Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jul. 04, 2020 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Vishay Intertechnology, Inc. | ||
Entity Central Index Key | 0000103730 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 1,977,000,000 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-7416 | ||
Entity Tax Identification Number | 38-1686453 | ||
Entity Incorporation, State or Country Code | DE | ||
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 | ||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Trading Symbol | VSH | ||
Security Exchange Name | NYSE | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 132,633,616 | ||
Class B Convertible Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,097,148 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 619,874 | $ 694,133 |
Short-term investments | 158,476 | 108,822 |
Accounts receivable, net of allowances for credit losses of $1,697 and $1,095, respectively | 338,632 | 328,187 |
Inventories: | ||
Finished goods | 120,792 | 122,466 |
Work in process | 201,259 | 187,354 |
Raw materials | 126,200 | 121,860 |
Total inventories | 448,251 | 431,680 |
Prepaid expenses and other current assets | 132,103 | 141,294 |
Total current assets | 1,697,336 | 1,704,116 |
Property and equipment, at cost: | ||
Land | 76,231 | 75,011 |
Buildings and improvements | 641,041 | 585,064 |
Machinery and equipment | 2,732,771 | 2,606,355 |
Construction in progress | 86,520 | 110,722 |
Allowance for depreciation | (2,593,398) | (2,425,627) |
Property and equipment, net | 943,165 | 951,525 |
Right of use assets | 102,440 | 93,162 |
Goodwill | 158,183 | 150,642 |
Other intangible assets, net | 66,795 | 60,659 |
Other assets | 186,554 | 160,671 |
Total assets | 3,154,473 | 3,120,775 |
Current liabilities: | ||
Notes payable to banks | 0 | 2 |
Trade accounts payable | 196,203 | 173,915 |
Payroll and related expenses | 141,034 | 122,100 |
Lease liabilities | 22,074 | 20,217 |
Other accrued expenses | 182,642 | 186,463 |
Income taxes | 20,470 | 17,731 |
Total current liabilities | 562,423 | 520,428 |
Long-term debt, less current portion | 394,886 | 499,147 |
U.S. transition tax payable | 125,438 | 140,196 |
Deferred income taxes | 1,852 | 22,021 |
Long-term lease liabilities | 86,220 | 78,511 |
Other liabilities | 104,356 | 100,207 |
Accrued pension and other postretirement costs | 300,113 | 272,402 |
Total liabilities | 1,575,288 | 1,632,912 |
Commitments and contingencies | ||
Redeemable convertible debentures | 170 | 174 |
Vishay stockholders' equity | ||
Preferred stock, par value $1.00 per share: authorized - 1,000,000 shares; none issued | 0 | 0 |
Common stock, par value $0.10 per share: authorized - 300,000,000 shares; 132,561,010 and 132,348,357 shares outstanding | 13,256 | 13,235 |
Class B convertible common stock, par value $0.10 per share: authorized - 40,000,000 shares; 12,097,148 and 12,097,409 shares outstanding | 1,210 | 1,210 |
Capital in excess of par value | 1,409,200 | 1,425,170 |
Retained earnings | 138,990 | 72,180 |
Accumulated other comprehensive income (loss) | 13,559 | (26,646) |
Total Vishay stockholders' equity | 1,576,215 | 1,485,149 |
Noncontrolling interests | 2,800 | 2,540 |
Total equity | 1,579,015 | 1,487,689 |
Total liabilities, temporary equity, and equity | $ 3,154,473 | $ 3,120,775 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Accounts receivable, allowances for credit losses | $ 1,697 | $ 1,095 |
Total Vishay stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock [Member] | ||
Total Vishay stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares outstanding (in shares) | 132,561,010 | 132,348,357 |
Common Class B [Member] | ||
Total Vishay stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 12,097,148 | 12,097,409 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Operations [Abstract] | |||
Net revenues | $ 2,501,898 | $ 2,668,305 | $ 3,034,689 |
Costs of products sold | 1,919,995 | 1,997,105 | 2,146,165 |
Gross profit | 581,903 | 671,200 | 888,524 |
Selling, general, and administrative expenses | 371,450 | 384,631 | 403,404 |
Restructuring and severance costs | 743 | 24,139 | 0 |
Operating income | 209,710 | 262,430 | 485,120 |
Other income (expense): | |||
Interest expense | (31,555) | (33,683) | (36,680) |
Other | (11,754) | (419) | (5,081) |
Loss on early extinguishment of debt | (8,073) | (2,030) | (26,583) |
Total other income (expense) | (51,382) | (36,132) | (68,344) |
Income before taxes | 158,328 | 226,298 | 416,776 |
Income tax expense | 34,545 | 61,508 | 70,239 |
Net earnings (loss) | 123,783 | 164,790 | 346,537 |
Less: net earnings attributable to noncontrolling interests | 860 | 854 | 779 |
Net earnings (loss) attributable to Vishay stockholders | $ 122,923 | $ 163,936 | $ 345,758 |
Basic earnings (loss) per share attributable to Vishay stockholders (in dollars per share) | $ 0.85 | $ 1.13 | $ 2.39 |
Diluted earnings (loss) per share attributable to Vishay stockholders (in dollars per share) | $ 0.85 | $ 1.13 | $ 2.24 |
Weighted average shares outstanding - basic (in shares) | 144,836 | 144,608 | 144,370 |
Weighted average shares outstanding - diluted (in shares) | 145,228 | 145,136 | 154,622 |
Cash dividends per share (in dollars per share) | $ 0.3800 | $ 0.3700 | $ 0.3225 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings | $ 123,783 | $ 164,790 | $ 346,537 |
Other comprehensive income (loss), net of tax | |||
Pension and other post-retirement actuarial items | (9,055) | (9,729) | 10,750 |
Foreign currency translation adjustment | 49,260 | (10,126) | (41,454) |
Other comprehensive income (loss) | 40,205 | (19,855) | (30,704) |
Comprehensive income | 163,988 | 144,935 | 315,833 |
Less: comprehensive income attributable to noncontrolling interests | 860 | 854 | 779 |
Comprehensive income attributable to Vishay stockholders | $ 163,128 | $ 144,081 | $ 315,054 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net earnings | $ 123,783 | $ 164,790 | $ 346,537 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 166,230 | 164,461 | 161,863 |
(Gain) loss on disposal of property and equipment | 157 | (157) | (2,216) |
Accretion of interest on convertible debt instruments | 13,161 | 14,146 | 10,769 |
Inventory write-offs for obsolescence | 22,730 | 26,494 | 23,872 |
Pensions and other postretirement benefits, net of contributions | 2,864 | (552) | (1,549) |
Loss on early extinguishment of debt | 8,073 | 2,030 | 26,583 |
Deferred income taxes | (12,141) | (23,009) | (55,206) |
Other | 3,304 | 13,341 | 21,194 |
Change in U.S. transition tax liability | (14,757) | (14,757) | (14,757) |
Change in repatriation tax liability | (16,258) | (38,814) | (156,767) |
Net change in operating assets and liabilities, net of effects of businesses acquired | 17,792 | (11,529) | (101,817) |
Net cash provided by operating activities | 314,938 | 296,444 | 258,506 |
Investing activities | |||
Capital expenditures | (123,599) | (156,641) | (229,899) |
Proceeds from sale of property and equipment | 403 | 577 | 55,561 |
Purchase of businesses, net of cash acquired | (25,852) | (11,862) | (14,880) |
Purchase of short-term investments | (293,087) | (111,631) | (175,403) |
Maturity of short-term investments | 250,580 | 81,012 | 636,108 |
Other investing activities | (529) | 3,587 | (2,058) |
Net cash provided by (used in) investing activities | (192,084) | (194,958) | 269,429 |
Financing activities | |||
Proceeds from long-term borrowings | 0 | 0 | 600,000 |
Issuance costs | 0 | (5,394) | (15,621) |
Repurchase of convertible debentures | (151,683) | (27,863) | (960,995) |
Net proceeds (payments) on revolving credit lines | 0 | 0 | (150,000) |
Net changes in short-term borrowings | (114) | (16) | 15 |
