☒ | 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 Lancaster Avenue 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 | |||||
2020 | |||||
Item 2. | Financial Condition and Results of Operations | 26 | |||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 45 | |||
4. | Procedures | 45 | |||
46 | |||||
46 | |||||
46 | |||||
46 | |||||
46 | |||||
46 | |||||
46 | |||||
47 |
July 4, 2020 | December 31, 2019 | April 3, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 599,930 | $ | 694,133 | $ | 643,847 | $ | 619,874 | ||||||||
Short-term investments | 157,246 | 108,822 | 137,348 | 158,476 | ||||||||||||
Accounts receivable, net | 285,529 | 328,187 | 385,238 | 338,632 | ||||||||||||
Inventories: | ||||||||||||||||
Finished goods | 125,177 | 122,466 | 129,310 | 120,792 | ||||||||||||
Work in process | 196,846 | 187,354 | 212,273 | 201,259 | ||||||||||||
Raw materials | 127,165 | 121,860 | 132,373 | 126,200 | ||||||||||||
Total inventories | 449,188 | 431,680 | 473,956 | 448,251 | ||||||||||||
Prepaid expenses and other current assets | 131,125 | 141,294 | 140,536 | 132,103 | ||||||||||||
Total current assets | 1,623,018 | 1,704,116 | 1,780,925 | 1,697,336 | ||||||||||||
Property and equipment, at cost: | ||||||||||||||||
Land | 74,985 | 75,011 | 75,339 | 76,231 | ||||||||||||
Buildings and improvements | 596,942 | 585,064 | 629,550 | 641,041 | ||||||||||||
Machinery and equipment | 2,623,774 | 2,606,355 | 2,705,346 | 2,732,771 | ||||||||||||
Construction in progress | 99,932 | 110,722 | 94,981 | 86,520 | ||||||||||||
Allowance for depreciation | (2,474,456 | ) | (2,425,627 | ) | (2,587,948 | ) | (2,593,398 | ) | ||||||||
Property and equipment, net | 921,177 | 951,525 | 917,268 | 943,165 | ||||||||||||
Right of use assets | 103,153 | 93,162 | 98,001 | 102,440 | ||||||||||||
Goodwill | 150,641 | 150,642 | 157,693 | 158,183 | ||||||||||||
Other intangible assets, net | 58,583 | 60,659 | 64,123 | 66,795 | ||||||||||||
Other assets | 168,274 | 160,671 | 192,552 | 186,554 | ||||||||||||
Total assets | $ | 3,024,846 | $ | 3,120,775 | $ | 3,210,562 | $ | 3,154,473 |
July 4, 2020 | December 31, 2019 | April 3, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Liabilities, temporary equity, and equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Notes payable to banks | $ | 1 | $ | 2 | ||||||||||||
Trade accounts payable | 148,727 | 173,915 | $ | 206,741 | $ | 196,203 | ||||||||||
Payroll and related expenses | 126,302 | 122,100 | 136,069 | 141,034 | ||||||||||||
Lease liabilities | 21,443 | 20,217 | 21,275 | 22,074 | ||||||||||||
Other accrued expenses | 166,261 | 186,463 | 197,246 | 182,642 | ||||||||||||
Income taxes | 40,642 | 17,731 | 26,715 | 20,470 | ||||||||||||
Total current liabilities | 503,376 | 520,428 | 588,046 | 562,423 | ||||||||||||
Long-term debt less current portion | 438,494 | 499,147 | 453,213 | 394,886 | ||||||||||||
U.S. transition tax payable | 125,438 | 140,196 | 125,438 | 125,438 | ||||||||||||
Deferred income taxes | 4,231 | 22,021 | 1,856 | 1,852 | ||||||||||||
Long-term lease liabilities | 85,714 | 78,511 | 82,260 | 86,220 | ||||||||||||
Other liabilities | 98,134 | 100,207 | 103,881 | 104,356 | ||||||||||||
Accrued pension and other postretirement costs | 270,735 | 272,402 | 287,407 | 300,113 | ||||||||||||
Total liabilities | 1,526,122 | 1,632,912 | 1,642,101 | 1,575,288 | ||||||||||||
Redeemable convertible debentures | - | 174 | 0 | 170 | ||||||||||||
Equity: | ||||||||||||||||
Vishay stockholders' equity | ||||||||||||||||
Common stock | 13,256 | 13,235 | 13,271 | 13,256 | ||||||||||||
Class B convertible common stock | 1,210 | 1,210 | 1,210 | 1,210 | ||||||||||||
Capital in excess of par value | 1,412,775 | 1,425,170 | 1,345,284 | 1,409,200 | ||||||||||||
Retained earnings | 95,462 | 72,180 | 217,214 | 138,990 | ||||||||||||
Accumulated other comprehensive income (loss) | (26,326 | ) | (26,646 | ) | (11,526 | ) | 13,559 | |||||||||
Total Vishay stockholders' equity | 1,496,377 | 1,485,149 | 1,565,453 | 1,576,215 | ||||||||||||
Noncontrolling interests | 2,347 | 2,540 | 3,008 | 2,800 | ||||||||||||
Total equity | 1,498,724 | 1,487,689 | 1,568,461 | 1,579,015 | ||||||||||||
Total liabilities, temporary equity, and equity | $ | 3,024,846 | $ | 3,120,775 | $ | 3,210,562 | $ | 3,154,473 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||
Net revenues | $ | 581,717 | $ | 685,240 | $ | 764,632 | $ | 612,841 | ||||||||
Costs of products sold | 451,047 | 510,639 | 561,683 | 465,601 | ||||||||||||
Gross profit | 130,670 | 174,601 | 202,949 | 147,240 | ||||||||||||
Selling, general, and administrative expenses | 89,127 | 95,112 | 105,685 | 99,832 | ||||||||||||
Restructuring and severance costs | 743 | - | ||||||||||||||
Operating income | 40,800 | 79,489 | 97,264 | 47,408 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (8,430 | ) | (8,204 | ) | (4,376 | ) | (8,552 | ) | ||||||||
Loss on early extinguishment of debt | 0 | (2,920 | ) | |||||||||||||
Other | (1,484 | ) | (397 | ) | (5,731 | ) | 198 | |||||||||
Loss on early extinguishment of debt | (1,146 | ) | - | |||||||||||||
Total other income (expense) | (11,060 | ) | (8,601 | ) | (10,107 | ) | (11,274 | ) | ||||||||
Income before taxes | 29,740 | 70,888 | 87,157 | 36,134 | ||||||||||||
Income tax expense | 4,845 | 26,153 | 15,514 | 8,750 | ||||||||||||
Net earnings | 24,895 | 44,735 | 71,643 | 27,384 | ||||||||||||
Less: net earnings attributable to noncontrolling interests | 242 | 258 | 208 | 165 | ||||||||||||
Net earnings attributable to Vishay stockholders | $ | 24,653 | $ | 44,477 | $ | 71,435 | $ | 27,219 | ||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.17 | $ | 0.31 | $ | 0.49 | $ | 0.19 | ||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.17 | $ | 0.31 | $ | 0.49 | $ | 0.19 | ||||||||
Weighted average shares outstanding - basic | 144,846 | 144,621 | 144,968 | 144,792 | ||||||||||||
Weighted average shares outstanding - diluted | 145,170 | 145,023 | 145,463 | 145,295 | ||||||||||||
Cash dividends per share | $ | 0.095 | $ | 0.095 | $ | 0.095 | $ | 0.095 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||
Net earnings | $ | 24,895 | $ | 44,735 | $ | 71,643 | $ | 27,384 | ||||||||
Other comprehensive income, net of tax | ||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Pension and other post-retirement actuarial items | 1,760 | 1,623 | 1,864 | 1,601 | ||||||||||||
Foreign currency translation adjustment | 20,088 | 7,384 | (26,949 | ) | (23,129 | ) | ||||||||||
Other comprehensive income | 21,848 | 9,007 | ||||||||||||||
Other comprehensive income (loss) | (25,085 | ) | (21,528 | ) | ||||||||||||
Comprehensive income | 46,743 | 53,742 | 46,558 | 5,856 | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 242 | 258 | 208 | 165 | ||||||||||||
Comprehensive income attributable to Vishay stockholders | $ | 46,501 | $ | 53,484 | $ | 46,350 | $ | 5,691 |
Six fiscal months ended | ||||||||
July 4, 2020 | June 29, 2019 | |||||||
Net revenues | $ | 1,194,558 | $ | 1,430,399 | ||||
Costs of products sold | 916,648 | 1,044,639 | ||||||
Gross profit | 277,910 | 385,760 | ||||||
Selling, general, and administrative expenses | 188,959 | 198,536 | ||||||
Restructuring and severance costs | 743 | - | ||||||
Operating income | 88,208 | 187,224 | ||||||
Other income (expense): | ||||||||
Interest expense | (16,982 | ) | (16,596 | ) | ||||
Other | (1,286 | ) | 1,515 | |||||
Loss on early extinguishment of debt | (4,066 | ) | (1,307 | ) | ||||
Total other income (expense) | (22,334 | ) | (16,388 | ) | ||||
Income before taxes | 65,874 | 170,836 | ||||||
Income tax expense | 13,595 | 50,460 | ||||||
Net earnings | 52,279 | 120,376 | ||||||
Less: net earnings attributable to noncontrolling interests | 407 | 440 | ||||||
