Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | ||
Jun. 28, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | |
Common Stock [Member] | Class B Convertible Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 135,319,976 | 12,129,227 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Jun-14 | ' | ' |
Entity Registrant Name | 'VISHAY INTERTECHNOLOGY INC | ' | ' |
Entity Central Index Key | '0000103730 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | $2,068,000,000 | ' | ' |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $659,593 | $640,348 |
Short-term investments | 514,397 | 511,231 |
Accounts receivable, net | 305,395 | 274,083 |
Inventories: | ' | ' |
Finished goods | 127,263 | 109,617 |
Work in process | 200,643 | 197,600 |
Raw materials | 130,981 | 125,491 |
Total inventories | 458,887 | 432,708 |
Deferred income taxes | 22,101 | 21,716 |
Prepaid expenses and other current assets | 109,667 | 100,594 |
Total current assets | 2,070,040 | 1,980,680 |
Property and equipment, at cost: | ' | ' |
Land | 93,634 | 93,685 |
Buildings and improvements | 568,303 | 560,418 |
Machinery and equipment | 2,383,121 | 2,340,778 |
Construction in progress | 71,868 | 95,278 |
Allowance for depreciation | -2,217,024 | -2,163,540 |
Property, Plant and Equipment, Net, Total | 899,902 | 926,619 |
Goodwill | 52,581 | 43,132 |
Other intangible assets, net | 126,720 | 129,951 |
Other assets | 160,259 | 156,757 |
Total assets | 3,309,502 | 3,237,139 |
Current liabilities: | ' | ' |
Notes payable to banks | 19 | 2 |
Trade accounts payable | 161,377 | 163,894 |
Payroll and related expenses | 128,229 | 120,997 |
Other accrued expenses | 150,188 | 146,670 |
Income taxes | 17,926 | 17,502 |
Total current liabilities | 457,739 | 449,065 |
Long-term debt less current portion | 386,806 | 364,911 |
Deferred income taxes | 159,110 | 157,640 |
Other liabilities | 103,806 | 99,426 |
Accrued pension and other postretirement costs | 283,416 | 287,901 |
Total liabilities | 1,390,877 | 1,358,943 |
Vishay stockholders' equity | ' | ' |
Common stock | 13,532 | 13,520 |
Class B convertible common stock | 1,213 | 1,213 |
Capital in excess of par value | 2,055,354 | 2,054,087 |
(Accumulated deficit) retained earnings | -213,954 | -257,698 |
Accumulated other comprehensive income (loss) | 57,243 | 61,634 |
Total Vishay stockholders' equity | 1,913,388 | 1,872,756 |
Noncontrolling interests | 5,237 | 5,440 |
Total equity | 1,918,625 | 1,878,196 |
Total liabilities and equity | $3,309,502 | $3,237,139 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Consolidated Condensed Statements of Operations [Abstract] | ' | ' | ' | ' |
Net revenues | $641,929 | $597,665 | $1,244,307 | $1,151,919 |
Costs of products sold | 477,836 | 454,808 | 934,931 | 872,328 |
Gross profit | 164,093 | 142,857 | 309,376 | 279,591 |
Selling, general, and administrative expenses | 97,156 | 92,745 | 193,463 | 183,874 |
Restructuring and severance costs | 9,014 | 0 | 15,418 | 0 |
Executive compensation charges (credit) | 0 | -1,778 | 0 | -1,778 |
Operating income | 57,923 | 51,890 | 100,495 | 97,495 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -5,821 | -5,824 | -11,801 | -11,310 |
Other | 208 | 784 | 1,520 | 899 |
Nonoperating Income (Expense), Total | -5,613 | -5,040 | -10,281 | -10,411 |
Income before taxes | 52,310 | 46,850 | 90,214 | 87,084 |
Income tax expense | 16,478 | 15,365 | 28,418 | 26,458 |
Net earnings | 35,832 | 31,485 | 61,796 | 60,626 |
Less: net earnings attributable to noncontrolling interests | 190 | 176 | 344 | 386 |
Net earnings attributable to Vishay stockholders | $35,642 | $31,309 | $61,452 | $60,240 |
Basic earnings per share attributable to Vishay stockholders | $0.24 | $0.22 | $0.42 | $0.42 |
Diluted earnings per share attributable to Vishay stockholders | $0.23 | $0.21 | $0.40 | $0.40 |
Weighted average shares outstanding - basic | 147,567 | 143,710 | 147,561 | 143,651 |
Weighted average shares outstanding - diluted | 154,322 | 151,880 | 153,438 | 151,256 |
Cash dividends per share | $0.06 | $0 | $0.12 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $35,832 | $31,485 | $61,796 | $60,626 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustment | -7,479 | 10,450 | -8,439 | -14,671 |
Pension and postretirement actuarial items | 1,357 | 2,941 | 2,860 | 6,172 |
Unrealized gain (loss) on available-for-sale securities | 660 | -644 | 1,188 | -214 |
Other comprehensive income (loss) | -5,462 | 12,747 | -4,391 | -8,713 |
Comprehensive income | 30,370 | 44,232 | 57,405 | 51,913 |
Less: comprehensive income attributable to noncontrolling interests | 190 | 176 | 344 | 386 |
Comprehensive income attributable to Vishay stockholders | $30,180 | $44,056 | $57,061 | $51,527 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Operating activities | ' | ' |
Net earnings | $61,796 | $60,626 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 86,931 | 83,456 |
(Gain) loss on disposal of property and equipment | 23 | 86 |
Accretion of interest on convertible debentures | 1,933 | 1,787 |
Inventory write-offs for obsolescence | 9,867 | 9,479 |
Other | 1,312 | -3,929 |
Net change in operating assets and liabilities, net of effects of businesses acquired | -62,789 | -57,437 |
Net cash provided by operating activities | 99,073 | 94,068 |
Investing activities | ' | ' |
Capital expenditures | -53,336 | -47,173 |
Proceeds from sale of property and equipment | 1,741 | 3,252 |
Purchase of businesses, net of cash acquired | -20,776 | -23,034 |
Purchase of short-term investments | -243,975 | -361,940 |
Maturity of short-term investments | 236,624 | 190,602 |
Other investing activities | 927 | 934 |
Net cash provided by (used in) investing activities | -78,795 | -237,359 |
Financing activities | ' | ' |
Principal payments on long-term debt and capital leases | -11 | -14 |
Net proceeds (payments) on revolving credit lines | 20,000 | 11,000 |
Net changes in short-term borrowings | 16 | 698 |
Excess tax benefit from RSUs vested | 0 | 456 |
Distributions to noncontrolling interests | -547 | 0 |
Net cash provided by (used in) financing activities | 1,764 | 12,140 |
Effect of exchange rate changes on cash and cash equivalents | -2,797 | -5,245 |
Net increase (decrease) in cash and cash equivalents | 19,245 | -136,396 |
Cash and cash equivalents at beginning of period | 640,348 | 697,595 |
Cash and cash equivalents at end of period | 659,593 | 561,199 |
Common Stock [Member] | ' | ' |
Financing activities | ' | ' |
Dividends and Interest Paid | -16,238 | 0 |
Class B Convertible Common Stock [Member] | ' | ' |
Financing activities | ' | ' |
Dividends and Interest Paid | ($1,456) | $0 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statement of Equity (USD $) | Common Stock | Class B Convertible Common Stock [Member] | Capital In Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Vishay Stockholders' Equity | Noncontrolling Interest | Total |
In Thousands | ||||||||
Balance at Dec. 31, 2013 | $13,520 | $1,213 | $2,054,087 | ($257,698) | $61,634 | $1,872,756 | $5,440 | $1,878,196 |
Net earnings | 0 | 0 | 0 | 61,452 | 0 | 61,452 | 344 | 61,796 |
Other comprehensive income | 0 | 0 | 0 | 0 | -4,391 | -4,391 | 0 | -4,391 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | -547 | -547 |
Restricted stock issuances | 12 | 0 | -384 | 0 | 0 | -372 | 0 | -372 |
Dividends declared | 0 | 0 | 14 | -17,708 | 0 | -17,694 | 0 | -17,694 |
Stock compensation expense | 0 | 0 | 1,745 | 0 | 0 | 1,745 | 0 | 1,745 |
Tax effects of stock plan | 0 | 0 | -108 | 0 | 0 | -108 | 0 | -108 |
Balance at Jun. 28, 2014 | $13,532 | $1,213 | $2,055,354 | ($213,954) | $57,243 | $1,913,388 | $5,237 | $1,918,625 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Equity (Parenthetical) (USD $) | 6 Months Ended |
Jun. 28, 2014 | |
Consolidated Condensed Statement of Equity [Abstract] | ' |
Restricted stock issuances (in shares) | 117,895 |
Stock options exercised (in shares) | 0 |
Common Stock, Dividends, Per Share, Cash Paid | $0.12 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 28, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1 – Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. ("Vishay" or the "Company") have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the fiscal quarter and six fiscal months ended June 28, 2014 are not necessarily indicative of the results to be expected for the full year. | |
The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2014 end on March 29, 2014, June 28, 2014, September 27, 2014, and December 31, 2014, respectively. The four fiscal quarters in 2013 ended on March 30, 2013, June 29, 2013, September 28, 2013, and December 31, 2013, respectively. | |
Recently Adopted Accounting Guidance | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU is the result of a convergence project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The ASU removes inconsistencies and weaknesses in revenue requirements; provides a more robust framework for addressing revenue issues; improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; provides more useful information to users of financial statements through expanded disclosure requirements; and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. The ASU is effective for the Company for interim and annual periods beginning after January 1, 2017. Vishay is currently evaluating the effect of the ASU on its revenue contracts. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current financial statements presentation. |
Acquisition_and_Divestiture_Ac
Acquisition and Divestiture Activities | 6 Months Ended |
Jun. 28, 2014 | |
Acquisition and Divestiture Activities [Abstract] | ' |
Acquisition and Divestiture Activities | ' |
Note 2 – Acquisition Activities | |
As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise. | |
Holy Stone Polytech Co., Ltd. | |
On June 11, 2014, Vishay acquired Holy Stone Polytech Co., Ltd. ("Holy Stone Polytech"), a Japanese manufacturer of tantalum capacitors and formerly a subsidiary of Holy Stone Enterprise Co. Ltd., for $20,776, net of cash acquired. The acquisition is expected to strengthen the Company's position in tantalum capacitors, especially in Asia. For financial reporting purposes, the results of operations of Holy Stone Polytech have been included in the Capacitors segment since June 11, 2014. The inclusion of this business did not have a material impact on the Company's consolidated results for the fiscal quarter or six fiscal months ended June 28, 2014. Based on an estimate of their fair values, the Company allocated $5,183 of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $9,509 related to this acquisition. The goodwill associated with this transaction is not deductible for income tax purposes. The Company will test the goodwill for impairment at least annually in accordance with GAAP. The preliminary allocation is pending finalization of appraisals for property and equipment and intangible assets, finalization of a working capital adjustment, environmental assessments, and completion of other customary post-closing review activities. There can be no assurance that the estimated amounts recorded represent the final purchase allocation. | |
Had this acquisition occurred as of the beginning of the periods presented in these consolidated condensed financial statements, the pro forma statements of operations would not be materially different than the consolidated condensed statements of operations presented. | |
The remaining fluctuation in the goodwill account balance is due to foreign currency translation. | |
Subsequent Event | |
On July 11, 2014, Vishay entered into an agreement to acquire Taiwan based Capella Microsystems (Taiwan) Inc. ("Capella") for approximately $205,000. Capella is a fabless IC design company specializing in optoelectronic products. | |
