Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | [1] | Oct. 03, 2015 | [1] | Jul. 04, 2015 | Apr. 04, 2015 | [1] | Dec. 31, 2014 | [1] | Sep. 27, 2014 | [1] | Jun. 28, 2014 | [1] | Mar. 29, 2014 | [1] | Dec. 31, 2015 | Feb. 12, 2016 | ||
Entity Information [Line Items] | ||||||||||||||||||
Document Fiscal Year Focus | 2,015 | |||||||||||||||||
Document Fiscal Period Focus | FY | |||||||||||||||||
Document Type | 10-K | |||||||||||||||||
Amendment Flag | false | |||||||||||||||||
Document Period End Date | Dec. 31, 2015 | Oct. 3, 2015 | Jul. 4, 2015 | [1] | Apr. 4, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | ||||||||
Entity Registrant Name | VISHAY INTERTECHNOLOGY INC | |||||||||||||||||
Entity Central Index Key | 103,730 | |||||||||||||||||
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 | $ 1,582,000,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||
Entity Common Stock, Shares Outstanding | 135,564,729 | |||||||||||||||||
Class B Convertible Common Stock [Member] | ||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||
Entity Common Stock, Shares Outstanding | 12,129,227 | |||||||||||||||||
[1] | 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. |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 475,507 | $ 592,172 |
Short-term investments | 619,040 | 514,776 |
Accounts receivable, net | 272,559 | 271,554 |
Inventories: | ||
Finished goods | 108,869 | 113,361 |
Work in process | 201,045 | 185,769 |
Raw materials | 110,657 | 125,464 |
Total inventories | 420,571 | 424,594 |
Prepaid expenses and other current assets | 99,815 | 105,539 |
Total current assets | 1,887,492 | 1,908,635 |
Property and equipment, at cost: | ||
Land | 89,593 | 91,844 |
Buildings and improvements | 562,171 | 560,926 |
Machinery and equipment | 2,380,299 | 2,368,046 |
Construction in progress | 79,910 | 82,684 |
Allowance for depreciation | (2,246,677) | (2,205,405) |
Property and equipment, net | 865,296 | 898,095 |
Goodwill | 138,244 | 144,359 |
Other intangible assets, net | 103,258 | 186,613 |
Other assets | 158,696 | 136,449 |
Total assets | 3,152,986 | 3,274,151 |
Current liabilities: | ||
Notes payable to banks | 4 | 18 |
Trade accounts payable | 157,210 | 174,451 |
Payroll and related expenses | 113,976 | 120,023 |
Other accrued expenses | 164,336 | 137,576 |
Income taxes | 22,198 | 14,881 |
Total current liabilities | 457,724 | 446,949 |
Long-term debt less current portion | 436,738 | 444,055 |
Deferred income taxes | 305,413 | 174,935 |
Other liabilities | 60,450 | 76,811 |
Accrued pension and other postretirement costs | 264,618 | 300,524 |
Total liabilities | $ 1,524,943 | $ 1,443,274 |
Commitments and contingencies | ||
Vishay stockholders' equity | ||
Preferred stock | ||
Common stock | $ 13,546 | $ 13,532 |
Class B convertible common stock | 1,213 | 1,213 |
Capital in excess of par value | 2,058,492 | 2,055,246 |
(Accumulated deficit) retained earnings | (319,448) | (175,485) |
Accumulated other comprehensive income (loss) | (131,327) | (69,140) |
Total Vishay stockholders' equity | 1,622,476 | 1,825,366 |
Noncontrolling interests | 5,567 | 5,511 |
Total equity | 1,628,043 | 1,830,877 |
Total liabilities and equity | $ 3,152,986 | $ 3,274,151 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Accounts receivable, allowances for doubtful accounts | $ 1,828 | $ 2,406 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares outstanding (in shares) | 135,460,811 | 135,324,313 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 12,129,227 | 12,129,227 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Operations [Abstract] | |||
Net revenues | $ 2,300,488 | $ 2,493,282 | $ 2,370,979 |
Costs of products sold | 1,758,268 | 1,881,990 | 1,803,719 |
Gross profit | 542,220 | 611,292 | 567,260 |
Selling, general, and administrative expenses | 362,226 | 385,696 | 368,542 |
Restructuring and severance costs | 19,215 | 20,897 | 2,814 |
Impairment of goodwill and long-lived assets | 62,980 | 0 | 0 |
U.S. pension settlement charges | 0 | 15,588 | 0 |
Executive compensation charges (credit) | 0 | 0 | (1,778) |
Operating Income | 97,799 | 189,111 | 197,682 |
Other income (expense): | |||
Interest expense | (25,685) | (24,457) | (23,130) |
Other | 7,976 | 2,489 | 1,853 |
Loss related to Tianjin explosion | (5,350) | 0 | 0 |
Other income (expense), total | (23,059) | (21,968) | (21,277) |
Income before taxes | 74,740 | 167,143 | 176,405 |
Income tax expense | 182,473 | 49,300 | 52,636 |
Net earnings (loss) | (107,733) | 117,843 | 123,769 |
Less: net earnings attributable to noncontrolling interests | 781 | 214 | 789 |
Net earnings (loss) attributable to Vishay stockholders | $ (108,514) | $ 117,629 | $ 122,980 |
Basic earnings (loss) per share attributable to Vishay stockholders: | $ (0.73) | $ 0.80 | $ 0.85 |
Diluted earnings (loss) per share attributable to Vishay stockholders: | $ (0.73) | $ 0.77 | $ 0.81 |
Weighted average shares outstanding - basic | 147,700 | 147,567 | 144,963 |
Weighted average shares outstanding - diluted | 147,700 | 153,716 | 151,417 |
Cash dividends per share | $ 0.24 | $ 0.24 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (107,733) | $ 117,843 | $ 123,769 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustment | (80,106) | (106,295) | 23,537 |
Pension and other post-retirement actuarial items | 19,338 | (25,842) | 49,038 |
Unrealized gain (loss) on available-for-sale securities | (1,419) | 1,363 | (719) |
Other comprehensive income (loss) | (62,187) | (130,774) | 71,856 |
Comprehensive income (loss) | (169,920) | (12,931) | 195,625 |
Less: comprehensive income attributable to noncontrolling interests | 781 | 214 | 789 |
Comprehensive income (loss) attributable to Vishay stockholders | $ (170,701) | $ (13,145) | $ 194,836 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Continuing operating activities | |||
Net earnings (loss) | $ (107,733) | $ 117,843 | $ 123,769 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 176,169 | 179,455 | 170,132 |
(Gain) loss on disposal of property and equipment | (86) | (195) | 26 |
Accretion of interest on convertible debentures | 4,264 | 3,943 | 3,646 |
Inventory write-offs for obsolescence | 21,384 | 21,394 | 19,108 |
Impairment of goodwill and long-lived assets | 62,980 | 0 | 0 |
U.S. pension settlement charges | 0 | 15,588 | 0 |
Pensions and other postretirement benefits, net of contributions | (3,543) | (16,145) | (9,327) |
Deferred income taxes | 118,447 | 15,663 | 1,734 |
Other | 698 | (2,269) | (7,009) |
Net change in operating assets and liabilities, net of effects of businesses acquired | (27,249) | (38,240) | (10,009) |
Net cash provided by continuing operating activities | 245,331 | 297,037 | 292,070 |
Continuing investing activities | |||
Capital expenditures | (147,142) | (156,974) | (153,077) |
Proceeds from sale of property and equipment | 2,049 | 2,889 | 4,681 |
Purchase and deposits for businesses, net of cash acquired | (6,750) | (197,986) | (23,034) |
Purchase of short-term investments | (486,949) | (495,762) | (664,867) |
Maturity of short-term investments | 345,397 | 485,306 | 465,668 |
Sale of investments | 503 | 13,658 | 0 |
Sale of other investments | 400 | 0 | 0 |
Other investing activities | (4,884) | 617 | (176) |
Net cash used in continuing investing activities | (297,376) | (348,252) | (370,805) |
Continuing financing activities | |||
Debt issuance costs | (3,693) | 0 | (4,558) |
Principal payments on long-term debt and capital leases | 0 | (11) | (28) |
Net (payments) proceeds on revolving credit lines | (10,000) | 86,000 | 25,000 |
Net changes in short-term borrowings | (14) | 16 | (146) |
Distributions to noncontrolling interests | (725) | (547) | (257) |
Acquisition of noncontrolling interests | 0 | (21,067) | 0 |
Proceeds from stock options exercised | 0 | 50 | 0 |
Excess tax benefit from RSUs vested | 21 | 0 | 196 |
Other financing activities | 0 | (1,324) | (3,638) |
Net cash provided by (used in) continuing financing activities | (49,828) | 27,729 | 16,569 |
Effect of exchange rate changes on cash and cash equivalents | (14,792) | (24,690) | 4,919 |
Net decrease in cash and cash equivalents from continuing activities | (116,665) | (48,176) | (57,247) |
Cash and cash equivalents at beginning of year | 592,172 | 640,348 | 697,595 |
Cash and cash equivalents at end of year | 475,507 | 592,172 | 640,348 |
Common Stock [Member] | |||
Continuing financing activities | |||
Dividends and Interest Paid | (32,506) | (32,477) | 0 |
Class B Convertible Common Stock [Member] | |||
Continuing financing activities | |||
Dividends and Interest Paid | $ (2,911) | $ (2,911) | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Class B Convertible Common Stock [Member] | Capital In Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Vishay Stockholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2012 | $ 13,114 | $ 1,213 | $ 1,999,901 | $ (380,678) | $ (10,222) | $ 1,623,328 | $ 4,908 | $ 1,628,236 |
Net earnings (loss) | 0 | 0 | 0 | 122,980 | 0 | 122,980 | 789 | 123,769 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 71,856 | 71,856 | 0 | 71,856 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (257) | (257) |
Acquisition of noncontrolling interests | 0 | |||||||
Phantom and restricted stock issuances | 40 | 0 | (2,680) | 0 | 0 | (2,640) | 0 | (2,640) |
Stock compensation expense | 0 | 0 | 636 | 0 | 0 | 636 | 0 | 636 |
Tax effects of stock plan | 0 | 0 | 196 | 0 | 0 | 196 | 0 | 196 |
Issuance of common stock for exchangeable unsecured notes | 366 | 0 | 56,034 | 0 | 0 | 56,400 | 0 | 56,400 |
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 (loss) | 0 | 0 | 0 | 117,629 | 0 | 117,629 | 214 | 117,843 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (130,774) | (130,774) | 0 | (130,774) |
Noncontrolling interest in business acquired | 0 | 0 | 0 | 0 | 0 | 0 | 21,895 | 21,895 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (547) | (547) |
Acquisition of noncontrolling interests | 0 | 0 | 424 | 0 | 0 | 424 | (21,491) | (21,067) |
Phantom and restricted stock issuances | 12 | 0 | (384) | 0 | 0 | (372) | 0 | (372) |
Dividends declared | 0 | 0 | 28 | (35,416) | 0 | (35,388) | 0 | (35,388) |
Stock compensation expense | 0 | 0 | 2,392 | 0 | 0 | 2,392 | 0 | 2,392 |
Stock options exercised | 0 | 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Tax effects of stock plan | 0 | 0 | (1,351) | 0 | 0 | (1,351) | 0 | (1,351) |
Balance at Dec. 31, 2014 | 13,532 | 1,213 | 2,055,246 | (175,485) | (69,140) | 1,825,366 | 5,511 | 1,830,877 |
Net earnings (loss) | 0 | 0 | 0 | (108,514) | 0 | (108,514) | 781 | (107,733) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (62,187) | (62,187) | 0 | (62,187) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (725) | (725) |
Acquisition of noncontrolling interests | 0 | |||||||
Phantom and restricted stock issuances | 14 | 0 | (653) | 0 | 0 | (639) | 0 | (639) |
Dividends declared | 0 | 0 | 32 | (35,449) | 0 | (35,417) | 0 | (35,417) |
Stock compensation expense | 0 | 0 | 3,846 | 0 | 0 | 3,846 | 0 | 3,846 |
Tax effects of stock plan | 0 | 0 | 21 | 0 | 0 | 21 | 0 | 21 |
Balance at Dec. 31, 2015 | $ 13,546 | $ 1,213 | $ 2,058,492 | $ (319,448) | $ (131,327) | $ 1,622,476 | $ 5,567 | $ 1,628,043 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Phantom and restricted stock issuances (in shares) | 136,498 | 117,895 | 393,818 |
Stock options exercised (in shares) | 0 | 4,337 | 0 |
Common stock issued upon exchange of convertible securities (in shares) | 3,664,729 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.24 | $ 0.24 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. Subsequent Events In connection with the preparation of the consolidated financial statements and in accordance with GAAP, the Company evaluated subsequent events after the balance sheet date of December 31, 2015 through the date these financial statements were issued through the filing of this annual report on Form 10-K with the U.S. Securities and Exchange Commission. Revenue Recognition The Company recognizes revenue on product sales during the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, title and risk of loss have been transferred, collectibility is reasonably assured, and pricing is fixed or determinable. For the portion of sales where title and risk of loss passes at point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. The Company historically has had agreements with distributors that provided limited rights of product return. The Company has modified these arrangements to allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company records a reduction of revenue during each period, and records a related accrued expense for the period, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. Royalty revenues, included in net revenues on the consolidated statements of operations, were $3,323, $4,525, and $6,362 for the years ended December 31, 2015, 2014, and 2013, respectively. The Company records royalty revenue in accordance with agreed upon terms when performance obligations are satisfied, the amount is fixed or determinable, and collectibility is reasonably assured. Vishay earns royalties at the point of sale of products which incorporate licensed intellectual property. Accordingly, the amount of royalties recognized is determined based on periodic reporting to Vishay by its licensees, and based on judgments and estimates by Vishay management, which management considers reasonable. Note 1 - Summary of Significant Accounting Policies (continued) Shipping and Handling Costs Shipping and handling costs are included in costs of products sold. Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $64,193, $65,299, and $62,090, for the years ended December 31, 2015, 2014, and 2013, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of "more likely than not" to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company's assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. Except as described in Note 5, earnings generated by foreign subsidiaries are expected to be reinvested outside of the United States indefinitely. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes (subject to an adjustment for foreign tax credits), state income taxes, incremental foreign taxes and withholding taxes payable to various foreign jurisdictions. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management's best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company's effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2015 and 2014, the Company's short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. Note 1 – Summary of Significant Accounting Policies (continued) Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Bad debt expense (income realized upon subsequent collection) was $(152), $(424), and $62 for the years ended December 31, 2015, 2014, and 2013, respectively. Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2015 was approximately $45,975. Depreciation of capital lease assets is included in total depreciation expense. Depreciation expense was $154,340, $160,804, and $155,064 for the years ended December 31, 2015, 2014, and 2013, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Certain of the Company's tradenames have been assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. See Note 3 for further information on the impairment tests performed in 2015. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty-five years. Capitalized software is amortized over periods of three to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five to twenty years. Noncompete agreements are amortized over periods of three to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a two-step quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the two-step quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the two-step quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step quantitative impairment test is required. In the first step, the Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would then perform the second step of the quantitative impairment test, which requires allocation of the reporting unit's fair value to all of its assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. An impairment charge will be recognized only when the implied fair value of a reporting unit's goodwill is less than its carrying amount. The Company has the option of performing a qualitative assessment of the indefinite-lived intangible assets before performing a quantitative impairment test. The fair value of the tradenames is measured as the discounted cash flow savings realized from owning such tradenames and not having to pay a royalty for their use. Upon determining that an intangible asset classified as indefinite-lived is impaired, the Company reassesses the useful life of the impaired assets and begins to amortize the remaining carrying value over that useful life if it is determined that the asset no longer has an indefinite useful life. Note 1 – Summary of Significant Accounting Policies (continued) Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. See Note 3 for further information on the impairment tests performed in 2015. Available-for-Sale Securities Short-term investments and other assets reported on the consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year and investments in marketable securities which are classified as available-for-sale. These assets include assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans (see Note 11), assets that are intended to fund a portion of the Company's other postretirement benefit obligations outside of the U.S., and as of December 31, 2014, short-term investments acquired in the Capella Microsystems (Taiwan) Inc. ("Capella") acquisition (see Note 2), which matured in 2015. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Unrealized gains and losses are reported, net of their related tax consequences, as a component of accumulated other comprehensive income in stockholders' equity until sold. At the time of sale, the assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. The convertible senior debentures due 2040, due 2041, and due 2042 contain embedded derivatives that are recorded at fair value on a recurring basis. At December 31, 2015 and 2014, outstanding derivative instruments were not material. The Company reports derivative instruments on the consolidated balance sheet at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and the ineffective portion, if any, is reported in current period net earnings (loss). Changes in the fair values of derivative instruments that are not designated as hedges, including embedded derivatives, are recorded in current period net earnings (loss). The Company has in the past used interest rate swap agreements to modify variable rate obligations to fixed rate obligations, thereby reducing exposure to market rate fluctuations. The Company uses financial instruments such as forward exchange contracts to mitigate a portion, but not all, of the risk associated with its firm commitments denominated in foreign currencies. The purpose of the Company's foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported in the consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. For options and restricted stock units subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units ("RSUs") that are expected to vest and records cumulative adjustments in the period that the expectation changes. Note 1 – Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company's operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities in the consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders' equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2015 and 2014 do not include claims against third parties. Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined company program. The Company recognizes other exit costs as incurred. Note 1 – Summary of Significant Accounting Policies (continued) Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property damage, director and officers' liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2015, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors' and officers' insurance. The captive insurance entity had $5,000 accrued related to the Tianjin explosion at December 31, 2015, and had no amounts accrued for outstanding claims at December 31, 2014. Certain cash and investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Restricted cash of $11,627 and $7,309 is included in other noncurrent assets at December 31, 2015 and 2014, respectively, representing required statutory reserves of the captive insurance entity. Convertible Debentures The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company's nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debentures are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debentures over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. Recent Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Restrospective Adoption of Accounting Guidance In the fourth fiscal quarter of 2015, Vishay adopted accounting guidance that required retrospective adjustment to previously issued financial statements. All prior period data presented in these consolidated financial statements reflect the retrospective adoption of this guidance. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Reclassifications In addition to the changes due to the retrospective adoption of new accounting guidance described above, certain prior year amounts have been reclassified to conform to the current financial statement presentation. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activities | 12 Months Ended |
Dec. 31, 2015 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 2 - Acquisition and Divestiture 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. Vishay did not complete any acquisitions during the year ended December 31, 2015. In the fourth fiscal quarter of 2015, the Company deposited the $6,750 purchase price of Sonntag Electronic GmbH ("Sonntag"). The acquisition was effective January 1, 2016. Sonntag is a distributor of electronic components in Germany. Year ended December 31, 2014 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 $20,576, net of cash acquired. The Company is using the technology acquired to begin to penetrate the polymer tantalum capacitor market Capella Microsystems Inc. On July 11, 2014, Vishay entered into an agreement to acquire Capella for approximately $205,000. Capella is a fabless IC design company specializing in optoelectronic products. As a first step in the acquisition, Vishay launched a tender offer for Capella's outstanding shares. A total of 38,703,705 shares of Capella, or 88.95% of outstanding shares, were tendered and accepted by Vishay. The offer period expired on September 1, 2014. Pursuant to the terms of the tender offer, Vishay paid NT$139 for each share tendered. The aggregate purchase price was $180,167. Capella had cash and short-term investments on hand of $50,195 at the date of acquisition. Vishay funded the acquisition with cash on hand and $53,000 of borrowings under its credit facility. Subsequent to the acquisition of the noncontrolling interest in December 31, 2014, the Company repatriated cash from the current earnings of non-U.S. subsidiaries to the United States primarily to repay those borrowings on the revolving credit facility, and also to realign the acquired entity structure to have Capella's U.S. subsidiary directly owned by Vishay Intertechnology, Inc. The acquisition has strengthened the in-house design capabilities of our entire optoelectronic components business. Upon the close of the tender offer, Vishay controlled Capella and began consolidating it in its financial statements. For financial reporting purposes, the results and operations and net assets of Capella are included in the Optoelectronic Components segment. Capella's results were not material to the Company's consolidated results for the year ended December 31, 2014. Vishay acquired the remaining outstanding shares of Capella on December 31, 2014 pursuant to the merger agreement. In connection with the closing of the merger, all remaining holders of Capella common stock other than Vishay and its subsidiaries received the same consideration for their shares as the holders who tendered their shares in the tender offer, or $21,067 in the aggregate. Based on an estimate of their fair values, the Company allocated the purchase price of the acquisition as follows: Short-term investments $ 47,438 Working capital (excluding cash and short-term investments) (6,374 ) Property and equipment 4,134 Intangible assets: Patents and acquired technology 14,870 Capitalized software 101 Customer relationships 54,400 Tradenames 5,110 Total intangible assets 74,481 Other, net (454 ) Deferred taxes, net (16,769 ) Total identified assets and liabilities 102,456 Cash paid to Capella stockholders, net of cash acquired 177,410 Fair value of noncontrolling interest 21,895 Goodwill $ 96,849 Note 2 - Acquisition and Divestiture Activities (continued) The weighted average useful lives for patents and acquired technology, customer relationships, and tradenames are 10, 7, and 7 years, respectively. The goodwill associated with this transaction is not deductible for income tax purposes. In evaluating the acquisition of Capella, the Company focused primarily on the ability to synergize Capella's optoelectronics design capabilities with Vishay's existing optoelectronics product lines and customers. As a result, the fair value of the acquired assets, including identified intangible assets, corresponds to a relatively smaller portion of the acquisition price, with the Company recording a substantial amount of goodwill associated with the acquisition. The Company recognized impairment charges of $57,600 in the third fiscal quarter of 2015 to write-down acquired Capella assets to their fair value. See Note 3 for further information on the impairment charges. The Company recognized $843 of acquisition costs classified as a component of selling, general, and administrative expenses in its consolidated statements of operations for the year ended December 31, 2014. Pro Forma Results The unaudited pro forma results would have been as follows, assuming the 2014 acquisitions had occurred as of January 1, 2013: Years ended December 31, 2014 2013 Pro forma net revenues $ 2,522,010 $ 2,446,503 Pro forma net earnings attributable to Vishay stockholders 114,510 128,252 Pro forma basic earnings per share attributable to Vishay stockholders $ 0.78 $ 0.88 Pro forma diluted earnings per share attributable to Vishay stockholders $ 0.75 $ 0.85 The pro forma information presented for the year ended December 31, 2014 was adjusted to exclude acquisition-related costs incurred in 2014. The pro forma information also includes adjustments for interest expense that would have been incurred to finance the acquisition, amortization of acquired intangible assets (excluding effects of the 2015 impairment charges), depreciation of acquired property and equipment, and tax related effects. The unaudited pro forma results are not necessarily indicative of the results that would have been attained had the acquisition occurred on January 1, 2013. Year ended December 31, 2013 MCB Industrie S.A. On June 13, 2013, Vishay acquired MCB Industrie S.A. ("MCB Industrie") in France, a well-established manufacturer of specialty resistors and sensors, for $23,034, net of cash acquired. The products and technology portfolio acquired enabled Vishay to expand its presence in the European industrial market. For financial reporting purposes, the results of operations for this business have been included in the Resistors & Inductors segment from June 13, 2013. The inclusion of this business did not have a material impact on the Company's consolidated results for the year ended December 31, 2013. Based on an estimate of their fair values, the Company allocated $5,433 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 $7,985 related to this acquisition. The goodwill associated with this transaction is not deductible for income tax purposes. Had this acquisition occurred as of the beginning of the periods presented in these consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 – Goodwill and Other Intangible Assets In light of a sustained decline in market capitalization for Vishay and its peer group companies, and other factors (including the cost reduction programs announced during the third fiscal quarter of 2015 as described in Note 4), Vishay determined that interim goodwill and indefinite-lived impairment tests were required as of the end of the third fiscal quarter of 2015. Prior to completing the interim assessment of goodwill for impairment, the Company performed a recoverability test of certain depreciable and amortizable long-lived assets. As a result of those assessments, it was determined that the depreciable and amortizable assets associated with the Company's Capella business were not recoverable, and the Company recorded impairment charges totaling $57,600 to write-down the related assets to their fair value. After completing step one of the goodwill impairment test, it was determined that the estimated fair value of the Capacitors reporting unit was less than the net book value of that reporting unit, requiring the completion of the second step of the impairment evaluation. The estimated fair value of the Resistors & Inductors and Optoelectronic Components reporting units exceeded the net book value of those reporting units by ratios of 2.0x and 1.3x, respectively, and no second step was required for those reporting units. Upon completion of the step two analysis for the Capacitors reporting unit, the Company recorded a full goodwill impairment charge of $5,380. As part of these analyses, the Company determined that its Siliconix tradenames, with a carrying value of $20,359, were not impaired and will continue to be reported as indefinite-lived intangible assets. The estimated fair value of the Siliconix tradenames exceeded the carrying value by a narrow margin. They will continue to be closely monitored for impairment. The fair value of long-lived assets is measured primarily using present value techniques based on projected cash flows from the asset group. The evaluation of the recoverability of long-lived assets, and the determination of their fair value, requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the identification of the asset group at the lowest level of independent cash flows and the principal asset of the group; the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, and capital expenditures. The fair value of indefinite-lived trademarks is measured as the discounted cash flow savings realized from owning such tradenames and not having to pay a royalty for their use. The evaluation of the fair value of indefinite-lived trademarks requires us to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the assumed market-royalty rate; the discount rate; terminal growth rates; and forecasts of revenue. The fair value of reporting units for goodwill impairment testing purposes is measured primarily using present value techniques based on projected cash flows from the reporting unit. The calculated results are evaluated for reasonableness using comparable company data. The determination of the fair value of the reporting units and the allocation of that value to individual assets and liabilities within those reporting units requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industries in which the Company competes; the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, and capital expenditures. The allocation requires several analyses to determine fair value of assets and liabilities including, among others, completed technology, tradenames, customer relationships, and certain property and equipment. Due to the inherent uncertainty involved in making these estimates, actual financial results could differ from those estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge; could have a significant impact on the conclusion that an asset group's carrying value is recoverable, that an indefinite-lived asset is not impaired, or the determination of any impairment charge if it was determined that the asset values were indeed impaired. The Company performs its annual goodwill and indefinite-lived impairment test as of the first day of the fiscal fourth quarter. The interim impairment test performed as of October 3, 2015, the last day of the third fiscal quarter, was effectively the annual impairment test for 2015. The recorded impairment charges are noncash in nature and do not affect Vishay's liquidity, cash flows from operating activities, or debt covenants, and will not have a material impact on future operations. Note 3 – Goodwill and Other Intangible Assets (continued) The changes in the carrying amount of goodwill by segment for the years ended December 31, 2015 and 2014 were as follows: Optoelectronic Components Resistors & Inductors Capacitors Total Balance at January 1, 2014 $ - $ 43,132 $ - $ 43,132 Holy Stone Polytech acquisition - - 6,328 6,328 Capella acquisition 96,849 - - 96,849 Exchange rate effects - (986 ) (964 ) (1,950 ) Balance at December 31, 2014 $ 96,849 $ 42,146 $ 5,364 $ 144,359 Goodwill impairment charges - - (5,380 ) (5,380 ) Exchange rate effects - (751 ) 16 (735 ) Balance at December 31, 2015 $ 96,849 $ 41,395 $ - $ 138,244 Other intangible assets are as follows: December 31, 2015 2014 Intangible Assets Subject to Amortization (Definite-lived): Patents and acquired technology $ 93,606 $ 108,190 Capitalized software 53,401 53,369 Customer relationships 85,418 153,853 Tradenames 35,493 39,612 Non-competition agreements 2,261 2,283 270,179 357,307 Accumulated amortization: Patents and acquired technology (76,258 ) (71,700 ) Capitalized software (47,394 ) (45,979 ) Customer relationships (37,989 ) (50,630 ) Tradenames (23,798 ) (21,384 ) Non-competition agreements (1,841 ) (1,360 ) (187,280 ) (191,053 ) Net Intangible Assets Subject to Amortization 82,899 166,254 Intangible Assets Not Subject to Amortization (Indefinite-lived): Tradenames 20,359 20,359 $ 103,258 $ 186,613 Amortization expense (excluding capitalized software) was $21,829, $18,651, and $15,068, for the years ended December 31, 2015, 2014, and 2013, respectively. Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2015 for each of the next five years is as follows: 2016 $ 15,267 2017 13,113 2018 9,139 2019 5,322 2020 4,932 |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 4 – Restructuring and Related Activities The Company places a strong emphasis on controlling its costs and combats general price inflation by continuously improving its efficiency and operating performance. When the ongoing cost containment activities are not adequate, the Company takes actions to maintain its cost competitiveness. The Company incurred significant restructuring costs in its past to reduce its cost structure. Historically, the Company's primary cost reduction technique was through the transfer of production from high-labor-cost countries to lower-labor-cost countries. Since 2013, the Company's cost reduction programs have primarily focused on reducing fixed costs, including selling, general, and administrative expenses. In 2013, the Company announced various cost reduction programs. The cash costs of these programs, primarily severance, are expected to be approximately $32,000. 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. In 2015, the Company announced additional global cost reduction programs. These programs include a facility closure in the Netherlands. The cash costs of these programs, primarily severance, are expected to aggregate to approximately $30,000. Complete implementation of these programs is expected to occur before the end of 2017. The following table summarizes restructuring and related expenses which were recognized during the years ended December 31, 2015, 2014, and 2013 and reported on a separate line in the accompanying consolidated statements of operations: Years ended December 31, 2015 2014 2013 MOSFETS Enhanced Competitiveness Program $ 5,367 $ 6,025 $ 2,328 Voluntary Separation / Retirement Program 95 12,792 486 Modules Production Transfer - 2,080 - Global Cost Reduction Programs 13,753 - - Total $ 19,215 $ 20,897 $ 2,814 MOSFETs Enhanced Competitiveness Program Over a period of approximately 2 years and in a period of discrete steps, the manufacture of wafers for a substantial share of products is being 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 costs associated with these initiatives, generally severance, 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 Company may incur other exit costs associated with the production transfer, including certain contract termination costs. The following table summarizes the activity to date related to this program: Expense recorded in 2013 $ 2,328 Cash paid (267 ) Balance at December 31, 2013 $ 2,061 Expense recorded in 2014 6,025 Cash paid (856 ) Balance at December 31, 2014 $ 7,230 Expense recorded in 2015 5,367 Cash paid (426 ) Foreign currency translation 1 Balance at December 31, 2015 $ 12,172 Severance benefits are generally 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 balance sheets. Note 4 – Restructuring and Related Activities (continued) 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 varied by country and job classification, but generally included a cash loyalty bonus based on years of service. All employees eligible for the program have left the Company. 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 transition period. The following table summarizes the activity to date related to this program: Expense recorded in 2013 $ 486 Cash paid (98 ) Foreign currency translation 3 Balance at December 31, 2013 $ 391 Expense recorded in 2014 12,792 Cash paid (8,054 ) Foreign currency translation (455 ) Balance at December 31, 2014 $ 4,674 Expense recorded in 2015 95 Cash paid (3,166 ) Foreign currency translation (258 ) Balance at December 31, 2015 $ 1,345 The payment terms vary by country, but generally were paid in a lump sum at cessation of employment. Certain participants are being paid in installments. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated balance sheets. Modules Production Transfer In an effort to reduce costs and streamline production of its module products within its Diodes segment, the Company committed to two smaller cost reduction programs related to the transferring of production of certain of its products. The following table summarizes the activity to date related to this program: Expense recorded in 2014 $ 2,080 Cash paid (464 ) Foreign currency translation (121 ) Balance at December 31, 2014 $ 1,495 Cash paid (718 ) Foreign currency translation (120 ) Balance at December 31, 2015 $ 657 Severance benefits are generally 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 balance sheets. Note 4 – Restructuring and Related Activities (continued) Global Cost Reduction Programs The global cost reduction programs announced in 2015 include a plan to reduce selling, general, and administrative costs company-wide, and targeted streamlining and consolidation of production for certain product lines within its Capacitors and Resistors & Inductors segments. The following table summarizes the activity to date related to this program: Expense recorded in 2015 $ 13,753 Cash paid (986 ) Foreign currency translation (150 ) Balance at December 31, 2015 $ 12,617 The following table summarizes the expense recognized by segment related to this program: Diodes $ 133 Optoelectronic Components 215 Resistors & Inductors 5,972 Capacitors 5,209 Unallocated Selling, General, and Administrative Expenses 2,224 Total $ 13,753 Severance benefits are generally 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 balance sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5 – Income Taxes Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components: Years ended December 31, 2015 2014 2013 Domestic $ (40,929 ) $ (50,106 ) $ (26,065 ) Foreign 115,669 217,249 202,470 $ 74,740 $ 167,143 $ 176,405 Significant components of income taxes are as follows: Years ended December 31, 2015 2014 2013 Current: Federal $ 290 $ (27,031 ) $ (603 ) State and local 163 386 280 Foreign 63,573 60,282 51,225 64,026 33,637 50,902 Deferred: Federal 78,933 7,999 2,215 State and local 311 204 92 Foreign 39,203 7,460 (573 ) 118,447 15,663 1,734 Total income tax expense $ 182,473 $ 49,300 $ 52,636 Note 5 – Income Taxes (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred tax assets: Pension and other retiree obligations $ 40,322 $ 43,393 Inventories 7,848 8,013 Net operating loss carryforwards 183,298 198,677 Tax credit carryforwards 23,512 25,046 Other accruals and reserves 35,176 32,376 Total gross deferred tax assets 290,156 307,505 Less valuation allowance (167,932 ) (186,614 ) 122,224 120,891 Deferred tax liabilities: Tax over book depreciation (4,038 ) (10,257 ) Intangible assets other than goodwill (3,922 ) (20,507 ) Earnings not permanently reinvested (162,667 ) (25,334 ) Convertible debentures (188,978 ) (175,935 ) Other - net (5,323 ) (3,590 ) Total gross deferred tax liabilities (364,928 ) (235,623 ) Net deferred tax assets (liabilities) $ (242,704 ) $ (114,732 ) The Company makes significant judgments regarding the realizability of its deferred tax assets (principally net operating losses). The carrying value of deferred tax assets is based on the Company's assessment that it is more likely than not that the Company will realize these assets after consideration of all available positive and negative evidence. A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows: Years ended December 31, 2015 2014 2013 Tax at statutory rate $ 26,159 $ 58,500 $ 61,742 State income taxes, net of U.S. federal tax benefit 309 384 242 Effect of foreign operations (13,212 ) (27,372 ) (18,696 ) Tax on earnings not permanently reinvested 163,699 25,728 - Unrecognized tax benefits (1,353 ) (21,603 ) 2,862 Change in valuation allowance on non-U.S. deferred tax assets (8,888 ) - (285 ) Foreign income taxable in the U.S. 7,025 13,499 11,961 Tax effect of impairment charges 8,305 - - Effect of statutory rate changes on deferred tax assets (408 ) 226 (2,867 ) Other 837 (62 ) (2,323 ) Total income tax expense $ 182,473 $ 49,300 $ 52,636 Note 5 – Income Taxes (continued) Income tax expense for the years ended December 31, 2015, 2014, and 2013 includes certain discrete tax items for changes in uncertain tax positions, valuation allowances, tax rates, and other related items. These items total $152,437, $1,228 (tax benefit), and $4,197 (tax benefit) in 2015, 2014, and 2013, respectively. For the year ended December 31, 2015, the discrete items include $163,954 of expense recorded in the fourth fiscal quarter primarily to repatriate $300,000 of foreign earnings to the United States, following an evaluation of the Company's anticipated domestic cash needs over the next several years and the Company's most efficient use of liquidity, and with consideration of the amount of cash that can be repatriated to the U.S. efficiently with lesser withholding taxes in foreign jurisdictions. It also includes $11,517 (tax benefit) for changes in uncertain tax positions, the release of valuation allowances, and the effect of statutory tax rate changes on deferred taxes. For the year ended December 31, 2014, the discrete items include a $1,228 benefit recorded in the fourth fiscal quarter due to the enactment of The Tax Increase Prevention Act of 2014. The discrete items also include benefits upon the completion of certain tax examinations and lapses in the statute of limitations, offset by additional tax expenses for expected repatriation of cash and profits of non-U.S. subsidiaries to the United States, primarily to repay amounts borrowed on the revolving credit facility to provide future flexibility given the legal entity and the financial structure utilized for the Capella acquisition. The latter two items netted to an immaterial amount. For the year ended December 31, 2013, the discrete items include a $2,867 benefit recorded in the third fiscal quarter due to a new tax law enacted in Israel in July 2013 which effectively increases the corporate income tax rate on certain types of income earned after January 1, 2014, and, therefore, increases the deferred tax assets, and a $1,330 benefit recorded in the first fiscal quarter due to the retroactive enactment of the American Taxpayer Relief Act of 2012, signed into law on January 2, 2013. At December 31, 2015, the Company had the following significant net operating loss carryforwards for tax purposes: Expires Austria $ 14,373 No expiration Belgium 155,397 No expiration Brazil 10,342 No expiration Germany 38,612 No expiration Israel 44,625 No expiration Netherlands 23,141 2016 - 2024 The Republic of China (Taiwan) 6,129 2024 - 2025 United States 72,175 2033 - 2035 California 54,646 2016 - 2035 Pennsylvania 729,897 2018 - 2035 Approximately $57,603 of the carryforwards in Belgium resulted from the Company's acquisition of BCcomponents in 2002. Valuation allowances of $19,579 and $21,833, as of December 31, 2015 and 2014, respectively, have been recorded through goodwill for these acquired net operating losses. At December 31, 2015, the Company had the following significant tax credit carryforwards available: Expires U.S. Foreign Tax Credit $ 11,093 2020 - 2022 California Research Credit 11,415 No expiration Note 5 – Income Taxes (continued) At December 31, 2015, no provision has been made for U.S. federal and state income taxes on approximately $2,382,749 of foreign earnings, which are deemed to be reinvested outside of the United States indefinitely. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes (subject to an adjustment for foreign tax credits), state income taxes, incremental foreign income taxes, and withholding taxes payable to various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. During the fourth fiscal quarter of 2015, the Company recognized income tax expense, including U.S. federal and state income taxes, incremental foreign income taxes, and withholding taxes payable to foreign jurisdictions, on $300,000 of foreign earnings, (including $20,000 of 2015 earnings and $280,000 of earnings from prior periods). This tax expense was recognized in 2015 following an evaluation of the Company's anticipated domestic cash needs over the next several years and the Company's most efficient use of liquidity, and with consideration of the amount of cash that can be repatriated to the U.S. efficiently with lesser withholding taxes in foreign jurisdictions. During 2014, the Company recognized income tax expense on foreign earnings in anticipation of a repatriation intended to pay $53,000 of borrowings on its revolving credit facility used for the Capella acquisition (see Note 2). The tax provision for the year ended December 31, 2014 included all U.S. federal and state income taxes, incremental foreign income taxes, and withholding taxes payable to foreign jurisdictions. That repatriation was completed in 2015 . Net income taxes paid were $49,301, $62,051, and $44,757 for the years ended December 31, 2015, 2014, and 2013, respectively. See Note 19 for a discussion of the tax-related uncertainties for the pre-spin-off period of Vishay Precision Group, Inc. ("VPG"), which was spun off on July 6, 2010. Note 5 – Income Taxes (continued) The following table summarizes changes in the liabilities associated with unrecognized tax benefits: Years ended December 31, 2015 2014 2013 Balance at beginning of year $ 26,583 $ 45,877 $ 51,771 Addition based on tax positions related to the current year 1,439 1,641 - Addition based on tax positions related to prior years 1,894 6,484 4,015 Currency translation adjustments (1,370 ) (1,387 ) 310 Reduction based on tax positions related to prior years - - (2,054 ) Reduction for settlements (4,879 ) (3,556 ) (7,316 ) Reduction for lapses of statute of limitation (140 ) (22,476 ) (849 ) Balance at end of year $ 23,527 $ 26,583 $ 45,877 All of the unrecognized tax benefits of $23,527 and $26,583, as of December 31, 2015 and 2014, respectively, would reduce the effective tax rate if recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. At December 31, 2015 and 2014, the Company had accrued interest and penalties related to the unrecognized tax benefits of $3,887 and $3,104, respectively. During the years ended December 31, 2015, 2014, and 2013, the Company recognized $785, $1,839, and $2,218, respectively, in interest and penalties. The Company and its subsidiaries file U.S. federal income tax returns, as well as tax returns in multiple state and foreign jurisdictions. During the years ended December 31, 2015 and 2014, certain tax examinations were completed and certain statutes of limitations lapsed. The tax provision for those years includes adjustments related to the resolution of these matters, as reflected in the table above. In 2014, the U.S. Internal Revenue Service concluded its examination of Vishay's U.S. federal tax returns through the 2011 tax year. The tax returns of other non-U.S. subsidiaries which are currently under examination include Germany (2009 through 2012), India (2004 through 2012), and Israel (2009 through 2012). The Company and its subsidiaries also file income tax returns in other taxing jurisdictions in the U.S. and around the world, many of which are still open to examinations. The timing of the resolution of income tax examinations is highly uncertain, as are the amounts and timing of tax payments that result from such examinations. These events could cause large fluctuations in the balance sheet classification of current and non-current unrecognized tax benefits. The Company believes that in the next 12 months it is reasonably possible that certain income tax examinations will conclude or the statutes of limitation on certain income tax periods open to examination will expire, or both. Given the uncertainties described above, the Company can only determine an estimate of potential decreases in unrecognized tax benefits ranging from $110 to $5,240. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following: December 31, 2015 December 31, 2014 Credit facility $ 190,000 $ 200,000 Exchangeable unsecured notes, due 2102 38,642 38,642 Convertible senior debentures, due 2040 106,011 103,841 Convertible senior debentures, due 2041 54,424 53,249 Convertible senior debentures, due 2042 60,320 59,190 Deferred financing costs (12,659 ) (10,867 ) 436,738 444,055 Less current portion - - $ 436,738 $ 444,055 Credit Facility The Company maintains a credit facility with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent (the "Credit Facility"). On December 10, 2015, the Company entered into an Amended and Restated Credit Agreement, which provides an aggregate commitment of $640,000 of revolving loans available until December 10, 2020. The credit agreement initially became effective December 1, 2010 and was first amended and restated on August 8, 2013. The Credit Facility, as amended and restated, also provides for the ability of Vishay to request up to $50,000 of incremental revolving commitments, subject to the satisfaction of certain conditions. Borrowings under the Amended and Restated Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay's leverage ratio. Based on Vishay's current leverage ratio, borrowings bear interest at LIBOR plus 1.75%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay's current leverage ratio, is 0.35% per annum. The previous credit agreement required Vishay to pay facility fees on the entire commitment amount. The Amended and Restated Credit Facility allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is less than 2.25 to 1. If the Company's leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). The borrowings under the Credit Facility are secured by a lien on substantially all assets, including accounts receivable, inventory, machinery and equipment, and general intangibles (but excluding real estate, intellectual property registered or licensed for use in, or arising under the laws of, any country other than the United States, assets located outside of the United States and deposit and securities accounts), of Vishay and certain significant subsidiaries located in the United States, and pledges of stock in certain significant domestic and foreign subsidiaries; and are guaranteed by certain significant subsidiaries. Certain of the Company's subsidiaries are permitted to borrow under the Credit Facility, subject to the satisfaction of specified conditions. Any borrowings by these subsidiaries under the Credit Facility are guaranteed by Vishay and certain subsidiaries. The Credit Facility also limits or restricts the Company and its subsidiaries, from, among other things, incurring indebtedness, incurring liens on its respective assets, making investments and acquisitions, making asset sales, and making other restricted payments (assuming the Company's leverage ratio is greater than 2.25 to 1), and requires the Company to comply with other covenants, including the maintenance of specific financial ratios. The Amended and Restated Credit Facility also removes certain restrictions related to intercompany transactions. These changes are expected to enable the Company to streamline its complex subsidiary structure and provide greater operating flexibility. Note 6 – Long-Term Debt (continued) The Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of Vishay or certain of its significant subsidiaries, and the rendering of a judgment in excess of $25,000 against Vishay or certain of its significant subsidiaries. Upon the occurrence of an event of default under the Credit Facility, the Company's obligations under the credit facility may be accelerated and the lending commitments under the credit facility terminated. At December 31, 2015 and 2014, there was $442,745 and $432,445, respectively, available under the Credit Facility. Letters of credit totaling $7,255 and $7,555 were outstanding at December 31, 2015 and 2014, respectively. 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 December 22, 2015 dividend payment: Due 2040 Due 2041 Due 2042 Issuance date November 9, 2010 May 13, 2011 May 31, 2012 Maturity date November 15, 2040 May 15, 2041 June 1, 2042 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) 8.00 % 8.375 % 7.50 % Conversion rate effective December 1, 2015 (per $1 principal amount) 74.7087 54.5185 87.8395 Effective conversion price effective December 1, 2015 (per share) $ 13.39 $ 18.34 $ 11.38 130% of the conversion price (per share) $ 17.41 $ 23.84 $ 14.79 Call date November 20, 2020 May 20, 2021 June 7, 2022 Prior to three months before the maturity date, the holders may only convert their debentures under the following circumstances: (1) during any fiscal quarter after the first full quarter subsequent to issuance, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the debentures falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; (3) Vishay calls any or all of the debentures for redemption, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. Based on an evaluation of the conversion criteria at December 31, 2015 and 2014, none of the convertible senior debentures due 2040, due 2041, or due 2042 were convertible. The conversion criteria of the debentures will continue to be evaluated and the debentures may become convertible in the future. Vishay must provide additional shares upon conversion if there is a "fundamental change" in the business as defined in the indenture governing the debentures. Vishay may not redeem the debentures prior to the respective call dates. On or after the call date and prior to the maturity date, Vishay may redeem for cash all or part of the debentures at a redemption price equal to 100% of the principal amount of the debentures to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of Vishay's common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period prior to the date on which Vishay provides notice of redemption. Note 6 – Long-Term Debt (continued) 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 balance sheets as follows: Principal amount of the debentures Unamortized discount Embedded derivative Carrying value of liability component Equity component - net carrying value December 31, 2015 Due 2040 $ 275,000 (169,565 ) 576 $ 106,011 $ 110,094 Due 2041 $ 150,000 (96,014 ) 438 $ 54,424 $ 62,246 Due 2042 $ 150,000 (89,982 ) 302 $ 60,320 $ 57,874 Total $ 575,000 $ (355,561 ) $ 1,316 $ 220,755 $ 230,214 December 31, 2014 Due 2040 $ 275,000 (171,685 ) 526 $ 103,841 $ 110,094 Due 2041 $ 150,000 (97,092 ) 341 $ 53,249 $ 62,246 Due 2042 $ 150,000 (91,048 ) 238 $ 59,190 $ 57,874 Total $ 575,000 $ (359,825 ) $ 1,105 $ 216,280 $ 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 statements of operations for the years ended December 31: Contractual coupon interest Non-cash amortization of debt discount Non-cash amortization of deferred financing costs Non-cash change in value of derivative liability Total interest expense related to the debentures 2015 Due 2040 $ 6,188 2,120 88 50 $ 8,446 Due 2041 $ 3,375 1,078 47 97 $ 4,597 Due 2042 $ 3,375 1,066 54 64 $ 4,559 Total $ 12,938 $ 4,264 $ 189 $ 211 $ 17,602 2014 Due 2040 $ 6,188 1,960 88 35 $ 8,271 Due 2041 $ 3,375 993 47 (8 ) $ 4,407 Due 2042 $ 3,375 990 54 41 $ 4,460 Total $ 12,938 $ 3,943 $ 189 $ 68 $ 17,138 2013 Due 2040 $ 6,188 1,811 88 (131 ) $ 7,956 Due 2041 $ 3,375 915 47 (50 ) $ 4,287 Due 2042 $ 3,375 920 54 (85 ) $ 4,264 Total $ 12,938 $ 3,646 $ 189 $ (266 ) $ 16,507 Note 6 – Long-Term Debt (continued) Exchangeable Unsecured Notes, due 2102 On December 13, 2002, Vishay issued $105,000 in nominal (or principal) amount of its floating rate unsecured exchangeable notes due 2102 in connection with an acquisition. The notes are governed by a note instrument and a put and call agreement dated December 13, 2002. The notes may be put to Vishay in exchange for shares of its common stock and, under certain circumstances, may be called by Vishay for similar consideration. Under the terms of the put and call agreement, by reason of the spin-off of VPG on July 6, 2010, Vishay was required to take action so that the existing notes are deemed exchanged as of the date of the spin-off, for a combination of new notes of Vishay reflecting a lower principal amount of the notes and new notes issued by VPG. Based on the relative trading prices of Vishay and VPG common stock on the ten trading days following the spin-off, Vishay retained the liability for an aggregate $95,042 principal amount of exchangeable notes effective July 6, 2010. The assumption of a portion of the liability by VPG was recorded as a reduction in parent net investment just prior to the completion of the spin-off. Under the terms of the put and call agreement the holders may at any time put the notes to Vishay in exchange for shares of Vishay's common stock, and Vishay may call the notes in exchange for cash or for shares of its common stock at any time after January 2, 2018. Subsequent to the spin-off of VPG, the put/call rate of the Vishay notes is $15.39 per share of common stock. The payment of quarterly cash dividends does not result in an adjustment to the put/call rate of the notes (See Note 7). In 2013, a holder of the notes exercised its option to exchange $56,400 principal amount of the notes for 3,664,729 shares of Vishay common stock. Following this transaction, Vishay had outstanding exchangeable unsecured notes with a principal amount of $38,642, which are exchangeable for an aggregate of 2,511,742 shares of Vishay common stock. The notes bear interest at LIBOR. Interest continues to be payable quarterly on March 31, June 30, September 30, and December 31 of each calendar year. Other Borrowings Information Aggregate annual maturities of long-term debt, based on the terms stated in the respective agreements, are as follows: 2016 $ - 2017 - 2018 - 2019 - 2020 190,000 Thereafter 613,642 The annual maturities of long-term debt are based on the amount required to settle the obligation. Accordingly, the discounts associated with the convertible debentures due 2040, due 2041, and due 2042 are excluded from the calculation of the annual maturities of long-term debt in the table above. At December 31, 2015, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $13,700, with substantially no amounts borrowed. At December 31, 2014, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $16,700, with substantially no amounts borrowed. Interest paid was $19,134, $18,394, and $17,647 for the years ended December 31, 2015, 2014, and 2013, respectively. See Note 18 for further discussion on the fair value of the Company's long-term debt. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders' Equity The Company's Class B common stock carries 10 votes per share while the common stock carries 1 vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock. The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. Stock dividends or distributions on any class of stock are payable only in shares of stock of that class. Shares of either common stock or Class B common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally. On February 3, 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program. Cash dividends of $0.06 per share of common stock and Class B common stock were paid on March 25, 2015, June 25, 2015, September 24, 2015, December 22, 2015, March 27, 2014, June 26, 2014, September 18, 2014, and December 16, 2014 to stockholders of record at the close of business on March 12, 2015, June 11, 2015, September 2, 2015, December 3, 2015, March 3, 2014, June 12, 2014, August 28, 2014, and November 26, 2014. The amount and timing of any future dividends will be subject to approval by the Board of Directors. The Amended and Restated Credit Facility allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is less than 2.25 to 1. If the Company's leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). At December 31, 2015, the Company had reserved shares of common stock for future issuance as follows: Restricted stock units outstanding 1,028,000 Phantom stock units outstanding 132,000 Common stock options outstanding 105,000 2007 Stock Incentive Program - available to grant 3,617,000 Exchangeable unsecured notes, due 2102 2,511,742 Convertible senior debentures, due 2040* 23,585,258 Convertible senior debentures, due 2041* 9,470,490 Convertible senior debentures, due 2042* 15,350,865 Conversion of Class B common stock 12,129,227 67,929,582 ___________________ *At December 31, 2015, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 20,544,893, 8,177,775, and 13,175,925 shares, respectively, of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income (Expense) [Abstract] | |