Net earnings attributable to Vishay stockholders | $ | 51,872 | $ | 119,936 | ||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.36 | $ | 0.83 | ||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.36 | $ | 0.83 | ||||
Weighted average shares outstanding - basic | 144,818 | 144,589 | ||||||
Weighted average shares outstanding - diluted | 145,232 | 145,158 | ||||||
Cash dividends per share | $ | 0.19 | $ | 0.18 |
Six fiscal months ended | ||||||||
July 4, 2020 | June 29, 2019 | |||||||
Net earnings | $ | 52,279 | $ | 120,376 | ||||
Other comprehensive income (loss), net of tax | ||||||||
Pension and other post-retirement actuarial items | 3,361 | 3,080 | ||||||
Foreign currency translation adjustment | (3,041 | ) | (2,605 | ) | ||||
Other comprehensive income | 320 | 475 | ||||||
Comprehensive income | 52,599 | 120,851 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 407 | 440 | ||||||
Comprehensive income attributable to Vishay stockholders | $ | 52,192 | $ | 120,411 |
Six fiscal months ended | Three fiscal months ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||
Operating activities | ||||||||||||||||
Net earnings | $ | 52,279 | $ | 120,376 | $ | 71,643 | $ | 27,384 | ||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 82,158 | 81,346 | 42,146 | 41,520 | ||||||||||||
(Gain) loss on disposal of property and equipment | (43 | ) | (162 | ) | ||||||||||||
Gain on disposal of property and equipment | (177 | ) | (45 | ) | ||||||||||||
Accretion of interest on convertible debt instruments | 7,125 | 6,985 | 0 | 3,637 | ||||||||||||
Inventory write-offs for obsolescence | 11,587 | 12,643 | 4,784 | 5,643 | ||||||||||||
Deferred income taxes | (4,370 | ) | (5,601 | ) | 901 | (3,517 | ) | |||||||||
Loss on extinguishment of debt | 4,066 | 1,307 | 0 | 2,920 | ||||||||||||
Other | 954 | 4,283 | 5,728 | 3,524 | ||||||||||||
Change in U.S. transition tax liability | - | (14,757 | ) | |||||||||||||
Change in repatriation tax liability | (16,258 | ) | (20,479 | ) | ||||||||||||
Net change in operating assets and liabilities, net of effects of businesses acquired | (12,589 | ) | (50,122 | ) | ||||||||||||
Net change in operating assets and liabilities | (67,703 | ) | (46,588 | ) | ||||||||||||
Net cash provided by operating activities | 124,909 | 135,819 | 57,322 | 34,478 | ||||||||||||
Investing activities | ||||||||||||||||
Capital expenditures | (48,832 | ) | (70,148 | ) | (28,527 | ) | (24,328 | ) | ||||||||
Proceeds from sale of property and equipment | 230 | 464 | 200 | 53 | ||||||||||||
Purchase of businesses, net of cash received | - | (11,862 | ) | |||||||||||||
Purchase of short-term investments | (157,086 | ) | (1,970 | ) | (12,853 | ) | (35,463 | ) | ||||||||
Maturity of short-term investments | 108,044 | 79,694 | 29,519 | 0 | ||||||||||||
Other investing activities | (529 | ) | 2,893 | 347 | (1,507 | ) | ||||||||||
Net cash used in investing activities | (98,173 | ) | (929 | ) | (11,314 | ) | (61,245 | ) | ||||||||
Financing activities | ||||||||||||||||
Issuance costs | - | (5,394 | ) | |||||||||||||
Repurchase of convertible debt instruments | (90,525 | ) | (22,695 | ) | (300 | ) | (19,849 | ) | ||||||||
Net proceeds (payments) on revolving credit lines | - | 28,000 | ||||||||||||||
Net proceeds on revolving credit lines | 0 | 54,000 | ||||||||||||||
Net changes in short-term borrowings | (113 | ) | 22 | 0 | 85 | |||||||||||
Dividends paid to common stockholders | (25,185 | ) | (23,822 | ) | (12,608 | ) | (12,592 | ) | ||||||||
Dividends paid to Class B common stockholders | (2,299 | ) | (2,178 | ) | (1,149 | ) | (1,149 | ) | ||||||||
Distributions to noncontrolling interests | (600 | ) | (600 | ) | ||||||||||||
Cash withholding taxes paid when shares withheld for vested equity awards | (2,016 | ) | (2,708 | ) | (1,963 | ) | (1,991 | ) | ||||||||
Net cash used in financing activities | (120,738 | ) | (29,375 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (16,020 | ) | 18,504 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (201 | ) | (641 | ) | (6,015 | ) | (5,167 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | (94,203 | ) | 104,874 | 23,973 | (13,430 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 694,133 | 686,032 | 619,874 | 694,133 | ||||||||||||
Cash and cash equivalents at end of period | $ | 599,930 | $ | 790,906 | $ | 643,847 | $ | 680,703 |
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 | Common Stock | Class B Convertible Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Vishay Stockholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 75,459 | - | 75,459 | 182 | 75,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 0 | 0 | 0 | (1,070 | ) | 0 | (1,070 | ) | 0 | (1,070 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 0 | 0 | 0 | 27,219 | 0 | 27,219 | 165 | 27,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (8,532 | ) | (8,532 | ) | - | (8,532 | ) | 0 | 0 | 0 | 0 | (21,528 | ) | (21,528 | ) | 0 | (21,528 | ) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (18 shares) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (18 shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 3 | - | - | 3 | - | 3 | 0 | 0 | 174 | 0 | 0 | 174 | 0 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (220,718 shares) | 22 | - | (2,681 | ) | - | - | (2,659 | ) | - | (2,659 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.085 per share) | - | - | 15 | (12,292 | ) | - | (12,277 | ) | - | (12,277 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (199,251 shares) | 20 | 0 | (2,011 | ) | 0 | 0 | (1,991 | ) | 0 | (1,991 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.095 per share) | 0 | 0 | 18 | (13,759 | ) | 0 | (13,741 | ) | 0 | (13,741 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 3,536 | - | - | 3,536 | - | 3,536 | 0 | 0 | 2,998 | 0 | 0 | 2,998 | 0 | 2,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 | - | - | (11,783 | ) | - | - | (11,783 | ) | - | (11,783 | ) | 0 | 0 | (10,089 | ) | 0 | 0 | (10,089 | ) | 0 | (10,089 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 30, 2019 | $ | 13,234 | $ | 1,210 | $ | 1,425,101 | $ | 24,922 | $ | (15,323 | ) | $ | 1,449,144 | $ | 2,468 | $ | 1,451,612 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 4, 2020 | $ | 13,255 | $ | 1,210 | $ | 1,416,260 | $ | 84,570 | $ | (48,174 | ) | $ | 1,467,121 | $ | 2,705 | $ | 1,469,826 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 13,256 | 1,210 | 1,409,200 | 138,990 | 13,559 | 1,576,215 | 2,800 | 1,579,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2020-06 (see Note 1) | 0 | 0 | (66,078 | ) | 20,566 | 0 | (45,512 | ) | 0 | (45,512 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 44,477 | - | 44,477 | 258 | 44,735 | 0 | 0 | 0 | 71,435 | 0 | 71,435 | 208 | 71,643 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 9,007 | 9,007 | - | 9,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (600 | ) | (600 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 206 | - | - | 206 | - | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (9,906 shares) | 1 | - | (50 | ) | - | - | (49 | ) | - | (49 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (25,085 | ) | (25,085 | ) | 0 | (25,085 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (149,722 shares) | 15 | 0 | (1,978 | ) | 0 | 0 | (1,963 | ) | 0 | (1,963 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.095 per share) | - | - | 17 | (13,740 | ) | - | (13,723 | ) | - | (13,723 | ) | 0 | 0 | 20 | (13,777 | ) | 0 | (13,757 | ) | 0 | (13,757 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 890 | - | - | 890 | - | 890 | 0 | 0 | 4,120 | 0 | 0 | 4,120 | 0 | 4,120 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 29, 2019 | $ | 13,235 | $ | 1,210 | $ | 1,426,164 | $ | 55,659 | $ | (6,316 | ) | $ | 1,489,952 | $ | 2,126 | $ | 1,492,078 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | - | - | - | 27,219 | - | 27,219 | 165 | 27,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (21,528 | ) | (21,528 | ) | - | (21,528 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 174 | - | - | 174 | - | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | - | 2,998 | - | - | 2,998 | - | 2,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 24,653 | - | 24,653 | 242 | 24,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 21,848 | 21,848 | - | 21,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (600 | ) | (600 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (13,141 shares) | 1 | - | (26 | ) | - | - | (25 | ) | - | (25 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.095 per share) | - | - | 18 | (13,761 | ) | - | (13,743 | ) | - | (13,743 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 875 | - | - | 875 | - | 875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible senior notes due 2025 | - | - | (4,352 | ) | - | - | (4,352 | ) | - | (4,352 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 4, 2020 | $ | 13,256 | $ | 1,210 | $ | 1,412,775 | $ | 95,462 | $ | (26,326 | ) | $ | 1,496,377 | $ | 2,347 | $ | 1,498,724 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 3, 2021 | $ | 13,271 | $ | 1,210 | $ | 1,345,284 | $ | 217,214 | $ | (11,526 | ) | $ | 1,565,453 | $ | 3,008 | $ | 1,568,461 |
July 4, 2020 | December 31, 2019 | |||||||
Right of use assets | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 98,048 | $ | 87,689 | ||||
Machinery and equipment | 5,105 | 5,473 | ||||||
Total | $ | 103,153 | $ | 93,162 | ||||
Current lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 18,716 | $ | 17,410 | ||||
Machinery and equipment | 2,727 | 2,807 | ||||||
Total | $ | 21,443 | $ | 20,217 | ||||
Long-term lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 83,372 | $ | 75,877 | ||||
Machinery and equipment | 2,342 | 2,634 | ||||||
Total | $ | 85,714 | $ | 78,511 | ||||
Total lease liabilities | $ | 107,157 | $ | 98,728 |
April 3, 2021 | December 31, 2020 | |||||||
Right of use assets | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 92,951 | $ | 97,429 | ||||
Machinery and equipment | 5,050 | 5,011 | ||||||
Total | $ | 98,001 | $ | 102,440 | ||||
Current lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 18,622 | $ | 19,370 | ||||
Machinery and equipment | 2,653 | 2,704 | ||||||
Total | $ | 21,275 | $ | 22,074 | ||||
Long-term lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 79,895 | $ | 83,926 | ||||
Machinery and equipment | 2,365 | 2,294 | ||||||
Total | $ | 82,260 | $ | 86,220 | ||||
Total lease liabilities | $ | 103,535 | $ | 108,294 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||||||||
Lease expense | ||||||||||||||||||||||||
Operating lease expense | $ | 5,760 | $ | 5,627 | $ | 11,412 | $ | 11,163 | $ | 6,152 | $ | 5,652 | ||||||||||||
Short-term lease expense | 225 | 819 | 419 | 1,652 | 325 | 194 | ||||||||||||||||||
Variable lease expense | 6 | 9 | 29 | 21 | 127 | 23 | ||||||||||||||||||
Total lease expense | $ | 5,991 | $ | 6,455 | $ | 11,860 | $ | 12,836 | $ | 6,604 | $ | 5,869 |
July 4, 2020 | April 3, 2021 | |||||||
2020 (excluding the six fiscal months ended July 4, 2020) | $ | 11,165 | ||||||
2021 | 20,498 | |||||||
2021 (excluding the three fiscal months ended April 3, 2021) | $ | 16,736 | ||||||
2022 | 16,838 | 19,360 | ||||||
2023 | 14,370 | 16,198 | ||||||
2024 | 13,218 | 14,165 | ||||||
2025 | 13,026 | |||||||
Thereafter | 63,394 | 54,010 |
Expense recorded in 2019 | $ | 24,139 | $ | 24,139 | ||||
Cash paid | (1,330 | ) | (1,330 | ) | ||||
Foreign currency translation | 35 | 35 | ||||||
Balance at December 31, 2019 | $ | 22,844 | $ | 22,844 | ||||
Expense recorded in 2020 | 743 | 743 | ||||||
Cash paid | (6,465 | ) | (10,813 | ) | ||||
Foreign currency translation | (21 | ) | 683 | |||||
Balance at July 4, 2020 | $ | 17,101 | ||||||
Balance at December 31, 2020 | $ | 13,457 | ||||||
Cash paid | (8,447 | ) | ||||||
Foreign currency translation | (96 | ) | ||||||
Balance at April 3, 2021 | $ | 4,914 |
July 4, 2020 | December 31, 2019 | April 3, 2021 | December 31, 2020 | |||||||||||||
Credit facility | $ | - | $ | - | $ | 0 | $ | 0 | ||||||||
Convertible senior notes, due 2025 | 451,169 | 509,128 | 465,344 | 406,268 | ||||||||||||
Convertible senior debentures, due 2040 | 128 | 126 | 0 | 130 | ||||||||||||
Convertible senior debentures, due 2041 | 1,058 | 6,677 | ||||||||||||||
Deferred financing costs | (13,861 | ) | (16,784 | ) | (12,131 | ) | (11,512 | ) | ||||||||
438,494 | 499,147 | 453,213 | 394,886 | |||||||||||||
Less current portion | - | - | 0 | 0 | ||||||||||||
$ | 438,494 | $ | 499,147 | $ | 453,213 | $ | 394,886 |
Convertible Senior Notes Due 2025 | ||||
Issuance date | June 12, 2018 | |||
Maturity date | June 15, 2025 | |||
Principal amount as of April 3, 2021 | $ | 465,344 | ||
Cash coupon rate (per annum) | 2.25 | % | ||
Nonconvertible debt borrowing rate at issuance (per annum) | 5.50 | % | ||
Conversion rate effective March 16, 2021 (per $1 principal amount) | 31.8965 | |||
Effective conversion price effective March 16, 2021 (per share) | $ | 31.35 | ||
% of the conversion price (per share) | $ | 40.76 | ||
Call date | n/a |
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 | |||||||||
Maturity date | June 15, 2025 | November 15, 2040 | May 15, 2041 | |||||||||
Principal amount as of July 4, 2020 | $ | 524,230 | $ | 300 | $ | 2,640 | ||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | ||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 5.50 | % | 8.00 | % | 8.375 | % | ||||||
Conversion rate effective June 11, 2020 (per $1 principal amount) | 31.8470 | 80.9286 | 59.0575 | |||||||||
Effective conversion price effective June 11, 2020 (per share) | $ | 31.40 | $ | 12.36 | $ | 16.93 | ||||||
130% of the conversion price (per share) | $ | 40.82 | $ | 16.07 | $ | 22.01 | ||||||
Call date | n/a | November 20, 2020 | May 20, 2021 |
Principal amount of the debt instruments | Unamortized discount | 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 | |||||||||||||||||||||||||
July 4, 2020 | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 524,230 | (73,061 | ) | $ | 451,169 | $ | 74,495 | $ | 465,344 | (59,076 | ) | $ | 406,268 | $ | 66,127 | ||||||||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 2,940 | (1,754 | ) | $ | 1,186 | $ | 1,216 | ||||||||||||||||||||||||
Convertible senior debentures due 2040 | $ | 300 | (170 | ) | $ | 130 | $ | 121 | ||||||||||||||||||||||||
Total | $ | 527,170 | $ | (74,815 | ) | $ | 452,355 | $ | 75,711 | $ | 465,644 | $ | (59,246 | ) | $ | 406,398 | $ | 66,248 | ||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (90,872 | ) | $ | 509,128 | $ | 85,262 | ||||||||||||||||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 17,190 | (10,387 | ) | $ | 6,803 | $ | 7,129 | ||||||||||||||||||||||||
Total | $ | 617,190 | $ | (101,259 | ) | $ | 515,931 | $ | 92,391 |
Contractual coupon interest | Non-cash amortization of debt discount | Other non-cash interest expense | 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 | |||||||||||||||||||||||||
July 4, 2020 | ||||||||||||||||||||||||||||||||
April 3, 2021 | ||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 2,618 | 0 | 433 | $ | 3,051 | ||||||||||||||||||||||||||
April 4, 2020 | ||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 3,266 | 3,479 | 435 | $ | 7,180 | $ | 3,375 | 3,617 | 454 | $ | 7,446 | ||||||||||||||||||||
Convertible senior debentures | $ | 16 | 9 | - | $ | 25 | $ | 44 | 20 | 0 | $ | 64 | ||||||||||||||||||||
Total | $ | 3,282 | $ | 3,488 | $ | 435 | $ | 7,205 | $ | 3,419 | $ | 3,637 | $ | 454 | $ | 7,510 | ||||||||||||||||
June 29, 2019 | ||||||||||||||||||||||||||||||||
Convertible senior notes due 2025 | $ | 3,375 | 3,442 | 454 | $ | 7,271 | ||||||||||||||||||||||||||
Convertible senior debentures | $ | 119 | 53 | (2 | ) | $ | 170 | |||||||||||||||||||||||||