Vishay intends to acquire Capella first through a tender offer of up to 100 percent of Capella's outstanding shares at a price of NT$139 per share. The tender offer is conditioned upon at least a majority of the outstanding shares being tendered. If a majority, but less than 100%, of the outstanding shares are tendered, Vishay will complete the acquisition of Capella by merger according to the Agreement and Plan of Merger executed on July 11, 2014 with Capella. The period to tender outstanding shares began on July 14, 2014 and ends on September 1, 2014, but could be extended pursuant to local regulations. If a majority of the outstanding shares are tendered, the tender offer is expected to close in September 2014 followed by Vishay's acquisition of 100 percent of Capella in a merger by the end of January 2015. The closing of the tender offer and merger are subject to customary closing conditions, including obtaining all necessary governmental approvals and clearances. | |
Restructuring_and_Related_Acti
Restructuring and Related Activities | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Related Activities | ' | ||||||||
Note 3 – Restructuring and Related Activities | |||||||||
The Company places a strong emphasis on controlling its costs. | |||||||||
Historically, the Company's primary cost reduction technique was through the transfer of production to the extent possible from high-labor-cost countries, such as the United States and Western Europe, to lower-labor-cost countries, such as the Czech Republic, Hungary, Israel, India, Malaysia, Mexico, the People's Republic of China, and the Philippines. Between 2001 and 2009, the Company recorded, in the consolidated statements of operations, restructuring and severance costs and related asset write-downs in order to reduce its cost structure going forward. | |||||||||
The Company also incurred significant costs to restructure and integrate acquired businesses, which was included in the cost of the acquisitions under then-applicable GAAP. | |||||||||
The Company did not initiate any new restructuring projects in the years ended December 31, 2012, 2011, or 2010. | |||||||||
On October 28, 2013, the Company announced various cost reduction programs as part of its continuous efforts to improve efficiency and operating performance. The cash costs of these programs, primarily severance, are expected to be approximately $31,700. Complete implementation of all of the programs is expected to occur before the end of the first fiscal quarter of 2016. Many of the severance costs will be recognized ratably over the required stay periods. | |||||||||
The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated statements of operations: | |||||||||
Fiscal quarter ended | Six fiscal months ended | ||||||||
28-Jun-14 | 28-Jun-14 | ||||||||
MOSFETs Enhanced Competitiveness Program | $ | 1,492 | $ | 3,219 | |||||
Voluntary Separation / Retirement Program | 7,522 | 12,199 | |||||||
Total | $ | 9,014 | $ | 15,418 | |||||
MOSFETs Enhanced Competitiveness Program | |||||||||
Over a period of approximately 2 years and in a series of discrete steps, the manufacture of wafers for a substantial share of products will be transferred into a more cost-efficient fab. As a consequence, certain other manufacturing currently occurring in-house will be transferred to third-party foundries. | |||||||||
The total severance costs associated with these initiatives are expected to be approximately $16,000. Employees generally must remain with the Company during the production transfer period. Accordingly, the Company will accrue these severance costs ratably over the respective employees' remaining service periods. | |||||||||
The following table summarizes the activity to date related to this program: | |||||||||
Expense recorded in the fourth fiscal quarter of 2013 | $ | 2,328 | |||||||
Cash paid | (267 | ) | |||||||
Balance at December 31, 2013 | $ | 2,061 | |||||||
Expense | 3,219 | ||||||||
Cash paid | (113 | ) | |||||||
Balance at June 28, 2014 | $ | 5,167 | |||||||
Severance benefits are generally paid in a lump sum at cessation of employment. The current portion of the liability is $1,243 and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. The non-current portion of the liability is included in other liabilities in the accompanying consolidated condensed balance sheets. | |||||||||
Voluntary Separation / Retirement Program | |||||||||
The voluntary separation / early retirement program was offered to employees worldwide who were eligible because they met job classification, age, and years-of-service criteria as of October 31, 2013. The program benefits vary by country and job classification, but generally include a cash loyalty bonus based on years of service. All employees eligible for the program have been identified. | |||||||||
These employees generally were not aligned with any particular segment. The effective separation / retirement date for most employees who accepted the offer was June 30, 2014 or earlier, with a few exceptions to allow for a short transition period. | |||||||||
The following table summarizes the activity to date related to this program: | |||||||||
Expense recorded in the fourth fiscal quarter of 2013 | $ | 486 | |||||||
Cash paid | (98 | ) | |||||||
Foreign currency translation | 3 | ||||||||
Balance at December 31, 2013 | $ | 391 | |||||||
Expense | 12,199 | ||||||||
Cash paid | (4,974 | ) | |||||||
Foreign currency translation | (18 | ) | |||||||
Balance at June 28, 2014 | $ | 7,598 | |||||||
The payment terms vary by country, but generally are paid in a lump sum at cessation of employment. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 28, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 4 – Income Taxes | |
The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended June 28, 2014 and June 29, 2013 reflect the Company's expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company's earnings and the applicable tax rates in the various jurisdictions where the Company operates. | |
As a result of the retroactive enactment of the American Taxpayer Act of 2012, which was signed into law on January 2, 2013, the Company recorded one-time tax benefits of $1,330 in the consolidated condensed statement of operations during the six fiscal months ended June 29, 2013. | |
During the six fiscal months ended June 28, 2014, the liabilities for unrecognized tax benefits decreased by $1,387 on a net basis, principally due to payments offset by increases for interest. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||
Note 5 – Long-Term Debt | |||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||
June 28, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Credit facility | $ | 134,000 | $ | 114,000 | |||||||||||||||||
Exchangeable unsecured notes, due 2102 | 38,642 | 38,642 | |||||||||||||||||||
Convertible senior debentures, due 2040 | 102,776 | 101,846 | |||||||||||||||||||
Convertible senior debentures, due 2041 | 52,744 | 52,264 | |||||||||||||||||||
Convertible senior debentures, due 2042 | 58,644 | 58,159 | |||||||||||||||||||
386,806 | 364,911 | ||||||||||||||||||||
Less current portion | - | - | |||||||||||||||||||
$ | 386,806 | $ | 364,911 | ||||||||||||||||||
Convertible Senior Debentures | |||||||||||||||||||||
Vishay currently has three issuances of convertible senior debentures outstanding with generally congruent terms. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for each issuance of the Company's convertible senior debentures effective as of the ex-dividend date of each cash dividend. | |||||||||||||||||||||
The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the June 26, 2014 dividend payment: | |||||||||||||||||||||
Due 2040 | Due 2041 | Due 2042 | |||||||||||||||||||
Issuance date | 9-Nov-10 | 13-May-11 | 31-May-12 | ||||||||||||||||||
Maturity date | 15-Nov-40 | 15-May-41 | 1-Jun-42 | ||||||||||||||||||
Principal amount | $ | 275,000 | $ | 150,000 | $ | 150,000 | |||||||||||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | |||||||||||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 8 | % | 8.375 | % | 7.5 | % | |||||||||||||||
Conversion rate effective June 10, 2014 (per $1 principal amount) | 72.6207 | 52.9947 | 85.3846 | ||||||||||||||||||
Effective conversion price effective June 10, 2014 (per share) | $ | 13.77 | $ | 18.87 | $ | 11.71 | |||||||||||||||
130% of the conversion price (per share) | $ | 17.9 | $ | 24.53 | $ | 15.22 | |||||||||||||||
Call date | 20-Nov-20 | 20-May-21 | 7-Jun-22 | ||||||||||||||||||
GAAP requires an issuer to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's nonconvertible debt borrowing rate when interest costs are recognized in subsequent periods. The resulting discount on the debt is amortized as non-cash interest expense in future periods. | |||||||||||||||||||||
The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows: | |||||||||||||||||||||
Principal amount of | Unamortized discount | Embedded derivative | Carrying value of liability component | Equity component - net carrying value | |||||||||||||||||
the debentures | |||||||||||||||||||||
28-Jun-14 | |||||||||||||||||||||
Due 2040 | $ | 275,000 | (172,684 | ) | 460 | $ | 102,776 | $ | 110,094 | ||||||||||||
Due 2041 | $ | 150,000 | (97,599 | ) | 343 | $ | 52,744 | $ | 62,246 | ||||||||||||
Due 2042 | $ | 150,000 | (91,552 | ) | 196 | $ | 58,644 | $ | 57,874 | ||||||||||||
Total | $ | 575,000 | $ | (361,835 | ) | $ | 999 | $ | 214,164 | $ | 230,214 | ||||||||||
31-Dec-13 | |||||||||||||||||||||
Due 2040 | $ | 275,000 | (173,645 | ) | 491 | $ | 101,846 | $ | 110,094 | ||||||||||||
Due 2041 | $ | 150,000 | (98,085 | ) | 349 | $ | 52,264 | $ | 62,246 | ||||||||||||
Due 2042 | $ | 150,000 | (92,038 | ) | 197 | $ | 58,159 | $ | 57,874 | ||||||||||||
Total | $ | 575,000 | $ | (363,768 | ) | $ | 1,037 | $ | 212,269 | $ | 230,214 | ||||||||||
Interest is payable on the debentures semi-annually at the cash coupon rate; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate equal to the Company's estimated nonconvertible debt borrowing rate at the time of issuance. In addition to ordinary interest, contingent interest will accrue in certain circumstances relating to the trading price of the debentures and under certain other circumstances beginning ten years subsequent to issuance. | |||||||||||||||||||||
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: | |||||||||||||||||||||
Contractual | 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 debentures | |||||||||||||||||
coupon interest | |||||||||||||||||||||
28-Jun-14 | |||||||||||||||||||||
Due 2040 | $ | 1,547 | 485 | 22 | (76 | ) | $ | 1,978 | |||||||||||||
Due 2041 | $ | 844 | 245 | 13 | (20 | ) | $ | 1,082 | |||||||||||||
Due 2042 | $ | 844 | 245 | 14 | (21 | ) | $ | 1,082 | |||||||||||||
Total | $ | 3,235 | $ | 975 | $ | 49 | $ | (117 | ) | $ | 4,142 | ||||||||||
29-Jun-13 | |||||||||||||||||||||
Due 2040 | $ | 1,547 | 448 | 22 | (16 | ) | $ | 2,001 | |||||||||||||
Due 2041 | $ | 844 | 226 | 12 | 1 | $ | 1,083 | ||||||||||||||
Due 2042 | $ | 844 | 227 | 14 | (3 | ) | $ | 1,082 | |||||||||||||
Total | $ | 3,235 | $ | 901 | $ | 48 | $ | (18 | ) | $ | 4,166 | ||||||||||
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the six fiscal months ended: | |||||||||||||||||||||
Contractual | 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 debentures | |||||||||||||||||
coupon interest | |||||||||||||||||||||
28-Jun-14 | |||||||||||||||||||||
Due 2040 | $ | 3,094 | 961 | 44 | (31 | ) | $ | 4,068 | |||||||||||||
Due 2041 | $ | 1,688 | 486 | 24 | (6 | ) | $ | 2,192 | |||||||||||||
