QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation) |
(I.R.S. Employer Identification Number) |
|
(Address of Principal Executive Offices) |
(Registrant’s Area Code and Telephone Number) |
Title of each class |
Trading symbol |
Name of exchange on which registered |
Accelerated filer ◻ |
||
Non-accelerated filer ◻ |
Smaller reporting company |
|
Emerging growth company |
Page Number |
||||
June 29, 2019 |
December 31, 2018 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Short-term investments |
||||||||
Accounts receivable, net |
||||||||
Inventories: |
||||||||
Finished goods |
||||||||
Work in process |
||||||||
Raw materials |
||||||||
Total inventories |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
||||||||
Property and equipment, at cost: |
||||||||
Land |
||||||||
Buildings and improvements |
||||||||
Machinery and equipment |
||||||||
Construction in progress |
||||||||
Allowance for depreciation |
( |
) |
( |
) |
||||
Property and equipment, net |
||||||||
Right of use assets |
||||||||
Goodwill |
||||||||
Other intangible assets, net |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
June 29, 2019 |
December 31, 2018 |
|||||||
(Unaudited) |
||||||||
Liabilities and equity |
||||||||
Current liabilities: |
||||||||
Notes payable to banks |
$ |
$ |
||||||
Trade accounts payable |
||||||||
Payroll and related expenses |
||||||||
Lease liabilities |
||||||||
Other accrued expenses |
||||||||
Income taxes |
||||||||
Total current liabilities |
||||||||
Long-term debt less current portion |
||||||||
U.S. transition tax payable |
||||||||
Deferred income taxes |
||||||||
Long-term lease liabilities |
||||||||
Other liabilities |
||||||||
Accrued pension and other postretirement costs |
||||||||
Total liabilities |
||||||||
Redeemable convertible debentures |
||||||||
Equity: |
||||||||
Vishay stockholders' equity |
||||||||
Common stock |
||||||||
Class B convertible common stock |
||||||||
Capital in excess of par value |
||||||||
Retained earnings (accumulated deficit) |
( |
) |
||||||
Accumulated other comprehensive income (loss) |
( |
) |
( |
) |
||||
Total Vishay stockholders' equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities, temporary equity, and equity |
$ |
$ |
||||||
Fiscal quarters ended |
||||||||
June 29, 2019 |
June 30, 2018 |
|||||||
Net revenues |
$ |
$ |
||||||
Costs of products sold |
||||||||
Gross profit |
||||||||
Selling, general, and administrative expenses |
||||||||
Operating income |
||||||||
Other income (expense): |
||||||||
Interest expense |
( |
) |
( |
) |
||||
Other components of net periodic pension cost |
( |
) |
( |
) |
||||
Other |
||||||||
Loss on early extinguishment of debt |
( |
) |
||||||
Total other income (expense) |
( |
) |
( |
) |
||||
Income before taxes |
||||||||
Income tax expense (benefit) |
( |
) |
||||||
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 |
||||||||
June 29, 2019 |
June 30, 2018 |
|||||||
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 |
$ |
$ |
||||||
Six fiscal months ended |
||||||||
June 29, 2019 |
June 30, 2018 |
|||||||
Net revenues |
$ |
$ |
||||||
Costs of products sold |
||||||||
Gross profit |
||||||||
Selling, general, and administrative expenses |
||||||||
Operating income |
||||||||
Other income (expense): |
||||||||
Interest expense |
( |
) |
( |
) |
||||
Other components of net periodic pension cost |
( |
) |
( |
) |
||||
Other |
||||||||
Loss on early extinguishment of debt |
( |
) |
( |
) |
||||
Total other income (expense) |
( |
) |
( |
) |
||||
Income before taxes |
||||||||
Income tax expense |
||||||||
Net earnings |
||||||||
Less: net earnings attributable to noncontrolling interests |
||||||||
Net earnings attributable to Vishay stockholders |
$ |
$ |
||||||
Basic earnings per share attributable to Vishay stockholders |
$ |
$ |
||||||
Diluted earnings per share attributable to Vishay stockholders |
$ |
$ |
||||||
Weighted average shares outstanding - basic |
||||||||
Weighted average shares outstanding - diluted |
||||||||
Cash dividends per share |
$ |
$ |
||||||
Six fiscal months ended |
||||||||
June 29, 2019 |
June 30, 2018 |
|||||||
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 |
$ |
$ |
||||||
Six fiscal months ended |
||||||||
June 29, 2019 |
June 30, 2018 |
|||||||
Operating activities |
||||||||
Net earnings |
$ |
$ |
||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
(Gain) loss on disposal of property and equipment |
( |
) |
( |
) |
||||
Accretion of interest on convertible debt instruments |
||||||||
Inventory write-offs for obsolescence |
||||||||
Deferred income taxes |
( |
) |
( |
) |
||||
Loss on extinguishment of debt |
||||||||
Other |
||||||||
Change in U.S. transition tax liability |
( |
) |
( |
) |
||||
Change in repatriation tax liability |
( |
) |
( |
) |
||||
Net change in operating assets and liabilities, net of effects of businesses acquired |
( |
) |
( |
) |
||||
Net cash provided by operating activities |
||||||||
Investing activities |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Proceeds from sale of property and equipment |
||||||||
Purchase of businesses, net of cash received |
( |
) |
( |
) |
||||
Purchase of short-term investments |
( |
) |
( |
) |
||||
Maturity of short-term investments |
||||||||
Other investing activities |
( |
) |
||||||
Net cash provided by (used in) investing activities |
( |
) |
||||||
Financing activities |
||||||||
Proceeds from long-term borrowings |
||||||||
Issuance costs |
( |
) |
( |
) |
||||
Repurchase of convertible debentures |
( |
) |
( |
) |
||||
Net proceeds (payments) on revolving credit lines |
( |
) |
||||||
Net changes in short-term borrowings |
||||||||
Dividends paid to common stockholders |
( |
) |
( |
) |
||||
Dividends paid to Class B common stockholders |
( |
) |
( |
) |
||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||
Cash withholding taxes paid when shares withheld for vested equity awards |
( |
) |
( |
) |
||||
Net cash used in financing activities |
( |
) |
( |
) |
||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) |
( |
) |
||||
Net increase 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, 2017 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-01 |
( |
) |
||||||||||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
||||||||||||||||||||||||||||||||
Conversion of Class B shares ( |
( |
) |
||||||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at March 31, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Issuance of convertible notes due 2025 |
||||||||||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance at June 30, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||
Balance at December 31, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-02 |
||||||||||||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Conversion of Class B shares ( |
||||||||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Repurchase of convertible senior debentures |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Balance at March 30, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Net earnings |
||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Temporary equity reclassification |
||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Stock compensation expense |
||||||||||||||||||||||||||||||||
Balance at June 29, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
||||||||||||
Sales allowances |
||||||||||||||||
Credits issued |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Foreign currency |
( |
) |
( |
) |
( |
) |
||||||||||
Ending balance |
$ |
$ |
$ |
$ |
||||||||||||
June 29, 2019 |
January 1, 2019 |
|||||||
Right of use assets |
||||||||
Operating Leases |
||||||||
Buildings and improvements |
$ |
$ |
||||||
Machinery and equipment |
||||||||
Total |
$ |
$ |
||||||
Current lease liabilities |
||||||||
Operating Leases |
||||||||
Buildings and improvements |
$ |
$ |
||||||
Machinery and equipment |
||||||||
Total |
$ |
$ |
||||||
Long-term lease liabilities |
||||||||
Operating Leases |
||||||||
Buildings and improvements |
$ |
$ |
||||||
Machinery and equipment |
||||||||
Total |
$ |
$ |
||||||
Total lease liabilities |
$ |
$ |
||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||
Lease expense |
||||||||
Operating lease expense |
$ |
$ |
||||||
Short-term lease expense |
||||||||
Variable lease expense |
||||||||
Total lease expense |
$ |
$ |
||||||
June 29, 2019 |
||||
2019 (excluding the six fiscal months ended June 29, 2019) |
$ |
|||
2020 |
||||
2021 |
||||
2022 |
||||
2023 |
||||
Thereafter |
||||
June 29, 2019 |
December 31, 2018 |
|||||||
Credit facility |
$ |
$ |
||||||
Convertible senior notes, due 2025 |
||||||||
Convertible senior debentures, due 2040 |
||||||||
Convertible senior debentures, due 2041 |
||||||||
Convertible senior debentures, due 2042 |
||||||||
Deferred financing costs |
( |
) |
( |
) |
||||
Less current portion |
||||||||
$ |
$ |
|||||||
Convertible Senior Notes Due 2025 |
Convertible Senior Debentures Due 2040 |
Convertible Senior Debentures Due 2041 |
||||||||||
Issuance date |
||||||||||||
Maturity date |
||||||||||||
Principal amount as of June 29, 2019 |
$ |
$ |
$ |
|||||||||
Cash coupon rate (per annum) |