Total | $ | 3,494 | $ | 3,495 | $ | 452 | $ | 7,441 |
Contractual coupon interest | Non-cash amortization of debt discount | Other non-cash interest expense | Total interest expense related to the debt instruments | |||||||||||||
July 4, 2020 | ||||||||||||||||
Convertible senior notes due 2025 | $ | 6,641 | 7,096 | 889 | $ | 14,626 | ||||||||||
Convertible senior debentures | $ | 60 | 29 | - | $ | 89 | ||||||||||
Total | $ | 6,701 | $ | 7,125 | $ | 889 | $ | 14,715 | ||||||||
June 29, 2019 | ||||||||||||||||
Convertible senior notes due 2025 | $ | 6,750 | 6,868 | 908 | $ | 14,526 | ||||||||||
Convertible senior debentures | $ | 267 | 117 | (18 | ) | $ | 366 | |||||||||
Total | $ | 7,017 | $ | 6,985 | $ | 890 | $ | 14,892 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | |||||||||||||
Beginning balance | $ | 34,812 | $ | 37,577 | $ | 40,508 | $ | 42,663 | ||||||||
Sales allowances | 19,224 | 28,903 | 41,856 | 57,114 | ||||||||||||
Credits issued | (14,991 | ) | (22,270 | ) | (42,973 | ) | (55,332 | ) | ||||||||
Foreign currency | 387 | 172 | 41 | (63 | ) | |||||||||||
Ending balance | $ | 39,432 | $ | 44,382 | $ | 39,432 | $ | 44,382 |
Fiscal quarters ended | ||||||||
April 3, 2021 | April 4, 2020 | |||||||
Beginning balance | $ | 39,629 | $ | 40,508 | ||||
Sales allowances | 23,796 | 22,632 | ||||||
Credits issued | (28,446 | ) | (27,982 | ) | ||||
Foreign currency | (530 | ) | (346 | ) | ||||
Ending balance | $ | 34,449 | $ | 34,812 |
Pension and other post- retirement actuarial items | Currency translation adjustment | Total | Pension and other post- retirement actuarial items | Currency translation adjustment | Total | |||||||||||||||||||
Balance at January 1, 2020 | $ | (68,020 | ) | $ | 41,374 | $ | (26,646 | ) | ||||||||||||||||
Balance at January 1, 2021 | $ | (77,075 | ) | $ | 90,634 | $ | 13,559 | |||||||||||||||||
Other comprehensive income before reclassifications | - | (3,041 | ) | $ | (3,041 | ) | 0 | (26,949 | ) | $ | (26,949 | ) | ||||||||||||
Tax effect | - | - | $ | - | 0 | 0 | $ | 0 | ||||||||||||||||
Other comprehensive income before reclassifications, net of tax | - | (3,041 | ) | $ | (3,041 | ) | 0 | (26,949 | ) | $ | (26,949 | ) | ||||||||||||
Amounts reclassified out of AOCI | 4,442 | - | $ | 4,442 | 2,659 | 0 | $ | 2,659 | ||||||||||||||||
Tax effect | (1,081 | ) | - | $ | (1,081 | ) | (795 | ) | 0 | $ | (795 | ) | ||||||||||||
Amounts reclassified out of AOCI, net of tax | 3,361 | - | $ | 3,361 | 1,864 | 0 | $ | 1,864 | ||||||||||||||||
Net other comprehensive income | $ | 3,361 | $ | (3,041 | ) | $ | 320 | $ | 1,864 | $ | (26,949 | ) | $ | (25,085 | ) | |||||||||
Balance at July 4, 2020 | $ | (64,659 | ) | $ | 38,333 | $ | (26,326 | ) | ||||||||||||||||
Balance at April 3, 2021 | $ | (75,211 | ) | $ | 63,685 | $ | (11,526 | ) |
Fiscal quarter ended July 4, 2020 | Fiscal quarter ended June 29, 2019 | Fiscal quarter ended April 3, 2021 | Fiscal quarter ended April 4, 2020 | |||||||||||||||||||||||||||||
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 | $ | - | $ | 1,071 | $ | - | $ | 845 | $ | 0 | $ | 1,190 | $ | 0 | $ | 1,074 | ||||||||||||||||
Interest cost | 341 | 919 | 424 | 1,281 | 254 | 754 | 342 | 924 | ||||||||||||||||||||||||
Expected return on plan assets | - | (491 | ) | - | (489 | ) | 0 | (417 | ) | 0 | (495 | ) | ||||||||||||||||||||
Amortization of prior service cost | 36 | 30 | 36 | 50 | 36 | 51 | 36 | 30 | ||||||||||||||||||||||||
Amortization of losses | 297 | 1,588 | 118 | 1,344 | 447 | 1,884 | 298 | 1,592 | ||||||||||||||||||||||||
Curtailment and settlement losses | - | 231 | - | 500 | 0 | 199 | 0 | 229 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 674 | $ | 3,348 | $ | 578 | $ | 3,531 | $ | 737 | $ | 3,661 | $ | 676 | $ | 3,354 |
Six fiscal months ended July 4, 2020 | Six fiscal months ended June 29, 2019 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Net service cost | $ | - | $ | 2,145 | $ | - | $ | 1,697 | ||||||||
Interest cost | 683 | 1,843 | 848 | 2,572 | ||||||||||||
Expected return on plan assets | - | (986 | ) | - | (979 | ) | ||||||||||
Amortization of prior service cost | 72 | 60 | 72 | 101 | ||||||||||||
Amortization of losses | 595 | 3,180 | 236 | 2,703 | ||||||||||||
Curtailment and settlement losses | - | 460 | - | 1,005 | ||||||||||||
Net periodic benefit cost | $ | 1,350 | $ | 6,702 | $ | 1,156 | $ | 7,099 |
Fiscal quarter ended April 3, 2021 | Fiscal quarter ended April 4, 2020 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 25 | $ | 71 | $ | 28 | $ | 69 | ||||||||
Interest cost | 41 | 11 | 59 | 15 | ||||||||||||
Amortization of losses (gains) | 13 | 29 | 7 | 31 | ||||||||||||
Net periodic benefit cost | $ | 79 | $ | 111 | $ | 94 | $ | 115 |
Fiscal quarter ended July 4, 2020 | Fiscal quarter ended June 29, 2019 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 28 | $ | 68 | $ | 35 | $ | 72 | ||||||||
Interest cost | 59 | 16 | 78 | 30 | ||||||||||||
Amortization of losses (gains) | 6 | 31 | (32 | ) | 27 | |||||||||||
Net periodic benefit cost | $ | 93 | $ | 115 | $ | 81 | $ | 129 |
Six fiscal months ended July 4, 2020 | Six fiscal months ended June 29, 2019 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 56 | $ | 137 | $ | 70 | $ | 144 | ||||||||
Interest cost | 118 | 31 | 155 | 60 | ||||||||||||
Amortization of losses (gains) | 13 | 62 | (64 | ) | 54 | |||||||||||
Net periodic benefit cost | $ | 187 | $ | 230 | $ | 161 | $ | 258 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | |||||||||||||
Restricted stock units | $ | 875 | $ | 890 | $ | 3,658 | 4,249 | |||||||||
Phantom stock units | - | - | 215 | 177 | ||||||||||||
Total | $ | 875 | $ | 890 | $ | 3,873 | 4,426 |
Fiscal quarters ended | ||||||||
April 3, 2021 | April 4, 2020 | |||||||
Restricted stock units | $ | 3,911 | $ | 2,783 | ||||
Phantom stock units | 209 | 215 | ||||||
Total | $ | 4,120 | $ | 2,998 |
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | |||||||||||||
Restricted stock units | $ | 4,162 | 0.9 | $ | 5,885 | 1.1 | ||||||||||
Phantom stock units | - | n/a | 0 | n/a | ||||||||||||
Total | $ | 4,162 | $ | 5,885 |
Number of RSUs | Weighted Average Grant-date Fair Value per Unit | Number of RSUs | Weighted Average Grant-date Fair Value per Unit | |||||||||||||
Outstanding: | ||||||||||||||||
January 1, 2020 | 842 | $ | 17.93 | |||||||||||||
January 1, 2021 | 793 | $ | 18.90 | |||||||||||||
Granted | 272 | 18.30 | 319 | 22.07 | ||||||||||||
Vested* | (308 | ) | 15.70 | (235 | ) | 18.79 | ||||||||||
Cancelled or forfeited | (13 | ) | 19.06 | 0 | 0 | |||||||||||
Outstanding at July 4, 2020 | 793 | $ | 18.90 | |||||||||||||
Outstanding at April 3, 2021 | 877 | $ | 20.08 | |||||||||||||
Expected to vest at July 4, 2020 | 793 | |||||||||||||||
Expected to vest at April 3, 2021 | 877 |
Vesting Date | Expected to Vest | Not Expected to Vest | Total | Expected to Vest | Not Expected to Vest | Total | ||||||||||||||||||
January 1, 2021 | 141 | - | 141 | |||||||||||||||||||||
January 1, 2022 | 174 | - | 174 | 174 | 0 | 174 | ||||||||||||||||||
January 1, 2023 | 152 | - | 152 | 152 | 0 | 152 | ||||||||||||||||||
January 1, 2024 | 165 | 0 | 165 |
Number of units | Grant-date Fair Value per Unit | Number of units | Grant-date Fair Value per Unit | |||||||||||||
Outstanding: | ||||||||||||||||
January 1, 2020 | 183 | |||||||||||||||
January 1, 2021 | 198 | |||||||||||||||
Granted | 10 | $ | 21.49 | 10 | $ | 20.89 | ||||||||||
Dividend equivalents issued | 2 | 1 | ||||||||||||||
Outstanding at July 4, 2020 | 195 | |||||||||||||||
Outstanding at April 3, 2021 | 209 |
MOSFETs | Diodes | Optoelectronic Components | Resistors | Inductors | Capacitors | Corporate / Other* | Total | |||||||||||||||||||||||||
Fiscal quarter ended July 4, 2020: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 118,944 | $ | 124,187 | $ | 49,130 | $ | 140,412 | $ | 65,185 | $ | 83,859 | $ | - | $ | 581,717 | ||||||||||||||||