Due 2042 | $ | 1,688 | 486 | 27 | (1 | ) | $ | 2,200 | |||||||||||||
Total | $ | 6,470 | $ | 1,933 | $ | 95 | $ | (38 | ) | $ | 8,460 | ||||||||||
29-Jun-13 | |||||||||||||||||||||
Due 2040 | $ | 3,094 | 888 | 44 | (163 | ) | $ | 3,863 | |||||||||||||
Due 2041 | $ | 1,688 | 448 | 24 | (87 | ) | $ | 2,073 | |||||||||||||
Due 2042 | $ | 1,688 | 451 | 27 | (76 | ) | $ | 2,090 | |||||||||||||
Total | $ | 6,470 | $ | 1,787 | $ | 95 | $ | (326 | ) | $ | 8,026 | ||||||||||
Exchangeable Unsecured Notes, due 2102 | |||||||||||||||||||||
Quarterly cash dividends do not result in an adjustment to the put/call rate of the Company's exchangeable unsecured notes due 2102; therefore, the cash dividend payments in the first and second fiscal quarters of 2014 had no effect on the exchangeable notes due 2102. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Note 6 – Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: | |||||||||||||||||
Pension and other post-retirement actuarial items | Currency translation adjustment | Unrealized gain (loss) on available-for-sale securities | Total | ||||||||||||||
Balance at January 1, 2014 | $ | (129,918 | ) | $ | 190,998 | 554 | $ | 61,634 | |||||||||
Other comprehensive income (loss) before reclassifications | - | (8,439 | ) | 1,828 | $ | (6,611 | ) | ||||||||||
Tax effect | - | - | (640 | ) | $ | (640 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | - | (8,439 | ) | 1,188 | $ | (7,251 | ) | ||||||||||
Amounts reclassified out of AOCI | 4,492 | - | - | $ | 4,492 | ||||||||||||
Tax effect | (1,632 | ) | - | - | $ | (1,632 | ) | ||||||||||
Amounts reclassified out of AOCI, net of tax | 2,860 | - | - | $ | 2,860 | ||||||||||||
Net other comprehensive income (loss) | $ | 2,860 | $ | (8,439 | ) | $ | 1,188 | $ | (4,391 | ) | |||||||
Balance at June 28, 2014 | $ | (127,058 | ) | $ | 182,559 | $ | 1,742 | $ | 57,243 | ||||||||
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. (See Note 7 for further information). | |||||||||||||||||
Other comprehensive income (loss) includes Vishay's proportionate share of other comprehensive income (loss) of nonconsolidated subsidiaries accounted for under the equity method. |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||
Pensions and Other Postretirement Benefits | ' | ||||||||||||||||
Note 7 – Pensions and Other Postretirement Benefits | |||||||||||||||||
The Company maintains various retirement benefit plans. | |||||||||||||||||
The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2014 and 2013 for the Company's defined benefit pension plans: | |||||||||||||||||
Fiscal quarter ended | Fiscal quarter ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Net service cost | $ | - | $ | 831 | $ | - | $ | 872 | |||||||||
Interest cost | 3,834 | 2,195 | 3,474 | 2,012 | |||||||||||||
Expected return on plan assets | (4,058 | ) | (532 | ) | (4,586 | ) | (520 | ) | |||||||||
Amortization of prior service cost (credit) | (23 | ) | 1 | 245 | (8 | ) | |||||||||||
Amortization of losses | 1,810 | 691 | 3,507 | 828 | |||||||||||||
Net periodic benefit cost | $ | 1,563 | $ | 3,186 | $ | 2,640 | $ | 3,184 | |||||||||
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 28, 2014 and June 29, 2013 for the Company's defined benefit pension plans: | |||||||||||||||||
Six fiscal months ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Net service cost | $ | - | $ | 1,655 | $ | - | $ | 1,757 | |||||||||
Interest cost | 7,668 | 4,376 | 6,941 | 4,054 | |||||||||||||
Expected return on plan assets | (8,116 | ) | (1,057 | ) | (9,562 | ) | (1,049 | ) | |||||||||
Amortization of prior service cost (credit) | (46 | ) | 2 | 489 | (17 | ) | |||||||||||
Amortization of losses | 3,620 | 1,378 | 7,465 | 1,667 | |||||||||||||
Net periodic benefit cost | $ | 3,126 | $ | 6,354 | $ | 5,333 | $ | 6,412 | |||||||||
On May 21, 2014, Vishay announced that it will offer a special limited-time voluntary lump sum payment opportunity to certain former employees who are deferred vested participants of the Vishay Retirement Plan, Vishay's U.S. qualified pension plan, and who are not currently receiving periodic payments of their pension benefit. The effects of the offer will depend on the number of participants that elect to receive a lump sum payment. | |||||||||||||||||
The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2014 and 2013 for the Company's other postretirement benefit plans: | |||||||||||||||||
Fiscal quarter ended | Fiscal quarter ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Service cost | $ | 29 | $ | 79 | $ | 27 | $ | 74 | |||||||||
Interest cost | 88 | 63 | 79 | 63 | |||||||||||||
Amortization of prior service (credit) | (206 | ) | - | (199 | ) | - | |||||||||||
Amortization of losses (gains) | (35 | ) | 10 | 1 | - | ||||||||||||
Net periodic benefit cost | $ | (124 | ) | $ | 152 | $ | (92 | ) | $ | 137 | |||||||
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 28, 2014 and June 29, 2013 for the Company's other postretirement benefit plans: | |||||||||||||||||
Six fiscal months ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Service cost | $ | 58 | $ | 158 | $ | 55 | $ | 148 | |||||||||
Interest cost | 176 | 126 | 157 | 127 | |||||||||||||
Amortization of prior service (credit) | (412 | ) | - | (399 | ) | - | |||||||||||
Amortization of losses (gains) | (70 | ) | 20 | 2 | - | ||||||||||||
Net periodic benefit cost | $ | (248 | ) | $ | 304 | $ | (185 | ) | $ | 275 |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Note 8 – Stock-Based Compensation | |||||||||||||||||
The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company. | |||||||||||||||||
The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units ("RSUs"), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. | |||||||||||||||||
The following table summarizes stock-based compensation expense recognized: | |||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||
Stock options | $ | - | $ | 6 | $ | - | 18 | ||||||||||
Restricted stock units | 804 | (2,646 | ) | 1,614 | (1,718 | ) | |||||||||||
Phantom stock units | - | - | 131 | 108 | |||||||||||||
Total | $ | 804 | $ | (2,640 | ) | $ | 1,745 | (1,592 | ) | ||||||||
The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes. Stock-based compensation for the fiscal quarter and six fiscal months ended June 29, 2013, as presented in the table above, includes the material reversal of stock-based compensation expense recognized for the performance-based RSUs scheduled to vest on January 1, 2014 recorded in the second fiscal quarter of 2013. $1,778 of these reversed costs had been originally reported as a separate line item upon cessation of employment of certain former executives in 2011, and accordingly, this adjustment is also reported as a separate line item in the accompanying consolidated condensed statements of operations. A portion of the stock-based compensation expense related to certain current executives that was reversed in the second fiscal quarter of 2013 was recognized in the fourth fiscal quarter of 2013 due to certain amendments to the performance-based RSUs granted to certain current executives in 2011 approved by the Compensation Committee of the Board of Director's in the fourth fiscal quarter of 2013. Pursuant to their original terms, the performance-based RSUs would vest on January 1, 2014 only if all of the associated performance criteria were met for the three-year period ending December 31, 2013. Pursuant to the amended terms, 75% of the performance-based RSUs of each of the certain current executives vested effective December 5, 2013 in light of the Compensation Committee of the Board of Director's assessment that the performance criteria would be achieved in substantial part by December 31, 2013. | |||||||||||||||||
The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at June 28, 2014 (amortization periods in years): | |||||||||||||||||
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | ||||||||||||||||
Stock options | $ | - | 0 | ||||||||||||||
Restricted stock units | 10,766 | 1.4 | |||||||||||||||
Phantom stock units | - | 0 | |||||||||||||||
Total | $ | 10,766 | |||||||||||||||
2007 Stock Incentive Plan | |||||||||||||||||
The Company's 2007 Stock Incentive Program (the "2007 Program") was amended and restated and approved by Vishay's stockholders at Vishay's Annual Meeting of Stockholders on May 20, 2014. The 2007 Program permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. | |||||||||||||||||
Stock Options | |||||||||||||||||
In addition to stock options outstanding pursuant to the 2007 Program, during the periods presented, the Company had stock options outstanding under previous stockholder-approved stock option programs. These programs are more fully described in Note 12 to the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013. No additional options may be granted pursuant to these programs. | |||||||||||||||||
At December 31, 2013 and June 28, 2014, there were 109,000 options outstanding with a weighted average exercise price of $15.24. At June 28, 2014, the weighted average remaining contractual life of all outstanding options was 2.73 years. | |||||||||||||||||
At June 28, 2014, there were no unvested options outstanding. | |||||||||||||||||
The pretax aggregate intrinsic value (the difference between the closing stock price on the last trading day of the second fiscal quarter of 2014 of $15.22 per share and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 28, 2014 is $80. This amount changes based on changes in the market value of the Company's common stock. During the six fiscal months ended June 28, 2014, no options were exercised. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
RSU activity under the 2007 Program as of June 28, 2014 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands): | |||||||||||||||||
Number of RSUs | Weighted Average Grant-date Fair Value per Unit | ||||||||||||||||
Outstanding: | |||||||||||||||||
1-Jan-14 | 1,059 | $ | 13.4 | ||||||||||||||
Granted | 336 | 13.48 | |||||||||||||||
Vested* | (146 | ) | 15.87 | ||||||||||||||
Cancelled or forfeited | (102 | ) | 17.45 | ||||||||||||||
Outstanding at June 28, 2014 | 1,147 | $ | 12.75 | ||||||||||||||
Expected to vest at June 28, 2014 | 760 | ||||||||||||||||
________ | |||||||||||||||||
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||||||||||||||||
The number of performance-based RSUs that are scheduled to vest on January 1, 2015 is evaluated based on the full achievement of the defined target performance criteria. The number of performance-based RSUs that are scheduled to vest on January 1, 2016 and January 1, 2017 increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands): | |||||||||||||||||
Vesting Date | Expected to Vest | Not Expected to Vest | Total | ||||||||||||||
1-Jan-15 | - | 276 | 276 | ||||||||||||||
1-Jan-16 | 111 | 111 | 222 | ||||||||||||||
1-Jan-17 | 192 | - | 192 | ||||||||||||||
Phantom Stock Plan | |||||||||||||||||
The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company's employment agreements with such senior executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual's termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. | |||||||||||||||||
Phantom stock unit activity under the phantom stock plan as of June 28, 2014 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands): | |||||||||||||||||
Number of units | Grant-date Fair Value per Unit | ||||||||||||||||
Outstanding: | |||||||||||||||||
1-Jan-14 | 107 | ||||||||||||||||
Granted | 10 | $ | 13.12 | ||||||||||||||
Dividend equivalents issued | 1 | ||||||||||||||||
Redeemed for common stock | - | ||||||||||||||||