% |
% |
% |
|||||||||
Nonconvertible debt borrowing rate at issuance (per annum) |
% |
% |
% |
|||||||||
Conversion rate effective June 12, 2019 (per $1 principal amount) |
||||||||||||
Effective conversion price effective June 12, 2019 (per share) |
$ |
$ |
$ |
|||||||||
$ |
$ |
$ |
||||||||||
Call date |
n/a |
|||||||||||
Principal amount of the debt instruments |
Unamortized discount |
Embedded derivative |
Carrying value of liability component |
Equity component (including temporary equity) -net carrying value |
||||||||||||||||
June 29, 2019 |
||||||||||||||||||||
Convertible senior notes due 2025 |
$ |
( |
) |
$ |
$ |
|||||||||||||||
Convertible senior debentures due 2040 and due 2041 |
$ |
( |
) |
$ |
$ |
|||||||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||
December 31, 2018 |
||||||||||||||||||||
Convertible senior notes due 2025 |
$ |
( |
) |
$ |
$ |
|||||||||||||||
Convertible senior debentures due 2040, due 2041, and due 2042 |
$ |
( |
) |
$ |
$ |
|||||||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||
Contractual coupon interest |
Non-cash amortization of debt discount |
Non-cash amortization of deferred financing costs |
Non-cash change in value of derivative liability |
Total interest expense related to the debt instruments |
||||||||||||||||
June 29, 2019 |
||||||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||||||
Convertible senior debentures |
$ |
( |
) |
$ |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
June 30, 2018 |
||||||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||||||
Convertible senior debentures |
$ |
( |
) |
$ |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Contractual coupon interest |
Non-cash amortization of debt discount |
Non-cash amortization of deferred financing costs |
Non-cash change in value of derivative liability |
Total interest expense related to the debt instruments |
||||||||||||||||
June 29, 2019 |
||||||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||||||
Convertible senior debentures due 2040 and due 2041 |
$ |
( |
) |
$ |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
June 30, 2018 |
||||||||||||||||||||
Convertible senior notes due 2025 |
$ |
$ |
||||||||||||||||||
Convertible senior debentures due 2040 and due 2041 |
$ |
$ |
||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Pension and other post- retirement actuarial items |
Currency translation adjustment |
Total |
||||||||||
Balance at January 1, 2019 |
$ |
( |
) |
$ |
$ |
( |
) |
|||||
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 June 29, 2019 |
$ |
( |
) |
$ |
$ |
( |
) |
|||||
Fiscal quarter ended June 29, 2019 |
Fiscal quarter ended June 30, 2018 |
|||||||||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
Six fiscal months ended June 29, 2019 |
Six fiscal months ended June 30, 2018 |
|||||||||||||||
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 June 29, 2019 |
Fiscal quarter ended June 30, 2018 |
|||||||||||||||
U.S. Plans |
Non-U.S. Plans |
U.S. Plans |
Non-U.S. Plans |
|||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Amortization of prior service (credit) |
( |
) |
||||||||||||||
Amortization of losses (gains) |
( |
) |
( |
) |
||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Six fiscal months ended June 29, 2019 |
Six fiscal months ended June 30, 2018 |
|||||||||||||||
U.S. Plans |
Non-U.S. Plans |
U.S. Plans |
Non-U.S. Plans |
|||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Amortization of prior service (credit) |
( |
) |
||||||||||||||
Amortization of losses (gains) |
( |
) |
( |
) |
||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
Restricted stock units |
$ |
$ |
$ |
|||||||||||||
Phantom stock units |
||||||||||||||||
Total |
$ |
$ |
$ |
|||||||||||||
Unrecognized Compensation Cost |
Weighted Average Remaining Amortization Periods |
|||||||
Restricted stock units |
$ |
|||||||
Phantom stock units |
||||||||
Total |
$ |
|||||||
Number of RSUs |
Weighted Average Grant-date Fair Value per Unit |
|||||||
Outstanding: |
||||||||
January 1, 2019 |
$ |
|||||||
Granted |
||||||||
Vested* |
( |
) |
||||||
Cancelled or forfeited |
( |
) |
||||||
Outstanding at June 29, 2019 |
$ |
|||||||
Expected to vest at June 29, 2019 |
||||||||
Vesting Date |
Expected to Vest |
Not Expected to Vest |
Total |
||||||
January 1, 2020 |
|||||||||
January 1, 2021 |
|||||||||
January 1, 2022 |
|||||||||
Number of units |
Grant-date Fair Value per Unit |
|||||||
Outstanding: |
||||||||
January 1, 2019 |
||||||||
Granted |
$ |
|||||||
Dividend equivalents issued |
||||||||
Outstanding at June 29, 2019 |
||||||||
● |
Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power. |
|
● |
Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. |
|
● |
Optoelectronic components emit light, detect light, or do both. |
|
● |
Resistors and inductors both impede electric current. Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. Inductors use an internal magnetic field to change alternating current phase and resist alternating current. |
|
● |
Capacitors store energy and discharge it when needed. |
MOSFETs |
Diodes |
Optoelectronic Components |
Resistors & Inductors |
Capacitors |
Total |
|||||||||||||||||||
Fiscal quarter ended June 29, 2019: |
||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Gross profit |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Segment operating income |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Fiscal quarter ended June 30, 2018: |
||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Gross profit |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Segment operating income |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Six fiscal months ended June 29, 2019: |
||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Gross Profit |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Six fiscal months ended June 30, 2018: |
||||||||||||||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Gross Profit |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
Reconciliation: |
||||||||||||||||
Segment Operating Income |
$ |
$ |
$ |
$ |
||||||||||||
Unallocated Selling, General, and Administrative Expenses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated Operating Income |
$ |
$ |
$ |
$ |
||||||||||||
Unallocated Other Income (Expense) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated Income Before Taxes |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
Distributors |
$ |
$ |
$ |
$ |
||||||||||||
OEMs |
||||||||||||||||
EMS companies |
||||||||||||||||
Total Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
Asia |
$ |
$ |
$ |
$ |
||||||||||||
Europe |
||||||||||||||||
Americas |
||||||||||||||||
Total Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
Industrial |
$ |
$ |
$ |
$ |
||||||||||||
Automotive |
||||||||||||||||
Telecommunications |
||||||||||||||||
Computing |
||||||||||||||||
Consumer Products |
||||||||||||||||
Power Supplies |
||||||||||||||||
Military and Aerospace |
||||||||||||||||
Medical |
||||||||||||||||
Total revenue |
$ |
$ |
||||||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||||||||||
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 and exchangeable 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 |
Six fiscal months ended |
||||||
June 29, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||
Convertible debt instruments: |
|||||||
Convertible Senior Notes, due 2025 |
|||||||
Weighted average other |
|||||||
Total Fair Value |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
June 29, 2019 |
||||||||||||||||
Assets: |
||||||||||||||||
Assets held in rabbi trusts |
$ |
$ |
$ |
$ |
||||||||||||
Available for sale securities |
$ |
|||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Liabilities: |
||||||||||||||||
Embedded derivative - convertible debentures due 2040 |
$ |
$ |
$ |
$ |
||||||||||||
Embedded derivative - convertible debentures due 2041 |
$ |
( |
) |
( |
) |
|||||||||||
$ |
( |
) |
$ |
$ |
$ |
( |
) |
|||||||||
December 31, 2018 |
||||||||||||||||
Assets: |
||||||||||||||||
Assets held in rabbi trusts |
$ |
$ |
$ |
|||||||||||||
Available for sale securities |
$ |
|||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Liabilities: |
||||||||||||||||
Embedded derivative - convertible debentures due 2040 |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
||||||||
Embedded derivative - convertible debentures due 2041 |
$ |
( |
) |
( |
) |
|||||||||||
Embedded derivative - convertible debentures due 2042 |
$ |
( |
) |
( |
) |
|||||||||||
$ |
( |
) |
$ |
$ |
$ |
( |
) |
|||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders |
$ |
44,477 |
$ |
75,459 |
$ |
103,097 |
$ |
119,936 |
$ |
165,463 |
||||||||||
Reconciling items affecting other income (expense): |
||||||||||||||||||||
Loss on early extinguishment of debt |
- |
1,307 |
17,309 |
1,307 |
17,309 |
|||||||||||||||
Reconciling items affecting tax expense: |
||||||||||||||||||||
Effects of tax-basis foreign exchange gain |
$ |
7,554 |
$ |
- |
$ |
- |
$ |
7,554 |
$ |
- |
||||||||||
Enactment of TCJA |
- |
- |
12,000 |
- |
12,000 |
|||||||||||||||
Effects of cash repatriation program |
(48 |
) |
(585 |
) |
(9,006 |
) |
(633 |
) |
(7,690 |
) |
||||||||||
