☒ | 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 |
Delaware | 38-1686453 | |
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification Number) | |
63 Malvern, Pennsylvania 19355-2143 | 610-644-1300 | |
(Address of Principal Executive Offices) | (Registrant’s Area Code and Telephone Number) |
Title of each class | Trading symbol | Name of exchange on which registered | ||
Common stock, par value $0.10 per share | VSH | New York Stock Exchange LLC |
Large Accelerated Filer ☒ | Accelerated filer ◻ | |
Non-accelerated filer ◻ | Smaller reporting company ☐ | |
Emerging growth company ☐ |
Page Number | |||||
2019 | |||||
Item 2. | Financial Condition and Results of Operations | 30 | |||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 49 | |||
4. | Procedures | 49 | |||
50 | |||||
50 | |||||
50 | |||||
50 | |||||
50 | |||||
50 | |||||
51 | |||||
52 |
June 29, 2019 | December 31, 2018 | April 4, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 790,906 | $ | 686,032 | $ | 680,703 | $ | 694,133 | ||||||||
Short-term investments | 163 | 78,286 | 140,725 | 108,822 | ||||||||||||
Accounts receivable, net | 365,728 | 397,020 | 325,704 | 328,187 | ||||||||||||
Inventories: | ||||||||||||||||
Finished goods | 132,794 | 138,112 | 122,231 | 122,466 | ||||||||||||
Work in process | 191,552 | 190,982 | 202,318 | 187,354 | ||||||||||||
Raw materials | 139,150 | 150,566 | 128,639 | 121,860 | ||||||||||||
Total inventories | 463,496 | 479,660 | 453,188 | 431,680 | ||||||||||||
Prepaid expenses and other current assets | 125,104 | 142,888 | 124,871 | 141,294 | ||||||||||||
Total current assets | 1,745,397 | 1,783,886 | 1,725,191 | 1,704,116 | ||||||||||||
Property and equipment, at cost: | ||||||||||||||||
Land | 74,701 | 87,622 | 74,442 | 75,011 | ||||||||||||
Buildings and improvements | 579,304 | 619,445 | 579,161 | 585,064 | ||||||||||||
Machinery and equipment | 2,559,473 | 2,510,001 | 2,591,804 | 2,606,355 | ||||||||||||
Construction in progress | 115,288 | 125,109 | 105,832 | 110,722 | ||||||||||||
Allowance for depreciation | (2,380,546 | ) | (2,373,176 | ) | (2,426,757 | ) | (2,425,627 | ) | ||||||||
Property and equipment, net | 948,220 | 969,001 | 924,482 | 951,525 | ||||||||||||
Right of use assets | 96,136 | - | 99,506 | 93,162 | ||||||||||||
Goodwill | 150,735 | 147,480 | 150,288 | 150,642 | ||||||||||||
Other intangible assets, net | 64,883 | 65,688 | 60,468 | 60,659 | ||||||||||||
Other assets | 150,759 | 140,143 | 156,569 | 160,671 | ||||||||||||
Total assets | $ | 3,156,130 | $ | 3,106,198 | $ | 3,116,504 | $ | 3,120,775 |
June 29, 2019 | December 31, 2018 | April 4, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Liabilities and equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Notes payable to banks | $ | 40 | $ | 18 | $ | 199 | $ | 2 | ||||||||
Trade accounts payable | 160,222 | 218,322 | 153,999 | 173,915 | ||||||||||||
Payroll and related expenses | 129,095 | 141,670 | 116,456 | 122,100 | ||||||||||||
Lease liabilities | 15,323 | - | 21,033 | 20,217 | ||||||||||||
Other accrued expenses | 162,937 | 229,660 | 174,556 | 186,463 | ||||||||||||
Income taxes | 43,979 | 54,436 | 24,030 | 17,731 | ||||||||||||
Total current liabilities | 511,596 | 644,106 | 490,273 | 520,428 | ||||||||||||
Long-term debt less current portion | 519,863 | 494,509 | 552,096 | 499,147 | ||||||||||||
U.S. transition tax payable | 140,196 | 154,953 | 140,196 | 140,196 | ||||||||||||
Deferred income taxes | 64,878 | 85,471 | 20,627 | 22,021 | ||||||||||||
Long-term lease liabilities | 86,086 | - | 83,440 | 78,511 | ||||||||||||
Other liabilities | 84,628 | 79,489 | 94,762 | 100,207 | ||||||||||||
Accrued pension and other postretirement costs | 256,805 | 260,984 | 265,284 | 272,402 | ||||||||||||
Total liabilities | 1,664,052 | 1,719,512 | 1,646,678 | 1,632,912 | ||||||||||||
Redeemable convertible debentures | - | 2,016 | - | 174 | ||||||||||||
Equity: | ||||||||||||||||
Vishay stockholders' equity | ||||||||||||||||
Common stock | 13,235 | 13,212 | 13,255 | 13,235 | ||||||||||||
Class B convertible common stock | 1,210 | 1,210 | 1,210 | 1,210 | ||||||||||||
Capital in excess of par value | 1,426,164 | 1,436,011 | 1,416,260 | 1,425,170 | ||||||||||||
Retained earnings (accumulated deficit) | 55,659 | (61,258 | ) | |||||||||||||
Retained earnings | 84,570 | 72,180 | ||||||||||||||
Accumulated other comprehensive income (loss) | (6,316 | ) | (6,791 | ) | (48,174 | ) | (26,646 | ) | ||||||||
Total Vishay stockholders' equity | 1,489,952 | 1,382,384 | 1,467,121 | 1,485,149 | ||||||||||||
Noncontrolling interests | 2,126 | 2,286 | 2,705 | 2,540 | ||||||||||||
Total equity | 1,492,078 | 1,384,670 | 1,469,826 | 1,487,689 | ||||||||||||
Total liabilities, temporary equity, and equity | $ | 3,156,130 | $ | 3,106,198 | $ | 3,116,504 | $ | 3,120,775 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||
Net revenues | $ | 685,240 | $ | 761,030 | $ | 612,841 | $ | 745,159 | ||||||||
Costs of products sold | 510,639 | 533,792 | 465,601 | 534,000 | ||||||||||||
Gross profit | 174,601 | 227,238 | 147,240 | 211,159 | ||||||||||||
Selling, general, and administrative expenses | 95,112 | 103,945 | 99,832 | 103,424 | ||||||||||||
Operating income | 79,489 | 123,293 | 47,408 | 107,735 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (8,204 | ) | (8,372 | ) | (8,552 | ) | (8,392 | ) | ||||||||
Other components of net periodic pension cost | (3,367 | ) | (3,450 | ) | ||||||||||||
Loss on early extinguishment of debt | (2,920 | ) | (1,307 | ) | ||||||||||||
Other | 2,970 | 3,397 | 198 | 1,912 | ||||||||||||
Loss on early extinguishment of debt | - | (17,309 | ) | |||||||||||||
Total other income (expense) | (8,601 | ) | (25,734 | ) | (11,274 | ) | (7,787 | ) | ||||||||
Income before taxes | 70,888 | 97,559 | 36,134 | 99,948 | ||||||||||||
Income tax expense (benefit) | 26,153 | (5,703 | ) | |||||||||||||
Income tax expense | 8,750 | 24,307 | ||||||||||||||
Net earnings | 44,735 | 103,262 | 27,384 | 75,641 | ||||||||||||
Less: net earnings attributable to noncontrolling interests | 258 | 165 | 165 | 182 | ||||||||||||
Net earnings attributable to Vishay stockholders | $ | 44,477 | $ | 103,097 | $ | 27,219 | $ | 75,459 | ||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.31 | $ | 0.71 | $ | 0.19 | $ | 0.52 | ||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.31 | $ | 0.65 | $ | 0.19 | $ | 0.52 | ||||||||
Weighted average shares outstanding - basic | 144,621 | 144,382 | 144,792 | 144,554 | ||||||||||||
Weighted average shares outstanding - diluted | 145,023 | 157,657 | 145,295 | 145,289 | ||||||||||||
Cash dividends per share | $ | 0.0950 | $ | 0.0850 | $ | 0.0950 | $ | 0.0850 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||
Net earnings | $ | 44,735 | $ | 103,262 | $ | 27,384 | $ | 75,641 | ||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Pension and other post-retirement actuarial items | 1,623 | 1,575 | 1,601 | 1,457 | ||||||||||||
Foreign currency translation adjustment | 7,384 | (61,537 | ) | (23,129 | ) | (9,989 | ) | |||||||||
Other comprehensive income (loss) | 9,007 | (59,962 | ) | (21,528 | ) | (8,532 | ) | |||||||||
Comprehensive income | 53,742 | 43,300 | 5,856 | 67,109 | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 258 | 165 | 165 | 182 | ||||||||||||
Comprehensive income attributable to Vishay stockholders | $ | 53,484 | $ | 43,135 | $ | 5,691 | $ | 66,927 |
Six fiscal months ended | ||||||||
June 29, 2019 | June 30, 2018 | |||||||
Net revenues | $ | 1,430,399 | $ | 1,477,825 | ||||
Costs of products sold | 1,044,639 | 1,045,287 | ||||||
Gross profit | 385,760 | 432,538 | ||||||
Selling, general, and administrative expenses | 198,536 | 205,183 | ||||||
Operating income | 187,224 | 227,355 | ||||||
Other income (expense): | ||||||||
Interest expense | (16,596 | ) | (16,049 | ) | ||||
Other components of net periodic pension cost | (6,763 | ) | (6,969 | ) | ||||
Other | 8,278 | 2,550 | ||||||