Outstanding at June 28, 2014 | 118 |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Note 9 – Segment Information | |||||||||||||||||||||||||
Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. | |||||||||||||||||||||||||
The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, executive compensation charges (credits), material gains and losses on sales of property, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. | |||||||||||||||||||||||||
The following tables set forth business segment information: | |||||||||||||||||||||||||
MOSFETs | Diodes | Optoelectronic Components | Resistors & Inductors | Capacitors | Total | ||||||||||||||||||||
Fiscal quarter ended June 28, 2014: | |||||||||||||||||||||||||
Product Sales | $ | 123,971 | $ | 149,571 | $ | 63,258 | $ | 192,536 | $ | 111,744 | $ | 641,080 | |||||||||||||
Royalty Revenues | 71 | - | - | 778 | - | $ | 849 | ||||||||||||||||||
Total Revenue | $ | 124,042 | $ | 149,571 | $ | 63,258 | $ | 193,314 | $ | 111,744 | $ | 641,929 | |||||||||||||
Gross Margin | $ | 18,871 | $ | 34,706 | $ | 22,788 | $ | 61,395 | $ | 26,333 | $ | 164,093 | |||||||||||||
Fiscal quarter ended June 29, 2013: | |||||||||||||||||||||||||
Product Sales | $ | 115,484 | $ | 140,623 | $ | 58,397 | $ | 169,817 | $ | 111,749 | $ | 596,070 | |||||||||||||
Royalty Revenues | 79 | - | - | 1,516 | - | $ | 1,595 | ||||||||||||||||||
Total Revenue | $ | 115,563 | $ | 140,623 | $ | 58,397 | $ | 171,333 | $ | 111,749 | $ | 597,665 | |||||||||||||
Gross Margin | $ | 16,466 | $ | 31,427 | $ | 19,151 | $ | 54,345 | $ | 21,468 | $ | 142,857 | |||||||||||||
Six fiscal months ended June 28, 2014: | |||||||||||||||||||||||||
Product Sales | $ | 237,084 | $ | 286,500 | $ | 120,756 | $ | 380,525 | $ | 217,255 | $ | 1,242,120 | |||||||||||||
Royalty Revenues | 99 | - | - | 2,088 | - | $ | 2,187 | ||||||||||||||||||
Total Revenue | $ | 237,183 | $ | 286,500 | $ | 120,756 | $ | 382,613 | $ | 217,255 | $ | 1,244,307 | |||||||||||||
Gross Margin | $ | 31,488 | $ | 64,471 | $ | 44,025 | $ | 121,515 | $ | 47,877 | $ | 309,376 | |||||||||||||
Six fiscal months ended June 29, 2013: | |||||||||||||||||||||||||
Product Sales | $ | 216,330 | $ | 265,735 | $ | 114,623 | $ | 333,745 | $ | 217,911 | $ | 1,148,344 | |||||||||||||
Royalty Revenues | 121 | - | - | 3,454 | - | $ | 3,575 | ||||||||||||||||||
Total Revenue | $ | 216,451 | $ | 265,735 | $ | 114,623 | $ | 337,199 | $ | 217,911 | $ | 1,151,919 | |||||||||||||
Gross Margin | $ | 29,366 | $ | 58,688 | $ | 38,925 | $ | 106,946 | $ | 45,666 | $ | 279,591 | |||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||||||||||
Operating margin reconciliation: | |||||||||||||||||||||||||
MOSFETs | $ | 9,493 | $ | 5,682 | $ | 11,980 | $ | 8,515 | |||||||||||||||||
Diodes | 28,130 | 25,339 | 51,188 | 46,728 | |||||||||||||||||||||
Optoelectronic Components | 18,945 | 15,558 | 36,349 | 31,767 | |||||||||||||||||||||
Resistors & Inductors | 51,969 | 45,540 | 102,305 | 89,740 | |||||||||||||||||||||
Capacitors | 20,122 | 15,585 | 35,463 | 34,041 | |||||||||||||||||||||
Restructuring and Severance Costs | (9,014 | ) | - | (15,418 | ) | - | |||||||||||||||||||
Executive Compensation Credit | - | 1,778 | - | 1,778 | |||||||||||||||||||||
Unallocated Selling, General, and Administrative Expenses | (61,722 | ) | (57,592 | ) | (121,372 | ) | (115,074 | ) | |||||||||||||||||
Consolidated Operating Income | $ | 57,923 | $ | 51,890 | $ | 100,495 | $ | 97,495 | |||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 10 – Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands): | |||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||
Numerator: | |||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||
Net earnings | $ | 35,642 | $ | 31,309 | $ | 61,452 | $ | 60,240 | |||||||||
Adjustment to the numerator for continuing operations and net earnings: | |||||||||||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 15 | 44 | 30 | 91 | |||||||||||||
Numerator for diluted earnings per share: | |||||||||||||||||
Net earnings | $ | 35,657 | $ | 31,353 | $ | 61,482 | $ | 60,331 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||
Weighted average shares | 147,449 | 143,603 | 147,444 | 143,544 | |||||||||||||
Outstanding phantom stock units | 118 | 107 | 117 | 107 | |||||||||||||
Adjusted weighted average shares | 147,567 | 143,710 | 147,561 | 143,651 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Convertible and exchangeable debt instruments | 6,513 | 7,913 | 5,647 | 7,288 | |||||||||||||
Restricted stock units | 234 | 249 | 222 | 313 | |||||||||||||
Other | 8 | 8 | 8 | 4 | |||||||||||||
Dilutive potential common shares | 6,755 | 8,170 | 5,877 | 7,605 | |||||||||||||
Denominator for diluted earnings per share: | |||||||||||||||||
Adjusted weighted average shares | 154,322 | 151,880 | 153,438 | 151,256 | |||||||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.24 | $ | 0.22 | $ | 0.42 | $ | 0.42 | |||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.23 | $ | 0.21 | $ | 0.4 | $ | 0.4 | |||||||||
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands): | |||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||
Convertible and exchangeable notes: | |||||||||||||||||
Convertible Senior Debentures, due 2040 | - | 19,809 | - | 19,809 | |||||||||||||
Convertible Senior Debentures, due 2041 | 7,924 | 7,885 | 7,911 | 7,885 | |||||||||||||
Weighted average employee stock options | 77 | 77 | 77 | 91 | |||||||||||||
Weighted average other | 161 | 302 | 138 | 412 | |||||||||||||
In periods in which they are dilutive, if the potential common shares related to the exchangeable notes are included in the computation, the related interest savings, net of tax, assuming conversion/exchange is added to the net earnings used to compute earnings per share. | |||||||||||||||||
The Company's convertible debt instruments are only convertible upon the occurrence of certain events. While none of these events has occurred as of June 28, 2014, certain conditions which could trigger conversion have been deemed to be non-substantive, and accordingly, the Company has always assumed the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. | |||||||||||||||||
At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $13.77, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $18.87, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $11.71, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 11 – Fair Value Measurements | |||||||||||||||||
The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |||||||||||||||||
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||
Level 3: Unobservable inputs that reflect the Company's own assumptions. | |||||||||||||||||
An asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. | |||||||||||||||||
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
June 28, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held in rabbi trusts | $ | 38,721 | $ | 25,351 | $ | 13,370 | $ | - | |||||||||
Available for sale securities | $ | 7,568 | 7,568 | - | - | ||||||||||||
$ | 46,289 | $ | 32,919 | $ | 13,370 | $ | - | ||||||||||
Liabilities: | |||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (460 | ) | $ | - | $ | - | $ | (460 | ) | |||||||
Embedded derivative - convertible debentures due 2041 | $ | (343 | ) | - | - | (343 | ) | ||||||||||
Embedded derivative - convertible debentures due 2042 | $ | (196 | ) | - | - | (196 | ) | ||||||||||
$ | (999 | ) | $ | - | $ | - | $ | (999 | ) | ||||||||
December 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held in rabbi trusts | $ | 36,992 | $ | 24,064 | 12,928 | $ | - | ||||||||||
Available for sale securities | $ | 7,356 | 7,356 | - | - | ||||||||||||
$ | 44,348 | $ | 31,420 | $ | 12,928 | $ | - | ||||||||||
Liabilities: | |||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (491 | ) | $ | - | $ | - | $ | (491 | ) | |||||||
Embedded derivative - convertible debentures due 2041 | $ | (349 | ) | - | - | (349 | ) | ||||||||||
Embedded derivative - convertible debentures due 2042 | $ | (197 | ) | - | - | (197 | ) | ||||||||||
$ | (1,037 | ) | $ | - | $ | - | $ | (1,037 | ) | ||||||||
The Company maintains non-qualified trusts, referred to as "rabbi" trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company's insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. | |||||||||||||||||
The Company holds available for sale investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the year. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. | |||||||||||||||||
The convertible senior debentures, due 2040, due 2041, and due 2042, issued by the Company on November 9, 2010, May 13, 2011, and May 31, 2012, respectively, contain embedded derivative features that GAAP requires to be bifurcated and remeasured each reporting period. Each quarter, the change in the fair value of the embedded derivative features, if any, is recorded in the consolidated condensed statements of operations. The Company uses a derivative valuation model to derive the value of the embedded derivative features. Key inputs into this valuation model are the Company's current stock price, risk-free interest rates, the stock dividend yield, the stock volatility, and the debentures' credit spread over LIBOR. The first three aforementioned inputs are based on observable market data and are considered Level 2 inputs while the last two aforementioned inputs are unobservable and thus require management's judgment and are considered Level 3 inputs. The fair value measurement is considered a Level 3 measurement within the fair value hierarchy. | |||||||||||||||||
The fair value of the long-term debt, excluding the derivative liabilities, at June 28, 2014 and December 31, 2013 is approximately $846,900 and $750,700, respectively, compared to its carrying value, excluding the derivative liabilities, of $385,807, and $363,874, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs. | |||||||||||||||||
At June 28, 2014 and December 31, 2013, the Company's short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet dates. The short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. There have been no transfers to or from the held-to-maturity classification. All decreases in the account balance are due to returns of principal at the securities' maturity dates. Interest on the securities is recognized as interest income when earned. | |||||||||||||||||
At June 28, 2014 and December 31, 2013, the Company's cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets. | |||||||||||||||||
The Company's financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Basis of Presentation [Abstract] | ' |
Fiscal Period, Policy | ' |
The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2014 end on March 29, 2014, June 28, 2014, September 27, 2014, and December 31, 2014, respectively. The four fiscal quarters in 2013 ended on March 30, 2013, June 29, 2013, September 28, 2013, and December 31, 2013, respectively. | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
Recently Adopted Accounting Guidance | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU is the result of a convergence project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The ASU removes inconsistencies and weaknesses in revenue requirements; provides a more robust framework for addressing revenue issues; improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; provides more useful information to users of financial statements through expanded disclosure requirements; and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. The ASU is effective for the Company for interim and annual periods beginning after January 1, 2017. Vishay is currently evaluating the effect of the ASU on its revenue contracts. |
Income_Taxes_Policies