Change in deferred taxes due to early extinguishment of debt |
- |
(1,312 |
) |
(33,963 |
) |
(1,312 |
) |
(33,963 |
) |
|||||||||||
Tax effects of pre-tax items above |
- |
(290 |
) |
(3,784 |
) |
(290 |
) |
(3,784 |
) |
|||||||||||
Adjusted net earnings |
$ |
51,983 |
$ |
74,579 |
$ |
85,653 |
$ |
126,562 |
$ |
149,335 |
||||||||||
Adjusted weighted average diluted shares outstanding |
145,023 |
145,289 |
157,657 |
145,158 |
158,580 |
|||||||||||||||
Adjusted earnings per diluted share |
$ |
0.36 |
$ |
0.51 |
$ |
0.54 |
$ |
0.87 |
$ |
0.94 |
||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net cash provided by (used in) continuing operating activities |
$ |
56,301 |
$ |
79,518 |
$ |
(8,689 |
) |
$ |
135,819 |
$ |
38,170 |
|||||||||
Proceeds from sale of property and equipment |
69 |
395 |
8,194 |
464 |
8,378 |
|||||||||||||||
Less: Capital expenditures |
(33,781 |
) |
(36,367 |
) |
(48,373 |
) |
(70,148 |
) |
(76,646 |
) |
||||||||||
Free cash |
$ |
22,589 |
$ |
43,546 |
$ |
(48,868 |
) |
$ |
66,135 |
$ |
(30,098 |
) |
||||||||
2nd Quarter 2018 |
3rd Quarter 2018 |
4th Quarter 2018 |
1st Quarter 2019 |
2nd Quarter 2019 |
||||||||||||||||
Net revenues |
$ |
761,030 |
$ |
780,972 |
$ |
775,892 |
$ |
745,159 |
$ |
685,240 |
||||||||||
Gross profit margin |
29.9 |
% |
30.3 |
% |
28.3 |
% |
28.3 |
% |
25.5 |
% |
||||||||||
Operating margin |
16.2 |
% |
17.7 |
% |
15.4 |
% |
14.5 |
% |
11.6 |
% |
||||||||||
End-of-period backlog |
$ |
1,595,200 |
$ |
1,559,700 |
$ |
1,497,100 |
$ |
1,331,800 |
$ |
1,126,700 |
||||||||||
Book-to-bill ratio |
1.17 |
0.95 |
0.94 |
0.79 |
0.69 |
|||||||||||||||
Inventory turnover |
4.6 |
4.4 |
4.5 |
4.3 |
4.3 |
|||||||||||||||
Change in ASP vs. prior quarter |
0.7 |
% |
0.6 |
% |
0.7 |
% |
(0.4 |
)% |
(0.9 |
)% |
||||||||||
2nd Quarter 2018 |
3rd Quarter 2018 |
4th Quarter 2018 |
1st Quarter 2019 |
2nd Quarter 2019 |
||||||||||||||||
MOSFETs |
||||||||||||||||||||
Net revenues |
$ |
136,559 |
$ |
144,260 |
$ |
139,318 |
$ |
137,341 |
$ |
128,842 |
||||||||||
Book-to-bill ratio |
0.96 |
0.88 |
1.08 |
0.84 |
0.54 |
|||||||||||||||
Gross profit margin |
28.1 |
% |
27.0 |
% |
26.2 |
% |
26.3 |
% |
24.8 |
% |
||||||||||
Segment operating margin |
20.9 |
% |
20.5 |
% |
18.9 |
% |
19.4 |
% |
17.5 |
% |
||||||||||
Diodes |
||||||||||||||||||||
Net revenues |
$ |
182,466 |
$ |
186,492 |
$ |
176,961 |
$ |
167,840 |
$ |
142,042 |
||||||||||
Book-to-bill ratio |
1.08 |
0.86 |
0.83 |
0.63 |
0.52 |
|||||||||||||||
Gross profit margin |
28.7 |
% |
29.3 |
% |
26.2 |
% |
25.9 |
% |
20.3 |
% |
||||||||||
Segment operating margin |
25.8 |
% |
26.6 |
% |
23.3 |
% |
22.7 |
% |
16.9 |
% |
||||||||||
Optoelectronic Components |
||||||||||||||||||||
Net revenues |
$ |
75,709 |
$ |
76,443 |
$ |
65,617 |
$ |
60,562 |
$ |
60,675 |
||||||||||
Book-to-bill ratio |
1.20 |
0.88 |
0.75 |
0.83 |
0.70 |
|||||||||||||||
Gross profit margin |
34.9 |
% |
36.2 |
% |
28.8 |
% |
26.4 |
% |
26.8 |
% |
||||||||||
Segment operating margin |
29.3 |
% |
30.3 |
% |
22.2 |
% |
19.3 |
% |
19.8 |
% |
||||||||||
Resistors & Inductors |
||||||||||||||||||||
Net revenues |
$ |
253,947 |
$ |
257,330 |
$ |
262,963 |
$ |
260,471 |
$ |
242,383 |
||||||||||
Book-to-bill ratio |
1.16 |
1.02 |
0.94 |
0.92 |
0.88 |
|||||||||||||||
Gross profit margin |
33.5 |
% |
34.3 |
% |
32.5 |
% |
33.0 |
% |
29.5 |
% |
||||||||||
Segment operating margin |
30.0 |
% |
31.1 |
% |
29.4 |
% |
29.6 |
% |
26.2 |
% |
||||||||||
Capacitors |
||||||||||||||||||||
Net revenues |
$ |
112,349 |
$ |
116,447 |
$ |
131,033 |
$ |
118,945 |
$ |
111,298 |
||||||||||
Book-to-bill ratio |
1.59 |
1.03 |
1.02 |
0.67 |
0.68 |
|||||||||||||||
Gross profit margin |
22.3 |
% |
23.0 |
% |
24.7 |
% |
25.0 |
% |
23.5 |
% |
||||||||||
Segment operating margin |
17.5 |
% |
18.6 |
% |
20.4 |
% |
20.7 |
% |
19.0 |
% |
||||||||||
Fiscal quarters ended |
Six fiscal months ended |
||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
|||||
Cost of products sold |
74.5% |
71.7% |
70.1% |
73.0% |
70.7% |
||||
Gross profit |
25.5% |
28.3% |
29.9% |
27.0% |
29.3% |
||||
Selling, general & administrative expenses |
13.9% |
13.9% |
13.7% |
13.9% |
13.9% |
||||
Operating income |
11.6% |
14.5% |
16.2% |
13.1% |
15.4% |
||||
Income before taxes and noncontrolling interest |
10.3% |
13.4% |
12.8% |
11.9% |
12.8% |
||||
Net earnings attributable to Vishay stockholders |
6.5% |
10.1% |
13.5% |
8.4% |
11.2% |
||||
________ |
|||||||||
Effective tax rate |
36.9% |
24.3% |
-5.8% |
29.5% |
12.5% |
||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net revenues |
$ |
685,240 |
$ |
745,159 |
$ |
761,030 |
$ |
1,430,399 |
$ |
1,477,825 |
||||||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
March 30, 2019 |
$ |
(59,919 |
) |
-8.0 |
% |
|||||||||||
June 30, 2018 |
$ |
(75,790 |
) |
-10.0 |
% |
$ |
(47,426 |
) |
-3.2 |
% |
||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
|||
Change attributable to: |
|||||
Decrease in volume |
-7.0% |
-7.7% |
-1.3% |
||
Change in average selling prices |
-0.9% |
-0.6% |
0.1% |
||
Foreign currency effects |
-0.3% |
-1.9% |
-2.3% |
||
Acquisitions |
0.0% |
0.1% |
0.3% |
||
Other |
0.2% |
0.1% |
0.0% |
||
Net change |
-8.0% |
-10.0% |
-3.2% |
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net revenues |
$ |
128,842 |
$ |
137,341 |
$ |
136,559 |
$ |
266,183 |
$ |
264,065 |
||||||||||
Gross profit margin |
24.8 |
% |
26.3 |
% |
28.1 |
% |
25.5 |
% |
26.7 |
% |
||||||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
March 30, 2019 |
$ |
(8,499 |
) |
-6.2 |
% |
|||||||||||
June 30, 2018 |
$ |
(7,717 |
) |
-5.7 |
% |
$ |
2,118 |
0.8 |
% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to Date |
|||
Change attributable to: |
|||||
Change in volume |
-5.3% |
-2.0% |
3.5% |
||
Decrease in average selling prices |
-0.8% |
-2.8% |
-1.6% |
||
Foreign currency effects |
-0.2% |
-1.0% |
-1.2% |
||
Other |
0.1% |
0.1% |
0.1% |
||
Net change |
-6.2% |
-5.7% |
0.8% |
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net revenues |
$ |
142,042 |
$ |
167,840 |
$ |
182,466 |
$ |
309,882 |
$ |
349,483 |
||||||||||
Gross profit margin |
20.3 |
% |
25.9 |
% |
28.7 |
% |
23.3 |
% |
27.4 |
% |
||||||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
March 30, 2019 |
$ |
(25,798 |
) |
-15.4 |
% |
|||||||||||
June 30, 2018 |
$ |
(40,424 |
) |
-22.2 |
% |
$ |
(39,601 |
) |
-11.3 |
% |
||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
|||
Change attributable to: |
|||||
Decrease in volume |
-13.6% |
-20.8% |
-10.7% |
||
Change in average selling prices |
-2.4% |
-0.8% |
1.1% |
||
Foreign currency effects |
-0.2% |
-1.2% |
-1.6% |
||
Other |
0.8% |
0.6% |
-0.1% |
||
Net change |
-15.4% |
-22.2% |
-11.3% |
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net revenues |
$ |
60,675 |
$ |
60,562 |
$ |
75,709 |
$ |
121,237 |
$ |
147,667 |
||||||||||
Gross profit margin |
26.8 |
% |
26.4 |
% |
34.9 |
% |
26.6 |
% |
36.3 |
% |
||||||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
March 30, 2019 |
$ |
113 |
0.2 |
% |
||||||||||||
June 30, 2018 |
$ |
(15,034 |
) |
-19.9 |
% |
$ |
(26,430 |
) |
-17.9 |
% |
||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
|||
Change attributable to: |
|||||
Change in volume |
0.6% |
-16.8% |
-14.3% |
||
Decrease in average selling prices |
-0.1% |
-2.5% |
-2.4% |
||
Foreign currency effects |
-0.5% |
-1.8% |
-2.2% |
||
Other |
0.2% |
1.2% |
1.0% |
||
Net change |
0.2% |
-19.9% |
-17.9% |
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net revenues |
$ |
242,383 |
$ |
260,471 |
$ |
253,947 |
$ |
502,854 |
$ |
497,993 |
||||||||||
Gross profit margin |
29.5 |
% |
33.0 |
% |
33.5 |
% |
31.3 |
% |
32.8 |
% |
||||||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
March 30, 2019 |
$ |
(18,088 |
) |
-6.9 |
% |
|||||||||||
June 30, 2018 |
$ |
(11,564 |
) |
-4.6 |
% |
$ |
4,861 |
1.0 |
% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
|||
Change attributable to: |
|||||
Change in volume |
-4.8% |
-2.0% |
2.0% |
||
Change in average selling prices |
-0.4% |
0.0% |
0.1% |
||
Foreign currency effects |
-0.4% |
-2.3% |
-2.8% |
||
Acquisitions |
0.0% |
0.3% |
0.9% |
||
Other |
-1.3% |
-0.6% |
0.8% |
||
Net change |
-6.9% |
-4.6% |
1.0% |
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Net revenues |
$ |
111,298 |
$ |
118,945 |
$ |
112,349 |
$ |
230,243 |
$ |
218,617 |
||||||||||
Gross profit margin |
23.5 |
% |
25.0 |
% |
22.3 |
% |
24.3 |
% |
22.6 |
% |
||||||||||
Fiscal quarter ended June 29, 2019 |
Six fiscal months ended June 29, 2019 |
|||||||||||||||
Change in net revenues |
% change |
Change in net revenues |
% change |
|||||||||||||
March 30, 2019 |
$ |
(7,647 |
) |
-6.4 |
% |
|||||||||||
June 30, 2018 |
$ |
(1,051 |
) |
-0.9 |
% |
$ |
11,626 |
5.3 |
% |
|||||||
vs. Prior Quarter |
vs. Prior Year Quarter |
vs. Prior Year-to-Date |
|||
Change attributable to: |
|||||
Change in volume |
-5.4% |
0.6% |
7.0% |
||
Change in average selling prices |
-0.4% |
1.9% |
2.1% |
||
Foreign currency effects |
-0.4% |
-3.0% |
-3.5% |
||
Other |
-0.2% |
-0.4% |
-0.3% |
||
Net change |
-6.4% |
-0.9% |
5.3% |
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Total SG&A expenses |
$ |
95,112 |
$ |
103,424 |
$ |
103,945 |
$ |
198,536 |
$ |