Loss on early extinguishment of debt | (1,307 | ) | (17,309 | ) | ||||
Total other income (expense) | (16,388 | ) | (37,777 | ) | ||||
Income before taxes | 170,836 | 189,578 | ||||||
Income tax expense | 50,460 | 23,771 | ||||||
Net earnings | 120,376 | 165,807 | ||||||
Less: net earnings attributable to noncontrolling interests | 440 | 344 | ||||||
Net earnings attributable to Vishay stockholders | $ | 119,936 | $ | 165,463 | ||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.83 | $ | 1.15 | ||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.83 | $ | 1.04 | ||||
Weighted average shares outstanding - basic | 144,589 | 144,355 | ||||||
Weighted average shares outstanding - diluted | 145,158 | 158,580 | ||||||
Cash dividends per share | $ | 0.1800 | $ | 0.1525 |
Six fiscal months ended | ||||||||
June 29, 2019 | June 30, 2018 | |||||||
Net earnings | $ | 120,376 | $ | 165,807 | ||||
Other comprehensive income (loss), net of tax | ||||||||
Pension and other post-retirement actuarial items | 3,080 | 3,182 | ||||||
Foreign currency translation adjustment | (2,605 | ) | (34,513 | ) | ||||
Other comprehensive income (loss) | 475 | (31,331 | ) | |||||
Comprehensive income | 120,851 | 134,476 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 440 | 344 | ||||||
Comprehensive income attributable to Vishay stockholders | $ | 120,411 | $ | 134,132 |
Six fiscal months ended | Three fiscal months ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||
Operating activities | ||||||||||||||||
Net earnings | $ | 120,376 | $ | 165,807 | $ | 27,384 | $ | 75,641 | ||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 81,346 | 81,174 | 41,520 | 40,428 | ||||||||||||
(Gain) loss on disposal of property and equipment | (162 | ) | (2,242 | ) | (45 | ) | (173 | ) | ||||||||
Accretion of interest on convertible debt instruments | 6,985 | 2,964 | 3,637 | 3,490 | ||||||||||||
Inventory write-offs for obsolescence | 12,643 | 11,799 | 5,643 | 6,967 | ||||||||||||
Deferred income taxes | (5,601 | ) | (25,669 | ) | (3,517 | ) | (2,614 | ) | ||||||||
Loss on extinguishment of debt | 1,307 | 17,309 | 2,920 | 1,307 | ||||||||||||
Other | 4,283 | 4,148 | 3,524 | (1,744 | ) | |||||||||||
Change in U.S. transition tax liability | (14,757 | ) | (14,400 | ) | ||||||||||||
Change in repatriation tax liability | (20,479 | ) | (92,093 | ) | ||||||||||||
Net change in operating assets and liabilities, net of effects of businesses acquired | (50,122 | ) | (110,627 | ) | (46,588 | ) | (43,784 | ) | ||||||||
Net cash provided by operating activities | 135,819 | 38,170 | 34,478 | 79,518 | ||||||||||||
Investing activities | ||||||||||||||||
Capital expenditures | (70,148 | ) | (76,646 | ) | (24,328 | ) | (36,367 | ) | ||||||||
Proceeds from sale of property and equipment | 464 | 8,378 | 53 | 395 | ||||||||||||
Purchase of businesses, net of cash received | (11,862 | ) | (14,880 | ) | - | (11,862 | ) | |||||||||
Purchase of short-term investments | (1,970 | ) | (50,193 | ) | (35,463 | ) | (1,920 | ) | ||||||||
Maturity of short-term investments | 79,694 | 447,359 | - | 71,455 | ||||||||||||
Other investing activities | 2,893 | (935 | ) | (1,507 | ) | 2,893 | ||||||||||
Net cash provided by (used in) investing activities | (929 | ) | 313,083 | (61,245 | ) | 24,594 | ||||||||||
Financing activities | ||||||||||||||||
Proceeds from long-term borrowings | - | 600,000 | ||||||||||||||
Issuance costs | (5,394 | ) | (15,621 | ) | ||||||||||||
Repurchase of convertible debentures | (22,695 | ) | (584,991 | ) | (19,849 | ) | (22,695 | ) | ||||||||
Net proceeds (payments) on revolving credit lines | 28,000 | (54,000 | ) | 54,000 | - | |||||||||||
Net changes in short-term borrowings | 22 | 119 | 85 | - | ||||||||||||
Dividends paid to common stockholders | (23,822 | ) | (20,148 | ) | (12,592 | ) | (11,249 | ) | ||||||||
Dividends paid to Class B common stockholders | (2,178 | ) | (1,845 | ) | (1,149 | ) | (1,028 | ) | ||||||||
Distributions to noncontrolling interests | (600 | ) | (525 | ) | ||||||||||||
Cash withholding taxes paid when shares withheld for vested equity awards | (2,708 | ) | (2,297 | ) | (1,991 | ) | (2,659 | ) | ||||||||
Net cash used in financing activities | (29,375 | ) | (79,308 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 18,504 | (37,631 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (641 | ) | (12,921 | ) | (5,167 | ) | (3,087 | ) | ||||||||
Net increase in cash and cash equivalents | 104,874 | 259,024 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (13,430 | ) | 63,394 | |||||||||||||
Cash and cash equivalents at beginning of period | 686,032 | 748,032 | 694,133 | 686,032 | ||||||||||||
Cash and cash equivalents at end of period | $ | 790,906 | $ | 1,007,056 | $ | 680,703 | $ | 749,426 |
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 | $ | 13,188 | $ | 1,213 | $ | 1,752,506 | $ | (362,254 | ) | $ | 25,714 | $ | 1,430,367 | $ | 2,032 | $ | 1,432,399 | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-01 | - | - | - | 1,801 | (1,801 | ) | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 62,366 | - | 62,366 | 179 | 62,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 28,631 | 28,631 | - | 28,631 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (31,800 shares) | 3 | (3 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 1,080 | - | - | 1,080 | - | 1,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (211,328 shares) | 21 | - | (2,318 | ) | - | - | (2,297 | ) | - | (2,297 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared (0.0675 per share) | - | - | 11 | (9,746 | ) | - | (9,735 | ) | - | (9,735 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 2,483 | - | - | 2,483 | - | 2,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2018 | $ | 13,212 | $ | 1,210 | $ | 1,753,762 | $ | (307,833 | ) | $ | 52,544 | $ | 1,512,895 | $ | 2,211 | $ | 1,515,106 | |||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 103,097 | - | 103,097 | 165 | 103,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (59,962 | ) | (59,962 | ) | - | (59,962 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (525 | ) | (525 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 699 | - | - | 699 | - | 699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared (0.0850 per share) | - | - | 14 | (12,272 | ) | - | (12,258 | ) | - | (12,258 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 778 | - | - | 778 | - | 778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible notes due 2025 | - | - | 85,262 | - | - | 85,262 | - | 85,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 | - | - | (246,573 | ) | - | - | (246,573 | ) | - | (246,573 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | $ | 13,212 | $ | 1,210 | $ | 1,593,942 | $ | (217,008 | ) | $ | (7,418 | ) | $ | 1,383,938 | $ | 1,851 | $ | 1,385,789 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Class B Convertible Common Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Vishay Stockholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 13,212 | $ | 1,210 | $ | 1,436,011 | $ | (61,258 | ) | $ | (6,791 | ) | $ | 1,382,384 | $ | 2,286 | $ | 1,384,670 | $ | 13,212 | $ | 1,210 | $ | 1,436,011 | $ | (61,258 | ) | $ | (6,791 | ) | $ | 1,382,384 | $ | 2,286 | $ | 1,384,670 | ||||||||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-02 | - | - | - | 23,013 | - | 23,013 | - | 23,013 | - | - | - | 23,013 | - | 23,013 | - | 23,013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 75,459 | - | 75,459 | 182 | 75,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | - | - | - | 75,459 | - | 75,459 | 182 | 75,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (8,532 | ) | (8,532 | ) | - | (8,532 | ) | - | - | - | - | (8,532 | ) | (8,532 | ) | - | (8,532 | ) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (18 shares) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (18 shares) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 