Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 03, 2020 | Oct. 30, 2020 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 3, 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 | Q3 | |
Entity Central Index Key | 0000103730 | |
Title of 12(b) Security | Common stock, par value $0.10 per share | |
Trading Symbol | VSH | |
Security Exchange Name | NYSE | |
Common stock, par value $0.10 per share [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 132,560,749 | |
Class B Convertible Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,097,409 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 682,422 | $ 694,133 |
Short-term investments | 29,538 | 108,822 |
Accounts receivable, net | 342,691 | 328,187 |
Inventories: | ||
Finished goods | 119,221 | 122,466 |
Work in process | 197,806 | 187,354 |
Raw materials | 123,176 | 121,860 |
Total inventories | 440,203 | 431,680 |
Prepaid expenses and other current assets | 120,490 | 141,294 |
Total current assets | 1,615,344 | 1,704,116 |
Property and equipment, at cost: | ||
Land | 75,335 | 75,011 |
Buildings and improvements | 619,228 | 585,064 |
Machinery and equipment | 2,678,629 | 2,606,355 |
Construction in progress | 78,059 | 110,722 |
Allowance for depreciation | (2,534,027) | (2,425,627) |
Property and equipment, net | 917,224 | 951,525 |
Right of use assets | 103,235 | 93,162 |
Goodwill | 157,406 | 150,642 |
Other intangible assets, net | 67,839 | 60,659 |
Other assets | 172,785 | 160,671 |
Total assets | 3,033,833 | 3,120,775 |
Current liabilities: | ||
Notes payable to banks | 4 | 2 |
Trade accounts payable | 159,016 | 173,915 |
Payroll and related expenses | 130,252 | 122,100 |
Lease liabilities | 21,924 | 20,217 |
Other accrued expenses | 169,379 | 186,463 |
Income taxes | 22,699 | 17,731 |
Total current liabilities | 503,274 | 520,428 |
Long-term debt less current portion | 392,290 | 499,147 |
U.S. transition tax payable | 125,438 | 140,196 |
Deferred income taxes | 8,670 | 22,021 |
Long-term lease liabilities | 86,043 | 78,511 |
Other liabilities | 101,191 | 100,207 |
Accrued pension and other postretirement costs | 277,758 | 272,402 |
Total liabilities | 1,494,664 | 1,632,912 |
Redeemable convertible debentures | 0 | 174 |
Vishay stockholders' equity | ||
Common stock | 13,256 | 13,235 |
Class B convertible common stock | 1,210 | 1,210 |
Capital in excess of par value | 1,410,335 | 1,425,170 |
Retained earnings | 115,184 | 72,180 |
Accumulated other comprehensive income (loss) | (3,340) | (26,646) |
Total Vishay stockholders' equity | 1,536,645 | 1,485,149 |
Noncontrolling interests | 2,524 | 2,540 |
Total equity | 1,539,169 | 1,487,689 |
Total liabilities, temporary equity, and equity | $ 3,033,833 | $ 3,120,775 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Consolidated Condensed Statements of Operations [Abstract] | ||||
Net revenues | $ 640,160 | $ 628,329 | $ 1,834,718 | $ 2,058,728 |
Costs of products sold | 488,451 | 478,250 | 1,405,099 | 1,522,889 |
Gross profit | 151,709 | 150,079 | 429,619 | 535,839 |
Selling, general, and administrative expenses | 90,219 | 91,796 | 279,178 | 290,332 |
Restructuring and severance costs | 0 | 7,255 | 743 | 7,255 |
Operating income | 61,490 | 51,028 | 149,698 | 238,252 |
Other income (expense): | ||||
Interest expense | (7,414) | (8,564) | (24,396) | (25,160) |
Other | (4,898) | 1,718 | (6,184) | 3,233 |
Loss on early extinguishment of debt | (3,454) | 0 | (7,520) | (1,307) |
Total other income (expense) | (15,766) | (6,846) | (38,100) | (23,234) |
Income before taxes | 45,724 | 44,182 | 111,598 | 215,018 |
Income tax expense | 12,063 | 13,917 | 25,658 | 64,377 |
Net earnings | 33,661 | 30,265 | 85,940 | 150,641 |
Less: net earnings attributable to noncontrolling interests | 177 | 227 | 584 | 667 |
Net earnings attributable to Vishay stockholders | $ 33,484 | $ 30,038 | $ 85,356 | $ 149,974 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.04 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.03 |
Weighted average shares outstanding - basic (in shares) | 144,854 | 144,628 | 144,831 | 144,602 |
Weighted average shares outstanding - diluted (in shares) | 145,197 | 145,027 | 145,221 | 145,114 |
Cash dividends per share (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.285 | $ 0.275 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings | $ 33,661 | $ 30,265 | $ 85,940 | $ 150,641 |
Other comprehensive income (loss), net of tax | ||||
Pension and other post-retirement actuarial items | 1,886 | 1,368 | 5,247 | 4,448 |
Foreign currency translation adjustment | 21,100 | (23,004) | 18,059 | (25,609) |
Other comprehensive income (loss) | 22,986 | (21,636) | 23,306 | (21,161) |
Comprehensive income | 56,647 | 8,629 | 109,246 | 129,480 |
Less: comprehensive income attributable to noncontrolling interests | 177 | 227 | 584 | 667 |
Comprehensive income attributable to Vishay stockholders | $ 56,470 | $ 8,402 | $ 108,662 | $ 128,813 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Operating activities | ||
Net earnings | $ 85,940 | $ 150,641 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 123,776 | 122,302 |
(Gain) loss on disposal of property and equipment | 257 | (168) |
Accretion of interest on convertible debt instruments | 10,232 | 10,558 |
Inventory write-offs for obsolescence | 17,891 | 19,214 |
Deferred income taxes | (1,142) | (4,481) |
Loss on extinguishment of debt | 7,520 | 1,307 |
Other | 3,188 | 9,029 |
Change in U.S. transition tax liability | (14,757) | (14,757) |
Change in repatriation tax liability | (16,258) | (38,814) |
Net change in operating assets and liabilities, net of effects of businesses acquired | (27,408) | (42,810) |
Net cash provided by operating activities | 189,239 | 212,021 |
Investing activities | ||
Capital expenditures | (70,801) | (100,267) |
Proceeds from sale of property and equipment | 293 | 486 |
Purchase of businesses, net of cash received | (25,852) | (11,862) |
Purchase of short-term investments | (157,177) | (59,440) |
Maturity of short-term investments | 241,016 | 79,765 |
Other investing activities | (529) | 4,021 |
Net cash provided by (used in) investing activities | (13,050) | (87,297) |
Financing activities | ||
Issuance costs | 0 | (5,394) |
Repurchase of convertible debt instruments | (148,177) | (22,695) |
Net changes in short-term borrowings | (110) | (12) |
Distributions to noncontrolling interests | (600) | (600) |
Cash withholding taxes paid when shares withheld for vested equity awards | (2,016) | (2,708) |
Net cash provided by (used in) financing activities | (192,130) | (71,132) |
Effect of exchange rate changes on cash and cash equivalents | 4,230 | (8,141) |
Net increase (decrease) in cash and cash equivalents | (11,711) | 45,451 |
Cash and cash equivalents at beginning of period | 694,133 | 686,032 |
Cash and cash equivalents at end of period | 682,422 | 731,483 |
Common Stock [Member] | ||
Financing activities | ||
Dividends paid to common stockholders | (37,779) | (36,396) |
Class B Convertible Common Stock [Member] | ||
Financing activities | ||
Dividends paid to common stockholders | $ (3,448) | $ (3,327) |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands | Capital In Excess of Par Value [Member] | Capital In Excess of Par Value [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total Vishay Stockholders' Equity [Member] | Total Vishay Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Class B Convertible Common Stock [Member] | Class B Convertible Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
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 | (12,292) | 0 | (12,277) | 0 | (12,277) | 0 | 0 | |||||||||
Dividends declared (APIC) | 15 | |||||||||||||||
Stock compensation expense | 3,536 | 0 | 0 | 3,536 | 0 | 3,536 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (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 | ||||||||
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 | 150,641 | |||||||||||||||
Other comprehensive income | (21,161) | |||||||||||||||
Balance at Period End at Sep. 28, 2019 | 1,427,049 | 71,956 | (27,952) | 1,485,498 | 2,353 | 1,487,851 | 13,235 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ 23,013 | $ 0 | $ 23,013 | $ 0 | $ 23,013 | $ 0 | $ 0 | ||||||||
Balance at Period Start at Mar. 30, 2019 | 1,425,101 | 24,922 | (15,323) | 1,449,144 | 2,468 | 1,451,612 | 13,234 | 1,210 | ||||||||
Net earnings | 0 | 44,477 | 0 | 44,477 | 258 | 44,735 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | 9,007 | 9,007 | 0 | 9,007 | 0 | 0 | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 | ||||||||