205,183 |
||||||||||
as a percentage of revenues |
13.9 |
% |
13.9 |
% |
13.7 |
% |
13.9 |
% |
13.9 |
% |
||||||||||
Fiscal quarters ended |
Six fiscal months ended |
|||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
June 30, 2018 |
June 29, 2019 |
June 30, 2018 |
||||||||||||||||
Amortization of intangible assets |
$ |
2,115 |
$ |
2,139 |
$ |
3,224 |
$ |
4,254 |
$ |
6,425 |
||||||||||
Net loss (gain) on sales of assets |
11 |
(173 |
) |
(2,066 |
) |
(162 |
) |
(2,242 |
) |
|||||||||||
Fiscal quarters ended |
||||||||||||
June 29, 2019 |
June 30, 2018 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(481 |
) |
$ |
1,182 |
$ |
(1,663 |
) |
||||
Interest income |
2,147 |
2,762 |
(615 |
) |
||||||||
Investment income (expense) |
1,399 |
(550 |
) |
1,949 |
||||||||
Other |
(95 |
) |
3 |
(98 |
) |
|||||||
$ |
2,970 |
$ |
3,397 |
$ |
(427 |
) |
||||||
Fiscal quarters ended |
||||||||||||
June 29, 2019 |
March 30, 2019 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(481 |
) |
$ |
(470 |
) |
$ |
(11 |
) |
|||
Interest income |
2,147 |
2,199 |
(52 |
) |
||||||||
Investment income (expense) |
1,399 |
3,590 |
(2,191 |
) |
||||||||
Other |
(95 |
) |
(11 |
) |
(84 |
) |
||||||
$ |
2,970 |
$ |
5,308 |
$ |
(2,338 |
) |
||||||
Six fiscal months ended |
||||||||||||
June 29, 2019 |
June 30, 2018 |
Change |
||||||||||
Foreign exchange gain (loss) |
$ |
(951 |
) |
$ |
(743 |
) |
$ |
(208 |
) |
|||
Interest income |
4,346 |
4,798 |
(452 |
) |
||||||||
Investment income (expense) |
4,989 |
(1,454 |
) |
6,443 |
||||||||
Other |
(106 |
) |
(51 |
) |
(55 |
) |
||||||
$ |
8,278 |
$ |
2,550 |
$ |
5,728 |
|||||||
June 29, 2019 |
December 31, 2018 |
|||||||
Credit facility |
$ |
28,000 |
$ |
- |
||||
Convertible senior notes, due 2025* |
502,071 |
495,203 |
||||||
Convertible senior debentures, due 2040* |
146 |
539 |
||||||
Convertible senior debentures, due 2041* |
8,132 |
12,812 |
||||||
Convertible senior debentures, due 2042* |
- |
923 |
||||||
Deferred financing costs |
(18,486 |
) |
(14,968 |
) |
||||
Total debt |
519,863 |
494,509 |
||||||
Cash and cash equivalents |
790,906 |
686,032 |
||||||
Short-term investments |
163 |
78,286 |
||||||
Net cash and short-term investments (debt) |
$ |
271,206 |
$ |
269,809 |
||||
Fiscal Period |
Amount |
Month of Payment |
|||
Three fiscal months ended March 30, 2019 |
$ |
12,277 |
March |
||
Three fiscal months ended June 29, 2019 |
13,723 |
June |
|||
101 |
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended June 29, 2019, furnished in iXBRL (Inline eXtensible Business Reporting Language)). |
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/A 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/A 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 Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
| Consolidated Statements of Operations [Abstract] | ||||
| Net revenues | $ 685,240 | $ 761,030 | $ 1,430,399 | $ 1,477,825 |
| Costs of products sold | 510,639 | 533,792 | 1,044,639 | 1,045,287 |
| Gross profit | 174,601 | 227,238 | 385,760 | 432,538 |
| Selling, general, and administrative expenses | 95,112 | 103,945 | 198,536 | 205,183 |
| Operating income | 79,489 | 123,293 | 187,224 | 227,355 |
| Other income (expense): | ||||
| Interest expense | (8,204) | (8,372) | (16,596) | (16,049) |
| Other components of net periodic pension cost | (3,367) | (3,450) | (6,763) | (6,969) |
| Other | 2,970 | 3,397 | 8,278 | 2,550 |
| Loss on early extinguishment of debt | 0 | (17,309) | (1,307) | (17,309) |
| Total other income (expense) | (8,601) | (25,734) | (16,388) | (37,777) |
| Income before taxes | 70,888 | 97,559 | 170,836 | 189,578 |
| Income tax expense (benefit) | 26,153 | (5,703) | 50,460 | 23,771 |
| Net earnings | 44,735 | 103,262 | 120,376 | 165,807 |
| Less: net earnings attributable to noncontrolling interests | 258 | 165 | 440 | 344 |
| Net earnings attributable to Vishay stockholders | $ 44,477 | $ 103,097 | $ 119,936 | $ 165,463 |
| Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.31 | $ 0.71 | $ 0.83 | $ 1.15 |
| Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.31 | $ 0.65 | $ 0.83 | $ 1.04 |
| Weighted average shares outstanding - basic (in shares) | 144,621 | 144,382 | 144,589 | 144,355 |
| Weighted average shares outstanding - diluted (in shares) | 145,023 | 157,657 | 145,158 | 158,580 |
| Cash dividends per share (in dollars per share) | $ 0.0950 | $ 0.0850 | $ 0.1800 | $ 0.1525 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | ||||
| Net earnings | $ 44,735 | $ 103,262 | $ 120,376 | $ 165,807 |
| Other comprehensive income (loss), net of tax | ||||
| Pension and other post-retirement actuarial items | 1,623 | 1,575 | 3,080 | 3,182 |
| Foreign currency translation adjustment | 7,384 | (61,537) | (2,605) | (34,513) |
| Other comprehensive income (loss) | 9,007 | (59,962) | 475 | (31,331) |
| Comprehensive income | 53,742 | 43,300 | 120,851 | 134,476 |
| Less: comprehensive income attributable to noncontrolling interests | 258 | 165 | 440 | 344 |
| Comprehensive income attributable to Vishay stockholders | $ 53,484 | $ 43,135 | $ 120,411 | $ 134,132 |
Consolidated Statement of Equity - USD ($) $ in Thousands |
Capital In Excess of Par Value [Member] |
Retained Earnings (Accumulated Deficit) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total Vishay Stockholders' Equity [Member] |
Noncontrolling Interests [Member] |
Total |
Common Stock [Member] |
Class B Convertible Common Stock [Member] |
|---|---|---|---|---|---|---|---|---|
| Balance at Period Start at Dec. 31, 2017 | $ 1,752,506 | $ (362,254) | $ 25,714 | $ 1,430,367 | $ 2,032 | $ 1,432,399 | $ 13,188 | $ 1,213 |
| Net earnings (loss) | 0 | 62,366 | 0 | 62,366 | 179 | 62,545 | 0 | 0 |
| Other comprehensive income | 0 | 0 | 28,631 | 28,631 | 0 | 28,631 | 0 | 0 |
| Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 3 | (3) |
| Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Temporary equity reclassification | 1,080 | 0 | 0 | 1,080 | 0 | 1,080 | 0 | 0 |
| Issuance of stock and related tax withholdings for vested restricted stock units | (2,318) | 0 | 0 | (2,297) | 0 | (2,297) | 21 | 0 |
| Dividends declared | 11 | (9,746) | 0 | (9,735) | 0 | (9,735) | 0 | 0 |
| Stock compensation expense | 2,483 | 0 | 0 | 2,483 | 0 | 2,483 | 0 | 0 |
| Balance at Period End at Mar. 31, 2018 | 1,753,762 | (307,833) | 52,544 | 1,512,895 | 2,211 | 1,515,106 | 13,212 | 1,210 |
| Balance at Period Start at Dec. 31, 2017 | 1,752,506 | (362,254) | 25,714 | 1,430,367 | 2,032 | 1,432,399 | 13,188 | 1,213 |
| Net earnings (loss) | 165,807 | |||||||
| Other comprehensive income | (31,331) | |||||||
| Balance at Period End at Jun. 30, 2018 | 1,593,942 | (217,008) | (7,418) | 1,383,938 | 1,851 | 1,385,789 | 13,212 | 1,210 |
| Cumulative effect of accounting change for adoption of ASU | 0 | 1,801 | (1,801) | 0 | 0 | 0 | 0 | 0 |
| Balance at Period Start at Mar. 31, 2018 | 1,753,762 | (307,833) | 52,544 | 1,512,895 | 2,211 | 1,515,106 | 13,212 | 1,210 |
| Net earnings (loss) | 0 | 103,097 | 0 | 103,097 | 165 | 103,262 | 0 | 0 |
| Other comprehensive income | 0 | 0 | (59,962) | (59,962) | 0 | (59,962) | 0 | 0 |
| Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (525) | (525) | 0 | 0 |
| Temporary equity reclassification | 699 | 0 | 0 | 699 | 0 | 699 | 0 | 0 |
| Dividends declared | 14 | (12,272) | 0 | (12,258) | 0 | (12,258) | 0 | 0 |
| Stock compensation expense | 778 | 0 | 0 | 778 | 0 | 778 | 0 | 0 |
| Issuance of convertible debentures | 85,262 | 0 | 0 | 85,262 | 0 | 85,262 | 0 | 0 |
| Repurchase of convertible senior debentures | (246,573) | 0 | 0 | (246,573) | 0 | (246,573) | 0 | 0 |
| Balance at Period End at Jun. 30, 2018 | 1,593,942 | (217,008) | (7,418) | 1,383,938 | 1,851 | 1,385,789 | 13,212 | 1,210 |
| Balance at Period Start at Dec. 31, 2018 | 1,436,011 | (61,258) | (6,791) | 1,382,384 | 2,286 | 1,384,670 | 13,212 | 1,210 |
| Net earnings (loss) | 0 | 75,459 | 0 | 75,459 | 182 | 75,641 | 0 | 0 |
| Other comprehensive income | 0 | 0 | (8,532) | (8,532) | 0 | (8,532) | 0 | 0 |
| Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Temporary equity reclassification | 3 | 0 | 0 | 3 | 0 | 3 | 0 | 0 |
| Issuance of stock and related tax withholdings for vested restricted stock units | (2,681) | 0 | 0 | (2,659) | 0 | (2,659) | 22 | 0 |
| Dividends declared | 15 | (12,292) | 0 | (12,277) | 0 | (12,277) | 0 | 0 |
| Stock compensation expense | 3,536 | 0 | 0 | 3,536 | 0 | 3,536 | 0 | 0 |
| Repurchase of convertible senior debentures | (11,783) | 0 | 0 | (11,783) | 0 | (11,783) | 0 | 0 |
| Balance at Period End at Mar. 30, 2019 | 1,425,101 | 24,922 | (15,323) | 1,449,144 | 2,468 | 1,451,612 | 13,234 | 1,210 |
| Balance at Period Start at Dec. 31, 2018 | 1,436,011 | (61,258) | (6,791) | 1,382,384 | 2,286 | 1,384,670 | 13,212 | 1,210 |
| Net earnings (loss) | 120,376 | |||||||
| Other comprehensive income | 475 | |||||||
| Balance at Period End at Jun. 29, 2019 | 1,426,164 | 55,659 | (6,316) | 1,489,952 | 2,126 | 1,492,078 | 13,235 | 1,210 |
| Cumulative effect of accounting change for adoption of ASU | 0 | 23,013 | 0 | 23,013 | 0 | 23,013 | 0 | 0 |
| Balance at Period Start at Mar. 30, 2019 | 1,425,101 | 24,922 | (15,323) | 1,449,144 | 2,468 | 1,451,612 | 13,234 | 1,210 |
