Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 04, 2020 | May 08, 2020 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 4, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | VISHAY INTERTECHNOLOGY INC | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-07416 | |
Entity Tax Identification Number | 38-1686453 | |
Entity Address, Address Line One | 63 LANCASTER AVENUE | |
Entity Address, City or Town | MALVERN | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19355 | |
City Area Code | 610 | |
Local Phone Number | 644-1300 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000103730 | |
Trading Symbol | VSH | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock, par value $0.10 per share | |
Class B Convertible Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,097,409 | |
Common stock, par value $0.10 per share [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 132,547,608 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Apr. 04, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 680,703 | $ 694,133 |
Short-term investments | 140,725 | 108,822 |
Accounts receivable, net | 325,704 | 328,187 |
Inventories: | ||
Finished goods | 122,231 | 122,466 |
Work in process | 202,318 | 187,354 |
Raw materials | 128,639 | 121,860 |
Total inventories | 453,188 | 431,680 |
Prepaid expenses and other current assets | 124,871 | 141,294 |
Total current assets | 1,725,191 | 1,704,116 |
Property and equipment, at cost: | ||
Land | 74,442 | 75,011 |
Buildings and improvements | 579,161 | 585,064 |
Machinery and equipment | 2,591,804 | 2,606,355 |
Construction in progress | 105,832 | 110,722 |
Allowance for depreciation | (2,426,757) | (2,425,627) |
Property and equipment, net | 924,482 | 951,525 |
Right of use assets | 99,506 | 93,162 |
Goodwill | 150,288 | 150,642 |
Other intangible assets, net | 60,468 | 60,659 |
Other assets | 156,569 | 160,671 |
Total assets | 3,116,504 | 3,120,775 |
Current liabilities: | ||
Notes payable to banks | 199 | 2 |
Trade accounts payable | 153,999 | 173,915 |
Payroll and related expenses | 116,456 | 122,100 |
Lease liabilities | 21,033 | 20,217 |
Other accrued expenses | 174,556 | 186,463 |
Income taxes | 24,030 | 17,731 |
Total current liabilities | 490,273 | 520,428 |
Long-term debt less current portion | 552,096 | 499,147 |
U.S. transition tax payable | 140,196 | 140,196 |
Deferred income taxes | 20,627 | 22,021 |
Long-term lease liabilities | 83,440 | 78,511 |
Other liabilities | 94,762 | 100,207 |
Accrued pension and other postretirement costs | 265,284 | 272,402 |
Total liabilities | 1,646,678 | 1,632,912 |
Redeemable convertible debentures | 0 | 174 |
Vishay stockholders' equity | ||
Common stock | 13,255 | 13,235 |
Class B convertible common stock | 1,210 | 1,210 |
Capital in excess of par value | 1,416,260 | 1,425,170 |
Retained earnings (accumulated deficit) | 84,570 | 72,180 |
Accumulated other comprehensive income (loss) | (48,174) | (26,646) |
Total Vishay stockholders' equity | 1,467,121 | 1,485,149 |
Noncontrolling interests | 2,705 | 2,540 |
Total equity | 1,469,826 | 1,487,689 |
Total liabilities, temporary equity, and equity | $ 3,116,504 | $ 3,120,775 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Consolidated Condensed Statements of Operations [Abstract] | ||
Net revenues | $ 612,841 | $ 745,159 |
Costs of products sold | 465,601 | 534,000 |
Gross profit | 147,240 | 211,159 |
Selling, general, and administrative expenses | 99,832 | 103,424 |
Operating income | 47,408 | 107,735 |
Other income (expense): | ||
Interest expense | (8,552) | (8,392) |
Loss on early extinguishment of debt | (2,920) | (1,307) |
Other | 198 | 1,912 |
Total other income (expense) | (11,274) | (7,787) |
Income before taxes | 36,134 | 99,948 |
Income tax expense | 8,750 | 24,307 |
Net earnings | 27,384 | 75,641 |
Less: net earnings attributable to noncontrolling interests | 165 | 182 |
Net earnings attributable to Vishay stockholders | $ 27,219 | $ 75,459 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.19 | $ 0.52 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.19 | $ 0.52 |
Weighted average shares outstanding - basic (in shares) | 144,792 | 144,554 |
Weighted average shares outstanding - diluted (in shares) | 145,295 | 145,289 |
Cash dividends per share (in dollars per share) | $ 0.0950 | $ 0.0850 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net earnings | $ 27,384 | $ 75,641 |
Other comprehensive income (loss), net of tax | ||
Pension and other post-retirement actuarial items | 1,601 | 1,457 |
Foreign currency translation adjustment | (23,129) | (9,989) |
Other comprehensive income (loss) | (21,528) | (8,532) |
Comprehensive income | 5,856 | 67,109 |
Less: comprehensive income attributable to noncontrolling interests | 165 | 182 |
Comprehensive income attributable to Vishay stockholders | $ 5,691 | $ 66,927 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Operating activities | ||
Net earnings | $ 27,384 | $ 75,641 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 41,520 | 40,428 |
(Gain) loss on disposal of property and equipment | (45) | (173) |
Accretion of interest on convertible debt instruments | 3,637 | 3,490 |
Inventory write-offs for obsolescence | 5,643 | 6,967 |
Deferred income taxes | (3,517) | (2,614) |
Loss on extinguishment of debt | 2,920 | 1,307 |
Other | 3,524 | (1,744) |
Net change in operating assets and liabilities, net of effects of businesses acquired | (46,588) | (43,784) |
Net cash provided by operating activities | 34,478 | 79,518 |
Investing activities | ||
Capital expenditures | (24,328) | (36,367) |
Proceeds from sale of property and equipment | 53 | 395 |
Purchase of businesses, net of cash received | 0 | (11,862) |
Purchase of short-term investments | (35,463) | (1,920) |
Maturity of short-term investments | 0 | 71,455 |
Other investing activities | (1,507) | 2,893 |
Net cash provided by (used in) investing activities | (61,245) | 24,594 |
Financing activities | ||
Repurchase of convertible debentures | (19,849) | (22,695) |
Net proceeds (payments) on revolving credit lines | 54,000 | 0 |
Net changes in short-term borrowings | 85 | 0 |
Cash withholding taxes paid when shares withheld for vested equity awards | (1,991) | (2,659) |
Net cash provided by (used in) financing activities | 18,504 | (37,631) |
Effect of exchange rate changes on cash and cash equivalents | (5,167) | (3,087) |
Net increase (decrease) in cash and cash equivalents | (13,430) | 63,394 |
Cash and cash equivalents at beginning of period | 694,133 | 686,032 |
Cash and cash equivalents at end of period | 680,703 | 749,426 |
Common Stock [Member] | ||
Operating activities | ||
Net earnings | 0 | 0 |
Financing activities | ||
Dividends paid to common stockholders | (12,592) | (11,249) |
Class B Convertible Common Stock [Member] | ||
Operating activities | ||
Net earnings | 0 | 0 |
Financing activities | ||
Dividends paid to common stockholders | $ (1,149) | $ (1,028) |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands | Capital In Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Vishay Stockholders' Equity [Member] | Noncontrolling Interests [Member] | Total | Common Stock [Member] | Class B Convertible Common Stock [Member] |
Cumulative effect of accounting change for adoption of ASU | ASU 2016-02 [Member] | $ 0 | $ 23,013 | $ 0 | $ 23,013 | $ 0 | $ 23,013 | $ 0 | $ 0 |
Balance at Period Start at Dec. 31, 2018 | 1,436,011 | (61,258) | (6,791) | 1,382,384 | 2,286 | 1,384,670 | 13,212 | 1,210 |
Net earnings | 0 | 75,459 | 0 | 75,459 | 182 | 75,641 | 0 | 0 |
Other comprehensive income | 0 | 0 | (8,532) | (8,532) | 0 | (8,532) | 0 | 0 |
Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Temporary equity reclassification | 3 | 0 | 0 | 3 | 0 | 3 | 0 | 0 |
Issuance of stock and related tax withholdings for vested restricted stock units | (2,681) | 0 | 0 | (2,659) | 0 | (2,659) | 22 | 0 |
Dividends declared | 15 | (12,292) | 0 | (12,277) | 0 | (12,277) | 0 | 0 |
Stock compensation expense | 3,536 | 0 | 0 | 3,536 | 0 | 3,536 | 0 | 0 |
Repurchase of convertible senior debentures | (11,783) | 0 | 0 | (11,783) | 0 | (11,783) | 0 | 0 |
Balance at Period End at Mar. 30, 2019 | 1,425,101 | 24,922 | (15,323) | 1,449,144 | 2,468 | 1,451,612 | 13,234 | 1,210 |
Cumulative effect of accounting change for adoption of ASU | ASU 2016-13 [Member] | 0 | (1,070) | 0 | (1,070) | 0 | (1,070) | 0 | 0 |
Balance at Period Start at Dec. 31, 2019 | 1,425,170 | 72,180 | (26,646) | 1,485,149 | 2,540 | 1,487,689 | 13,235 | 1,210 |
Net earnings | 0 | 27,219 | 0 | 27,219 | 165 | 27,384 | 0 | 0 |
Other comprehensive income | 0 | 0 | (21,528) | (21,528) | 0 | (21,528) | 0 | 0 |
Temporary equity reclassification | 174 | 0 | 0 | 174 | 0 | 174 | 0 | 0 |