Temporary equity reclassification | 206 | 0 | 0 | 206 | 0 | 206 | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (50) | 0 | 0 | (49) | 0 | (49) | 1 | 0 | ||||||||
Dividends declared | (13,740) | 0 | (13,723) | 0 | (13,723) | 0 | 0 | |||||||||
Dividends declared (APIC) | 17 | |||||||||||||||
Stock compensation expense | 890 | 0 | 0 | 890 | 0 | 890 | 0 | 0 | ||||||||
Balance at Period End at Jun. 29, 2019 | 1,426,164 | 55,659 | (6,316) | 1,489,952 | 2,126 | 1,492,078 | 13,235 | 1,210 | ||||||||
Net earnings | 0 | 30,038 | 0 | 30,038 | 227 | 30,265 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | (21,636) | (21,636) | 0 | (21,636) | 0 | 0 | ||||||||
Dividends declared | (13,741) | 0 | (13,723) | 0 | (13,723) | 0 | 0 | |||||||||
Dividends declared (APIC) | 18 | |||||||||||||||
Stock compensation expense | 867 | 0 | 0 | 867 | 0 | 867 | 0 | 0 | ||||||||
Balance at Period End at Sep. 28, 2019 | 1,427,049 | 71,956 | (27,952) | 1,485,498 | 2,353 | 1,487,851 | 13,235 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | 72,180 | |||||||||||||||
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 | (13,759) | 0 | (13,741) | 0 | (13,741) | 0 | 0 | |||||||||
Dividends declared (APIC) | 18 | |||||||||||||||
Stock compensation expense | 2,998 | 0 | 0 | 2,998 | 0 | 2,998 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (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 | ||||||||
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 | 85,940 | |||||||||||||||
Other comprehensive income | 23,306 | |||||||||||||||
Balance at Period End at Oct. 03, 2020 | 1,410,335 | 115,184 | (3,340) | 1,536,645 | 2,524 | 1,539,169 | 13,256 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ 0 | ||||||||
Balance at Period Start at Apr. 04, 2020 | 1,416,260 | 84,570 | (48,174) | 1,467,121 | 2,705 | 1,469,826 | 13,255 | 1,210 | ||||||||
Net earnings | 0 | 24,653 | 0 | 24,653 | 242 | 24,895 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | 21,848 | 21,848 | 0 | 21,848 | 0 | 0 | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (26) | 0 | 0 | (25) | 0 | (25) | 1 | 0 | ||||||||
Dividends declared | (13,761) | 0 | (13,743) | 0 | (13,743) | 0 | 0 | |||||||||
Dividends declared (APIC) | 18 | |||||||||||||||
Stock compensation expense | 875 | 0 | 0 | 875 | 0 | 875 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (4,352) | 0 | 0 | (4,352) | 0 | (4,352) | 0 | 0 | ||||||||
Balance at Period End at Jul. 04, 2020 | 1,412,775 | 95,462 | (26,326) | 1,496,377 | 2,347 | 1,498,724 | 13,256 | 1,210 | ||||||||
Net earnings | 0 | 33,484 | 0 | 33,484 | 177 | 33,661 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | 22,986 | 22,986 | 0 | 22,986 | 0 | 0 | ||||||||
Dividends declared | (13,762) | 0 | (13,743) | 0 | (13,743) | 0 | 0 | |||||||||
Dividends declared (APIC) | 19 | |||||||||||||||
Stock compensation expense | 732 | 0 | 0 | 732 | 0 | 732 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (3,191) | 0 | 0 | (3,191) | 0 | (3,191) | 0 | 0 | ||||||||
Balance at Period End at Oct. 03, 2020 | $ 1,410,335 | $ 115,184 | $ (3,340) | $ 1,536,645 | $ 2,524 | 1,539,169 | $ 13,256 | $ 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 115,184 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jul. 04, 2020 | Apr. 04, 2020 | Jun. 29, 2019 | Mar. 30, 2019 | |
Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | ||||
Conversion of Class B shares (in shares) | 18 | |||
Restricted stock issuances (in shares) | 13,141 | 199,251 | 9,906 | 220,718 |
Dividends declared (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.085 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 03, 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 nine fiscal months ended October 3, 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 end 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 material impact on the Company’s allowance for accounts receivable credit losses. 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 $260 to January 1, 2020 retained earnings to recognize an allowance for credit losses for these financial instruments upon the adoption of ASU 2016-13. Recently Issued Accounting Guidance In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Impact of Coronavirus Outbreak
Impact of Coronavirus Outbreak | 9 Months Ended |
Oct. 03, 2020 | |
Impact of Coronavirus Outbreak [Abstract] | |
Impact of Coronavirus Outbreak | Note 2 – Impact of Coronavirus Outbreak The Company's operations have been impacted by the coronavirus ("COVID-19") outbreak. Some manufacturing facilities were temporarily closed and some are operating at levels less than full capacity. The Company has incurred incremental costs separable from normal operations that are directly related to the outbreak and containment efforts, primarily , which were partially offset by government subsidies. The net impact of the costs and subsidies are reported as cost of products sold ($ and $ ) and selling, general, and administrative benefits of ($ and $ ) based on employee function on the consolidated condensed statements of operations for the fiscal quarter and nine fiscal months ended October 3, 2020, respectively. 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 | 9 Months Ended |
Oct. 03, 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: October 3, 2020 December 31, 2019 Right of use assets Operating Leases Buildings and improvements $ 98,227 $ 87,689 Machinery and equipment 5,008 5,473 Total $ 103,235 $ 93,162 Current lease liabilities Operating Leases Buildings and improvements $ 19,237 $ 17,410 Machinery and equipment 2,687 2,807 Total $ 21,924 $ 20,217 Long-term lease liabilities Operating Leases Buildings and improvements $ 83,742 $ 75,877 Machinery and equipment 2,301 2,634 Total $ 86,043 $ 78,511 Total lease liabilities $ 107,967 $ 98,728 Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Lease expense Operating lease expense $ 5,898 $ 5,557 $ 17,310 $ 16,720 Short-term lease expense 260 361 679 2,013 Variable lease expense 11 9 40 30 Total lease expense $ 6,169 $ 5,927 $ 18,029 $ 18,763 The Company paid $18,703 and $16,023 for its operating leases in the nine fiscal months ended October 3, 2020 and September 28, 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 8.9 years and the weighted-average discount rate is 5.9% as of October 3, 2020. The undiscounted future lease payments for the Company's operating lease liabilities are as follows: October 3, 2020 2020 (excluding the nine fiscal months ended October 3, 2020) $ 5,770 2021 21,720 2022 18,320 2023 15,020 2024 13,728 Thereafter 65,738 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. |
Acquisitions
Acquisitions | 9 Months Ended |
Oct. 03, 2020 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 4 – Acquisition Activities As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise. On , the Company acquired t $ , subject to customary post-closing adjustments. Based on its preliminary estimate of their fair values, the Company allocated $ of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on a preliminary estimation of their fair values at the date of acquisition, the Company recorded goodwill of $ related to this acquisition. The results and operations of this acquisition have been included in the Resistors segment since October 1, 2020. The inclusion of this acquisition did not have a material impact on the Company's consolidated results for the fiscal quarter and nine fiscal months ended October 3, 2020. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. The purchase price allocation is preliminary pending finalization of a working capital adjustment. Had this acquisition occurred as of the beginning of the periods presented in these consolidated condensed financial statements, the pro forma statements of operations would not be materially different than the consolidated condensed statements of operations presented. The remaining fluctuation in the goodwill account balance is due to foreign currency translation. |
Restructuring and Related Activ
Restructuring and Related Activities | 9 Months Ended |