Income Taxes (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Income Taxes [Abstract] | ' |
Effective Income tax Rate Description | ' |
The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended June 28, 2014 and June 29, 2013 reflect the Company's expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company's earnings and the applicable tax rates in the various jurisdictions where the Company operates. |
StockBased_Compensation_Polici
Stock-Based Compensation (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Stock-Based Compensation [Abstract] | ' |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units ("RSUs"), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. |
Segment_Information_Policies
Segment Information (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Segment Information [Abstract] | ' |
Segment Reporting, Policy [Policy Text Block] | ' |
Note 9 – Segment Information | |
Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. | |
The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, executive compensation charges (credits), material gains and losses on sales of property, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. |
Earnings_Per_Share_Policies
Earnings Per Share (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Earnings Per Share [Abstract] | ' |
Discussion on convertible debt included in computation of earnings per share diluted | ' |
The Company's convertible debt instruments are only convertible upon the occurrence of certain events. While none of these events has occurred as of June 28, 2014, certain conditions which could trigger conversion have been deemed to be non-substantive, and accordingly, the Company has always assumed the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. | |
At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $13.77, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $18.87, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $11.71, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Fair Value Measurements [Abstract] | ' |
Fair Value of Financial Instruments, Policy | ' |
The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |
Level 3: Unobservable inputs that reflect the Company's own assumptions. | |
An asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. |
Restructuring_and_Related_Acti1
Restructuring and Related Activities (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Related Expenses | ' | ||||||||
The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated statements of operations: | |||||||||
Fiscal quarter ended | Six fiscal months ended | ||||||||
28-Jun-14 | 28-Jun-14 | ||||||||
MOSFETs Enhanced Competitiveness Program | $ | 1,492 | $ | 3,219 | |||||
Voluntary Separation / Retirement Program | 7,522 | 12,199 | |||||||
Total | $ | 9,014 | $ | 15,418 | |||||
MOSFETs Enhanced Competitiveness Program [Member] | ' | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||
The following table summarizes the activity to date related to this program: | |||||||||
Expense recorded in the fourth fiscal quarter of 2013 | $ | 2,328 | |||||||
Cash paid | (267 | ) | |||||||
Balance at December 31, 2013 | $ | 2,061 | |||||||
Expense | 3,219 | ||||||||
Cash paid | (113 | ) | |||||||
Balance at June 28, 2014 | $ | 5,167 | |||||||
Voluntary Separation/Retirement Program [Member] | ' | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||
The following table summarizes the activity to date related to this program: | |||||||||
Expense recorded in the fourth fiscal quarter of 2013 | $ | 486 | |||||||
Cash paid | (98 | ) | |||||||
Foreign currency translation | 3 | ||||||||
Balance at December 31, 2013 | $ | 391 | |||||||
Expense | 12,199 | ||||||||
Cash paid | (4,974 | ) | |||||||
Foreign currency translation | (18 | ) | |||||||
Balance at June 28, 2014 | $ | 7,598 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||||||||
Schedule of long-term debt instruments | ' | ||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||
June 28, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Credit facility | $ | 134,000 | $ | 114,000 | |||||||||||||||||
Exchangeable unsecured notes, due 2102 | 38,642 | 38,642 | |||||||||||||||||||
Convertible senior debentures, due 2040 | 102,776 | 101,846 | |||||||||||||||||||
Convertible senior debentures, due 2041 | 52,744 | 52,264 | |||||||||||||||||||
Convertible senior debentures, due 2042 | 58,644 | 58,159 | |||||||||||||||||||
386,806 | 364,911 | ||||||||||||||||||||
Less current portion | - | - | |||||||||||||||||||
$ | 386,806 | $ | 364,911 | ||||||||||||||||||
Key terms of the convertible debentures | ' | ||||||||||||||||||||
The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the June 26, 2014 dividend payment: | |||||||||||||||||||||
Due 2040 | Due 2041 | Due 2042 | |||||||||||||||||||
Issuance date | 9-Nov-10 | 13-May-11 | 31-May-12 | ||||||||||||||||||
Maturity date | 15-Nov-40 | 15-May-41 | 1-Jun-42 | ||||||||||||||||||
Principal amount | $ | 275,000 | $ | 150,000 | $ | 150,000 | |||||||||||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | |||||||||||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 8 | % | 8.375 | % | 7.5 | % | |||||||||||||||
Conversion rate effective June 10, 2014 (per $1 principal amount) | 72.6207 | 52.9947 | 85.3846 | ||||||||||||||||||
Effective conversion price effective June 10, 2014 (per share) | $ | 13.77 | $ | 18.87 | $ | 11.71 | |||||||||||||||
130% of the conversion price (per share) | $ | 17.9 | $ | 24.53 | $ | 15.22 | |||||||||||||||
Call date | 20-Nov-20 | 20-May-21 | 7-Jun-22 | ||||||||||||||||||
Liability and equity of component of convertible senior debentures | ' | ||||||||||||||||||||
The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows: | |||||||||||||||||||||
Principal amount of | Unamortized discount | Embedded derivative | Carrying value of liability component | Equity component - net carrying value | |||||||||||||||||
the debentures | |||||||||||||||||||||
28-Jun-14 | |||||||||||||||||||||
Due 2040 | $ | 275,000 | (172,684 | ) | 460 | $ | 102,776 | $ | 110,094 | ||||||||||||
Due 2041 | $ | 150,000 | (97,599 | ) | 343 | $ | 52,744 | $ | 62,246 | ||||||||||||
Due 2042 | $ | 150,000 | (91,552 | ) | 196 | $ | 58,644 | $ | 57,874 | ||||||||||||
Total | $ | 575,000 | $ | (361,835 | ) | $ | 999 | $ | 214,164 | $ | 230,214 | ||||||||||
31-Dec-13 | |||||||||||||||||||||
Due 2040 | $ | 275,000 | (173,645 | ) | 491 | $ | 101,846 | $ | 110,094 | ||||||||||||
Due 2041 | $ | 150,000 | (98,085 | ) | 349 | $ | 52,264 | $ | 62,246 | ||||||||||||
Due 2042 | $ | 150,000 | (92,038 | ) | 197 | $ | 58,159 | $ | 57,874 | ||||||||||||
Total | $ | 575,000 | $ | (363,768 | ) | $ | 1,037 | $ | 212,269 | $ | 230,214 | ||||||||||
Convertible debentures, interest expense | ' | ||||||||||||||||||||
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: | |||||||||||||||||||||
Contractual | 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 debentures | |||||||||||||||||
coupon interest | |||||||||||||||||||||
28-Jun-14 | |||||||||||||||||||||
Due 2040 | $ | 1,547 | 485 | 22 | (76 | ) | $ | 1,978 | |||||||||||||
Due 2041 | $ | 844 | 245 | 13 | (20 | ) | $ | 1,082 | |||||||||||||
Due 2042 | $ | 844 | 245 | 14 | (21 | ) | $ | 1,082 | |||||||||||||
Total | $ | 3,235 | $ | 975 | $ | 49 | $ | (117 | ) | $ | 4,142 | ||||||||||
29-Jun-13 | |||||||||||||||||||||
Due 2040 | $ | 1,547 | 448 | 22 | (16 | ) | $ | 2,001 | |||||||||||||
Due 2041 | $ | 844 | 226 | 12 | 1 | $ | 1,083 | ||||||||||||||
Due 2042 | $ | 844 | 227 | 14 | (3 | ) | $ | 1,082 | |||||||||||||
Total | $ | 3,235 | $ | 901 | $ | 48 | $ | (18 | ) | $ | 4,166 | ||||||||||
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the six fiscal months ended: | |||||||||||||||||||||
Contractual | 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 debentures | |||||||||||||||||
coupon interest | |||||||||||||||||||||
28-Jun-14 | |||||||||||||||||||||
Due 2040 | $ | 3,094 | 961 | 44 | (31 | ) | $ | 4,068 | |||||||||||||
Due 2041 | $ | 1,688 | 486 | 24 | (6 | ) | $ | 2,192 | |||||||||||||
Due 2042 | $ | 1,688 | 486 | 27 | (1 | ) | $ | 2,200 | |||||||||||||
Total | $ | 6,470 | $ | 1,933 | $ | 95 | $ | (38 | ) | $ | 8,460 | ||||||||||
29-Jun-13 | |||||||||||||||||||||
Due 2040 | $ | 3,094 | 888 | 44 | (163 | ) | $ | 3,863 | |||||||||||||
Due 2041 | $ | 1,688 | 448 | 24 | (87 | ) | $ | 2,073 | |||||||||||||
Due 2042 | $ | 1,688 | 451 | 27 | (76 | ) | $ | 2,090 | |||||||||||||
Total | $ | 6,470 | $ | 1,787 | $ | 95 | $ | (326 | ) | $ | 8,026 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Summary of components of other comprehensive income | ' | ||||||||||||||||
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: | |||||||||||||||||
Pension and other post-retirement actuarial items | Currency translation adjustment | Unrealized gain (loss) on available-for-sale securities | Total | ||||||||||||||
Balance at January 1, 2014 | $ | (129,918 | ) | $ | 190,998 | 554 | $ | 61,634 | |||||||||
Other comprehensive income (loss) before reclassifications | - | (8,439 | ) | 1,828 | $ | (6,611 | ) | ||||||||||
Tax effect | - | - | (640 | ) | $ | (640 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | - | (8,439 | ) | 1,188 | $ | (7,251 | ) | ||||||||||
Amounts reclassified out of AOCI | 4,492 | - | - | $ | 4,492 | ||||||||||||
Tax effect | (1,632 | ) | - | - | $ | (1,632 | ) | ||||||||||
Amounts reclassified out of AOCI, net of tax | 2,860 | - | - | $ | 2,860 | ||||||||||||
Net other comprehensive income (loss) | $ | 2,860 | $ | (8,439 | ) | $ | 1,188 | $ | (4,391 | ) | |||||||
Balance at June 28, 2014 | $ | (127,058 | ) | $ | 182,559 | $ | 1,742 | $ | 57,243 |
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Pension Plan, Defined Benefit [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Net periodic benefit cost for pension and other postretirement benefit plans | ' | ||||||||||||||||
The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2014 and 2013 for the Company's defined benefit pension plans: | |||||||||||||||||
Fiscal quarter ended | Fiscal quarter ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Net service cost | $ | - | $ | 831 | $ | - | $ | 872 | |||||||||
Interest cost | 3,834 | 2,195 | 3,474 | 2,012 | |||||||||||||
Expected return on plan assets | (4,058 | ) | (532 | ) | (4,586 | ) | (520 | ) | |||||||||
Amortization of prior service cost (credit) | (23 | ) | 1 | 245 | (8 | ) | |||||||||||
Amortization of losses | 1,810 | 691 | 3,507 | 828 | |||||||||||||
Net periodic benefit cost | $ | 1,563 | $ | 3,186 | $ | 2,640 | $ | 3,184 | |||||||||
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 28, 2014 and June 29, 2013 for the Company's defined benefit pension plans: | |||||||||||||||||
Six fiscal months ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Net service cost | $ | - | $ | 1,655 | $ | - | $ | 1,757 | |||||||||
Interest cost | 7,668 | 4,376 | 6,941 | 4,054 | |||||||||||||
Expected return on plan assets | (8,116 | ) | (1,057 | ) | (9,562 | ) | (1,049 | ) | |||||||||
Amortization of prior service cost (credit) | (46 | ) | 2 | 489 | (17 | ) | |||||||||||
Amortization of losses | 3,620 | 1,378 | 7,465 | 1,667 | |||||||||||||
Net periodic benefit cost | $ | 3,126 | $ | 6,354 | $ | 5,333 | $ | 6,412 | |||||||||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Net periodic benefit cost for pension and other postretirement benefit plans | ' | ||||||||||||||||
The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2014 and 2013 for the Company's other postretirement benefit plans: | |||||||||||||||||
Fiscal quarter ended | Fiscal quarter ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Service cost | $ | 29 | $ | 79 | $ | 27 | $ | 74 | |||||||||
Interest cost | 88 | 63 | 79 | 63 | |||||||||||||