3 | - | - | 3 | - | 3 | - | - | 3 | - | - | 3 | - | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (220,718 shares) | 22 | - | (2,681 | ) | - | - | (2,659 | ) | - | (2,659 | ) | 22 | - | (2,681 | ) | - | - | (2,659 | ) | - | (2,659 | ) | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared (0.0850 per share) | - | - | 15 | (12,292 | ) | - | (12,277 | ) | - | (12,277 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared (0.085 per share) | - | - | 15 | (12,292 | ) | - | (12,277 | ) | - | (12,277 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 3,536 | - | - | 3,536 | - | 3,536 | - | - | 3,536 | - | - | 3,536 | - | 3,536 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible senior debentures | - | - | (11,783 | ) | - | - | (11,783 | ) | - | (11,783 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 | - | - | (11,783 | ) | - | - | (11,783 | ) | - | (11,783 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 30, 2019 | $ | 13,234 | $ | 1,210 | $ | 1,425,101 | $ | 24,922 | $ | (15,323 | ) | $ | 1,449,144 | $ | 2,468 | $ | 1,451,612 | $ | 13,234 | $ | 1,210 | $ | 1,425,101 | $ | 24,922 | $ | (15,323 | ) | $ | 1,449,144 | $ | 2,468 | $ | 1,451,612 | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 13,235 | 1,210 | 1,425,170 | 72,180 | (26,646 | ) | 1,485,149 | 2,540 | 1,487,689 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-13 (see Note 1) | - | - | - | (1,070 | ) | - | (1,070 | ) | - | (1,070 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 44,477 | - | 44,477 | 258 | 44,735 | - | - | - | 27,219 | - | 27,219 | 165 | 27,384 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 9,007 | 9,007 | - | 9,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (600 | ) | (600 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | (21,528 | ) | (21,528 | ) | - | (21,528 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 206 | - | - | 206 | - | 206 | - | - | 174 | - | - | 174 | - | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (9,906 shares) | 1 | - | (50 | ) | - | - | (49 | ) | - | (49 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared (0.0950 per share) | - | - | 17 | (13,740 | ) | - | (13,723 | ) | - | (13,723 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (199,251 shares) | 20 | - | (2,011 | ) | - | - | (1,991 | ) | - | (1,991 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared (0.095 per share) | - | - | 18 | (13,759 | ) | - | (13,741 | ) | - | (13,741 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 890 | - | - | 890 | - | 890 | - | - | 2,998 | - | - | 2,998 | - | 2,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 29, 2019 | $ | 13,235 | $ | 1,210 | $ | 1,426,164 | $ | 55,659 | $ | (6,316 | ) | $ | 1,489,952 | $ | 2,126 | $ | 1,492,078 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible senior debentures due 2041 | - | - | (10,089 | ) | - | - | (10,089 | ) | - | (10,089 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 4, 2020 | $ | 13,255 | $ | 1,210 | $ | 1,416,260 | $ | 84,570 | $ | (48,174 | ) | $ | 1,467,121 | $ | 2,705 | $ | 1,469,826 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||
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 |
June 29, 2019 | January 1, 2019 | |||||||
Right of use assets | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 90,989 | $ | 86,058 | ||||
Machinery and equipment | 5,147 | 5,404 | ||||||
Total | $ | 96,136 | $ | 91,462 | ||||
Current lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 12,676 | $ | 10,644 | ||||
Machinery and equipment | 2,647 | 3,317 | ||||||
Total | $ | 15,323 | $ | 13,961 | ||||
Long-term lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 83,604 | $ | 79,000 | ||||
Machinery and equipment | 2,482 | 2,823 | ||||||
Total | $ | 86,086 | $ | 81,823 | ||||
Total lease liabilities | $ | 101,409 | $ | 95,784 |
April 4, 2020 | December 31, 2019 | |||||||
Right of use assets | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 94,353 | $ | 87,689 | ||||
Machinery and equipment | 5,153 | 5,473 | ||||||
Total | $ | 99,506 | $ | 93,162 | ||||
Current lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 18,324 | $ | 17,410 | ||||
Machinery and equipment | 2,709 | 2,807 | ||||||
Total | $ | 21,033 | $ | 20,217 | ||||
Long-term lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 81,036 | $ | 75,877 | ||||
Machinery and equipment | 2,404 | 2,634 | ||||||
Total | $ | 83,440 | $ | 78,511 | ||||
Total lease liabilities | $ | 104,473 | $ | 98,728 |
Fiscal quarters ended | ||||||||||||||||
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | April 4, 2020 | March 30, 2019 | |||||||||||||
Lease expense | ||||||||||||||||
Operating lease expense | $ | 5,627 | $ | 11,163 | $ | 5,652 | $ | 5,536 | ||||||||
Short-term lease expense | 819 | 1,652 | 194 | 833 | ||||||||||||
Variable lease expense | 9 | 21 | 23 | 12 | ||||||||||||
Total lease expense | $ | 6,455 | $ | 12,836 | $ | 5,869 | $ | 6,381 |
June 29, 2019 | April 4, 2020 | |||||||
2019 (excluding the six fiscal months ended June 29, 2019) | $ | 11,095 | ||||||
2020 | 19,294 | |||||||
2020 (excluding the three fiscal months ended April 4, 2020) | $ | 16,499 | ||||||
2021 | 16,198 | 19,647 | ||||||
2022 | 13,408 | 16,044 | ||||||
2023 | 12,387 | 13,699 | ||||||
2024 | 12,640 | |||||||
Thereafter | 61,246 | 57,162 |
Expense recorded in 2019 | $ | 24,139 | ||
Cash paid | (1,330 | ) | ||
Foreign currency translation | 35 | |||
Balance at December 31, 2019 | $ | 22,844 | ||
Cash paid | (3,742 | ) | ||
Foreign currency translation | (307 | ) | ||
Balance at April 4, 2020 | $ | 18,795 |
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 | ) | ||||
519,863 | 494,509 | |||||||
Less current portion | - | - | ||||||
$ | 519,863 | $ | 494,509 |
April 4, 2020 | December 31, 2019 | |||||||
Credit facility | $ | 54,000 | $ | - | ||||
Convertible senior notes, due 2025 | 512,745 | 509,128 | ||||||
Convertible senior debentures, due 2040 | 127 | 126 | ||||||
Convertible senior debentures, due 2041 | 1,050 | 6,677 | ||||||
Deferred financing costs | (15,826 | ) | (16,784 | ) | ||||
552,096 | 499,147 | |||||||
Less current portion | - | - | ||||||
$ | 552,096 | $ | 499,147 |
Convertible Senior Notes Due 2025 | Convertible Senior Debentures Due 2040 | Convertible Senior Debentures Due 2041 | Convertible Senior Notes Due 2025 | Convertible Senior Debentures Due 2040 | Convertible Senior Debentures Due 2041 | |||||||||||||||||||
Issuance date | June 12, 2018 | November 9, 2010 | May 13, 2011 | June 12, 2018 | November 9, 2010 | May 13, 2011 | ||||||||||||||||||
Maturity date | June 15, 2025 | November 15, 2040 | May 15, 2041 | June 15, 2025 | November 15, 2040 | May 15, 2041 | ||||||||||||||||||
Principal amount as of June 29, 2019 | $ | 600,000 | $ | 350 | $ | 20,790 | ||||||||||||||||||
Principal amount as of April 4, 2020 | $ | 600,000 | $ | 300 | $ | 2,640 | ||||||||||||||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | 2.25 | % | ||||||||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 5.50 | % | 8.00 | % | 8.375 | % | 5.50 | % | 8.00 | % | 8.375 | % | ||||||||||||
Conversion rate effective June 12, 2019 (per $1 principal amount) | 31.7738 | 79.1822 | 57.7830 | |||||||||||||||||||||
Effective conversion price effective June 12, 2019 (per share) | $ | 31.47 | $ | 12.63 | $ | 17.31 | ||||||||||||||||||
Conversion rate effective March 11, 2020 (per $1 principal amount) | 31.8278 | 80.4668 | 58.7205 | |||||||||||||||||||||
Effective conversion price effective March 11, 2020 (per share) | $ | 31.42 | $ | 12.43 | $ | 17.03 | ||||||||||||||||||
130% of the conversion price (per share) | $ | 40.91 | $ | 16.42 | $ | 22.50 | $ | 40.85 | $ | 16.16 | $ | 22.14 | ||||||||||||
Call date | n/a | November 20, 2020 | May 20, 2021 | n/a | November 20, 2020 | May 20, 2021 |