Distributions to noncontrolling interests | (600) | (600) | (525) |
Cash withholding taxes paid when shares withheld for vested equity awards | (2,016) | (2,708) | (2,297) |
Net cash used in financing activities | (209,382) | (90,025) | (575,932) |
Effect of exchange rate changes on cash and cash equivalents | 12,269 | (3,360) | (14,003) |
Net increase (decrease) in cash and cash equivalents | (74,259) | 8,101 | (62,000) |
Cash and cash equivalents at beginning of year | 694,133 | 686,032 | 748,032 |
Cash and cash equivalents at end of year | 619,874 | 694,133 | 686,032 |
Common Stock [Member] | |||
Operating activities | |||
Net earnings | 0 | 0 | 0 |
Financing activities | |||
Dividends paid | (50,372) | (48,968) | (42,608) |
Class B Convertible Common Stock [Member] | |||
Operating activities | |||
Net earnings | 0 | 0 | 0 |
Financing activities | |||
Dividends paid | $ (4,597) | $ (4,476) | $ (3,901) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' 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] |
Cumulative effect of accounting change for adoption of ASU | Accounting Standards Update 2016-01 [Member] | $ 0 | $ 1,801 | $ (1,801) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Balance at Dec. 31, 2017 | $ 1,752,506 | $ (362,254) | $ 25,714 | $ 1,430,367 | $ 2,032 | $ 1,432,399 | $ 13,188 | $ 1,213 | ||||||||
Net earnings | 0 | 345,758 | 0 | 345,758 | 779 | 346,537 | 0 | 0 | ||||||||
Other comprehensive income (loss) | 0 | 0 | (30,704) | (30,704) | 0 | (30,704) | 0 | 0 | ||||||||
Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 3 | (3) | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (525) | (525) | 0 | 0 | ||||||||
Temporary equity reclassification | 2,330 | 0 | 0 | 2,330 | 0 | 2,330 | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (2,318) | 0 | 0 | (2,297) | 0 | (2,297) | 21 | 0 | ||||||||
Dividends declared | 54 | (46,563) | 0 | (46,509) | 0 | (46,509) | 0 | 0 | ||||||||
Stock compensation expense | 4,817 | 0 | 0 | 4,817 | 0 | 4,817 | 0 | 0 | ||||||||
Issuance of convertible notes due 2025 | 85,262 | 0 | 0 | 85,262 | 0 | 85,262 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (406,640) | 0 | 0 | (406,640) | 0 | (406,640) | 0 | 0 | ||||||||
Balance at Dec. 31, 2018 | 1,436,011 | (61,258) | (6,791) | 1,382,384 | 2,286 | 1,384,670 | 13,212 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | Accounting Standards Update 2016-02 [Member] | 0 | 23,013 | 0 | 23,013 | 0 | 23,013 | 0 | 0 | ||||||||
Net earnings | 0 | 163,936 | 0 | 163,936 | 854 | 164,790 | 0 | 0 | ||||||||
Other comprehensive income (loss) | 0 | 0 | (19,855) | (19,855) | 0 | (19,855) | 0 | 0 | ||||||||
Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 | ||||||||
Temporary equity reclassification | 35 | 0 | 0 | 35 | 0 | 35 | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (2,731) | 0 | 0 | (2,708) | 0 | (2,708) | 23 | 0 | ||||||||
Dividends declared | 67 | (53,511) | 0 | (53,444) | 0 | (53,444) | 0 | 0 | ||||||||
Stock compensation expense | 6,108 | 0 | 0 | 6,108 | 0 | 6,108 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (14,320) | 0 | 0 | (14,320) | 0 | (14,320) | 0 | 0 | ||||||||
Balance at Dec. 31, 2019 | 1,425,170 | 72,180 | (26,646) | 1,485,149 | 2,540 | 1,487,689 | 13,235 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | 72,180 | |||||||||||||||
Cumulative effect of accounting change for adoption of ASU | Accounting Standards Update 2016-13 [Member] | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ 0 | ||||||||
Net earnings | 0 | 122,923 | 0 | 122,923 | 860 | 123,783 | 0 | 0 | ||||||||
Other comprehensive income (loss) | 0 | 0 | 40,205 | 40,205 | 0 | 40,205 | 0 | 0 | ||||||||
Conversion of Class B shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | 0 | ||||||||
Temporary equity reclassification | 4 | 0 | 0 | 4 | 0 | 4 | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (2,037) | 0 | 0 | (2,016) | 0 | (2,016) | 21 | 0 | ||||||||
Dividends declared | 74 | (55,043) | 0 | (54,969) | 0 | (54,969) | 0 | 0 | ||||||||
Stock compensation expense | 5,276 | 0 | 0 | 5,276 | 0 | 5,276 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (19,287) | 0 | 0 | (19,287) | 0 | (19,287) | 0 | 0 | ||||||||
Balance at Dec. 31, 2020 | $ 1,409,200 | $ 138,990 | $ 13,559 | $ 1,576,215 | $ 2,800 | 1,579,015 | $ 13,256 | $ 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 138,990 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Stockholders' Equity [Abstract] | |||
Issuance of stock and related tax withholdings for vested restricted stock units (in shares) | 212,392 | 230,624 | 211,328 |
Conversion of Class B shares(in shares) | 261 | 18 | 31,800 |
Dividends declared (in dollars per share) | $ 0.38 | $ 0.37 | $ 0.3225 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Vishay Intertechnology, Inc. (“Vishay” or the “Company”) Note 1 – Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100 percent, the outside stockholders’ interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. Revenue Recognition The Company recognizes revenue from contracts with customers when it satisfies the performance obligations within the contract. The Company has framework agreements with many of its customers that contain the terms and conditions of future sales, but do not create enforceable rights or obligations. For revenue recognition purposes, the Company considers the combined purchase orders and the terms and conditions contained within such framework agreements to be contracts. Payment terms for the Company's sales are generally less than sixty days. Substantially all of the Company's receivables historically have been and are expected to continue to be collected within twelve months of the transfer of products to the customer and the Company expects this to continue going forward. Accordingly, the Company does not recognize a financing component of the transaction price. Revenue is measured based on the consideration specified in contracts with customers, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies its performance obligations. The Company analyzes its contracts to determine whether the promise in the contract to construct and transfer goods to the customer is a performance obligation that will be satisfied over time or at a point in time. When the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date, the Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time. The Company has a limited number of contracts for custom products that meet the criteria to recognize revenue over time. The Company's contracts contain two performance obligations: delivery of products and warranty protection. The Company does not sell separate, enhanced, or extended warranty coverage, but through its customary business practices, the Company has created implied service-type warranties, which are accounted for as separate performance obligations. Revenue is allocated between these two performance obligations and recognized as the obligations are satisfied. The allocation of revenue to warranty protection is based on an estimate of expected cost plus margin. The delivery of products performance obligation is satisfied and product sales revenue is recognized when the customer takes control of the products. Warranty revenue is deferred and the warranty protection performance obligation is satisfied and revenue is recognized over the warranty period, which is typically less than twenty four months from sale to end customer. The warranty deferred revenue liability is recorded within Other Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets. The deferred revenue balance associated with the service-type warranty performance obligations and the components that comprise the change in the deferred revenue balance are not significant. The Company has a broad line of products that it sells to original equipment manufacturers ("OEMs"), electronic manufacturing services ("EMS") companies, which manufacture for OEMs on an outsourcing basis, and independent distributors that maintain large inventories of electronic components for resale to OEMs and EMS companies. The Company recognizes revenue on sales to distributors when the distributor takes control of the products ("sold-to" model). The Company has agreements with distributors that allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company recognizes the estimated variable consideration to be received as revenue and records a related accrued expense for the consideration not expected to be received, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. See sales returns and allowances accrual activity in Note 9. The Company pays commissions to external sales representatives on a per-sale basis. Accordingly, these commissions are expensed as incurred because the future amortization period of the asset that the Company otherwise would have recognized is one year or less. Internal staff are not paid commissions. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the product even if the shipping and handling activities are performed after the customer obtains control. The Company does not evaluate whether shipping and handling activities are promised services to its customers. If control transfers and revenue is recognized for the related products before the shipping and handling activities occur, the related costs of those shipping and handling activities is accrued. The Company applies this accounting policy election consistently to similar types of transactions. See disaggregated revenue information in Note 15 Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $70,861, $69,827, and $72,885, for the years ended December 31, 2020, 2019, and 2018, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of “more likely than not” to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company’s assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company’s belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management’s best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company’s effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. See Note 5. Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2020 and 2019, the Company’s short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. Allowance for Credit Losses Effective January 1, 2020, the Company estimates its credit losses on financial instruments using a current expected credit loss model. Prior to January 1, 2020, the Company estimated its credit losses using an incurred loss impairment methodology, which was not materially different than the methodology adopted on January 1, 2020. See "Recent Accounting Guidance Adopted" below. The Company maintains an allowance for doubtful accounts receivable for estimated losses resulting from the inability of its customers to make required payments. $ , $ , and $ for the years ended , , and , respectively. 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 statements of operations and interest receivable is recognized as a separate asset and recorded in Prepaid expenses and other current assets on the consolidated 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. Net credit loss expense for cash equivalents, short-term investments, and restricted investments was immaterial for the year ended December 31, 2020. The Company does not measure an allowance for credit losses on interest receivable. Any uncollectible interest receivable is 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 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. Net credit loss expense for these other short-term held-to-maturity debt instruments was immaterial for the year ended December 31, 2020. Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or net realizable value. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven years to ten years. Buildings and building improvements are being depreciated over useful lives of twenty years to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2020 was approximately $51,600. Depreciation expense was $158,117, $155,985, and $150,056 for the years ended December 31, 2020, 2019, and 2018, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Certain intangible assets may be assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. At December 31, 2020 and 2019, respectively, the Company has no recorded indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven years to twenty-five years. Capitalized software is amortized over periods of three years to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five years to twenty years. Noncompete agreements are amortized over periods of three years to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the quantitative impairment test is required. The Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would recognize an impairment charge. Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. Available-for-Sale Securities Short-term investments and other assets reported on the accompanying consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year that are classified as held-to-maturity instruments, and investments in marketable securities that are classified as available-for-sale instruments. The available-for-sale instruments include assets that are held in trust related to the Company’s non-qualified pension and deferred compensation plans (see Note 11) and assets that are intended to fund a portion of the Company’s other postretirement benefit obligations outside of the U.S. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Unrealized gains and losses are reported, net of their related tax consequences, as Other Income (Expense) on the consolidated statements of operations. At the time of sale, the assets that are held in trust related to the Company’s non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported on the accompanying consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director is required to provide service in exchange for the award. For awards subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units (“RSUs”) that are expected to vest and records cumulative adjustments in the period that the expectation changes. Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company’s operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities on the accompanying consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2020 and 2019 do not include claims against third parties. Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined Company program. The Company recognizes other exit costs as incurred. Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers’ compensation, general liability, property damage, director and officers’ liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2020, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors’ and officers’ insurance. The captive insurance entity had no amounts accrued for outstanding claims at December 31, 2020 and 2019. Certain investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Such amounts are recorded in other noncurrent assets, and total $9,281 and $10,259 at December 31, 2020 and 2019, respectively, representing required statutory reserves of the captive insurance entity. Convertible Debt Instruments The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company’s nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debt instruments are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debt instruments over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. The adoption of 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, January 1, 2021 significantly impacts the accounting for the Company's convertible debt instruments. See additional information in "Recent Accounting Guidance Not Yet Adopted" below. 