Amortization of prior service (credit) | (206 | ) | - | (199 | ) | - | |||||||||||
Amortization of losses (gains) | (35 | ) | 10 | 1 | - | ||||||||||||
Net periodic benefit cost | $ | (124 | ) | $ | 152 | $ | (92 | ) | $ | 137 | |||||||
The following table shows the components of the net periodic pension cost for the six fiscal months ended June 28, 2014 and June 29, 2013 for the Company's other postretirement benefit plans: | |||||||||||||||||
Six fiscal months ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
Service cost | $ | 58 | $ | 158 | $ | 55 | $ | 148 | |||||||||
Interest cost | 176 | 126 | 157 | 127 | |||||||||||||
Amortization of prior service (credit) | (412 | ) | - | (399 | ) | - | |||||||||||
Amortization of losses (gains) | (70 | ) | 20 | 2 | - | ||||||||||||
Net periodic benefit cost | $ | (248 | ) | $ | 304 | $ | (185 | ) | $ | 275 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Summary of recognized stock-based compensation expense | ' | ||||||||||||||||
The following table summarizes stock-based compensation expense recognized: | |||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||
Stock options | $ | - | $ | 6 | $ | - | 18 | ||||||||||
Restricted stock units | 804 | (2,646 | ) | 1,614 | (1,718 | ) | |||||||||||
Phantom stock units | - | - | 131 | 108 | |||||||||||||
Total | $ | 804 | $ | (2,640 | ) | $ | 1,745 | (1,592 | ) | ||||||||
Schedule of unrecognized compensation cost, nonvested awards | ' | ||||||||||||||||
The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at June 28, 2014 (amortization periods in years): | |||||||||||||||||
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | ||||||||||||||||
Stock options | $ | - | 0 | ||||||||||||||
Restricted stock units | 10,766 | 1.4 | |||||||||||||||
Phantom stock units | - | 0 | |||||||||||||||
Total | $ | 10,766 | |||||||||||||||
Schedule of share-based compensation, restricted stock units award activity | ' | ||||||||||||||||
RSU activity under the 2007 Program as of June 28, 2014 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands): | |||||||||||||||||
Number of RSUs | Weighted Average Grant-date Fair Value per Unit | ||||||||||||||||
Outstanding: | |||||||||||||||||
1-Jan-14 | 1,059 | $ | 13.4 | ||||||||||||||
Granted | 336 | 13.48 | |||||||||||||||
Vested* | (146 | ) | 15.87 | ||||||||||||||
Cancelled or forfeited | (102 | ) | 17.45 | ||||||||||||||
Outstanding at June 28, 2014 | 1,147 | $ | 12.75 | ||||||||||||||
Expected to vest at June 28, 2014 | 760 | ||||||||||||||||
________ | |||||||||||||||||
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||||||||||||||||
Schedule of share-based compensation arrangement by share-based units, vested and expected to vest | ' | ||||||||||||||||
The number of performance-based RSUs that are scheduled to vest on January 1, 2015 is evaluated based on the full achievement of the defined target performance criteria. The number of performance-based RSUs that are scheduled to vest on January 1, 2016 and January 1, 2017 increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands): | |||||||||||||||||
Vesting Date | Expected to Vest | Not Expected to Vest | Total | ||||||||||||||
1-Jan-15 | - | 276 | 276 | ||||||||||||||
1-Jan-16 | 111 | 111 | 222 | ||||||||||||||
1-Jan-17 | 192 | - | 192 | ||||||||||||||
Schedule of share-based compensation, phantom stock units, Activity | ' | ||||||||||||||||
Phantom stock unit activity under the phantom stock plan as of June 28, 2014 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands): | |||||||||||||||||
Number of units | Grant-date Fair Value per Unit | ||||||||||||||||
Outstanding: | |||||||||||||||||
1-Jan-14 | 107 | ||||||||||||||||
Granted | 10 | $ | 13.12 | ||||||||||||||
Dividend equivalents issued | 1 | ||||||||||||||||
Redeemed for common stock | - | ||||||||||||||||
Outstanding at June 28, 2014 | 118 |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||
The following tables set forth business segment information: | |||||||||||||||||||||||||
MOSFETs | Diodes | Optoelectronic Components | Resistors & Inductors | Capacitors | Total | ||||||||||||||||||||
Fiscal quarter ended June 28, 2014: | |||||||||||||||||||||||||
Product Sales | $ | 123,971 | $ | 149,571 | $ | 63,258 | $ | 192,536 | $ | 111,744 | $ | 641,080 | |||||||||||||
Royalty Revenues | 71 | - | - | 778 | - | $ | 849 | ||||||||||||||||||
Total Revenue | $ | 124,042 | $ | 149,571 | $ | 63,258 | $ | 193,314 | $ | 111,744 | $ | 641,929 | |||||||||||||
Gross Margin | $ | 18,871 | $ | 34,706 | $ | 22,788 | $ | 61,395 | $ | 26,333 | $ | 164,093 | |||||||||||||
Fiscal quarter ended June 29, 2013: | |||||||||||||||||||||||||
Product Sales | $ | 115,484 | $ | 140,623 | $ | 58,397 | $ | 169,817 | $ | 111,749 | $ | 596,070 | |||||||||||||
Royalty Revenues | 79 | - | - | 1,516 | - | $ | 1,595 | ||||||||||||||||||
Total Revenue | $ | 115,563 | $ | 140,623 | $ | 58,397 | $ | 171,333 | $ | 111,749 | $ | 597,665 | |||||||||||||
Gross Margin | $ | 16,466 | $ | 31,427 | $ | 19,151 | $ | 54,345 | $ | 21,468 | $ | 142,857 | |||||||||||||
Six fiscal months ended June 28, 2014: | |||||||||||||||||||||||||
Product Sales | $ | 237,084 | $ | 286,500 | $ | 120,756 | $ | 380,525 | $ | 217,255 | $ | 1,242,120 | |||||||||||||
Royalty Revenues | 99 | - | - | 2,088 | - | $ | 2,187 | ||||||||||||||||||
Total Revenue | $ | 237,183 | $ | 286,500 | $ | 120,756 | $ | 382,613 | $ | 217,255 | $ | 1,244,307 | |||||||||||||
Gross Margin | $ | 31,488 | $ | 64,471 | $ | 44,025 | $ | 121,515 | $ | 47,877 | $ | 309,376 | |||||||||||||
Six fiscal months ended June 29, 2013: | |||||||||||||||||||||||||
Product Sales | $ | 216,330 | $ | 265,735 | $ | 114,623 | $ | 333,745 | $ | 217,911 | $ | 1,148,344 | |||||||||||||
Royalty Revenues | 121 | - | - | 3,454 | - | $ | 3,575 | ||||||||||||||||||
Total Revenue | $ | 216,451 | $ | 265,735 | $ | 114,623 | $ | 337,199 | $ | 217,911 | $ | 1,151,919 | |||||||||||||
Gross Margin | $ | 29,366 | $ | 58,688 | $ | 38,925 | $ | 106,946 | $ | 45,666 | $ | 279,591 | |||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||||||||||
Operating margin reconciliation: | |||||||||||||||||||||||||
MOSFETs | $ | 9,493 | $ | 5,682 | $ | 11,980 | $ | 8,515 | |||||||||||||||||
Diodes | 28,130 | 25,339 | 51,188 | 46,728 | |||||||||||||||||||||
Optoelectronic Components | 18,945 | 15,558 | 36,349 | 31,767 | |||||||||||||||||||||
Resistors & Inductors | 51,969 | 45,540 | 102,305 | 89,740 | |||||||||||||||||||||
Capacitors | 20,122 | 15,585 | 35,463 | 34,041 | |||||||||||||||||||||
Restructuring and Severance Costs | (9,014 | ) | - | (15,418 | ) | - | |||||||||||||||||||
Executive Compensation Credit | - | 1,778 | - | 1,778 | |||||||||||||||||||||
Unallocated Selling, General, and Administrative Expenses | (61,722 | ) | (57,592 | ) | (121,372 | ) | (115,074 | ) | |||||||||||||||||
Consolidated Operating Income | $ | 57,923 | $ | 51,890 | $ | 100,495 | $ | 97,495 | |||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands): | |||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||
Numerator: | |||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||
Net earnings | $ | 35,642 | $ | 31,309 | $ | 61,452 | $ | 60,240 | |||||||||
Adjustment to the numerator for continuing operations and net earnings: | |||||||||||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 15 | 44 | 30 | 91 | |||||||||||||
Numerator for diluted earnings per share: | |||||||||||||||||
Net earnings | $ | 35,657 | $ | 31,353 | $ | 61,482 | $ | 60,331 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||
Weighted average shares | 147,449 | 143,603 | 147,444 | 143,544 | |||||||||||||
Outstanding phantom stock units | 118 | 107 | 117 | 107 | |||||||||||||
Adjusted weighted average shares | 147,567 | 143,710 | 147,561 | 143,651 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Convertible and exchangeable debt instruments | 6,513 | 7,913 | 5,647 | 7,288 | |||||||||||||
Restricted stock units | 234 | 249 | 222 | 313 | |||||||||||||
Other | 8 | 8 | 8 | 4 | |||||||||||||
Dilutive potential common shares | 6,755 | 8,170 | 5,877 | 7,605 | |||||||||||||
Denominator for diluted earnings per share: | |||||||||||||||||
Adjusted weighted average shares | 154,322 | 151,880 | 153,438 | 151,256 | |||||||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.24 | $ | 0.22 | $ | 0.42 | $ | 0.42 | |||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.23 | $ | 0.21 | $ | 0.4 | $ | 0.4 | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||||||
Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands): | |||||||||||||||||
Fiscal quarters ended | Six fiscal months ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||||||
Convertible and exchangeable notes: | |||||||||||||||||
Convertible Senior Debentures, due 2040 | - | 19,809 | - | 19,809 | |||||||||||||
Convertible Senior Debentures, due 2041 | 7,924 | 7,885 | 7,911 | 7,885 | |||||||||||||
Weighted average employee stock options | 77 | 77 | 77 | 91 | |||||||||||||
Weighted average other | 161 | 302 | 138 | 412 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Schedule of fair Value, Assets and Liabilities Measured on Recurring basis | ' | ||||||||||||||||
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
June 28, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held in rabbi trusts | $ | 38,721 | $ | 25,351 | $ | 13,370 | $ | - | |||||||||
Available for sale securities | $ | 7,568 | 7,568 | - | - | ||||||||||||
$ | 46,289 | $ | 32,919 | $ | 13,370 | $ | - | ||||||||||
Liabilities: | |||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (460 | ) | $ | - | $ | - | $ | (460 | ) | |||||||
Embedded derivative - convertible debentures due 2041 | $ | (343 | ) | - | - | (343 | ) | ||||||||||
Embedded derivative - convertible debentures due 2042 | $ | (196 | ) | - | - | (196 | ) | ||||||||||
$ | (999 | ) | $ | - | $ | - | $ | (999 | ) | ||||||||
December 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held in rabbi trusts | $ | 36,992 | $ | 24,064 | 12,928 | $ | - | ||||||||||
Available for sale securities | $ | 7,356 | 7,356 | - | - | ||||||||||||
$ | 44,348 | $ | 31,420 | $ | 12,928 | $ | - | ||||||||||
Liabilities: | |||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (491 | ) | $ | - | $ | - | $ | (491 | ) | |||||||
Embedded derivative - convertible debentures due 2041 | $ | (349 | ) | - | - | (349 | ) | ||||||||||
Embedded derivative - convertible debentures due 2042 | $ | (197 | ) | - | - | (197 | ) | ||||||||||
$ | (1,037 | ) | $ | - | $ | - | $ | (1,037 | ) |
Acquisition_and_Divestiture_Ac1
Acquisition and Divestiture Activities (Details) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jul. 11, 2014 | Jul. 11, 2014 |
USD ($) | USD ($) | Holy Stone Polytech [Member] | Holy Stone Polytech [Member] | Capella [Member] | Capella [Member] | Capella [Member] | |
USD ($) | USD ($) | TWD | |||||
Business Acquisitions | ' | ' | ' | ' | ' | ' | ' |
Acquisition of business, net of cash acquired | $20,776 | $23,034 | ' | $20,776 | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | ' | ' | ' | 139 |
Business Acquisition, Name of Acquired Entity | ' | ' | 'Holy Stone Polytech Co., Ltd. | ' | 'Capella Microsystems (Taiwan) Inc. | ' | ' |
Business Acquisition, Date of Acquisition Agreement | ' | ' | ' | ' | 11-Jul-14 | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | 11-Jun-14 | ' | ' | ' | ' |
Offered purchase price | ' | ' | ' | ' | ' | 205,000 | ' |
Finite-lived Intangible Assets Acquired | ' | ' | ' | 5,183 | ' | ' | ' |
Goodwill related to acquisitions | ' | ' | ' | $9,509 | ' | ' | ' |
Restructuring_and_Related_Acti2
Restructuring and Related Activities (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 28, 2014 |