Oct. 03, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 5 – 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 has incurred charges totalling $24,882, primarily related to cash severance costs, to implement these programs. The Company expects these cost reductions to be fully achieved by December 2020. All participants in the program are now identified. 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 Expense recorded in 2020 743 Cash paid (8,422 ) Foreign currency translation 655 Balance at October 3, 2020 $ 15,820 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 $12,425 and is included in other accrued expenses on the consolidated condensed balance sheet. The non-current portion of the liability is $3,395 and is included in other liabilities on the consolidated condensed balance sheet. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 6 – 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 October 3, 2020 and September 28, 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. During the second fiscal quarter of 2020, the Company repatriated $104,091 to the United States, and paid withholding and foreign taxes of $16,258, which completes the cash repatriation program that the Company initiated in 2017 in response to the Tax Cuts and Jobs Act enacted in the United States. Substantially all of these amounts were used to repay certain indebtedness. The Company repurchased a portion of outstanding convertible notes and debentures in the fiscal quarter and nine fiscal months ended October 3, 2020 (see Note 7). The Company recognized tax benefits on the pre-tax loss on early extinguishment of debt. The Company also recognized tax benefits of $1,346 in the nine fiscal months ended October 3, 2020, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures. During the nine fiscal months ended October 3, 2020, the liabilities for unrecognized tax benefits decreased by $2,621 on a net basis, primarily due to settlement of an audit and the expiration of a statute, partially offset by accruals for current year tax positions and interest. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 03, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 7 – Long-Term Debt Long-term debt consists of the following: October 3, 2020 December 31, 2019 Credit facility $ - $ - Convertible senior notes, due 2025 403,345 509,128 Convertible senior debentures, due 2040 129 126 Convertible senior debentures, due 2041 1,065 6,677 Deferred financing costs (12,249 ) (16,784 ) 392,290 499,147 Less current portion - - $ 392,290 $ 499,147 The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of October 3, 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 October 3, 2020 $ 465,344 $ 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 September 10, 2020 (per $1 principal amount) 31.8674 81.4200 59.4161 Effective conversion price effective September 10, 2020 (per share) $ 31.38 $ 12.28 $ 16.83 130% of the conversion price (per share) $ 40.79 $ 15.96 $ 21.88 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 convertible senior notes due 2025 are not currently convertible. Vishay may not redeem the convertible senior debentures prior to the respective call dates. On or after the call date and prior to the maturity date, Vishay may redeem for cash all or part of the debentures at a redemption price equal to 100% of the principal amount of the debentures to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of Vishay’s common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period prior to the date on which Vishay provides notice of redemption. 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 October 3, 2020 Convertible senior notes due 2025 $ 465,344 (61,999 ) $ 403,345 $ 66,127 Convertible senior debentures due 2040 and due 2041 $ 2,940 (1,746 ) $ 1,194 $ 1,216 Total $ 468,284 $ (63,745 ) $ 404,539 $ 67,343 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 October 3, 2020 Convertible senior notes due 2025 $ 2,839 3,099 382 $ 6,320 Convertible senior debentures $ 16 8 - $ 24 Total $ 2,855 $ 3,107 $ 382 $ 6,344 September 28, 2019 Convertible senior notes due 2025 $ 3,375 3,520 454 $ 7,349 Convertible senior debentures $ 118 53 (8 ) $ 163 Total $ 3,493 $ 3,573 $ 446 $ 7,512 Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the nine fiscal months ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments October 3, 2020 Convertible senior notes due 2025 $ 9,480 10,195 1,271 $ 20,946 Convertible senior debentures $ 76 37 - $ 113 Total $ 9,556 $ 10,232 $ 1,271 $ 21,059 September 28, 2019 Convertible senior notes due 2025 $ 10,125 10,388 1,362 $ 21,875 Convertible senior debentures $ 385 170 (26 ) $ 529 Total $ 10,510 $ 10,558 $ 1,336 $ 22,404 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 $58,886 and $134,656 principal amount of convertible senior notes due 2025 in the fiscal quarter and nine fiscal months ending October 3, 2020, respectively. The net carrying value of the debentures repurchased was $50,922 and $115,978, respectively. In accordance with the authoritative accounting guidance for convertible debt, the aggregate repurchase payments in the fiscal quarter and nine fiscal months ending October 3, 2020 of $57,652 and $128,328, respectively, were allocated between the liability ($53,531 and $118,587, respectively) and equity ($4,121 and $9,741, respectively) components of the convertible notes, using the Company's nonconvertible debt borrowing rate at the time of the repurchases. As a result, the Company recognized losses on extinguishment of convertible notes of $3,454 and $4,600, including the write-off of unamortized debt issuance costs in the fiscal quarter and nine fiscal months ended October 3, 2020, respectively. 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. The aggregate repurchase payment of $19,849 was allocated between the liability ($8,452) and equity ($11,397) 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 in the first fiscal quarter of 2020. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Oct. 03, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 8 – Revenue Recognition Sales returns and allowances accrual activity is shown below: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Beginning balance $ 39,432 $ 44,382 $ 40,508 $ 42,663 Sales allowances 22,190 26,403 64,046 83,517 Credits issued (27,610 ) (34,937 ) (70,583 ) (90,269 ) Foreign currency 534 (449 ) 575 (512 ) Ending balance $ 34,546 $ 35,399 $ 34,546 $ 35,399 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Oct. 03, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9 – 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 - 18,059 $ 18,059 Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - 18,059 $ 18,059 Amounts reclassified out of AOCI 6,835 - $ 6,835 Tax effect (1,588 ) - $ (1,588 ) Amounts reclassified out of AOCI, net of tax 5,247 - $ 5,247 Net other comprehensive income $ 5,247 $ 18,059 $ 23,306 Balance at October 3, 2020 $ (62,773 ) $ 59,433 $ (3,340 ) Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 10 for further information. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 9 Months Ended |
Oct. 03, 2020 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 10 – 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 third fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans: Fiscal quarter ended October 3, 2020 Fiscal quarter ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 1,115 $ - $ 841 Interest cost 342 961 424 1,271 Expected return on plan assets - (504 ) - (483 ) Amortization of prior service cost 36 31 36 49 Amortization of losses 298 1,671 118 1,332 Curtailment and settlement losses - 317 - 499 Net periodic benefit cost $ 676 $ 3,591 $ 578 $ 3,509 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s defined benefit pension plans: Nine fiscal months ended October 3, 2020 Nine fiscal months ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 3,260 $ - $ 2,538 Interest cost 1,025 2,804 1,272 3,843 Expected return on plan assets - (1,490 ) - (1,462 ) Amortization of prior service cost 108 91 108 150 Amortization of losses 893 4,851 354 4,035 Curtailment and settlement losses - 777 - 1,504 Net periodic benefit cost $ 2,026 $ 10,293 $ 1,734 $ 10,608 Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans: Fiscal quarter ended October 3, 2020 Fiscal quarter ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 28 $ 73 $ 36 $ 71 Interest cost 59 16 77 30 Amortization of losses (gains) 7 33 (32 ) 27 Net periodic benefit cost $ 94 $ 122 $ 81 $ 128 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s other postretirement benefit plans: Nine fiscal months ended October 3, 2020 Nine fiscal months ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 84 $ 210 $ 106 $ 215 Interest cost 177 47 232 90 Amortization of losses (gains) 20 95 (96 ) 81 Net periodic benefit cost $ 281 $ 352 $ 242 $ 386 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 03, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 11 – 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Restricted stock units $ 732 $ 867 $ 4,390 5,116 Phantom stock units - - 215 177 Total $ 732 $ 867 $ 4,605 5,293 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 October 3, 2020 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 3,430 0.9 Phantom stock units - n/a Total $ 3,430 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 October 3, 2020 and changes during the nine 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* (308 ) 15.70 Cancelled or forfeited (13 ) 19.06 Outstanding at October 3, 2020 793 $ 18.90 Expected to vest at October 3, 2020 793 * 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 October 3, 2020 and changes during the nine 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 4 Outstanding at October 3, 2020 197 |