Principal amount of the debt instruments | Unamortized discount | Embedded derivative | Carrying value of liability component | Equity component (including temporary equity) -net carrying value | Principal amount of the debt instruments | Unamortized discount | Carrying value of liability component | Equity component (including temporary equity) -net carrying value | ||||||||||||||||||||||||||||
June 29, 2019 | ||||||||||||||||||||||||||||||||||||
April 4, 2020 | ||||||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (97,929 | ) | - | $ | 502,071 | $ | 85,262 | $ | 600,000 | (87,255 | ) | $ | 512,745 | $ | 85,262 | |||||||||||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 21,140 | (12,882 | ) | 20 | $ | 8,278 | $ | 8,767 | $ | 2,940 | (1,763 | ) | $ | 1,177 | $ | 1,216 | |||||||||||||||||||
Total | $ | 621,140 | $ | (110,811 | ) | $ | 20 | $ | 510,349 | $ | 94,029 | $ | 602,940 | $ | (89,018 | ) | $ | 513,922 | $ | 86,478 | ||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (104,797 | ) | - | $ | 495,203 | $ | 85,262 | $ | 600,000 | (90,872 | ) | $ | 509,128 | $ | 85,262 | |||||||||||||||||||
Convertible senior debentures due 2040, due 2041, and due 2042 | $ | 36,556 | (22,352 | ) | 70 | $ | 14,274 | $ | 15,092 | |||||||||||||||||||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 17,190 | (10,387 | ) | $ | 6,803 | $ | 7,129 | ||||||||||||||||||||||||||||
Total | $ | 636,556 | $ | (127,149 | ) | $ | 70 | $ | 509,477 | $ | 100,354 | $ | 617,190 | $ | (101,259 | ) | $ | 515,931 | $ | 92,391 |
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 | Contractual coupon interest | Non-cash amortization of debt discount | Other non-cash interest expense | Total interest expense related to the debt instruments | ||||||||||||||||||||||||||||
June 29, 2019 | ||||||||||||||||||||||||||||||||||||
April 4, 2020 | ||||||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 3,375 | 3,442 | 454 | - | $ | 7,271 | $ | 3,375 | 3,617 | 454 | $ | 7,446 | |||||||||||||||||||||||
Convertible senior debentures | $ | 119 | 53 | 2 | (4 | ) | $ | 170 | $ | 44 | 20 | - | $ | 64 | ||||||||||||||||||||||
Total | $ | 3,494 | $ | 3,495 | $ | 456 | $ | (4 | ) | $ | 7,441 | $ | 3,419 | $ | 3,637 | $ | 454 | $ | 7,510 | |||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||||||||||
March 30, 2019 | ||||||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 713 | 556 | 151 | - | $ | 1,420 | $ | 3,375 | 3,426 | 454 | $ | 7,255 | |||||||||||||||||||||||
Convertible senior debentures | $ | 2,692 | 1,099 | 39 | (156 | ) | $ | 3,674 | $ | 148 | 64 | (16 | ) | $ | 196 | |||||||||||||||||||||
Total | $ | 3,405 | $ | 1,655 | $ | 190 | $ | (156 | ) | $ | 5,094 | $ | 3,523 | $ | 3,490 | $ | 438 | $ | 7,451 |
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 | $ | 6,750 | 6,868 | 908 | - | $ | 14,526 | |||||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 267 | 117 | 4 | (22 | ) | $ | 366 | ||||||||||||
Total | $ | 7,017 | $ | 6,985 | $ | 912 | $ | (22 | ) | $ | 14,892 | |||||||||
June 30, 2018 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 713 | 556 | 151 | - | $ | 1,420 | |||||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 5,927 | 2,408 | 86 | 5 | $ | 8,426 | |||||||||||||
Total | $ | 6,640 | $ | 2,964 | $ | 237 | $ | 5 | $ | 9,846 |
Pension and other post- retirement actuarial items | Currency translation adjustment | Total | ||||||||||
Balance at January 1, 2019 | $ | (58,291 | ) | $ | 51,500 | $ | (6,791 | ) | ||||
Other comprehensive income before reclassifications | - | (2,605 | ) | $ | (2,605 | ) | ||||||
Tax effect | - | - | $ | - | ||||||||
Other comprehensive income before reclassifications, net of tax | - | (2,605 | ) | $ | (2,605 | ) | ||||||
Amounts reclassified out of AOCI | 4,107 | - | $ | 4,107 | ||||||||
Tax effect | (1,027 | ) | - | $ | (1,027 | ) | ||||||
Amounts reclassified out of AOCI, net of tax | 3,080 | - | $ | 3,080 | ||||||||
Net other comprehensive income | $ | 3,080 | $ | (2,605 | ) | $ | 475 | |||||
Balance at June 29, 2019 | $ | (55,211 | ) | $ | 48,895 | $ | (6,316 | ) |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Beginning balance | $ | 40,508 | $ | 42,663 | ||||
Sales allowances | 22,632 | 28,211 | ||||||
Credits issued | (27,982 | ) | (33,062 | ) | ||||
Foreign currency | (346 | ) | (235 | ) | ||||
Ending balance | $ | 34,812 | $ | 37,577 |
Pension and other post- retirement actuarial items | Currency translation adjustment | Total | ||||||||||
Balance at January 1, 2020 | $ | (68,020 | ) | $ | 41,374 | $ | (26,646 | ) | ||||
Other comprehensive income before reclassifications | - | (23,129 | ) | $ | (23,129 | ) | ||||||
Tax effect | - | - | $ | - | ||||||||
Other comprehensive income before reclassifications, net of tax | - | (23,129 | ) | $ | (23,129 | ) | ||||||
Amounts reclassified out of AOCI | 2,223 | - | $ | 2,223 | ||||||||
Tax effect | (622 | ) | - | $ | (622 | ) | ||||||
Amounts reclassified out of AOCI, net of tax | 1,601 | - | $ | 1,601 | ||||||||
Net other comprehensive income | $ | 1,601 | $ | (23,129 | ) | $ | (21,528 | ) | ||||
Balance at April 4, 2020 | $ | (66,419 | ) | $ | 18,245 | $ | (48,174 | ) |
Fiscal quarter ended June 29, 2019 | Fiscal quarter ended June 30, 2018 | Fiscal quarter ended April 4, 2020 | Fiscal quarter ended March 30, 2019 | |||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||
Net service cost | $ | - | $ | 845 | $ | - | $ | 927 | $ | - | $ | 1,074 | $ | - | $ | 852 | ||||||||||||||||
Interest cost | 424 | 1,281 | 371 | 1,211 | 342 | 924 | 424 | 1,291 | ||||||||||||||||||||||||
Expected return on plan assets | - | (489 | ) | - | (479 | ) | - | (495 | ) | - | (490 | ) | ||||||||||||||||||||
Amortization of prior service cost | 36 | 50 | 36 | 54 | 36 | 30 | 36 | 51 | ||||||||||||||||||||||||
Amortization of losses | 118 | 1,344 | 159 | 1,566 | 298 | 1,592 | 118 | 1,359 | ||||||||||||||||||||||||
Curtailment and settlement losses | - | 500 | - | 455 | - | 229 | - | 505 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 578 | $ | 3,531 | $ | 566 | $ | 3,734 | $ | 676 | $ | 3,354 | $ | 578 | $ | 3,568 |
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 | $ | - | $ | 1,697 | $ | - | $ | 1,875 | ||||||||
Interest cost | 848 | 2,572 | 742 | 2,453 | ||||||||||||
Expected return on plan assets | - | (979 | ) | - | (967 | ) | ||||||||||
Amortization of prior service cost | 72 | 101 | 72 | 109 | ||||||||||||
Amortization of losses | 236 | 2,703 | 318 | 3,170 | ||||||||||||
Curtailment and settlement losses | - | 1,005 | - | 917 | ||||||||||||
Net periodic benefit cost | $ | 1,156 | $ | 7,099 | $ | 1,132 | $ | 7,557 |
Fiscal quarter ended April 4, 2020 | Fiscal quarter ended March 30, 2019 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 28 | $ | 69 | $ | 35 | $ | 72 | ||||||||
Interest cost | 59 | 15 | 77 | 30 | ||||||||||||
Amortization of losses (gains) | 7 | 31 | (32 | ) | 27 | |||||||||||
Net periodic benefit cost | $ | 94 | $ | 115 | $ | 80 | $ | 129 |
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 | $ | 35 | $ | 72 | $ | 34 | $ | 73 | ||||||||
Interest cost | 78 | 30 | 68 | 28 | ||||||||||||
Amortization of prior service (credit) | - | - | (37 | ) | - | |||||||||||
Amortization of losses (gains) | (32 | ) | 27 | (9 | ) | 27 | ||||||||||
Net periodic benefit cost | $ | 81 | $ | 129 | $ | 56 | $ | 128 |
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 | $ | 70 | $ | 144 | $ | 68 | $ | 148 | ||||||||
Interest cost | 155 | 60 | 136 | 58 | ||||||||||||
Amortization of prior service (credit) | - | - | (74 | ) | - | |||||||||||
Amortization of losses (gains) | (64 | ) | 54 | (19 | ) | 54 | ||||||||||
Net periodic benefit cost | $ | 161 | $ | 258 | $ | 111 | $ | 260 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||
Restricted stock units | $ | 890 | $ | 778 | $ | 4,249 | 3,047 | |||||||||
Phantom stock units | - | - | 177 | 214 | ||||||||||||
Total | $ | 890 | $ | 778 | $ | 4,426 | 3,261 |
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | |||||||
Restricted stock units | $ | 4,779 | 0.9 | |||||
Phantom stock units | - | 0.0 | ||||||
Total | $ | 4,779 |