Issuance of stock and related tax withholdings for vested restricted stock units | (2,011) | 0 | 0 | (1,991) | 0 | (1,991) | 20 | 0 |
Dividends declared | 18 | (13,759) | 0 | (13,741) | 0 | (13,741) | 0 | 0 |
Stock compensation expense | 2,998 | 0 | 0 | 2,998 | 0 | 2,998 | 0 | 0 |
Repurchase of convertible senior debentures | (10,089) | 0 | 0 | (10,089) | 0 | (10,089) | 0 | 0 |
Balance at Period End at Apr. 04, 2020 | $ 1,416,260 | $ 84,570 | $ (48,174) | $ 1,467,121 | $ 2,705 | $ 1,469,826 | $ 13,255 | $ 1,210 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | ||
Conversion of Class B shares (in shares) | 18 | |
Restricted stock issuances (in shares) | 199,251 | 220,718 |
Dividends declared (in dollars per share) | $ 0.0950 | $ 0.0850 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 04, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the fiscal quarter and three fiscal months ended April 4, 2020 are not necessarily indicative of the results to be expected for the full year. The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2020 ended on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively. The four fiscal quarters in 2019 ended on March 30, 2019, June 29, 2019, September 28, 2019, and December 31, 2019, respectively. Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Payment terms for the Company's sales are generally less than ninety days. Substantially all of the Company's receivables are collected within twelve months of the transfer of products to the customer and the Company expects this to continue going forward. The credit loss 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. Receivables from customers with deteriorating financial condition and those over 180 days past due are removed from the pool and evaluated separately. The adoption of ASU 2016-13 on January 1, 2020 had no The Company’s cash equivalents, short-term investments, and restricted investments are accounted for as held-to-maturity debt instruments, at amortized cost. Interest income on these instruments is recorded as “Other income” on the consolidated condensed statements of operations and interest receivable is recognized as a separate asset and recorded in “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company has not experienced a credit loss on the principal or interest receivable of its cash equivalents, short-term investments, or restricted investments. The Company pools its cash equivalents, short-term investments, and restricted investments by credit rating of the issuing financial institution and estimates an allowance for credit losses based on the corporate bond default ratios, evaluation of the impact of current and projected economic conditions, and probability of credit loss. The Company recorded a cumulative-effect adjustment of $810 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. The Company does not measure an allowance for credit losses on interest receivable. Any uncollectible interest receivable will be recognized by reversing interest income within the fiscal quarter that the interest becomes uncollectible. The Company has an immaterial amount of other short-term held-to-maturity debt instruments recorded within “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company analyzes these assets on a separate asset basis and estimates an allowance for credit losses based on historical credit loss rates and an evaluation of the impact of current and projected economic conditions. The Company recorded a cumulative-effect adjustment of $260 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Impact of Coronavirus Outbreak
Impact of Coronavirus Outbreak | 3 Months Ended |
Apr. 04, 2020 | |
Impact of Coronavirus Outbreak [Abstract] | |
Coronavirus | Note 2 – Impact of Coronavirus Outbreak The Company's operations have been impacted by the coronavirus ("COVID-19") outbreak. Some manufacturing facilities are or were temporarily closed and some are operating at levels less than full capacity. The Company has incurred incremental costs separable from normal operations that are directly related to the outbreak and containment efforts, primarily , which were partially offset by government subsidies. The net impact of the costs and subsidies are reported as cost of products sold ($ ) and selling, general, and administrative expenses ($ ) based on employee function on the consolidated condensed statement of operations. The Company's insurance coverages generally exclude losses incurred due to pandemics. Any amounts that may be received will not be recognized until all contingencies are settled. |
Leases
Leases | 3 Months Ended |
Apr. 04, 2020 | |
Leases [Abstract] | |
Leases | Note 3 – Leases The Company leases buildings and machinery and equipment used for manufacturing and/or sales and administrative purposes. The Company is also party to various service, warehousing, and other agreements that it evaluates for potential embedded leases. The Company leases assets in each region in which it operates. No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant. The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows: April 4, 2020 December 31, 2019 Right of use assets Operating Leases Buildings and improvements $ 94,353 $ 87,689 Machinery and equipment 5,153 5,473 Total $ 99,506 $ 93,162 Current lease liabilities Operating Leases Buildings and improvements $ 18,324 $ 17,410 Machinery and equipment 2,709 2,807 Total $ 21,033 $ 20,217 Long-term lease liabilities Operating Leases Buildings and improvements $ 81,036 $ 75,877 Machinery and equipment 2,404 2,634 Total $ 83,440 $ 78,511 Total lease liabilities $ 104,473 $ 98,728 Lease expense is classified on the statement of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended April 4, 2020 March 30, 2019 Lease expense Operating lease expense $ 5,652 $ 5,536 Short-term lease expense 194 833 Variable lease expense 23 12 Total lease expense $ 5,869 $ 6,381 The Company paid $5,609 and $5,050 for its operating leases in the three fiscal months ended April 4, 2020 and March 30, 2019, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.8 years and the weighted-average discount rate is 5.9% as of April 4, 2020. The undiscounted future lease payments for the Company's operating lease liabilities are as follows: April 4, 2020 2020 (excluding the three fiscal months ended April 4, 2020) $ 16,499 2021 19,647 2022 16,044 2023 13,699 2024 12,640 Thereafter 57,162 The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities. |
Restructuring and Related Activ
Restructuring and Related Activities | 3 Months Ended |
Apr. 04, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 4 – Restructuring and Related Activities I The programs are primarily designed to reduce manufacturing fixed costs and selling, general, and administrative costs company-wide, and provide management rejuvenation. The Company expects to incur charges of approximately $25,000, primarily related to cash severance costs, to implement these programs. The Company expects these cost reductions to be fully achieved by December 2020. The following table summarizes the activity to date related to this program: Expense recorded in 2019 $ 24,139 Cash paid (1,330 ) Foreign currency translation 35 Balance at December 31, 2019 $ 22,844 Cash paid (3,742 ) Foreign currency translation (307 ) Balance at April 4, 2020 $ 18,795 The payment terms vary by country, but generally are paid in a lump sum at cessation of employment. The current portion of the liability is $15,348 and is included in other accrued expenses on the consolidated condensed balance sheet. The non-current portion of the liability is $3,447 and is included in other liabilities on the consolidated condensed balance sheet. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 04, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended April 4, 2020 and March 30, 2019 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. The Company has approximately $100,000 of unremitted foreign earnings that it has deemed not permanently reinvested and thus has accrued foreign withholding and other taxes. The Company plans to repatriate these foreign earnings in the second fiscal quarter of 2020. The Company repurchased a portion of outstanding convertible debentures in the first fiscal quarters of 2020 and 2019 (see Note 6). The Company recognized tax benefits on the pre-tax loss on early extinguishment of debt. The Company also recognized tax benefits of $1,346 and $1,312 in the first fiscal quarters of 2020 and 2019, respectively, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures. Income tax expense for the first fiscal quarter of 2019 includes tax benefits of $585 for the periodic remeasurement of the deferred tax liability recorded for the foreign taxes associated with the Company's cash repatriation program. During the fiscal quarter ended April 4, 2020, the liabilities for unrecognized tax benefits decreased by $1,264 on a net basis, primarily due to currency translation adjustments and the expiration of a statute, partially offset by interest. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 04, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following: April 4, 2020 December 31, 2019 Credit facility $ 54,000 $ - Convertible senior notes, due 2025 512,745 509,128 Convertible senior debentures, due 2040 127 126 Convertible senior debentures, due 2041 1,050 6,677 Deferred financing costs (15,826 ) (16,784 ) 552,096 499,147 Less current portion - - $ 552,096 $ 499,147 The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of April 4, 2020: Convertible Senior Notes Due 2025 Convertible Senior Debentures Due 2040 Convertible Senior Debentures Due 2041 Issuance date June 12, 2018 November 9, 2010 May 13, 2011 Maturity date June 15, 2025 November 15, 2040 May 15, 2041 Principal amount as of April 4, 2020 $ 600,000 $ 300 $ 2,640 Cash coupon rate (per annum) 2.25 % 2.25 % 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % 8.00 % 8.375 % Conversion rate effective March 11, 2020 (per $1 principal amount) 31.8278 80.4668 58.7205 Effective conversion price effective March 11, 2020 (per share) $ 31.42 $ 12.43 $ 17.03 130% of the conversion price (per share) $ 40.85 $ 16.16 $ 22.14 Call date n/a November 20, 2020 May 20, 2021 The terms of the convertible senior debentures due 2040 and due 2041 are generally congruent. Prior to three months before the maturity date, the holders may convert their convertible senior debentures due 2040 and due 2041 only under the following circumstances: (1) during any fiscal quarter after the first full quarter subsequent to issuance, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the debentures falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; (3) Vishay calls any or all of the debentures for redemption, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. The convertible senior debentures due 2040 and due 2041 are not currently convertible. Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ending September 29, 2018, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the notes falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; or (3) upon the occurrence of specified corporate transactions. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible debt instruments effective as of the ex-dividend date of each cash dividend. The conversion rate and effective conversion price for the convertible senior notes due 2025 is adjusted for quarterly cash dividends to the extent such dividends exceed $0.085 per share of common stock. GAAP requires an issuer to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate when interest costs are recognized in subsequent periods. The resulting discount on the debt is amortized as non-cash interest expense in future periods. The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows: Principal amount of the debt instruments Unamortized discount Carrying value of liability component Equity component (including temporary equity) -net carrying value April 4, 2020 Convertible senior notes due 2025 $ 600,000 (87,255 ) $ 512,745 $ 85,262 Convertible senior debentures due 2040 and due 2041 $ 2,940 (1,763 ) $ 1,177 $ 1,216 Total $ 602,940 $ (89,018 ) $ 513,922 $ 86,478 December 31, 2019 Convertible senior notes due 2025 $ 600,000 (90,872 ) $ 509,128 $ 85,262 Convertible senior debentures due 2040 and due 2041 $ 17,190 (10,387 ) $ 6,803 $ 7,129 Total $ 617,190 $ (101,259 ) $ 515,931 $ 92,391 Interest is payable on the convertible debt instruments semi-annually at the cash coupon rate; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate equal to the Company’s estimated nonconvertible debt borrowing rate at the time of issuance. In addition to ordinary interest, contingent interest will accrue in certain circumstances relating to the trading price of the convertible senior debentures due 2040 and due 2041 and under certain other circumstances, beginning in 2020 and 2021, respectively. The convertible senior notes due 2025 do not possess contingent interest features. Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments April 4, 2020 Convertible senior notes due 2025 $ 3,375 3,617 454 $ 7,446 Convertible senior debentures $ 44 20 - $ 64 Total $ 3,419 $ 3,637 $ 454 $ 7,510 March 30, 2019 Convertible senior notes due 2025 $ 3,375 3,426 454 $ 7,255 Convertible senior debentures $ 148 64 (16 ) $ 196 Total $ 3,523 $ 3,490 $ 438 $ 7,451 Other non-cash interest expense includes amortization of deferred financing costs and changes in the value of embedded derivative liabilities. The Company used cash to repurchase $14,250 principal amount of convertible senior debentures due 2041 in the first fiscal quarter of 2020. The net carrying value of the debentures repurchased was $5,645. In accordance with the authoritative accounting guidance for convertible debentures, the aggregate repurchase payment of $19,926 was allocated between the liability ($9,837) and equity ($10,089) components of the convertible debentures, using the Company's nonconvertible debt borrowing rate at the time of the repurchase. As a result, the Company recognized a loss on extinguishment of convertible debentures of $2,920, including the write-off of unamortized debt issuance costs. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 04, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 7 – Revenue Recognition Sales returns and allowances accrual activity is shown below: Fiscal quarters ended April 4, 2020 March 30, 2019 Beginning balance $ 40,508 $ 42,663 Sales allowances 22,632 28,211 Credits issued (27,982 ) (33,062 ) Foreign currency (346 ) (235 ) Ending balance $ 34,812 $ 37,577 See disaggregated revenue information in Note 11. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 04, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8 – 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 Total Balance at January 1, 2020 $ (68,020 ) $ 41,374 $ (26,646 ) Other comprehensive income before reclassifications - (23,129 ) $ (23,129 ) Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - (23,129 ) $ (23,129 ) Amounts reclassified out of AOCI 2,223 - $ 2,223 Tax effect (622 ) - $ (622 ) Amounts reclassified out of AOCI, net of tax 1,601 - $ 1,601 Net other comprehensive income $ 1,601 $ (23,129 ) $ (21,528 ) Balance at April 4, 2020 $ (66,419 ) $ 18,245 $ (48,174 ) Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 9 for further information. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Apr. 04, 2020 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 9 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function. The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans: Fiscal quarter ended April 4, 2020 Fiscal quarter ended March 30, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 1,074 $ - $ 852 Interest cost 342 924 424 1,291 Expected return on plan assets - (495 ) - (490 ) Amortization of prior service cost 36 30 36 51 Amortization of losses 298 1,592 118 1,359 Curtailment and settlement losses - 229 - 505 Net periodic benefit cost $ 676 $ 3,354 $ 578 $ 3,568 Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans: Fiscal quarter ended April 4, 2020 Fiscal quarter ended March 30, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 28 $ 69 $ 35 $ 72 Interest cost 59 15 77 30 Amortization of losses (gains) 7 31 (32 ) 27 Net periodic benefit cost $ 94 $ 115 $ 80 $ 129 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 04, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 10 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended April 4, 2020 March 30, 2019 Restricted stock units $ 2,783 $ 3,359 Phantom stock units 215 177 Total $ 2,998 $ 3,536 The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes. The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 4, 2020 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 5,041 1.0 Phantom stock units - 0.0 Total $ 5,041 The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized. 2007 Stock Incentive Plan The Company’s 2007 Stock Incentive Program (the “2007 Program”), as amended and restated, permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. Restricted Stock Units RSU activity under the 2007 Program as of April 4, 2020 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2020 842 $ 17.93 Granted 272 18.30 Vested* (293 ) 15.52 Cancelled or forfeited - - Outstanding at April 4, 2020 821 $ 18.91 Expected to vest at April 4, 2020 808 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements . The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2021 141 - 141 January 1, 2022 174 - 174 January 1, 2023 152 - 152 Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company’s employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual’s termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. Phantom stock unit activity under the phantom stock plan as of April 4, 2020 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2020 183 Granted 10 $ 21.49 Dividend equivalents issued 1 Outstanding at April 4, 2020 194 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 04, 2020 | |