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. Substantially all of the Company’s leases are structured and classified as operating leases. The Company leases assets in each region in which it operates. The Company’s leases are generally denominated in the currency of the leased assets' location, which may not be the functional currency of the subsidiary lessee. Accordingly, the Company remeasures its lease liability and recognizes a transactional gain/loss for leases denominated in currencies other than the functional currency of the subsidiary lessee. The Company recognizes right of use assets and lease liabilities for leases greater than twelve months in duration based on the contract consideration for lease components through the term of the lease and the applicable discount rate. Leases with a duration less than or equal to twelve months are considered short-term leases. The Company does not recognize right of use assets or lease liabilities for short-term leases and classifies the expense as short-term lease expense. Variable lease payments based on an index or rate are included in the right of use assets and lease liabilities based on the effective rates at lease commencement. Changes in the rates or indices do not impact the right of use asset or lease liability and are recognized as a component of lease expense in the consolidated statements of operations. Variable lease payments not based on an index or rate are not included in the initial right of use asset and lease liability and are recognized when incurred as a component of lease expense in the consolidated statements of operations. The Company has elected to not separate contract consideration for lease and non-lease components for its building leases. In addition to the noncancellable period of a lease, the Company includes periods covered by extension options it is reasonably certain to exercise, termination options that it is reasonably certain not to exercise, and extension and termination options controlled by the lessor in its determination of the lease term. The Company uses the rate implicit in the contract whenever possible when determining the applicable discount rate. When the implicit rate is not used, the Company employs a portfolio approach based on the duration of the lease. The portfolio lease rates are calculated monthly. No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant. See Note 3. Recent Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-06. The ASU simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible debt instruments. The ASU reduces the number of accounting models available for convertible debt instruments, requires the use of the if-converted method for the calculation of diluted earnings per share for convertible debt instruments, and increases disclosure requirements. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2022, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2021. The Company will adopt the ASU effective January 1, 2021. Based on work performed to date, the Company Recent Accounting Guidance Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The ASU is applicable to the Company's trade accounts receivable, cash equivalents, short-term investments, restricted investments, and other short-term held-to-maturity debt instruments recorded within Prepaid expenses and other current assets on the consolidated balance sheets. The adoption of ASU 2016-13 on January 1, 2020 had no material impact on the Company’s allowance for accounts trade receivable credit losses. The Company recorded cumulative-effect adjustments to January 1, 2020 retained earnings of $810 and $260 to recognize an allowance for credit losses for cash equivalents, short-term investments, and restricted investments and other short-term held-to-maturity debt instruments, respectively, upon the adoption of ASU 2016-13. Reclassifications Certain prior year amounts have been reclassified. Such reclassifications had no effect on reported net earnings attributable to Vishay stockholders, total assets, stockholders' equity, or the statements of cash flows. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activities | 12 Months Ended |
Dec. 31, 2020 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 2 - Acquisition and Divestiture Activities As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise. Year ended December 31, 2020 On October 1, 2020, the Company acquired the worldwide business and substantially all of the U.S. assets of Applied Thin-Film Products, a California-based, privately-held manufacturer of custom, build-to-print thin film substrates for the microwave, fiber optic, and life science industries. Concurrently, a Chinese subsidiary of Applied Thin-Film Products entered into an agreement to sell certain inventory and equipment to a subsidiary of Vishay for approximately $350 at a later date. The total acquisition price was $25,852, subject to customary post-closing adjustments. Based on its estimate of their fair values pending finalization of the net working capital adjustment, the Company allocated $10,800 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 $6,548 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 year ended December 31, 2020. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. Year ended December 31, 2019 On January 3, 2019, the Company acquired substantially all of the assets of Bi-Metallix, Inc. ("Bi-Metallix"), a U.S.-based, privately-held provider of electron beam continuous strip welding services for $11,862. The Company was a major customer of Bi-Metallix, and the acquired business has been vertically integrated into the Company's Resistors segment. Based on an estimate of their fair values, the Company allocated $2,900 of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $3,324 related to this acquisition. The results and operations of this acquisition have been included in the Resistors segment since January 3, 2019. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. Year ended December 31, 2018 On February 8, 2018, the Company acquired substantially all of the assets and liabilities of UltraSource, Inc. ("UltraSource"), a U.S.-based, privately-held thin film circuit and thin film interconnect manufacturer, for $13,596. Based on an estimate of their fair values, the Company allocated $6,500 of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $4,227 related to this acquisition. The results and operations of this acquisition have been included in the Resistors segment since February 8, 2018. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. On June 11, 2018, the Company acquired EuroPower Holdings Ltd. ("EuroPower") for $2,939, net of cash acquired. EuroPower is a distributor of electronic components in the United Kingdom. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $1,068 related to this acquisition. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. Had these acquisitions occurred as of the beginning of the periods presented in these consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 3 – Leases The net right of use assets and lease liabilities recognized on the consolidated balance sheets for the Company's operating leases as of December 31, 2020 and 2019 are presented below: December 31, 2020 December 31, 2019 Right of use assets Operating Leases Buildings and improvements $ 97,429 $ 87,689 Machinery and equipment 5,011 5,473 Total $ 102,440 $ 93,162 Current lease liabilities Operating Leases Buildings and improvements $ 19,370 $ 17,410 Machinery and equipment 2,704 2,807 Total $ 22,074 $ 20,217 Long-term lease liabilities Operating Leases Buildings and improvements $ 83,926 $ 75,877 Machinery and equipment 2,294 2,634 Total $ 86,220 $ 78,511 Total lease liabilities $ 108,294 $ 98,728 Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated statements of operations is as follows: Years ended December 31, 2020 2019 Lease expense Operating lease expense $ 23,363 $ 22,271 Short-term lease expense 930 2,278 Variable lease expense 248 95 Total lease expense $ 24,541 $ 24,644 The Company paid $23,814 and $21,552 for its operating leases during the years ended December 31, 2020 and 2019, respectively, which are included in operating cash flows on the consolidated 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 December 31, 2020. The undiscounted future lease payments for the Company's operating lease liabilities are as follows: December 31, 2020 2021 $ 22,671 2022 19,128 2023 15,628 2024 14,172 2025 13,227 Thereafter 55,218 The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities. |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 4 – Restructuring and Related Activities The Company places a strong emphasis on controlling its costs and combats general price inflation by continuously improving its efficiency and operating performance. When the ongoing cost containment activities are not adequate, the Company takes actions to maintain its cost competitiveness. The Company incurred significant restructuring costs in its past to reduce its cost structure. Historically, the Company's primary cost reduction technique was through the transfer of production from high-labor-cost countries to lower-labor-cost countries. Since 2013, the Company's cost reduction programs have primarily focused on reducing fixed costs, including selling, general, and administrative expenses. In 2019, the Company announced global cost reduction and management rejuvenation programs as part of its continuous efforts to improve efficiency and operating performance. The programs were primarily designed to reduce manufacturing fixed costs and selling, general, and administrative costs company-wide, and provide management rejuvenation. These programs are now fully implemented. The Company incurred charges of $24,882, primarily related to cash severance costs, to implement these programs. 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 (10,813 ) Foreign currency translation 683 Balance at December 31, 2020 $ 13,457 Severance benefits are generally paid in a lump sum at cessation of employment. The current portion of the liability is $ and is included in other accrued expenses in the accompanying consolidated balance sheet. The non-current portion of the liability is $ and is included in other liabilities in the accompanying consolidated balance sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5 – Income Taxes U.S. Tax Reform: Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted in the United States. The TCJA represented sweeping changes in U.S. tax law. Among the numerous changes in tax law, the TCJA permanently reduced the U.S. corporate income tax rate to 21% beginning in 2018; imposed a one-time transition tax on deferred foreign earnings; established a partial territorial tax system by allowing a 100% dividends received deduction on qualifying dividends paid by foreign subsidiaries; limited deductions for net interest expense; expanded the U.S. taxation of foreign earned income to include "global intangible low-taxed income" ("GILTI") of foreign subsidiaries; and imposed a base erosion anti-abuse minimum tax ("BEAT"). As permitted by SAB No. 118, the tax expense recorded in the fourth fiscal quarter of 2017 due to the enactment of the TCJA was considered "provisional," based on reasonable estimates. After additional analysis was completed in 2018, the Company identified additional amounts available to be repatriated to the U.S. and additional information regarding the foreign taxes payable and recorded additional provisional tax expense to accrue the incremental foreign income taxes and withholding taxes payable to foreign jurisdiction. The Company collected and analyzed detailed information about the earnings and profits of its non-U.S. subsidiaries, the related taxes paid, the amounts which could be repatriated, the foreign taxes which may be incurred on repatriation, and the associated impact of these items under the TCJA, including under regulatory guidance issued in 2018, throughout the measurement period that ended as of December 31, 2018. The Company recognized $25,496 of additional tax expense directly and indirectly related to the enactment of the TCJA in 2018. The TCJA transitioned the U.S. from a worldwide tax system to a territorial tax system. Under previous law, companies could indefinitely defer U.S. income taxation on unremitted foreign earnings. The TCJA imposed a one-time transition tax on deferred foreign earnings of 15.5% for liquid assets and 8.0% for illiquid assets, payable in defined increments over eight years. As a result of this requirement, the Company expects to pay $184,467. The first installments of $14,757 were paid in 2020, 2019, and 2018. The Company repatriated $104,091, $188,742, and $724,000 to the United States, and paid withholding and foreign taxes of $16,258, $38,814, and $156,767 in 2020, 2019, and 2018, respectively. Tax expense for these repatriation transactions was substantially recorded in 2017 upon enactment of the TCJA. Substantially all of the amounts repatriated were used to repay certain third party and intercompany indebtedness, to pay the U.S. transition tax, to fund capital expansion projects, There are additional amounts of unremitted foreign earnings in other countries, which continue to be reinvested indefinitely, and the Company has made no provision for incremental foreign income taxes and withholding taxes payable to foreign jurisdictions related to these amounts. Determination of the amount of the unrecognized deferred foreign tax liability for these amounts is not practicable because of the complexities associated with its hypothetical calculation. Certain provisions of the TCJA had a significant impact on the Company's effective tax rate and are expected to have a significant impact in future periods. Because the various provisions of the TCJA are interrelated, and because of changes in the Company’s operations and changes in the capital structure in response to the TCJA, the impact of any specific provision of the TCJA cannot be isolated. The Company recognized a significant amount of GILTI income in 2020, 2019, and 2018, but was able to utilize related foreign tax credits to reduce the impact on the effective tax rate. The Company has elected to account for GILTI tax in the period in which it is incurred and, therefore, does not provide any deferred taxes in the consolidated financial statements at December 31, 2020, 2019, or 2018. The inclusion of significant GILTI income was a contributing factor in allowing the Company to avoid a limitation on the deductibility of its U.S. interest expense in 2020, 2019, and 2018. The Company was subject to the BEAT minimum tax of $750, $2,900, and $0 in 2020, 2019, and 2018, respectively. BEAT could increase the Company’s future tax by disallowing certain otherwise deductible payments from the U.S. to non-U.S. subsidiaries and imposing a minimum tax if greater than the regular tax. The Company's repurchase of outstanding convertible debentures (see Note 6) reduced the Company's tax rate. Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components: Years ended December 31, 2020 2019 2018 Domestic $ (25,884 ) $ (10,992 ) $ (39,861 ) Foreign 184,212 237,290 456,637 $ 158,328 $ 226,298 $ 416,776 Significant components of income taxes are as follows: Years ended December 31, 2020 2019 2018 Current: Federal $ 7,327 $ 9,137 $ 18,756 State and local 218 415 209 Foreign 55,399 113,779 263,247 62,944 123,331 282,212 Deferred: Federal (6,068 ) (13,731 ) (58,386 ) State and local (538 ) (802 ) (3,117 ) Foreign (21,793 ) (47,290 ) (150,470 ) (28,399 ) (61,823 ) (211,973 ) Total income tax expense $ 34,545 $ 61,508 $ 70,239 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2020 2019 Deferred tax assets: Pension and other retiree obligations $ 53,585 $ 48,434 Inventories 19,539 19,318 Net operating loss carryforwards 124,251 119,420 Tax credit carryforwards 85,651 76,140 Other accruals and reserves 31,347 29,273 Total gross deferred tax assets 314,373 292,585 Less valuation allowance (206,950 ) (194,797 ) 107,423 97,788 Deferred tax liabilities: Property and equipment (1,604 ) (2,391 ) Earnings not permanently reinvested - (16,448 ) Convertible debentures (12,777 ) (25,219 ) Other - net (6,364 ) (6,499 ) Total gross deferred tax liabilities (20,745 ) (50,557 ) Net deferred tax assets (liabilities) $ 86,678 $ 47,231 The Company makes significant judgments regarding the realizability of its deferred tax assets (principally net operating losses and tax credits). The carrying value of deferred tax assets is based on the Company’s assessment that it is more likely than not that the Company will realize these assets after consideration of all available positive and negative evidence. As of December 31, 2020, the Company has generated an excess U.S. foreign tax credit of $68,874. Because the Company does not anticipate sufficient U.S. foreign source income during the carryforward period, the Company has not recognized the benefit of the carryforward as of December 31, 2020. A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows: Years ended December 31, 2020 2019 2018 Tax at statutory rate $ 33,249 $ 47,523 $ 87,523 State income taxes, net of U.S. federal tax benefit (252 ) (301 ) (2,298 ) Effect of foreign operations (9,896 ) 9,242 5,736 Tax on earnings not permanently reinvested 4,227 6,256 9,304 Unrecognized tax benefits 4,351 5,584 2,669 Repurchase of senior convertible debentures (1,358 ) (1,461 ) (52,312 ) TCJA - remeasurement of net deferred tax liabilities - - (1,211 ) TCJA - transition tax on unremitted foreign earnings - - 7,425 Foreign income taxable in the U.S. 4,155 6,090 15,055 Deferred tax rate impact of corporate reorganization - (12,121 ) - Other 69 696 (1,652 ) Total income tax expense $ 34,545 $ 61,508 $ 70,239 Income tax expense for the years ended December 31, 2020, 2019, and 2018 includes certain discrete tax items for changes in uncertain tax positions, valuation allowances, tax rates, and other related items. These items total $1,998, $799 (tax benefit), and $39,428 (tax benefit) in 2020, 2019, and 2018, respectively. For the year ended December 31, 2020, the discrete items include a tax benefit of $1,563 resulting from the early extinguishment of convertible senior debentures, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the debentures and $190 (tax benefit) of adjustments to remeasure of deferred taxes related to the cash repatriation program described above, and $3,751 of tax expense for changes in uncertain tax positions. For the year ended December 31, 2019, the discrete items include $ related to a tax-basis foreign exchange gain on the settlement of an intercompany loan, which previously had been accounted for at the historical foreign exchange rate (akin to an equity contribution) because the debtor entity did not have the intent or ability to repay such intercompany loan. Currency translation adjustments were recorded in accumulated other comprehensive income, and were not included in U.S. GAAP pre-tax income. The Company’s cash repatriation activity resulted in the ability to repay such intercompany loan. Upon settlement of this intercompany loan, the foreign entity realized a taxable gain. Discrete tax items also include For the year ended December 31, 2018, the discrete items include $25,496 related to the enactment of the TCJA, as previously described, a tax benefit of $54,877 resulting from the early extinguishment of convertible senior debentures, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the debentures, and $10,047 (tax benefit) of adjustments to remeasure the deferred taxes related to the cash repatriation program described above. At December 31, 2020, the Company had the following significant net operating loss carryforwards for tax purposes: Expires Austria $ 19,490 No expiration Belgium 172,952 No expiration Israel 10,706 No expiration Italy 16,779 No expiration Japan 8,490 2023 2030 Netherlands 13,216 2021 2026 The Republic of China (Taiwan) 18,184 2026 2028 California 27,893 2021 2040 Pennsylvania 614,410 2021 2040 At December 31, 2020, the Company had the following significant tax credit carryforwards available: Expires U.S. Foreign Tax Credit $ 68,874 2028 2030 California Research Credit 16,478 No expiration Net income taxes paid were $69,706, $185,654, and $248,958 for the years ended December 31, 2020, 2019, and 2018, respectively. Net income taxes paid for the years ended December 31, 2020, 2019, and 2018 include $16,258, $38,814 and $156,767, respectively, for repatriation activity and $14,757 in each period for the TCJA transition tax. See Note 19 for a discussion of the tax-related uncertainties for the pre-spin-off period of Vishay Precision Group, Inc. (“VPG”), which was spun off on July 6, 2010. The following table summarizes changes in the liabilities associated with unrecognized tax benefits: Years ended December 31, 2020 2019 2018 Balance at beginning of year $ 36,868 $ 21,241 $ 17,056 Addition based on tax positions related to the current year 663 2,383 4,332 Addition based on tax positions related to prior years 8,358 16,190 2,066 Currency translation adjustments 1,361 1,211 (984 ) Reduction based on tax positions related to prior years (3,152 ) - - Reduction for settlements (3,446 ) (3,121 ) (1,229 ) Reduction for lapses of statute of limitation - (1,036 ) - Balance at end of year $ 40,652 $ 36,868 $ 21,241 All of the unrecognized tax benefits of $40,652 and $36,868, as of December 31, 2020 and 2019, respectively, would reduce the effective tax rate if recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. At December 31, 2020 and 2019, the Company had accrued interest and penalties related to the unrecognized tax benefits of $3,239 and $3,561, respectively. During the years ended December 31, 2020, 2019, and 2018, the Company recognized $128, $1,201, and $1,470, respectively, in interest and penalties. The Company and its subsidiaries file U.S. federal income tax returns, as well as tax returns in multiple states and foreign jurisdictions. The Company's During the years ended December 31, 2020, 2019, and 2018, certain tax examinations were concluded and certain statutes of limitations lapsed. The tax provision for those years includes adjustments related to the resolution of these matters, as reflected in the table above. The tax returns of significant non-U.S. subsidiaries currently under examination are located in the following jurisdictions: Germany (2013 through 2016), India (2004 through 2017), and Singapore (2015 through 2019). The Company and its subsidiaries also file income tax returns in other taxing jurisdictions in the U.S. and around the world, many of which are still open to examination. The timing of the resolution of income tax examinations is highly uncertain, as are the amounts and timing of tax payments that result from such examinations. These events could cause large fluctuations in the balance sheet classification of current and non-current unrecognized tax benefits. The Company believes that in the next 12 months it is reasonably possible that certain income tax examinations will conclude or the statutes of limitation on certain income tax periods open to examination will expire, or both. Given the uncertainties described above, the Company can only determine an estimate of potential decreases in unrecognized tax benefits ranging from $4,506 to $9,249. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following: December 31, 2020 December 31, 2019 Credit facility $ - $ - Convertible senior notes, due 2025 406,268 509,128 Convertible senior debentures, due 2040 130 126 Convertible senior debentures, due 2041 - 6,677 Deferred financing costs (11,512 ) (16,784 ) 394,886 499,147 Less current portion - - $ 394,886 $ 499,147 Credit Facility The Company maintains a credit agreement with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders (the "Credit Facility"), which provides an aggregate commitment of $ of revolving loans available until . The Credit Facility also provides for the ability of Vishay to request up to $ of incremental facilities, subject to the satisfaction of certain conditions, which could take the form of additional revolving commitments, incremental “term loan A” or “term loan B” facilities, or incremental equivalent debt. Borrowings under the Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on the Company's leverage ratio. Based on the Company's current leverage ratio, borrowings bear interest at LIBOR plus . The Company also pays a commitment fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on the Company's current leverage ratio, is per annum. The Credit Facility allows an unlimited amount of defined “Investments,” which include certain intercompany transactions and acquisitions, provided the Company's pro forma leverage ratio is equal to or less than to 1.00. If the Company's pro forma leverage ratio is greater than to 1.00, such Investments are subject to certain limitations. The Credit Facility also allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is equal to or less than to 1.00. If the Company's pro forma leverage ratio is greater than to 1.00, the Credit Facility allows such payments up to $ per annum (subject to a cap of $ for the term of the facility, with up to $ of any unused amount of the $ per annum base available for use in the next succeeding calendar year). Borrowings under the Credit Facility are secured by a lien on substantially all assets, including accounts receivable, inventory, machinery and equipment, and general intangibles (but excluding real estate, intellectual property registered or licensed solely for use in, or arising solely under the laws of, any country other than the United States, assets located solely outside of the United States and deposit and securities accounts), of the Company and certain significant subsidiaries located in the United States, and pledges of stock in certain significant domestic and foreign subsidiaries; and are guaranteed by certain significant subsidiaries. The Credit Facility limits or restricts the Company and its subsidiaries, from, among other things, incurring indebtedness, incurring liens on its respective assets, making investments and acquisitions (assuming the Company’s pro forma leverage ratio is greater than to 1.00), making asset sales, and paying cash dividends and making other restricted payments (assuming the Company's pro forma leverage ratio is greater than to 1.00), and requires the Company to comply with other covenants, including the maintenance of specific financial ratios. The Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of the Company or certain of its significant subsidiaries, and the rendering of a judgment in excess of $ against the Company or its subsidiaries. Upon the occurrence of an event of default under the Credit Facility, the Company's obligations under the credit facility may be accelerated and the lending commitments under the credit facility may be terminated. At December 31, 2020 and 2019, there was $748,690 and $747,912, respectively, available under the Credit Facility. Letters of credit totaling $1,310 and $2,088 were outstanding at December 31, 2020 and 2019, respectively. The Credit Facility was entered into on June 5, 2019, and replaced a similar arrangement, which provided up to $640,000 of aggregate commitments. Note 6 – Long-Term Debt (continued) Convertible Debt Instruments The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of December 31, 2020: Due 2025 Due 2040 Issuance date June 12, 2018 November 9, 2010 Maturity date June 15, 2025 November 15, 2040 Principal amount $ 465,344 $ 300 Cash coupon rate (per annum) 2.25 % 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % 8.00 % Conversion rate effective December 10, 2020 (per $1 principal amount) 31.8836 81.8143 Effective conversion price effective December 10, 2020 (per share) $ 31.36 $ 12.22 130% of the conversion price (per share) $ 40.77 $ 15.89 Initial call date n/a November 20, 2020 The terms of the fully retired convertible senior debentures due 2041 and due 2042 were generally congruent to the convertible senior debentures due 2040. Vishay was prohibited from redeeming the convertible senior debentures prior to the respective initial call dates. On or after the initial 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. On January 5, 2021, Vishay gave notice to the holders of its convertible senior debentures due 2040 that Vishay would redeem the debentures on February 4, 2021. The redemption price was paid in cash and was equal to 100% of the principal amount plus accrued but unpaid interest to, but excluding February 4, 2021. Prior to three months before the maturity date, the holders may convert their convertible senior debentures due 2040 only under the following circumstances: (1) 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 were convertible as of December 31, 2020 and remained convertible until they were redeemed. Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances: (1) 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. Effective December 23, 2020, the Company exercised a provision in the Indenture governing the convertible senior notes due 2025, as further described below. On January 5, 2021, the trustee of the convertible senior notes due 2025 executed a supplemental indenture dated as of December 23, 2020 (the "Supplemental Indenture"), regarding the notes. The Supplemental Indenture amends the indenture governing the notes dated as of June 12, 2018, to incorporate the Company's election. Pursuant to the Supplemental Indenture, at the direction of its Board of Directors, Vishay has fixed the “Specified Dollar Amount” (as defined in the Indenture) that shall apply to all future conversions of notes at $1 cash per $1 principal amount. The fixing of the Specified Dollar Amount requires Vishay to satisfy its conversion obligations by paying cash with respect to such Specified Dollar Amount. Prior to entering into the Supplemental Indenture, Vishay had the option to settle any convertible senior notes due 2025 presented for conversion by delivering cash, shares of common stock or any combination thereof. At the direction of its Board of Directors, Vishay had always intended, upon conversion, to repay the principal amount of the convertible senior notes due 2025 in cash and settle any additional amounts in common stock. The entry into a Supplemental Indenture codifies this intention and removes Vishay’s option to settle the principal amount of the convertible senior notes due 2025 in shares of common stock upon conversion. The Company intends to early adopt ASU No. 2020-06, effective January 1, 2021. Among other things, ASU No. 2020-06 requires the use of the if-converted method of calculating diluted earnings per share for the convertible notes due 2025. Entering into the Supplemental Indenture will reduce the potential dilutive impact of the convertible senior notes due 2025 for purposes of earnings per share computations versus what would have otherwise been required pursuant to ASU No 2020-06. See more information in Note 1. 