Segment Information
Segment Information | 9 Months Ended |
Oct. 03, 2020 | |
Segment Information [Abstract] | |
Segment Information | Note 12 – 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 periods ended September 28, 2019 have 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 direct 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 October 3, 2020 : Net revenues $ 133,976 $ 123,744 $ 64,955 $ 145,362 $ 79,399 $ 92,724 $ - $ 640,160 Gross profit $ 29,649 $ 20,843 $ 21,289 $ 35,186 $ 26,597 $ 18,387 $ (242 ) $ 151,709 Segment operating income $ 20,148 $ 15,828 $ 17,184 $ 30,127 $ 24,106 $ 13,703 $ (242 ) $ 120,854 Fiscal quarter ended September 28, 2019 : Net revenues $ 126,747 $ 123,879 $ 50,702 $ 155,119 $ 73,458 $ 98,424 $ - $ 628,329 Gross profit $ 30,491 $ 21,138 $ 10,883 $ 42,444 $ 23,450 $ 21,673 $ - $ 150,079 Segment operating income $ 21,018 $ 16,420 $ 6,923 $ 36,900 $ 20,797 $ 16,675 $ - $ 118,733 Nine fiscal months ended October 3, 2020 : Net revenues $ 369,813 $ 363,274 $ 168,264 $ 444,982 $ 218,369 $ 270,016 $ - $ 1,834,718 Gross Profit $ 84,779 $ 65,265 $ 47,602 $ 112,472 $ 69,836 $ 53,960 $ (4,295 ) $ 429,619 Segment Operating Income $ 56,408 $ 50,064 $ 35,818 $ 96,891 $ 62,129 $ 39,297 $ (4,295 ) $ 336,312 Nine fiscal months ended September 28, 2019 : Net revenues $ 392,930 $ 433,761 $ 171,939 $ 509,309 $ 222,122 $ 328,667 $ - $ 2,058,728 Gross Profit $ 98,483 $ 93,487 $ 43,131 $ 151,910 $ 71,268 $ 77,560 $ - $ 535,839 Segment Operating Income $ 70,237 $ 78,558 $ 30,655 $ 134,914 $ 63,213 $ 62,402 $ - $ 439,979 * Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Reconciliation: Segment Operating Income $ 120,854 $ 118,733 $ 336,312 $ 439,979 Restructuring and Severance Costs - (7,255 ) (743 ) (7,255 ) Impact of COVID-19 on Selling, General, and Administrative Expenses 441 - 871 - Unallocated Selling, General, and Administrative Expenses (59,805 ) (60,450 ) (186,742 ) (194,472 ) Consolidated Operating Income $ 61,490 $ 51,028 $ 149,698 $ 238,252 Unallocated Other Income (Expense) (15,766 ) (6,846 ) (38,100 ) (23,234 ) Consolidated Income Before Taxes $ 45,724 $ 44,182 $ 111,598 $ 215,018 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Distributors $ 325,695 $ 317,385 $ 980,703 $ 1,097,365 OEMs 273,664 263,983 725,592 815,645 EMS companies 40,801 46,961 128,423 145,718 Total Revenue $ 640,160 $ 628,329 $ 1,834,718 $ 2,058,728 Net revenues were attributable to customers in the following regions: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Asia $ 270,451 $ 231,999 $ 748,160 $ 737,918 Europe 213,296 231,677 626,276 765,318 Americas 156,413 164,653 460,282 555,492 Total Revenue $ 640,160 $ 628,329 $ 1,834,718 $ 2,058,728 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Industrial $ 209,473 $ 205,670 $ 651,461 $ 738,043 Automotive 216,641 212,222 552,418 627,588 Telecommunications 27,845 34,409 91,033 132,251 Computing 51,032 47,923 151,974 143,675 Consumer Products 33,353 23,401 76,477 87,936 Power Supplies 29,112 31,103 86,482 90,704 Military and Aerospace 40,582 41,872 125,968 137,281 Medical 32,122 31,729 98,905 101,250 Total revenue $ 640,160 $ 628,329 $ 1,834,718 $ 2,058,728 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 03, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 – 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Numerator: Net earnings attributable to Vishay stockholders $ 33,484 $ 30,038 $ 85,356 $ 149,974 Denominator: Denominator for basic earnings per share: Weighted average shares 144,658 144,446 144,636 144,421 Outstanding phantom stock units 196 182 195 181 Adjusted weighted average shares 144,854 144,628 144,831 144,602 Effect of dilutive securities: Convertible debt instruments 5 6 35 89 Restricted stock units 338 393 355 423 Dilutive potential common shares 343 399 390 512 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,197 145,027 145,221 145,114 Basic earnings per share attributable to Vishay stockholders $ 0.23 $ 0.21 $ 0.59 $ 1.04 Diluted earnings per share attributable to Vishay stockholders $ 0.23 $ 0.21 $ 0.59 $ 1.03 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Convertible debt instruments: Convertible Senior Notes, due 2025 16,009 19,066 17,806 19,058 Convertible Senior Debentures, due 2041 156 1,204 133 401 Weighted average other 325 315 346 315 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 $12.28, 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 $16.83, 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 $31.38, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 03, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 14 – 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 October 3, 2020 Assets: Assets held in rabbi trusts $ 54,972 $ 37,029 $ 17,943 $ - Available for sale securities $ 4,643 4,643 - - $ 59,615 $ 41,672 $ 17,943 $ - 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 7, the Company allocated the aggregate repurchase payment of convertible senior debt instruments between the associated liability and equity components of the repurchased convertible senior debt instruments based on a nonrecurring fair value measurement of the convertible senior debt instruments immediately prior to the repurchase. The nonrecurring fair value measurement is considered a Level 3 measurement. See Note 7 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 Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $100,000 as of October 3, 2020. The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statement of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierarchy. The value of the forward contracts was immaterial as of October 3, 2020. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at October 3, 2020 and December 31, 2019 is approximately $460,500 and $632,200, respectively, compared to its carrying value, excluding the derivative liabilities and deferred financing costs, of $404,539 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 October 3, 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 other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. There have been no transfers to or from the held-to-maturity classification. All decreases in the account balance are due to returns of principal at the securities’ maturity dates. Interest on the securities is recognized as interest income when earned. At October 3, 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) | 9 Months Ended |
Oct. 03, 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 end 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 material impact on the Company’s allowance for accounts receivable credit losses. 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. Recently Issued Accounting Guidance In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Leases (Policies)
Leases (Policies) | 9 Months Ended |
Oct. 03, 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) | 9 Months Ended |
Oct. 03, 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 October 3, 2020 and September 28, 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) | 9 Months Ended |
Oct. 03, 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) | 9 Months Ended |
Oct. 03, 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 periods ended September 28, 2019 have 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 direct 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) | 9 Months Ended |
Oct. 03, 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 $12.28, 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 $16.83, 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 $31.38, 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) | 9 Months Ended |
Oct. 03, 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) | 9 Months Ended |
Oct. 03, 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: October 3, 2020 December 31, 2019 Right of use assets Operating Leases Buildings and improvements $ 98,227 $ 87,689 Machinery and equipment 5,008 5,473 Total $ 103,235 $ 93,162 Current lease liabilities Operating Leases Buildings and improvements $ 19,237 $ 17,410 Machinery and equipment 2,687 2,807 Total $ 21,924 $ 20,217 Long-term lease liabilities Operating Leases Buildings and improvements $ 83,742 $ 75,877 Machinery and equipment 2,301 2,634 Total $ 86,043 $ 78,511 Total lease liabilities $ 107,967 $ 98,728 |