Segment Information [Abstract] | |
Segment Information | Note 11 – Segment Information Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, six reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality: ● Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power. ● Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. ● Optoelectronic components emit light, detect light, or do both. ● Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. ● Inductors use an internal magnetic field to change alternating current phase and resist alternating current. ● Capacitors store energy and discharge it when needed. The current six segment alignment reflects a change in reporting structure made during the fourth fiscal quarter of 2019. The fiscal period ended March 30, 2019 has been recast to separately present Resistors and Inductors. Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items (“segment operating income”). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company’s calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, the impact of the COVID-19 outbreak, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Corporate / Other* Total Fiscal quarter ended April 4, 2020 : Net revenues $ 116,893 $ 115,343 $ 54,179 $ 159,208 $ 73,785 $ 93,433 $ - $ 612,841 Gross profit $ 28,152 $ 19,518 $ 14,585 $ 44,773 $ 22,987 $ 20,355 $ (3,130 ) $ 147,240 Segment operating income $ 18,658 $ 14,422 $ 10,686 $ 38,885 $ 20,310 $ 15,070 $ (3,130 ) $ 114,901 Fiscal quarter ended March 30, 2019 : Net revenues $ 137,341 $ 167,840 $ 60,562 $ 188,831 $ 71,640 $ 118,945 $ - $ 745,159 Gross profit $ 36,059 $ 43,492 $ 16,017 $ 62,589 $ 23,280 $ 29,722 $ - $ 211,159 Segment operating income $ 26,678 $ 38,128 $ 11,710 $ 56,347 $ 20,640 $ 24,566 $ - $ 178,069 * Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 outbreak, which are reported as costs of products sold on the consolidated condensed statement of operations. Fiscal quarters ended April 4, 2020 March 30, 2019 Reconciliation: Segment Operating Income $ 114,901 $ 178,069 Impact of COVID-19 Outbreak on Selling, General, and Administrative Expenses (317 ) - Unallocated Selling, General, and Administrative Expenses (67,176 ) (70,334 ) Consolidated Operating Income $ 47,408 $ 107,735 Unallocated Other Income (Expense) (11,274 ) (7,787 ) Consolidated Income Before Taxes $ 36,134 $ 99,948 The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended April 4, 2020 March 30, 2019 Distributors $ 305,446 $ 411,560 OEMs 261,129 282,636 EMS companies 46,266 50,963 Total Revenue $ 612,841 $ 745,159 Net revenues were attributable to customers in the following regions: Fiscal quarters ended April 4, 2020 March 30, 2019 Asia $ 217,084 $ 259,726 Europe 233,052 278,899 Americas 162,705 206,534 Total Revenue $ 612,841 $ 745,159 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below: Fiscal quarters ended April 4, 2020 March 30, 2019 Industrial $ 215,111 $ 281,590 Automotive 201,943 214,786 Telecommunications 29,692 53,280 Computing 45,223 47,508 Consumer Products 20,553 34,049 Power Supplies 25,194 30,127 Military and Aerospace 43,935 47,561 Medical 31,190 36,258 Total revenue $ 612,841 $ 745,159 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 04, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended April 4, 2020 March 30, 2019 Numerator: Net earnings attributable to Vishay stockholders $ 27,219 $ 75,459 Denominator: Denominator for basic earnings per share: Weighted average shares 144,599 144,375 Outstanding phantom stock units 193 179 Adjusted weighted average shares - basic 144,792 144,554 Effect of dilutive securities: Convertible debt instruments 95 237 Restricted stock units 408 498 Dilutive potential common shares 503 735 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,295 145,289 Basic earnings per share attributable to Vishay stockholders $ 0.19 $ 0.52 Diluted earnings per share attributable to Vishay stockholders $ 0.19 $ 0.52 Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended April 4, 2020 March 30, 2019 Convertible debt instruments: Convertible senior notes due 2025 19,088 19,052 Convertible senior debentures due 2041 88 - Weighted average other 325 315 The Company’s convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The Company's convertible debt instruments are not currently convertible. In periods that the convertible debt instruments are not convertible, the certain conditions which could trigger conversion of the debt instruments have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of any of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the convertible instruments are included in the diluted earnings per share computation using the “treasury stock method” (similar to options and warrants) rather than the “if converted method” otherwise required for convertible debt. Under the “treasury stock method,” Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.43, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.03, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $31.42, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 04, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 13 – Fair Value Measurements The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company’s own assumptions. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 April 4, 2020 Assets: Assets held in rabbi trusts $ 48,137 $ 33,687 $ 14,450 $ - Available for sale securities $ 4,073 4,073 - - $ 52,210 $ 37,760 $ 14,450 $ - December 31, 2019 Assets: Assets held in rabbi trusts $ 52,148 $ 34,280 17,868 $ - Available for sale securities $ 4,405 4,405 - - $ 56,553 $ 38,685 $ 17,868 $ - As described in Note 6, the Company allocated the aggregate repurchase payment of convertible senior debentures between the associated liability and equity components of the repurchased convertible senior debentures based on a nonrecurring fair value measurement of the convertible senior debentures due 2041 immediately prior to the repurchase. The nonrecurring fair value measurement is considered a Level 3 measurement. See Note 6 for further information on the measurement and input. The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company holds investments in equity securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the period. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at April 4, 2020 and December 31, 2019 is approximately $574,800 and $632,200, respectively, compared to its carrying value, excluding the derivative liabilities and deferred financing costs, of $567,922 and $515,931, 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 April 4, 2020 and December 31, 2019, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet dates. The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. No no At April 4, 2020 and December 31, 2019, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets. The Company’s financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Basis of Presentation [Abstract] | |