| Net earnings (loss) | 0 | 44,477 | 0 | 44,477 | 258 | 44,735 | 0 | 0 |
| Other comprehensive income | 0 | 0 | 9,007 | 9,007 | 0 | 9,007 | 0 | 0 |
| Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 |
| Temporary equity reclassification | 206 | 0 | 0 | 206 | 0 | 206 | 0 | 0 |
| Issuance of stock and related tax withholdings for vested restricted stock units | (50) | 0 | 0 | (49) | 0 | (49) | 1 | 0 |
| Dividends declared | 17 | (13,740) | 0 | (13,723) | 0 | (13,723) | 0 | 0 |
| Stock compensation expense | 890 | 0 | 0 | 890 | 0 | 890 | 0 | 0 |
| Balance at Period End at Jun. 29, 2019 | $ 1,426,164 | $ 55,659 | $ (6,316) | $ 1,489,952 | $ 2,126 | $ 1,492,078 | $ 13,235 | $ 1,210 |
Consolidated Statement of Equity (Parenthetical) - $ / shares |
3 Months Ended | ||
|---|---|---|---|
Jun. 29, 2019 |
Mar. 30, 2019 |
Mar. 31, 2018 |
|
| Consolidated Statement of Equity [Abstract] | |||
| Conversion of Class B shares (in shares) | 18 | 31,800 | |
| Restricted stock issuances (in shares) | 9,906 | 220,718 | 211,328 |
| Dividends declared (in dollars per share) | $ 0.0950 | $ 0.0850 | $ 0.0675 |
Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| 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, 2018. The results of operations for the fiscal quarter and six fiscal months ended June 29, 2019 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 2019 end on March 30, 2019, June 29, 2019, September 28, 2019, and December 31, 2019, respectively. The four fiscal quarters in 2018 ended on March 31, 2018, June 30, 2018, September 29, 2018, and December 31, 2018, respectively.
Recently Adopted Accounting Guidance
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842). The ASU is the result of a project between the FASB and the International Accounting Standards Board to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The guidance in ASU No. 2016-02 and all related ASUs is codified in Accounting Standard Codification (“ASC”) Topic 842, Leases. The Company adopted ASC Topic 842 effective January 1, 2019. Upon adoption at January 1, 2019, the Company recognized right of use assets of $91,462 and lease liabilities of $95,784 on the consolidated balance sheet. The difference between the initial right of use asset and lease liability balances recognized upon adoption of ASC Topic 842 is primarily due to accrued lease incentive balances at December 31, 2018.
On December 20, 2018, the Company received sale proceeds of $45,500 and concurrently leased-back its former manufacturing site in Santa Clara, California, under a short-term arrangement, to raze the buildings. Upon adoption of ASC Topic 842, the Company was required to reassess the accounting for these transactions. The transactions did not qualify as a completed sale and leaseback under previous GAAP. However, pursuant to ASC Topic 842’s sale and leaseback guidance, the transaction would qualify as a completed sale. The Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $23,013, to recognize the sale as of the date of adoption, and derecognized the land, building, and related deferred proceeds, which had been recorded in other accrued expenses.
The adoption of the ASU did not have a material impact on the Company's results of operations or cash flows. See Note 3.
Recently Issued Accounting Guidance
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2020, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2019. The Company is currently evaluating the effect of the ASU on its financial assets measured at amortized cost.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
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Revenue Recognition |
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| Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition |
Note 2 – Revenue Recognition
Sales returns and allowances accrual activity is shown below:
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
Note 3 – Leases
The Company leases buildings and machinery and equipment used for manufacturing and/or sales and administrative purposes. The Company is also party to various service, warehousing, and other agreements that it evaluates for potential embedded leases. Substantially all of the Company’s leases are structured and classified as operating leases. As of January 1, 2019, the Company accounts for its leases in accordance with ASC Topic 842.
The Company leases assets in each region in which it operates. The Company’s leases are generally denominated in the currency of the leased assets' location, which may not be the functional currency of the subsidiary lessee. Accordingly, the Company remeasures its lease liability and recognizes a transactional gain/loss for leases denominated in currencies other than the functional currency of the subsidiary lessee.
The Company recognizes right of use assets and lease liabilities for leases greater than twelve months in duration based on the contract consideration for lease components through the term of the lease and the applicable discount rate. Leases with a duration less than or equal to twelve months are considered short-term leases. The Company does not recognize right of use assets or lease liabilities for short-term leases and classifies the expense as short-term lease expense. Variable lease payments based on an index or rate are included in the right of use assets and lease liabilities based on the effective rates at lease commencement. Changes in the rates or indices do not impact the right of use asset or lease liability and are recognized as a component of lease expense in the statement of operations. Variable lease payments not based on an index or rate are not included in the initial right of use asset and lease liability and are recognized when incurred as a component of lease expense in the statement of operations.
The Company has elected to not separate contract consideration for lease and non-lease components for its building leases. In addition to the noncancellable period of a lease, the Company includes periods covered by extension options it is reasonably certain to exercise, termination options that it is reasonably certain not to exercise, and extension and termination options controlled by the lessor in its determination of the lease term. The Company uses the rate implicit in the contract whenever possible when determining the applicable discount rate. When the implicit rate is not used, the Company employs a portfolio approach based on the duration of the lease. The portfolio lease rates are calculated monthly.
No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant.
The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheet for the Company's operating leases as of June 29, 2019 and the net right of use assets and lease liabilities recognized upon the adoption of ASC Topic 842 on January 1, 2019 are presented below:
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 $10,277 for its operating leases in the six fiscal months ended June 29, 2019, which are included in operating cash flows on the consolidated condensed statement of cash flows. The weighted-average remaining lease term for the Company's operating leases is 9.2 years and the weighted-average discount rate is 6.1% as of June 29, 2019.
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.
The Company elected to use the package of practical expedients available in ASC Topic 842; and accordingly, did not reassess existing contracts for leases, the classification of existing leases, or initial direct costs for any existing leases. The Company also elected to use the practical expedient available in ASC Topic 842 for land easements.
The Company did not elect the practical expedient available in ASC Topic 842 to use hindsight in determining the lease term. Accordingly, the remaining lease term as of January 1, 2019 was used to calculate the initial right of use asset and lease liability.
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Acquisition Activities |
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| Acquisition Activities [Abstract] | |
| Acquisition Activities |
Note 4 – Acquisition Activities
As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise.
On January 3, 2019, the Company acquired substantially all of the assets of Bi-Metallix, Inc. ("Bi-Metallix"), a U.S.-based, privately-held provider of electron beam continuous strip welding services for $11,862. The Company was a major customer of Bi-Metallix, and the acquired business is being vertically integrated into the Company's Resistors & Inductors segment. Based on an estimate of their fair values, the Company allocated $2,900 of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $3,324 related to this acquisition. The results and operations of this acquisition have been included in the Resistors & Inductors segment since January 3, 2019. The inclusion of this acquisition did not have a material impact on the Company's consolidated results for the fiscal quarter and six fiscal months ended June 29, 2019. The goodwill related to this acquisition is included in the Resistors & Inductors reporting unit for goodwill impairment testing.