Lease Expense | Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Lease expense Operating lease expense $ 5,898 $ 5,557 $ 17,310 $ 16,720 Short-term lease expense 260 361 679 2,013 Variable lease expense 11 9 40 30 Total lease expense $ 6,169 $ 5,927 $ 18,029 $ 18,763 |
Undiscounted Future Lease Payments for Operating Lease Liabilities | The undiscounted future lease payments for the Company's operating lease liabilities are as follows: October 3, 2020 2020 (excluding the nine fiscal months ended October 3, 2020) $ 5,770 2021 21,720 2022 18,320 2023 15,020 2024 13,728 Thereafter 65,738 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 9 Months Ended |
Oct. 03, 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 Expense recorded in 2020 743 Cash paid (8,422 ) Foreign currency translation 655 Balance at October 3, 2020 $ 15,820 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Long-Term Debt [Abstract] | |
Long-term Debt Instruments | Long-term debt consists of the following: October 3, 2020 December 31, 2019 Credit facility $ - $ - Convertible senior notes, due 2025 403,345 509,128 Convertible senior debentures, due 2040 129 126 Convertible senior debentures, due 2041 1,065 6,677 Deferred financing costs (12,249 ) (16,784 ) 392,290 499,147 Less current portion - - $ 392,290 $ 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 October 3, 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 October 3, 2020 $ 465,344 $ 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 September 10, 2020 (per $1 principal amount) 31.8674 81.4200 59.4161 Effective conversion price effective September 10, 2020 (per share) $ 31.38 $ 12.28 $ 16.83 130% of the conversion price (per share) $ 40.79 $ 15.96 $ 21.88 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 October 3, 2020 Convertible senior notes due 2025 $ 465,344 (61,999 ) $ 403,345 $ 66,127 Convertible senior debentures due 2040 and due 2041 $ 2,940 (1,746 ) $ 1,194 $ 1,216 Total $ 468,284 $ (63,745 ) $ 404,539 $ 67,343 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 October 3, 2020 Convertible senior notes due 2025 $ 2,839 3,099 382 $ 6,320 Convertible senior debentures $ 16 8 - $ 24 Total $ 2,855 $ 3,107 $ 382 $ 6,344 September 28, 2019 Convertible senior notes due 2025 $ 3,375 3,520 454 $ 7,349 Convertible senior debentures $ 118 53 (8 ) $ 163 Total $ 3,493 $ 3,573 $ 446 $ 7,512 Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the nine fiscal months ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments October 3, 2020 Convertible senior notes due 2025 $ 9,480 10,195 1,271 $ 20,946 Convertible senior debentures $ 76 37 - $ 113 Total $ 9,556 $ 10,232 $ 1,271 $ 21,059 September 28, 2019 Convertible senior notes due 2025 $ 10,125 10,388 1,362 $ 21,875 Convertible senior debentures $ 385 170 (26 ) $ 529 Total $ 10,510 $ 10,558 $ 1,336 $ 22,404 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Revenue Recognition [Abstract] | |
Sales returns and allowances accrual activity | Sales returns and allowances accrual activity is shown below: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Beginning balance $ 39,432 $ 44,382 $ 40,508 $ 42,663 Sales allowances 22,190 26,403 64,046 83,517 Credits issued (27,610 ) (34,937 ) (70,583 ) (90,269 ) Foreign currency 534 (449 ) 575 (512 ) Ending balance $ 34,546 $ 35,399 $ 34,546 $ 35,399 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Oct. 03, 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 - 18,059 $ 18,059 Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - 18,059 $ 18,059 Amounts reclassified out of AOCI 6,835 - $ 6,835 Tax effect (1,588 ) - $ (1,588 ) Amounts reclassified out of AOCI, net of tax 5,247 - $ 5,247 Net other comprehensive income $ 5,247 $ 18,059 $ 23,306 Balance at October 3, 2020 $ (62,773 ) $ 59,433 $ (3,340 ) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Oct. 03, 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 third fiscal quarters of 2020 and 2019 for the Company’s defined benefit pension plans: Fiscal quarter ended October 3, 2020 Fiscal quarter ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 1,115 $ - $ 841 Interest cost 342 961 424 1,271 Expected return on plan assets - (504 ) - (483 ) Amortization of prior service cost 36 31 36 49 Amortization of losses 298 1,671 118 1,332 Curtailment and settlement losses - 317 - 499 Net periodic benefit cost $ 676 $ 3,591 $ 578 $ 3,509 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s defined benefit pension plans: Nine fiscal months ended October 3, 2020 Nine fiscal months ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 3,260 $ - $ 2,538 Interest cost 1,025 2,804 1,272 3,843 Expected return on plan assets - (1,490 ) - (1,462 ) Amortization of prior service cost 108 91 108 150 Amortization of losses 893 4,851 354 4,035 Curtailment and settlement losses - 777 - 1,504 Net periodic benefit cost $ 2,026 $ 10,293 $ 1,734 $ 10,608 |
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 third fiscal quarters of 2020 and 2019 for the Company’s other postretirement benefit plans: Fiscal quarter ended October 3, 2020 Fiscal quarter ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 28 $ 73 $ 36 $ 71 Interest cost 59 16 77 30 Amortization of losses (gains) 7 33 (32 ) 27 Net periodic benefit cost $ 94 $ 122 $ 81 $ 128 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2020 and September 28, 2019 for the Company’s other postretirement benefit plans: Nine fiscal months ended October 3, 2020 Nine fiscal months ended September 28, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 84 $ 210 $ 106 $ 215 Interest cost 177 47 232 90 Amortization of losses (gains) 20 95 (96 ) 81 Net periodic benefit cost $ 281 $ 352 $ 242 $ 386 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Stock-Based Compensation [Abstract] | |
Summary of Recognized Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Restricted stock units $ 732 $ 867 $ 4,390 5,116 Phantom stock units - - 215 177 Total $ 732 $ 867 $ 4,605 5,293 |
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 October 3, 2020 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 3,430 0.9 Phantom stock units - n/a Total $ 3,430 |
RSU Activity | RSU activity under the 2007 Program as of October 3, 2020 and changes during the nine 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* (308 ) 15.70 Cancelled or forfeited (13 ) 19.06 Outstanding at October 3, 2020 793 $ 18.90 Expected to vest at October 3, 2020 793 * 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 October 3, 2020 and changes during the nine 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 4 Outstanding at October 3, 2020 197 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 03, 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 October 3, 2020 : Net revenues $ 133,976 $ 123,744 $ 64,955 $ 145,362 $ 79,399 $ 92,724 $ - $ 640,160 Gross profit $ 29,649 $ 20,843 $ 21,289 $ 35,186 $ 26,597 $ 18,387 $ (242 ) $ 151,709 Segment operating income $ 20,148 $ 15,828 $ 17,184 $ 30,127 $ 24,106 $ 13,703 $ (242 ) $ 120,854 Fiscal quarter ended September 28, 2019 : Net revenues $ 126,747 $ 123,879 $ 50,702 $ 155,119 $ 73,458 $ 98,424 $ - $ 628,329 Gross profit $ 30,491 $ 21,138 $ 10,883 $ 42,444 $ 23,450 $ 21,673 $ - $ 150,079 Segment operating income $ 21,018 $ 16,420 $ 6,923 $ 36,900 $ 20,797 $ 16,675 $ - $ 118,733 Nine fiscal months ended October 3, 2020 : Net revenues $ 369,813 $ 363,274 $ 168,264 $ 444,982 $ 218,369 $ 270,016 $ - $ 1,834,718 Gross Profit $ 84,779 $ 65,265 $ 47,602 $ 112,472 $ 69,836 $ 53,960 $ (4,295 ) $ 429,619 Segment Operating Income $ 56,408 $ 50,064 $ 35,818 $ 96,891 $ 62,129 $ 39,297 $ (4,295 ) $ 336,312 Nine fiscal months ended September 28, 2019 : Net revenues $ 392,930 $ 433,761 $ 171,939 $ 509,309 $ 222,122 $ 328,667 $ - $ 2,058,728 Gross Profit $ 98,483 $ 93,487 $ 43,131 $ 151,910 $ 71,268 $ 77,560 $ - $ 535,839 Segment Operating Income $ 70,237 $ 78,558 $ 30,655 $ 134,914 $ 63,213 $ 62,402 $ - $ 439,979 * |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Reconciliation: Segment Operating Income $ 120,854 $ 118,733 $ 336,312 $ 439,979 Restructuring and Severance Costs - (7,255 ) (743 ) (7,255 ) Impact of COVID-19 on Selling, General, and Administrative Expenses 441 - 871 - Unallocated Selling, General, and Administrative Expenses (59,805 ) (60,450 ) (186,742 ) (194,472 ) Consolidated Operating Income $ 61,490 $ 51,028 $ 149,698 $ 238,252 Unallocated Other Income (Expense) (15,766 ) (6,846 ) (38,100 ) (23,234 ) Consolidated Income Before Taxes $ 45,724 $ 44,182 $ 111,598 $ 215,018 |