Number of RSUs | Weighted Average Grant-date Fair Value per Unit | |||||||
Outstanding: | ||||||||
January 1, 2019 | 904 | $ | 14.77 | |||||
Granted | 314 | 19.85 | ||||||
Vested* | (361 | ) | 11.70 | |||||
Cancelled or forfeited | (15 | ) | 17.71 | |||||
Outstanding at June 29, 2019 | 842 | $ | 17.93 | |||||
Expected to vest at June 29, 2019 | 842 |
Vesting Date | Expected to Vest | Not Expected to Vest | Total | ||||||
January 1, 2020 | 167 | - | 167 | ||||||
January 1, 2021 | 141 | - | 141 | ||||||
January 1, 2022 | 174 | - | 174 |
Number of units | Grant-date Fair Value per Unit | |||||||
Outstanding: | ||||||||
January 1, 2019 | 170 | |||||||
Granted | 10 | $ | 17.72 | |||||
Dividend equivalents issued | 2 | |||||||
Outstanding at June 29, 2019 | 182 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Restricted stock units | $ | 2,783 | $ | 3,359 | ||||
Phantom stock units | 215 | 177 | ||||||
Total | $ | 2,998 | $ | 3,536 |
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | |||||||
Restricted stock units | $ | 5,041 | 1.0 | |||||
Phantom stock units | - | 0.0 | ||||||
Total | $ | 5,041 |
Number of RSUs | Weighted Average Grant-date Fair Value per Unit | |||||||
Outstanding: | ||||||||
January 1, 2020 | 842 | $ | 17.93 | |||||
Granted | 272 | 18.30 | ||||||
Vested* | (293 | ) | 15.52 | |||||
Cancelled or forfeited | - | - | ||||||
Outstanding at April 4, 2020 | 821 | $ | 18.91 | |||||
Expected to vest at April 4, 2020 | 808 |
Vesting Date | Expected to Vest | Not Expected to Vest | Total | ||||||
January 1, 2021 | 141 | - | 141 | ||||||
January 1, 2022 | 174 | - | 174 | ||||||
January 1, 2023 | 152 | - | 152 |
Number of units | Grant-date Fair Value per Unit | |||||||
Outstanding: | ||||||||
January 1, 2020 | 183 | |||||||
Granted | 10 | $ | 21.49 | |||||
Dividend equivalents issued | 1 | |||||||
Outstanding at April 4, 2020 | 194 |
● | 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 | |
● | Inductors use an internal magnetic field to change alternating current phase and resist alternating current. | |
● | Capacitors store energy and discharge it when needed. |
MOSFETs | Diodes | Optoelectronic Components | Resistors | Inductors | Capacitors | Corporate / Other* | Total | |||||||||||||||||||||||||
Fiscal quarter ended April 4, 2020: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 116,893 | $ | 115,343 | $ | 54,179 | $ | 159,208 | $ | 73,785 | $ | 93,433 | $ | - | $ | 612,841 | ||||||||||||||||
Gross profit | $ | 28,152 | $ | 19,518 | $ | 14,585 | $ | 44,773 | $ | 22,987 | $ | 20,355 | $ | (3,130 | ) | $ | 147,240 | |||||||||||||||
Segment operating income | $ | 18,658 | $ | 14,422 | $ | 10,686 | $ | 38,885 | $ | 20,310 | $ | 15,070 | $ | (3,130 | ) | $ | 114,901 | |||||||||||||||
Fiscal quarter ended March 30, 2019: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 137,341 | $ | 167,840 | $ | 60,562 | $ | 188,831 | $ | 71,640 | $ | 118,945 | $ | - | $ | 745,159 | ||||||||||||||||
Gross profit | $ | 36,059 | $ | 43,492 | $ | 16,017 | $ | 62,589 | $ | 23,280 | $ | 29,722 | $ | - | $ | 211,159 | ||||||||||||||||
Segment operating income | $ | 26,678 | $ | 38,128 | $ | 11,710 | $ | 56,347 | $ | 20,640 | $ | 24,566 | $ | - | $ | 178,069 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Reconciliation: | ||||||||
Segment Operating Income | $ | 114,901 | $ | 178,069 | ||||
Impact of COVID-19 Outbreak on Selling, General, and Administrative Expenses | (317 | ) | - | |||||
Unallocated Selling, General, and Administrative Expenses | (67,176 | ) | (70,334 | ) | ||||
Consolidated Operating Income | $ | 47,408 | $ | 107,735 | ||||
Unallocated Other Income (Expense) | (11,274 | ) | (7,787 | ) | ||||
Consolidated Income Before Taxes | $ | 36,134 | $ | 99,948 |
MOSFETs | Diodes | Optoelectronic Components | Resistors & Inductors | Capacitors | Total | |||||||||||||||||||
Fiscal quarter ended June 29, 2019: | ||||||||||||||||||||||||
Net revenues | $ | 128,842 | $ | 142,042 | $ | 60,675 | $ | 242,383 | $ | 111,298 | $ | 685,240 | ||||||||||||
Gross profit | $ | 31,933 | $ | 28,857 | $ | 16,231 | $ | 71,415 | $ | 26,165 | $ | 174,601 | ||||||||||||
Segment operating income | $ | 22,541 | $ | 24,010 | $ | 12,022 | $ | 63,443 | $ | 21,161 | $ | 143,177 | ||||||||||||
Fiscal quarter ended June 30, 2018: | ||||||||||||||||||||||||
Net revenues | $ | 136,559 | $ | 182,466 | $ | 75,709 | $ | 253,947 | $ | 112,349 | $ | 761,030 | ||||||||||||
Gross profit | $ | 38,427 | $ | 52,408 | $ | 26,404 | $ | 84,969 | $ | 25,030 | $ | 227,238 | ||||||||||||
Segment operating income | $ | 28,517 | $ | 47,100 | $ | 22,165 | $ | 76,248 | $ | 19,710 | $ | 193,740 |
Six fiscal months ended June 29, 2019: | ||||||||||||||||||||||||
Net revenues | $ | 266,183 | $ | 309,882 | $ | 121,237 | $ | 502,854 | $ | 230,243 | $ | 1,430,399 | ||||||||||||
Gross Profit | $ | 67,992 | $ | 72,349 | $ | 32,248 | $ | 157,284 | $ | 55,887 | $ | 385,760 | ||||||||||||
Segment Operating Income | $ | 49,219 | $ | 62,138 | $ | 23,732 | $ | 140,430 | $ | 45,727 | $ | 321,246 | ||||||||||||
Six fiscal months ended June 30, 2018: | ||||||||||||||||||||||||
Net revenues | $ | 264,065 | $ | 349,483 | $ | 147,667 | $ | 497,993 | $ | 218,617 | $ | 1,477,825 | ||||||||||||
Gross Profit | $ | 70,449 | $ | 95,608 | $ | 53,637 | $ | 163,499 | $ | 49,345 | $ | 432,538 | ||||||||||||
Segment Operating Income | $ | 51,075 | $ | 85,031 | $ | 44,959 | $ | 146,250 | $ | 38,603 | $ | 365,918 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||
Reconciliation: | ||||||||||||||||
Segment Operating Income | $ | 143,177 | $ | 193,740 | $ | 321,246 | $ | 365,918 | ||||||||
Unallocated Selling, General, and Administrative Expenses | (63,688 | ) | (70,447 | ) | (134,022 | ) | (138,563 | ) | ||||||||
Consolidated 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 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Distributors | $ | 368,420 | $ | 446,016 | $ | 779,980 | $ | 850,076 | $ | 305,446 | $ | 411,560 | ||||||||||||
OEMs | 269,026 | 262,779 | 551,662 | 526,829 | 261,129 | 282,636 | ||||||||||||||||||
EMS companies | 47,794 | 52,235 | 98,757 | 100,920 | 46,266 | 50,963 | ||||||||||||||||||
Total Revenue | $ | 685,240 | $ | 761,030 | $ | 1,430,399 | $ | 1,477,825 | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Asia | $ | 246,193 | $ | 302,868 | $ | 505,919 | $ | 588,346 | $ | 217,084 | $ | 259,726 | ||||||||||||
Europe | 254,742 | 272,601 | 533,641 | 539,983 | 233,052 | 278,899 | ||||||||||||||||||
Americas | 184,305 | 185,561 | 390,839 | 349,496 | 162,705 | 206,534 | ||||||||||||||||||
Total Revenue | $ | 685,240 | $ | 761,030 | $ | 1,430,399 | $ | 1,477,825 | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||
Industrial | $ | 250,783 | $ | 295,617 | $ | 532,373 | $ | 575,829 | ||||||||
Automotive | 200,580 | 209,858 | 415,366 | 418,252 | ||||||||||||
Telecommunications | 44,562 | 46,467 | 97,842 | 92,391 | ||||||||||||
Computing | 48,244 | 53,657 | 95,752 | 101,088 | ||||||||||||
Consumer Products | 30,486 | 40,939 | 64,535 | 78,198 | ||||||||||||
Power Supplies | 29,474 | 41,326 | 59,601 | 75,569 | ||||||||||||
Military and Aerospace | 47,848 | 40,260 | 95,409 | 75,474 | ||||||||||||
Medical | 33,263 | 32,906 | 69,521 | 61,024 | ||||||||||||
Total revenue | $ | 685,240 | $ | 761,030 | 1,430,399 | 1,477,825 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Industrial | $ | 215,111 | $ | 281,590 | ||||
Automotive | 201,943 | 214,786 | ||||||
Telecommunications | 29,692 | 53,280 | ||||||
Computing | 45,223 | 47,508 | ||||||
Consumer Products | 20,553 | 34,049 | ||||||
Power Supplies | 25,194 | 30,127 | ||||||
Military and Aerospace | 43,935 | 47,561 | ||||||
Medical | 31,190 | 36,258 | ||||||
Total revenue | $ | 612,841 | $ | 745,159 |
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 | $ | 44,477 | $ | 103,097 | $ | 119,936 | $ | 165,463 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average shares | 144,441 | 144,215 | 144,409 | 144,188 | ||||||||||||