Fiscal Period, Policy | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2020 ended on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively. The four fiscal quarters in 2019 ended on March 30, 2019, June 29, 2019, September 28, 2019, and December 31, 2019, respectively. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Payment terms for the Company's sales are generally less than ninety days. Substantially all of the Company's receivables are collected within twelve months of the transfer of products to the customer and the Company expects this to continue going forward. The credit loss 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. Receivables from customers with deteriorating financial condition and those over 180 days past due are removed from the pool and evaluated separately. The adoption of ASU 2016-13 on January 1, 2020 had no The Company’s cash equivalents, short-term investments, and restricted investments are accounted for as held-to-maturity debt instruments, at amortized cost. Interest income on these instruments is recorded as “Other income” on the consolidated condensed statements of operations and interest receivable is recognized as a separate asset and recorded in “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company has not experienced a credit loss on the principal or interest receivable of its cash equivalents, short-term investments, or restricted investments. The Company pools its cash equivalents, short-term investments, and restricted investments by credit rating of the issuing financial institution and estimates an allowance for credit losses based on the corporate bond default ratios, evaluation of the impact of current and projected economic conditions, and probability of credit loss. The Company recorded a cumulative-effect adjustment of $810 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. The Company does not measure an allowance for credit losses on interest receivable. Any uncollectible interest receivable will be recognized by reversing interest income within the fiscal quarter that the interest becomes uncollectible. The Company has an immaterial amount of other short-term held-to-maturity debt instruments recorded within “Prepaid expenses and other current assets” on the consolidated condensed balance sheets. The Company analyzes these assets on a separate asset basis and estimates an allowance for credit losses based on historical credit loss rates and an evaluation of the impact of current and projected economic conditions. The Company recorded a cumulative-effect adjustment of $260 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Leases (Policies)
Leases (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Leases [Abstract] | |
Leases | The Company leases buildings and machinery and equipment used for manufacturing and/or sales and administrative purposes. The Company is also party to various service, warehousing, and other agreements that it evaluates for potential embedded leases. The Company leases assets in each region in which it operates. No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant. |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Income Taxes [Abstract] | |
Effective Income Tax Rate Description | The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended April 4, 2020 and March 30, 2019 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. |
Stock-Based Compensation (Polic
Stock-Based Compensation (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Stock-Based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy | The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. |
Segment Information (Policies)
Segment Information (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Segment Information [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, six reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality: ● Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power. ● Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. ● Optoelectronic components emit light, detect light, or do both. ● Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. ● Inductors use an internal magnetic field to change alternating current phase and resist alternating current. ● Capacitors store energy and discharge it when needed. The current six segment alignment reflects a change in reporting structure made during the fourth fiscal quarter of 2019. The fiscal period ended March 30, 2019 has been recast to separately present Resistors and Inductors. Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items (“segment operating income”). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company’s calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, the impact of the COVID-19 outbreak, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Earnings Per Share [Abstract] | |
Discussion on convertible debt included in computation of earnings per share diluted | The Company’s convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The Company's convertible debt instruments are not currently convertible. In periods that the convertible debt instruments are not convertible, the certain conditions which could trigger conversion of the debt instruments have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of any of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the convertible instruments are included in the diluted earnings per share computation using the “treasury stock method” (similar to options and warrants) rather than the “if converted method” otherwise required for convertible debt. Under the “treasury stock method,” Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.43, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.03, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $31.42, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Apr. 04, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments, Policy | The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company’s own assumptions. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Leases [Abstract] | |
Right of Use Assets and Lease Liabilities | The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows: April 4, 2020 December 31, 2019 Right of use assets Operating Leases Buildings and improvements $ 94,353 $ 87,689 Machinery and equipment 5,153 5,473 Total $ 99,506 $ 93,162 Current lease liabilities Operating Leases Buildings and improvements $ 18,324 $ 17,410 Machinery and equipment 2,709 2,807 Total $ 21,033 $ 20,217 Long-term lease liabilities Operating Leases Buildings and improvements $ 81,036 $ 75,877 Machinery and equipment 2,404 2,634 Total $ 83,440 $ 78,511 Total lease liabilities $ 104,473 $ 98,728 |
Lease Expense | Lease expense is classified on the statement of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended April 4, 2020 March 30, 2019 Lease expense Operating lease expense $ 5,652 $ 5,536 Short-term lease expense 194 833 Variable lease expense 23 12 Total lease expense $ 5,869 $ 6,381 |
Undiscounted Future Lease Payments for Operating Lease Liabilities | The undiscounted future lease payments for the Company's operating lease liabilities are as follows: April 4, 2020 2020 (excluding the three fiscal months ended April 4, 2020) $ 16,499 2021 19,647 2022 16,044 2023 13,699 2024 12,640 Thereafter 57,162 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Expenses | The following table summarizes the activity to date related to this program: Expense recorded in 2019 $ 24,139 Cash paid (1,330 ) Foreign currency translation 35 Balance at December 31, 2019 $ 22,844 Cash paid (3,742 ) Foreign currency translation (307 ) Balance at April 4, 2020 $ 18,795 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Long-Term Debt [Abstract] | |
Long-term Debt Instruments | Long-term debt consists of the following: April 4, 2020 December 31, 2019 Credit facility $ 54,000 $ - Convertible senior notes, due 2025 512,745 509,128 Convertible senior debentures, due 2040 127 126 Convertible senior debentures, due 2041 1,050 6,677 Deferred financing costs (15,826 ) (16,784 ) 552,096 499,147 Less current portion - - $ 552,096 $ 499,147 |
Key Facts and Terms of the Convertible Debt Instruments | The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of April 4, 2020: Convertible Senior Notes Due 2025 Convertible Senior Debentures Due 2040 Convertible Senior Debentures Due 2041 Issuance date June 12, 2018 November 9, 2010 May 13, 2011 Maturity date June 15, 2025 November 15, 2040 May 15, 2041 Principal amount as of April 4, 2020 $ 600,000 $ 300 $ 2,640 Cash coupon rate (per annum) 2.25 % 2.25 % 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % 8.00 % 8.375 % Conversion rate effective March 11, 2020 (per $1 principal amount) 31.8278 80.4668 58.7205 Effective conversion price effective March 11, 2020 (per share) $ 31.42 $ 12.43 $ 17.03 130% of the conversion price (per share) $ 40.85 $ 16.16 $ 22.14 Call date n/a November 20, 2020 May 20, 2021 |
Liability and Equity of Component of Convertible Debt Instruments | The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows: Principal amount of the debt instruments Unamortized discount Carrying value of liability component Equity component (including temporary equity) -net carrying value April 4, 2020 Convertible senior notes due 2025 $ 600,000 (87,255 ) $ 512,745 $ 85,262 Convertible senior debentures due 2040 and due 2041 $ 2,940 (1,763 ) $ 1,177 $ 1,216 Total $ 602,940 $ (89,018 ) $ 513,922 $ 86,478 December 31, 2019 Convertible senior notes due 2025 $ 600,000 (90,872 ) $ 509,128 $ 85,262 Convertible senior debentures due 2040 and due 2041 $ 17,190 (10,387 ) $ 6,803 $ 7,129 Total $ 617,190 $ (101,259 ) $ 515,931 $ 92,391 |