Gross profit | $ | 26,978 | $ | 24,904 | $ | 11,728 | $ | 32,513 | $ | 20,252 | $ | 15,218 | $ | (923 | ) | $ | 130,670 | |||||||||||||||
Segment operating income | $ | 17,602 | $ | 19,814 | $ | 7,948 | $ | 27,879 | $ | 17,713 | $ | 10,524 | $ | (923 | ) | $ | 100,557 | |||||||||||||||
Fiscal quarter ended June 29, 2019: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 128,842 | $ | 142,042 | $ | 60,675 | $ | 165,359 | $ | 77,024 | $ | 111,298 | $ | - | $ | 685,240 | ||||||||||||||||
Gross profit | $ | 31,933 | $ | 28,857 | $ | 16,231 | $ | 46,877 | $ | 24,538 | $ | 26,165 | $ | - | $ | 174,601 | ||||||||||||||||
Segment operating income | $ | 22,541 | $ | 24,010 | $ | 12,022 | $ | 41,667 | $ | 21,776 | $ | 21,161 | $ | - | $ | 143,177 |
Six fiscal months ended July 4, 2020: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 235,837 | $ | 239,530 | $ | 103,309 | $ | 299,620 | $ | 138,970 | $ | 177,292 | $ | - | $ | 1,194,558 | ||||||||||||||||
Gross Profit | $ | 55,130 | $ | 44,422 | $ | 26,313 | $ | 77,286 | $ | 43,239 | $ | 35,573 | $ | (4,053 | ) | $ | 277,910 | |||||||||||||||
Segment Operating Income | $ | 36,260 | $ | 34,236 | $ | 18,634 | $ | 66,764 | $ | 38,023 | $ | 25,594 | $ | (4,053 | ) | $ | 215,458 | |||||||||||||||
Six fiscal months ended June 29, 2019: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 266,183 | $ | 309,882 | $ | 121,237 | $ | 354,190 | $ | 148,664 | $ | 230,243 | $ | - | $ | 1,430,399 | ||||||||||||||||
Gross Profit | $ | 67,992 | $ | 72,349 | $ | 32,248 | $ | 109,466 | $ | 47,818 | $ | 55,887 | $ | - | $ | 385,760 | ||||||||||||||||
Segment Operating Income | $ | 49,219 | $ | 62,138 | $ | 23,732 | $ | 98,014 | $ | 42,416 | $ | 45,727 | $ | - | $ | 321,246 |
MOSFETs | Diodes | Optoelectronic Components | Resistors | Inductors | Capacitors | Corporate / Other* | Total | |||||||||||||||||||||||||
Fiscal quarter ended April 3, 2021: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 153,223 | $ | 157,178 | $ | 77,771 | $ | 186,602 | $ | 83,458 | $ | 106,400 | $ | 0 | $ | 764,632 | ||||||||||||||||
Gross profit | $ | 37,108 | $ | 34,416 | $ | 25,626 | $ | 53,973 | $ | 27,751 | $ | 24,075 | $ | 0 | $ | 202,949 | ||||||||||||||||
Segment operating income | $ | 27,207 | $ | 28,821 | $ | 21,210 | $ | 47,376 | $ | 25,290 | $ | 18,863 | $ | 0 | $ | 168,767 | ||||||||||||||||
Fiscal quarter ended April 4, 2020: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 116,893 | $ | 115,343 | $ | 54,179 | $ | 159,208 | $ | 73,785 | $ | 93,433 | $ | 0 | $ | 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 quarters ended | Six fiscal months ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | |||||||||||||
Reconciliation: | ||||||||||||||||
Segment Operating Income | $ | 100,557 | $ | 143,177 | $ | 215,458 | $ | 321,246 | ||||||||
Restructuring and Severance Costs | (743 | ) | - | (743 | ) | - | ||||||||||
Impact of COVID-19 on Selling, General, and Administrative Expenses | 747 | - | 430 | - | ||||||||||||
Unallocated Selling, General, and Administrative Expenses | (59,761 | ) | (63,688 | ) | (126,937 | ) | (134,022 | ) | ||||||||
Consolidated Operating Income | $ | 40,800 | $ | 79,489 | $ | 88,208 | $ | 187,224 | ||||||||
Unallocated Other Income (Expense) | (11,060 | ) | (8,601 | ) | (22,334 | ) | (16,388 | ) | ||||||||
Consolidated Income Before Taxes | $ | 29,740 | $ | 70,888 | $ | 65,874 | $ | 170,836 |
Fiscal quarters ended | ||||||||
April 3, 2021 | April 4, 2020 | |||||||
Reconciliation: | ||||||||
Segment Operating Income | $ | 168,767 | $ | 114,901 | ||||
Impact of COVID-19 Pandemic on Selling, General, and Administrative Expenses | 0 | (317 | ) | |||||
Unallocated Selling, General, and Administrative Expenses | (71,503 | ) | (67,176 | ) | ||||
Consolidated Operating Income | $ | 97,264 | $ | 47,408 | ||||
Unallocated Other Income (Expense) | (10,107 | ) | (11,274 | ) | ||||
Consolidated Income Before Taxes | $ | 87,157 | $ | 36,134 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||||||||
Distributors | $ | 349,562 | $ | 368,420 | $ | 655,008 | $ | 779,980 | $ | 424,125 | $ | 305,446 | ||||||||||||
OEMs | 190,799 | 269,026 | 451,928 | 551,662 | 294,637 | 261,129 | ||||||||||||||||||
EMS companies | 41,356 | 47,794 | 87,622 | 98,757 | 45,870 | 46,266 | ||||||||||||||||||
Total Revenue | $ | 581,717 | $ | 685,240 | $ | 1,194,558 | $ | 1,430,399 | $ | 764,632 | $ | 612,841 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||||||||
Asia | $ | 260,625 | $ | 246,193 | $ | 477,709 | $ | 505,919 | $ | 322,460 | $ | 217,084 | ||||||||||||
Europe | 179,928 | 254,742 | 412,980 | 533,641 | 268,323 | 233,052 | ||||||||||||||||||
Americas | 141,164 | 184,305 | 303,869 | 390,839 | 173,849 | 162,705 | ||||||||||||||||||
Total Revenue | $ | 581,717 | $ | 685,240 | $ | 1,194,558 | $ | 1,430,399 | $ | 764,632 | $ | 612,841 |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | |||||||||||||
Industrial | $ | 226,877 | $ | 250,783 | $ | 441,988 | $ | 532,373 | ||||||||
Automotive | 133,834 | 200,580 | 335,777 | 415,366 | ||||||||||||
Telecommunications | 33,496 | 44,562 | 63,188 | 97,842 | ||||||||||||
Computing | 55,719 | 48,244 | 100,942 | 95,752 | ||||||||||||
Consumer Products | 22,571 | 30,486 | 43,124 | 64,535 | ||||||||||||
Power Supplies | 32,176 | 29,474 | 57,370 | 59,601 | ||||||||||||
Military and Aerospace | 41,451 | 47,848 | 85,386 | 95,409 | ||||||||||||
Medical | 35,593 | 33,263 | 66,783 | 69,521 | ||||||||||||
Total revenue | $ | 581,717 | $ | 685,240 | 1,194,558 | 1,430,399 |
Fiscal quarters ended | ||||||||
April 3, 2021 | April 4, 2020 | |||||||
Industrial | $ | 270,801 | $ | 215,111 | ||||
Automotive | 255,973 | 201,943 | ||||||
Telecommunications | 24,902 | 29,692 | ||||||
Computing | 59,899 | 45,223 | ||||||
Consumer Products | 40,795 | 20,553 | ||||||
Power Supplies | 35,246 | 25,194 | ||||||
Military and Aerospace | 41,538 | 43,935 | ||||||
Medical | 35,478 | 31,190 | ||||||
Total revenue | $ | 764,632 | $ | 612,841 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net earnings attributable to Vishay stockholders | $ | 24,653 | $ | 44,477 | $ | 51,872 | $ | 119,936 | $ | 71,435 | $ | 27,219 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||||||||||
Weighted average shares | 144,651 | 144,441 | 144,624 | 144,409 | 144,760 | 144,599 | ||||||||||||||||||
Outstanding phantom stock units | 195 | 180 | 194 | 180 | 208 | 193 | ||||||||||||||||||
Adjusted weighted average shares | 144,846 | 144,621 | 144,818 | 144,589 | ||||||||||||||||||||
Adjusted weighted average shares - basic | 144,968 | 144,792 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Convertible debt instruments | 5 | 24 | 50 | 131 | 9 | 95 | ||||||||||||||||||
Restricted stock units | 319 | 378 | 364 | 438 | 486 | 408 | ||||||||||||||||||
Dilutive potential common shares | 324 | 402 | 414 | 569 | 495 | 503 | ||||||||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||||||||||||
Adjusted weighted average shares - diluted | 145,170 | 145,023 | 145,232 | 145,158 | 145,463 | 145,295 | ||||||||||||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.17 | $ | 0.31 | $ | 0.36 | $ | 0.83 | $ | 0.49 | $ | 0.19 | ||||||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.17 | $ | 0.31 | $ | 0.36 | $ | 0.83 | $ | 0.49 | $ | 0.19 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | April 4, 2020 | |||||||||||||||||||
Convertible debt instruments: | ||||||||||||||||||||||||
Convertible Senior Notes, due 2025 | 18,321 | 19,055 | 18,704 | 19,053 | ||||||||||||||||||||
Convertible Senior Debentures, due 2041 | 155 | - | 122 | - | ||||||||||||||||||||
Convertible senior notes due 2025 | 0 | 19,088 | ||||||||||||||||||||||
Convertible senior debentures due 2041 | 0 | 88 | ||||||||||||||||||||||
Weighted average other | 387 | 315 | 356 | 315 | 317 | 325 |
Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
July 4, 2020 | ||||||||||||||||||||||||||||||||
April 3, 2021 | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Assets held in rabbi trusts | $ | 53,888 | $ | 36,822 | $ | 17,066 | $ | - | $ | 56,143 | $ | 31,352 | $ | 24,791 | $ | 0 | ||||||||||||||||
Available for sale securities | $ | 4,401 | 4,401 | - | - | $ | 4,641 | 4,641 | 0 | 0 | ||||||||||||||||||||||
$ | 58,289 | $ | 41,223 | $ | 17,066 | $ | - | $ | 60,784 | $ | 35,993 | $ | 24,791 | $ | 0 | |||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Assets held in rabbi trusts | $ | 52,148 | $ | 34,280 | 17,868 | $ | - | $ | 57,892 | $ | 34,145 | 23,747 | $ | 0 | ||||||||||||||||||
Available for sale securities | $ | 4,405 | 4,405 | - | - | $ | 4,917 | 4,917 | 0 | 0 | ||||||||||||||||||||||
$ | 56,553 | $ | 38,685 | $ | 17,868 | $ | - | $ | 62,809 | $ | 39,062 | $ | 23,747 | $ | 0 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | ||||||||||||||||
GAAP net earnings attributable to Vishay stockholders | $ | 24,653 | $ | 27,219 | $ | 44,477 | $ | 51,872 | $ | 119,936 | ||||||||||
Reconciling items affecting gross income: | ||||||||||||||||||||
Impact of COVID-19 outbreak | 923 | 3,130 | - | 4,053 | - | |||||||||||||||
Other reconciling items affecting operating income: | ||||||||||||||||||||
Restructuring and severance costs | 743 | - | - | 743 | - | |||||||||||||||
Impact of COVID-19 outbreak | (747 | ) | 317 | - | (430 | ) | - | |||||||||||||
Reconciling items affecting other income (expense): | ||||||||||||||||||||
Loss on early extinguishment of debt | 1,146 | 2,920 | - | 4,066 | 1,307 | |||||||||||||||
Reconciling items affecting tax expense: | ||||||||||||||||||||
Effects of tax-basis foreign exchange gain | $ | - | $ | - | $ | 7,554 | $ | - | $ | 7,554 | ||||||||||
Effects of cash repatriation program | (190 | ) | - | (48 | ) | (190 | ) | (633 | ) | |||||||||||
Change in deferred taxes due to early extinguishment of debt | - | (1,346 | ) | - | (1,346 | ) | (1,312 | ) | ||||||||||||
Tax effects of pre-tax items above | (589 | ) | (1,482 | ) | - | (2,071 | ) | (290 | ) | |||||||||||
Adjusted net earnings | $ | 25,939 | $ | 30,758 | $ | 51,983 | $ | 56,697 | $ | 126,562 | ||||||||||
Adjusted weighted average diluted shares outstanding | 145,170 | 145,295 | 145,023 | 145,232 | 145,158 | |||||||||||||||
Adjusted earnings per diluted share | $ | 0.18 | $ | 0.21 | $ | 0.36 | $ | 0.39 | $ | 0.87 |
Fiscal quarters ended | ||||||||||||
April 3, 2021 | December 31, 2020 | April 4, 2020 | ||||||||||
GAAP net earnings attributable to Vishay stockholders | $ | 71,435 | $ | 37,567 | $ | 27,219 | ||||||
Reconciling items affecting gross income: | ||||||||||||
Impact of COVID-19 pandemic | $ | - | $ | 268 | $ | 3,130 | ||||||
Other reconciling items affecting operating income: | ||||||||||||
Impact of COVID-19 pandemic | $ | - | $ | (580 | ) | $ | 317 | |||||
Reconciling items affecting other income (expense): | ||||||||||||
Loss on early extinguishment of debt | $ | - | $ | 553 | $ | 2,920 | ||||||
Reconciling items affecting tax expense: | ||||||||||||
Change in tax regulation | $ | (4,395 | ) | $ | - | $ | - | |||||
Change in deferred taxes due to early extinguishment of debt | - | (217 | ) | (1,346 | ) | |||||||
Effects of changes in uncertain tax positions | - | 3,751 | - | |||||||||
Tax effects of pre-tax items above | - | (12 | ) | (1,482 | ) | |||||||
Adjusted net earnings | $ | 67,040 | $ | 41,330 | $ | 30,758 | ||||||
Adjusted weighted average diluted shares outstanding | 145,463 | 145,251 | 145,295 | |||||||||
Adjusted earnings per diluted share | $ | 0.46 | $ | 0.28 | $ | 0.21 |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Net cash provided by continuing operating activities | $ | 90,431 | $ | 34,478 | $ | 56,301 | $ | 124,909 | $ | 135,819 | $ | 57,322 | $ | 125,699 | $ | 34,478 | ||||||||||||||||
Proceeds from sale of property and equipment | 177 | 53 | 69 | 230 | 464 | 200 | 110 | 53 | ||||||||||||||||||||||||
Less: Capital expenditures | (24,504 | ) | (24,328 | ) | (33,781 | ) | (48,832 | ) | (70,148 | ) | (28,527 | ) | (52,798 | ) | (24,328 | ) | ||||||||||||||||
Free cash | $ | 66,104 | $ | 10,203 | $ | 22,589 | $ | 76,307 | $ | 66,135 | $ | 28,995 | $ | 73,011 | $ | 10,203 |
2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | 2nd Quarter 2020 | 1st Quarter 2020 | 2nd Quarter 2020 | 3rd Quarter 2020 | 4th Quarter 2020 | 1st Quarter 2021 | |||||||||||||||||||||||||||||||
Net revenues | $ | 685,240 | $ | 628,329 | $ | 609,577 | $ | 612,841 | $ | 581,717 | $ | 612,841 | $ | 581,717 | $ | 640,160 | $ | 667,180 | $ | 764,632 | ||||||||||||||||||||
Gross profit margin(1) | 25.5 | % | 23.9 | % | 22.2 | % | 24.0 | % | 22.5 | % | 24.0 | % | 22.5 | % | 23.7 | % | 22.8 | % | 26.5 | % | ||||||||||||||||||||
Operating margin(2) | 11.6 | % | 8.1 | % | 4.0 | % | 7.7 | % | 7.0 | % | 7.7 | % | 7.0 | % | 9.6 | % | 9.0 | % | 12.7 | % | ||||||||||||||||||||
End-of-period backlog | $ | 1,126,700 | $ | 935,400 | $ | 911,300 | $ | 1,005,200 | $ | 914,300 | $ | 1,005,200 | $ | 914,300 | $ | 927,900 | $ | 1,239,800 | $ | 1,731,200 | ||||||||||||||||||||
Book-to-bill ratio | 0.69 | 0.72 | 0.94 | 1.17 | 0.82 | 1.17 | 0.82 | 0.99 | 1.44 | 1.67 | ||||||||||||||||||||||||||||||
Inventory turnover | 4.3 | 4.1 | 4.3 | 4.2 | 3.9 | 4.2 | 3.9 | 4.4 | 4.6 | 4.8 | ||||||||||||||||||||||||||||||
Change in ASP vs. prior quarter | (0.9 | )% | (1.1 | )% | (0.8 | )% | (1.1 | )% | 0.1 | % | (1.1 | )% | 0.1 | % | (1.1 | )% | (0.3 | )% | (0.5 | )% |
2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | 2nd Quarter 2020 | 1st Quarter 2020 | 2nd Quarter 2020 | 3rd Quarter 2020 | 4th Quarter 2020 | 1st Quarter 2021 | |||||||||||||||||||||||||||||||
MOSFETs | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 128,842 | $ | 126,747 | $ | 116,215 | $ | 116,893 | $ | 118,944 | $ | 116,893 | $ | 118,944 | $ | 133,976 | $ | 131,567 | $ | 153,223 | ||||||||||||||||||||
Book-to-bill ratio | 0.54 | 0.54 | 0.94 | 1.12 | 0.97 | 1.12 | 0.97 | 0.93 | 1.64 | 1.97 | ||||||||||||||||||||||||||||||
Gross profit margin | 24.8 | % | 24.1 | % | 23.7 | % | 24.1 | % | 22.7 | % | 24.1 | % | 22.7 | % | 22.1 | % | 22.4 | % | 24.2 | % | ||||||||||||||||||||
Segment operating margin | 17.5 | % | 16.6 | % | 16.1 | % | 16.0 | % | 14.8 | % | 16.0 | % | 14.8 | % | 15.0 | % | 15.3 | % | 17.8 | % | ||||||||||||||||||||
Diodes | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 142,042 | $ | 123,879 | $ | 123,382 | $ | 115,343 | $ | 124,187 | $ | 115,343 | $ | 124,187 | $ | 123,744 | $ | 139,274 | $ | 157,178 | ||||||||||||||||||||
Book-to-bill ratio | 0.52 | 0.57 | 0.88 | 1.36 | 0.61 | 1.36 | 0.61 | 1.05 | 1.65 | 1.85 | ||||||||||||||||||||||||||||||
Gross profit margin | 20.3 | % | 17.1 | % | 16.3 | % | 16.9 | % | 20.1 | % | 16.9 | % | 20.1 | % | 16.8 | % | 17.8 | % | 21.9 | % | ||||||||||||||||||||
Segment operating margin | 16.9 | % | 13.3 | % | 12.6 | % | 12.5 | % | 16.0 | % | 12.5 | % | 16.0 | % | 12.8 | % | 14.1 | % | 18.3 | % | ||||||||||||||||||||
Optoelectronic Components | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 60,675 | $ | 50,702 | $ | 51,047 | $ | 54,179 | $ | 49,130 | $ | 54,179 | $ | 49,130 | $ | 64,955 | $ | 68,352 | $ | 77,771 | ||||||||||||||||||||
Book-to-bill ratio | 0.70 | 0.86 | 1.11 | 1.40 | 0.96 | 1.40 | 0.96 | 0.97 | 1.46 | 1.66 | ||||||||||||||||||||||||||||||
Gross profit margin | 26.8 | % | 21.5 | % | 20.2 | % | 26.9 | % | 23.9 | % | 26.9 | % | 23.9 | % | 32.8 | % | 27.7 | % | 33.0 | % | ||||||||||||||||||||
Segment operating margin | 19.8 | % | 13.7 | % | 12.7 | % | 19.7 | % | 16.2 | % | 19.7 | % | 16.2 | % | 26.5 | % | 21.3 | % | 27.3 | % | ||||||||||||||||||||
Resistors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 165,359 | $ | 155,119 | $ | 147,883 | $ | 159,208 | $ | 140,412 | $ | 159,208 | $ | 140,412 | $ | 145,362 | $ | 161,201 | $ | 186,602 | ||||||||||||||||||||