Had this acquisition occurred as of the beginning of the periods presented in these consolidated condensed financial statements, the pro forma statements of operations would not be materially different than the consolidated condensed statements of operations presented.
The remaining fluctuation in the goodwill account balance is due to foreign currency translation.
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Income Taxes |
6 Months Ended |
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Jun. 29, 2019 | |
| Income Taxes [Abstract] | |
| Income Taxes |
Note 5 – 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 June 29, 2019 and June 30, 2018 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
During the second fiscal quarter of 2019, the Company repatriated approximately $73,590 to the United States, and paid withholding and foreign taxes of $20,479. The Company expects to repatriate an additional approximately $104,000 to the United States in the third fiscal quarter of 2019, net of withholding and foreign taxes of about $15,000. Substantially all of these amounts will be used to repay certain intercompany indebtedness, to pay the U.S. transition tax, and to fund capital expansion projects.
After completing these phases of cash repatriation, there will be approximately $100,000 of unremitted foreign earnings remaining that the Company has deemed not permanently reinvested and thus has accrued foreign withholding and other taxes. The Company continues to evaluate the timing of the reparation of these remaining amounts, and may decide to ultimately not repatriate some of these amounts.
As part of the Company’s cash repatriation activity, the Company settled an intercompany loan, which previously had been accounted for at the historical foreign exchange rate (akin to an equity contribution) because the debtor entity did not have the intent or ability to repay such intercompany loan. Currency translation adjustments were recorded in accumulated other comprehensive income, and were not included in U.S. GAAP pre-tax income. The Company’s cash repatriation activity resulted in the ability to repay such intercompany loan. Upon settlement of this intercompany loan, the foreign entity realized a taxable gain. Income tax expense for the fiscal quarter and six fiscal months ended June 29, 2019 includes tax expense of $7,554 related to this tax-basis foreign exchange gain.
The Company’s repurchase of a portion of the outstanding convertible debentures in the first fiscal quarter of 2019 (see Note 6) slightly reduced the Company’s expected 2019 tax rate. The Company recognized a tax benefit on the pre-tax loss on early extinguishment of debt. The Company also recognized a tax benefit of $1,312, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures.
Income tax expense for the fiscal quarter and six fiscal months ended June 29, 2019, includes tax benefit of $48 and $633, respectively, for the periodic remeasurement of the deferred tax liability recorded for the foreign taxes associated with the Company's cash repatriation program.
During the six fiscal months ended June 29, 2019, the liabilities for unrecognized tax benefits increased by $4,784 on a net basis, principally due to increases for tax positions taken in the current and prior periods and interest, offset by expiration of a statute and payments.
Income tax expense for the fiscal quarter and six fiscal months ended June 30, 2018 includes additional tax expense of $12,000 recognized as a result of additional analysis of the impact of the Tax Cuts and Jobs Act completed in the second fiscal quarter of 2018.
The Company recognized a tax benefit on the pre-tax loss on early extinguishment of debt in the second fiscal quarter of 2018. The Company also recognized a tax benefit of $33,963, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures.
Income tax expense for the fiscal quarter and six fiscal months ended June 30, 2018 also included tax benefits of $9,006 and $7,690, respectively for the periodic remeasurement of the deferred tax liability recorded for the Company's cash repatriation program.
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Long-Term Debt |
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| Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt |
Note 6 – Long-Term Debt
Long-term debt consists of the following:
Credit Facility
On June 5, 2019, the Company entered into a new credit agreement with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders (the "New Credit Facility"), which provides an aggregate commitment of $750,000 of revolving loans available until June 5, 2024. The New Credit Facility replaces Vishay’s previous credit agreement that provided for an aggregate commitment of $640,000, and that was scheduled to mature on December 10, 2020. The New Credit Facility also provides for the ability of Vishay to request up to $300,000 of incremental facilities, subject to the satisfaction of certain conditions, which could take the form of additional revolving commitments, incremental “term loan A” or “term loan B” facilities, or incremental equivalent debt.
Borrowings under the New Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay's leverage ratio. Based on Vishay's current leverage ratio, borrowings bear interest at LIBOR plus 1.50%, the same as pursuant to the previous credit agreement. Vishay also pays a commitment fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay's current leverage ratio, is 0.25% per annum, an improvement of 5 basis points over the previous credit agreement.
The New Credit Facility allows an unlimited amount of defined “Investments,” which include certain intercompany transactions and acquisitions, provided the Company's pro forma leverage ratio is equal to or less than 2.75 to 1.00. If the Company's pro forma leverage ratio is greater than 2.75 to 1.00, such Investments are subject to certain limitations.
The New Credit Facility also allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is equal to or less than 2.50 to 1.00. If the Company's pro forma leverage ratio is greater than 2.50 to 1.00, the New Credit Facility allows such payments up to $100,000 per annum (subject to a cap of $300,000 for the term of the facility, with up to $25,000 of any unused amount of the $100,000 per annum base available for use in the next succeeding calendar year).
Similar to the previous credit agreement, the borrowings under the New Credit Facility are secured by a lien on substantially all assets, including accounts receivable, inventory, machinery and equipment, and general intangibles (but excluding real estate, intellectual property registered or licensed solely for use in, or arising solely under the laws of, any country other than the United States, assets located solely outside of the United States and deposit and securities accounts), of Vishay and certain significant subsidiaries located in the United States, and pledges of stock in certain significant domestic and foreign subsidiaries; and are guaranteed by certain significant subsidiaries.
The New Credit Facility continues to limit or restrict the Company and its subsidiaries, from, among other things, incurring indebtedness, incurring liens on its respective assets, making investments and acquisitions (assuming the Company’s pro forma leverage ratio is greater than 2.75 to 1.00), making asset sales, and paying cash dividends and making other restricted payments (assuming the Company's pro forma leverage ratio is greater than 2.50 to 1.00), and requires the Company to comply with other covenants, including the maintenance of specific financial ratios.
Similar to the previous credit agreement, the New Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of Vishay or certain of its significant subsidiaries, and the rendering of a judgment in excess of $50,000 against Vishay or its subsidiaries. Upon the occurrence of an event of default under the New Credit Facility, Vishay's obligations under the credit facility may be accelerated and the lending commitments under the credit facility may be terminated.
Convertible Debt Instruments
The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of June 29, 2019:
The terms of the convertible senior debentures due 2040 and due 2041 are generally congruent. The terms of the fully retired convertible senior debentures due 2042 were also generally congruent to the convertible senior debentures due 2040 and due 2041.
Prior to three months before the maturity date, the holders may convert their convertible senior debentures due 2040 and due 2041 only under the following circumstances: (1) during any fiscal quarter after the first full quarter subsequent to issuance, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the debentures falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; (3) Vishay calls any or all of the debentures for redemption, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events.
Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ending September 29, 2018, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period (initially $40.94); (2) the trading price of the notes falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; or (3) upon the occurrence of specified corporate transactions.
The convertible senior debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and remained convertible for each subsequent quarterly evaluation through the June 29, 2019 evaluation, due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods. The convertible senior debentures due 2040 are not currently convertible.
The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible debt instruments effective as of the ex-dividend date of each cash dividend. The conversion rate and effective conversion price for the convertible senior notes due 2025 is adjusted for quarterly cash dividends to the extent such dividends exceed $0.085 per share of common stock.
GAAP requires an issuer to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate when interest costs are recognized in subsequent periods. The resulting discount on the debt is amortized as non-cash interest expense in future periods.
The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows:
Interest is payable on the convertible debt instruments semi-annually at the cash coupon rate; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate equal to the Company’s estimated nonconvertible debt borrowing rate at the time of issuance. In addition to ordinary interest, contingent interest will accrue in certain circumstances relating to the trading price of the convertible senior debentures due 2040 and due 2041 and under certain other circumstances, beginning ten years subsequent to their respective issuance. The convertible senior notes due 2025 do not possess contingent interest features.
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the six fiscal months ended:
The Company used cash to repurchase $960, $12,288 and $2,168 principal amounts of convertible senior debentures due 2040, due 2041, and due 2042, respectively, in the first fiscal quarter of 2019. The net carrying value of the debentures repurchased were $396, $4,770, and $924, respectively. In accordance with the authoritative accounting guidance for convertible debentures, the aggregate repurchase payment of $22,695 was allocated between the liability ($7,311) and equity (including temporary equity, $15,384) components of the convertible debentures, using the Company's nonconvertible debt borrowing rate at the time of the repurchase. As a result, the Company recognized a loss on extinguishment of convertible debentures of $1,307, including the write-off of a portion of unamortized debt issuance costs. The convertible senior debentures due 2042 have been fully repurchased, and the trustee has confirmed that the Company has satisfied and discharged its obligations under the indenture governing the convertible senior debentures due 2042.
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Accumulated Other Comprehensive Income (Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
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Pensions and Other Postretirement Benefits |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
Defined Benefit Pension Plans
The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2019 and 2018 for the Company’s defined benefit pension plans:
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2019 and June 30, 2018 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 second fiscal quarters of 2019 and 2018 for the Company’s other postretirement benefit plans:
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2019 and June 30, 2018 for the Company’s other postretirement benefit plans:
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Stock-Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
Note 9 – Stock-Based Compensation
The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company.
The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award.
The following table summarizes stock-based compensation expense recognized:
The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes.
The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at June 29, 2019 (amortization periods in years):
The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized.
2007 Stock Incentive Plan
The Company’s 2007 Stock Incentive Program (the “2007 Program”), as amended and restated, permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024.
Restricted Stock Units
RSU activity under the 2007 Program as of June 29, 2019 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
Phantom Stock Units
The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company’s employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual’s termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times.
Phantom stock unit activity under the phantom stock plan as of June 29, 2019 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands):
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Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
Note 10 – Segment Information
Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is from royalties.
The Company evaluates business segment performance on operating income, exclusive of certain items (“segment operating income”). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company’s calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business.
The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments.