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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Distributors $ 325,695 $ 317,385 $ 980,703 $ 1,097,365 OEMs 273,664 263,983 725,592 815,645 EMS companies 40,801 46,961 128,423 145,718 Total Revenue $ 640,160 $ 628,329 $ 1,834,718 $ 2,058,728 Net revenues were attributable to customers in the following regions: Fiscal quarters ended Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Asia $ 270,451 $ 231,999 $ 748,160 $ 737,918 Europe 213,296 231,677 626,276 765,318 Americas 156,413 164,653 460,282 555,492 Total Revenue $ 640,160 $ 628,329 $ 1,834,718 $ 2,058,728 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Industrial $ 209,473 $ 205,670 $ 651,461 $ 738,043 Automotive 216,641 212,222 552,418 627,588 Telecommunications 27,845 34,409 91,033 132,251 Computing 51,032 47,923 151,974 143,675 Consumer Products 33,353 23,401 76,477 87,936 Power Supplies 29,112 31,103 86,482 90,704 Military and Aerospace 40,582 41,872 125,968 137,281 Medical 32,122 31,729 98,905 101,250 Total revenue $ 640,160 $ 628,329 $ 1,834,718 $ 2,058,728 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 03, 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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Numerator: Net earnings attributable to Vishay stockholders $ 33,484 $ 30,038 $ 85,356 $ 149,974 Denominator: Denominator for basic earnings per share: Weighted average shares 144,658 144,446 144,636 144,421 Outstanding phantom stock units 196 182 195 181 Adjusted weighted average shares 144,854 144,628 144,831 144,602 Effect of dilutive securities: Convertible debt instruments 5 6 35 89 Restricted stock units 338 393 355 423 Dilutive potential common shares 343 399 390 512 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,197 145,027 145,221 145,114 Basic earnings per share attributable to Vishay stockholders $ 0.23 $ 0.21 $ 0.59 $ 1.04 Diluted earnings per share attributable to Vishay stockholders $ 0.23 $ 0.21 $ 0.59 $ 1.03 |
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 Nine fiscal months ended October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Convertible debt instruments: Convertible Senior Notes, due 2025 16,009 19,066 17,806 19,058 Convertible Senior Debentures, due 2041 156 1,204 133 401 Weighted average other 325 315 346 315 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 03, 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 October 3, 2020 Assets: Assets held in rabbi trusts $ 54,972 $ 37,029 $ 17,943 $ - Available for sale securities $ 4,643 4,643 - - $ 59,615 $ 41,672 $ 17,943 $ - 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) - USD ($) $ in Thousands | Oct. 03, 2020 | Apr. 04, 2020 | Dec. 31, 2019 | Mar. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | $ 115,184 | $ 72,180 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | $ (1,070) | $ 23,013 | ||
Prepaid Expenses and Other Current Assets [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | 260 | |||
Accounts Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | 0 | |||
Cash equivalents, Short-term Investments, and Restricted Cash [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | $ 810 |
Impact of Coronavirus Outbreak
Impact of Coronavirus Outbreak (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 03, 2020 | Oct. 03, 2020 | |
Impact of Coronavirus Outbreak [Abstract] | ||
COVID-19 Impact on COGS | $ 242 | $ 4,295 |
COVID-19 Impact on SGA | $ (441) | $ (871) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | Dec. 31, 2019 | |
Assets and Liabilities [Abstract] | |||||
Right of use assets | $ 103,235 | $ 103,235 | $ 93,162 | ||
Current lease liabilities | 21,924 | 21,924 | 20,217 | ||
Long-term lease liabilities | 86,043 | 86,043 | 78,511 | ||
Total lease liabilities | 107,967 | 107,967 | 98,728 | ||
Lease expense [Abstract] | |||||
Operating lease expense | 5,898 | $ 5,557 | 17,310 | $ 16,720 | |
Short-term lease expense | 260 | 361 | 679 | 2,013 | |
Variable lease expense | 11 | 9 | 40 | 30 | |
Total lease expense | $ 6,169 | $ 5,927 | 18,029 | 18,763 | |
Cash paid for operating leases | $ 18,703 | $ 16,023 | |||
Weighted-average remaining lease term - operating leases | 8 years 10 months 24 days | 8 years 10 months 24 days | |||
Weighted-average discount rate - operating leases | 5.90% | 5.90% | |||
Undiscounted future lease payments for operating lease liabilities [Abstract] | |||||
2020 | $ 5,770 | $ 5,770 | |||
2021 | 21,720 | 21,720 | |||
2022 | 18,320 | 18,320 | |||
2023 | 15,020 | 15,020 | |||
2024 | 13,728 | 13,728 | |||
Thereafter | 65,738 | 65,738 | |||
Building and Improvements [Member] | |||||
Assets and Liabilities [Abstract] | |||||
Right of use assets | 98,227 | 98,227 | 87,689 | ||
Current lease liabilities | 19,237 | 19,237 | 17,410 | ||
Long-term lease liabilities | 83,742 | 83,742 | 75,877 | ||
Machinery and Equipment [Member] | |||||
Assets and Liabilities [Abstract] | |||||
Right of use assets | 5,008 | 5,008 | 5,473 | ||
Current lease liabilities | 2,687 | 2,687 | 2,807 | ||
Long-term lease liabilities | $ 2,301 | $ 2,301 | $ 2,634 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 03, 2020 | Oct. 03, 2020 | Sep. 28, 2019 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Acquisition of business, net of cash acquired | $ 25,852 | $ 11,862 | |
Applied Thin-Film Products [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Business acquisition, effective date of acquisition | Oct. 1, 2020 | ||
Business acquisition, name of acquired entity | Applied Thin-Film Products | ||
Acquisition of business, net of cash acquired | $ 25,852 | ||
Definite-lived intangible assets | 10,800 | ||
Goodwill related to acquisitions | 6,309 | ||
Remaining acquisition price to be paid | $ 350 | $ 350 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2020 | Dec. 31, 2019 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring and severance costs | $ 0 | $ 7,255 | $ 743 | $ 7,255 | |
2019 Global Cost Reduction and Management Rejuvenation Programs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve, current | 12,425 | 12,425 | |||
Restructuring reserve, noncurrent | 3,395 | 3,395 | |||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and severance costs | $ 24,139 | 743 | |||
Cash paid | (1,330) | (8,422) | |||
Foreign currency translation | 35 | 655 | |||
Balance at end of period | 15,820 | $ 22,844 | 15,820 | ||
Expected restructuring costs | $ 24,882 | $ 24,882 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jul. 04, 2020 | Oct. 03, 2020 | |
Income Taxes [Abstract] | ||
Decrease in liabilities for unrecognized tax benefits | $ 2,621 | |
Income Tax Uncertainties [Abstract] | ||
Cash repatriated during the current period | $ 104,091 | |
Repatriation taxes paid | $ 16,258 | |
Remeasurement of Deferred Tax Liability Debt Extinguishment [Member] | ||
Effect on Income Tax Expense (Benefit) [Line Items] | ||
Deferred other tax expense (benefit) | $ 1,346 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2020USD ($)$ / shares | Apr. 04, 2020USD ($) | Sep. 28, 2019USD ($) | Oct. 03, 2020USD ($)$ / shares | Sep. 28, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Instruments [Abstract] | ||||||
Credit facility | $ 0 | $ 0 | $ 0 | |||
Deferred financing costs | (12,249) | (12,249) | (16,784) | |||
Long-term debt | 392,290 | 392,290 | 499,147 | |||
Less current portion | 0 | 0 | 0 | |||
Long-term debt, less current portion | 392,290 | 392,290 | 499,147 | |||
Interest expense [Abstract] | ||||||
Contractual coupon interest | 2,855 | $ 3,493 | 9,556 | $ 10,510 | ||
Non-cash amortization of debt discount | 3,107 | 3,573 | 10,232 | 10,558 | ||
Other non-cash interest expense (income) | 382 | 446 | 1,271 | 1,336 | ||
Total interest expense related to the debentures | 6,344 | 7,512 | 21,059 | 22,404 | ||
Purchase price of extinguished debt | 148,177 | 22,695 | ||||
Allocated liability component of repurchased debt | $ 8,452 | |||||
Allocated equity component of repurchased debt | 11,397 | |||||
Loss on extinguishment of debt, including the write-off of portion of unamortized debt issuance costs | (3,454) | $ (2,920) | 0 | (7,520) | (1,307) | |
Convertible Senior Notes, Due 2025 [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Convertible debt | $ 403,345 | $ 403,345 | 509,128 | |||
Issuance date | Jun. 12, 2018 | |||||
Debt maturity date | Jun. 15, 2025 | |||||
Cash coupon rate | 2.25% | 2.25% | ||||
Nonconvertible debt borrowing rate at issuance | 5.50% | 5.50% | ||||
Effective conversion rate | 31.8674 | |||||