Book-to-bill ratio | 0.81 | 0.82 | 0.95 | 1.05 | 0.73 | 1.05 | 0.73 | 1.06 | 1.24 | 1.50 | ||||||||||||||||||||||||||||||
Gross profit margin | 28.3 | % | 27.4 | % | 23.5 | % | 28.1 | % | 23.2 | % | 28.1 | % | 23.2 | % | 24.2 | % | 25.3 | % | 28.9 | % | ||||||||||||||||||||
Segment operating margin | 25.2 | % | 23.8 | % | 19.0 | % | 24.4 | % | 19.9 | % | 24.4 | % | 19.9 | % | 20.7 | % | 21.0 | % | 25.4 | % | ||||||||||||||||||||
Inductors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 77,024 | $ | 73,458 | $ | 76,520 | $ | 73,785 | $ | 65,185 | $ | 73,785 | $ | 65,185 | $ | 79,399 | $ | 75,260 | $ | 83,458 | ||||||||||||||||||||
Book-to-bill ratio | 1.01 | 0.95 | 1.05 | 0.98 | 0.96 | 0.98 | 0.96 | 0.96 | 1.03 | 1.13 | ||||||||||||||||||||||||||||||
Gross profit margin | 31.9 | % | 31.9 | % | 33.5 | % | 31.2 | % | 31.1 | % | 31.2 | % | 31.1 | % | 33.5 | % | 30.1 | % | 33.3 | % | ||||||||||||||||||||
Segment operating margin | 28.3 | % | 28.3 | % | 30.3 | % | 27.5 | % | 27.2 | % | 27.5 | % | 27.2 | % | 30.4 | % | 27.0 | % | 30.3 | % | ||||||||||||||||||||
Capacitors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 111,298 | $ | 98,424 | $ | 94,530 | $ | 93,433 | $ | 83,859 | $ | 93,433 | $ | 83,859 | $ | 92,724 | $ | 91,526 | $ | 106,400 | ||||||||||||||||||||
Book-to-bill ratio | 0.68 | 0.76 | 0.84 | 1.20 | 0.90 | 1.20 | 0.90 | 0.95 | 1.54 | 1.73 | ||||||||||||||||||||||||||||||
Gross profit margin | 23.5 | % | 22.0 | % | 17.9 | % | 21.8 | % | 18.1 | % | 21.8 | % | 18.1 | % | 19.8 | % | 17.5 | % | 22.6 | % | ||||||||||||||||||||
Segment operating margin | 19.0 | % | 16.9 | % | 12.3 | % | 16.1 | % | 12.5 | % | 16.1 | % | 12.5 | % | 14.8 | % | 12.5 | % | 17.7 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Cost of products sold | 77.5 | % | 76.0 | % | 74.5 | % | 76.7 | % | 73.0 | % | 73.5 | % | 77.2 | % | 76.0 | % | ||||||||||||||||
Gross profit | 22.5 | % | 24.0 | % | 25.5 | % | 23.3 | % | 27.0 | % | 26.5 | % | 22.8 | % | 24.0 | % | ||||||||||||||||
Selling, general & administrative expenses | 15.3 | % | 16.3 | % | 13.9 | % | 15.8 | % | 13.9 | % | 13.8 | % | 13.8 | % | 16.3 | % | ||||||||||||||||
Operating income | 7.0 | % | 7.7 | % | 11.6 | % | 7.4 | % | 13.1 | % | 12.7 | % | 9.0 | % | 7.7 | % | ||||||||||||||||
Income before taxes and noncontrolling interest | 5.1 | % | 5.9 | % | 10.3 | % | 5.5 | % | 11.9 | % | 11.4 | % | 7.0 | % | 5.9 | % | ||||||||||||||||
Net earnings attributable to Vishay stockholders | 4.2 | % | 4.4 | % | 6.5 | % | 4.3 | % | 8.4 | % | 9.3 | % | 5.6 | % | 4.4 | % | ||||||||||||||||
________ | ||||||||||||||||||||||||||||||||
Effective tax rate | 16.3 | % | 24.2 | % | 36.9 | % | 20.6 | % | 29.5 | % | 17.8 | % | 19.0 | % | 24.2 | % |
Fiscal quarters ended | Six fiscal months ended | |||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | ||||||||||||||||
Net revenues | $ | 581,717 | $ | 612,841 | $ | 685,240 | $ | 1,194,558 | $ | 1,430,399 |
Fiscal quarters ended | ||||||||||||
April 3, 2021 | December 31, 2020 | April 4, 2020 | ||||||||||
Net revenues | $ | 764,632 | $ | 667,180 | $ | 612,841 |
Fiscal quarter ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 97,452 | 14.6 | % | ||||||||||||||||||||
April 4, 2020 | $ | (31,124 | ) | -5.1 | % | $ | 151,791 | 24.8 | % | |||||||||||||||
June 29, 2019 | $ | (103,523 | ) | -15.1 | % | $ | (235,841 | ) | -16.5 | % |
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 | -5.2 | % | -12.7 | % | -13.9 | % | ||||||||||||||
Change in average selling prices | 0.1 | % | -2.7 | % | -2.8 | % | ||||||||||||||
Increase in volume | 14.7 | % | 21.8 | % | ||||||||||||||||
Decrease in average selling prices | -0.5 | % | -1.4 | % | ||||||||||||||||
Foreign currency effects | 0.0 | % | -0.5 | % | -0.7 | % | 0.5 | % | 3.4 | % | ||||||||||
Acquisition | 0.0 | % | 1.0 | % | ||||||||||||||||
Other | 0.0 | % | 0.8 | % | 0.9 | % | -0.1 | % | 0.0 | % | ||||||||||
Net change | -5.1 | % | -15.1 | % | -16.5 | % | 14.6 | % | 24.8 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Net revenues | $ | 118,944 | $ | 116,893 | $ | 128,842 | $ | 235,837 | $ | 266,183 | $ | 153,223 | $ | 131,567 | $ | 116,893 | ||||||||||||||||
Gross profit margin | 22.7 | % | 24.1 | % | 24.8 | % | 23.4 | % | 25.5 | % | 24.2 | % | 22.4 | % | 24.1 | % |
Fiscal quarter ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 21,656 | 16.5 | % | ||||||||||||||||||||
April 4, 2020 | $ | 2,051 | 1.8 | % | $ | 36,330 | 31.1 | % | ||||||||||||||||
June 29, 2019 | $ | (9,898 | ) | -7.7 | % | $ | (30,346 | ) | -11.4 | % |
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 | 3.0 | % | -1.6 | % | -5.8 | % | ||||||||||||||
Increase in volume | 18.7 | % | 37.0 | % | ||||||||||||||||
Decrease in average selling prices | -1.3 | % | -6.0 | % | -5.9 | % | -1.4 | % | -4.5 | % | ||||||||||
Foreign currency effects | 0.0 | % | -0.3 | % | -0.4 | % | 0.2 | % | 1.8 | % | ||||||||||
Other | 0.1 | % | 0.2 | % | 0.7 | % | -1.0 | % | -3.2 | % | ||||||||||
Net change | 1.8 | % | -7.7 | % | -11.4 | % | 16.5 | % | 31.1 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Net revenues | $ | 124,187 | $ | 115,343 | $ | 142,042 | $ | 239,530 | $ | 309,882 | $ | 157,178 | $ | 139,274 | $ | 115,343 | ||||||||||||||||
Gross profit margin | 20.1 | % | 16.9 | % | 20.3 | % | 18.5 | % | 23.3 | % | 21.9 | % | 17.8 | % | 16.9 | % |
Fiscal quarter ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 17,904 | 12.9 | % | ||||||||||||||||||||
April 4, 2020 | $ | 8,844 | 7.7 | % | $ | 41,835 | 36.3 | % | ||||||||||||||||
June 29, 2019 | $ | (17,855 | ) | -12.6 | % | $ | (70,352 | ) | -22.7 | % |
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 | 6.5 | % | -8.9 | % | -19.3 | % | ||||||||||||||
Change in average selling prices | 0.9 | % | -3.9 | % | -4.7 | % | ||||||||||||||
Increase in volume | 13.0 | % | 33.2 | % | ||||||||||||||||
Decrease in average selling prices | -0.4 | % | -0.7 | % | ||||||||||||||||
Foreign currency effects | -0.1 | % | -0.4 | % | -0.5 | % | 0.4 | % | 3.3 | % | ||||||||||
Other | 0.4 | % | 0.6 | % | 1.8 | % | -0.1 | % | 0.5 | % | ||||||||||
Net change | 7.7 | % | -12.6 | % | -22.7 | % | 12.9 | % | 36.3 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | ||||||||||||||||||||||||||||
�� | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||||||
Net revenues | $ | 49,130 | $ | 54,179 | $ | 60,675 | $ | 103,309 | $ | 121,237 | $ | 77,771 | $ | 68,352 | $ | 54,179 | ||||||||||||||||
Gross profit margin | 23.9 | % | 26.9 | % | 26.8 | % | 25.5 | % | 26.6 | % | 33.0 | % | 27.7 | % | 26.9 | % |
Fiscal quarter ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 9,419 | 13.8 | % | ||||||||||||||||||||
April 4, 2020 | $ | (5,049 | ) | -9.3 | % | $ | 23,592 | 43.5 | % | |||||||||||||||
June 29, 2019 | $ | (11,545 | ) | -19.0 | % | $ | (17,928 | ) | -14.8 | % |
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 | -9.2 | % | -17.3 | % | -12.6 | % | ||||||||||||||
Increase in volume | 14.6 | % | 38.4 | % | ||||||||||||||||
Decrease in average selling prices | -0.3 | % | -2.1 | % | -2.2 | % | -1.3 | % | -0.2 | % | ||||||||||
Foreign currency effects | 0.2 | % | -0.3 | % | -0.7 | % | 0.4 | % | 4.6 | % | ||||||||||
Other | 0.0 | % | 0.7 | % | 0.7 | % | 0.1 | % | 0.7 | % | ||||||||||
Net change | -9.3 | % | -19.0 | % | -14.8 | % | 13.8 | % | 43.5 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Net revenues | $ | 140,412 | $ | 159,208 | $ | 165,359 | $ | 299,620 | $ | 354,190 | $ | 186,602 | $ | 161,201 | $ | 159,208 | ||||||||||||||||
Gross profit margin | 23.2 | % | 28.1 | % | 28.3 | % | 25.8 | % | 30.9 | % | 28.9 | % | 25.3 | % | 28.1 | % |
Fiscal quarter ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 25,401 | 15.8 | % | ||||||||||||||||||||
April 4, 2020 | $ | (18,796 | ) | -11.8 | % | $ | 27,394 | 17.2 | % | |||||||||||||||