The following tables set forth business segment information:
The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:
Net revenues were attributable to customers in the following regions:
The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below:
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Earnings Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
Note 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):
The Company’s convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and remained convertible for each subsequent quarterly evaluation prior to the June 29, 2019 evaluation. The Company's convertible debt instruments are not currently convertible. In periods that the convertible debt instruments are not convertible, the certain conditions which could trigger conversion of the debt instruments have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive.
At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of any of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the convertible instruments are included in the diluted earnings per share computation using the “treasury stock method” (similar to options and warrants) rather than the “if converted method” otherwise required for convertible debt. Under the “treasury stock method,” Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.63, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.31, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $31.47, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025.
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Fair Value Measurements |
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
Note 12 – Fair Value Measurements
The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs that reflect the Company’s own assumptions.
An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented.
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
As described in Note 6, the Company allocated the aggregate repurchase payment of convertible senior debentures between the associated liability and equity components of the repurchased convertible senior debentures based on a nonrecurring fair value measurement of the convertible senior debentures due 2040, due 2041, and due 2042 immediately prior to the repurchase. The nonrecurring fair value measurement is considered a Level 3 measurement. See Note 6 for further information on the measurement and input.
The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy.
The Company holds investments in equity securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the period. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy.
The convertible senior debentures due 2040 and due 2041 contain embedded derivative features that GAAP requires to be bifurcated and remeasured each reporting period. Each quarter, the change in the fair value of the embedded derivative features, if any, is recorded in the consolidated condensed statements of operations. The Company uses a derivative valuation model to derive the value of the embedded derivative features. Key inputs into this valuation model are the Company’s current stock price, risk-free interest rates, the stock dividend yield, the stock volatility, and the debentures’ credit spread over LIBOR. The first three aforementioned inputs are based on observable market data and are considered Level 2 inputs while the last two aforementioned inputs are unobservable and thus require management’s judgment and are considered Level 3 inputs. The fair value measurement is considered a Level 3 measurement within the fair value hierarchy.
The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at June 29, 2019 and December 31, 2018 is approximately $610,600 and $577,200, respectively, compared to its carrying value, excluding the derivative liabilities and deferred financing costs, of $538,329 and $509,407, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
At June 29, 2019 and December 31, 2018, 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 June 29, 2019 and December 31, 2018, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets.
The Company’s financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.
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Restructuring and Related Activities |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring and Related Activities |
Note 13 – Restructuring and Related Activities
Subsequent Events
On July 29, 2019, the Company announced global cost reduction and management rejuvenation programs as part of its continuous efforts to improve efficiency and operating performance.
The programs are primarily designed to reduce manufacturing fixed costs and selling, general, and administrative costs company-wide, and provide management rejuvenation. The Company expects to incur charges of approximately $25,000, primarily related to cash severance costs, to implement these programs. The Company expects these cost reductions to be fully achieved by December 2020.
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Basis of Presentation (Policies) |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| 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 2019 end on March 30, 2019, June 29, 2019, September 28, 2019, and December 31, 2019, respectively. The four fiscal quarters in 2018 ended on March 31, 2018, June 30, 2018, September 29, 2018, and December 31, 2018, respectively.
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| Recently Adopted Accounting Guidance |
Recently Adopted Accounting Guidance
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842). The ASU is the result of a project between the FASB and the International Accounting Standards Board to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The guidance in ASU No. 2016-02 and all related ASUs is codified in Accounting Standard Codification (“ASC”) Topic 842, Leases. The Company adopted ASC Topic 842 effective January 1, 2019. Upon adoption at January 1, 2019, the Company recognized right of use assets of $91,462 and lease liabilities of $95,784 on the consolidated balance sheet. The difference between the initial right of use asset and lease liability balances recognized upon adoption of ASC Topic 842 is primarily due to accrued lease incentive balances at December 31, 2018.
On December 20, 2018, the Company received sale proceeds of $45,500 and concurrently leased-back its former manufacturing site in Santa Clara, California, under a short-term arrangement, to raze the buildings. Upon adoption of ASC Topic 842, the Company was required to reassess the accounting for these transactions. The transactions did not qualify as a completed sale and leaseback under previous GAAP. However, pursuant to ASC Topic 842’s sale and leaseback guidance, the transaction would qualify as a completed sale. The Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $23,013, to recognize the sale as of the date of adoption, and derecognized the land, building, and related deferred proceeds, which had been recorded in other accrued expenses.
The adoption of the ASU did not have a material impact on the Company's results of operations or cash flows. See Note 3.
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| Recently Issued Accounting Guidance |
Recently Issued Accounting Guidance
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2020, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2019. The Company is currently evaluating the effect of the ASU on its financial assets measured at amortized cost.
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| Reclassifications |
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
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Leases (Policies) |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| Leases [Abstract] | |
| Leases |
The Company leases buildings and machinery and equipment used for manufacturing and/or sales and administrative purposes. The Company is also party to various service, warehousing, and other agreements that it evaluates for potential embedded leases. Substantially all of the Company’s leases are structured and classified as operating leases. As of January 1, 2019, the Company accounts for its leases in accordance with ASC Topic 842.
The Company leases assets in each region in which it operates. The Company’s leases are generally denominated in the currency of the leased assets' location, which may not be the functional currency of the subsidiary lessee. Accordingly, the Company remeasures its lease liability and recognizes a transactional gain/loss for leases denominated in currencies other than the functional currency of the subsidiary lessee.
The Company recognizes right of use assets and lease liabilities for leases greater than twelve months in duration based on the contract consideration for lease components through the term of the lease and the applicable discount rate. Leases with a duration less than or equal to twelve months are considered short-term leases. The Company does not recognize right of use assets or lease liabilities for short-term leases and classifies the expense as short-term lease expense. Variable lease payments based on an index or rate are included in the right of use assets and lease liabilities based on the effective rates at lease commencement. Changes in the rates or indices do not impact the right of use asset or lease liability and are recognized as a component of lease expense in the statement of operations. Variable lease payments not based on an index or rate are not included in the initial right of use asset and lease liability and are recognized when incurred as a component of lease expense in the statement of operations.
The Company has elected to not separate contract consideration for lease and non-lease components for its building leases. In addition to the noncancellable period of a lease, the Company includes periods covered by extension options it is reasonably certain to exercise, termination options that it is reasonably certain not to exercise, and extension and termination options controlled by the lessor in its determination of the lease term. The Company uses the rate implicit in the contract whenever possible when determining the applicable discount rate. When the implicit rate is not used, the Company employs a portfolio approach based on the duration of the lease. The portfolio lease rates are calculated monthly.
No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant.
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Income Taxes (Policies) |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| 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 June 29, 2019 and June 30, 2018 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
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Stock-Based Compensation (Policies) |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| Stock-Based Compensation [Abstract] | |
| Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] |
The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award.
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Segment Information (Policies) |
6 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | ||||||||||||||||
| Segment Information [Abstract] | ||||||||||||||||
| Segment Reporting, Policy [Policy Text Block] |
Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is from royalties.
The Company evaluates business segment performance on operating income, exclusive of certain items (“segment operating income”). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company’s calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business.
The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments.
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Earnings Per Share (Policies) |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| Earnings Per Share [Abstract] | |
| Discussion on convertible debt included in computation of earnings per share diluted |
The Company’s convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and remained convertible for each subsequent quarterly evaluation prior to the June 29, 2019 evaluation. The Company's convertible debt instruments are not currently convertible. In periods that the convertible debt instruments are not convertible, the certain conditions which could trigger conversion of the debt instruments have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive.
At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of any of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the convertible instruments are included in the diluted earnings per share computation using the “treasury stock method” (similar to options and warrants) rather than the “if converted method” otherwise required for convertible debt. Under the “treasury stock method,” Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.63, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.31, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $31.47, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025.
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Fair Value Measurements (Policies) |
6 Months Ended |
|---|---|
Jun. 29, 2019 | |
| Fair Value Measurements [Abstract] | |
| Fair Value of Financial Instruments, Policy |
The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs that reflect the Company’s own assumptions.
An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented.