Convertible Debt Instruments, Interest Expense | Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments April 4, 2020 Convertible senior notes due 2025 $ 3,375 3,617 454 $ 7,446 Convertible senior debentures $ 44 20 - $ 64 Total $ 3,419 $ 3,637 $ 454 $ 7,510 March 30, 2019 Convertible senior notes due 2025 $ 3,375 3,426 454 $ 7,255 Convertible senior debentures $ 148 64 (16 ) $ 196 Total $ 3,523 $ 3,490 $ 438 $ 7,451 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Revenue Recognition [Abstract] | |
Sales returns and allowances accrual activity | Sales returns and allowances accrual activity is shown below: Fiscal quarters ended April 4, 2020 March 30, 2019 Beginning balance $ 40,508 $ 42,663 Sales allowances 22,632 28,211 Credits issued (27,982 ) (33,062 ) Foreign currency (346 ) (235 ) Ending balance $ 34,812 $ 37,577 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) and Income Tax Effects Allocated | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Total Balance at January 1, 2020 $ (68,020 ) $ 41,374 $ (26,646 ) Other comprehensive income before reclassifications - (23,129 ) $ (23,129 ) Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - (23,129 ) $ (23,129 ) Amounts reclassified out of AOCI 2,223 - $ 2,223 Tax effect (622 ) - $ (622 ) Amounts reclassified out of AOCI, net of tax 1,601 - $ 1,601 Net other comprehensive income $ 1,601 $ (23,129 ) $ (21,528 ) Balance at April 4, 2020 $ (66,419 ) $ 18,245 $ (48,174 ) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans | The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans: Fiscal quarter ended April 4, 2020 Fiscal quarter ended March 30, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 1,074 $ - $ 852 Interest cost 342 924 424 1,291 Expected return on plan assets - (495 ) - (490 ) Amortization of prior service cost 36 30 36 51 Amortization of losses 298 1,592 118 1,359 Curtailment and settlement losses - 229 - 505 Net periodic benefit cost $ 676 $ 3,354 $ 578 $ 3,568 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans | The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans: Fiscal quarter ended April 4, 2020 Fiscal quarter ended March 30, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 28 $ 69 $ 35 $ 72 Interest cost 59 15 77 30 Amortization of losses (gains) 7 31 (32 ) 27 Net periodic benefit cost $ 94 $ 115 $ 80 $ 129 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Stock-Based Compensation [Abstract] | |
Summary of Recognized Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended April 4, 2020 March 30, 2019 Restricted stock units $ 2,783 $ 3,359 Phantom stock units 215 177 Total $ 2,998 $ 3,536 |
Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 4, 2020 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 5,041 1.0 Phantom stock units - 0.0 Total $ 5,041 |
RSU Activity | RSU activity under the 2007 Program as of April 4, 2020 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2020 842 $ 17.93 Granted 272 18.30 Vested* (293 ) 15.52 Cancelled or forfeited - - Outstanding at April 4, 2020 821 $ 18.91 Expected to vest at April 4, 2020 808 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements . |
RSUs with Performance-Based Vesting Criteria | The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2021 141 - 141 January 1, 2022 174 - 174 January 1, 2023 152 - 152 |
Phantom Stock Unit Activity Under the Phantom Stock Plan | Phantom stock unit activity under the phantom stock plan as of April 4, 2020 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2020 183 Granted 10 $ 21.49 Dividend equivalents issued 1 Outstanding at April 4, 2020 194 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Segment Information [Abstract] | |
Segment Reporting Information by Segment | The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Corporate / Other* Total Fiscal quarter ended April 4, 2020 : Net revenues $ 116,893 $ 115,343 $ 54,179 $ 159,208 $ 73,785 $ 93,433 $ - $ 612,841 Gross profit $ 28,152 $ 19,518 $ 14,585 $ 44,773 $ 22,987 $ 20,355 $ (3,130 ) $ 147,240 Segment operating income $ 18,658 $ 14,422 $ 10,686 $ 38,885 $ 20,310 $ 15,070 $ (3,130 ) $ 114,901 Fiscal quarter ended March 30, 2019 : Net revenues $ 137,341 $ 167,840 $ 60,562 $ 188,831 $ 71,640 $ 118,945 $ - $ 745,159 Gross profit $ 36,059 $ 43,492 $ 16,017 $ 62,589 $ 23,280 $ 29,722 $ - $ 211,159 Segment operating income $ 26,678 $ 38,128 $ 11,710 $ 56,347 $ 20,640 $ 24,566 $ - $ 178,069 * Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 outbreak, which are reported as costs of products sold on the consolidated condensed statement of operations. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Fiscal quarters ended April 4, 2020 March 30, 2019 Reconciliation: Segment Operating Income $ 114,901 $ 178,069 Impact of COVID-19 Outbreak on Selling, General, and Administrative Expenses (317 ) - Unallocated Selling, General, and Administrative Expenses (67,176 ) (70,334 ) Consolidated Operating Income $ 47,408 $ 107,735 Unallocated Other Income (Expense) (11,274 ) (7,787 ) Consolidated Income Before Taxes $ 36,134 $ 99,948 |
Disaggregation of Revenue | The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended April 4, 2020 March 30, 2019 Distributors $ 305,446 $ 411,560 OEMs 261,129 282,636 EMS companies 46,266 50,963 Total Revenue $ 612,841 $ 745,159 Net revenues were attributable to customers in the following regions: Fiscal quarters ended April 4, 2020 March 30, 2019 Asia $ 217,084 $ 259,726 Europe 233,052 278,899 Americas 162,705 206,534 Total Revenue $ 612,841 $ 745,159 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below: Fiscal quarters ended April 4, 2020 March 30, 2019 Industrial $ 215,111 $ 281,590 Automotive 201,943 214,786 Telecommunications 29,692 53,280 Computing 45,223 47,508 Consumer Products 20,553 34,049 Power Supplies 25,194 30,127 Military and Aerospace 43,935 47,561 Medical 31,190 36,258 Total revenue $ 612,841 $ 745,159 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended April 4, 2020 March 30, 2019 Numerator: Net earnings attributable to Vishay stockholders $ 27,219 $ 75,459 Denominator: Denominator for basic earnings per share: Weighted average shares 144,599 144,375 Outstanding phantom stock units 193 179 Adjusted weighted average shares - basic 144,792 144,554 Effect of dilutive securities: Convertible debt instruments 95 237 Restricted stock units 408 498 Dilutive potential common shares 503 735 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,295 145,289 Basic earnings per share attributable to Vishay stockholders $ 0.19 $ 0.52 Diluted earnings per share attributable to Vishay stockholders $ 0.19 $ 0.52 |
Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions | Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended April 4, 2020 March 30, 2019 Convertible debt instruments: Convertible senior notes due 2025 19,088 19,052 Convertible senior debentures due 2041 88 - Weighted average other 325 315 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 04, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 April 4, 2020 Assets: Assets held in rabbi trusts $ 48,137 $ 33,687 $ 14,450 $ - Available for sale securities $ 4,073 4,073 - - $ 52,210 $ 37,760 $ 14,450 $ - December 31, 2019 Assets: Assets held in rabbi trusts $ 52,148 $ 34,280 17,868 $ - Available for sale securities $ 4,405 4,405 - - $ 56,553 $ 38,685 $ 17,868 $ - |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | Dec. 31, 2019USD ($) |
ASU 2016-13 [Member] | |
Recently Adopted Accounting Guidance [Abstract] | |
Cumulative effect of accounting change for adoption of ASU | $ (1,070) |
Prepaid Expenses and Other Current Assets [Member] | |
Recently Adopted Accounting Guidance [Abstract] | |
Cumulative effect of accounting change for adoption of ASU | 260 |
Accounts Receivable [Member] | |
Recently Adopted Accounting Guidance [Abstract] | |
Cumulative effect of accounting change for adoption of ASU | 0 |
Cash equivalents, Short-term Investments, and Restricted Cash [Member] | |
Recently Adopted Accounting Guidance [Abstract] | |
Cumulative effect of accounting change for adoption of ASU | $ 810 |
Impact of Coronavirus Outbreak
Impact of Coronavirus Outbreak (Details) $ in Thousands | 3 Months Ended |
Apr. 04, 2020USD ($) | |
Impact of Coronavirus Outbreak [Abstract] | |
COVID-19 Impact on COGS | $ 3,130 |
COVID-19 Impact on SGA | $ 317 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | Dec. 31, 2019 | |
Assets and Liabilities [Abstract] | |||
Right of use assets | $ 99,506 | $ 93,162 | |
Current lease liabilities | 21,033 | 20,217 | |
Long-term lease liabilities | 83,440 | 78,511 | |
Total lease liabilities | 104,473 | 98,728 | |
Lease expense [Abstract] | |||
Operating lease expense | 5,652 | $ 5,536 | |
Short-term lease expense | 194 | 833 | |
Variable lease expense | 23 | 12 | |
Total lease expense | 5,869 | 6,381 | |
Cash paid for operating leases | $ 5,609 | $ 5,050 | |
Weighted-average remaining lease term - operating leases | 8 years 9 months 18 days | ||