June 29, 2019 | $ | (24,947 | ) | -15.1 | % | $ | (54,570 | ) | -15.4 | % |
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 | -14.8 | % | -15.9 | % | -13.8 | % | ||||||||||||||
Increase in volume | 15.4 | % | 9.9 | % | ||||||||||||||||
Decrease in average selling prices | 0.0 | % | -2.1 | % | -1.5 | % | -0.4 | % | -1.3 | % | ||||||||||
Foreign currency effects | 0.0 | % | -0.7 | % | -1.0 | % | 0.8 | % | 4.6 | % | ||||||||||
Acquisition | 0.0 | % | 3.7 | % | ||||||||||||||||
Other | 3.0 | % | 3.6 | % | 0.9 | % | 0.0 | % | 0.3 | % | ||||||||||
Net change | -11.8 | % | -15.1 | % | -15.4 | % | 15.8 | % | 17.2 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Net revenues | $ | 65,185 | $ | 73,785 | $ | 77,024 | $ | 138,970 | $ | 148,664 | $ | 83,458 | $ | 75,260 | $ | 73,785 | ||||||||||||||||
Gross profit margin | 31.1 | % | 31.2 | % | 31.9 | % | 31.1 | % | 32.2 | % | 33.3 | % | 30.1 | % | 31.2 | % |
Fiscal quarters ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 8,198 | 10.9 | % | ||||||||||||||||||||
April 4, 2020 | $ | (8,600 | ) | -11.7 | % | $ | 9,673 | 13.1 | % | |||||||||||||||
June 29, 2019 | $ | (11,839 | ) | -15.4 | % | $ | (9,694 | ) | -6.5 | % |
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 | -12.5 | % | -14.9 | % | -4.7 | % | ||||||||||||||
Increase in volume | 9.9 | % | 14.6 | % | ||||||||||||||||
Change in average selling prices | 1.2 | % | -0.5 | % | -1.7 | % | 0.7 | % | -2.4 | % | ||||||||||
Foreign currency effects | 0.0 | % | -0.1 | % | -0.3 | % | 0.1 | % | 1.5 | % | ||||||||||
Other | -0.4 | % | 0.1 | % | 0.2 | % | 0.2 | % | -0.6 | % | ||||||||||
Net change | -11.7 | % | -15.4 | % | -6.5 | % | 10.9 | % | 13.1 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Net revenues | $ | 83,859 | $ | 93,433 | $ | 111,298 | $ | 177,292 | $ | 230,243 | $ | 106,400 | $ | 91,526 | $ | 93,433 | ||||||||||||||||
Gross profit margin | 18.1 | % | 21.8 | % | 23.5 | % | 20.1 | % | 24.3 | % | 22.6 | % | 17.5 | % | 21.8 | % |
Fiscal quarter ended July 4, 2020 | Six fiscal months ended July 4, 2020 | Fiscal quarter ended April 3, 2021 | ||||||||||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | Change in net revenues | % change | |||||||||||||||||||
December 31, 2020 | $ | 14,874 | 16.3 | % | ||||||||||||||||||||
April 4, 2020 | $ | (9,574 | ) | -10.2 | % | $ | 12,967 | 13.9 | % | |||||||||||||||
June 29, 2019 | $ | (27,439 | ) | -24.7 | % | $ | (52,951 | ) | -23.0 | % |
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 | -10.6 | % | -24.8 | % | -22.9 | % | ||||||||||||||
Increase in average selling prices | 0.1 | % | 0.8 | % | 1.0 | % | ||||||||||||||
Increase in volume | 14.7 | % | 6.8 | % | ||||||||||||||||
Change in average selling prices | 0.0 | % | 1.7 | % | ||||||||||||||||
Foreign currency effects | -0.2 | % | -0.6 | % | -0.9 | % | 0.8 | % | 4.4 | % | ||||||||||
Other | 0.5 | % | -0.1 | % | -0.2 | % | 0.8 | % | 1.0 | % | ||||||||||
Net change | -10.2 | % | -24.7 | % | -23.0 | % | 16.3 | % | 13.9 | % |
Fiscal quarters ended | Six fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
July 4, 2020 | April 4, 2020 | June 29, 2019 | July 4, 2020 | June 29, 2019 | April 3, 2021 | December 31, 2020 | April 4, 2020 | |||||||||||||||||||||||||
Total SG&A expenses | $ | 89,127 | $ | 99,832 | $ | 95,112 | $ | 188,959 | $ | 198,536 | $ | 105,685 | $ | 92,272 | $ | 99,832 | ||||||||||||||||
as a percentage of revenues | 15.3 | % | 16.3 | % | 13.9 | % | 15.8 | % | 13.9 | % | 13.8 | % | 13.8 | % | 16.3 | % |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | Change | April 3, 2021 | December 31, 2020 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | (1,183 | ) | $ | (481 | ) | $ | (702 | ) | $ | (611 | ) | $ | (2,437 | ) | $ | 1,826 | |||||||
Interest income | 956 | 2,147 | (1,191 | ) | 287 | 385 | (98 | ) | ||||||||||||||||
Other components of net periodic pension expense | (3,063 | ) | (3,367 | ) | 304 | |||||||||||||||||||
Other components of other periodic pension cost | (3,302 | ) | (4,215 | ) | 913 | |||||||||||||||||||
Investment income (expense) | 1,806 | 1,399 | 407 | (2,121 | ) | 701 | (2,822 | ) | ||||||||||||||||
Other | - | (95 | ) | 95 | 16 | (4 | ) | 20 | ||||||||||||||||
$ | (1,484 | ) | $ | (397 | ) | $ | (1,087 | ) | $ | (5,731 | ) | $ | (5,570 | ) | $ | (161 | ) |
Fiscal quarters ended | ||||||||||||
July 4, 2020 | April 4, 2020 | Change | ||||||||||
Foreign exchange gain (loss) | $ | (1,183 | ) | $ | 1,864 | $ | (3,047 | ) | ||||
Interest income | 956 | 1,854 | (898 | ) | ||||||||
Other components of net periodic pension expense | (3,063 | ) | (3,068 | ) | 5 | |||||||
Investment income (expense) | 1,806 | (437 | ) | 2,243 | ||||||||
Other | - | (15 | ) | 15 | ||||||||
$ | (1,484 | ) | $ | 198 | $ | (1,682 | ) |
Six fiscal months ended | Fiscal quarters ended | |||||||||||||||||||||||
July 4, 2020 | June 29, 2019 | Change | April 3, 2021 | April 4, 2020 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | 681 | $ | (951 | ) | $ | 1,632 | $ | (611 | ) | $ | 1,864 | $ | (2,475 | ) | |||||||||
Interest income | 2,810 | 4,346 | (1,536 | ) | 287 | 1,854 | (1,567 | ) | ||||||||||||||||
Other components of net periodic pension expense | (6,131 | ) | (6,763 | ) | 632 | |||||||||||||||||||
Other components of other periodic pension cost | (3,302 | ) | (3,068 | ) | (234 | ) | ||||||||||||||||||
Investment income (expense) | 1,369 | 4,989 | (3,620 | ) | (2,121 | ) | (437 | ) | (1,684 | ) | ||||||||||||||
Other | (15 | ) | (106 | ) | 91 | 16 | (15 | ) | 31 | |||||||||||||||
$ | (1,286 | ) | $ | 1,515 | $ | (2,801 | ) | $ | (5,731 | ) | $ | 198 | $ | (5,929 | ) |
July 4, 2020 | December 31, 2019 | April 3, 2021 | December 31, 2020 | |||||||||||||
Credit facility | $ | - | $ | - | $ | - | $ | - | ||||||||
Convertible senior notes, due 2025* | 451,169 | 509,128 | 465,344 | 406,268 | ||||||||||||
Convertible senior debentures, due 2040* | 128 | 126 | - | 130 | ||||||||||||
Convertible senior debentures, due 2041* | 1,058 | 6,677 | ||||||||||||||
Deferred financing costs | (13,861 | ) | (16,784 | ) | (12,131 | ) | (11,512 | ) | ||||||||
Total debt | 438,494 | 499,147 | 453,213 | 394,886 | ||||||||||||
Cash and cash equivalents | 599,930 | 694,133 | 643,847 | 619,874 | ||||||||||||
Short-term investments | 157,246 | 108,822 | 137,348 | 158,476 | ||||||||||||
Net cash and short-term investments (debt) | $ | 318,682 | $ | 303,808 | $ | 327,982 | $ | 383,464 |
Payments due by period | ||||||||||||||||||||
Total | 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and beyond | ||||||||||||||||
Long-term debt (1) | 527,170 | - | - | - | 527,170 | |||||||||||||||
Interest payments on long-term debt (2) | 67,232 | 6,868 | 27,473 | 26,405 | 6,486 | |||||||||||||||
(1) Excludes unamortized debt discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. | ||||||||||||||||||||
(2) Excludes the non-cash interest expense related to the amortization of the discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. |
Payments due by period | ||||||||||||||||||||
Total | 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and beyond | ||||||||||||||||
Long-term debt (1) | 617,190 | - | - | - | 617,190 | |||||||||||||||
Interest payments on long-term debt (2) | 90,260 | 15,762 | 31,524 | 30,456 | 12,518 | |||||||||||||||
(1) Excludes unamortized debt discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. | ||||||||||||||||||||
(2) Excludes the non-cash interest expense related to the amortization of the discount associated with our convertible senior notes due 2025 and our convertible senior debentures due 2040 and due 2041. |
Fiscal Period | Amount | Month of Payment | |||
Three fiscal months ended April 4, 2020 | $ | 13,741 | March | ||
Three fiscal months ended July 4, 2020 | 13,743 | June |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended |
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) |