 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
|
||||||||
October 1, 2022
|
October 2, 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
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
October 1, 2022
|
October 2, 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
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
October 1, 2022
|
October 2, 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
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
October 1, 2022
|
October 2, 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
|
|
|
||||||
Change in U.S. transition tax liability |
( |
) | ( |
) | ||||
Change in repatriation tax liability |
( |
) | ||||||
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 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
|
( |
) | ||||||
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, 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
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at July 3, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at October 2, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
(Accumulated
Deficit)
|
Treasury Stock |
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Vishay
Stockholders'
Equity
|
Noncontrolling
Interests
|
Total
Equity
|
||||||||||||||||||||||||||||
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
|
$ | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Net earnings
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
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 July 2, 2022 | $ | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Net earnings
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends declared ($
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense
|
||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at October 1, 2022 |
$ | ( |
) | ( |
) |
October 1, 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
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Lease expense
|
||||||||||||||||
Operating lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Short-term lease expense
|
|
|
|
|
||||||||||||
Variable lease expense
|
|
|
|
|
||||||||||||
Total lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
October 1, 2022
|
||||
2022 (excluding the nine fiscal months ended October 1, 2022)
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
October 1, 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 October 1, 2022
|
$
|
|
||
Cash coupon rate (per annum)
|
|
%
|
||
Nonconvertible debt borrowing rate at issuance (per annum)
|
|
%
|
||
Conversion rate effective September 8, 2022 (per $1 principal amount)
|
|
|||
Effective conversion price effective September 8, 2022 (per share)
|
$
|
|
||
130% of the current effective conversion price (per share)
|
$
|
|
Fiscal quarter ended
|
Nine fiscal months ended | ||||||
October 1, 2022
|
October 1, 2022 |
||||||
Dividends paid to stockholders
|
$ |
|
$ | ||||
Stock repurchases
|
|
||||||
Total
|
$ |
|
$ |
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 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 (loss) 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 (loss)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Balance at October 1, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Fiscal quarter ended
October 1, 2022
|
Fiscal quarter ended
October 2, 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