Other Income (Expense) | Note 8 – Other Income (Expense) The caption "Other" on the consolidated statements of operations consists of the following: Years ended December 31, 2015 2014 2013 Foreign exchange gain (loss) $ 3,180 $ (1,115 ) $ (993 ) Interest income 4,397 4,939 4,566 Other 399 (1,335 ) (1,720 ) $ 7,976 $ 2,489 $ 1,853 On August 12, 2015, a major explosion occurred in the port of Tianjin, China. Vishay owns and operates a diodes manufacturing facility in Tianjin near the port. The shockwave of the explosion resulted in some damage to the facility and caused a temporary shutdown. Full production resumed on September 8, 2015. As a result of this incident, through the end of 2015, the Company estimates that it has incurred $9,946 for inventory, property, and equipment damage (at net book value) and related repair and clean-up costs. As of December 31, 2015, the Company has recorded a receivable of $4,596 for amounts which are probable of recovery under its insurance policies. The accompanying consolidated statement of operations for the year ended December 31, 2015 includes, as a separate line item, a loss of $5,350 related to these items, which represents the insurance deductible and certain costs which are potentially not recoverable. The Company's insurance coverage generally provides for replacement cost of damaged items. Any amount expected to be received in excess of the book value of the damaged item will be treated as a gain, but will not be recorded until contingencies are resolved. The Company also believes that it has valid claims under its business interruption insurance policies, but those claims cannot be quantified at this time. The Company will not record a receivable for business interruption claims until all contingencies have been resolved. |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Other Accrued Expenses (Tables) [Abstract] | |
Other Accrued Expenses | Note 9 – Other Accrued Expenses Other accrued expenses consist of the following: December 31, 2015 2014 Sales returns and allowances $ 33,086 $ 35,203 Goods received, not yet invoiced 30,193 28,645 Accrued restructuring 26,791 6,955 Other 74,266 66,773 $ 164,336 $ 137,576 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10 – 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, 2013 $ (178,956 ) $ 167,461 $ 1,273 $ (10,222 ) Other comprehensive income before reclassifications 52,545 23,537 913 $ 76,995 Tax effect (16,334 ) - (299 ) $ (16,633 ) Other comprehensive income before reclassifications, net of tax 36,211 23,537 614 $ 60,362 Amounts reclassified out of AOCI 19,112 - (2,019 ) $ 17,093 Tax effect (6,285 ) - 686 $ (5,599 ) Amounts reclassified out of AOCI, net of tax 12,827 - (1,333 ) $ 11,494 Net comprehensive income $ 49,038 $ 23,537 $ (719 ) $ 71,856 Balance at December 31, 2013 $ (129,918 ) $ 190,998 $ 554 $ 61,634 Other comprehensive income before reclassifications (60,602 ) (106,295 ) 2,175 $ (164,722 ) Tax effect 18,117 - (758 ) $ 17,359 Other comprehensive income before reclassifications, net of tax (42,485 ) (106,295 ) 1,417 $ (147,363 ) Amounts reclassified out of AOCI 25,604 - (78 ) $ 25,526 Tax effect (8,961 ) - 24 $ (8,937 ) Amounts reclassified out of AOCI, net of tax 16,643 - (54 ) $ 16,589 Net comprehensive income (loss) $ (25,842 ) $ (106,295 ) $ 1,363 $ (130,774 ) Balance at December 31, 2014 $ (155,760 ) $ 84,703 $ 1,917 $ (69,140 ) Other comprehensive income before reclassifications 15,169 (80,106 ) (1,503 ) $ (66,440 ) Tax effect (4,196 ) - 526 $ (3,670 ) Other comprehensive income before reclassifications, net of tax 10,973 (80,106 ) (977 ) $ (70,110 ) Amounts reclassified out of AOCI 12,869 - (680 ) $ 12,189 Tax effect (4,504 ) - 238 $ (4,266 ) Amounts reclassified out of AOCI, net of tax 8,365 - (442 ) $ 7,923 Net comprehensive income (loss) $ 19,338 $ (80,106 ) $ (1,419 ) $ (62,187 ) Balance at December 31, 2015 $ (136,422 ) $ 4,597 $ 498 $ (131,327 ) Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. (See Note 11 for further information). The amount of unrealized gains (losses) on available-for-sale securities reclassified out of AOCI as a result of sales of securities held by the Company's rabbi trust used to fund a deferred compensation plan was $680, $24, and $1,966 for the years ended December 31, 2015, 2014, and 2013, respectively. These reclassifications are recorded as a component of compensation expense within Selling, General, and Administrative expenses on our consolidated statements of operations. The pre-tax amount of unrealized gains (losses) on available-for-sale securities reclassified out of AOCI as a result of sales of available-for-sale securities was $0, $54, and $53 for the years ended December 31, 2015, 2014, and 2013, respectively. These reclassifications are recorded as a component of Other Income on our consolidated statements of operations. The tax effect of the reclassifications of unrealized gains (losses) on available-for-sale securities is recorded as a component of Income Tax Expense on our consolidated statements of operations. 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 Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 11 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. GAAP requires employers to recognize the funded status of a benefit plan, measured as the difference between plan assets at fair value and the benefit obligation, in its balance sheet. The recognition of the funded status on the balance sheet requires employers to recognize actuarial items (such as actuarial gains and losses, prior service costs, and transition obligations) as a component of other comprehensive income, net of tax. The following table summarizes amounts recorded on the consolidated balance sheets associated with these various retirement benefit plans: December 31, 2015 2014 Included in "Other assets": U.S. pension plans $ 21,202 $ 12,964 Non-U.S. pension plans 159 212 Total included in other assets $ 21,361 $ 13,176 Included in "Payroll and related expenses": U.S. pension plans $ (51 ) $ (51 ) Non-U.S. pension plans (6,089 ) (6,624 ) U.S. other postretirement plans (701 ) (666 ) Non-U.S. other postretirement plans (224 ) (349 ) Total included in payroll and related expenses $ (7,065 ) $ (7,690 ) Accrued pension and other postretirement costs: U.S. pension plans $ (37,181 ) $ (40,744 ) Non-U.S. pension plans (200,406 ) (231,278 ) U.S. other postretirement plans (7,208 ) (8,011 ) Non-U.S. other postretirement plans (6,264 ) (6,934 ) Other retirement obligations (13,559 ) (13,557 ) Total accrued pension and other postretirement costs $ (264,618 ) $ (300,524 ) Accumulated other comprehensive loss: U.S. pension plans $ 76,141 $ 88,474 Non-U.S. pension plans 73,216 88,076 U.S. other postretirement plans (3,129 ) (3,325 ) Non-U.S. other postretirement plans 1,446 1,750 Total accumulated other comprehensive loss* $ 147,674 $ 174,975 * - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. Defined Benefit Pension Plans U.S. Pension Plans The Company maintains several defined benefit pension plans which covered most full-time U.S. employees. These include pension plans which are "qualified" under the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code, and "non-qualified" pension plans which provide defined benefits primarily to U.S. employees whose benefits under the qualified pension plan would be limited by ERISA and the Internal Revenue Code. Pension benefits earned are generally based on years of service and compensation during active employment. The Society of Actuaries Retirement Plans Experience Committee issued new mortality tables and a new mortality improvement scale in 2014. The new mortality tables and mortality improvement scale are based on a recent study of mortality experience in the United States, and reflect improved retiree longevity. The use of the new mortality tables and mortality improvement scale increased the Company's projected benefit obligations by approximately $24,000 in 2014 and will increase future net periodic pension cost. An updated mortality improvement scale issued by the Society of Actuaries in 2015 reduced the Company's benefit obligation by approximately $8,000, which mitigates the increased future net periodic pension cost resulting from the new mortality tables. Note 11 – Pensions and Other Postretirement Benefits (continued) Qualified U.S. Pension Plans The qualified U.S. pension plans historically included both contributory and non-contributory plans. The Company's principal qualified U.S. pension plan (the Vishay Retirement Plan) was funded through Company and participant contributions to an irrevocable trust fund. The Company's other qualified U.S. pension plans, which were assumed as a result of past acquisitions, were funded only through Company contributions. In 2008, the Company adopted amendments to the Vishay Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees may participate in the plan, no further participant contributions were required or permitted, and no further benefits shall accrue after December 31, 2008. Benefits accumulated as of December 31, 2008 will be paid to employees upon retirement, and the Company has made additional cash contributions to the plan to fund this accumulated benefit obligation. To mitigate the loss in benefits of these employees, effective January 1, 2009, the Company increased the Company-match portion of its 401(k) defined contribution savings plan for employees impacted by the pension freeze. The Company's other qualified U.S. pension plans had all been effectively frozen in prior years. All of the Company's qualified U.S. pension plans have been merged into the Vishay Retirement Plan. During the third fiscal quarter of 2014, the Company executed two partial-settlement transactions to reduce the risk associated with its U.S. qualified pension obligations. These transactions included the purchase of annuity contracts for approximately 700 participants pursuant to an arrangement inherited in a past acquisition and a special limited-time voluntary lump-sum payment offer to certain former employees who were deferred vested participants of the plan not currently receiving periodic payments of their pension benefit. A total of 800 participants accepted the voluntary lump-sum offer. The plan is no longer obligated to pay any benefits to the 1,500 participants covered by these two settlement transactions. These former participants represented approximately 23% of the total participants prior to executing these transactions. These transactions were funded entirely with plan assets and resulted in the recognition of non-cash settlement charges aggregating $15,588, representing previously unrecognized actuarial items. These non-cash charges are presented on a separate line in the accompanying consolidated statements of operations. In the second fiscal quarter of 2015, the Company began the process of terminating the Vishay Retirement Plan. Plan participants will not be adversely affected by the plan termination, but rather will have their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. The completion of this proposed termination and settlement is contingent upon the receipt of a favorable determination letter from the Internal Revenue Service ("IRS") and meeting certain IRS and Pension Benefit Guarantee Corporation ("PBGC") requirements, which is expected to take at least one year. As of the last fiscal year-end measurement date (December 31, 2015), the Vishay Retirement Plan was fully-funded on a GAAP basis. In order to terminate the plan in accordance with IRS and PBGC requirements, the Company is required to fully fund the plan on a termination basis and will commit to contribute the additional assets necessary to do so. The amount necessary to do so is not yet known, but is currently estimated to be between zero and $35,000. Note 11 – Pensions and Other Postretirement Benefits (continued) Non-qualified U.S. Pension Plans The Company's principal non-qualified U.S. pension plan (the Vishay Non-qualified Retirement Plan) was a contributory pension plan designed to provide similar defined benefits to covered U.S. employees whose benefits under the Vishay Retirement Plan would be limited by ERISA and the Internal Revenue Code. The Vishay Non-qualified Retirement Plan is identical in construction to the Vishay Retirement Plan, except that the plan is not qualified under ERISA. The Vishay Non-qualified Retirement Plan, like all non-qualified plans, is considered to be unfunded. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the non-qualified pension plan were $21,137 and $21,757 at December 31, 2015 and 2014, respectively. In 2008, the Company adopted amendments to the Vishay Non-Qualified Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees may participate in the plans, no further participant contributions were required or permitted, and no further benefits shall accrue after December 31, 2008. Benefits accumulated as of December 31, 2008 will be paid to employees upon retirement, and the Company will likely need to make additional cash contributions to the rabbi trust to fund this accumulated benefit obligation. To mitigate the loss in benefits of these employees, effective January 1, 2009, the Company increased the Company-match portion of its 401(k) defined contribution savings plan for employees impacted by the pension freeze. The Company also maintains other pension plans which provide supplemental defined benefits primarily to former U.S. employees whose benefits under qualified pension plans were limited by ERISA. These non-qualified plans are all non-contributory plans, and are considered to be unfunded. In 2004, the Company entered into an employment agreement with Dr. Felix Zandman, its Executive Chairman and then-Chief Executive Officer. Pursuant to this agreement, the Company is providing an annual retirement benefit of approximately $614 to his surviving spouse. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to this non-qualified pension plan were $2,995 and $3,607 at December 31, 2015 and 2014, respectively. In 2010, the Compensation Committee determined to modify Dr. Gerald Paul's and the Compensation Committee recommended to the Board of Directors, and the Board of Directors determined to modify Mr. Marc Zandman's employment arrangements such that upon any termination (other than for cause) after attaining age 62, the executive would be entitled to the same payments and benefits he would have received if his respective employment was terminated by Vishay without cause or by the respective executive for good reason. These modifications were included in formal amendments signed on August 8, 2010. The expense associated with the modifications to the employment arrangements of Dr. Gerald Paul and Mr. Marc Zandman effectively represents a defined retirement benefit that will be recognized over the remaining service period of the individuals. Note 11 – Pensions and Other Postretirement Benefits (continued) Non-U.S. Pension Plans The Company provides pension and similar benefits to employees of certain non-U.S. subsidiaries consistent with local practices. Pension benefits earned are generally based on years of service and compensation during active employment. The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 301,475 $ 286,846 $ 315,373 $ 280,526 Service cost - 3,265 - 3,275 Interest cost 11,657 5,636 13,821 8,555 Acquisitions - - - 465 Plan amendments - 267 - - Actuarial (gains) losses (23,099 ) (2,012 ) 50,584 40,021 Benefits paid (15,911 ) (12,230 ) (18,940 ) (15,888 ) Curtailments and settlements - - (59,363 ) (486 ) Currency translation - (24,173 ) - (29,622 ) Benefit obligation at end of year $ 274,122 $ 257,599 $ 301,475 $ 286,846 Change in plan assets: Fair value of plan assets at beginning of year $ 273,644 $ 49,156 $ 295,633 48,859 Actual return on plan assets (5,439 ) 1,159 38,688 1,858 Acquisitions - - - 10 Company contributions 5,798 15,621 17,626 17,015 Benefits paid (15,911 ) (12,230 ) (18,940 ) (15,888 ) Curtailments and settlements - - (59,363 ) (486 ) Currency translation - (2,443 ) - (2,212 ) Fair value of plan assets at end of year $ 258,092 $ 51,263 $ 273,644 $ 49,156 Funded status at end of year $ (16,030 ) $ (206,336 ) $ (27,831 ) $ (237,690 ) The plan assets are stated at fair value. See Note 18 for further discussion of the valuation of the plan assets. Amounts recognized in the consolidated balance sheet consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Other assets $ 21,202 $ 159 $ 12,964 $ 212 Accrued benefit liability - currrent (51 ) (6,089 ) (51 ) (6,624 ) Accrued benefit liability - non-current (37,181 ) (200,406 ) (40,744 ) (231,278 ) Accumulated other comprehensive loss 76,141 73,216 88,474 88,076 $ 60,111 $ (133,120 ) $ 60,643 $ (149,614 ) Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 74,926 $ 73,216 $ 87,195 $ 88,076 Unamortized prior service cost 1,215 - 1,279 - $ 76,141 $ 73,216 $ 88,474 $ 88,076 The following table sets forth additional information regarding the projected and accumulated benefit obligations: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accumulated benefit obligation, all plans $ 274,122 $ 239,099 $ 301,475 $ 269,069 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 37,232 $ 245,005 $ 40,795 $ 272,977 Accumulated benefit obligation 37,232 231,955 40,795 261,996 Fair value of plan assets - 39,463 - 37,634 The following table sets forth the components of net periodic pension cost: Years ended December 31, 2015 2014 2013 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost net of employee contributions $ - $ 3,265 $ - $ 3,275 $ - $ 3,499 Interest cost 11,657 5,636 13,821 8,555 13,882 8,150 Expected return on plan assets (13,566 ) (1,798 ) (14,892 ) (2,109 ) (19,124 ) (2,084 ) Amortization of actuarial losses 8,175 5,131 7,166 2,700 14,566 3,407 Amortization of prior service cost (credit) 64 (282 ) (56 ) (5 ) 978 (12 ) Curtailment and settlement losses - 452 15,588 1,137 - 959 Net periodic pension cost $ 6,330 $ 12,404 $ 21,627 $ 13,553 $ 10,302 $ 13,919 Note 11 – Pensions and Other Postretirement Benefits (continued) See Note 10 for the pretax, tax effect and after tax amounts included in other comprehensive income during the years ended December 31, 2015, 2014, and 2013. The estimated actuarial items for the defined benefit pensions plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2016 is $11,500. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.50 % 2.30 % 4.00 % 2.15 % Rate of compensation increase 0.00 % 1.99 % 0.00 % 1.97 % The following weighted average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2015 and 2014: Years ended December 31, 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.00 % 2.15 % 4.85 % 3.11 % Rate of compensation increase 0.00 % 1.97 % 0.00 % 1.99 % Expected return on plan assets 5.00 % 3.86 % 5.29 % 3.85 % The plans' expected return on assets is based on management's expectations of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The qualified U.S. pension plan was remeasured during 2014 concurrent with the two partial settlement transactions. The investment mix between equity securities and fixed income securities is based upon achieving a desired return, balancing higher return, more volatile equity securities, and lower return, less volatile fixed income securities and is adjusted for the expected duration of the obligation and the funded status of the plan. Given the pending termination and settlement, the Company's U.S. defined benefit plans are currently invested in diversified portfolios of fixed income securities and cash. Investment allocations are made across a range of securities, maturities and credit quality. Based on market interest rate conditions and the current market value of the plan assets at December 31, 2015, the qualified defined benefit plan in the U.S. is fully-funded. The Company's non-U.S. defined benefit plan investments are based on local laws and customs. Most plans invest in cash and local government fixed income securities, although plans in certain countries have investments in equity securities. The plans do not invest in securities of Vishay or its subsidiaries. Negative investment returns could ultimately affect the funded status of the plans, requiring additional cash contributions. See Note 18 for further information on the fair value of the plan assets by asset category. Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2016 $ 16,019 $ 13,310 2017 16,331 14,552 2018 16,708 13,741 2019 23,229 14,860 2020 18,715 14,571 2021-2025 96,997 73,867 These estimates do not reflect the planned settlement of the U.S. qualified defined benefit plan. The Company anticipates making contributions to U.S. defined benefit pension plans of between zero and $35,000 in 2016. The Company's anticipated 2016 contributions for non-U.S. defined benefit pension plans will approximate $30,000, which includes contributions of $16,000 to the Company's Taiwanese pension plans to improve the funded status of those plans. Note 11 – Pensions and Other Postretirement Benefits (continued) Other Postretirement Benefits In the U.S., the Company maintains unfunded non-pension postretirement plans, including medical benefits for certain executives and their surviving spouses, which are funded as costs are incurred. One of these plans was amended effective January 1, 2012, which reduced the benefit obligations of the Company. The Company also maintains two unfunded non-pension postretirement plans at two European subsidiaries. The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 8,677 $ 7,283 $ 7,341 $ 7,504 Service cost 121 273 115 307 Interest cost 333 147 351 244 Plan curtailments and settlements - (25 ) - - Actuarial (gains) losses (550 ) (50 ) 1,492 752 Benefits paid (672 ) (389 ) (622 ) (565 ) Currency translation - (751 ) - (959 ) Benefit obligation at end of year $ 7,909 $ 6,488 $ 8,677 $ 7,283 Fair value of plan assets at end of year $ - $ - $ - $ - Funded status at end of year $ (7,909 ) $ (6,488 ) $ (8,677 ) $ (7,283 ) Amounts recognized in the consolidated balance sheet consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accrued benefit liability - current $ (701 ) $ (224 ) $ (666 ) $ (349 ) Accrued benefit liability - non-current (7,208 ) (6,264 ) (8,011 ) (6,934 ) Accumulated other comprehensive income (3,129 ) 1,446 (3,325 ) 1,750 $ (11,038 ) $ (5,042 ) $ (12,002 ) $ (5,533 ) Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss (gain) $ (1,308 ) $ 1,446 $ (668 ) $ 1,750 Unamortized prior service (credit) cost (1,821 ) - (2,657 ) - $ (3,129 ) $ 1,446 $ (3,325 ) $ 1,750 The following table sets forth the components of net periodic benefit cost: Years ended December 31, 2015 2014 2013 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 121 $ 273 $ 115 $ 307 $ 111 $ 299 Interest cost 333 147 351 244 314 257 Amortization of actuarial (gains) losses 90 76 (140 ) 38 4 8 Amortization of prior service credit (837 ) - (824 ) - (798 ) - Net periodic benefit cost (benefit) $ (293 ) $ 496 $ (498 ) $ 589 $ (369 ) $ 564 The estimated actuarial items for the other postretirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2015 are not material and approximate the amounts amortized in 2014. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.50 % 2.31 % 4.00 % 2.25 % Rate of compensation increase 0.00 % 2.69 % 0.00 % 2.87 % The following weighted average assumptions were used to determine the net periodic benefit costs for the years ended December 31, 2015 and 2014: Years ended December 31, 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.00 % 2.25 % 5.00 % 3.44 % Rate of compensation increase 0.00 % 2.87 % 0.00 % 3.19 % The impact of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit cost and postretirement benefit obligation is not material. Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2016 $ 701 $ 224 2017 718 302 2018 710 307 2019 693 405 2020 680 661 2021-2025 2,887 2,714 As the plans are unfunded, the Company's anticipated contributions for 2016 are equal to its estimated benefits payments. Other Retirement Obligations The Company participates in various other defined contribution and government-mandated retirement plans based on local law or custom. The Company periodically makes required contributions for certain of these plans, whereas other plans are unfunded retirement bonus plans which will be paid at the employee's retirement date. At December 31, 2015 and 2014, the consolidated balance sheets include $13,559 and $13,557, respectively, within accrued pension and other postretirement costs related to these plans. Many of the Company's U.S. employees are eligible to participate in 401(k) savings plans, some of which provide for Company matching under various formulas. The Company's matching expense for the plans was $5,369, $5,285, and $5,276 for the years ended December 31, 2015, 2014, and 2013, respectively. No material amounts are included in the consolidated balance sheets at December 31, 2015 and 2014 related to unfunded 401(k) contributions. Certain key employees participate in a deferred compensation plan. During the years ended December 31, 2015, 2014, and 2013, these employees could defer a portion of their compensation until retirement, or elect shorter deferral periods. The Company maintains a liability within other noncurrent liabilities on its consolidated balance sheets related to these deferrals. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the deferred compensation plan at December 31, 2015 and 2014 were approximately $15,717 and $14,906, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 12 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of share-based compensation to officers, employees, and non-employee directors. 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 share-based compensation expense recognized: Years ended December 31, 2015 2014 2013 Restricted stock units $ 3,705 $ 2,261 $ 510 Phantom stock units 141 131 108 Stock options - - 18 Total $ 3,846 $ 2,392 $ 636 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 year ended December 31, 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 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 have vested 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 December 31, 2015 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 7,479 1.0 Phantom stock units - 0.0 Stock options - 0.0 Total $ 7,479 Unrecognized compensation cost presented in the table above includes $2,935 of unrecognized compensation cost for performance-based RSUs that are not currently expected to vest and for which no compensation cost is currently being recognized. Note 12 – Stock-Based Compensation (continued) 2007 Stock Incentive Program The Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, was 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. At December 31, 2015, the Company has reserved 3,617,000 shares of common stock for future grants of equity awards pursuant to the 2007 Program. If any outstanding awards are forfeited by the holder or cancelled by the Company, the underlying shares would be available for regrant to others. Restricted Stock Units Each RSU entitles the recipient to receive a share of common stock when the RSU vests. RSU activity for the years ended December 31, 2015, 2014, and 2013 is presented below (number of RSUs in thousands) Years ended December 31, 2015 2014 2013 Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Outstanding: Beginning of year 1,147 $ 12.75 1,059 $ 13.40 1,316 $ 12.53 Granted 349 13.60 336 13.48 374 12.76 Vested* (182 ) 11.41 (146 ) 15.87 (598 ) 10.92 Cancelled or forfeited (286 ) 12.89 (102 ) 17.45 (33 ) 16.54 End of year 1,028 $ 13.24 1,147 $ 12.75 1,059 $ 13.40 Expected to vest 806 649 570 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. The number of performance-based RSUs scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2016** - 222 222 January 1, 2017 192 - 192 January 1, 2018 202 - 202 ** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2016 were not achieved. In the event of (i) the termination of the executive's employment by the Company without cause, by the executive for "good reason," or as a result of death or disability, the executive's outstanding RSUs shall immediately vest and the outstanding performance-based RSUs shall vest on their normal vesting date to the extent applicable performance criteria are realized; and (ii) a change of control of Vishay, all of such executive's outstanding RSUs and performance-based RSUs shall immediately vest. In the event of voluntary termination by the executive (without "good reason") or termination for cause, the executive's outstanding RSUs and performance-based RSUs will be forfeited. Note 12 – Stock-Based Compensation (continued) Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company's employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual's termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. The following table summarizes the Company's phantom stock units activity for the years ended December 31, 2015, 2014, and 2013 (number of phantom stock units in thousands) Years ended December 31, 2015 2014 2013 Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Outstanding: Beginning of year 119 107 97 Granted 10 $ 14.09 10 $ 13.12 10 $ 10.75 Dividend equivalents issued 3 2 - Redeemed for common stock - - - End of year 132 119 107 Note 12 – Stock-Based Compensation (continued) 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. Under the 1998 Stock Option Program, certain executive officers and key employees were granted options. On March 16, 2008, the stockholder approval for the 1998 Stock Option Program expired. While no additional options may be granted pursuant to this plan, at December 31, 2015, 95,000 options issued under the 1998 Program remain outstanding and may be exercised in future periods. The following table summarizes the Company's stock option activity (number of options in thousands) Years ended December 31, 2015 2014 2013 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding: Beginning of year 105 $ 15.38 109 $ 15.24 109 $ 15.24 Granted - - - - - - Exercised - - (4 ) 11.62 - - Cancelled or forfeited - - - - - - End of year 105 $ 15.38 105 $ 15.38 109 $ 15.24 Vested and expected to vest 105 105 109 Exercisable: End of year 105 105 109 The following table summarizes information concerning stock options outstanding and exercisable at December 31, 2015 (number of options in thousands, contractual life in years) Options Outstanding & Exercisable Exercise Price Number of Options Remaining Contractual Life $ 12.90 28 1.16 16.29 77 1.39 $ 15.38 105 1.33 Since December 31, 2013, all outstanding options have vested and are exercisable. As of December 31, 2015, the weighted-average remaining contractual life of all exercisable options is 1.33 years. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. There were no options granted in 2015, 2014, or 2013. The pretax aggregate intrinsic value (the difference between the closing stock price on the last trading day of 2015 of $12.05 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 December 31, 2015 was zero because all outstanding options have exercise prices in excess of market value. This amount changes based on changes in the market value of the Company's common stock. During the year ended December 31, 2014, 4,337 options were exercised. The total intrinsic value of options exercised during the year ended December 31, 2014 was $18. No options were exercised during the years ended December 31, 2015 and 2013. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies Leases The Company uses various leased facilities and equipment in its operations. In the normal course of business, operating leases are generally renewed or replaced by other leases. Certain operating leases include escalation clauses. Total rental expense under operating leases was $27,210, $28,088, and $29,327 for the years ended December 31, 2015, 2014, and 2013, respectively. Future minimum lease payments for operating leases with initial or remaining noncancelable lease terms in excess of one year are as follows: 2016 $ 24,216 2017 17,429 2018 7,372 2019 4,068 2020 2,698 Thereafter 7,224 Environmental Matters The Company is subject to various federal, state, local, and foreign laws and regulations governing environmental matters, including the use, discharge, and disposal of hazardous materials. The Company's manufacturing facilities are believed to be in substantial compliance with current laws and regulations. Complying with current laws and regulations has not had a material adverse effect on the Company's financial condition. The Company has engaged environmental consultants and attorneys to assist management in evaluating potential liabilities related to environmental matters. Management assesses the input from these consultants along with other information known to the Company in its effort to continually monitor these potential liabilities. Management assesses its environmental exposure on a site-by-site basis, including those sites where the Company has been named as a "potentially responsible party." Such assessments include the Company's share of remediation costs, information known to the Company concerning the size of the hazardous waste sites, their years of operation, and the number of past users and their financial viability. The Company has accrued environmental liabilities of $9,669 as of December 31, 2015 relating to environmental matters related to its General Semiconductor subsidiary. The Company has also accrued approximately $7,265 at December 31, 2015 for other environmental matters. The liabilities recorded for these matters total $16,934, of which $8,459 is included in other accrued liabilities on the consolidated balance sheet, and $8,475 is included in other noncurrent liabilities on the consolidated balance sheet. While the ultimate outcome of these matters cannot be determined, management does not believe that the final disposition of these matters will have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows beyond the amounts previously provided for in the consolidated financial statements. The Company's present and past facilities have been in operation for many years. These facilities have used substances and have generated and disposed of wastes which are or might be considered hazardous. Therefore, it is possible that additional environmental issues may arise in the future, which the Company cannot now predict. Litigation The Company is a party to various claims and lawsuits arising in the normal course of business. The Company is of the opinion that these litigations or claims will not have a material negative effect on its consolidated financial position, results of operations, or cash flows. Semiconductor Foundry Agreements The Company's Siliconix subsidiary maintains long-term foundry agreements with subcontractors to ensure access to external front-end capacity. Since 2004, Siliconix has maintained a definitive long-term foundry agreement for semiconductor manufacturing with Tower Semiconductor, pursuant to which Siliconix transferred certain technology to Tower Semiconductor and committed to purchase a minimum amount of semiconductor wafers. The Company typically has minimum purchase commitments of $30,000 to $40,000 per year pursuant to its long-term foundry agreements. At December 31, 2015, the extent of those commitments is under discussion with Tower Semiconductor, following the transfer of certain manufacturing processes among Tower Semiconductor's facilities. Note 13 – Commitments and Contingencies (continued) Product Quality Claims The Company is a party to various product quality claims in the normal course of business. The Company provides warranties for its products which offer replacement of defective products. Annual warranty expenses are generally not significant. The Company periodically receives claims which arise from consequential damages which result from a customer's installation of an alleged defective Vishay component into the customer's product. Although not covered by its stated warranty, Vishay may occasionally reimburse the customer for these consequential damages in limited circumstances. Executive Employment Agreements The Company has employment agreements with certain of its senior executives. These employment agreements provide incremental compensation in the event of termination. The Company does not provide any severance or other benefits specifically upon a change in control. The Company recognized executive compensation charges for the year ended December 31, 2011 for elements of compensation that accelerated upon the passing of Dr. Feliz Zandman and for elements of compensation payable to the Company's former Chief Financial Officer, in connection with his resignation. The Company recognized a credit of $1,778 reported as the executive compensation credit in the accompanying consolidated statement of operations for the year ended December 31, 2013 for the reversal of stock-based compensation expense previously recorded for the performance-based RSUs scheduled to vest to Dr. Zandman's estate and the Company's former Chief Financial Officer on January 1, 2014 at the time it was determined that achievement of the performance-based vesting criteria was no longer probable. |
Current Vulnerability Due to Ce
Current Vulnerability Due to Certain Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Current Vulnerability Due to Certain Concentrations Abstract | |
Current Vulnerability Due to Certain Concentrations | Note 14 – Current Vulnerability Due to Certain Concentrations Market Concentrations While no single customer comprises greater than 10% of consolidated net revenues, a material portion of the Company's revenues are derived from the worldwide industrial, automotive, telecommunications, and computing markets. These markets have historically experienced wide variations in demand for end products. If demand for these end products should decrease, the producers thereof could reduce their purchases of the Company's products, which could have an adverse effect on the Company's results of operations and financial position. While no single customer comprises greater than 10% of consolidated net revenues, certain subsidiaries and product lines have customers which comprise greater than 10% of the subsidiary's or product line's net revenues. The loss of one of these customers could have a material effect on the results of operations of the subsidiary or product line and financial position of the subsidiary, which could result in an impairment charge which could be material to the Company's consolidated financial statements. Credit Risk Concentrations Financial instruments with potential credit risk consist principally of cash and cash equivalents, short-term investments, accounts receivable, and notes receivable. Concentrations of credit risk with respect to receivables are generally limited due to the Company's large number of customers and their dispersion across many countries and industries. As of December 31, 2015, one customer comprised 14.6% of the Company's accounts receivable balance. This customer comprised 14.7% of the Company's accounts receivable balance as of December 31, 2014. No other customer comprised greater than 10% of the Company's accounts receivable balance as of December 31, 2015 or December 31, 2014. The Company continually monitors the credit risks associated with its accounts receivable and adjusts the allowance for uncollectible accounts accordingly. The credit risk exposure associated with the accounts receivable is limited by the allowance and is not considered material to the financial statements. The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2015, the following financial institutions held over 10% of the Company's combined cash and cash equivalents and short-term investments balance: Bank Hapoalim* 12.5 % Bank Leumi* 12.5 % Bank of Tokyo Mitsubishi* 11.5 % HSBC* 11.4 % Deutsche Bank 11.2 % UniCredit* 10.7 % ___________________________________________________ *Participant in Credit Facility Sources of Supplies Many of the Company's products require the use of raw materials that are produced in only a limited number of regions around the world or are available from only a limited number of suppliers. The Company's consolidated results of operations may be materially and adversely affected if there are significant price increases for these raw materials, the Company has difficulty obtaining these raw materials, or the quality of available raw materials deteriorates. For periods in which the prices of these raw materials are rising, the Company may be unable to pass on the increased cost to the Company's customers, which would result in decreased margins for the products in which they are used. For periods in which the prices are declining, the Company may be required to write down its inventory carrying cost of these raw materials which, depending on the extent of the difference between market price and its carrying cost, could have a material adverse effect on the Company's net earnings. Vishay is a major consumer of the world's annual production of tantalum. Tantalum, a metal purchased in powder or wire form, is the principal material used in the manufacture of tantalum capacitors. There are few suppliers that process tantalum ore into capacitor grade tantalum powder. From time to time, there have been short-term market shortages of raw materials utilized by the Company. While these shortages have not historically adversely affected the Company's ability to increase production of products containing these raw materials, they have historically resulted in higher raw material costs for the Company. The Company cannot assure that any of these market shortages in the future would not adversely affect the Company's ability to increase production, particularly during periods of growing demand for the Company's products. Note 14 – Current Vulnerability Due to Certain Concentrations (continued) Certain raw materials used in the manufacture of the Company's products, such as gold, copper, palladium, and other metals, are traded on active markets and can be subject to significant price volatility. To ensure adequate supply and to provide cost certainty, the Company's policy is to enter into short-term commitments to purchase defined portions of annual consumption of the raw materials utilized by the Company if market prices decline below budget. If after entering into these commitments, the market prices for these raw materials decline, the Company must recognize losses on these adverse purchase commitments. Recently enacted rules in the U.S. on conflict minerals, which include tantalum, tungsten, tin, and gold, all of which are used in the Company's products, could result in increased prices and decreased supply of conflict minerals, which could negatively affect the Company's consolidated results of operations. Geographic Concentration The Company has operations outside the United States, and approximately 74% of revenues earned during 2015 were derived from sales to customers outside the United States. Additionally, as of December 31, 2015, $1,080,858 of the Company's cash and cash equivalents and short-term investments were held in countries outside of the United States. Some of the Company's products are produced and cash and cash equivalents and short-term investments are held in countries which are subject to risks of political, economic, and military instability. This instability could result in wars, riots, nationalization of industry, currency fluctuations, and labor unrest. These conditions could have an adverse impact on the Company's ability to operate in these regions and, depending on the extent and severity of these conditions, could materially and adversely affect the Company's overall financial condition, operating results, and ability to access its liquidity when needed. As of December 31, 2015 the Company's cash and cash equivalents and short-term investments were concentrated in the following countries: Germany 43.5 % Israel 29.6 % People's Republic of China 8.5 % The Republic of China (Taiwan) 6.5 % Singapore 5.4 % United States 1.7 % Other Asia 2.5 % Other Europe 1.6 % Other 0.7 % Vishay has been in operation in Israel for 45 years. The Company has never experienced any material interruption in its operations attributable to these factors, in spite of several Middle East crises, including wars. |
Segment and Geographic Data
Segment and Geographic Data | 12 Months Ended |
Dec. 31, 2015 | |
Segment and Geographic Data [Abstract] | |
Segment and Geographic Data | Note 15 –Segment and Geographic Data 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, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company has also disclosed certain additional items not used to evaluate segment performance. In some cases, the items are regularly provided to the chief operating decision maker and are required to be disclosed by GAAP. Additionally, the additional segment disclosures may provide insight to the Company's future profitability by reportable segment. Note 15 –Segment and Geographic Data (continued) The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors & Inductors Capacitors Corporate / Other Total Year ended December 31, 2015: Product sales $ 426,672 $ 533,931 $ 279,553 $ 704,109 $ 352,900 $ - $ 2,297,165 Royalty revenues 11 - - 3,312 - - $ 3,323 Total revenue $ 426,683 $ 533,931 $ 279,553 $ 707,421 $ 352,900 $ - $ 2,300,488 Gross Profit $ 58,626 $ 119,762 $ 88,625 $ 208,384 $ 66,823 $ - $ 542,220 Depreciation expense $ 47,172 $ 35,526 $ 14,118 $ 30,576 $ 18,168 $ 8,780 $ 154,340 Interest expense (income) - 11 20 113 13 25,528 $ 25,685 Capital expenditures 29,289 38,971 21,853 38,169 14,763 4,097 $ 147,142 Total Assets as of December 31, 2015: $ 477,984 $ 718,548 $ 325,600 $ 839,249 $ 543,507 $ 248,098 $ 3,152,986 Year ended December 31, 2014: Product sales $ 470,377 $ 579,288 $ 258,248 $ 755,251 $ 425,593 $ - $ 2,488,757 Royalty revenues 160 - - 4,365 - - $ 4,525 Total revenue $ 470,537 $ 579,288 $ 258,248 $ 759,616 $ 425,593 $ - $ 2,493,282 Gross Profit $ 59,614 $ 132,021 $ 91,165 $ 241,090 $ 87,402 $ - $ 611,292 Depreciation expense $ 53,939 $ 39,592 $ 13,266 $ 32,380 $ 20,524 $ 1,103 $ 160,804 Interest expense (income) - 21 41 119 18 24,258 $ 24,457 Capital expenditures 33,672 41,713 23,008 42,950 12,694 2,937 $ 156,974 Total Assets as of December 31, 2014*: $ 499,550 $ 732,502 $ 422,257 $ 812,664 $ 605,281 $ 201,897 $ 3,274,151 Year ended December 31, 2013: Product sales $ 449,299 $ 547,264 $ 228,194 $ 700,115 $ 439,745 $ - $ 2,364,617 Royalty revenues 178 - 51 6,133 - - $ 6,362 Total revenue $ 449,477 $ 547,264 $ 228,245 $ 706,248 $ 439,745 $ - $ 2,370,979 Gross Profit $ 59,387 $ 121,231 $ 76,732 $ 221,851 $ 88,059 $ - $ 567,260 Depreciation expense $ 50,606 $ 37,305 $ 12,484 $ 31,998 $ 21,596 $ 1,075 $ 155,064 Interest expense (income) - 54 122 79 28 22,847 $ 23,130 Capital expenditures 41,869 44,431 18,310 32,515 13,052 2,900 $ 153,077 Total Assets as of December 31, 2013*: $ 543,037 $ 788,121 $ 213,128 $ 843,685 $ 636,637 $ 199,847 $ 3,224,455 ________________ *Recast due to retrospective adoption of accounting guidance. See Note 1. Note 15 –Segment and Geographic Data (continued) Years ended December 31, 2015 2014 2013 Operating income reconciliation: MOSFETs $ 21,366 $ 21,095 $ 19,140 Diodes 95,887 106,068 96,581 Optoelectronic Components 68,410 73,463 62,259 Resistors & Inductors 173,805 203,343 186,583 Capacitors 44,863 62,460 64,494 Restructuring and Severance Costs (19,215 ) (20,897 ) (2,814 ) Impairment of goodwill and long-lived assets (62,980 ) - - U.S. Pension Settlement Charges - (15,588 ) - Executive Compensation Credit (Charges) - - 1,778 Unallocated Selling, General, and Administrative Expenses (224,337 ) (240,833 ) (230,339 ) Consolidated Operating Income (Loss) $ 97,799 $ 189,111 $ 197,682 See Note 4 for restructuring and severance costs segment information. The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area: Years ended December 31, 2015 2014 2013 United States $ 560,973 $ 590,145 $ 591,082 Germany 719,246 821,005 800,733 Other Europe 88,553 107,598 89,348 Israel 12,597 13,871 13,319 Asia 919,119 960,663 876,497 $ 2,300,488 $ 2,493,282 $ 2,370,979 The following table summarizes property and equipment based on physical location: December 31, 2015 2014 United States $ 94,512 $ 116,807 Germany 122,817 124,850 Czech Republic 33,352 38,914 Other Europe 85,566 94,377 Israel 107,715 121,691 People's Republic of China 182,411 176,671 Republic of China (Taiwan) 126,780 127,354 Other Asia 109,815 95,263 Other 2,328 2,168 $ 865,296 $ 898,095 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 16 – Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock options and restricted stock units (see Note 12), convertible debt instruments (see Note 6), and other potentially dilutive securities. The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Years ended December 31, 2015 2014 2013 Numerator: Numerator for basic earnings (loss) per share: Net earnings (loss) attributable to Vishay stockholders $ (108,514 ) $ 117,629 $ 122,980 Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax - 59 140 Numerator for diluted earnings (loss) per share: Net earnings (loss) attributed to Vishay stockholders - diluted $ (108,514 ) $ 117,688 $ 123,120 Denominator: Denominator for basic earnings (loss) per share: Weighted average shares 147,570 147,448 144,856 Outstanding phantom stock units 130 119 107 Adjusted weighted average shares - basic 147,700 147,567 144,963 Effect of dilutive securities: Convertible and exchangeable debt instruments - 5,890 6,130 Restricted stock units - 252 320 Other - 7 4 Dilutive potential common shares - 6,149 6,454 Denominator for diluted earnings (loss) per share: Adjusted weighted average shares - diluted 147,700 153,716 151,417 Basic earnings (loss) per share attributable to Vishay stockholders $ (0.73 ) $ 0.80 $ 0.85 Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.73 ) $ 0.77 $ 0.81 Note 16 – Earnings Per Share (continued) Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands) Years ended December 31, 2015 2014 2013 Convertible and exchangeable notes: Convertible Senior Debentures, due 2040 20,477 - 19,809 Convertible Senior Debentures, due 2041 8,151 7,944 7,885 Convertible Senior Debentures, due 2042 13,133 - - Exchangeable Unsecured Notes, due 2102 2,512 - - Weighted average employee stock options 105 77 91 Weighted average other 1,014 706 907 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. None of the conversion criteria were met for the periods presented. In periods that the debentures are not convertible, the certain conditions which could trigger conversion of the remaining debentures 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 $13.39, 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 $18.34, 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 $11.38, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Additional Cash Flow Information [Abstract] | |
Additional Cash Flow Information | Note 17 – Additional Cash Flow Information Changes in operating assets and liabilities, net of effects of businesses acquired consists of the following : Years ended December 31, 2015 2014 2013 Accounts receivable $ (11,250 ) $ (731 ) $ (16,870 ) Inventories (30,302 ) (23,753 ) (31,246 ) Prepaid expenses and other current assets (5,203 ) (5,031 ) 19,160 Accounts payable (13,419 ) 9,339 11,087 Other current liabilities 32,925 (18,064 ) 7,860 Net change in operating assets and liabilities $ (27,249 ) $ (38,240 ) $ (10,009 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18 – 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. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2015 and 2014: Total Fair Value Level 1 Level 2 Level 3 December 31, 2015 Assets: Assets held in rabbi trusts $ 39,849 $ 25,906 $ 13,943 $ - Available for sale securities $ 3,604 3,604 - - U.S. Defined Benefit Pension Plan Assets: Fixed income securities $ 255,804 254,555 1,249 - Cash $ 2,288 2,288 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,302 9,302 - - Fixed income securities $ 13,416 13,416 - - Cash $ 28,545 28,545 - - $ 352,808 $ 337,616 $ 15,192 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (576 ) - - (576 ) Embedded derivative - convertible debentures due 2041 $ (438 ) - - (438 ) Embedded derivative - convertible debentures due 2042 $ (302 ) - - (302 ) $ (1,316 ) $ - $ - $ (1,316 ) December 31, 2014 Assets: Assets held in rabbi trusts $ 40,270 $ 26,853 $ 13,417 $ - Available for sale securities $ 15,432 4,439 10,993 - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 26,601 26,601 - - Fixed income securities $ 244,037 242,749 1,288 - Cash $ 3,006 3,006 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,268 9,268 - - Fixed income securities $ 18,269 18,269 - - Cash $ 21,619 21,619 - - $ 378,502 $ 352,804 $ 25,698 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (526 ) - - (526 ) Embedded derivative - convertible debentures due 2041 $ (341 ) - - (341 ) Embedded derivative - convertible debentures due 2042 $ (238 ) - - (238 ) $ (1,105 ) $ - $ - $ (1,105 ) Note 18 – Fair Value Measurements (continued) In accordance with ASC Subtopic 350-20, and as described in Note 3, the Company performed a nonrecurring fair value measurement of its Capacitors segment goodwill balance as of the last day of its third fiscal quarter, October 3, 2015. As a result of the fair value measurement, the goodwill of the Capacitors segment with a carrying value of was $5,380 was written down to its implied value of zero, resulting in an impairment charge of $5,380, recorded in the accompanying consolidated statement of operations. In accordance with ASC Subtopic 360-10, and as described in Note 3, the Company performed a nonrecurring fair value measurement of its Capella business long-lived assets as of the last day of its third fiscal quarter, October 3, 2015. As a result of the fair value measurement, the long-lived assets of its Capella business with carrying values of $68,500, were written down to their fair values of $10,900, resulting in a total impairment charge of $57,600, recorded in the accompanying consolidated statement of operations. The Company's nonrecurring fair value measurements of goodwill and long-lived assets held and used are considered Level 3 measurements. See Note 3 for further information on the measurements and inputs. 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 year. 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 maintains defined benefit retirement plans in certain of its U.S. and non-U.S. subsidiaries. The assets of the plans are measured at fair value. Equity securities held by the U.S. defined benefit retirement plans consist of various mutual funds and exchange traded funds that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the mutual funds and exchange traded funds securities is considered a Level 1 measurement within the fair value hierarchy. Fixed income securities held by the U.S. defined benefit retirement plans consist of exchange traded funds and a short-term investment fund. The exchange traded funds are valued based on quoted market prices on the last business day of the year. The fair value measurement of the exchange traded funds securities is considered a Level 1 measurement within the fair value hierarchy. The short-term investment fund strictly invests in short-term investments, including commercial paper, certificates of deposit, U.S. government agency and instrumentality obligations, U.S. government obligations, corporate notes, and funding agreements. The maturity date of all investments held by the short-term investment fund is within one year from the financial statement date. There are no redemption restrictions on the plan's investment. The fair value of the short-term investment fund has been estimated using the net asset value per share of the investment. The fair value measurement of the short-term investment fund is considered a Level 2 measurement within the fair value hierarchy. Equity securities held by the non-U.S. defined benefit retirement plans consist of equity securities that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the equity securities is considered a Level 1 measurement within the fair value hierarchy. Fixed income securities held by the non-U.S. defined benefit retirement plans consist of government bonds in the Philippines and India and corporate notes that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the fixed income securities is considered a Level 1 measurement within the fair value hierarchy. Cash held by the U.S. and non-U.S. defined benefit retirement plans consists of demand deposits on account in various financial institutions to fund current benefit payments. The carrying amount of the cash approximates its fair value. 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 U.S. 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 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 London Interbank Offered Rate (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. Note 18 – Fair Value Measurements (continued) The Company enters into forward contracts with a highly-rated financial institution to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $29,000 and $48,000 as of December 31, 2015 and 2014, respectively. The forward contracts settle monthly and are expected to be renewed at the Company's discretion on a monthly basis until the intercompany loans are repaid. The forward contracts were renewed on the last days of the respective years. We have not designated the forward contracts as hedges for accounting purposes, and as such the changes in the fair value of the contracts are recognized in the consolidated statements of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierachy. Due to the timing of the renewal of the forward contracts, the value of the forward contracts were immaterial as of December 31, 2015 and 2014. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The fair value of the long-term debt, excluding the derivative liability and capitalized deferred financing costs, at December 31, 2015 and 2014 is approximately $756,900 and $853,500, respectively, compared to its carrying value, excluding the derivative liability and capitalized deferred financing costs, of $448,080 and $453,817, 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 December 31, 2015 and 2014, 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 acquired in the Capella acquisition fully matured in the third fiscal quarter of 2015. The assets were accounted for as available for sale instruments, at fair value. The Company's remaining 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 December 31, 2015 and 2014, the Company's cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated 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 balance sheets approximate their fair values. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19 – Related Party Transactions Vishay Precision Group, Inc. On July 6, 2010, Vishay completed the spin-off of its measurements and foil resistors businesses into an independent, publicly-traded company to be named Vishay Precision Group, Inc. through a tax-free stock dividend to Vishay's stockholders. Vishay's common stockholders received 1 share of VPG common stock for every 14 shares of Vishay common stock they held on the record date, June 25, 2010, and Vishay's Class B common stockholders received 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock they held on the record date. Following the spin-off, VPG is an independent company and Vishay retains no ownership interest. Relationship with VPG after Spin-off Following the spin-off, VPG and Vishay operate separately, each as independent public companies. Vishay has no ownership interest in VPG. However, Ruta Zandman solely or on a shared basis with Marc Zandman and Ziv Shoshani, all of whom are members of Vishay's Board of Directors, control a large portion of the voting power of both Vishay and VPG. Marc Zandman, Vishay's Executive Chairman of the Board and an executive officer of Vishay, serves as the Chairman of VPG. Ziv Shoshani, CEO of VPG, serves as a director of Vishay. Additionally, Timothy V. Talbert, a member of Vishay's Board of Directors is also a member of the Board of Directors of VPG. In connection with the completion of the spin-off, Vishay and its subsidiaries entered into several agreements with VPG and its subsidiaries that govern the relationship of the parties following the spin-off. Among the agreements entered into with VPG and its subsidiaries were a transition services agreement, several lease agreements, and supply agreements. None of the agreements have had nor are expected to have a material impact on Vishay's financial position, results of operations, or liquidity. Some of these agreements have expired and have not been renewed. Vishay also entered into a trademark license agreement with VPG pursuant to which Vishay granted VPG the license to use certain trademarks, service marks, logos, trade names, entity names, and domain names which include the term "Vishay." The license granted VPG the limited, exclusive, royalty-free right and license to use certain marks and names incorporating the term "Vishay" in connection with the design, development, manufacture, marketing, provision and performance of certain VPG products that do not compete with any products within Vishay's product range as constituted immediately following the separation and certain services provided in connection with the products. The license cannot be terminated except as a result of willful misconduct or liquidation bankruptcy of VPG. Until the spin-off, VPG was included in Vishay's consolidated federal income tax returns and with Vishay and/or certain of Vishay's subsidiaries in applicable combined or unitary state and local income tax returns. In conjunction with the spin-off, Vishay and VPG entered a tax matters agreement under which Vishay generally will be liable for all U.S. federal, state, local, and foreign income taxes attributable to VPG with respect to taxable periods ending on or before the distribution date except to the extent that VPG has a liability for such taxes on its books at the time of the spin-off. Vishay is also principally responsible for managing any income tax audits by the various tax jurisdictions for pre-spin-off periods. Vishay has fully indemnified VPG of tax exposures arising prior to the spin-off. |
Summary of Quarterly Financial
Summary of Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |
Summary of Quarterly Financial Information (Unaudited) | Note 20 – Summary of Quarterly Financial Information (Unaudited) 2015 2014 First Second Third Fourth First Second Third Fourth Statement of Operations data: Net revenues $ 593,436 $ 590,470 $ 560,654 $ 555,928 $ 602,378 $ 641,929 $ 638,211 $ 610,764 Gross profit 145,038 141,482 130,144 125,556 145,283 164,093 158,392 143,524 Operating income (loss) 47,558 44,170 (24,155 ) 30,226 42,572 57,923 45,459 43,157 Net earnings (loss) 30,925 26,518 (27,550 ) (137,626 ) 25,964 35,832 26,977 29,070 Net earnings (loss) attributable to noncontrolling interests 226 250 116 189 154 190 6 (136 ) Net earnings (loss) attributable to Vishay stockholders 30,699 26,268 (27,666 ) (137,815 ) 25,810 35,642 26,971 29,206 Per Share data: Basic earnings (loss) per share attributable to Vishay stockholders (a) $ 0.21 $ 0.18 $ (0.19 ) $ (0.93 ) $ 0.17 $ 0.24 $ 0.18 $ 0.20 Diluted earnings (loss) per share attributable to Vishay stockholders (a) $ 0.20 $ 0.17 $ (0.19 ) $ (0.93 ) $ 0.17 $ 0.23 $ 0.17 $ 0.19 Certain Items Recorded during the Quarters: Operating income (loss): Restructuring and severance costs $ 1,410 $ 5,660 $ 2,324 $ 9,821 $ 6,404 $ 9,014 $ 3,508 $ 1,971 Goodwill and long-lived assets impairment charges $ - $ - $ 62,980 $ - $ - $ - $ - $ - U.S. pension settlement charges $ - $ - $ - $ - $ - $ - $ 15,588 $ - Other income (expense): Loss related to Tianjin explosion $ - $ - $ 5,350 $ - $ - $ - $ - $ - Discrete tax expense (benefit) $ - $ - $ - $ 152,437 $ - $ - $ - $ (1,228 ) Quarter end date April 4 July 4 October 3 December 31 March 29 June 28 September 27 December 31 (a) May not add due to differences in weighted average share counts. (b) 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. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. |
Subsequent Events | Subsequent Events In connection with the preparation of the consolidated financial statements and in accordance with GAAP, the Company evaluated subsequent events after the balance sheet date of December 31, 2015 through the date these financial statements were issued through the filing of this annual report on Form 10-K with the U.S. Securities and Exchange Commission. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue on product sales during the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, title and risk of loss have been transferred, collectibility is reasonably assured, and pricing is fixed or determinable. For the portion of sales where title and risk of loss passes at point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. The Company historically has had agreements with distributors that provided limited rights of product return. The Company has modified these arrangements to allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company records a reduction of revenue during each period, and records a related accrued expense for the period, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. Royalty revenues, included in net revenues on the consolidated statements of operations, were $3,323, $4,525, and $6,362 for the years ended December 31, 2015, 2014, and 2013, respectively. The Company records royalty revenue in accordance with agreed upon terms when performance obligations are satisfied, the amount is fixed or determinable, and collectibility is reasonably assured. Vishay earns royalties at the point of sale of products which incorporate licensed intellectual property. Accordingly, the amount of royalties recognized is determined based on periodic reporting to Vishay by its licensees, and based on judgments and estimates by Vishay management, which management considers reasonable. |
Shipping and Handling Costs | Note 1 - Summary of Significant Accounting Policies (continued) Shipping and Handling Costs Shipping and handling costs are included in costs of products sold. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $64,193, $65,299, and $62,090, for the years ended December 31, 2015, 2014, and 2013, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. |
Income Taxes | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of "more likely than not" to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company's assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. Except as described in Note 5, earnings generated by foreign subsidiaries are expected to be reinvested outside of the United States indefinitely. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes (subject to an adjustment for foreign tax credits), state income taxes, incremental foreign taxes and withholding taxes payable to various foreign jurisdictions. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management's best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company's effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. |
Cash, Cash Equivalents, and Short-Term Investments | Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2015 and 2014, the Company's short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. |
Allowance for Doubtful Accounts | Note 1 – Summary of Significant Accounting Policies (continued) Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Bad debt expense (income realized upon subsequent collection) was $(152), $(424), and $62 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Inventories | Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. |
Property and Equipment | Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2015 was approximately $45,975. Depreciation of capital lease assets is included in total depreciation expense. Depreciation expense was $154,340, $160,804, and $155,064 for the years ended December 31, 2015, 2014, and 2013, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Certain of the Company's tradenames have been assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. See Note 3 for further information on the impairment tests performed in 2015. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty-five years. Capitalized software is amortized over periods of three to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five to twenty years. Noncompete agreements are amortized over periods of three to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a two-step quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the two-step quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the two-step quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step quantitative impairment test is required. In the first step, the Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would then perform the second step of the quantitative impairment test, which requires allocation of the reporting unit's fair value to all of its assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. An impairment charge will be recognized only when the implied fair value of a reporting unit's goodwill is less than its carrying amount. The Company has the option of performing a qualitative assessment of the indefinite-lived intangible assets before performing a quantitative impairment test. The fair value of the tradenames is measured as the discounted cash flow savings realized from owning such tradenames and not having to pay a royalty for their use. Upon determining that an intangible asset classified as indefinite-lived is impaired, the Company reassesses the useful life of the impaired assets and begins to amortize the remaining carrying value over that useful life if it is determined that the asset no longer has an indefinite useful life. |
Impairment of Long-Lived Assets | Note 1 – Summary of Significant Accounting Policies (continued) Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. See Note 3 for further information on the impairment tests performed in 2015. |
Available-for-Sale Securities | Available-for-Sale Securities Short-term investments and other assets reported on the consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year and investments in marketable securities which are classified as available-for-sale. These assets include assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans (see Note 11), assets that are intended to fund a portion of the Company's other postretirement benefit obligations outside of the U.S., and as of December 31, 2014, short-term investments acquired in the Capella Microsystems (Taiwan) Inc. ("Capella") acquisition (see Note 2), which matured in 2015. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Unrealized gains and losses are reported, net of their related tax consequences, as a component of accumulated other comprehensive income in stockholders' equity until sold. At the time of sale, the assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. |
Financial Instruments | Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. The convertible senior debentures due 2040, due 2041, and due 2042 contain embedded derivatives that are recorded at fair value on a recurring basis. At December 31, 2015 and 2014, outstanding derivative instruments were not material. The Company reports derivative instruments on the consolidated balance sheet at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and the ineffective portion, if any, is reported in current period net earnings (loss). Changes in the fair values of derivative instruments that are not designated as hedges, including embedded derivatives, are recorded in current period net earnings (loss). The Company has in the past used interest rate swap agreements to modify variable rate obligations to fixed rate obligations, thereby reducing exposure to market rate fluctuations. The Company uses financial instruments such as forward exchange contracts to mitigate a portion, but not all, of the risk associated with its firm commitments denominated in foreign currencies. The purpose of the Company's foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported in the consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. |
Foreign Currency Translation | Note 1 – Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company's operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities in the consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders' equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. For options and restricted stock units subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units ("RSUs") that are expected to vest and records cumulative adjustments in the period that the expectation changes. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2015 and 2014 do not include claims against third parties. |
Restructuring and Severance Costs | Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined company program. The Company recognizes other exit costs as incurred. |
Self-Insurance Programs | Note 1 – Summary of Significant Accounting Policies (continued) Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property damage, director and officers' liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2015, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors' and officers' insurance. The captive insurance entity had $5,000 accrued related to the Tianjin explosion at December 31, 2015, and had no amounts accrued for outstanding claims at December 31, 2014. Certain cash and investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Restricted cash of $11,627 and $7,309 is included in other noncurrent assets at December 31, 2015 and 2014, respectively, representing required statutory reserves of the captive insurance entity. |
Convertible Debentures | Convertible Debentures The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company's nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debentures are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debentures over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. |
Reclassifications | Reclassifications In addition to the changes due to the retrospective adoption of new accounting guidance described above, certain prior year amounts have been reclassified to conform to the current financial statement presentation. |
Retrospective Adoption of Accounting Guidance | Recent Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Restrospective Adoption of Accounting Guidance In the fourth fiscal quarter of 2015, Vishay adopted accounting guidance that required retrospective adjustment to previously issued financial statements. All prior period data presented in these consolidated financial statements reflect the retrospective adoption of this guidance. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. None of the conversion criteria were met for the periods presented. In periods that the debentures are not convertible, the certain conditions which could trigger conversion of the remaining debentures 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 $13.39, 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 $18.34, 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 $11.38, 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) | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Acquisition and Divestiture A32
Acquisition and Divestiture Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisition and Divestiture Activities [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Based on an estimate of their fair values, the Company allocated the purchase price of the acquisition as follows: Short-term investments $ 47,438 Working capital (excluding cash and short-term investments) (6,374 ) Property and equipment 4,134 Intangible assets: Patents and acquired technology 14,870 Capitalized software 101 Customer relationships 54,400 Tradenames 5,110 Total intangible assets 74,481 Other, net (454 ) Deferred taxes, net (16,769 ) Total identified assets and liabilities 102,456 Cash paid to Capella stockholders, net of cash acquired 177,410 Fair value of noncontrolling interest 21,895 Goodwill $ 96,849 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro Forma Results The unaudited pro forma results would have been as follows, assuming the 2014 acquisitions had occurred as of January 1, 2013: Years ended December 31, 2014 2013 Pro forma net revenues $ 2,522,010 $ 2,446,503 Pro forma net earnings attributable to Vishay stockholders 114,510 128,252 Pro forma basic earnings per share attributable to Vishay stockholders $ 0.78 $ 0.88 Pro forma diluted earnings per share attributable to Vishay stockholders $ 0.75 $ 0.85 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill rollforward | The changes in the carrying amount of goodwill by segment for the years ended December 31, 2015 and 2014 were as follows: Optoelectronic Components Resistors & Inductors Capacitors Total Balance at January 1, 2014 $ - $ 43,132 $ - $ 43,132 Holy Stone Polytech acquisition - - 6,328 6,328 Capella acquisition 96,849 - - 96,849 Exchange rate effects - (986 ) (964 ) (1,950 ) Balance at December 31, 2014 $ 96,849 $ 42,146 $ 5,364 $ 144,359 Goodwill impairment charges - - (5,380 ) (5,380 ) Exchange rate effects - (751 ) 16 (735 ) Balance at December 31, 2015 $ 96,849 $ 41,395 $ - $ 138,244 |
Other Intangible Assets | Other intangible assets are as follows: December 31, 2015 2014 Intangible Assets Subject to Amortization (Definite-lived): Patents and acquired technology $ 93,606 $ 108,190 Capitalized software 53,401 53,369 Customer relationships 85,418 153,853 Tradenames 35,493 39,612 Non-competition agreements 2,261 2,283 270,179 357,307 Accumulated amortization: Patents and acquired technology (76,258 ) (71,700 ) Capitalized software (47,394 ) (45,979 ) Customer relationships (37,989 ) (50,630 ) Tradenames (23,798 ) (21,384 ) Non-competition agreements (1,841 ) (1,360 ) (187,280 ) (191,053 ) Net Intangible Assets Subject to Amortization 82,899 166,254 Intangible Assets Not Subject to Amortization (Indefinite-lived): Tradenames 20,359 20,359 $ 103,258 $ 186,613 |
Estimated annual amortization expense for each of the next five years | Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2015 for each of the next five years is as follows: 2016 $ 15,267 2017 13,113 2018 9,139 2019 5,322 2020 4,932 |
Restructuring and Related Act34
Restructuring and Related Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Expenses | The following table summarizes restructuring and related expenses which were recognized during the years ended December 31, 2015, 2014, and 2013 and reported on a separate line in the accompanying consolidated statements of operations: Years ended December 31, 2015 2014 2013 MOSFETS Enhanced Competitiveness Program $ 5,367 $ 6,025 $ 2,328 Voluntary Separation / Retirement Program 95 12,792 486 Modules Production Transfer - 2,080 - Global Cost Reduction Programs 13,753 - - Total $ 19,215 $ 20,897 $ 2,814 |
Global Cost Reduction Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses by segment [Table Text Block] | The following table summarizes the expense recognized by segment related to this program: Diodes $ 133 Optoelectronic Components 215 Resistors & Inductors 5,972 Capacitors 5,209 Unallocated Selling, General, and Administrative Expenses 2,224 Total $ 13,753 |
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 2015 $ 13,753 Cash paid (986 ) Foreign currency translation (150 ) Balance at December 31, 2015 $ 12,617 |
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 2013 $ 2,328 Cash paid (267 ) Balance at December 31, 2013 $ 2,061 Expense recorded in 2014 6,025 Cash paid (856 ) Balance at December 31, 2014 $ 7,230 Expense recorded in 2015 5,367 Cash paid (426 ) Foreign currency translation 1 Balance at December 31, 2015 $ 12,172 |
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 2013 $ 486 Cash paid (98 ) Foreign currency translation 3 Balance at December 31, 2013 $ 391 Expense recorded in 2014 12,792 Cash paid (8,054 ) Foreign currency translation (455 ) Balance at December 31, 2014 $ 4,674 Expense recorded in 2015 95 Cash paid (3,166 ) Foreign currency translation (258 ) Balance at December 31, 2015 $ 1,345 |
Modules Product Transfer [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 2014 $ 2,080 Cash paid (464 ) Foreign currency translation (121 ) Balance at December 31, 2014 $ 1,495 Cash paid (718 ) Foreign currency translation (120 ) Balance at December 31, 2015 $ 657 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Components of income (loss) from continuing operations before taxes and noncontrolling interest | Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components: Years ended December 31, 2015 2014 2013 Domestic $ (40,929 ) $ (50,106 ) $ (26,065 ) Foreign 115,669 217,249 202,470 $ 74,740 $ 167,143 $ 176,405 |
Components of income taxes | Significant components of income taxes are as follows: Years ended December 31, 2015 2014 2013 Current: Federal $ 290 $ (27,031 ) $ (603 ) State and local 163 386 280 Foreign 63,573 60,282 51,225 64,026 33,637 50,902 Deferred: Federal 78,933 7,999 2,215 State and local 311 204 92 Foreign 39,203 7,460 (573 ) 118,447 15,663 1,734 Total income tax expense $ 182,473 $ 49,300 $ 52,636 |
Deferred tax assets and liabilities | Note 5 – Income Taxes (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred tax assets: Pension and other retiree obligations $ 40,322 $ 43,393 Inventories 7,848 8,013 Net operating loss carryforwards 183,298 198,677 Tax credit carryforwards 23,512 25,046 Other accruals and reserves 35,176 32,376 Total gross deferred tax assets 290,156 307,505 Less valuation allowance (167,932 ) (186,614 ) 122,224 120,891 Deferred tax liabilities: Tax over book depreciation (4,038 ) (10,257 ) Intangible assets other than goodwill (3,922 ) (20,507 ) Earnings not permanently reinvested (162,667 ) (25,334 ) Convertible debentures (188,978 ) (175,935 ) Other - net (5,323 ) (3,590 ) Total gross deferred tax liabilities (364,928 ) (235,623 ) Net deferred tax assets (liabilities) $ (242,704 ) $ (114,732 ) |
Federal statutory income tax rate reconciliation | A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows: Years ended December 31, 2015 2014 2013 Tax at statutory rate $ 26,159 $ 58,500 $ 61,742 State income taxes, net of U.S. federal tax benefit 309 384 242 Effect of foreign operations (13,212 ) (27,372 ) (18,696 ) Tax on earnings not permanently reinvested 163,699 25,728 - Unrecognized tax benefits (1,353 ) (21,603 ) 2,862 Change in valuation allowance on non-U.S. deferred tax assets (8,888 ) - (285 ) Foreign income taxable in the U.S. 7,025 13,499 11,961 Tax effect of impairment charges 8,305 - - Effect of statutory rate changes on deferred tax assets (408 ) 226 (2,867 ) Other 837 (62 ) (2,323 ) Total income tax expense $ 182,473 $ 49,300 $ 52,636 |
Net operating loss carryforwards | At December 31, 2015, the Company had the following significant net operating loss carryforwards for tax purposes: Expires Austria $ 14,373 No expiration Belgium 155,397 No expiration Brazil 10,342 No expiration Germany 38,612 No expiration Israel 44,625 No expiration Netherlands 23,141 2016 - 2024 The Republic of China (Taiwan) 6,129 2024 - 2025 United States 72,175 2033 - 2035 California 54,646 2016 - 2035 Pennsylvania 729,897 2018 - 2035 |
Summary of significant tax credit carryforwards available | At December 31, 2015, the Company had the following significant tax credit carryforwards available: Expires U.S. Foreign Tax Credit $ 11,093 2020 - 2022 California Research Credit 11,415 No expiration |
Unrecognized tax benefits | The following table summarizes changes in the liabilities associated with unrecognized tax benefits: Years ended December 31, 2015 2014 2013 Balance at beginning of year $ 26,583 $ 45,877 $ 51,771 Addition based on tax positions related to the current year 1,439 1,641 - Addition based on tax positions related to prior years 1,894 6,484 4,015 Currency translation adjustments (1,370 ) (1,387 ) 310 Reduction based on tax positions related to prior years - - (2,054 ) Reduction for settlements (4,879 ) (3,556 ) (7,316 ) Reduction for lapses of statute of limitation (140 ) (22,476 ) (849 ) Balance at end of year $ 23,527 $ 26,583 $ 45,877 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |
Schedule of long-term debt instruments | Long-term debt consists of the following: December 31, 2015 December 31, 2014 Credit facility $ 190,000 $ 200,000 Exchangeable unsecured notes, due 2102 38,642 38,642 Convertible senior debentures, due 2040 106,011 103,841 Convertible senior debentures, due 2041 54,424 53,249 Convertible senior debentures, due 2042 60,320 59,190 Deferred financing costs (12,659 ) (10,867 ) 436,738 444,055 Less current portion - - $ 436,738 $ 444,055 |
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 December 22, 2015 dividend payment: Due 2040 Due 2041 Due 2042 Issuance date November 9, 2010 May 13, 2011 May 31, 2012 Maturity date November 15, 2040 May 15, 2041 June 1, 2042 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) 8.00 % 8.375 % 7.50 % Conversion rate effective December 1, 2015 (per $1 principal amount) 74.7087 54.5185 87.8395 Effective conversion price effective December 1, 2015 (per share) $ 13.39 $ 18.34 $ 11.38 130% of the conversion price (per share) $ 17.41 $ 23.84 $ 14.79 Call date November 20, 2020 May 20, 2021 June 7, 2022 |
Liability and equity components of the convertible debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated balance sheets as follows: Principal amount of the debentures Unamortized discount Embedded derivative Carrying value of liability component Equity component - net carrying value December 31, 2015 Due 2040 $ 275,000 (169,565 ) 576 $ 106,011 $ 110,094 Due 2041 $ 150,000 (96,014 ) 438 $ 54,424 $ 62,246 Due 2042 $ 150,000 (89,982 ) 302 $ 60,320 $ 57,874 Total $ 575,000 $ (355,561 ) $ 1,316 $ 220,755 $ 230,214 December 31, 2014 Due 2040 $ 275,000 (171,685 ) 526 $ 103,841 $ 110,094 Due 2041 $ 150,000 (97,092 ) 341 $ 53,249 $ 62,246 Due 2042 $ 150,000 (91,048 ) 238 $ 59,190 $ 57,874 Total $ 575,000 $ (359,825 ) $ 1,105 $ 216,280 $ 230,214 |
Schedule of Interest Expense on Convertible Debt [Table Text Block] | Interest expense related to the debentures is reflected on the consolidated statements of operations for the years ended December 31: Contractual coupon interest Non-cash amortization of debt discount Non-cash amortization of deferred financing costs Non-cash change in value of derivative liability Total interest expense related to the debentures 2015 Due 2040 $ 6,188 2,120 88 50 $ 8,446 Due 2041 $ 3,375 1,078 47 97 $ 4,597 Due 2042 $ 3,375 1,066 54 64 $ 4,559 Total $ 12,938 $ 4,264 $ 189 $ 211 $ 17,602 2014 Due 2040 $ 6,188 1,960 88 35 $ 8,271 Due 2041 $ 3,375 993 47 (8 ) $ 4,407 Due 2042 $ 3,375 990 54 41 $ 4,460 Total $ 12,938 $ 3,943 $ 189 $ 68 $ 17,138 2013 Due 2040 $ 6,188 1,811 88 (131 ) $ 7,956 Due 2041 $ 3,375 915 47 (50 ) $ 4,287 Due 2042 $ 3,375 920 54 (85 ) $ 4,264 Total $ 12,938 $ 3,646 $ 189 $ (266 ) $ 16,507 |
Aggregate annual maturities of long-term debt | Other Borrowings Information Aggregate annual maturities of long-term debt, based on the terms stated in the respective agreements, are as follows: 2016 $ - 2017 - 2018 - 2019 - 2020 190,000 Thereafter 613,642 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Shares of common stock reserved for future issuance | At December 31, 2015, the Company had reserved shares of common stock for future issuance as follows: Restricted stock units outstanding 1,028,000 Phantom stock units outstanding 132,000 Common stock options outstanding 105,000 2007 Stock Incentive Program - available to grant 3,617,000 Exchangeable unsecured notes, due 2102 2,511,742 Convertible senior debentures, due 2040* 23,585,258 Convertible senior debentures, due 2041* 9,470,490 Convertible senior debentures, due 2042* 15,350,865 Conversion of Class B common stock 12,129,227 67,929,582 ___________________ *At December 31, 2015, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 20,544,893, 8,177,775, and 13,175,925 shares, respectively, of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures. |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income (Expense) [Abstract] | |
Summary of other Income (expense) | The caption "Other" on the consolidated statements of operations consists of the following: Years ended December 31, 2015 2014 2013 Foreign exchange gain (loss) $ 3,180 $ (1,115 ) $ (993 ) Interest income 4,397 4,939 4,566 Other 399 (1,335 ) (1,720 ) $ 7,976 $ 2,489 $ 1,853 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Accrued Expenses (Tables) [Abstract] | |
Summary of other accrued expenses | Other accrued expenses consist of the following: December 31, 2015 2014 Sales returns and allowances $ 33,086 $ 35,203 Goods received, not yet invoiced 30,193 28,645 Accrued restructuring 26,791 6,955 Other 74,266 66,773 $ 164,336 $ 137,576 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013 $ (178,956 ) $ 167,461 $ 1,273 $ (10,222 ) Other comprehensive income before reclassifications 52,545 23,537 913 $ 76,995 Tax effect (16,334 ) - (299 ) $ (16,633 ) Other comprehensive income before reclassifications, net of tax 36,211 23,537 614 $ 60,362 Amounts reclassified out of AOCI 19,112 - (2,019 ) $ 17,093 Tax effect (6,285 ) - 686 $ (5,599 ) Amounts reclassified out of AOCI, net of tax 12,827 - (1,333 ) $ 11,494 Net comprehensive income $ 49,038 $ 23,537 $ (719 ) $ 71,856 Balance at December 31, 2013 $ (129,918 ) $ 190,998 $ 554 $ 61,634 Other comprehensive income before reclassifications (60,602 ) (106,295 ) 2,175 $ (164,722 ) Tax effect 18,117 - (758 ) $ 17,359 Other comprehensive income before reclassifications, net of tax (42,485 ) (106,295 ) 1,417 $ (147,363 ) Amounts reclassified out of AOCI 25,604 - (78 ) $ 25,526 Tax effect (8,961 ) - 24 $ (8,937 ) Amounts reclassified out of AOCI, net of tax 16,643 - (54 ) $ 16,589 Net comprehensive income (loss) $ (25,842 ) $ (106,295 ) $ 1,363 $ (130,774 ) Balance at December 31, 2014 $ (155,760 ) $ 84,703 $ 1,917 $ (69,140 ) Other comprehensive income before reclassifications 15,169 (80,106 ) (1,503 ) $ (66,440 ) Tax effect (4,196 ) - 526 $ (3,670 ) Other comprehensive income before reclassifications, net of tax 10,973 (80,106 ) (977 ) $ (70,110 ) Amounts reclassified out of AOCI 12,869 - (680 ) $ 12,189 Tax effect (4,504 ) - 238 $ (4,266 ) Amounts reclassified out of AOCI, net of tax 8,365 - (442 ) $ 7,923 Net comprehensive income (loss) $ 19,338 $ (80,106 ) $ (1,419 ) $ (62,187 ) Balance at December 31, 2015 $ (136,422 ) $ 4,597 $ 498 $ (131,327 ) |
Pensions and Other Postretire41
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement Plan amounts recorded on consolidated balance sheets | The following table summarizes amounts recorded on the consolidated balance sheets associated with these various retirement benefit plans: December 31, 2015 2014 Included in "Other assets": U.S. pension plans $ 21,202 $ 12,964 Non-U.S. pension plans 159 212 Total included in other assets $ 21,361 $ 13,176 Included in "Payroll and related expenses": U.S. pension plans $ (51 ) $ (51 ) Non-U.S. pension plans (6,089 ) (6,624 ) U.S. other postretirement plans (701 ) (666 ) Non-U.S. other postretirement plans (224 ) (349 ) Total included in payroll and related expenses $ (7,065 ) $ (7,690 ) Accrued pension and other postretirement costs: U.S. pension plans $ (37,181 ) $ (40,744 ) Non-U.S. pension plans (200,406 ) (231,278 ) U.S. other postretirement plans (7,208 ) (8,011 ) Non-U.S. other postretirement plans (6,264 ) (6,934 ) Other retirement obligations (13,559 ) (13,557 ) Total accrued pension and other postretirement costs $ (264,618 ) $ (300,524 ) Accumulated other comprehensive loss: U.S. pension plans $ 76,141 $ 88,474 Non-U.S. pension plans 73,216 88,076 U.S. other postretirement plans (3,129 ) (3,325 ) Non-U.S. other postretirement plans 1,446 1,750 Total accumulated other comprehensive loss* $ 147,674 $ 174,975 * - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 301,475 $ 286,846 $ 315,373 $ 280,526 Service cost - 3,265 - 3,275 Interest cost 11,657 5,636 13,821 8,555 Acquisitions - - - 465 Plan amendments - 267 - - Actuarial (gains) losses (23,099 ) (2,012 ) 50,584 40,021 Benefits paid (15,911 ) (12,230 ) (18,940 ) (15,888 ) Curtailments and settlements - - (59,363 ) (486 ) Currency translation - (24,173 ) - (29,622 ) Benefit obligation at end of year $ 274,122 $ 257,599 $ 301,475 $ 286,846 Change in plan assets: Fair value of plan assets at beginning of year $ 273,644 $ 49,156 $ 295,633 48,859 Actual return on plan assets (5,439 ) 1,159 38,688 1,858 Acquisitions - - - 10 Company contributions 5,798 15,621 17,626 17,015 Benefits paid (15,911 ) (12,230 ) (18,940 ) (15,888 ) Curtailments and settlements - - (59,363 ) (486 ) Currency translation - (2,443 ) - (2,212 ) Fair value of plan assets at end of year $ 258,092 $ 51,263 $ 273,644 $ 49,156 Funded status at end of year $ (16,030 ) $ (206,336 ) $ (27,831 ) $ (237,690 ) |
Amounts recognized in consolidated balance sheet | Amounts recognized in the consolidated balance sheet consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Other assets $ 21,202 $ 159 $ 12,964 $ 212 Accrued benefit liability - currrent (51 ) (6,089 ) (51 ) (6,624 ) Accrued benefit liability - non-current (37,181 ) (200,406 ) (40,744 ) (231,278 ) Accumulated other comprehensive loss 76,141 73,216 88,474 88,076 $ 60,111 $ (133,120 ) $ 60,643 $ (149,614 ) |
Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 74,926 $ 73,216 $ 87,195 $ 88,076 Unamortized prior service cost 1,215 - 1,279 - $ 76,141 $ 73,216 $ 88,474 $ 88,076 |
Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accumulated benefit obligation, all plans $ 274,122 $ 239,099 $ 301,475 $ 269,069 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 37,232 $ 245,005 $ 40,795 $ 272,977 Accumulated benefit obligation 37,232 231,955 40,795 261,996 Fair value of plan assets - 39,463 - 37,634 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost: Years ended December 31, 2015 2014 2013 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost net of employee contributions $ - $ 3,265 $ - $ 3,275 $ - $ 3,499 Interest cost 11,657 5,636 13,821 8,555 13,882 8,150 Expected return on plan assets (13,566 ) (1,798 ) (14,892 ) (2,109 ) (19,124 ) (2,084 ) Amortization of actuarial losses 8,175 5,131 7,166 2,700 14,566 3,407 Amortization of prior service cost (credit) 64 (282 ) (56 ) (5 ) 978 (12 ) Curtailment and settlement losses - 452 15,588 1,137 - 959 Net periodic pension cost $ 6,330 $ 12,404 $ 21,627 $ 13,553 $ 10,302 $ 13,919 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.50 % 2.30 % 4.00 % 2.15 % Rate of compensation increase 0.00 % 1.99 % 0.00 % 1.97 % The following weighted average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2015 and 2014: Years ended December 31, 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.00 % 2.15 % 4.85 % 3.11 % Rate of compensation increase 0.00 % 1.97 % 0.00 % 1.99 % Expected return on plan assets 5.00 % 3.86 % 5.29 % 3.85 % |
Estimated future benefit payments | Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2016 $ 16,019 $ 13,310 2017 16,331 14,552 2018 16,708 13,741 2019 23,229 14,860 2020 18,715 14,571 2021-2025 96,997 73,867 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 8,677 $ 7,283 $ 7,341 $ 7,504 Service cost 121 273 115 307 Interest cost 333 147 351 244 Plan curtailments and settlements - (25 ) - - Actuarial (gains) losses (550 ) (50 ) 1,492 752 Benefits paid (672 ) (389 ) (622 ) (565 ) Currency translation - (751 ) - (959 ) Benefit obligation at end of year $ 7,909 $ 6,488 $ 8,677 $ 7,283 Fair value of plan assets at end of year $ - $ - $ - $ - Funded status at end of year $ (7,909 ) $ (6,488 ) $ (8,677 ) $ (7,283 ) |
Amounts recognized in consolidated balance sheet | Amounts recognized in the consolidated balance sheet consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accrued benefit liability - current $ (701 ) $ (224 ) $ (666 ) $ (349 ) Accrued benefit liability - non-current (7,208 ) (6,264 ) (8,011 ) (6,934 ) Accumulated other comprehensive income (3,129 ) 1,446 (3,325 ) 1,750 $ (11,038 ) $ (5,042 ) $ (12,002 ) $ (5,533 ) |
Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2015 December 31, 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss (gain) $ (1,308 ) $ 1,446 $ (668 ) $ 1,750 Unamortized prior service (credit) cost (1,821 ) - (2,657 ) - $ (3,129 ) $ 1,446 $ (3,325 ) $ 1,750 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit cost: Years ended December 31, 2015 2014 2013 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 121 $ 273 $ 115 $ 307 $ 111 $ 299 Interest cost 333 147 351 244 314 257 Amortization of actuarial (gains) losses 90 76 (140 ) 38 4 8 Amortization of prior service credit (837 ) - (824 ) - (798 ) - Net periodic benefit cost (benefit) $ (293 ) $ 496 $ (498 ) $ 589 $ (369 ) $ 564 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.50 % 2.31 % 4.00 % 2.25 % Rate of compensation increase 0.00 % 2.69 % 0.00 % 2.87 % The following weighted average assumptions were used to determine the net periodic benefit costs for the years ended December 31, 2015 and 2014: Years ended December 31, 2015 2014 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.00 % 2.25 % 5.00 % 3.44 % Rate of compensation increase 0.00 % 2.87 % 0.00 % 3.19 % |
Estimated future benefit payments | Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2016 $ 701 $ 224 2017 718 302 2018 710 307 2019 693 405 2020 680 661 2021-2025 2,887 2,714 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of recognized stock-based compensation expense | The following table summarizes share-based compensation expense recognized: Years ended December 31, 2015 2014 2013 Restricted stock units $ 3,705 $ 2,261 $ 510 Phantom stock units 141 131 108 Stock options - - 18 Total $ 3,846 $ 2,392 $ 636 |
Schedule of unrecognized compensation cost, nonvested awards | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at December 31, 2015 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 7,479 1.0 Phantom stock units - 0.0 Stock options - 0.0 Total $ 7,479 |
Schedule of share based compensation, stock options, activity | The following table summarizes the Company's stock option activity (number of options in thousands) Years ended December 31, 2015 2014 2013 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding: Beginning of year 105 $ 15.38 109 $ 15.24 109 $ 15.24 Granted - - - - - - Exercised - - (4 ) 11.62 - - Cancelled or forfeited - - - - - - End of year 105 $ 15.38 105 $ 15.38 109 $ 15.24 Vested and expected to vest 105 105 109 Exercisable: End of year 105 105 109 |
Stock options outstanding and exercisable summarized by ranges of exercise prices | The following table summarizes information concerning stock options outstanding and exercisable at December 31, 2015 (number of options in thousands, contractual life in years) Options Outstanding & Exercisable Exercise Price Number of Options Remaining Contractual Life $ 12.90 28 1.16 16.29 77 1.39 $ 15.38 105 1.33 |
Restricted Stock Units Activity | RSU activity for the years ended December 31, 2015, 2014, and 2013 is presented below (number of RSUs in thousands) Years ended December 31, 2015 2014 2013 Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Outstanding: Beginning of year 1,147 $ 12.75 1,059 $ 13.40 1,316 $ 12.53 Granted 349 13.60 336 13.48 374 12.76 Vested* (182 ) 11.41 (146 ) 15.87 (598 ) 10.92 Cancelled or forfeited (286 ) 12.89 (102 ) 17.45 (33 ) 16.54 End of year 1,028 $ 13.24 1,147 $ 12.75 1,059 $ 13.40 Expected to vest 806 649 570 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. |
Schedule of share-based compensation arrangement by share-based payment award, performance-based units, vested and expected to vest | The number of performance-based RSUs scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2016** - 222 222 January 1, 2017 192 - 192 January 1, 2018 202 - 202 ** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2016 were not achieved. |
Phantom stock units activity under the 2007 Program | The following table summarizes the Company's phantom stock units activity for the years ended December 31, 2015, 2014, and 2013 (number of phantom stock units in thousands) Years ended December 31, 2015 2014 2013 Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Outstanding: Beginning of year 119 107 97 Granted 10 $ 14.09 10 $ 13.12 10 $ 10.75 Dividend equivalents issued 3 2 - Redeemed for common stock - - - End of year 132 119 107 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Future minimum lease payments for operating leases | Future minimum lease payments for operating leases with initial or remaining noncancelable lease terms in excess of one year are as follows: 2016 $ 24,216 2017 17,429 2018 7,372 2019 4,068 2020 2,698 Thereafter 7,224 |
Current Vulnerability Due to 44
Current Vulnerability Due to Certain Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Geographic Concentration [Member] | |
Concentration Risk [Line Items] | |
Current Vulnerability Due to Certain Concentrations | As of December 31, 2015 the Company's cash and cash equivalents and short-term investments were concentrated in the following countries: Germany 43.5 % Israel 29.6 % People's Republic of China 8.5 % The Republic of China (Taiwan) 6.5 % Singapore 5.4 % United States 1.7 % Other Asia 2.5 % Other Europe 1.6 % Other 0.7 % |
Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Current Vulnerability Due to Certain Concentrations | The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2015, the following financial institutions held over 10% of the Company's combined cash and cash equivalents and short-term investments balance: Bank Hapoalim* 12.5 % Bank Leumi* 12.5 % Bank of Tokyo Mitsubishi* 11.5 % HSBC* 11.4 % Deutsche Bank 11.2 % UniCredit* 10.7 % ___________________________________________________ *Participant in Credit Facility |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment and Geographic Data [Abstract] | |
Segment reporting information | Note 15 –Segment and Geographic Data (continued) The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors & Inductors Capacitors Corporate / Other Total Year ended December 31, 2015: Product sales $ 426,672 $ 533,931 $ 279,553 $ 704,109 $ 352,900 $ - $ 2,297,165 Royalty revenues 11 - - 3,312 - - $ 3,323 Total revenue $ 426,683 $ 533,931 $ 279,553 $ 707,421 $ 352,900 $ - $ 2,300,488 Gross Profit $ 58,626 $ 119,762 $ 88,625 $ 208,384 $ 66,823 $ - $ 542,220 Depreciation expense $ 47,172 $ 35,526 $ 14,118 $ 30,576 $ 18,168 $ 8,780 $ 154,340 Interest expense (income) - 11 20 113 13 25,528 $ 25,685 Capital expenditures 29,289 38,971 21,853 38,169 14,763 4,097 $ 147,142 Total Assets as of December 31, 2015: $ 477,984 $ 718,548 $ 325,600 $ 839,249 $ 543,507 $ 248,098 $ 3,152,986 Year ended December 31, 2014: Product sales $ 470,377 $ 579,288 $ 258,248 $ 755,251 $ 425,593 $ - $ 2,488,757 Royalty revenues 160 - - 4,365 - - $ 4,525 Total revenue $ 470,537 $ 579,288 $ 258,248 $ 759,616 $ 425,593 $ - $ 2,493,282 Gross Profit $ 59,614 $ 132,021 $ 91,165 $ 241,090 $ 87,402 $ - $ 611,292 Depreciation expense $ 53,939 $ 39,592 $ 13,266 $ 32,380 $ 20,524 $ 1,103 $ 160,804 Interest expense (income) - 21 41 119 18 24,258 $ 24,457 Capital expenditures 33,672 41,713 23,008 42,950 12,694 2,937 $ 156,974 Total Assets as of December 31, 2014*: $ 499,550 $ 732,502 $ 422,257 $ 812,664 $ 605,281 $ 201,897 $ 3,274,151 Year ended December 31, 2013: Product sales $ 449,299 $ 547,264 $ 228,194 $ 700,115 $ 439,745 $ - $ 2,364,617 Royalty revenues 178 - 51 6,133 - - $ 6,362 Total revenue $ 449,477 $ 547,264 $ 228,245 $ 706,248 $ 439,745 $ - $ 2,370,979 Gross Profit $ 59,387 $ 121,231 $ 76,732 $ 221,851 $ 88,059 $ - $ 567,260 Depreciation expense $ 50,606 $ 37,305 $ 12,484 $ 31,998 $ 21,596 $ 1,075 $ 155,064 Interest expense (income) - 54 122 79 28 22,847 $ 23,130 Capital expenditures 41,869 44,431 18,310 32,515 13,052 2,900 $ 153,077 Total Assets as of December 31, 2013*: $ 543,037 $ 788,121 $ 213,128 $ 843,685 $ 636,637 $ 199,847 $ 3,224,455 ________________ *Recast due to retrospective adoption of accounting guidance. See Note 1. |
Operating margin reconciliation | Note 15 –Segment and Geographic Data (continued) Years ended December 31, 2015 2014 2013 Operating income reconciliation: MOSFETs $ 21,366 $ 21,095 $ 19,140 Diodes 95,887 106,068 96,581 Optoelectronic Components 68,410 73,463 62,259 Resistors & Inductors 173,805 203,343 186,583 Capacitors 44,863 62,460 64,494 Restructuring and Severance Costs (19,215 ) (20,897 ) (2,814 ) Impairment of goodwill and long-lived assets (62,980 ) - - U.S. Pension Settlement Charges - (15,588 ) - Executive Compensation Credit (Charges) - - 1,778 Unallocated Selling, General, and Administrative Expenses (224,337 ) (240,833 ) (230,339 ) Consolidated Operating Income (Loss) $ 97,799 $ 189,111 $ 197,682 See Note 4 for restructuring and severance costs segment information. |
Revenues Based on Geographic Area | The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area: Years ended December 31, 2015 2014 2013 United States $ 560,973 $ 590,145 $ 591,082 Germany 719,246 821,005 800,733 Other Europe 88,553 107,598 89,348 Israel 12,597 13,871 13,319 Asia 919,119 960,663 876,497 $ 2,300,488 $ 2,493,282 $ 2,370,979 |
Property and Equipment Based on Geographic Area | The following table summarizes property and equipment based on physical location: December 31, 2015 2014 United States $ 94,512 $ 116,807 Germany 122,817 124,850 Czech Republic 33,352 38,914 Other Europe 85,566 94,377 Israel 107,715 121,691 People's Republic of China 182,411 176,671 Republic of China (Taiwan) 126,780 127,354 Other Asia 109,815 95,263 Other 2,328 2,168 $ 865,296 $ 898,095 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) Years ended December 31, 2015 2014 2013 Numerator: Numerator for basic earnings (loss) per share: Net earnings (loss) attributable to Vishay stockholders $ (108,514 ) $ 117,629 $ 122,980 Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax - 59 140 Numerator for diluted earnings (loss) per share: Net earnings (loss) attributed to Vishay stockholders - diluted $ (108,514 ) $ 117,688 $ 123,120 Denominator: Denominator for basic earnings (loss) per share: Weighted average shares 147,570 147,448 144,856 Outstanding phantom stock units 130 119 107 Adjusted weighted average shares - basic 147,700 147,567 144,963 Effect of dilutive securities: Convertible and exchangeable debt instruments - 5,890 6,130 Restricted stock units - 252 320 Other - 7 4 Dilutive potential common shares - 6,149 6,454 Denominator for diluted earnings (loss) per share: Adjusted weighted average shares - diluted 147,700 153,716 151,417 Basic earnings (loss) per share attributable to Vishay stockholders $ (0.73 ) $ 0.80 $ 0.85 Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.73 ) $ 0.77 $ 0.81 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Note 16 – Earnings Per Share (continued) Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands) Years ended December 31, 2015 2014 2013 Convertible and exchangeable notes: Convertible Senior Debentures, due 2040 20,477 - 19,809 Convertible Senior Debentures, due 2041 8,151 7,944 7,885 Convertible Senior Debentures, due 2042 13,133 - - Exchangeable Unsecured Notes, due 2102 2,512 - - Weighted average employee stock options 105 77 91 Weighted average other 1,014 706 907 |
Additional Cash Flow Informat47
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Additional Cash Flow Information [Abstract] | |
Changes in operating assets and liabilities | Changes in operating assets and liabilities, net of effects of businesses acquired consists of the following : Years ended December 31, 2015 2014 2013 Accounts receivable $ (11,250 ) $ (731 ) $ (16,870 ) Inventories (30,302 ) (23,753 ) (31,246 ) Prepaid expenses and other current assets (5,203 ) (5,031 ) 19,160 Accounts payable (13,419 ) 9,339 11,087 Other current liabilities 32,925 (18,064 ) 7,860 Net change in operating assets and liabilities $ (27,249 ) $ (38,240 ) $ (10,009 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 as of December 31, 2015 and 2014: Total Fair Value Level 1 Level 2 Level 3 December 31, 2015 Assets: Assets held in rabbi trusts $ 39,849 $ 25,906 $ 13,943 $ - Available for sale securities $ 3,604 3,604 - - U.S. Defined Benefit Pension Plan Assets: Fixed income securities $ 255,804 254,555 1,249 - Cash $ 2,288 2,288 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,302 9,302 - - Fixed income securities $ 13,416 13,416 - - Cash $ 28,545 28,545 - - $ 352,808 $ 337,616 $ 15,192 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (576 ) - - (576 ) Embedded derivative - convertible debentures due 2041 $ (438 ) - - (438 ) Embedded derivative - convertible debentures due 2042 $ (302 ) - - (302 ) $ (1,316 ) $ - $ - $ (1,316 ) December 31, 2014 Assets: Assets held in rabbi trusts $ 40,270 $ 26,853 $ 13,417 $ - Available for sale securities $ 15,432 4,439 10,993 - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 26,601 26,601 - - Fixed income securities $ 244,037 242,749 1,288 - Cash $ 3,006 3,006 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,268 9,268 - - Fixed income securities $ 18,269 18,269 - - Cash $ 21,619 21,619 - - $ 378,502 $ 352,804 $ 25,698 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (526 ) - - (526 ) Embedded derivative - convertible debentures due 2041 $ (341 ) - - (341 ) Embedded derivative - convertible debentures due 2042 $ (238 ) - - (238 ) $ (1,105 ) $ - $ - $ (1,105 ) |
Summary of Quarterly Financia49
Summary of Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information | 2015 2014 First Second Third Fourth First Second Third Fourth Statement of Operations data: Net revenues $ 593,436 $ 590,470 $ 560,654 $ 555,928 $ 602,378 $ 641,929 $ 638,211 $ 610,764 Gross profit 145,038 141,482 130,144 125,556 145,283 164,093 158,392 143,524 Operating income (loss) 47,558 44,170 (24,155 ) 30,226 42,572 57,923 45,459 43,157 Net earnings (loss) 30,925 26,518 (27,550 ) (137,626 ) 25,964 35,832 26,977 29,070 Net earnings (loss) attributable to noncontrolling interests 226 250 116 189 154 190 6 (136 ) Net earnings (loss) attributable to Vishay stockholders 30,699 26,268 (27,666 ) (137,815 ) 25,810 35,642 26,971 29,206 Per Share data: Basic earnings (loss) per share attributable to Vishay stockholders (a) $ 0.21 $ 0.18 $ (0.19 ) $ (0.93 ) $ 0.17 $ 0.24 $ 0.18 $ 0.20 Diluted earnings (loss) per share attributable to Vishay stockholders (a) $ 0.20 $ 0.17 $ (0.19 ) $ (0.93 ) $ 0.17 $ 0.23 $ 0.17 $ 0.19 Certain Items Recorded during the Quarters: Operating income (loss): Restructuring and severance costs $ 1,410 $ 5,660 $ 2,324 $ 9,821 $ 6,404 $ 9,014 $ 3,508 $ 1,971 Goodwill and long-lived assets impairment charges $ - $ - $ 62,980 $ - $ - $ - $ - $ - U.S. pension settlement charges $ - $ - $ - $ - $ - $ - $ 15,588 $ - Other income (expense): Loss related to Tianjin explosion $ - $ - $ 5,350 $ - $ - $ - $ - $ - Discrete tax expense (benefit) $ - $ - $ - $ 152,437 $ - $ - $ - $ (1,228 ) Quarter end date April 4 July 4 October 3 December 31 March 29 June 28 September 27 December 31 (a) May not add due to differences in weighted average share counts. (b) 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. |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Minimum ownership of entities that do not have a non-controlling interest (in hundredths) | 100.00% | ||
Royalty revenues | $ 3,323 | $ 4,525 | $ 6,362 |
Research and development expense | $ 64,193 | 65,299 | 62,090 |
Minimum number of months until maturity from original purchase date for a highly liquid investment to be considered a short-term investment (in months) | 3 months | ||
Bad debt expense | $ (152) | (424) | 62 |
Property, Plant and Equipment [Line Items] | |||
Estimated cost to complete construction in progress | 45,975 | ||
Depreciation expense | 154,340 | 160,804 | $ 155,064 |
Finite-Lived Intangible Assets [Line Items] | |||
Cash and investments restricted for potential insurance claims | 11,627 | 7,309 | |
Outstanding claim accrual | 5,000 | 0 | |
Prior Period Adjustments [Line Items] | |||
Deferred Finance Costs | $ 12,659 | 10,867 | |
Scenario, Previously Reported [Member] | |||
Prior Period Adjustments [Line Items] | |||
Current deferred income tax assets | 17,815 | ||
Deferred Finance Costs | 10,867 | ||
Current deferred income tax liabilities | $ 9,790 | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 7 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 10 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 40 years | ||
Patents and Acquired Technology [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||
Patents and Acquired Technology [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 25 years | ||
Capitalized Software [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Capitalized Software [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Non-competition Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Non-competition Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years |
Acquisition and Divestiture A51
Acquisition and Divestiture Activities (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Sep. 01, 2014USD ($)shares | Jul. 11, 2014USD ($) | Jul. 11, 2014TWD / shares | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Acquisition of business, net of cash acquired | $ 6,750 | $ 197,986 | $ 23,034 | ||||||
Acquisition of noncontrolling interests | 0 | (21,067) | 0 | ||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||
Business Acquisition, Pro Forma Revenue | 2,522,010 | 2,446,503 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 114,510 | $ 128,252 | |||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.78 | $ 0.88 | |||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.75 | $ 0.85 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Goodwill | $ 144,359 | 138,244 | $ 144,359 | $ 43,132 | |||||
MCB Industrie [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Acquisition of business, net of cash acquired | 23,034 | ||||||||
Finite-lived Intangible Assets Acquired | 5,433 | ||||||||
Goodwill related to acquisitions | $ 7,985 | ||||||||
Business Acquisition, Name of Acquired Entity | MCB Industrie S.A. | ||||||||
Business Acquisition, Effective Date of Acquisition | Jun. 13, 2013 | ||||||||
Holy Stone Polytech [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Acquisition of business, net of cash acquired | 20,576 | ||||||||
Finite-lived Intangible Assets Acquired | 3,736 | ||||||||
Goodwill related to acquisitions | $ 6,328 | ||||||||
Business Acquisition, Name of Acquired Entity | Holy Stone Polytech Co., Ltd. | ||||||||
Business Acquisition, Effective Date of Acquisition | Jun. 11, 2014 | ||||||||
Capella [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Acquisition of business, net of cash acquired | $ 177,410 | ||||||||
Number of shares acquired | shares | 38,703,705 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 88.95% | ||||||||
Gross purchase price of acquired business | $ 180,167 | ||||||||
Acquired cash and short-term investments | $ 50,195 | ||||||||
Borrowings to fund acquisition | $ 53,000 | ||||||||
Acquisition of noncontrolling interests | 21,067 | ||||||||
Business Acquisition, Transaction Costs | $ 843 | $ 843 | |||||||
Business Acquisition, Name of Acquired Entity | Capella Microsystems (Taiwan) Inc. | ||||||||
Business Acquisition, Date of Acquisition Agreement | Jul. 11, 2014 | ||||||||
Business Acquisition, Share Price | TWD / shares | TWD 139 | ||||||||
Offered purchase price | $ 205,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 74,481 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 4,134 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (16,769) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (454) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 47,438 | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 21,895 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 102,456 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Total | (6,374) | ||||||||
Goodwill | 96,849 | ||||||||
Sonntag [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Acquisition of business, net of cash acquired | $ 6,750 | ||||||||
Business Acquisition, Name of Acquired Entity | Sonntag Electronic GmbH | ||||||||
Patents and Acquired Technology [Member] | Capella [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 14,870 | ||||||||
Capitalized Software [Member] | Capella [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 101 | ||||||||
Customer Relationships [Member] | Capella [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 54,400 | ||||||||
Tradenames [Member] | Capella [Member] | |||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 5,110 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 03, 2015 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 144,359 | $ 43,132 | ||
Goodwill impairment loss | (5,380) | |||
Exchange rate effects | (735) | (1,950) | ||
Balance at end of period | 138,244 | 144,359 | $ 43,132 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-Lived Trade Names | 20,359 | 20,359 | ||
Intangible Assets Subject to Amortization | 270,179 | 357,307 | ||
Accumulated amortization | (187,280) | (191,053) | ||
Net Intangible Assets Subject to Amortization | 82,899 | 166,254 | ||
Intangible assets, net | 103,258 | 186,613 | ||
Amortization expense (excluding capitalized software) | 21,829 | 18,651 | 15,068 | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||||
2,016 | 15,267 | |||
2,017 | 13,113 | |||
2,018 | 9,139 | |||
2,019 | 5,322 | |||
2,020 | 4,932 | |||
Capella Microsystems (Taiwan) Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 96,849 | |||
Impairment of Long-Lived Assets Held-for-use | 57,600 | |||
Holy Stone Polytech [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 6,328 | |||
Other intangible assets related to acquisitions | 3,736 | |||
Resistors And Inductors Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 42,146 | 43,132 | ||
Goodwill impairment loss | 0 | |||
Exchange rate effects | (751) | (986) | ||
Balance at end of period | 41,395 | 42,146 | 43,132 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 200.00% | |||
Resistors And Inductors Segment [Member] | Capella Microsystems (Taiwan) Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 0 | |||
Resistors And Inductors Segment [Member] | Holy Stone Polytech [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 0 | |||
Capacitors Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 5,364 | 0 | ||
Goodwill impairment loss | (5,380) | |||
Exchange rate effects | 16 | (964) | ||
Balance at end of period | 0 | 5,364 | 0 | |
Capacitors Segment [Member] | Capella Microsystems (Taiwan) Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 0 | |||
Capacitors Segment [Member] | Holy Stone Polytech [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 6,328 | |||
Optoelectronic Components Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 96,849 | 0 | ||
Goodwill impairment loss | 0 | |||
Exchange rate effects | 0 | 0 | ||
Balance at end of period | 96,849 | 96,849 | $ 0 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 130.00% | |||
Optoelectronic Components Segment [Member] | Capella Microsystems (Taiwan) Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 96,849 | |||
Optoelectronic Components Segment [Member] | Holy Stone Polytech [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired during period | 0 | |||
Patents and Acquired Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets Subject to Amortization | 93,606 | 108,190 | ||
Accumulated amortization | (76,258) | (71,700) | ||
Capitalized Software [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets Subject to Amortization | 53,401 | 53,369 | ||
Accumulated amortization | (47,394) | (45,979) | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets Subject to Amortization | 85,418 | 153,853 | ||
Accumulated amortization | (37,989) | (50,630) | ||
Tradenames [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets Subject to Amortization | 35,493 | 39,612 | ||
Accumulated amortization | (23,798) | (21,384) | ||
Non-competition Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible Assets Subject to Amortization | 2,261 | 2,283 | ||
Accumulated amortization | $ (1,841) | $ (1,360) |
Restructuring and Related Act53
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring reserve, current | $ 26,791 | $ 6,955 | $ 26,791 | $ 6,955 | |||||||
Restructuring and related expenses | 9,821 | $ 2,324 | $ 5,660 | $ 1,410 | 1,971 | $ 3,508 | $ 9,014 | $ 6,404 | 19,215 | 20,897 | $ 2,814 |
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 9,821 | $ 2,324 | $ 5,660 | $ 1,410 | 1,971 | $ 3,508 | $ 9,014 | $ 6,404 | 19,215 | 20,897 | 2,814 |
Global Cost Reduction Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring reserve, current | 12,617 | 12,617 | |||||||||
Restructuring and related expenses | 13,753 | 0 | 0 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 13,753 | 0 | 0 | ||||||||
Cash paid | (986) | ||||||||||
Foreign currency translation | (150) | ||||||||||
Balance at end of period | 12,617 | $ 12,617 | |||||||||
Term of restructuring program | 24 months | ||||||||||
Expected Restructuring Costs | 30,000 | $ 30,000 | |||||||||
Global Cost Reduction Program [Member] | Diodes Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and related expenses | 133 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 133 | ||||||||||
Global Cost Reduction Program [Member] | Optoelectronic Components Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and related expenses | 215 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 215 | ||||||||||
Global Cost Reduction Program [Member] | Resistors And Inductors Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and related expenses | 5,972 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 5,972 | ||||||||||
Global Cost Reduction Program [Member] | Capacitors Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and related expenses | 5,209 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 5,209 | ||||||||||
Global Cost Reduction Program [Member] | Unallocated Selling, General, and Administrative Expenses [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and related expenses | 2,224 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 2,224 | ||||||||||
2013 Restructuring Programs [Member] | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Expected Restructuring Costs | 32,000 | 32,000 | |||||||||
MOSFETs Enhanced Competitiveness Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring reserve, current | 12,172 | 12,172 | |||||||||
Restructuring and related expenses | 5,367 | 6,025 | 2,328 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 5,367 | 6,025 | 2,328 | ||||||||
Cash paid | (426) | (856) | (267) | ||||||||
Foreign currency translation | 1 | ||||||||||
Balance at end of period | 12,172 | 7,230 | $ 12,172 | 7,230 | 2,061 | ||||||
Term of restructuring program | 2 years | ||||||||||
Expected Restructuring Costs | 16,000 | $ 16,000 | |||||||||
Voluntary Separation/Retirement Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring reserve, current | 1,345 | 1,345 | |||||||||
Restructuring and related expenses | 95 | 12,792 | 486 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 95 | 12,792 | 486 | ||||||||
Cash paid | (3,166) | (8,054) | (98) | ||||||||
Foreign currency translation | (258) | (455) | 3 | ||||||||
Balance at end of period | 1,345 | 4,674 | 1,345 | 4,674 | 391 | ||||||
Modules Product Transfer [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring reserve, current | 657 | 657 | |||||||||
Restructuring and related expenses | 0 | 2,080 | 0 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring and related expenses | 0 | 2,080 | $ 0 | ||||||||
Cash paid | (718) | (464) | |||||||||
Foreign currency translation | (120) | (121) | |||||||||
Balance at end of period | $ 657 | $ 1,495 | $ 657 | $ 1,495 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Mar. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) from continuing operations before taxes and noncontrolling interests [Abstract] | |||||||||||||
Domestic | $ (40,929) | $ (50,106) | $ (26,065) | ||||||||||
Foreign | 115,669 | 217,249 | 202,470 | ||||||||||
Income before taxes | 74,740 | 167,143 | 176,405 | ||||||||||
Current income tax expense: | |||||||||||||
Federal | 290 | (27,031) | (603) | ||||||||||
State and local | 163 | 386 | 280 | ||||||||||
Foreign | 63,573 | 60,282 | 51,225 | ||||||||||
Total current income tax expense | 64,026 | 33,637 | 50,902 | ||||||||||
Deferred income tax expense: | |||||||||||||
Federal | 78,933 | 7,999 | 2,215 | ||||||||||
State and local | 311 | 204 | 92 | ||||||||||
Foreign | 39,203 | 7,460 | (573) | ||||||||||
Total deferred income tax expense | 118,447 | 15,663 | 1,734 | ||||||||||
Total income tax expense | 182,473 | 49,300 | 52,636 | ||||||||||
Deferred tax assets: | |||||||||||||
Pension and other retiree obligations | $ 40,322 | $ 43,393 | 40,322 | 43,393 | |||||||||
Inventories | 7,848 | 8,013 | 7,848 | 8,013 | |||||||||
Net operating loss carryforwards | 183,298 | 198,677 | 183,298 | 198,677 | |||||||||
Tax credit carryforwards | 23,512 | 25,046 | 23,512 | 25,046 | |||||||||