MOSFETs Enhanced Competitiveness Program [Member] | MOSFETs Enhanced Competitiveness Program [Member] | MOSFETs Enhanced Competitiveness Program [Member] | Voluntary Separation/Retirement Program [Member] | Voluntary Separation/Retirement Program [Member] | Voluntary Separation/Retirement Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Current | ' | ' | ' | ' | $1,243 | ' | $1,243 | $7,598 | ' | $7,598 |
Restructuring and related expense | 9,014 | ' | 15,418 | ' | 1,492 | ' | 3,219 | 7,522 | ' | 12,199 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and severance costs | 9,014 | 0 | 15,418 | 0 | ' | 2,328 | 3,219 | ' | 486 | 12,199 |
Cash paid | ' | ' | ' | ' | ' | -267 | -113 | ' | -98 | -4,974 |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 3 | -18 |
Balance at end of period | ' | ' | ' | ' | 5,167 | 2,061 | 5,167 | 7,598 | 391 | 7,598 |
Balance at beginning of period | ' | ' | ' | ' | ' | ' | 2,061 | ' | ' | 391 |
Term of restructuring program | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' |
Expected Restructuring Costs | ' | ' | $31,700 | ' | ' | ' | $16,000 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 29, 2013 | Jun. 28, 2014 |
Income Taxes [Abstract] | ' | ' |
Decrease in liabilities for unrecognized tax benefits | ' | $1,387 |
One-time tax benefit due to retroactive enactment of the American Taxpayer Relief Act of 2012 | ($1,330) | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | $386,806 | ' | $386,806 | ' | $364,911 |
Exchangeable unsecured notes, due 2102 | 38,642 | ' | 38,642 | ' | 38,642 |
Credit facility | 134,000 | ' | 134,000 | ' | 114,000 |
Less current portion | 0 | ' | 0 | ' | 0 |
Long-term debt, less current portion | 386,806 | ' | 386,806 | ' | 364,911 |
Debt Instruments [Abstract] | ' | ' | ' | ' | ' |
Principal amount of debt | 575,000 | ' | 575,000 | ' | 575,000 |
Liability and equity components of convertible debentures [Abstract] | ' | ' | ' | ' | ' |
Principal amount of the debentures | 575,000 | ' | 575,000 | ' | 575,000 |
Unamortized discount | -361,835 | ' | -361,835 | ' | -363,768 |
Embedded derivative | 999 | ' | 999 | ' | 1,037 |
Carrying value of liability component | 214,164 | ' | 214,164 | ' | 212,269 |
Equity component - net carrying value | 230,214 | ' | 230,214 | ' | 230,214 |
Interest expense related to debentures [Abstract] | ' | ' | ' | ' | ' |
Contractual coupon interest | 3,235 | 3,235 | 6,470 | 6,470 | ' |
Non-cash amortization of debt discount | 975 | 901 | 1,933 | 1,787 | ' |
Non-cash amortization of deferred financing costs | 49 | 48 | 95 | 95 | ' |
Non-cash change in value of derivative liability | -117 | -18 | -38 | -326 | ' |
Total interest expense related to the debentures | 4,142 | 4,166 | 8,460 | 8,026 | ' |
Convertible Senior Debentures 2040 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Convertible Debt, Noncurrent | 102,776 | ' | 102,776 | ' | 101,846 |
Debt Instruments [Abstract] | ' | ' | ' | ' | ' |
Issuance date | ' | ' | 9-Nov-10 | ' | ' |
Debt maturity date | ' | ' | 15-Nov-40 | ' | ' |
Principal amount of debt | 275,000 | ' | 275,000 | ' | 275,000 |
Stated rate of interest on debt (in hundredths) | 2.25% | ' | 2.25% | ' | ' |
Effective rate of interest on convertible senior debentures (in hundredths) | 8.00% | ' | 8.00% | ' | ' |
Debt Instrument, Convertible, Stock Price Trigger | ' | ' | $17.90 | ' | ' |
Debt conversion rate | 72.6207 | ' | ' | ' | ' |
Debt effective conversion price | $13.77 | ' | $13.77 | ' | ' |
Convertible senior debentures call date | 20-Nov-20 | ' | ' | ' | ' |
Liability and equity components of convertible debentures [Abstract] | ' | ' | ' | ' | ' |
Principal amount of the debentures | 275,000 | ' | 275,000 | ' | 275,000 |
Unamortized discount | -172,684 | ' | -172,684 | ' | -173,645 |
Embedded derivative | 460 | ' | 460 | ' | 491 |
Carrying value of liability component | 102,776 | ' | 102,776 | ' | 101,846 |
Equity component - net carrying value | 110,094 | ' | 110,094 | ' | 110,094 |
Interest expense related to debentures [Abstract] | ' | ' | ' | ' | ' |
Contractual coupon interest | 1,547 | 1,547 | 3,094 | 3,094 | ' |
Non-cash amortization of debt discount | 485 | 448 | 961 | 888 | ' |
Non-cash amortization of deferred financing costs | 22 | 22 | 44 | 44 | ' |
Non-cash change in value of derivative liability | -76 | -16 | -31 | -163 | ' |
Total interest expense related to the debentures | 1,978 | 2,001 | 4,068 | 3,863 | ' |
Convertible Senior Debentures 2041 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Convertible Debt, Noncurrent | 52,744 | ' | 52,744 | ' | 52,264 |
Debt Instruments [Abstract] | ' | ' | ' | ' | ' |
Issuance date | ' | ' | 13-May-11 | ' | ' |
Debt maturity date | ' | ' | 15-May-41 | ' | ' |
Principal amount of debt | 150,000 | ' | 150,000 | ' | 150,000 |
Stated rate of interest on debt (in hundredths) | 2.25% | ' | 2.25% | ' | ' |
Effective rate of interest on convertible senior debentures (in hundredths) | 8.38% | ' | 8.38% | ' | ' |
Debt Instrument, Convertible, Stock Price Trigger | ' | ' | $24.53 | ' | ' |
Debt conversion rate | 52.9947 | ' | ' | ' | ' |
Debt effective conversion price | $18.87 | ' | $18.87 | ' | ' |
Convertible senior debentures call date | 20-May-21 | ' | ' | ' | ' |
Liability and equity components of convertible debentures [Abstract] | ' | ' | ' | ' | ' |
Principal amount of the debentures | 150,000 | ' | 150,000 | ' | 150,000 |
Unamortized discount | -97,599 | ' | -97,599 | ' | -98,085 |
Embedded derivative | 343 | ' | 343 | ' | 349 |
Carrying value of liability component | 52,744 | ' | 52,744 | ' | 52,264 |
Equity component - net carrying value | 62,246 | ' | 62,246 | ' | 62,246 |
Interest expense related to debentures [Abstract] | ' | ' | ' | ' | ' |
Contractual coupon interest | 844 | 844 | 1,688 | 1,688 | ' |
Non-cash amortization of debt discount | 245 | 226 | 486 | 448 | ' |
Non-cash amortization of deferred financing costs | 13 | 12 | 24 | 24 | ' |
Non-cash change in value of derivative liability | -20 | 1 | -6 | -87 | ' |
Total interest expense related to the debentures | 1,082 | 1,083 | 2,192 | 2,073 | ' |
Convertible Senior Debentures 2042 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Convertible Debt, Noncurrent | 58,644 | ' | 58,644 | ' | 58,159 |
Debt Instruments [Abstract] | ' | ' | ' | ' | ' |
Issuance date | ' | ' | 31-May-12 | ' | ' |
Debt maturity date | ' | ' | 1-Jun-42 | ' | ' |
Principal amount of debt | 150,000 | ' | 150,000 | ' | 150,000 |
Stated rate of interest on debt (in hundredths) | 2.25% | ' | 2.25% | ' | ' |
Effective rate of interest on convertible senior debentures (in hundredths) | 7.50% | ' | 7.50% | ' | ' |
Debt Instrument, Convertible, Stock Price Trigger | ' | ' | $15.22 | ' | ' |
Debt conversion rate | 85.3846 | ' | ' | ' | ' |
Debt effective conversion price | $11.71 | ' | $11.71 | ' | ' |
Convertible senior debentures call date | 7-Jun-22 | ' | ' | ' | ' |
Liability and equity components of convertible debentures [Abstract] | ' | ' | ' | ' | ' |
Principal amount of the debentures | 150,000 | ' | 150,000 | ' | 150,000 |
Unamortized discount | -91,552 | ' | -91,552 | ' | -92,038 |
Embedded derivative | 196 | ' | 196 | ' | 197 |
Carrying value of liability component | 58,644 | ' | 58,644 | ' | 58,159 |
Equity component - net carrying value | 57,874 | ' | 57,874 | ' | 57,874 |
Interest expense related to debentures [Abstract] | ' | ' | ' | ' | ' |
Contractual coupon interest | 844 | 844 | 1,688 | 1,688 | ' |
Non-cash amortization of debt discount | 245 | 227 | 486 | 451 | ' |
Non-cash amortization of deferred financing costs | 14 | 14 | 27 | 27 | ' |
Non-cash change in value of derivative liability | -21 | -3 | -1 | -76 | ' |
Total interest expense related to the debentures | $1,082 | $1,082 | $2,200 | $2,090 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Beginning Balance | ' | ' | $61,634 | ' |
Other comprehensive income before reclassifications | ' | ' | -6,611 | ' |
Tax effect | ' | ' | -640 | ' |
Other comprehensive income before reclassifications, net of tax | ' | ' | -7,251 | ' |
Amounts reclassified out of AOCI | ' | ' | 4,492 | ' |
Tax effect | ' | ' | -1,632 | ' |
Amounts reclassified out of AOCI, net of tax | ' | ' | 2,860 | ' |
Net other comprehensive income | -5,462 | 12,747 | -4,391 | -8,713 |
Ending Balance | 57,243 | ' | 57,243 | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Beginning Balance | ' | ' | 554 | ' |
Other comprehensive income before reclassifications | ' | ' | 1,828 | ' |
Tax effect | ' | ' | -640 | ' |
Other comprehensive income before reclassifications, net of tax | ' | ' | 1,188 | ' |
Amounts reclassified out of AOCI | ' | ' | 0 | ' |
Tax effect | ' | ' | 0 | ' |
Amounts reclassified out of AOCI, net of tax | ' | ' | 0 | ' |
Net other comprehensive income | ' | ' | 1,188 | ' |
Ending Balance | 1,742 | ' | 1,742 | ' |
Currency Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Beginning Balance | ' | ' | 190,998 | ' |
Other comprehensive income before reclassifications | ' | ' | -8,439 | ' |
Tax effect | ' | ' | 0 | ' |
Other comprehensive income before reclassifications, net of tax | ' | ' | -8,439 | ' |
Amounts reclassified out of AOCI | ' | ' | 0 | ' |
Tax effect | ' | ' | 0 | ' |
Amounts reclassified out of AOCI, net of tax | ' | ' | 0 | ' |
Net other comprehensive income | ' | ' | -8,439 | ' |
Ending Balance | 182,559 | ' | 182,559 | ' |
Pension and Other Post-Retirement Actuarial Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Beginning Balance | ' | ' | -129,918 | ' |
Other comprehensive income before reclassifications | ' | ' | 0 | ' |
Tax effect | ' | ' | 0 | ' |
Other comprehensive income before reclassifications, net of tax | ' | ' | 0 | ' |
Amounts reclassified out of AOCI | ' | ' | 4,492 | ' |
Tax effect | ' | ' | -1,632 | ' |
Amounts reclassified out of AOCI, net of tax | ' | ' | 2,860 | ' |
Net other comprehensive income | ' | ' | 2,860 | ' |
Ending Balance | ($127,058) | ' | ($127,058) | ' |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Non-U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net service cost | $831 | $872 | $1,655 | $1,757 |
Interest cost | 2,195 | 2,012 | 4,376 | 4,054 |
Expected return on plan assets | -532 | -520 | -1,057 | -1,049 |
Amortization of prior service cost (credit) | 1 | -8 | 2 | -17 |
Amortization of losses (gains) | 691 | 828 | 1,378 | 1,667 |
Net periodic benefit cost | 3,186 | 3,184 | 6,354 | 6,412 |
U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net service cost | 0 | 0 | 0 | 0 |
Interest cost | 3,834 | 3,474 | 7,668 | 6,941 |
Expected return on plan assets | -4,058 | -4,586 | -8,116 | -9,562 |
Amortization of prior service cost (credit) | -23 | 245 | -46 | 489 |
Amortization of losses (gains) | 1,810 | 3,507 | 3,620 | 7,465 |
Net periodic benefit cost | 1,563 | 2,640 | 3,126 | 5,333 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net service cost | 29 | 27 | 58 | 55 |
Interest cost | 88 | 79 | 176 | 157 |
Amortization of prior service cost (credit) | -206 | -199 | -412 | -399 |
Amortization of losses (gains) | -35 | 1 | -70 | 2 |
Net periodic benefit cost | -124 | -92 | -248 | -185 |
Foreign Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net service cost | 79 | 74 | 158 | 148 |
Interest cost | 63 | 63 | 126 | 127 |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Amortization of losses (gains) | 10 | 0 | 20 | 0 |
Net periodic benefit cost | $152 | $137 | $304 | $275 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' | |
Executive compensation charges (credit) | $0 | ($1,778) | $0 | ($1,778) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 804 | -2,640 | 1,745 | -1,592 | |
Unrecognized Compensation Cost | 10,766 | ' | 10,766 | ' | |
Expiration date of the 2007 stock incentive plan | ' | ' | 'May 20, 2024 | ' | |