|
$
|
|
$
|
|
$
|
|
$
|
|
Nine fiscal months ended
October 1, 2022
|
Nine fiscal months ended
October 2, 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 quarter ended
October 1, 2022
|
Fiscal quarter ended
October 2, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Nine fiscal months ended
October 1, 2022
|
Nine fiscal months ended
October 2, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
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, 2022
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Vested*
|
(
|
)
|
|
|||||
Cancelled or forfeited
|
(
|
)
|
|
|||||
Outstanding at October 1, 2022
|
|
$
|
|
|||||
Expected to vest at October 1, 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 October 1, 2022
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Corporate / Other*
|
Total
|
|||||||||||||||||||||||||
Fiscal quarter ended October 1, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Fiscal quarter ended October 2, 2021:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Nine fiscal months ended October 1, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Nine fiscal months ended October 2, 2021:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
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 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Distributors
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
OEMs
|
|
|
|
|
||||||||||||
EMS companies
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Asia
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Americas
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Industrial
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Automotive
|
|
|
|
|
||||||||||||
Telecommunications
|
|
|
|
|
||||||||||||
Computing
|
|
|
|
|
||||||||||||
Consumer Products
|
|
|
|
|
||||||||||||
Power Supplies
|
|
|
|
|
||||||||||||
Military and Aerospace
|
|
|
|
|
||||||||||||
Medical
|
|
|
|
|
||||||||||||
Total revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
October 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 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
|
|
|
|
|
||||||||||||
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 1, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
|||||||||||||
Restricted stock units
|
|
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
October 1, 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
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
140,061
|
$
|
112,388
|
$
|
96,820
|
$
|
356,022
|
$
|
261,447
|
||||||||||
Reconciling items affecting gross income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
-
|
$
|
6,661
|
$
|
-
|
$
|
6,661
|
$
|
-
|
||||||||||
Other reconciling items affecting operating income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
-
|
$
|
546
|
$
|
-
|
$
|
546
|
$
|
-
|
||||||||||
Reconciling items affecting tax expense:
|
||||||||||||||||||||
Effects of changes in uncertain tax positions |
$ |
(5,941) | $ | - | $ |
- | $ |
(5,941) | $ |
- | ||||||||||
Effects of changes in valuation allowances | - | - | (5,714) | - | (5,714) | |||||||||||||||
Changes in tax laws and regulations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(8,276
|
)
|
|||||||||
Tax effects of pre-tax items above
|
-
|
(1,802
|
)
|
-
|
(1,802
|
)
|
-
|
|||||||||||||
Adjusted net earnings
|
$
|
134,120
|
$
|
117,793
|
$
|
91,106
|
$
|