Weighted-average discount rate - operating leases | 5.90% | ||
Undiscounted future lease payments for operating lease liabilities [Abstract] | |||
2020 | $ 16,499 | ||
2021 | 19,647 | ||
2022 | 16,044 | ||
2023 | 13,699 | ||
2024 | 12,640 | ||
Thereafter | 57,162 | ||
Building and Improvements [Member] | |||
Assets and Liabilities [Abstract] | |||
Right of use assets | 94,353 | 87,689 | |
Current lease liabilities | 18,324 | 17,410 | |
Long-term lease liabilities | 81,036 | 75,877 | |
Machinery and Equipment [Member] | |||
Assets and Liabilities [Abstract] | |||
Right of use assets | 5,153 | 5,473 | |
Current lease liabilities | 2,709 | 2,807 | |
Long-term lease liabilities | $ 2,404 | $ 2,634 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) - 2019 Global Cost Reduction and Management Rejuvenation Programs [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | $ 15,348 | |
Restructuring reserve, noncurrent | 3,447 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring and severance costs | $ 24,139 | |
Cash paid | (3,742) | (1,330) |
Foreign currency translation | (307) | 35 |
Balance at end of period | 18,795 | $ 22,844 |
Expected restructuring costs | $ 25,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Income Taxes [Abstract] | ||
Decrease in liabilities for unrecognized tax benefits | $ (1,264) | |
Income Tax Uncertainties [Abstract] | ||
Additional expected repatriation | 100,000 | |
Remeasurement of Repatriation Deferred Tax Liability [Member] | ||
Effect on Income Tax Expense (Benefit) [Line Items] | ||
Deferred other tax expense (benefit) | $ 585 | |
Remeasurement of Deferred Tax Liability Debt Extinguishment [Member] | ||
Effect on Income Tax Expense (Benefit) [Line Items] | ||
Deferred other tax expense (benefit) | $ 1,346 | $ 1,312 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020USD ($)$ / shares | Mar. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Instruments [Abstract] | |||
Credit facility | $ 54,000 | $ 0 | |
Deferred financing costs | (15,826) | (16,784) | |
Long-term debt | 552,096 | 499,147 | |
Less current portion | 0 | 0 | |
Long-term debt, less current portion | 552,096 | 499,147 | |
Interest expense [Abstract] | |||
Contractual coupon interest | 3,419 | $ 3,523 | |
Non-cash amortization of debt discount | 3,637 | 3,490 | |
Other Non-cash Interest Expense | 454 | 438 | |
Total interest expense related to the debentures | 7,510 | 7,451 | |
Purchase price of extinguished debt | 19,926 | ||
Allocated liability component of repurchased debt | 9,837 | ||
Allocated equity component of repurchased debt | 10,089 | ||
Loss on extinguishment of debt, including the write-off of portion of unamortized debt issuance costs | (2,920) | (1,307) | |
Convertible Senior Notes, Due 2025 [Member] | |||
Debt Instruments [Abstract] | |||
Convertible debt | $ 512,745 | 509,128 | |
Issuance date | Jun. 12, 2018 | ||
Debt maturity date | Jun. 15, 2025 | ||
Cash coupon rate | 2.25% | ||
Nonconvertible debt borrowing rate at issuance | 5.50% | ||
Effective conversion rate | 31.8278 | ||
Effective conversion price (in dollars per share) | $ / shares | $ 31.42 | ||
130% of the conversion price (in dollars per share) | $ / shares | $ 40.85 | ||
Debt instrument percentage of conversion price | 130.00% | ||
Debt instrument percentage of sales price of common stock | 98.00% | ||
Maximum threshold of quarterly cash dividends per share of common stock for not adjusting conversion rate of convertible notes | $ / shares | $ 0.085 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of debt | $ 600,000 | ||
Interest expense [Abstract] | |||
Contractual coupon interest | 3,375 | 3,375 | |
Non-cash amortization of debt discount | 3,617 | 3,426 | |
Other Non-cash Interest Expense | 454 | 454 | |
Total interest expense related to the debentures | 7,446 | 7,255 | |
Convertible Senior Debentures, Due 2040 [Member] | |||
Debt Instruments [Abstract] | |||
Convertible debt | $ 127 | 126 | |
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 | 80.4668 | ||
Effective conversion price (in dollars per share) | $ / shares | $ 12.43 | ||
130% of the conversion price (in dollars per share) | $ / shares | $ 16.16 | ||
Convertible senior debentures call date | Nov. 20, 2020 | ||
Conversion period before maturity date | 3 months | ||
Debt instrument percentage of conversion price | 130.00% | ||
Debt instrument percentage of sales price of common stock | 98.00% | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of debt | $ 300 | ||
Convertible Senior Debentures, Due 2041 [Member] | |||
Debt Instruments [Abstract] | |||
Convertible debt | $ 1,050 | 6,677 | |
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 | 58.7205 | ||
Effective conversion price (in dollars per share) | $ / shares | $ 17.03 | ||
130% of the conversion price (in dollars per share) | $ / shares | $ 22.14 | ||
Convertible senior debentures call date | May 20, 2021 | ||
Conversion period before maturity date | 3 months | ||
Debt instrument percentage of conversion price | 130.00% | ||
Debt instrument percentage of sales price of common stock | 98.00% | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of debt | $ 2,640 | ||
Interest expense [Abstract] | |||
Principal amount of repurchased debt | 14,250 | ||
Net carrying value of repurchased debt | 5,645 | ||
Convertible Senior Debentures [Member] | |||
Interest expense [Abstract] | |||
Contractual coupon interest | 44 | 148 | |
Non-cash amortization of debt discount | 20 | 64 | |
Other Non-cash Interest Expense | 0 | (16) | |
Total interest expense related to the debentures | 64 | $ 196 | |
Convertible Debt [Member] | |||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of debt | 602,940 | 617,190 | |
Unamortized discount | (89,018) | (101,259) | |
Carrying value of liability component | 513,922 | 515,931 | |
Equity component - net carrying value | 86,478 | 92,391 | |
Convertible Debt [Member] | Convertible Senior Notes, Due 2025 [Member] | |||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of debt | 600,000 | 600,000 | |
Unamortized discount | (87,255) | (90,872) | |
Carrying value of liability component | 512,745 | 509,128 | |
Equity component - net carrying value | 85,262 | 85,262 | |
Convertible Debt [Member] | Convertible Senior Debentures [Member] | |||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of debt | 2,940 | 17,190 | |
Unamortized discount | (1,763) | (10,387) | |
Carrying value of liability component | 1,177 | 6,803 | |
Equity component - net carrying value | $ 1,216 | $ 7,129 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Sales returns and allowances accrual activity [Roll Forward] | ||
Beginning balance | $ 40,508 | $ 42,663 |
Sales allowances | 22,632 | 28,211 |
Credits issued | (27,982) | (33,062) |
Foreign currency | (346) | (235) |
Ending balance | $ 34,812 | $ 37,577 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | $ (26,646) | |
Other comprehensive income before reclassifications | (23,129) | |
Tax effect | 0 | |
Other comprehensive income before reclassifications, net of tax | (23,129) | |
Amounts reclassified out of AOCI | 2,223 | |
Tax effect | (622) | |
Amounts reclassified out of AOCI, net of tax | 1,601 | |
Net other comprehensive income | (21,528) | $ (8,532) |
Ending Balance | (48,174) | |
Pension and Other Post-Retirement Actuarial Items [Member] | ||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | (68,020) | |
Other comprehensive income before reclassifications | 0 | |
Tax effect | 0 | |
Other comprehensive income before reclassifications, net of tax | 0 | |
Amounts reclassified out of AOCI | 2,223 | |
Tax effect | (622) | |
Amounts reclassified out of AOCI, net of tax | 1,601 | |
Net other comprehensive income | 1,601 | |
Ending Balance | (66,419) | |
Currency Translation Adjustment [Member] | ||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | 41,374 | |
Other comprehensive income before reclassifications | (23,129) | |
Tax effect | 0 | |
Other comprehensive income before reclassifications, net of tax | (23,129) | |
Amounts reclassified out of AOCI | 0 | |
Tax effect | 0 | |
Amounts reclassified out of AOCI, net of tax | 0 | |
Net other comprehensive income | (23,129) | |
Ending Balance | 18,245 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | (26,646) | |
Net other comprehensive income | (21,528) | $ (8,532) |
Ending Balance | $ (48,174) |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Defined Benefit Pension Plans [Member] | U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | $ 0 | $ 0 |
Interest cost | 342 | 424 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 36 | 36 |
Amortization of losses (gains) | 298 | 118 |
Curtailment and settlement losses | 0 | 0 |