Effective conversion price (in dollars per share) | $ / shares | $ 31.38 | $ 31.38 | ||||
130% of the conversion price (in dollars per share) | $ / shares | $ 40.79 | |||||
Debt instrument percentage of conversion price | 130.00% | |||||
Debt instrument percentage of sales price of common stock | 98.00% | 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 | $ 465,344 | $ 465,344 | ||||
Interest expense [Abstract] | ||||||
Contractual coupon interest | 2,839 | 3,375 | 9,480 | 10,125 | ||
Non-cash amortization of debt discount | 3,099 | 3,520 | 10,195 | 10,388 | ||
Other non-cash interest expense (income) | 382 | 454 | 1,271 | 1,362 | ||
Total interest expense related to the debentures | 6,320 | 7,349 | 20,946 | 21,875 | ||
Principal amount of repurchased debt | 58,886 | 134,656 | ||||
Net carrying value of repurchased debt | 50,922 | 115,978 | ||||
Purchase price of extinguished debt | 57,652 | 128,328 | ||||
Allocated liability component of repurchased debt | 53,531 | 118,587 | ||||
Allocated equity component of repurchased debt | 4,121 | 9,741 | ||||
Loss on extinguishment of debt, including the write-off of portion of unamortized debt issuance costs | 3,454 | 4,600 | ||||
Convertible Senior Debentures, Due 2040 [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Convertible debt | $ 129 | $ 129 | 126 | |||
Issuance date | Nov. 9, 2010 | |||||
Debt maturity date | Nov. 15, 2040 | |||||
Cash coupon rate | 2.25% | 2.25% | ||||
Nonconvertible debt borrowing rate at issuance | 8.00% | 8.00% | ||||
Effective conversion rate | 81.4200 | |||||
Effective conversion price (in dollars per share) | $ / shares | $ 12.28 | $ 12.28 | ||||
130% of the conversion price (in dollars per share) | $ / shares | $ 15.96 | |||||
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% | 98.00% | ||||
Liability and equity components of convertible debentures [Abstract] | ||||||
Principal amount of debt | $ 300 | $ 300 | ||||
Convertible Senior Debentures, Due 2041 [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Convertible debt | $ 1,065 | $ 1,065 | 6,677 | |||
Issuance date | May 13, 2011 | |||||
Debt maturity date | May 15, 2041 | |||||
Cash coupon rate | 2.25% | 2.25% | ||||
Nonconvertible debt borrowing rate at issuance | 8.375% | 8.375% | ||||
Effective conversion rate | 59.4161 | |||||
Effective conversion price (in dollars per share) | $ / shares | $ 16.83 | $ 16.83 | ||||
130% of the conversion price (in dollars per share) | $ / shares | $ 21.88 | |||||
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% | 98.00% | ||||
Liability and equity components of convertible debentures [Abstract] | ||||||
Principal amount of debt | $ 2,640 | $ 2,640 | ||||
Interest expense [Abstract] | ||||||
Principal amount of repurchased debt | 14,250 | |||||
Net carrying value of repurchased debt | 5,645 | |||||
Purchase price of extinguished debt | 19,849 | |||||
Convertible Senior Debentures [Member] | ||||||
Interest expense [Abstract] | ||||||
Contractual coupon interest | 16 | 118 | 76 | 385 | ||
Non-cash amortization of debt discount | 8 | 53 | 37 | 170 | ||
Other non-cash interest expense (income) | 0 | (8) | 0 | (26) | ||
Total interest expense related to the debentures | 24 | $ 163 | 113 | $ 529 | ||
Convertible Debt [Member] | ||||||
Liability and equity components of convertible debentures [Abstract] | ||||||
Principal amount of debt | 468,284 | 468,284 | 617,190 | |||
Unamortized discount | (63,745) | (63,745) | (101,259) | |||
Carrying value of liability component | 404,539 | 404,539 | 515,931 | |||
Equity component - net carrying value | 67,343 | 67,343 | 92,391 | |||
Convertible Debt [Member] | Convertible Senior Notes, Due 2025 [Member] | ||||||
Liability and equity components of convertible debentures [Abstract] | ||||||
Principal amount of debt | 465,344 | 465,344 | 600,000 | |||
Unamortized discount | (61,999) | (61,999) | (90,872) | |||
Carrying value of liability component | 403,345 | 403,345 | 509,128 | |||
Equity component - net carrying value | 66,127 | 66,127 | 85,262 | |||
Convertible Debt [Member] | Convertible Senior Debentures [Member] | ||||||
Liability and equity components of convertible debentures [Abstract] | ||||||
Principal amount of debt | 2,940 | 2,940 | 17,190 | |||
Unamortized discount | (1,746) | (1,746) | (10,387) | |||
Carrying value of liability component | 1,194 | 1,194 | 6,803 | |||
Equity component - net carrying value | $ 1,216 | $ 1,216 | $ 7,129 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Sales returns and allowances accrual activity [Roll Forward] | ||||
Beginning balance | $ 39,432 | $ 44,382 | $ 40,508 | $ 42,663 |
Sales allowances | 22,190 | 26,403 | 64,046 | 83,517 |
Credits issued | (27,610) | (34,937) | (70,583) | (90,269) |
Foreign currency | 534 | (449) | 575 | (512) |
Ending balance | $ 34,546 | $ 35,399 | $ 34,546 | $ 35,399 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 03, 2020 | Jul. 04, 2020 | Apr. 04, 2020 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||||||||
Beginning Balance | $ (26,646) | $ (26,646) | ||||||
Other comprehensive income before reclassifications | 18,059 | |||||||
Tax effect | 0 | |||||||
Other comprehensive income before reclassifications, net of tax | 18,059 | |||||||
Amounts reclassified out of AOCI | 6,835 | |||||||
Tax effect | (1,588) | |||||||
Amounts reclassified out of AOCI, net of tax | 5,247 | |||||||
Net other comprehensive income | $ 22,986 | $ 21,848 | (21,528) | $ (21,636) | $ 9,007 | $ (8,532) | 23,306 | $ (21,161) |
Ending Balance | (3,340) | (3,340) | ||||||
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) | (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 | 6,835 | |||||||
Tax effect | (1,588) | |||||||
Amounts reclassified out of AOCI, net of tax | 5,247 | |||||||
Net other comprehensive income | 5,247 | |||||||
Ending Balance | (62,773) | (62,773) | ||||||
Currency Translation Adjustment [Member] | ||||||||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||||||||
Beginning Balance | 41,374 | 41,374 | ||||||
Other comprehensive income before reclassifications | 18,059 | |||||||
Tax effect | 0 | |||||||
Other comprehensive income before reclassifications, net of tax | 18,059 | |||||||
Amounts reclassified out of AOCI | 0 | |||||||
Tax effect | 0 | |||||||
Amounts reclassified out of AOCI, net of tax | 0 | |||||||
Net other comprehensive income | 18,059 | |||||||
Ending Balance | 59,433 | 59,433 | ||||||
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) | (26,646) | ||||||
Net other comprehensive income | 22,986 | $ 21,848 | $ (21,528) | $ (21,636) | $ 9,007 | $ (8,532) | ||
Ending Balance | $ (3,340) | $ (3,340) |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Defined Benefit Pension Plans [Member] | U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 342 | 424 | 1,025 | 1,272 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 36 | 36 | 108 | 108 |
Amortization of losses (gains) | 298 | 118 | 893 | 354 |
Curtailment and settlement losses | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 676 | 578 | 2,026 | 1,734 |
Defined Benefit Pension Plans [Member] | Non-U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 1,115 | 841 | 3,260 | 2,538 |
Interest cost | 961 | 1,271 | 2,804 | 3,843 |
Expected return on plan assets | (504) | (483) | (1,490) | (1,462) |
Amortization of prior service cost (credit) | 31 | 49 | 91 | 150 |
Amortization of losses (gains) | 1,671 | 1,332 | 4,851 | 4,035 |
Curtailment and settlement losses | 317 | 499 | 777 | 1,504 |
Net periodic benefit cost | 3,591 | 3,509 | 10,293 | 10,608 |
Other Postretirement Benefits [Member] | U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 28 | 36 | 84 | 106 |
Interest cost | 59 | 77 | 177 | 232 |
Amortization of losses (gains) | 7 | (32) | 20 | (96) |
Net periodic benefit cost | 94 | 81 | 281 | 242 |
Other Postretirement Benefits [Member] | Non-U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 73 | 71 | 210 | 215 |
Interest cost | 16 | 30 | 47 | 90 |
Amortization of losses (gains) | 33 | 27 | 95 | 81 |
Net periodic benefit cost | $ 122 | $ 128 | $ 352 | $ 386 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense recognized | $ 732 | $ 867 | $ 4,605 | $ 5,293 | |
Unrecognized Compensation Cost | $ 3,430 | $ 3,430 | |||
Expiration date of the 2007 stock incentive plan | May 20, 2024 | ||||
Maximum number of shares granted under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and employee directors (in shares) | 6,500,000 | 6,500,000 | |||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense recognized | $ 732 | 867 | $ 4,390 | 5,116 | |
Unrecognized Compensation Cost | $ 3,430 | $ 3,430 | |||