355,486
|
$
|
247,457
|
||||||||||
Adjusted weighted average diluted shares outstanding
|
143,447
|
144,397
|
145,458
|
144,470
|
145,455
|
|||||||||||||||
Adjusted earnings per diluted share
|
$
|
0.93
|
$
|
0.82
|
$
|
0.63
|
$
|
2.46
|
$
|
1.70
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
MOSFETs
|
$
|
83,121
|
$
|
55,438
|
$
|
53,868
|
$
|
197,305
|
$
|
138,410
|
||||||||||
Diodes
|
56,339
|
53,369
|
46,756
|
155,495
|
122,929
|
|||||||||||||||
Optoelectronic Components
|
25,959
|
26,430
|
23,810
|
84,820
|
73,958
|
|||||||||||||||
Resistors
|
68,461
|
70,532
|
49,729
|
204,015
|
161,631
|
|||||||||||||||
Inductors
|
25,692
|
29,690
|
26,857
|
80,231
|
83,288
|
|||||||||||||||
Capacitors
|
29,966
|
32,425
|
24,716
|
94,664
|
77,741
|
|||||||||||||||
Unallocated gross profit (loss)
|
- |
(6,661
|
)
|
-
|
(6,661
|
)
|
-
|
|||||||||||||
Gross profit
|
$
|
289,538
|
$
|
261,223
|
$
|
225,736
|
$
|
809,869
|
$
|
657,957
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net cash provided by continuing operating activities
|
$
|
209,480
|
$
|
74,727
|
$
|
135,669
|
$
|
317,792
|
$
|
310,452
|
||||||||||
Proceeds from sale of property and equipment
|
95
|
305
|
1,023
|
472
|
1,257
|
|||||||||||||||
Less: Capital expenditures
|
(76,475)
|
(59,791
|
)
|
(57,446
|
)
|
(172,175)
|
(118,156
|
)
|
||||||||||||
Free cash
|
$
|
133,100
|
$
|
15,241
|
$
|
79,246
|
$
|
146,089
|
$
|
193,553
|
Fiscal quarter ended | Nine fiscal months ended | |||||||
October 1, 2022
|
October 1, 2022 |
|||||||
Dividends paid to stockholders
|
$
|
14,254
|
$ | 43,062 | ||||
Stock repurchases
|
18,510
|
54,671 | ||||||
Total
|
$
|
32,764
|
$ | 97,733 |
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
2nd Quarter 2022
|
3rd Quarter 2022
|
||||||||||||||||
Net revenues
|
$
|
813,663
|
$
|
843,072
|
$
|
853,793
|
$
|
863,512
|
$
|
924,798
|
||||||||||
Gross profit margin(1)
|
27.7
|
%
|
27.3
|
%
|
30.3
|
%
|
30.3
|
%
|
31.3
|
%
|
||||||||||
Operating margin(2)
|
15.2
|
%
|
14.4
|
%
|
17.1
|
%
|
17.5
|
%
|
19.8
|
%
|
||||||||||
End-of-period backlog
|
$
|
2,243,900
|
$
|
2,306,500
|
$
|
2,416,700
|
$
|
2,425,200
|
$
|
2,261,400
|
||||||||||
Book-to-bill ratio
|
1.26
|
1.09
|
1.14
|
1.07
|
0.88
|
|||||||||||||||
Inventory turnover
|
4.5
|
4.5
|
4.2
|
3.8
|
4.1
|
|||||||||||||||
Change in ASP vs. prior quarter
|
1.3
|
%
|
1.3
|
%
|
2.4
|
%
|
2.9
|
%
|
0.0
|
%
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
2nd Quarter 2022
|
3rd Quarter 2022
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
175,499
|
$
|
171,339
|
$
|
172,674
|
$
|
158,395
|
$
|
225,186
|
||||||||||
Book-to-bill ratio
|
1.19
|
1.01
|
1.28
|
1.14
|
0.78
|
|||||||||||||||
Gross profit margin
|
30.7
|
%
|
30.1
|
%
|
34.0
|
%
|
35.0
|
%
|
36.9
|
%
|
||||||||||
Segment operating margin
|
24.9
|
%
|
23.5
|
%
|
28.1
|
%
|
28.2
|
%
|
31.9
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
185,306
|
$
|
192,117
|
$
|
182,334
|
$
|
192,083
|
$
|
209,012
|
||||||||||
Book-to-bill ratio
|
1.31
|
1.10
|
1.16
|
1.10
|
0.79
|
|||||||||||||||
Gross profit margin
|
25.2
|
%
|
23.7
|
%
|
25.1
|
%
|
27.8
|
%
|
27.0
|
%
|
||||||||||
Segment operating margin
|
22.3
|
%
|
20.6
|
%
|
22.2
|
%
|
25.3
|
%
|
24.6
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
70,750
|
$
|
78,398
|
$
|
81,016
|
$
|
77,936
|
$
|
73,447
|
||||||||||
Book-to-bill ratio
|
1.36
|
1.22
|
0.78
|
0.86
|
0.57