Outstanding phantom stock units | 180 | 167 | 180 | 167 | ||||||||||||
Adjusted weighted average shares | 144,621 | 144,382 | 144,589 | 144,355 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Convertible and exchangeable debt instruments | 24 | 12,810 | 131 | 13,710 | ||||||||||||
Restricted stock units | 378 | 465 | 438 | 515 | ||||||||||||
Dilutive potential common shares | 402 | 13,275 | 569 | 14,225 | ||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||||
Adjusted weighted average shares - diluted | 145,023 | 157,657 | 145,158 | 158,580 | ||||||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.31 | $ | 0.71 | $ | 0.83 | $ | 1.15 | ||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.31 | $ | 0.65 | $ | 0.83 | $ | 1.04 |
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 | 19,055 | 3,769 | 19,053 | 1,885 | |||
Weighted average other | 315 | 307 | 315 | 307 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Numerator: | ||||||||
Net earnings attributable to Vishay stockholders | $ | 27,219 | $ | 75,459 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share: | ||||||||
Weighted average shares | 144,599 | 144,375 | ||||||
Outstanding phantom stock units | 193 | 179 | ||||||
Adjusted weighted average shares - basic | 144,792 | 144,554 | ||||||
Effect of dilutive securities: | ||||||||
Convertible debt instruments | 95 | 237 | ||||||
Restricted stock units | 408 | 498 | ||||||
Dilutive potential common shares | 503 | 735 | ||||||
Denominator for diluted earnings per share: | ||||||||
Adjusted weighted average shares - diluted | 145,295 | 145,289 | ||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.19 | $ | 0.52 | ||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.19 | $ | 0.52 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Convertible debt instruments: | ||||||||
Convertible senior notes due 2025 | 19,088 | 19,052 | ||||||
Convertible senior debentures due 2041 | 88 | - | ||||||
Weighted average other | 325 | 315 |
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
June 29, 2019 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 49,615 | $ | 32,786 | $ | 16,829 | $ | - | ||||||||
Available for sale securities | $ | 4,431 | 4,431 | - | - | |||||||||||
$ | 54,046 | $ | 37,217 | $ | 16,829 | $ | - | |||||||||
Liabilities: | ||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | - | $ | - | $ | - | $ | - | ||||||||
Embedded derivative - convertible debentures due 2041 | $ | (20 | ) | - | - | (20 | ) | |||||||||
$ | (20 | ) | $ | - | $ | - | $ | (20 | ) | |||||||
December 31, 2018 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 41,770 | $ | 26,278 | 15,492 | $ | - | |||||||||
Available for sale securities | $ | 4,309 | 4,309 | - | - | |||||||||||
$ | 46,079 | $ | 30,587 | $ | 15,492 | $ | - | |||||||||
Liabilities: | ||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (1 | ) | $ | - | $ | - | $ | (1 | ) | ||||||
Embedded derivative - convertible debentures due 2041 | $ | (67 | ) | - | - | (67 | ) | |||||||||
Embedded derivative - convertible debentures due 2042 | $ | (2 | ) | - | - | (2 | ) | |||||||||
$ | (70 | ) | $ | - | $ | - | $ | (70 | ) |
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
April 4, 2020 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 48,137 | $ | 33,687 | $ | 14,450 | $ | - | ||||||||
Available for sale securities | $ | 4,073 | 4,073 | - | - | |||||||||||
$ | 52,210 | $ | 37,760 | $ | 14,450 | $ | - | |||||||||
December 31, 2019 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 52,148 | $ | 34,280 | 17,868 | $ | - | |||||||||
Available for sale securities | $ | 4,405 | 4,405 | - | - | |||||||||||
$ | 56,553 | $ | 38,685 | $ | 17,868 | $ | - |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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 | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
GAAP net earnings attributable to Vishay stockholders | $ | 27,219 | $ | 13,962 | $ | 75,459 | ||||||
Reconciling items affecting gross income: | ||||||||||||
Impact of COVID-19 outbreak | $ | 3,130 | $ | - | $ | - | ||||||
Other reconciling items affecting operating income: | ||||||||||||
Restructuring and severance costs | $ | - | $ | 16,884 | $ | - | ||||||
Impact of COVID-19 outbreak | 317 | - | - | |||||||||
Reconciling items affecting other income (expense): | ||||||||||||
Loss on early extinguishment of debt | $ | 2,920 | $ | 723 | $ | 1,307 | ||||||
Reconciling items affecting tax expense: | ||||||||||||
Change in deferred taxes due to early extinguishment of debt | $ | (1,346 | ) | $ | (289 | ) | $ | (1,312 | ) | |||
Effects of cash repatriation programs | - | (11,554 | ) | (585 | ) | |||||||
Effects of changes in uncertain tax positions | - | 2,831 | - | |||||||||
Tax effects of pre-tax items above | (1,482 | ) | (4,277 | ) | (290 | ) | ||||||
Adjusted net earnings | $ | 30,758 | $ | 18,280 | $ | 74,579 | ||||||
Adjusted weighted average diluted shares outstanding | 145,295 | 145,202 | 145,289 | |||||||||
Adjusted earnings per diluted share | $ | 0.21 | $ | 0.13 | $ | 0.51 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 56,301 | $ | 79,518 | $ | ((8,689) | ) | $ | 135,819 | $ | 38,170 | |||||||||||||||||||||
Net cash provided by continuing operating activities | $ | 34,478 | $ | 84,423 | $ | 79,518 | ||||||||||||||||||||||||||
Proceeds from sale of property and equipment | 69 | 395 | 8,194 | 464 | 8,378 | 53 | 91 | 395 | ||||||||||||||||||||||||
Less: Capital expenditures | ((33,781) | ) | ((36,367) | ) | ((48,373) | ) | ((70,148) | ) | ((76,646) | ) | (24,328 | ) | (56,374 | ) | (36,367 | ) | ||||||||||||||||
Free cash | $ | 22,589 | $ | 43,546 | $ | ((48,868) | ) | $ | 66,135 | $ | ((30,098) | ) | $ | 10,203 | $ | 28,140 | $ | 43,546 |
2nd Quarter 2018 | 3rd Quarter 2018 | 4th Quarter 2018 | 1st Quarter 2019 | 2nd Quarter 2019 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||
Net revenues | $ | 761,030 | $ | 780,972 | $ | 775,892 | $ | 745,159 | $ | 685,240 | $ | 745,159 | $ | 685,240 | $ | 628,329 | $ | 609,577 | $ | 612,841 | ||||||||||||||||||||
Gross profit margin | 29.9% | % | 30.3% | % | 28.3% | % | 28.3% | % | 25.5% | % | 28.3 | % | 25.5 | % | 23.9 | % | 22.2 | % | 24.0 | % | ||||||||||||||||||||
Operating margin | 16.2% | % | 17.7% | % | 15.4% | % | 14.5 % | % | 11.6% | % | 14.5 | % | 11.6 | % | 8.1 | % | 4.0 | % | 7.7 | % | ||||||||||||||||||||
End-of-period backlog | $ | 1,595,200 | $ | 1,559,700 | $ | 1,497,100 | $ | 1,331,800 | $ | 1,126,700 | $ | 1,331,800 | $ | 1,126,700 | $ | 935,400 | $ | 911,300 | $ | 1,005,200 | ||||||||||||||||||||
Book-to-bill ratio | 1.17 | 0.95 | 0.94 | 0.79 | 0.69 | 0.79 | 0.69 | 0.72 | 0.94 | 1.17 | ||||||||||||||||||||||||||||||
Inventory turnover | 4.6 | 4.4 | 4.5 | 4.3 | 4.3 | 4.3 | 4.3 | 4.1 | 4.3 | 4.2 | ||||||||||||||||||||||||||||||
Change in ASP vs. prior quarter | 0.7% | % | 0.6% | % | 0.7% | % | ((0.4)% | )% | ((0.9)% | )% | (0.4 | )% | (0.9 | )% | (1.1 | )% | (0.8 | )% | (1.1 | )% |
2nd Quarter 2018 | 3rd Quarter 2018 | 4th Quarter 2018 | 1st Quarter 2019 | 2nd Quarter 2019 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||
MOSFETs | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 136,559 | $ | 144,260 | $ | 139,318 | $ | 137,341 | $ | 128,842 | $ | 137,341 | $ | 128,842 | $ | 126,747 | $ | 116,215 | $ | 116,893 | ||||||||||||||||||||
Book-to-bill ratio | 0.96 | 0.88 | 1.08 | 0.84 | 0.54 | 0.84 | 0.54 | 0.54 | 0.94 | 1.12 | ||||||||||||||||||||||||||||||
Gross profit margin | 28.1% | % | 27.0% | % | 26.2% | % | 26.3% | % | 24.8% | % | 26.3 | % | 24.8 | % | 24.1 | % | 23.7 | % | 24.1 | % | ||||||||||||||||||||
Segment operating margin | 20.9% | % | 20.5% | % | 18.9% | % | 19.4% | % | 17.5% | % | 19.4 | % | 17.5 | % | 16.6 | % | 16.1 | % | 16.0 | % | ||||||||||||||||||||
Diodes | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 182,466 | $ | 186,492 | $ | 176,961 | $ | 167,840 | $ | 142,042 | $ | 167,840 | $ | 142,042 | $ | 123,879 | $ | 123,382 | $ | 115,343 | ||||||||||||||||||||