Net periodic benefit cost | 676 | 578 |
Defined Benefit Pension Plans [Member] | Non-U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | 1,074 | 852 |
Interest cost | 924 | 1,291 |
Expected return on plan assets | (495) | (490) |
Amortization of prior service cost (credit) | 30 | 51 |
Amortization of losses (gains) | 1,592 | 1,359 |
Curtailment and settlement losses | 229 | 505 |
Net periodic benefit cost | 3,354 | 3,568 |
Other Postretirement Benefits [Member] | U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | 28 | 35 |
Interest cost | 59 | 77 |
Amortization of losses (gains) | 7 | (32) |
Net periodic benefit cost | 94 | 80 |
Other Postretirement Benefits [Member] | Non-U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | 69 | 72 |
Interest cost | 15 | 30 |
Amortization of losses (gains) | 31 | 27 |
Net periodic benefit cost | $ 115 | $ 129 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 04, 2020 | Mar. 30, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense recognized | $ 2,998 | $ 3,536 | |
Unrecognized Compensation Cost | $ 5,041 | ||
Expiration date of the 2007 stock incentive plan | May 20, 2024 | ||
Maximum number of shares granted under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and employee directors (in shares) | 6,500,000 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense recognized | $ 2,783 | 3,359 | |
Unrecognized Compensation Cost | $ 5,041 | ||
Weighted Average Remaining Amortization Periods | 1 year | ||
Number of units [Abstract] | |||
Outstanding (in shares) | 842,000 | ||
Granted (in shares) | 272,000 | ||
Vested (in shares) | [1] | (293,000) | |
Cancelled or forfeited (in shares) | 0 | ||
Outstanding (in shares) | 821,000 | ||
Expected to vest (in shares) | 808,000 | ||
Weighted Average Grant-date Fair Value per Unit [Abstract] | |||
Outstanding (in dollars per share) | $ 17.93 | ||
Granted (in dollars per share) | 18.30 | ||
Vested (in dollars per share) | [1] | 15.52 | |
Cancelled or forfeited (in dollars per share) | 0 | ||
Outstanding (in dollars per share) | $ 18.91 | ||
Phantom Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense recognized | $ 215 | $ 177 | |
Unrecognized Compensation Cost | $ 0 | ||
Weighted Average Remaining Amortization Periods | 0 years | ||
Number of units [Abstract] | |||
Outstanding (in shares) | 183,000 | ||
Granted (in shares) | 10,000 | ||
Dividend equivalents issued (in shares) | 1,000 | ||
Outstanding (in shares) | 194,000 | ||
Weighted Average Grant-date Fair Value per Unit [Abstract] | |||
Granted (in dollars per share) | $ 21.49 | ||
Scheduled to Vest January 1, 2021 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Number of units [Abstract] | |||
Outstanding (in shares) | 141,000 | ||
Expected to vest (in shares) | 141,000 | ||
Not expected to vest (in shares) | 0 | ||
Scheduled to Vest January 1, 2022 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Number of units [Abstract] | |||
Outstanding (in shares) | 174,000 | ||
Expected to vest (in shares) | 174,000 | ||
Not expected to vest (in shares) | 0 | ||
Scheduled to Vest January 1, 2023 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Number of units [Abstract] | |||
Outstanding (in shares) | 152,000 | ||
Expected to vest (in shares) | 152,000 | ||
Not expected to vest (in shares) | 0 | ||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |
Apr. 04, 2020USD ($)Segment | Mar. 30, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 6 | |
Net revenues | $ 612,841 | $ 745,159 |
Gross profit | 147,240 | 211,159 |
Unallocated Selling, General, and Administrative Expenses | (99,832) | (103,424) |
Operating income | 47,408 | 107,735 |
Unallocated Other Income (Expense) | (11,274) | (7,787) |
Consolidated Income Before Taxes | 36,134 | 99,948 |
Distributors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 305,446 | 411,560 |
OEMs [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 261,129 | 282,636 |
EMS Companies [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 46,266 | 50,963 |
Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 215,111 | 281,590 |
Automotive [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 201,943 | 214,786 |
Telecommunications [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 29,692 | 53,280 |
Computing [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 45,223 | 47,508 |
Consumer Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 20,553 | 34,049 |
Power Supplies [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 25,194 | 30,127 |
Military and Aerospace [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 43,935 | 47,561 |
Medical [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 31,190 | 36,258 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 217,084 | 259,726 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 233,052 | 278,899 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 162,705 | 206,534 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 114,901 | 178,069 |
Operating Segments [Member] | MOSFETS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 116,893 | 137,341 |
Gross profit | 28,152 | 36,059 |
Operating income | 18,658 | 26,678 |
Operating Segments [Member] | Diodes [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 115,343 | 167,840 |
Gross profit | 19,518 | 43,492 |
Operating income | 14,422 | 38,128 |
Operating Segments [Member] | Optoelectronic Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 54,179 | 60,562 |
Gross profit | 14,585 | 16,017 |
Operating income | 10,686 | 11,710 |
Operating Segments [Member] | Resistors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 159,208 | 188,831 |
Gross profit | 44,773 | 62,589 |
Operating income | 38,885 | 56,347 |
Operating Segments [Member] | Inductors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 73,785 | 71,640 |
Gross profit | 22,987 | 23,280 |
Operating income | 20,310 | 20,640 |
Operating Segments [Member] | Capacitors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 93,433 | 118,945 |
Gross profit | 20,355 | 29,722 |
Operating income | 15,070 | 24,566 |
Operating Segments [Member] | Corporate Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 0 | 0 |
Gross profit | (3,130) | 0 |
Operating income | (3,130) | 0 |
Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Impact of coronavirus outbreak | (317) | 0 |
Unallocated Selling, General, and Administrative Expenses | (67,176) | (70,334) |
Unallocated Other Income (Expense) | $ (11,274) | $ (7,787) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2020 | Mar. 30, 2019 | |
Numerator [Abstract] | ||
Net earnings attributable to Vishay stockholders | $ 27,219 | $ 75,459 |
Denominator [Abstract] | ||
Weighted average shares (in shares) | 144,599 | 144,375 |
Outstanding phantom stock units (in shares) | 193 | 179 |
Adjusted weighted average shares - basic (in shares) | 144,792 | 144,554 |
Effect of dilutive securities [Abstract] | ||
Convertible and exchangeable debt instruments (in shares) | 95 | 237 |
Restricted stock units (in shares) | 408 | 498 |
Dilutive potential common shares (in shares) | 503 | 735 |
Denominator for diluted earnings per share [Abstract] | ||
Adjusted weighted average shares - diluted (in shares) | 145,295 | 145,289 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.19 | $ 0.52 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.19 | $ 0.52 |
Convertible Senior Notes, Due 2025 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 19,088 | 19,052 |
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 31.42 | |
Convertible Senior Debentures, Due 2040 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 12.43 | |
Convertible Senior Debentures, Due 2041 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 88 | 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) | $ 17.03 | |
Weighted Average Other [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 325 | 315 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 04, 2020 | Dec. 31, 2019 | |
Assets [Abstract] | ||
Held-to-maturity Securities Transferred | $ 0 | $ 0 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 574,800 | 632,200 |
Carrying value of long-term debt, excluding derivative liabilities | 567,922 | 515,931 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 48,137 | 52,148 |
Available for sale securities | 4,073 | 4,405 |
Fair value assets | 52,210 | 56,553 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 33,687 | 34,280 |
Available for sale securities | 4,073 | 4,405 |
Fair value assets | 37,760 | 38,685 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 14,450 | 17,868 |
Available for sale securities | 0 | 0 |
Fair value assets | 14,450 | 17,868 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair value assets | $ 0 | $ 0 |