|
|||||||||||||||
Gross profit margin
|
33.7
|
%
|
34.2
|
%
|
40.0
|
%
|
33.9
|
%
|
35.3
|
%
|
||||||||||
Segment operating margin
|
27.9
|
%
|
27.2
|
%
|
34.8
|
%
|
28.7
|
%
|
30.0
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
181,189
|
$
|
190,041
|
$
|
207,032
|
$
|
213,176
|
$
|
207,437
|
||||||||||
Book-to-bill ratio
|
1.26
|
1.14
|
1.24
|
1.05
|
1.08
|
|||||||||||||||
Gross profit margin
|
27.4
|
%
|
28.5
|
%
|
31.4
|
%
|
33.1
|
%
|
33.0
|
%
|
||||||||||
Segment operating margin
|
24.0
|
%
|
25.6
|
%
|
28.1
|
%
|
29.9
|
%
|
29.7
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
84,816
|
$
|
81,825
|
$
|
82,777
|
$
|
89,608
|
$
|
83,503
|
||||||||||
Book-to-bill ratio
|
1.11
|
1.13
|
1.14
|
0.97
|
1.02
|
|||||||||||||||
Gross profit margin
|
31.7
|
%
|
29.4
|
%
|
30.0
|
%
|
33.1
|
%
|
30.8
|
%
|
||||||||||
Segment operating margin
|
28.7
|
%
|
26.4
|
%
|
26.8
|
%
|
30.0
|
%
|
27.0
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
116,103
|
$
|
129,352
|
$
|
127,960
|
$
|
132,314
|
$
|
126,213
|
||||||||||
Book-to-bill ratio
|
1.37
|
1.04
|
1.02
|
1.17
|
0.95
|
|||||||||||||||
Gross profit margin
|
21.3
|
%
|
21.6
|
%
|
25.2
|
%
|
24.5
|
%
|
23.7
|
%
|
||||||||||
Segment operating margin
|
17.2
|
%
|
17.7
|
%
|
21.4
|
%
|
20.9
|
%
|
20.1
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Cost of products sold
|
68.7
|
%
|
69.7
|
%
|
72.3
|
%
|
69.3
|
%
|
72.6
|
%
|
||||||||||
Gross profit
|
31.3
|
%
|
30.3
|
%
|
27.7
|
%
|
30.7
|
%
|
27.4
|
%
|
||||||||||
Selling, general & administrative expenses
|
11.5
|
%
|
12.8
|
%
|
12.6
|
%
|
12.5
|
%
|
13.0
|
%
|
||||||||||
Operating income
|
19.8
|
%
|
17.5
|
%
|
15.2
|
%
|
18.2
|
%
|
14.4
|
%
|
||||||||||
Income before taxes and noncontrolling interest
|
19.6
|
%
|
17.1
|
%
|
14.3
|
%
|
17.6
|
%
|
13.4
|
%
|
||||||||||
Net earnings attributable to Vishay stockholders
|
15.1
|
%
|
13.0
|
%
|
11.9
|
%
|
13.5
|
%
|
10.9
|
%
|
||||||||||
________
|
||||||||||||||||||||
Effective tax rate
|
22.4
|
%
|
23.8
|
%
|
16.6
|
%
|
23.2
|
%
|
18.3
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$
|
924,798
|
$
|
863,512
|
$
|
813,663
|
$
|
2,642,103
|
$
|
2,397,415
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
61,286
|
7.1
|
%
|
n/a | n/a |
||||||||||
October 2, 2021
|
$
|
111,135
|
13.7
|
%
|
$
|
244,688
|
10.2
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
9.1
|
%
|
10.1
|
%
|
6.1
|
%
|
||||||
Change in average selling prices
|
0.0
|
%
|
8.0
|
%
|
7.4
|
%
|
||||||
Foreign currency effects
|
-1.7
|
%
|
-5.4
|
%
|
-4.1
|
%
|
||||||
Acquisition
|
0.0
|
%
|
0.3
|
%
|
0.4
|
%
|
||||||
Other
|
-0.3
|
%
|
0.7
|
%
|
0.4
|
%
|
||||||
Net change
|
7.1
|
%
|
13.7
|
%
|
10.2
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$ |
225,186
|
$ |
158,395
|
$ |
175,499
|
$ |
556,255
|
$ |
496,659
|
||||||||||
Gross profit margin
|
36.9
|
%
|
35.0
|
%
|
30.7
|
%
|
35.5
|
%
|
27.9
|
%
|
||||||||||
Segment operating margin
|
31.9
|
%
|
28.2
|
%
|
24.9
|
%
|
29.7
|
%
|
21.8
|
%
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
66,791
|
42.2
|
%
|
n/a
|
n/a
|
||||||||||
October 2, 2021
|
$
|
49,687
|
28.3
|
%
|
$
|
59,596
|
12.0
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
44.9
|
%
|
18.2
|
%
|
2.8
|
%
|
||||||
Increase in average selling prices
|
0.1
|
%
|
10.9
|
%
|
11.3
|
%
|
||||||
Foreign currency effects
|
-1.3
|
%
|
-3.7
|
%
|
-2.4
|
%
|
||||||