Weighted Average Remaining Amortization Periods | 10 months 24 days | ||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 842,000 | ||||
Granted (in shares) | 272,000 | ||||
Vested (in shares) | [1] | (308,000) | |||
Cancelled or forfeited (in shares) | (13,000) | ||||
Outstanding (in shares) | 793,000 | 793,000 | |||
Expected to vest (in shares) | 793,000 | 793,000 | |||
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] | 15.70 | |||
Cancelled or forfeited (in dollars per share) | 19.06 | ||||
Outstanding (in dollars per share) | $ 18.90 | $ 18.90 | |||
Phantom Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense recognized | $ 0 | $ 0 | $ 215 | $ 177 | |
Unrecognized Compensation Cost | $ 0 | $ 0 | |||
Number of units [Abstract] | |||||
Outstanding (in shares) | 183,000 | ||||
Granted (in shares) | 10,000 | ||||
Dividend equivalents issued (in shares) | 4,000 | ||||
Outstanding (in shares) | 197,000 | 197,000 | |||
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 | 141,000 | |||
Expected to vest (in shares) | 141,000 | 141,000 | |||
Not expected to vest (in shares) | 0 | 0 | |||
Scheduled to Vest January 1, 2022 [Member] | Performance Vested Restricted Stock Units [Member] | |||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 174,000 | 174,000 | |||
Expected to vest (in shares) | 174,000 | 174,000 | |||
Not expected to vest (in shares) | 0 | 0 | |||
Scheduled to Vest January 1, 2023 [Member] | Performance Vested Restricted Stock Units [Member] | |||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 152,000 | 152,000 | |||
Expected to vest (in shares) | 152,000 | 152,000 | |||
Not expected to vest (in shares) | 0 | 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 | 9 Months Ended | ||
Oct. 03, 2020USD ($) | Sep. 28, 2019USD ($) | Oct. 03, 2020USD ($)Segment | Sep. 28, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 6 | |||
Net revenues | $ 640,160 | $ 628,329 | $ 1,834,718 | $ 2,058,728 |
Gross profit | 151,709 | 150,079 | 429,619 | 535,839 |
Restructuring and severance Costs | 0 | (7,255) | (743) | (7,255) |
Unallocated Selling, General, and Administrative Expenses | (90,219) | (91,796) | (279,178) | (290,332) |
Operating income | 61,490 | 51,028 | 149,698 | 238,252 |
Unallocated Other Income (Expense) | (15,766) | (6,846) | (38,100) | (23,234) |
Consolidated Income Before Taxes | 45,724 | 44,182 | 111,598 | 215,018 |
Distributors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 325,695 | 317,385 | 980,703 | 1,097,365 |
OEMs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 273,664 | 263,983 | 725,592 | 815,645 |
EMS Companies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 40,801 | 46,961 | 128,423 | 145,718 |
Industrial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 209,473 | 205,670 | 651,461 | 738,043 |
Automotive [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 216,641 | 212,222 | 552,418 | 627,588 |
Telecommunications [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 27,845 | 34,409 | 91,033 | 132,251 |
Computing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 51,032 | 47,923 | 151,974 | 143,675 |
Consumer Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 33,353 | 23,401 | 76,477 | 87,936 |
Power Supplies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 29,112 | 31,103 | 86,482 | 90,704 |
Military and Aerospace [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 40,582 | 41,872 | 125,968 | 137,281 |
Medical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 32,122 | 31,729 | 98,905 | 101,250 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 270,451 | 231,999 | 748,160 | 737,918 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 213,296 | 231,677 | 626,276 | 765,318 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 156,413 | 164,653 | 460,282 | 555,492 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,834,718 | 2,058,728 | ||
Gross profit | 429,619 | 535,839 | ||
Operating income | 120,854 | 118,733 | 336,312 | 439,979 |
Operating Segments [Member] | MOSFETS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 133,976 | 126,747 | 369,813 | 392,930 |
Gross profit | 29,649 | 30,491 | 84,779 | 98,483 |
Operating income | 20,148 | 21,018 | 56,408 | 70,237 |
Operating Segments [Member] | Diodes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 123,744 | 123,879 | 363,274 | 433,761 |
Gross profit | 20,843 | 21,138 | 65,265 | 93,487 |
Operating income | 15,828 | 16,420 | 50,064 | 78,558 |
Operating Segments [Member] | Optoelectronic Components [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 64,955 | 50,702 | 168,264 | 171,939 |
Gross profit | 21,289 | 10,883 | 47,602 | 43,131 |
Operating income | 17,184 | 6,923 | 35,818 | 30,655 |
Operating Segments [Member] | Resistors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 145,362 | 155,119 | 444,982 | 509,309 |
Gross profit | 35,186 | 42,444 | 112,472 | 151,910 |
Operating income | 30,127 | 36,900 | 96,891 | 134,914 |
Operating Segments [Member] | Inductors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 79,399 | 73,458 | 218,369 | 222,122 |
Gross profit | 26,597 | 23,450 | 69,836 | 71,268 |
Operating income | 24,106 | 20,797 | 62,129 | 63,213 |
Operating Segments [Member] | Capacitors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 92,724 | 98,424 | 270,016 | 328,667 |
Gross profit | 18,387 | 21,673 | 53,960 | 77,560 |
Operating income | 13,703 | 16,675 | 39,297 | 62,402 |
Operating Segments [Member] | Corporate Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Gross profit | (242) | 0 | (4,295) | 0 |
Operating income | (242) | 0 | (4,295) | 0 |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and severance Costs | 0 | (7,255) | (743) | (7,255) |
Impact of coronavirus outbreak | 441 | 0 | 871 | 0 |
Unallocated Selling, General, and Administrative Expenses | (59,805) | (60,450) | (186,742) | (194,472) |
Unallocated Other Income (Expense) | $ (15,766) | $ (6,846) | $ (38,100) | $ (23,234) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | |
Numerator [Abstract] | ||||
Net earnings attributable to Vishay stockholders | $ 33,484 | $ 30,038 | $ 85,356 | $ 149,974 |
Denominator [Abstract] | ||||
Weighted average shares (in shares) | 144,658 | 144,446 | 144,636 | 144,421 |
Outstanding phantom stock units (in shares) | 196 | 182 | 195 | 181 |
Adjusted weighted average shares - basic (in shares) | 144,854 | 144,628 | 144,831 | 144,602 |
Effect of dilutive securities [Abstract] | ||||
Convertible and exchangeable debt instruments (in shares) | 5 | 6 | 35 | 89 |
Restricted stock units (in shares) | 338 | 393 | 355 | 423 |
Dilutive potential common shares (in shares) | 343 | 399 | 390 | 512 |
Denominator for diluted earnings per share [Abstract] | ||||
Adjusted weighted average shares - diluted (in shares) | 145,197 | 145,027 | 145,221 | 145,114 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.04 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.59 | $ 1.03 |
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) | 16,009 | 19,066 | 17,806 | 19,058 |
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) | $ 31.38 | $ 31.38 | ||
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) | $ 12.28 | $ 12.28 | ||
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) | 156 | 1,204 | 133 | 401 |
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) | $ 16.83 | $ 16.83 | ||
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 | 346 | 315 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Oct. 03, 2020 | Oct. 03, 2020 | Dec. 31, 2019 | |
Assets [Abstract] | |||
Held-to-maturity Securities Transferred | $ 0 | $ 0 | |
Held-to-maturity Securities, Unrecognized Holding Gain | $ 0 | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | 0 |
Liabilities [Abstract] | |||
Long-term debt, fair value | 460,500 | 460,500 | 632,200 |
Carrying value of long-term debt, excluding derivative liabilities | 404,539 | 404,539 | 515,931 |
Derivative, Notional Amount | 100,000 | 100,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 54,972 | 54,972 | 52,148 |
Available for sale securities | 4,643 | 4,643 | 4,405 |
Fair value assets | 59,615 | 59,615 | 56,553 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 37,029 | 37,029 | 34,280 |
Available for sale securities | 4,643 | 4,643 | 4,405 |
Fair value assets | 41,672 | 41,672 | 38,685 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 17,943 | 17,943 | 17,868 |
Available for sale securities | 0 | 0 | 0 |
Fair value assets | 17,943 | 17,943 | 17,868 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 0 | 0 | 0 |
Available for sale securities | 0 | 0 | 0 |
Fair value assets | $ 0 | $ 0 | $ 0 |