Book-to-bill ratio | 1.08 | 0.86 | 0.83 | 0.63 | 0.52 | 0.63 | 0.52 | 0.57 | 0.88 | 1.36 | ||||||||||||||||||||||||||||||
Gross profit margin | 28.7% | % | 29.3% | % | 26.2% | % | 25.9% | % | 20.3% | % | 25.9 | % | 20.3 | % | 17.1 | % | 16.3 | % | 16.9 | % | ||||||||||||||||||||
Segment operating margin | 25.8% | % | 26.6% | % | 23.3% | % | 22.7% | % | 16.9% | % | 22.7 | % | 16.9 | % | 13.3 | % | 12.6 | % | 12.5 | % | ||||||||||||||||||||
Optoelectronic Components | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 75,709 | $ | 76,443 | $ | 65,617 | $ | 60,562 | $ | 60,675 | $ | 60,562 | $ | 60,675 | $ | 50,702 | $ | 51,047 | $ | 54,179 | ||||||||||||||||||||
Book-to-bill ratio | 1.20 | 0.88 | 0.75 | 0.83 | 0.70 | 0.83 | 0.70 | 0.86 | 1.11 | 1.40 | ||||||||||||||||||||||||||||||
Gross profit margin | 34.9% | % | 36.2% | % | 28.8% | % | 26.4% | % | 26.8% | % | 26.4 | % | 26.8 | % | 21.5 | % | 20.2 | % | 26.9 | % | ||||||||||||||||||||
Segment operating margin | 29.3% | % | 30.3% | % | 22.2% | % | 19.3% | % | 19.8% | % | 19.3 | % | 19.8 | % | 13.7 | % | 12.7 | % | 19.7 | % | ||||||||||||||||||||
Resistors & Inductors | ||||||||||||||||||||||||||||||||||||||||
Resistors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 188,831 | $ | 165,359 | $ | 155,119 | $ | 147,883 | $ | 159,208 | ||||||||||||||||||||||||||||||
Book-to-bill ratio | 0.89 | 0.81 | 0.82 | 0.95 | 1.05 | |||||||||||||||||||||||||||||||||||
Gross profit margin | 33.1 | % | 28.3 | % | 27.4 | % | 23.5 | % | 28.1 | % | ||||||||||||||||||||||||||||||
Segment operating margin | 29.8 | % | 25.2 | % | 23.8 | % | 19.0 | % | 24.4 | % | ||||||||||||||||||||||||||||||
Inductors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 253,947 | $ | 257,330 | $ | 262,963 | $ | 260,471 | $ | 242,383 | $ | 71,640 | $ | 77,024 | $ | 73,458 | $ | 76,520 | $ | 73,785 | ||||||||||||||||||||
Book-to-bill ratio | 1.16 | 1.02 | 0.94 | 0.92 | 0.88 | 0.97 | 1.01 | 0.95 | 1.05 | 0.98 | ||||||||||||||||||||||||||||||
Gross profit margin | 33.5% | % | 34.3% | % | 32.5% | % | 33.0% | % | 29.5% | % | 32.5 | % | 31.9 | % | 31.9 | % | 33.5 | % | 31.2 | % | ||||||||||||||||||||
Segment operating margin | 30.0% | % | 31.1% | % | 29.4% | % | 29.6% | % | 26.2% | % | 28.8 | % | 28.3 | % | 28.3 | % | 30.3 | % | 27.5 | % | ||||||||||||||||||||
Capacitors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 112,349 | $ | 116,447 | $ | 131,033 | $ | 118,945 | $ | 111,298 | $ | 118,945 | $ | 111,298 | $ | 98,424 | $ | 94,530 | $ | 93,433 | ||||||||||||||||||||
Book-to-bill ratio | 1.59 | 1.03 | 1.02 | 0.67 | 0.68 | 0.67 | 0.68 | 0.76 | 0.84 | 1.20 | ||||||||||||||||||||||||||||||
Gross profit margin | 22.3% | % | 23.0% | % | 24.7% | % | 25.0% | % | 23.5% | % | 25.0 | % | 23.5 | % | 22.0 | % | 17.9 | % | 21.8 | % | ||||||||||||||||||||
Segment operating margin | 17.5% | % | 18.6% | % | 20.4% | % | 20.7% | % | 19.0% | % | 20.7 | % | 19.0 | % | 16.9 | % | 12.3 | % | 16.1 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | |||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||||||
Cost of products sold | 74.5%% | 71.7%% | 70.1%% | 73.0%% | 70.7%% | 76.0 | % | 77.8 | % | 71.7 | % | ||||||||||
Gross profit | 25.5%% | 28.3%% | 29.9%% | 27.0%% | 29.3%% | 24.0 | % | 22.2 | % | 28.3 | % | ||||||||||
Selling, general & administrative expenses | 13.9%% | 13.9%% | 13.7%% | 13.9%% | 13.9%% | 16.3 | % | 15.5 | % | 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%% | ||||||||||||||||
Operating income (loss) | 7.7 | % | 4.0 | % | 14.5 | % | |||||||||||||||
Income (loss) before taxes and noncontrolling interest | 5.9 | % | 1.9 | % | 13.4 | % | |||||||||||||||
Net earnings (loss) attributable to Vishay stockholders | 4.4 | % | 2.3 | % | 10.1 | % | |||||||||||||||
________ | |||||||||||||||||||||
Effective tax rate | 36.9%% | 24.3%% | -5.8%% | 29.5%% | 12.5%% | 24.2 | % | -25.4 | % | 24.3 | % |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||||||
Net revenues | $ | 685,240 | $ | 745,159 | $ | 761,030 | $ | 1,430,399 | $ | 1,477,825 |
Fiscal quarters ended | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
Net revenues | $ | 612,841 | $ | 609,577 | $ | 745,159 |
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | Fiscal quarter ended April 4, 2020 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2019 | $ | 3,264 | 0.5 | % | ||||||||||||||||||||
March 30, 2019 | $ | ((59,919) | ) | -8.0% | % | $ | (132,318 | ) | -17.8 | % | ||||||||||||||
June 30, 2018 | $ | ((75,790) | ) | -10.0% | % | $ | ((47,426) | ) | -3.2% | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | |||||||||
Change attributable to: | |||||||||||||
Decrease in volume | -7.0%% | -7.7%% | -1.3%% | ||||||||||
Change in average selling prices | -0.9%% | -0.6%% | 0.1%% | ||||||||||
Change in volume | 1.6 | % | -15.0 | % | |||||||||
Decrease in average selling prices | -1.1 | % | -2.9 | % | |||||||||
Foreign currency effects | -0.3%% | -1.9%% | -2.3%% | -0.1 | % | -0.8 | % | ||||||
Acquisitions | 0.0%% | 0.1%% | 0.3%% | ||||||||||
Other | 0.2%% | 0.1%% | 0.0%% | 0.1 | % | 0.9 | % | ||||||
Net change | -8.0%% | -10.0%% | -3.2%% | 0.5 | % | -17.8 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 128,842 | $ | 137,341 | $ | 136,559 | $ | 266,183 | $ | 264,065 | $ | 116,893 | $ | 116,215 | $ | 137,341 | ||||||||||||||||
Gross profit margin | 24.8% | % | 26.3% | % | 28.1% | % | 25.5% | % | 26.7% | % | 24.1 | % | 23.7 | % | 26.3 | % |
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | Fiscal quarter ended April 4, 2020 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2019 | $ | 678 | 0.6 | % | ||||||||||||||||||||
March 30, 2019 | $ | ((8,499) | ) | -6.2% | % | $ | (20,448 | ) | -14.9 | % | ||||||||||||||
June 30, 2018 | $ | ((7,717) | ) | -5.7% | % | $ | 2,118 | 0.8% | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to Date | vs. Prior Quarter | vs. Prior Year Quarter | |||||||||
Change attributable to: | |||||||||||||
Change in volume | -5.3%% | -2.0%% | 3.5%% | 0.9 | % | -9.8 | % | ||||||
Decrease in average selling prices | -0.8%% | -2.8%% | -1.6%% | -0.2 | % | -5.8 | % | ||||||
Foreign currency effects | -0.2%% | -1.0%% | -1.2%% | -0.1 | % | -0.4 | % | ||||||
Other | 0.1%% | 0.1%% | 0.1%% | 0.0 | % | 1.1 | % | ||||||
Net change | -6.2%% | -5.7%% | 0.8%% | 0.6 | % | -14.9 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 142,042 | $ | 167,840 | $ | 182,466 | $ | 309,882 | $ | 349,483 | $ | 115,343 | $ | 123,382 | $ | 167,840 | ||||||||||||||||
Gross profit margin | 20.3% | % | 25.9% | % | 28.7% | % | 23.3% | % | 27.4% | % | 16.9 | % | 16.3 | % | 25.9 | % |
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | Fiscal quarter ended April 4, 2020 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2019 | $ | (8,039 | ) | -6.5 | % | |||||||||||||||||||
March 30, 2019 | $ | ((25,798) | ) | -15.4% | % | $ | (52,497 | ) | -31.3 | % | ||||||||||||||
June 30, 2018 | $ | ((40,424) | ) | -22.2% | % | $ | ((39,601) | ) | -11.3% | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | |||||||||
Change attributable to: | |||||||||||||
Decrease in volume | -13.6%% | -20.8%% | -10.7%% | -4.2 | % | -28.1 | % | ||||||
Change in average selling prices | -2.4%% | -0.8%% | 1.1%% | ||||||||||
Decrease in average selling prices | -2.5 | % | -5.6 | % | |||||||||
Foreign currency effects | -0.2%% | -1.2%% | -1.6%% | -0.1 | % | -0.5 | % | ||||||
Other | 0.8%% | 0.6%% | -0.1%% | 0.3 | % | 2.9 | % | ||||||
Net change | -15.4%% | -22.2%% | -11.3%% | -6.5 | % | -31.3 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 60,675 | $ | 60,562 | $ | 75,709 | $ | 121,237 | $ | 147,667 | $ | 54,179 | $ | 51,047 | $ | 60,562 | ||||||||||||||||
Gross profit margin | 26.8% | % | 26.4% | % | 34.9% | % | 26.6% | % | 36.3% | % | 26.9 | % | 20.2 | % | 26.4 | % |
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | Fiscal quarter ended April 4, 2020 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2019 | $ | 3,132 | 6.1 | % | ||||||||||||||||||||