Other accruals and reserves | 35,176 | 32,376 | 35,176 | 32,376 | |||||||||
Total gross deferred tax assets | 290,156 | 307,505 | 290,156 | 307,505 | |||||||||
Less valuation allowance | (167,932) | (186,614) | (167,932) | (186,614) | |||||||||
Deferred tax assets, net | 122,224 | 120,891 | 122,224 | 120,891 | |||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (4,038) | (10,257) | (4,038) | (10,257) | |||||||||
Intangible assets other than goodwill | (3,922) | (20,507) | (3,922) | (20,507) | |||||||||
Earnings not permanently reinvested | (162,667) | (25,334) | (162,667) | (25,334) | |||||||||
Convertible debentures | (188,978) | (175,935) | (188,978) | (175,935) | |||||||||
Other - net | (5,323) | (3,590) | (5,323) | (3,590) | |||||||||
Total gross deferred tax liabilities | (364,928) | (235,623) | (364,928) | (235,623) | |||||||||
Net deferred tax assets (liabilities) | (242,704) | (114,732) | (242,704) | (114,732) | |||||||||
Reconciliation of income tax expense at federal statutory rate to actual income tax provision [Abstract] | |||||||||||||
Tax at statutory rate | 26,159 | 58,500 | 61,742 | ||||||||||
State income taxes, net of U.S. federal tax benefit | 309 | 384 | 242 | ||||||||||
Effect of foreign operations | (13,212) | (27,372) | (18,696) | ||||||||||
Tax on earnings not permanently reinvested | 163,699 | 25,728 | 0 | ||||||||||
Unrecognized tax benefits | (1,353) | (21,603) | 2,862 | ||||||||||
Change in valuation allowance on deferred tax asset | (8,888) | 0 | (285) | ||||||||||
Foreign income taxable in the U.S. | 7,025 | 13,499 | 11,961 | ||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 8,305 | 0 | 0 | ||||||||||
Effect of statutory rate changes on deferred tax assets | (408) | 226 | (2,867) | ||||||||||
Other | 837 | (62) | (2,323) | ||||||||||
Total income tax expense | 182,473 | 49,300 | 52,636 | ||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Discrete Tax Items Included Income Tax Expense | 152,437 | $ 0 | $ 0 | $ 0 | (1,228) | $ 0 | $ 0 | $ 0 | $ (2,867) | $ (1,330) | 152,437 | (1,228) | (4,197) |
Discrete Tax Items Repatriation | 163,954 | ||||||||||||
Discrete Tax Items Other | (11,517) | ||||||||||||
Expected repatriation | 300,000 | 53,000 | |||||||||||
Income tax uncertainties [Abstract] | |||||||||||||
Cash repatriated during the current period | 53,000 | ||||||||||||
Foreign earnings without provision for US Tax | 2,382,749 | 2,382,749 | |||||||||||
Net income taxes paid (refunded) | 49,301 | 62,051 | 44,757 | ||||||||||
Company accrued interest and penalties related to the unrecognized tax benefits | 3,887 | 3,104 | 3,887 | 3,104 | |||||||||
Company recognized interest and penalties. | 785 | 1,839 | 2,218 | ||||||||||
Unrecognized tax benefits [Roll Forward] | |||||||||||||
Balance at beginning of year | $ 26,583 | $ 45,877 | $ 51,771 | 26,583 | 45,877 | 51,771 | |||||||
Addition based on tax positions related to the current year | 1,439 | 1,641 | 0 | ||||||||||
Addition based on tax positions related to prior years | 1,894 | 6,484 | 4,015 | ||||||||||
Currency translation adjustments | (1,370) | (1,387) | 310 | ||||||||||
Reduction based on tax positions related to prior years | 0 | 0 | (2,054) | ||||||||||
Reduction for settlements | (4,879) | (3,556) | (7,316) | ||||||||||
Reduction for lapses of statute of limitation | (140) | (22,476) | (849) | ||||||||||
Balance at end of year | 23,527 | $ 26,583 | 23,527 | 26,583 | $ 45,877 | ||||||||
Current Year Earnings [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expected repatriation | 20,000 | ||||||||||||
Prior Year Earnings [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expected repatriation | 280,000 | ||||||||||||
Minimum [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 110 | 110 | |||||||||||
Maximum [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 5,240 | 5,240 | |||||||||||
AUSTRIA [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 14,373 | $ 14,373 | |||||||||||
Expiration date | No expiration | ||||||||||||
BELGIUM [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 155,397 | $ 155,397 | |||||||||||
Expiration date | No expiration | ||||||||||||
BRAZIL [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 10,342 | $ 10,342 | |||||||||||
Expiration date | No expiration | ||||||||||||
Germany [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 38,612 | $ 38,612 | |||||||||||
Expiration date | No expiration | ||||||||||||
Israel [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 44,625 | $ 44,625 | |||||||||||
Expiration date | No expiration | ||||||||||||
NETHERLANDS [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 23,141 | $ 23,141 | |||||||||||
NETHERLANDS [Member] | Minimum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,016 | ||||||||||||
NETHERLANDS [Member] | Maximum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,024 | ||||||||||||
The Republic of China (Taiwan) [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 6,129 | $ 6,129 | |||||||||||
The Republic of China (Taiwan) [Member] | Minimum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,024 | ||||||||||||
The Republic of China (Taiwan) [Member] | Maximum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,025 | ||||||||||||
California [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 54,646 | $ 54,646 | |||||||||||
California [Member] | Minimum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,016 | ||||||||||||
California [Member] | Maximum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,035 | ||||||||||||
Pennsylvania [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 729,897 | $ 729,897 | |||||||||||
Pennsylvania [Member] | Minimum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,018 | ||||||||||||
Pennsylvania [Member] | Maximum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,035 | ||||||||||||
United States [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | 72,175 | $ 72,175 | |||||||||||
United States [Member] | Minimum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,033 | ||||||||||||
United States [Member] | Maximum [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Expiration date | 2,035 | ||||||||||||
California Research Credit [Member] | |||||||||||||
Available tax credit carryforwards [Abstract] | |||||||||||||
California Research Credit | 11,415 | $ 11,415 | |||||||||||
Expiration Date | No expiration | ||||||||||||
U.S. Foreign Tax Credit [Member] | |||||||||||||
Available tax credit carryforwards [Abstract] | |||||||||||||
Federal Alternative Minimum Tax | 11,093 | $ 11,093 | |||||||||||
U.S. Foreign Tax Credit [Member] | Minimum [Member] | |||||||||||||
Available tax credit carryforwards [Abstract] | |||||||||||||
Expiration Date | 2,020 | ||||||||||||
U.S. Foreign Tax Credit [Member] | Maximum [Member] | |||||||||||||
Available tax credit carryforwards [Abstract] | |||||||||||||
Expiration Date | 2,022 | ||||||||||||
BCcomponents acquisition [Member] | |||||||||||||
Net operating loss carryforwards [Abstract] | |||||||||||||
Net operating loss carryforward | $ 57,603 | $ 57,603 | |||||||||||
Valuation allowances | $ 19,579 | $ 21,833 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)shares$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)shares | Jul. 06, 2010USD ($) | Dec. 13, 2002USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 436,738 | $ 444,055 | |||
Credit facility | 190,000 | 200,000 | |||
Deferred Financing Costs | (12,659) | (10,867) | |||
Less current portion | 0 | 0 | |||
Long-term debt, less current portion | 436,738 | 444,055 | |||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of the debentures | 575,000 | 575,000 | |||
Unamortized discount | (355,561) | (359,825) | |||
Embedded derivative | 1,316 | 1,105 | |||
Carrying value of liability component | 220,755 | 216,280 | |||
Equity component - net carrying value | 230,214 | 230,214 | |||
Interest expense related to debentures [Abstract] | |||||
Contractual coupon interest | 12,938 | 12,938 | $ 12,938 | ||
Non-cash amortization of debt discount | 4,264 | 3,943 | 3,646 | ||
Non-cash amortization of deferred financing costs | 189 | 189 | 189 | ||
Non-cash change in value of derivative liability | 211 | 68 | (266) | ||
Total interest expense related to the debentures | 17,602 | 17,138 | 16,507 | ||
Committed and uncommitted short-term credit lines | 13,700 | 16,700 | |||
Aggregate annual maturities of long-term debt [Abstract] | |||||
2,016 | 0 | ||||
2,017 | 0 | ||||
2,018 | 0 | ||||
2,019 | 0 | ||||
2,020 | 190,000 | ||||
Thereafter | 613,642 | ||||
Interest paid | 19,134 | 18,394 | 17,647 | ||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 640,000 | ||||
Line of Credit Facility, Initiation Date | Dec. 10, 2015 | ||||
Expiration date | Dec. 10, 2020 | ||||
Maximum incremental revolving commitments | $ 50,000 | ||||
Interest rate description | Borrowings under the Amended and Restated Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay's leverage ratio. Based on Vishay's current leverage ratio, borrowings bear interest at LIBOR plus 1.75%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay’s current leverage ratio, is 0.35% per annum. The previous credit agreement required Vishay to pay facility fees on the entire commitment amount. | ||||
Basis spread on variable rate (in hundredths) | 1.75% | ||||
Commitment fees (in hundredths) | 0.35% | ||||
Covenant terms | The Amended and Restated Credit Facility allows an unlimited amount of defined “Restricted Payments,” which include cash dividends and share repurchases, provided the Company’s pro forma leverage ratio is less than 2.25 to 1. If the Company’s leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). | ||||
Line of Credit Facility, Covenant Compliance | The Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of Vishay or certain of its significant subsidiaries, and the rendering of a judgment in excess of $25,000 against Vishay or certain of its significant subsidiaries. Upon the occurrence of an event of default under the Credit Facility, the Company's obligations under the credit facility may be accelerated and the lending commitments under the credit facility terminated. | ||||
Available borrowing capacity | $ 442,745 | 432,445 | |||
Letters of credit outstanding | 7,255 | 7,555 | |||
Credit facility accelerated repayment minimum judgement | 25,000 | ||||
Exchangeable Unsecured Notes, Due 2102 [Member] | |||||
Debt Instrument [Line Items] | |||||
Exchangeable unsecured notes, due 2102 | $ 38,642 | 38,642 | |||
Debt Instruments [Abstract] | |||||
130% of the conversion price | $ / shares | $ 15.39 | ||||
Principal amount of notes exchanged | $ 56,400 | ||||
Common shares issued for conversion of exchangeable notes | shares | 3,664,729 | ||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of the debentures | $ 38,642 | $ 95,042 | $ 105,000 | ||
Interest expense related to debentures [Abstract] | |||||
Number of shares of common stock the Notes are exchangeable into (in shares) | shares | 2,511,742 | ||||
Convertible Senior Debentures, Due 2040 [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible Debt, Noncurrent | $ 106,011 | 103,841 | |||
Debt Instruments [Abstract] | |||||
Convertible senior debentures issuance date | Nov. 9, 2010 | ||||
Debt maturity date | Nov. 15, 2040 | ||||
Cash coupon rate | 2.25% | ||||
Nonconvertible debt borrowing rate at issuance | 8.00% | ||||
Effective conversion rate | 74.7087 | ||||
Effective conversion price (in dollars per share) | $ / shares | $ 13.39 | ||||
130% of the conversion price | $ / shares | $ 17.41 | ||||
Convertible senior debentures call date | Nov. 20, 2020 | ||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of the debentures | $ 275,000 | 275,000 | |||
Unamortized discount | (169,565) | (171,685) | |||
Embedded derivative | 576 | 526 | |||
Carrying value of liability component | 106,011 | 103,841 | |||
Equity component - net carrying value | 110,094 | 110,094 | |||
Interest expense related to debentures [Abstract] | |||||
Contractual coupon interest | 6,188 | 6,188 | $ 6,188 | ||
Non-cash amortization of debt discount | 2,120 | 1,960 | 1,811 | ||
Non-cash amortization of deferred financing costs | 88 | 88 | 88 | ||
Non-cash change in value of derivative liability | 50 | 35 | (131) | ||
Total interest expense related to the debentures | $ 8,446 | 8,271 | 7,956 | ||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||
Convertible Senior Debentures, Due 2041 [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible Debt, Noncurrent | $ 54,424 | 53,249 | |||
Debt Instruments [Abstract] | |||||
Convertible senior debentures issuance date | May 13, 2011 | ||||
Debt maturity date | May 15, 2041 | ||||
Cash coupon rate | 2.25% | ||||
Nonconvertible debt borrowing rate at issuance | 8.375% | ||||
Effective conversion rate | 54.5185 | ||||
Effective conversion price (in dollars per share) | $ / shares | $ 18.34 | ||||
130% of the conversion price | $ / shares | $ 23.84 | ||||
Convertible senior debentures call date | May 20, 2021 | ||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of the debentures | $ 150,000 | 150,000 | |||
Unamortized discount | (96,014) | (97,092) | |||
Embedded derivative | 438 | 341 | |||
Carrying value of liability component | 54,424 | 53,249 | |||
Equity component - net carrying value | 62,246 | 62,246 | |||
Interest expense related to debentures [Abstract] | |||||
Contractual coupon interest | 3,375 | 3,375 | 3,375 | ||
Non-cash amortization of debt discount | 1,078 | 993 | 915 | ||
Non-cash amortization of deferred financing costs | 47 | 47 | 47 | ||
Non-cash change in value of derivative liability | 97 | (8) | (50) | ||
Total interest expense related to the debentures | $ 4,597 | 4,407 | 4,287 | ||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||
Convertible Senior Debentures 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible Debt, Noncurrent | $ 60,320 | 59,190 | |||
Debt Instruments [Abstract] | |||||
Convertible senior debentures issuance date | May 31, 2012 | ||||
Debt maturity date | Jun. 1, 2042 | ||||
Cash coupon rate | 2.25% | ||||
Nonconvertible debt borrowing rate at issuance | 7.50% | ||||
Effective conversion rate | 87.8395 | ||||
Effective conversion price (in dollars per share) | $ / shares | $ 11.38 | ||||
130% of the conversion price | $ / shares | $ 14.79 | ||||
Convertible senior debentures call date | Jun. 7, 2022 | ||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of the debentures | $ 150,000 | 150,000 | |||
Unamortized discount | (89,982) | (91,048) | |||
Embedded derivative | 302 | 238 | |||
Carrying value of liability component | 60,320 | 59,190 | |||
Equity component - net carrying value | 57,874 | 57,874 | |||
Interest expense related to debentures [Abstract] | |||||
Contractual coupon interest | 3,375 | 3,375 | 3,375 | ||
Non-cash amortization of debt discount | 1,066 | 990 | 920 | ||
Non-cash amortization of deferred financing costs | 54 | 54 | 54 | ||
Non-cash change in value of derivative liability | 64 | 41 | (85) | ||
Total interest expense related to the debentures | $ 4,559 | $ 4,460 | $ 4,264 | ||
Debt instrument percentage of conversion price (in hundredths) | 130.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015$ / sharesshares | Oct. 03, 2015$ / shares | Jul. 04, 2015$ / shares | Apr. 04, 2015$ / shares | Dec. 31, 2014$ / shares | Sep. 27, 2014$ / shares | Jun. 28, 2014$ / shares | Mar. 29, 2014$ / shares | Dec. 31, 2015shares$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2013$ / shares | ||
Class of Stock [Line Items] | ||||||||||||
Cash dividends per share | $ / shares | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.24 | $ 0.24 | $ 0 | |
Shares reserved (in shares) | 67,929,582 | 67,929,582 | ||||||||||
Class B Convertible Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting rights per share | 10 | |||||||||||
Conversion feature | one-for-one | |||||||||||
Shares reserved (in shares) | [1] | 12,129,227 | 12,129,227 | |||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting rights per share | 1 | |||||||||||
Common stock options outstanding [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 105,000 | 105,000 | ||||||||||
Restricted stock units outstanding [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 1,028,000 | 1,028,000 | ||||||||||
Available to grant 2007 Stock Incentive Program - [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 3,617,000 | 3,617,000 | ||||||||||
Phantom stock units outstanding [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 132,000 | 132,000 | ||||||||||
Exchangeable Unsecured Notes, Due 2102 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 2,511,742 | 2,511,742 | ||||||||||
Convertible Senior Debentures, Due 2040 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 23,585,258 | 23,585,258 | ||||||||||
Number of shares debentures are convertible into (in shares) | 20,544,893 | |||||||||||
Convertible Senior Debentures, Due 2041 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | [1] | 9,470,490 | 9,470,490 | |||||||||
Number of shares debentures are convertible into (in shares) | 8,177,775 | |||||||||||
Convertible Senior Debentures 2042 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | [1] | 15,350,865 | 15,350,865 | |||||||||
Number of shares debentures are convertible into (in shares) | 13,175,925 | |||||||||||
[1] | The convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 20,134,043, 8,014,230, and 12,912,435 shares, respectively, of Vishay common stock. The Company has reserved the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures. |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income (Expense) [Abstract] | |||||||||||
Foreign exchange gain (loss) | $ 3,180 | $ (1,115) | $ (993) | ||||||||
Interest income | 4,397 | 4,939 | 4,566 | ||||||||
Other | 399 | (1,335) | (1,720) | ||||||||
Other Income (expense) | 7,976 | 2,489 | 1,853 | ||||||||
Insurance receivable | $ 4,596 | 4,596 | |||||||||
Loss related to Tianjin explosion | 0 | $ 5,350 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 5,350 | $ 0 | $ 0 |
Estimate of Loss | $ 9,946 | $ 9,946 |
Other Accrued Expenses (Details
Other Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Accrued Expenses (Tables) [Abstract] | ||
Restructuring reserve, current | $ 26,791 | $ 6,955 |
Sales returns and allowances | 33,086 | 35,203 |
Goods received, not yet invoiced | 30,193 | 28,645 |
Other | 74,266 | 66,773 |
Total other accrued expenses | $ 164,336 | $ 137,576 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (69,140) | $ 61,634 | $ (10,222) |
Other comprehensive income before reclassifications | (66,440) | (164,722) | 76,995 |
Tax effect | (3,670) | 17,359 | (16,633) |
Other comprehensive income before reclassifications, net of tax | (70,110) | (147,363) | 60,362 |
Amounts reclassified out of AOCI | 12,189 | 25,526 | 17,093 |
Tax effect | (4,266) | (8,937) | (5,599) |
Amounts reclassified out of AOCI, net of tax | 7,923 | 16,589 | 11,494 |
Other comprehensive income (loss) | (62,187) | (130,774) | 71,856 |
Ending Balance | (131,327) | (69,140) | 61,634 |
Pension and Other Post-Retirement Actuarial Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (155,760) | (129,918) | (178,956) |
Other comprehensive income before reclassifications | 15,169 | (60,602) | 52,545 |
Tax effect | (4,196) | 18,117 | (16,334) |
Other comprehensive income before reclassifications, net of tax | 10,973 | (42,485) | 36,211 |
Amounts reclassified out of AOCI | 12,869 | 25,604 | 19,112 |
Tax effect | (4,504) | (8,961) | (6,285) |
Amounts reclassified out of AOCI, net of tax | 8,365 | 16,643 | 12,827 |
Other comprehensive income (loss) | 19,338 | (25,842) | 49,038 |
Ending Balance | (136,422) | (155,760) | (129,918) |
Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 84,703 | 190,998 | 167,461 |
Other comprehensive income before reclassifications | (80,106) | (106,295) | 23,537 |
Tax effect | 0 | 0 | 0 |
Other comprehensive income before reclassifications, net of tax | (80,106) | (106,295) | 23,537 |
Amounts reclassified out of AOCI | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Amounts reclassified out of AOCI, net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | (80,106) | (106,295) | 23,537 |
Ending Balance | 4,597 | 84,703 | 190,998 |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,917 | 554 | 1,273 |
Other comprehensive income before reclassifications | (1,503) | 2,175 | 913 |
Tax effect | 526 | (758) | (299) |
Other comprehensive income before reclassifications, net of tax | (977) | 1,417 | 614 |
Amounts reclassified out of AOCI | (680) | (78) | (2,019) |
Tax effect | 238 | 24 | 686 |
Amounts reclassified out of AOCI, net of tax | (442) | (54) | (1,333) |
Other comprehensive income (loss) | (1,419) | 1,363 | (719) |
Ending Balance | $ 498 | $ 1,917 | $ 554 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) Reclassifications (Details) - Unrealized Gain (Loss) on Available-for-Sale Securities [Member] - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rabbi Trust Assets [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Component of Selling, General, and Administrative Expense | $ 680 | $ 24 | $ 1,966 |
Other AFS Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Component of Other Income | $ 0 | $ 54 | $ 53 |
Pensions and Other Postretire61
Pensions and Other Postretirement Benefits (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)Plan | Oct. 03, 2015USD ($) | Jul. 04, 2015USD ($) | Apr. 04, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 31, 2015USD ($)Plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Change in benefit obligation [Roll forward] | |||||||||||
Increase in PBO due to new actuarial tables | $ (8,000) | $ 24,000 | |||||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Included in other assets | $ 21,361 | $ 13,176 | 21,361 | 13,176 | |||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (7,065) | (7,690) | (7,065) | (7,690) | |||||||
Accrued pension and other postretirement costs | (264,618) | (300,524) | (264,618) | (300,524) | |||||||
Accumulated other comprehensive loss | 147,674 | 174,975 | 147,674 | 174,975 | |||||||
Components of actuarial items [Abstract] | |||||||||||
Total actuarial items | 147,674 | 174,975 | 147,674 | 174,975 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Curtailment and settlement losses (gains) | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 15,588 | $ 0 | $ 0 | 0 | 15,588 | $ 0 |
Amounts that will be amortized from accumulated other comprehensive loss into net periodic pension cost during next fiscal year | 11,500 | ||||||||||
Other retirement obligations [Abstract] | |||||||||||
Company's matching expense for 401(k) savings plans | 5,369 | 5,285 | 5,276 | ||||||||
U.S. Pension Plans [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 301,475 | 315,373 | 301,475 | 315,373 | |||||||
Service cost | 0 | 0 | 0 | ||||||||
Interest cost | 11,657 | 13,821 | 13,882 | ||||||||
Acquisitions | 0 | 0 | |||||||||
Plan amendments and initiations | 0 | 0 | |||||||||
Actuarial (gains) losses | (23,099) | 50,584 | |||||||||
Benefits paid | (15,911) | (18,940) | |||||||||
Curtailments and settlements | 0 | (59,363) | |||||||||
Currency translation | 0 | 0 | |||||||||
Benefit obligation at end of year | 274,122 | 301,475 | 274,122 | $ 301,475 | 315,373 | ||||||
Number of pension plan participants for whom annuity contracts were purchased | 700 | ||||||||||
Participants who accepted voluntary lump-sum offer | 800 | ||||||||||
Reduction of plan participants | 1,500 | ||||||||||
Percentage of total participants | 23.00% | ||||||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | 273,644 | 295,633 | 273,644 | $ 295,633 | |||||||
Actual return on plan assets | (5,439) | 38,688 | |||||||||
Acquisitions of plan assets | 0 | 0 | |||||||||
Company contributions | 5,798 | 17,626 | |||||||||
Benefits paid | (15,911) | (18,940) | |||||||||
Curtailments and settlements | 0 | (59,363) | |||||||||
Currency translation | 0 | 0 | |||||||||
Fair value of plan assets at end of year | 258,092 | 273,644 | 258,092 | 273,644 | 295,633 | ||||||
Funded status at end of year | (16,030) | (27,831) | (16,030) | (27,831) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Included in other assets | 21,202 | 12,964 | 21,202 | 12,964 | |||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (51) | (51) | (51) | (51) | |||||||
Accrued pension and other postretirement costs | (37,181) | (40,744) | (37,181) | (40,744) | |||||||
Accumulated other comprehensive loss | 76,141 | 88,474 | 76,141 | 88,474 | |||||||
Total | 60,111 | 60,643 | 60,111 | 60,643 | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | 74,926 | 87,195 | 74,926 | 87,195 | |||||||
Unamortized prior service (credit) cost | 1,215 | 1,279 | 1,215 | 1,279 | |||||||
Total actuarial items | 76,141 | 88,474 | 76,141 | 88,474 | |||||||
Projected and accumulated benefit obligations [Abstract] | |||||||||||
Accumulated benefit obligation, all plans | 274,122 | 301,475 | 274,122 | 301,475 | |||||||
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | |||||||||||
Projected benefit obligation | 37,232 | 40,795 | 37,232 | 40,795 | |||||||
Accumulated benefit obligation | 37,232 | 40,795 | 37,232 | 40,795 | |||||||
Fair value of plan assets | $ 0 | $ 0 | 0 | 0 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 0 | 0 | 0 | ||||||||
Interest cost | 11,657 | 13,821 | 13,882 | ||||||||
Expected return on plan assets | (13,566) | (14,892) | (19,124) | ||||||||
Amortization of actuarial losses | 8,175 | 7,166 | 14,566 | ||||||||
Amortization of prior service (credit) cost | 64 | (56) | 978 | ||||||||
Curtailment and settlement losses (gains) | 0 | 15,588 | 0 | ||||||||
Net periodic benefit cost | $ 6,330 | $ 21,627 | 10,302 | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 4.50% | 4.00% | 4.50% | 4.00% | |||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 4.00% | 4.85% | |||||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |||||||||
Expected return on plan assets (in hundredths) | 5.00% | 5.29% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,016 | $ 16,019 | $ 16,019 | |||||||||
2,017 | 16,331 | 16,331 | |||||||||
2,018 | 16,708 | 16,708 | |||||||||
2,019 | 23,229 | 23,229 | |||||||||
2,020 | 18,715 | 18,715 | |||||||||
2021-2025 | 96,997 | 96,997 | |||||||||
Non-U.S. Pension Plans [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 286,846 | 280,526 | 286,846 | $ 280,526 | |||||||
Service cost | 3,265 | 3,275 | 3,499 | ||||||||
Interest cost | 5,636 | 8,555 | 8,150 | ||||||||
Acquisitions | 0 | 465 | |||||||||
Plan amendments and initiations | 267 | 0 | |||||||||
Actuarial (gains) losses | (2,012) | 40,021 | |||||||||
Benefits paid | (12,230) | (15,888) | |||||||||
Curtailments and settlements | 0 | (486) | |||||||||
Currency translation | (24,173) | (29,622) | |||||||||
Benefit obligation at end of year | 257,599 | $ 286,846 | 257,599 | 286,846 | 280,526 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | 49,156 | 48,859 | 49,156 | 48,859 | |||||||
Actual return on plan assets | 1,159 | 1,858 | |||||||||
Acquisitions of plan assets | 0 | 10 | |||||||||
Company contributions | 15,621 | 17,015 | |||||||||
Benefits paid | (12,230) | (15,888) | |||||||||
Curtailments and settlements | 0 | (486) | |||||||||
Currency translation | (2,443) | (2,212) | |||||||||
Fair value of plan assets at end of year | 51,263 | 49,156 | 51,263 | 49,156 | 48,859 | ||||||
Funded status at end of year | (206,336) | (237,690) | (206,336) | (237,690) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Included in other assets | 159 | 212 | 159 | 212 | |||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (6,089) | (6,624) | (6,089) | (6,624) | |||||||
Accrued pension and other postretirement costs | (200,406) | (231,278) | (200,406) | (231,278) | |||||||
Accumulated other comprehensive loss | 73,216 | 88,076 | 73,216 | 88,076 | |||||||
Total | (133,120) | (149,614) | (133,120) | (149,614) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | 73,216 | 88,076 | 73,216 | 88,076 | |||||||
Unamortized prior service (credit) cost | 0 | 0 | 0 | 0 | |||||||
Total actuarial items | 73,216 | 88,076 | 73,216 | 88,076 | |||||||
Projected and accumulated benefit obligations [Abstract] | |||||||||||
Accumulated benefit obligation, all plans | 239,099 | 269,069 | 239,099 | 269,069 | |||||||
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | |||||||||||
Projected benefit obligation | 245,005 | 272,977 | 245,005 | 272,977 | |||||||
Accumulated benefit obligation | 231,955 | 261,996 | 231,955 | 261,996 | |||||||
Fair value of plan assets | $ 39,463 | $ 37,634 | 39,463 | 37,634 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 3,265 | 3,275 | 3,499 | ||||||||
Interest cost | 5,636 | 8,555 | 8,150 | ||||||||
Expected return on plan assets | (1,798) | (2,109) | (2,084) | ||||||||
Amortization of actuarial losses | 5,131 | 2,700 | 3,407 | ||||||||
Amortization of prior service (credit) cost | (282) | (5) | (12) | ||||||||
Curtailment and settlement losses (gains) | 452 | 1,137 | 959 | ||||||||
Net periodic benefit cost | $ 12,404 | $ 13,553 | 13,919 | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 2.30% | 2.15% | 2.30% | 2.15% | |||||||
Rate of compensation increase (in hundredths) | 1.99% | 1.97% | 1.99% | 1.97% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 2.15% | 3.11% | |||||||||
Rate of compensation increase (in hundredths) | 1.97% | 1.99% | |||||||||
Expected return on plan assets (in hundredths) | 3.86% | 3.85% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,016 | $ 13,310 | $ 13,310 | |||||||||
2,017 | 14,552 | 14,552 | |||||||||
2,018 | 13,741 | 13,741 | |||||||||
2,019 | 14,860 | 14,860 | |||||||||
2,020 | 14,571 | 14,571 | |||||||||
2021-2025 | 73,867 | 73,867 | |||||||||
Estimated future employer contributions to defined benefit pension plans in next fiscal year | 30,000 | ||||||||||
U.S. Postretirement Plans [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 8,677 | 7,341 | 8,677 | $ 7,341 | |||||||
Service cost | 121 | 115 | 111 | ||||||||
Interest cost | 333 | 351 | 314 | ||||||||
Actuarial (gains) losses | (550) | 1,492 | |||||||||
Benefits paid | (672) | (622) | |||||||||
Curtailments and settlements | 0 | 0 | |||||||||
Currency translation | 0 | 0 | |||||||||
Benefit obligation at end of year | 7,909 | $ 8,677 | 7,909 | 8,677 | 7,341 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | 0 | 0 | |||||||||
Benefits paid | (672) | (622) | |||||||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | |||||||
Funded status at end of year | (7,909) | (8,677) | (7,909) | (8,677) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (701) | (666) | (701) | (666) | |||||||
Accrued pension and other postretirement costs | (7,208) | (8,011) | (7,208) | (8,011) | |||||||
Accumulated other comprehensive loss | (3,129) | (3,325) | (3,129) | (3,325) | |||||||
Total | (11,038) | (12,002) | (11,038) | (12,002) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | (1,308) | (668) | (1,308) | (668) | |||||||
Unamortized prior service (credit) cost | (1,821) | (2,657) | (1,821) | (2,657) | |||||||
Total actuarial items | $ (3,129) | $ (3,325) | (3,129) | (3,325) | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 121 | 115 | 111 | ||||||||
Interest cost | 333 | 351 | 314 | ||||||||
Amortization of actuarial losses | 90 | (140) | 4 | ||||||||
Amortization of prior service (credit) cost | (837) | (824) | (798) | ||||||||