Other
|
-1.5
|
%
|
2.9
|
%
|
0.3
|
%
|
||||||
Net change
|
42.2
|
%
|
28.3
|
%
|
12.0
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$ |
209,012
|
$ |
192,083
|
$ |
185,306
|
$ |
583,429
|
$ |
517,299
|
||||||||||
Gross profit margin
|
27.0
|
%
|
27.8
|
%
|
25.2
|
%
|
26.7
|
%
|
23.8
|
%
|
||||||||||
Segment operating margin
|
24.6
|
%
|
25.3
|
%
|
22.3
|
%
|
24.0
|
%
|
20.5
|
%
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
16,929
|
8.8
|
%
|
n/a
|
n/a
|
||||||||||
October 2, 2021
|
$
|
23,706
|
12.8
|
%
|
$
|
66,130
|
12.8
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
10.6
|
%
|
6.5
|
%
|
4.9
|
%
|
||||||
Change in average selling prices
|
-0.1
|
%
|
10.7
|
%
|
11.0
|
%
|
||||||
Foreign currency effects
|
-1.6
|
%
|
-4.9
|
%
|
-3.7
|
%
|
||||||
Other
|
-0.1
|
%
|
0.5
|
%
|
0.6
|
%
|
||||||
Net change
|
8.8
|
%
|
12.8
|
%
|
12.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$
|
$ 73,447
|
$
|
$ 77,936
|
$
|
$ 70,750
|
$ |
232,399
|
$ |
224,316
|
||||||||||
Gross profit margin
|
35.3
|
%
|
33.9
|
%
|
33.7
|
%
|
36.5
|
%
|
33.0
|
%
|
||||||||||
Segment operating margin
|
30.0
|
%
|
28.7
|
%
|
27.9
|
%
|
31.2
|
%
|
27.2
|
%
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
-4,489
|
-5.8
|
%
|
n/a
|
n/a
|
||||||||||
October 2, 2021
|
$
|
2,697
|
3.8
|
%
|
8,083
|
3.6
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
-3.0
|
%
|
5.2
|
%
|
1.1
|
%
|
||||||
Change in average selling prices
|
-0.5
|
%
|
5.7
|
%
|
7.6
|
%
|
||||||
Foreign currency effects
|
-1.9
|
%
|
-6.4
|
%
|
-4.8
|
%
|
||||||
Other
|
-0.4
|
%
|
-0.7
|
%
|
-0.3
|
%
|
||||||
Net change
|
-5.8
|
%
|
3.8
|
%
|
3.6
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$ |
207,437
|
$ |
213,176
|
$ |
181,189
|
$ |
627,645
|
$ |
562,513
|
||||||||||
Gross profit margin
|
33.0
|
%
|
33.1
|
%
|
27.4
|
%
|
32.5
|
%
|
28.7
|
%
|
||||||||||
Segment operating margin
|
29.7
|
%
|
29.9
|
%
|
24.0
|
%
|
29.2
|
%
|
25.3
|
%
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
-5,739
|
-2.7
|
%
|
n/a
|
n/a
|
||||||||||
October 2, 2021
|
$
|
26,248
|
14.5
|
%
|
$
|
65,132
|
11.6
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
-1.4
|
%
|
12.5
|
%
|
10.7
|
%
|
||||||
Increase in average selling prices
|
0.8
|
%
|
7.7
|
%
|
4.7
|
%
|
||||||
Foreign currency effects
|
-2.1
|
%
|
-7.6
|
%
|
-5.7
|
%
|
||||||
Acquisition
|
0.0
|
%
|
1.4
|
%
|
1.7
|
%
|
||||||
Other
|
0.0
|
%
|
0.5
|
%
|
0.2
|
%
|
||||||
Net change
|
-2.7
|
%
|
14.5
|
%
|
11.6
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$ |
83,503
|
$ |
89,608
|
$ |
84,816
|
$ |
255,888
|
$ |
253,813
|
||||||||||
Gross profit margin
|
30.8
|
%
|
33.1
|
%
|
31.7
|
%
|
31.4
|
%
|
32.8
|
%
|
||||||||||
Segment operating margin
|
27.0
|
%
|
30.0
|
%
|
28.7
|
%
|
28.0
|
%
|
29.9
|
%
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
-6,105
|
-6.8
|
%
|
n/a
|
n/a
|
||||||||||
October 2, 2021
|
$
|
-1,313
|
-1.5
|
%
|
$
|
2,075
|
0.8
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
-6.1
|
%
|
-0.8
|
%
|
1.1
|
%
|
||||||
Change in average selling prices
|
-0.1
|
%
|
1.6
|
%
|
1.5
|
%
|
||||||
Foreign currency effects
|
-0.8
|
%
|
-2.2
|
%
|
-1.8
|
%
|
||||||
Other
|
0.2
|
%
|
-0.1
|
%
|
0.0
|
%
|
||||||
Net change
|
-6.8
|
%
|
-1.5
|
%
|
0.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Net revenues
|
$ |
126,213
|
$ |
132,314
|
$ |
116,103
|
$ |
386,487
|
$ |
342,815
|
||||||||||