March 30, 2019 | $ | 113 | 0.2% | % | $ | (6,383 | ) | -10.5 | % | |||||||||||||||
June 30, 2018 | $ | ((15,034) | ) | -19.9% | % | $ | ((26,430) | ) | -17.9% | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | |||||||||
Change attributable to: | |||||||||||||
Change in volume | 0.6%% | -16.8%% | -14.3%% | 5.6 | % | -7.9 | % | ||||||
Decrease in average selling prices | -0.1%% | -2.5%% | -2.4%% | -0.8 | % | -2.2 | % | ||||||
Foreign currency effects | -0.5%% | -1.8%% | -2.2%% | -0.2 | % | -1.2 | % | ||||||
Other | 0.2%% | 1.2%% | 1.0%% | 1.5 | % | 0.8 | % | ||||||
Net change | 0.2%% | -19.9%% | -17.9%% | 6.1 | % | -10.5 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 242,383 | $ | 260,471 | $ | 253,947 | $ | 502,854 | $ | 497,993 | $ | 159,208 | $ | 147,883 | $ | 188,831 | ||||||||||||||||
Gross profit margin | 29.5% | % | 33.0% | % | 33.5% | % | 31.3% | % | 32.8% | % | 28.1 | % | 23.5 | % | 33.1 | % |
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | Fiscal quarter ended April 4, 2020 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2019 | $ | 11,325 | 7.7 | % | ||||||||||||||||||||
March 30, 2019 | $ | ((18,088) | ) | -6.9% | % | $ | (29,623 | ) | -15.7 | % | ||||||||||||||
June 30, 2018 | $ | ((11,564) | ) | -4.6% | % | $ | 4,861 | 1.0% | % |
vs. Prior Quarter | vs. Prior Year Quarter | |||||||
Change attributable to: | ||||||||
Change in volume | 8.9 | % | -12.0 | % | ||||
Decrease in average selling prices | -0.6 | % | -1.0 | % | ||||
Foreign currency effects | -0.3 | % | -1.2 | % | ||||
Other | -0.3 | % | -1.5 | % | ||||
Net change | 7.7 | % | -15.7 | % |
Fiscal quarters ended | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
Net revenues | $ | 73,785 | $ | 76,520 | $ | 71,640 | ||||||
Gross profit margin | 31.2 | % | 33.5 | % | 32.5 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | (2,735 | ) | -3.6 | % | |||
March 30, 2019 | $ | 2,145 | 3.0 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | |||||||||
Change attributable to: | |||||||||||||
Change in volume | -4.8%% | -2.0%% | 2.0%% | -0.9 | % | 6.5 | % | ||||||
Change in average selling prices | -0.4%% | 0.0%% | 0.1%% | ||||||||||
Decrease in average selling prices | -2.6 | % | -2.7 | % | |||||||||
Foreign currency effects | -0.4%% | -2.3%% | -2.8%% | 0.0 | % | -0.6 | % | ||||||
Acquisitions | 0.0%% | 0.3%% | 0.9%% | ||||||||||
Other | -1.3%% | -0.6%% | 0.8%% | -0.1 | % | -0.2 | % | ||||||
Net change | -6.9%% | -4.6%% | 1.0%% | -3.6 | % | 3.0 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 111,298 | $ | 118,945 | $ | 112,349 | $ | 230,243 | $ | 218,617 | $ | 93,433 | $ | 94,530 | $ | 118,945 | ||||||||||||||||
Gross profit margin | 23.5% | % | 25.0% | % | 22.3% | % | 24.3% | % | 22.6% | % | 21.8 | % | 17.9 | % | 25.0 | % |
Fiscal quarter ended June 29, 2019 | Six fiscal months ended June 29, 2019 | Fiscal quarter ended April 4, 2020 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2019 | $ | (1,097 | ) | -1.2 | % | |||||||||||||||||||
March 30, 2019 | $ | ((7,647) | ) | -6.4% | % | $ | (25,512 | ) | -21.4 | % | ||||||||||||||
June 30, 2018 | $ | ((1,051) | ) | -0.9% | % | $ | 11,626 | 5.3% | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | |||||||||
Change attributable to: | |||||||||||||
Change in volume | -5.4%% | 0.6%% | 7.0%% | ||||||||||
Decrease in volume | -0.5 | % | -21.1 | % | |||||||||
Change in average selling prices | -0.4%% | 1.9%% | 2.1%% | -0.6 | % | 0.8 | % | ||||||
Foreign currency effects | -0.4%% | -3.0%% | -3.5%% | -0.2 | % | -1.1 | % | ||||||
Other | -0.2%% | -0.4%% | -0.3%% | 0.1 | % | 0.0 | % | ||||||
Net change | -6.4%% | -0.9%% | 5.3%% | -1.2 | % | -21.4 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
June 29, 2019 | March 30, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Total SG&A expenses | $ | 95,112 | $ | 103,424 | $ | 103,945 | $ | 198,536 | $ | 205,183 | $ | 99,832 | $ | 94,299 | $ | 103,424 | ||||||||||||||||
as a percentage of revenues | 13.9% | % | 13.9% | % | 13.7% | % | 13.9% | % | 13.9% | % | 16.3 | % | 15.5 | % | 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 | Fiscal quarters ended | |||||||||||||||||||||||
June 29, 2019 | June 30, 2018 | Change | April 4, 2020 | December 31, 2019 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | ((481) | ) | $ | 1,182 | $ | ((1,663) | ) | $ | 1,864 | $ | (1,576 | ) | $ | 3,440 | |||||||||
Interest income | 2,147 | 2,762 | ((615) | ) | 1,854 | 1,734 | 120 | |||||||||||||||||
Other components of other periodic pension cost | (3,068 | ) | (3,848 | ) | 780 | |||||||||||||||||||
Investment income (expense) | 1,399 | ((550) | ) | 1,949 | (437 | ) | (97 | ) | (340 | ) | ||||||||||||||
Other | ((95) | ) | 3 | ((98) | ) | (15 | ) | 135 | (150 | ) | ||||||||||||||
$ | 2,970 | $ | 3,397 | $ | ((427) | ) | $ | 198 | $ | (3,652 | ) | $ | 3,850 |
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 | Fiscal quarters ended | |||||||||||||||||||||||
June 29, 2019 | June 30, 2018 | Change | April 4, 2020 | March 30, 2019 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | ((951) | ) | $ | ((743) | ) | $ | ((208) | ) | $ | 1,864 | $ | (470 | ) | $ | 2,334 | ||||||||
Interest income | 4,346 | 4,798 | ((452) | ) | 1,854 | 2,199 | (345 | ) | ||||||||||||||||
Other components of other periodic pension cost | (3,068 | ) | (3,396 | ) | 328 | |||||||||||||||||||
Investment income (expense) | 4,989 | ((1,454) | ) | 6,443 | (437 | ) | 3,590 | (4,027 | ) | |||||||||||||||
Other | ((106) | ) | ((51) | ) | ((55) | ) | (15 | ) | (11 | ) | (4 | ) | ||||||||||||
$ | 8,278 | $ | 2,550 | $ | 5,728 | $ | 198 | $ | 1,912 | $ | (1,714 | ) |
June 29, 2019 | December 31, 2018 | April 4, 2020 | December 31, 2019 | |||||||||||||
Credit facility | $ | 28,000 | $ | - | $ | 54,000 | $ | - | ||||||||
Convertible senior notes, due 2025* | 502,071 | 495,203 | 512,745 | 509,128 | ||||||||||||
Convertible senior debentures, due 2040* | 146 | 539 | 127 | 126 | ||||||||||||
Convertible senior debentures, due 2041* | 8,132 | 12,812 | 1,050 | 6,677 | ||||||||||||
Convertible senior debentures, due 2042* | - | 923 | ||||||||||||||
Deferred financing costs | ((18,486) | ) | ((14,968) | ) | (15,826 | ) | (16,784 | ) | ||||||||
Total debt | 519,863 | 494,509 | 552,096 | 499,147 | ||||||||||||
Cash and cash equivalents | 790,906 | 686,032 | 680,703 | 694,133 | ||||||||||||
Short-term investments | 163 | 78,286 | 140,725 | 108,822 | ||||||||||||
Net cash and short-term investments (debt) | $ | 271,206 | $ | 269,809 | $ | 269,332 | $ | 303,808 |
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 |
Fiscal Period | Amount | Month of Payment | |||
Three fiscal months ended April 4, 2020 | $ | 13,741 | March |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
• | Adverse impact on our customers and supply channels; |
• | Decrease in sales, product demand and pricing and unfavorable economic and market conditions; |
• | Increased costs, including higher shipping costs due to reduced shipping capacity; |
• | Restrictions on our manufacturing, support operations or workforce, or similar limitations for our customers, vendors, and suppliers, that could limit our ability to meet customer demand; |
• | Potential increased credit risk if customers, distributors, and resellers are unable to pay us, or must delay paying their obligations to us; |
• | Restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures could result in delays; and |
• | Impact on our workforce/employees due to the ease with which the virus spreads and the current shelter-in-place orders. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended |
104 | Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language and contained in Exhibit 101) |
VISHAY INTERTECHNOLOGY, INC. | ||
/s/ Lori Lipcaman | ||
Lori Lipcaman | ||
Executive Vice President and Chief Financial Officer | ||
(as a duly authorized officer and principal financial and | ||
accounting officer) |