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Revenue Recognition (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loss Contingencies by Contingency | Sales returns and allowances accrual activity is shown below:
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Right of Use Assets and Lease Liabilities | The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheet for the Company's operating leases as of June 29, 2019 and the net right of use assets and lease liabilities recognized upon the adoption of ASC Topic 842 on January 1, 2019 are presented below:
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| Lease Expense | Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:
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| Undiscounted Future Lease Payments for Operating Lease Liabilities | The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
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Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-term debt instruments |
Long-term debt consists of the following:
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| Key terms of the convertible debt instruments |
The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of June 29, 2019:
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| Liability and equity of component of convertible debt instruments |
The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows:
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| Convertible debt instruments, interest expense |
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the six fiscal months ended:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss) and Income Tax Effects Allocated |
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:
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Pensions and Other Postretirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 second fiscal quarters of 2019 and 2018 for the Company’s defined benefit pension plans:
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2019 and June 30, 2018 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 second fiscal quarters of 2019 and 2018 for the Company’s other postretirement benefit plans:
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 29, 2019 and June 30, 2018 for the Company’s other postretirement benefit plans:
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 June 29, 2019 (amortization periods in years):
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| RSU Activity |
RSU activity under the 2007 Program as of June 29, 2019 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands):
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
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| RSUs with Performance-Based Vesting Criteria |
The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
|
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| Phantom Stock Unit Activity Under the Phantom Stock Plan |
Phantom stock unit activity under the phantom stock plan as of June 29, 2019 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands):
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Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Earnings per Share |
The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):
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| Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions |
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis |
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
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Basis of Presentation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
Mar. 30, 2019 |
Mar. 31, 2018 |
|
| Recently Adopted Accounting Guidance [Abstract] | |||||
| Right of use assets | $ 0 | $ 96,136 | |||
| Lease liabilities | 101,409 | ||||
| Proceeds from sale of property and equipment | $ 464 | $ 8,378 | |||
| Cumulative effect of accounting change for adoption of ASU | $ 23,013 | $ 0 | |||
| ASU 2016-02 [Member] | |||||
| Recently Adopted Accounting Guidance [Abstract] | |||||
| Right of use assets | 91,462 | ||||
| Lease liabilities | 95,784 | ||||
| Proceeds from sale of property and equipment | 45,500 | ||||
| Cumulative effect of accounting change for adoption of ASU | $ 23,013 | ||||
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
| Sales returns and allowances accrual activity [Roll Forward] | ||||
| Beginning balance | $ 37,577 | $ 32,706 | $ 42,663 | $ 36,680 |
| Sales allowances | 28,903 | 25,365 | 57,114 | 49,553 |
| Credits issued | (22,270) | (19,348) | (55,332) | (47,798) |
| Foreign currency | 172 | (691) | (63) | (403) |
| Ending balance | $ 44,382 | $ 38,032 | $ 44,382 | $ 38,032 |
Acquisition Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jan. 03, 2019 |
Mar. 30, 2019 |
Jun. 29, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Acquisition Activities [Abstract] | |||||
| Acquisition of business, net of cash acquired | $ 11,862 | $ 14,880 | |||
| Goodwill related to acquisitions | $ 150,735 | $ 147,480 | |||
| Bi-Metallix [Member] | |||||
| Acquisition Activities [Abstract] | |||||
| Purchase price of businesses | $ 11,862 | ||||
| Finite-lived Intangible Assets Acquired | 2,900 | ||||
| Goodwill related to acquisitions | $ 3,324 | ||||
| Business Acquisition, Name of Acquired Entity | Bi-Metallix, Inc. | ||||
| Business Acquisition, Effective Date of Acquisition | Jan. 03, 2019 | ||||
Segment Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 29, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 29, 2019
USD ($)
Segment
|
Jun. 30, 2018
USD ($)
|
|
| Segment Reporting Information [Line Items] | ||||
| Number of reportable segments | Segment | 5 | |||
| Net revenues | $ 685,240 | $ 761,030 | $ 1,430,399 | $ 1,477,825 |
| Gross profit | 174,601 | 227,238 | 385,760 | 432,538 |
| Unallocated Selling, General, and Administrative Expenses | (95,112) | (103,945) | (198,536) | (205,183) |
| Operating income | 79,489 | 123,293 | 187,224 | 227,355 |
| Unallocated Other Income (Expense) | (8,601) | (25,734) | (16,388) | (37,777) |
| Consolidated Income Before Taxes | 70,888 | 97,559 | 170,836 | 189,578 |
| Distributors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 368,420 | 446,016 | 779,980 | 850,076 |
| OEMs [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 269,026 | 262,779 | 551,662 | 526,829 |
| EMS Companies [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 47,794 | 52,235 | 98,757 | 100,920 |
| Industrial [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 250,783 | 295,617 | 532,373 | 575,829 |
| Automotive [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 200,580 | 209,858 | 415,366 | 418,252 |
| Telecommunications [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 44,562 | 46,467 | 97,842 | 92,391 |
| Computing [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 48,244 | 53,657 | 95,752 | 101,088 |
| Consumer Products [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 30,486 | 40,939 | 64,535 | 78,198 |
| Power Supplies [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 29,474 | 41,326 | 59,601 | 75,569 |
| Military and Aerospace [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 47,848 | 40,260 | 95,409 | 75,474 |
| Medical [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 33,263 | 32,906 | 69,521 | 61,024 |
| Asia [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 246,193 | 302,868 | 505,919 | 588,346 |
| Europe [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 254,742 | 272,601 | 533,641 | 539,983 |
| Americas [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 184,305 | 185,561 | 390,839 | 349,496 |
| Operating Segments [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 1,430,399 | 1,477,825 | ||
| Gross profit | 385,760 | 432,538 | ||
| Operating income | 143,177 | 193,740 | 321,246 | 365,918 |
| Operating Segments [Member] | MOSFETS [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 128,842 | 136,559 | 266,183 | 264,065 |
| Gross profit | 31,933 | 38,427 | 67,992 | 70,449 |
| Operating income | 22,541 | 28,517 | 49,219 | 51,075 |
| Operating Segments [Member] | Diodes [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 142,042 | 182,466 | 309,882 | 349,483 |
| Gross profit | 28,857 | 52,408 | 72,349 | 95,608 |
| Operating income | 24,010 | 47,100 | 62,138 | 85,031 |
| Operating Segments [Member] | Optoelectronic Components [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 60,675 | 75,709 | 121,237 | 147,667 |
| Gross profit | 16,231 | 26,404 | 32,248 | 53,637 |
| Operating income | 12,022 | 22,165 | 23,732 | 44,959 |
| Operating Segments [Member] | Resistors & Inductors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 242,383 | 253,947 | 502,854 | 497,993 |
| Gross profit | 71,415 | 84,969 | 157,284 | 163,499 |
| Operating income | 63,443 | 76,248 | 140,430 | 146,250 |
| Operating Segments [Member] | Capacitors [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net revenues | 111,298 | 112,349 | 230,243 | 218,617 |
| Gross profit | 26,165 | 25,030 | 55,887 | 49,345 |
| Operating income | 21,161 | 19,710 | 45,727 | 38,603 |
| Unallocated Amount to Segment [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Unallocated Selling, General, and Administrative Expenses | (63,688) | (70,447) | (134,022) | (138,563) |
| Unallocated Other Income (Expense) | $ (8,601) | $ (25,734) | $ (16,388) | $ (37,777) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
| Numerator [Abstract] | ||||
| Net earnings attributable to Vishay stockholders | $ 44,477 | $ 103,097 | $ 119,936 | $ 165,463 |
| Denominator [Abstract] | ||||
| Weighted average shares (in shares) | 144,441 | 144,215 | 144,409 | 144,188 |
| Outstanding phantom stock units (in shares) | 180 | 167 | 180 | 167 |
| Adjusted weighted average shares - basic (in shares) | 144,621 | 144,382 | 144,589 | 144,355 |
| Effect of dilutive securities [Abstract] | ||||
| Convertible and exchangeable debt instruments (in shares) | 24 | 12,810 | 131 | 13,710 |
| Restricted stock units (in shares) | 378 | 465 | 438 | 515 |
| Dilutive potential common shares (in shares) | 402 | 13,275 | 569 | 14,225 |
| Denominator for diluted earnings per share [Abstract] | ||||
| Adjusted weighted average shares - diluted (in shares) | 145,023 | 157,657 | 145,158 | 158,580 |
| Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.31 | $ 0.71 | $ 0.83 | $ 1.15 |
| Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.31 | $ 0.65 | $ 0.83 | $ 1.04 |
| Convertible Senior Notes, Due 2025 [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 19,055 | 3,769 | 19,053 | 1,885 |
| Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 31.47 | $ 31.47 | ||
| Convertible Senior Debentures, Due 2041 [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 17.31 | $ 17.31 | ||
| 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) | 315 | 307 | 315 | 307 |
| Convertible Senior Debentures, Due 2040 [Member] | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
| Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 12.63 | $ 12.63 | ||
Fair Value Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 29, 2019 |
Dec. 31, 2018 |
|
| Assets [Abstract] | ||
| Held-to-maturity Securities, Transferred Security, at Carrying Value | $ 0 | |
| Held-to-maturity Securities, Unrecognized Holding Gain | 0 | |
| Held-to-maturity Securities, Unrecognized Holding Loss | 0 | |
| Liabilities [Abstract] | ||
| Long-term debt, fair value | 610,600 | $ 577,200 |
| Carrying value of long-term debt, excluding derivative liabilities | 538,329 | 509,407 |
| Fair Value, Measurements, Recurring [Member] | ||
| Assets [Abstract] | ||
| Assets held in rabbi trusts | 49,615 | 41,770 |
| Available for sale securities | 4,431 | 4,309 |
| Fair value assets | 54,046 | 46,079 |
| Liabilities [Abstract] | ||
| Fair value liabilities | (20) | (70) |
| Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Assets [Abstract] | ||
| Assets held in rabbi trusts | 32,786 | 26,278 |
| Available for sale securities | 4,431 | 4,309 |
| Fair value assets | 37,217 | 30,587 |
| Liabilities [Abstract] | ||
| Fair value liabilities | 0 | 0 |
| Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Assets [Abstract] | ||
| Assets held in rabbi trusts | 16,829 | 15,492 |
| Available for sale securities | 0 | 0 |
| Fair value assets | 16,829 | 15,492 |
| Liabilities [Abstract] | ||
| Fair value liabilities | 0 | 0 |
| Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Assets [Abstract] | ||
| Assets held in rabbi trusts | 0 | 0 |
| Available for sale securities | 0 | 0 |
| Fair value assets | 0 | 0 |
| Liabilities [Abstract] | ||
| Fair value liabilities | (20) | (70) |
| Convertible Debentures, Due 2040 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | (1) |
| Convertible Debentures, Due 2040 [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | 0 |
| Convertible Debentures, Due 2040 [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | 0 |
| Convertible Debentures, Due 2040 [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | (1) |
| Convertible Debentures, Due 2041 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | (20) | (67) |
| Convertible Debentures, Due 2041 [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | 0 |
| Convertible Debentures, Due 2041 [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | 0 |
| Convertible Debentures, Due 2041 [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | $ (20) | (67) |
| Convertible Debentures, Due 2042 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | (2) | |
| Convertible Debentures, Due 2042 [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | |
| Convertible Debentures, Due 2042 [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | 0 | |
| Convertible Debentures, Due 2042 [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
| Liabilities [Abstract] | ||
| Embedded derivative | $ (2) |
Restructuring and Related Activities (Details) $ in Thousands |
Jul. 29, 2019
USD ($)
|
|---|---|
| Subsequent Event [Member] | |
| Restructuring Reserve [Roll Forward] | |
| Expected restructuring costs | $ 25,000 |