Net periodic benefit cost | $ (293) | $ (498) | (369) | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 4.50% | 4.00% | 4.50% | 4.00% | |||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 4.00% | 5.00% | |||||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,016 | $ 701 | $ 701 | |||||||||
2,017 | 718 | 718 | |||||||||
2,018 | 710 | 710 | |||||||||
2,019 | 693 | 693 | |||||||||
2,020 | 680 | 680 | |||||||||
2021-2025 | $ 2,887 | $ 2,887 | |||||||||
Other postretirement benefits [Abstract] | |||||||||||
Number of unfunded non-pension postretirement plans | Plan | 2 | 2 | |||||||||
Non-U.S. Postretirement Plans [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 7,283 | $ 7,504 | $ 7,283 | $ 7,504 | |||||||
Service cost | 273 | 307 | 299 | ||||||||
Interest cost | 147 | 244 | 257 | ||||||||
Actuarial (gains) losses | (50) | 752 | |||||||||
Benefits paid | (389) | (565) | |||||||||
Curtailments and settlements | (25) | 0 | |||||||||
Currency translation | (751) | (959) | |||||||||
Benefit obligation at end of year | $ 6,488 | $ 7,283 | 6,488 | 7,283 | 7,504 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | $ 0 | 0 | |||||||||
Benefits paid | (389) | (565) | |||||||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | |||||||
Funded status at end of year | (6,488) | (7,283) | (6,488) | (7,283) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (224) | (349) | (224) | (349) | |||||||
Accrued pension and other postretirement costs | (6,264) | (6,934) | (6,264) | (6,934) | |||||||
Accumulated other comprehensive loss | 1,446 | 1,750 | 1,446 | 1,750 | |||||||
Total | (5,042) | (5,533) | (5,042) | (5,533) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | 1,446 | 1,750 | 1,446 | 1,750 | |||||||
Unamortized prior service (credit) cost | 0 | 0 | 0 | 0 | |||||||
Total actuarial items | $ 1,446 | $ 1,750 | 1,446 | 1,750 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 273 | 307 | 299 | ||||||||
Interest cost | 147 | 244 | 257 | ||||||||
Amortization of actuarial losses | 76 | 38 | 8 | ||||||||
Amortization of prior service (credit) cost | 0 | 0 | 0 | ||||||||
Net periodic benefit cost | $ 496 | $ 589 | $ 564 | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 2.31% | 2.25% | 2.31% | 2.25% | |||||||
Rate of compensation increase (in hundredths) | 2.69% | 2.87% | 2.69% | 2.87% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 2.25% | 3.44% | |||||||||
Rate of compensation increase (in hundredths) | 2.87% | 3.19% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,016 | $ 224 | $ 224 | |||||||||
2,017 | 302 | 302 | |||||||||
2,018 | 307 | 307 | |||||||||
2,019 | 405 | 405 | |||||||||
2,020 | 661 | 661 | |||||||||
2021-2025 | $ 2,714 | $ 2,714 | |||||||||
Other postretirement benefits [Abstract] | |||||||||||
Number of European subsidiaries with unfunded non-pension postretirement plans | Plan | 2 | 2 | |||||||||
Other Retirement Obligations [Member] | |||||||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Accrued pension and other postretirement costs | $ (13,559) | $ (13,557) | $ (13,559) | $ (13,557) | |||||||
Minimum [Member] | U.S. Pension Plans [Member] | |||||||||||
Estimated future benefit payments [Abstract] | |||||||||||
Estimated future employer contributions to defined benefit pension plans in next fiscal year | 0 | ||||||||||
Maximum [Member] | U.S. Pension Plans [Member] | |||||||||||
Estimated future benefit payments [Abstract] | |||||||||||
Estimated future employer contributions to defined benefit pension plans in next fiscal year | 35,000 | ||||||||||
Deferred Compensation [Member] | |||||||||||
Defined benefit pension plans [Abstract] | |||||||||||
Assets held in trust | 15,717 | 14,906 | 15,717 | 14,906 | |||||||
Non-qualified Pension Plans [Member] | |||||||||||
Defined benefit pension plans [Abstract] | |||||||||||
Assets held in trust | 21,137 | 21,757 | 21,137 | 21,757 | |||||||
Republic of China (Taiwan) [Member] | Non-U.S. Pension Plans [Member] | |||||||||||
Estimated future benefit payments [Abstract] | |||||||||||
Estimated future employer contributions to defined benefit pension plans in next fiscal year | 16,000 | ||||||||||
Dr. Felix Zandman [Member] | Non-qualified Pension Plans [Member] | |||||||||||
Defined benefit pension plans [Abstract] | |||||||||||
Assets held in trust | 2,995 | $ 3,607 | 2,995 | $ 3,607 | |||||||
Deferred compensation arrangement, annual retirement benefit to surviving spouse | $ 614 | $ 614 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 3,846 | $ 2,392 | $ 636 |
Unrecognized Compensation Cost | 7,479 | ||
Unrecognized compensation cost not expected to be recognized | $ 2,935 | ||
Expiration date of 2007 Stock Incentive Plan | May 20, 2024 | ||
Outstanding: | |||
Balance (in shares) | 105,000 | 109,000 | 109,000 |
Beginning Balance, weighted average exercise price (in dollars per share) | $ 15.38 | $ 15.24 | $ 15.24 |
Granted (in shares) | 0 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 |
Exercised (in shares) | 0 | (4,337) | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 11.62 | $ 0 |
Cancelled or forfeited (in shares) | 0 | 0 | 0 |
Cancelled or forfeited, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 |
Balance (in shares) | 105,000 | 105,000 | 109,000 |
Ending balance, weighted average exercise price (in dollars per share) | $ 15.38 | $ 15.38 | $ 15.24 |
Vested and expected to vest (in shares) | 105,000 | 105,000 | 109,000 |
Exercisable (in shares) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 105,000 | 105,000 | 109,000 |
Weighted-average remaining contractual life of all exercisable options (in years) | 1 year 3 months 29 days | ||
Stock price per share (in dollars per share) | $ 12.05 | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, intrinsic value | $ 0 | ||
Intrinsic value under share based compensation scheme | $ 0 | $ 18 | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding, number of options (in shares) | 105,000 | ||
Options outstanding, weighted average remaining contractual life (in years) | 1 year 3 months 29 days | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.38 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 0 | 0 | 18 |
Unrecognized Compensation Cost | $ 0 | ||
Weighted Average Remaining Amortization Periods (in years) | 0 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 3,705 | $ 2,261 | $ 510 |
Unrecognized Compensation Cost | $ 7,479 | ||
Weighted Average Remaining Amortization Periods (in years) | 1 year | ||
Exercisable (in shares) | |||
Expected to vest | 806,000 | 649,000 | 570,000 |
Outstanding: | |||
Balance (in shares) | 1,147,000 | 1,059,000 | 1,316,000 |
Granted (in shares) | 349,000 | 336,000 | 374,000 |
Vested (in shares) | (182,000) | (146,000) | (598,000) |
Cancelled or forfeited (in shares) | (286,000) | (102,000) | (33,000) |
Balance (in shares) | 1,028,000 | 1,147,000 | 1,059,000 |
Beginning balance, Weighted average grant-date fair value (in dollars per share) | $ 12.75 | $ 13.40 | $ 12.53 |
Granted, Weighted average grant-date fair value (in dollars per share) | 13.60 | 13.48 | 12.76 |
Vested, Weighted average grant-date fair value (in dollars per share) | 11.41 | 15.87 | 10.92 |
Forfeitures, Weighted average grant date fair value | 12.89 | 17.45 | 16.54 |
Ending balance, Weighted average grant-date fair value (in dollars per share) | $ 13.24 | $ 12.75 | $ 13.40 |
Phantom Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 141 | $ 131 | $ 108 |
Unrecognized Compensation Cost | $ 0 | ||
Weighted Average Remaining Amortization Periods (in years) | 0 years | ||
Outstanding: | |||
Balance (in shares) | 119,000 | 107,000 | 97,000 |
Granted (in shares) | 10,000 | 10,000 | 10,000 |
Dividend equivalents issued | 3,000 | 2,000 | 0 |
Redeemed for common stock (in shares) | 0 | 0 | 0 |
Balance (in shares) | 132,000 | 119,000 | 107,000 |
Granted, Weighted average grant-date fair value (in dollars per share) | $ 14.09 | $ 13.12 | $ 10.75 |
Performance Vested Restricted Stock Units [Member] | Not Expected to Vest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ 1,778 | ||
Outstanding: | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | ||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2016 [Member] | |||
Exercisable (in shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 222,000 | ||
Expected to vest | 0 | ||
Outstanding: | |||
Balance (in shares) | 222,000 | ||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2017 [Member] | |||
Exercisable (in shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | ||
Expected to vest | 192,000 | ||
Outstanding: | |||
Balance (in shares) | 192,000 | ||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2018 [Member] | |||
Exercisable (in shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | ||
Expected to vest | 202,000 | ||
Outstanding: | |||
Balance (in shares) | 202,000 | ||
$12.90 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding, number of options (in shares) | 28,000 | ||
Options outstanding, weighted average remaining contractual life (in years) | 1 year 1 month 28 days | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 12.90 | ||
$16.29 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding, number of options (in shares) | 77,000 | ||
Options outstanding, weighted average remaining contractual life (in years) | 1 year 4 months 20 days | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 16.29 | ||
1998 Stock Option Program [Member] | |||
Outstanding: | |||
Balance (in shares) | 95,000 | ||
2007 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares authorized under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and non-employee directors (in shares) | 6,500,000 | ||
Exercisable (in shares) | |||
Available for future grants (in shares) | 3,617,000 |
Commitments and Contingencies63
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
Total rental expense under operating leases | $ 27,210 | $ 28,088 | $ 29,327 |
Future minimum lease payments for operating leases [Abstract] | |||
2,016 | 24,216 | ||
2,017 | 17,429 | ||
2,018 | 7,372 | ||
2,019 | 4,068 | ||
2,020 | 2,698 | ||
Thereafter | 7,224 | ||
Environmental Matters | |||
Accrued environmental liabilities | 16,934 | ||
Accrued environmental liabilities, current | 8,459 | ||
Accrued environmental liabilities, noncurrent | 8,475 | ||
Executive Employment Agreements | |||
Executive compensation credit | 0 | $ 0 | $ (1,778) |
General Semiconductor [Member] | |||
Environmental Matters | |||
Accrued environmental liabilities | 9,669 | ||
Other Sites [Member] | |||
Environmental Matters | |||
Accrued environmental liabilities | 7,265 | ||
Minimum [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Range of typical unrecorded purchase commitments | 30,000 | ||
Maximum [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Range of typical unrecorded purchase commitments | $ 40,000 |
Current Vulnerability Due to 64
Current Vulnerability Due to Certain Concentrations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risks [Abstract] | ||
Duration of business operations in Israel (in years) | P45Y | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Bank Hapoalim | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 12.50% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Bank Leumi [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 12.50% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Unicredit [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 10.70% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | HSBC [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 11.40% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Bank of Tokyo Mitsubishi [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 11.50% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Deutsche Bank [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 11.20% | |
Geographic Concentration [Member] | Outside Of United States [Member] | ||
Concentration Risks [Abstract] | ||
Cash and cash equivalents and short-term investments | $ 1,080,858 | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | United States [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 1.70% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Germany [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 43.50% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Europe [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 1.60% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Israel [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 29.60% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | People's Republic Of China [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 8.50% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Asia [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 2.50% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 0.70% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Singapore [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 5.40% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | The Republic of China (Taiwan) [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 6.50% | |
Geographic Concentration [Member] | Revenue [Member] | Outside Of United States [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 74.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 14.60% | 14.70% |
Segment and Geographic Data (De
Segment and Geographic Data (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Oct. 03, 2015USD ($) | Jul. 04, 2015USD ($) | Apr. 04, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reporting segments | Segment | 5 | ||||||||||
Segment Operating Income Description | The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. | ||||||||||
Product sales | $ 2,297,165 | $ 2,488,757 | $ 2,364,617 | ||||||||
Royalty revenues | 3,323 | 4,525 | 6,362 | ||||||||
Total revenue | $ 555,928 | $ 560,654 | $ 590,470 | $ 593,436 | $ 610,764 | $ 638,211 | $ 641,929 | $ 602,378 | 2,300,488 | 2,493,282 | 2,370,979 |
Gross Margin | 125,556 | 130,144 | 141,482 | 145,038 | 143,524 | 158,392 | 164,093 | 145,283 | 542,220 | 611,292 | 567,260 |
Depreciation expense | 154,340 | 160,804 | 155,064 | ||||||||
Interest expense (income) | 25,685 | 24,457 | 23,130 | ||||||||
Capital expenditures | 147,142 | 156,974 | 153,077 | ||||||||
Total Assets | 3,152,986 | 3,274,151 | 3,152,986 | 3,274,151 | 3,224,455 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Impairment of goodwill and long-lived assets | 0 | (62,980) | 0 | 0 | 0 | 0 | 0 | 0 | (62,980) | 0 | 0 |
Restructuring and severance costs | (9,821) | (2,324) | (5,660) | (1,410) | (1,971) | (3,508) | (9,014) | (6,404) | (19,215) | (20,897) | (2,814) |
U.S. pension settlement charges | 0 | $ 0 | $ 0 | $ 0 | 0 | $ (15,588) | $ 0 | $ 0 | 0 | (15,588) | 0 |
Executive Compensation Credit (Charges) | 0 | 0 | 1,778 | ||||||||
Segment Operating Income | 97,799 | 189,111 | 197,682 | ||||||||
MOSFETS Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 426,672 | 470,377 | 449,299 | ||||||||
Royalty revenues | 11 | 160 | 178 | ||||||||
Total revenue | 426,683 | 470,537 | 449,477 | ||||||||
Gross Margin | 58,626 | 59,614 | 59,387 | ||||||||
Depreciation expense | 47,172 | 53,939 | 50,606 | ||||||||
Interest expense (income) | 0 | 0 | 0 | ||||||||
Capital expenditures | 29,289 | 33,672 | 41,869 | ||||||||
Total Assets | 477,984 | 499,550 | 477,984 | 499,550 | 543,037 | ||||||
Diodes Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 533,931 | 579,288 | 547,264 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 533,931 | 579,288 | 547,264 | ||||||||
Gross Margin | 119,762 | 132,021 | 121,231 | ||||||||
Depreciation expense | 35,526 | 39,592 | 37,305 | ||||||||
Interest expense (income) | 11 | 21 | 54 | ||||||||
Capital expenditures | 38,971 | 41,713 | 44,431 | ||||||||
Total Assets | 718,548 | 732,502 | 718,548 | 732,502 | 788,121 | ||||||
Optoelectronic Components Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 279,553 | 258,248 | 228,194 | ||||||||
Royalty revenues | 0 | 0 | 51 | ||||||||
Total revenue | 279,553 | 258,248 | 228,245 | ||||||||
Gross Margin | 88,625 | 91,165 | 76,732 | ||||||||
Depreciation expense | 14,118 | 13,266 | 12,484 | ||||||||
Interest expense (income) | 20 | 41 | 122 | ||||||||
Capital expenditures | 21,853 | 23,008 | 18,310 | ||||||||
Total Assets | 325,600 | 422,257 | 325,600 | 422,257 | 213,128 | ||||||
Resistors And Inductors Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 704,109 | 755,251 | 700,115 | ||||||||
Royalty revenues | 3,312 | 4,365 | 6,133 | ||||||||
Total revenue | 707,421 | 759,616 | 706,248 | ||||||||
Gross Margin | 208,384 | 241,090 | 221,851 | ||||||||
Depreciation expense | 30,576 | 32,380 | 31,998 | ||||||||
Interest expense (income) | 113 | 119 | 79 | ||||||||
Capital expenditures | 38,169 | 42,950 | 32,515 | ||||||||
Total Assets | 839,249 | 812,664 | 839,249 | 812,664 | 843,685 | ||||||
Capacitors Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 352,900 | 425,593 | 439,745 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 352,900 | 425,593 | 439,745 | ||||||||
Gross Margin | 66,823 | 87,402 | 88,059 | ||||||||
Depreciation expense | 18,168 | 20,524 | 21,596 | ||||||||
Interest expense (income) | 13 | 18 | 28 | ||||||||
Capital expenditures | 14,763 | 12,694 | 13,052 | ||||||||
Total Assets | 543,507 | 605,281 | 543,507 | 605,281 | 636,637 | ||||||
Corporate Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 0 | 0 | 0 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Gross Margin | 0 | 0 | 0 | ||||||||
Depreciation expense | 8,780 | 1,103 | 1,075 | ||||||||
Interest expense (income) | 25,528 | 24,258 | 22,847 | ||||||||
Capital expenditures | 4,097 | 2,937 | 2,900 | ||||||||
Total Assets | $ 248,098 | $ 201,897 | 248,098 | 201,897 | 199,847 | ||||||
Operating Segments [Member] | MOSFETS Segment [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 21,366 | 21,095 | 19,140 | ||||||||
Operating Segments [Member] | Diodes Segment [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 95,887 | 106,068 | 96,581 | ||||||||
Operating Segments [Member] | Optoelectronic Components Segment [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 68,410 | 73,463 | 62,259 | ||||||||
Operating Segments [Member] | Resistors And Inductors Segment [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 173,805 | 203,343 | 186,583 | ||||||||
Operating Segments [Member] | Capacitors Segment [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 44,863 | 62,460 | 64,494 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Impairment of goodwill and long-lived assets | (62,980) | 0 | 0 | ||||||||
Restructuring and severance costs | (19,215) | (20,897) | (2,814) | ||||||||
U.S. pension settlement charges | 0 | (15,588) | 0 | ||||||||
Executive Compensation Credit (Charges) | 0 | 0 | 1,778 | ||||||||
Segment Operating Income | $ (224,337) | $ (240,833) | $ (230,339) |
Segment and Geographic Data, Re
Segment and Geographic Data, Revenue and assets by geographic area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 555,928 | $ 560,654 | $ 590,470 | $ 593,436 | $ 610,764 | $ 638,211 | $ 641,929 | $ 602,378 | $ 2,300,488 | $ 2,493,282 | $ 2,370,979 |
Property and equipment, net | 865,296 | 898,095 | 865,296 | 898,095 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 560,973 | 590,145 | 591,082 | ||||||||
Property and equipment, net | 94,512 | 116,807 | 94,512 | 116,807 | |||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 719,246 | 821,005 | 800,733 | ||||||||
Property and equipment, net | 122,817 | 124,850 | 122,817 | 124,850 | |||||||
Czech Republic [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 33,352 | 38,914 | 33,352 | 38,914 | |||||||
Other Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 88,553 | 107,598 | 89,348 | ||||||||
Property and equipment, net | 85,566 | 94,377 | 85,566 | 94,377 | |||||||
Israel [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 12,597 | 13,871 | 13,319 | ||||||||
Property and equipment, net | 107,715 | 121,691 | 107,715 | 121,691 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 919,119 | 960,663 | $ 876,497 | ||||||||
People's Republic of China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 182,411 | 176,671 | 182,411 | 176,671 | |||||||
Republic of China (Taiwan) [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 126,780 | 127,354 | 126,780 | 127,354 | |||||||
Other Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 109,815 | 95,263 | 109,815 | 95,263 | |||||||
Other Geographic Area [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | $ 2,328 | $ 2,168 | $ 2,328 | $ 2,168 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Numerator for basic earnings (loss) per share: | |||||||||||||||||||
Net earnings attributable to Vishay stockholders | $ (137,815) | $ (27,666) | $ 26,268 | $ 30,699 | $ 29,206 | $ 26,971 | $ 35,642 | $ 25,810 | $ (108,514) | $ 117,629 | $ 122,980 | ||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 0 | 59 | 140 | ||||||||||||||||
Numerator for diluted earnings (loss) per share: | |||||||||||||||||||
Net earnings (loss) attributed to Vishay stockholders - diluted | $ (108,514) | $ 117,688 | $ 123,120 | ||||||||||||||||
Denominator for basic earnings (loss) per share: | |||||||||||||||||||
Weighted average shares | 147,570 | 147,448 | 144,856 | ||||||||||||||||
Incremental outstanding phantom stock units | 130 | 119 | 107 | ||||||||||||||||
Adjusted weighted average shares outstanding - basic | 147,700 | 147,567 | 144,963 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Convertible and exchangeable debt instruments (in shares) | 0 | 5,890 | 6,130 | ||||||||||||||||
Restricted stock units (in shares) | 0 | 252 | 320 | ||||||||||||||||
Other (in shares) | 0 | 7 | 4 | ||||||||||||||||
Dilutive potential common shares (in shares) | 0 | 6,149 | 6,454 | ||||||||||||||||
Denominator for diluted earnings (loss) per share: | |||||||||||||||||||
Adjusted weighted average shares - diluted | 147,700 | 153,716 | 151,417 | ||||||||||||||||
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ (0.93) | [1] | $ (0.19) | [1] | $ 0.18 | [1] | $ 0.21 | [1] | $ 0.20 | [1] | $ 0.18 | [1] | $ 0.24 | [1] | $ 0.17 | [1] | $ (0.73) | $ 0.80 | $ 0.85 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | (0.93) | [1] | $ (0.19) | [1] | $ 0.17 | [1] | $ 0.20 | [1] | $ 0.19 | [1] | $ 0.17 | [1] | $ 0.23 | [1] | $ 0.17 | [1] | $ (0.73) | $ 0.77 | $ 0.81 |
Convertible Senior Debentures, Due 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) | 20,477 | 0 | 19,809 | ||||||||||||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | 13.39 | $ 13.39 | |||||||||||||||||
Convertible Senior Debentures, Due 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) | 8,151 | 7,944 | 7,885 | ||||||||||||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | 18.34 | $ 18.34 | |||||||||||||||||
Convertible Senior Debentures 2042 [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 13,133 | 0 | 0 | ||||||||||||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 11.38 | $ 11.38 | |||||||||||||||||
Exchangeable Unsecured Notes, Due 2102 [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 2,512 | 0 | 0 | ||||||||||||||||
Weighted average 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) | 105 | 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) | 1,014 | 706 | 907 | ||||||||||||||||
[1] | May not add due to differences in weighted average share counts. |
Additional Cash Flow Informat68
Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in operating assets and liabilities, net of effect of businesses acquired [Abstract] | |||
Accounts receivable | $ (11,250) | $ (731) | $ (16,870) |
Inventories | (30,302) | (23,753) | (31,246) |
Prepaid expenses and other current assets | (5,203) | (5,031) | 19,160 |
Accounts payable | (13,419) | 9,339 | 11,087 |
Other current liabilities | 32,925 | (18,064) | 7,860 |
Net change in operating assets and liabilities | $ (27,249) | $ (38,240) | $ (10,009) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Oct. 03, 2015 | Dec. 31, 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 | |||
Liabilities: | ||||
Embedded derivative | (1,316) | $ (1,105) | ||
Long-term Debt, Fair Value | 756,900 | 853,500 | ||
Long-term Debt | 448,080 | 453,817 | ||
Derivative, Notional Amount | $ 29,000 | 48,000 | ||
Derivative, Description of Terms | The Company enters into forward contracts with a highly-rated financial institution to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $29,000 as of December 31, 2015. The forward contracts settle monthly and are expected to be renewed at the Company's discretion on a monthly basis until the intercompany loans are repaid. The forward contracts were renewed on the last day of the fourth fiscal quarter. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contract is recognized in the consolidated condensed statements of operations as a component of other income (expense). | |||
Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | $ 39,849 | 40,270 | ||
Available for sale securities | 3,604 | 15,432 | ||
Fair Value Assets | 352,808 | 378,502 | ||
Liabilities: | ||||
Fair Value Liabilities | (1,316) | (1,105) | ||
U.S. Plans [Member] | ||||
Assets: | ||||
Fair value of plan assets | 258,092 | 273,644 | $ 295,633 | |
U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 26,601 | |||
U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 255,804 | 244,037 | ||
U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 2,288 | 3,006 | ||
Non-U.S. Plans [Member] | ||||
Assets: | ||||
Fair value of plan assets | 51,263 | 49,156 | $ 48,859 | |
Non-U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 9,302 | 9,268 | ||
Non-U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 13,416 | 18,269 | ||
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 28,545 | 21,619 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 25,906 | 26,853 | ||
Available for sale securities | 3,604 | 4,439 | ||
Fair Value Assets | 337,616 | 352,804 | ||
Liabilities: | ||||
Fair Value Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 26,601 | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 254,555 | 242,749 | ||
Fair Value, Inputs, Level 1 [Member] | U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 2,288 | 3,006 | ||
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 9,302 | 9,268 | ||
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 13,416 | 18,269 | ||
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 28,545 | 21,619 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 13,943 | 13,417 | ||
Available for sale securities | 0 | 10,993 | ||
Fair Value Assets | 15,192 | 25,698 | ||
Liabilities: | ||||
Fair Value Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 2 [Member] | U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 1,249 | 1,288 | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Non-U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Non-U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 0 | 0 | ||
Available for sale securities | 0 | 0 | ||
Fair Value Assets | 0 | 0 | ||
Liabilities: | ||||
Fair Value Liabilities | (1,316) | (1,105) | ||
Fair Value, Inputs, Level 3 [Member] | U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 3 [Member] | U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Non-U.S. Plans [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Non-U.S. Plans [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Convertible Senior Debentures, Due 2040 [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (576) | (526) | ||
Convertible debentures issuance date | Nov. 9, 2010 | |||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (576) | (526) | ||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | (576) | (526) | ||
Convertible Senior Debentures, Due 2041 [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (438) | (341) | ||
Convertible debentures issuance date | May 13, 2011 | |||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (438) | (341) | ||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (438) | (341) | ||
Convertible Senior Debentures 2042 [Member] | ||||
Liabilities: | ||||
Convertible debentures issuance date | May 31, 2012 | |||
Convertible Senior Debentures 2042 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (302) | (238) | ||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (302) | $ (238) | ||
Capella Microsystems (Taiwan) Inc. [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
Long-lived assets held and used | $ 10,900 | |||
Capacitors Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
Goodwill, Fair Value Disclosure | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended |
Dec. 31, 2010 | |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG common stock for every 14 shares of Vishay common stock |
Summary of Quarterly Financia71
Summary of Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Mar. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Statement of Operations data: | |||||||||||||||||||||
Net revenues | $ 555,928 | $ 560,654 | $ 590,470 | $ 593,436 | $ 610,764 | $ 638,211 | $ 641,929 | $ 602,378 | $ 2,300,488 | $ 2,493,282 | $ 2,370,979 | ||||||||||
Gross profit | 125,556 | 130,144 | 141,482 | 145,038 | 143,524 | 158,392 | 164,093 | 145,283 | 542,220 | 611,292 | 567,260 | ||||||||||
Operating Income | 30,226 | (24,155) | 44,170 | 47,558 | 43,157 | 45,459 | 57,923 | 42,572 | 97,799 | 189,111 | 197,682 | ||||||||||
Net earnings (loss) | (137,626) | (27,550) | 26,518 | 30,925 | 29,070 | 26,977 | 35,832 | 25,964 | (107,733) | 117,843 | 123,769 | ||||||||||
Net earnings (loss) attributable to noncontrolling interests | 189 | 116 | 250 | 226 | (136) | 6 | 190 | 154 | 781 | 214 | 789 | ||||||||||
Net earnings (loss) attributable to Vishay stockholders | $ (137,815) | $ (27,666) | $ 26,268 | $ 30,699 | $ 29,206 | $ 26,971 | $ 35,642 | $ 25,810 | $ (108,514) | $ 117,629 | $ 122,980 | ||||||||||
Per Share data: | |||||||||||||||||||||
Basic earnings (loss) per share attributable to Vishay stockholders: | $ (0.93) | [1] | $ (0.19) | [1] | $ 0.18 | [1] | $ 0.21 | [1] | $ 0.20 | [1] | $ 0.18 | [1] | $ 0.24 | [1] | $ 0.17 | [1] | $ (0.73) | $ 0.80 | $ 0.85 | ||
Diluted earnings (loss) per share attributable to Vishay stockholders: | $ (0.93) | [1] | $ (0.19) | [1] | $ 0.17 | [1] | $ 0.20 | [1] | $ 0.19 | [1] | $ 0.17 | [1] | $ 0.23 | [1] | $ 0.17 | [1] | $ (0.73) | $ 0.77 | $ 0.81 | ||
Operating income (loss): | |||||||||||||||||||||
Restructuring and related expenses | $ 9,821 | $ 2,324 | $ 5,660 | $ 1,410 | $ 1,971 | $ 3,508 | $ 9,014 | $ 6,404 | $ 19,215 | $ 20,897 | $ 2,814 | ||||||||||
Impairment of goodwill and long-lived assets | 0 | 62,980 | 0 | 0 | 0 | 0 | 0 | 0 | 62,980 | 0 | 0 | ||||||||||
U.S. pension settlement charges | 0 | 0 | 0 | 0 | 0 | 15,588 | 0 | 0 | 0 | 15,588 | 0 | ||||||||||
Other income (expense): | |||||||||||||||||||||
Loss related to Tianjin explosion | 0 | 5,350 | 0 | 0 | 0 | 0 | 0 | 0 | 5,350 | 0 | 0 | ||||||||||
Discrete Tax Items Included Income Tax Expense | $ 152,437 | $ 0 | $ 0 | $ 0 | $ (1,228) | $ 0 | $ 0 | $ 0 | $ (2,867) | $ (1,330) | $ 152,437 | $ (1,228) | $ (4,197) | ||||||||
Quarter end date | Dec. 31, 2015 | [2] | Oct. 3, 2015 | [2] | Jul. 4, 2015 | [2] | Apr. 4, 2015 | [2] | Dec. 31, 2014 | [2] | Sep. 27, 2014 | [2] | Jun. 28, 2014 | [2] | Mar. 29, 2014 | [2] | Dec. 31, 2015 | ||||
Number of weeks in an interim reporting period | P91D | ||||||||||||||||||||
[1] | May not add due to differences in weighted average share counts. | ||||||||||||||||||||
[2] | 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. |