Gross profit margin
|
23.7
|
%
|
24.5
|
%
|
21.3
|
%
|
24.5
|
%
|
22.7
|
%
|
||||||||||
Segment operating margin
|
20.1
|
%
|
20.9
|
%
|
17.2
|
%
|
20.8
|
%
|
18.2
|
%
|
Fiscal quarter ended
October 1, 2022
|
Nine fiscal months ended
October 1, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 2, 2022
|
$
|
-6,101
|
-4.6
|
%
|
n/a
|
n/a
|
||||||||||
October 2, 2021
|
$
|
10,110
|
8.7
|
%
|
$
|
43,672
|
12.7
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
-1.7
|
%
|
10.3
|
%
|
13.1
|
%
|
||||||
Change in average selling prices
|
-1.2
|
%
|
5.5
|
%
|
5.2
|
%
|
||||||
Foreign currency effects
|
-2.1
|
%
|
-7.2
|
%
|
-5.7
|
%
|
||||||
Other
|
0.4
|
%
|
0.1
|
%
|
0.1
|
%
|
||||||
Net change
|
-4.6
|
%
|
8.7
|
%
|
12.7
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
October 1, 2022
|
July 2, 2022
|
October 2, 2021
|
October 1, 2022
|
October 2, 2021
|
||||||||||||||||
Total SG&A expenses
|
$
|
106,436
|
$
|
110,400
|
$
|
102,215
|
$
|
329,691
|
$
|
311,800
|
||||||||||
as a percentage of revenues
|
11.5
|
%
|
12.8
|
%
|
12.6
|
%
|
12.5
|
%
|
13.0
|
%
|
Fiscal quarters ended
|
||||||||||||
October 1, 2022
|
October 2, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
4,462
|
$
|
325
|
$
|
4,137
|
||||||
Interest income
|
1,836
|
295
|
1,541
|
|||||||||
Other components of net periodic pension expense
|
(2,704
|
)
|
(3,257
|
)
|
553
|
|||||||
Investment income
|
(1,462
|
)
|
(41
|
)
|
(1,421
|
)
|
||||||
Other
|
5
|
(1
|
)
|
6
|
||||||||
$
|
2,137
|
$
|
(2,679
|
)
|
$
|
4,816
|
Fiscal quarters ended
|
||||||||||||
October 1, 2022
|
July 2, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
4,462
|
$
|
6,514
|
$
|
(2,052
|
)
|
|||||
Interest income
|
1,836
|
789
|
1,047
|
|||||||||
Other components of net periodic pension expense
|
(2,704
|
)
|
(2,803
|
)
|
99
|
|||||||
Investment income (expense)
|
(1,462
|
)
|
(2,858
|
)
|
1,396
|
|||||||
Other
|
5
|
(262
|
)
|
267
|
||||||||
$
|
2,137
|
$
|
1,380
|
$
|
757
|
Nine fiscal months ended
|
||||||||||||
October 1, 2022
|
October 2, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
10,695
|
$
|
(2,110
|
)
|
$
|
12,805
|
|||||
Interest income
|
3,186
|
907
|
2,279
|
|||||||||
Other components of net periodic pension expense
|
(8,417
|
)
|
(9,864
|
)
|
1,447
|
|||||||
Investment income (expense)
|
(7,436
|
)
|
(1,107
|
)
|
(6,329
|
)
|
||||||
Other
|
(262
|
)
|
15
|
(277
|
)
|
|||||||
$
|
(2,234
|
)
|
$
|
(12,159
|
)
|
$
|
9,925
|
October 1, 2022
|
December 31, 2021
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025
|
465,344
|
465,344
|
||||||
Deferred financing costs
|
(7,224
|
)
|
(9,678
|
)
|
||||
Total debt
|
458,120
|
455,666
|
||||||
Cash and cash equivalents
|
734,992
|
774,108
|
||||||
Short-term investments
|
182,646
|
146,743
|
||||||
Net cash and short-term investments (debt)
|
$
|
459,518
|
$
|
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 Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||||||||||||
July 3 - July 30
|
318,186
|
$
|
18.35
|
318,186
|
$
|
5,839,285
|
|
5,681,814
|
||||||||||||
July 31 - August 27
|
143,888
|
$
|
20.78
|
143,888
|
$
|
2,990,168
|
|
5,537,926
|
||||||||||||
August 28 - October 1
|
516,264
|
$
|
18.75
|
516,264
|
$
|
9,681,200
|
|
5,021,662
|
||||||||||||
Total
|
978,338
|
$
|
18.92
|
978,338
|
$
|
18,510,653
|
|
5,021,662
|
Item 6. |
Exhibits
|
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)
|