Maximum number of shares granted under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and employee directors (in shares) | 6,500,000 | ' | 6,500,000 | ' | |
Stock Options Outstanding: | ' | ' | ' | ' | |
Balance | ' | ' | 109,000 | ' | |
Exercised (in shares) | ' | ' | 0 | ' | |
Balance | 109,000 | ' | 109,000 | ' | |
Balance (in dollars per share) | $15.24 | ' | $15.24 | ' | |
Weighted average remaining contractual life of options outstanding | ' | ' | '2 years 8 months 23 days | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ' | ' | ' | ' | |
Vested and expected to vest (in dollars per share) | $15.24 | ' | $15.24 | ' | |
Stock price (in dollars per share) | $15.22 | ' | $15.22 | ' | |
Stock options exercised (in shares) | ' | ' | 0 | ' | |
Intrinsic value under share based compensation scheme | ' | ' | 80 | ' | |
Stock Options [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 0 | 6 | 0 | 18 | |
Unrecognized Compensation Cost | 0 | ' | 0 | ' | |
Weighted Average Remaining Amortization Periods | ' | ' | '0 years | ' | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 804 | -2,646 | 1,614 | -1,718 | |
Unrecognized Compensation Cost | 10,766 | ' | 10,766 | ' | |
Weighted Average Remaining Amortization Periods | ' | ' | '1 year 4 months 24 days | ' | |
Equity Awards Other Than Options Outstanding: | ' | ' | ' | ' | |
Balance (in shares) | ' | ' | 1,059 | ' | |
Balance (in dollars per share) | ' | ' | $13.40 | ' | |
Granted (in shares) | ' | ' | 336 | ' | |
Granted (in dollars per share) | ' | ' | $13.48 | ' | |
Vested (in shares) | ' | ' | -146 | [1] | ' |
Vested (in dollars per share) | ' | ' | $15.87 | [1] | ' |
Cancelled or forfeited (in shares) | ' | ' | -102 | ' | |
Cancelled or forfeited (in dollars per share) | ' | ' | $17.45 | ' | |
Balance (in shares) | 1,147 | ' | 1,147 | ' | |
Balance (in dollars per share) | $12.75 | ' | $12.75 | ' | |
Expected to vest at June 28, 2014 (in shares) | 760 | ' | 760 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 1,147 | ' | 1,147 | ' | |
Phantom Share Units (PSUs) [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 0 | 0 | 131 | 108 | |
Unrecognized Compensation Cost | $0 | ' | $0 | ' | |
Weighted Average Remaining Amortization Periods | ' | ' | '0 years | ' | |
Equity Awards Other Than Options Outstanding: | ' | ' | ' | ' | |
Balance (in shares) | ' | ' | 107 | ' | |
Granted (in shares) | ' | ' | 10 | ' | |
Granted (in dollars per share) | ' | ' | $13.12 | ' | |
Dividend equivalents issued | ' | ' | 1 | ' | |
Redeemed for common stock | ' | ' | 0 | ' | |
Balance (in shares) | 118 | ' | 118 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 118 | ' | 118 | ' | |
Scheduled to Vest January 1, 2015 [Member] | Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' | |
Equity Awards Other Than Options Outstanding: | ' | ' | ' | ' | |
Balance (in shares) | 276 | ' | 276 | ' | |
Expected to vest at June 28, 2014 (in shares) | 0 | ' | 0 | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 276 | ' | 276 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 276 | ' | 276 | ' | |
Scheduled to Vest January 1, 2016 [Member] | Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' | |
Equity Awards Other Than Options Outstanding: | ' | ' | ' | ' | |
Balance (in shares) | 222 | ' | 222 | ' | |
Expected to vest at June 28, 2014 (in shares) | 111 | ' | 111 | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 111 | ' | 111 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 222 | ' | 222 | ' | |
Scheduled to Vest January 1, 2017 [Member] | Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' | |
Equity Awards Other Than Options Outstanding: | ' | ' | ' | ' | |
Balance (in shares) | 192 | ' | 192 | ' | |
Expected to vest at June 28, 2014 (in shares) | 192 | ' | 192 | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | ' | 0 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 192 | ' | 192 | ' | |
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 5 | ' |
Product Sales | $641,080 | $596,070 | $1,242,120 | $1,148,344 |
Royalty Revenues | 849 | 1,595 | 2,187 | 3,575 |
Total Revenue | 641,929 | 597,665 | 1,244,307 | 1,151,919 |
Gross Margin | 164,093 | 142,857 | 309,376 | 279,591 |
Segment Operating Income | 57,923 | 51,890 | 100,495 | 97,495 |
Operating Income (Loss) | 57,923 | 51,890 | 100,495 | 97,495 |
Restructuring and severance Costs | -9,014 | 0 | -15,418 | 0 |
MOSFETS Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Sales | 123,971 | 115,484 | 237,084 | 216,330 |
Royalty Revenues | 71 | 79 | 99 | 121 |
Total Revenue | 124,042 | 115,563 | 237,183 | 216,451 |
Gross Margin | 18,871 | 16,466 | 31,488 | 29,366 |
Diodes Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Sales | 149,571 | 140,623 | 286,500 | 265,735 |
Royalty Revenues | 0 | 0 | 0 | 0 |
Total Revenue | 149,571 | 140,623 | 286,500 | 265,735 |
Gross Margin | 34,706 | 31,427 | 64,471 | 58,688 |
Optoelectronic Components Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Sales | 63,258 | 58,397 | 120,756 | 114,623 |
Royalty Revenues | 0 | 0 | 0 | 0 |
Total Revenue | 63,258 | 58,397 | 120,756 | 114,623 |
Gross Margin | 22,788 | 19,151 | 44,025 | 38,925 |
Resistors And Inductors Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Sales | 192,536 | 169,817 | 380,525 | 333,745 |
Royalty Revenues | 778 | 1,516 | 2,088 | 3,454 |
Total Revenue | 193,314 | 171,333 | 382,613 | 337,199 |
Gross Margin | 61,395 | 54,345 | 121,515 | 106,946 |
Capacitors Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Sales | 111,744 | 111,749 | 217,255 | 217,911 |
Royalty Revenues | 0 | 0 | 0 | 0 |
Total Revenue | 111,744 | 111,749 | 217,255 | 217,911 |
Gross Margin | 26,333 | 21,468 | 47,877 | 45,666 |
Operating Segments [Member] | MOSFETS Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Operating Income | 9,493 | 5,682 | 11,980 | 8,515 |
Operating Segments [Member] | Diodes Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Operating Income | 28,130 | 25,339 | 51,188 | 46,728 |
Operating Segments [Member] | Optoelectronic Components Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Operating Income | 18,945 | 15,558 | 36,349 | 31,767 |
Operating Segments [Member] | Resistors And Inductors Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Operating Income | 51,969 | 45,540 | 102,305 | 89,740 |
Operating Segments [Member] | Capacitors Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Operating Income | 20,122 | 15,585 | 35,463 | 34,041 |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Executive compensation credit (charge) | 0 | 1,778 | 0 | 1,778 |
Restructuring and severance Costs | -9,014 | 0 | -15,418 | 0 |
Segment Reconciling Items [Member] | Unallocated Amount to Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Operating Income | ($61,722) | ($57,592) | ($121,372) | ($115,074) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Numerator for basic earnings per share: | ' | ' | ' | ' |
Net earnings | $35,642 | $31,309 | $61,452 | $60,240 |
Adjustment to the numerator for continuing operations and net earnings: | ' | ' | ' | ' |
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 15 | 44 | 30 | 91 |
Numerator for diluted earnings per share: | ' | ' | ' | ' |
Net earnings | $35,657 | $31,353 | $61,482 | $60,331 |
Denominator for basic earnings per share: | ' | ' | ' | ' |
Weighted Average Number of Shares Issued, Basic | 147,449 | 143,603 | 147,444 | 143,544 |
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 118 | 107 | 117 | 107 |
Weighted average shares outstanding - basic (in shares) | 147,567 | 143,710 | 147,561 | 143,651 |
Effect of dilutive securities: | ' | ' | ' | ' |
Convertible and exchangeable debt instruments | 6,513 | 7,913 | 5,647 | 7,288 |
Restricted stock units | 234 | 249 | 222 | 313 |
Other | 8 | 8 | 8 | 4 |
Dilutive potential common shares | 6,755 | 8,170 | 5,877 | 7,605 |
Denominator for diluted earnings per share: | ' | ' | ' | ' |
Weighted average shares outstanding - diluted (in shares) | 154,322 | 151,880 | 153,438 | 151,256 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $0.24 | $0.22 | $0.42 | $0.42 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $0.23 | $0.21 | $0.40 | $0.40 |
Convertible Senior Debentures 2040 [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 0 | 19,809 | 0 | 19,809 |
Minimum market price of common stock for inclusion of shares issuable upon conversion of subordinated notes for calculation of diluted earnings per share (in dollars per share) | ' | ' | $13.77 | ' |
Convertible Senior Debentures 2041 [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 7,924 | 7,885 | 7,911 | 7,885 |
Minimum market price of common stock for inclusion of shares issuable upon conversion of subordinated notes for calculation of diluted earnings per share (in dollars per share) | ' | ' | $18.87 | ' |
Convertible Senior Debentures 2042 [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Minimum market price of common stock for inclusion of shares issuable upon conversion of subordinated notes for calculation of diluted earnings per share (in dollars per share) | ' | ' | $11.71 | ' |
Weighted average employees stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 77 | 77 | 77 | 91 |
Weighted average other [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 161 | 302 | 138 | 412 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Held-to-maturity Securities, Transferred Security, at Carrying Value | $0 | ' |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | ' |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | ' |
Assets held in rabbi trusts | 38,721 | 36,992 |
Available for sale securities | 7,568 | 7,356 |
Fair Value Assets | 46,289 | 44,348 |
Liabilities: | ' | ' |
Embedded derivative | -999 | -1,037 |
Fair Value Liabilities | -999 | -1,037 |
Long-term Debt, Fair Value | 846,900 | 750,700 |
Carrying value of long-term debt, excluding derivative liabilities | 385,807 | 363,874 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Assets held in rabbi trusts | 25,351 | 24,064 |
Available for sale securities | 7,568 | 7,356 |
Fair Value Assets | 32,919 | 31,420 |
Liabilities: | ' | ' |
Fair Value Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Assets held in rabbi trusts | 13,370 | 12,928 |
Available for sale securities | 0 | 0 |
Fair Value Assets | 13,370 | 12,928 |
Liabilities: | ' | ' |
Fair Value Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Assets held in rabbi trusts | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair Value Assets | 0 | 0 |
Liabilities: | ' | ' |
Fair Value Liabilities | -999 | -1,037 |
Convertible Senior Debentures 2040 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | -460 | -491 |
Convertible Senior Debentures 2040 [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | 0 | 0 |
Convertible Senior Debentures 2040 [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | 0 | 0 |
Convertible Senior Debentures 2040 [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | -460 | -491 |
Convertible Senior Debentures 2041 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | -343 | -349 |
Convertible Senior Debentures 2041 [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | 0 | 0 |
Convertible Senior Debentures 2041 [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | 0 | 0 |
Convertible Senior Debentures 2041 [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | -343 | -349 |
Convertible Senior Debentures 2042 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | -196 | -197 |
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | 0 | 0 |
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | 0 | 0 |
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Embedded derivative | ($196) | ($197) |