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 $ per share of common stock. Note 6 – Long-Term Debt (continued) Prior to the adoption of ASU No. 2020-06, 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. Subsequent to the adoption of ASU No. 2020-06, Vishay's convertible debt instruments will not be bifurcated into liability and equity components and non-cash interest will only include amortization of deferred financing costs. The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s accompanying consolidated balance sheets as follows: Principal amount of the convertible debt Unamortized discount Carrying value of liability component Equity component (including temporary equity) - net carrying value December 31, 2020 Convertible senior notes due 2025 $ 465,344 (59,076 ) $ 406,268 $ 66,127 Convertible senior debentures $ 300 (170 ) $ 130 $ 121 Total $ 465,644 $ (59,246 ) $ 406,398 $ 66,248 December 31, 2019 Convertible senior notes due 2025 $ 600,000 (90,872 ) $ 509,128 $ 85,262 Convertible senior debentures $ 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 under certain other circumstances, beginning ten years subsequent to their issuance. Contingent interest is not currently payable on the convertible senior debentures due 2040. The convertible senior notes due 2025 do not possess contingent interest features. Interest expense related to the convertible debt instruments is reflected on the accompanying consolidated statements of operations for the years ended December 31: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debentures 2020 Convertible senior notes due 2025 $ 12,097 13,118 1,623 $ 26,838 Convertible senior debentures $ 88 43 - $ 131 Total $ 12,185 $ 13,161 $ 1,623 $ 26,969 2019 Convertible senior notes due 2025 $ 13,500 13,925 1,816 $ 29,241 Convertible senior debentures $ 498 221 (35 ) $ 684 Total $ 13,998 $ 14,146 $ 1,781 $ 29,925 2018 Convertible senior notes due 2025 $ 7,463 7,240 1,059 $ 15,762 Convertible senior debentures 8,627 3,529 254 12,410 Total $ 16,090 $ 10,769 $ 1,313 $ 28,172 Note 6 – Long-Term Debt (continued) The Company used substantially all of the net proceeds of the 2018 issuance of convertible senior notes due 2025 and cash, including a substantial amount of cash repatriated to the United States (see Note 5) to repurchase $273,690, $116,922, and $147,832 principal amounts of convertible senior debentures due 2040, due 2041, and due 2042, respectively, in 2018. The net carrying value of the debentures repurchased were $111,294, $45,157, and $62,503, respectively. In accordance with the authoritative accounting guidance for convertible debentures, the aggregate repurchase payment of $960,995 was allocated between the liability ($241,706) and equity (including temporary equity, $719,289) components of the convertible debentures, using the Company's nonconvertible debt borrowing rate at the time of the repurchases. As a result, the Company recognized a loss on extinguishment of convertible debentures of $26,583, including the write-off of a portion of unamortized debt issuance costs. The Company used cash to repurchase $1,010, $16,188 and $2,168 principal amounts of convertible senior debentures due 2040, due 2041, and due 2042, respectively, in 2019. The net carrying value of the debentures repurchased were $417, $6,282, and $924, respectively. In accordance with the authoritative accounting guidance for convertible debentures, the aggregate repurchase payment of $27,863 was allocated between the liability ($9,568) and equity (including temporary equity, $18,295) 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 $2,030, including the write-off of a portion of unamortized debt issuance costs. The convertible senior debentures due 2042 have been fully repurchased, and the trustee has confirmed that the Company has satisfied and discharged its obligations under the indenture governing the convertible senior debentures due 2042. The Company used cash to repurchase $134,656 principal amount of convertible senior notes due 2025 in 2020. The net carrying value of the debentures repurchased was $115,978. In accordance with the authoritative accounting guidance for convertible debt, the aggregate repurchase payments of $128,328 were allocated between the liability ($118,587) and equity ($9,741) 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 a loss on extinguishment of convertible notes of $4,600, including the write-off of unamortized debt issuance costs. The Company used cash to repurchase $16,890 principal amount of convertible senior debentures due 2041 in 2020. The net carrying value of the debentures repurchased was $6,715. The aggregate repurchase payment of $23,355 was allocated between the liability ($10,075) and equity ($13,280) 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 $3,473, including the write-off of unamortized debt issuance costs. The convertible senior debentures due 2041 have been fully repurchased, and the trustee has confirmed that the Company has satisfied and discharged its obligations under the indenture governing the convertible senior debentures due 2041. Other Borrowings Information The Credit Facility, of which no amounts were drawn as of December 31, 2020, expires in 2024. The convertible senior notes mature in 2025. At December 31, 2020 and 2019, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $6,000, with substantially no amounts borrowed. Interest paid was $15,450, $16,177, and $23,859 for the years ended December 31, 2020, 2019, and 2018, respectively. See Note 18 for further discussion on the fair value of the Company’s long-term debt. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ Equity The Company’s Class B common stock carries 10 votes per share while the common stock carries 1 vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock. The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. Stock dividends or distributions on any class of stock are payable only in shares of stock of that class. Shares of either common stock or Class B common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally. Cash dividends were paid quarterly in 2020 and 2019. The Credit Facility also allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is equal to or less than 2.50 to 1.00. If the Company's pro forma leverage ratio is greater than 2.50 to 1.00, the Credit Facility allows such payments up to $100,000 per annum (subject to a cap of $300,000 for the term of the facility, with up to $25,000 of any unused amount of the $100,000 per annum base available for use in the next succeeding calendar year). At December 31, 2020, the Company had reserved shares of common stock for future issuance as follows: Restricted stock units outstanding 793,000 Phantom stock units outstanding 198,000 2007 Stock Incentive Program - available to grant 2,307,000 Convertible senior debentures, due 2040* 27,600 Convertible senior notes, due 2025* 19,060,723 Conversion of Class B common stock 12,097,148 34,483,471 __________________ * At December 31, 2020, the convertible senior debentures due 2040 are convertible into 24,544 shares of Vishay common stock. Based on the effective conversion rate at December 31, 2020, the convertible senior notes due 2025 would be convertible into 14,836,842 shares of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the convertible debt instruments. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income (Expense) [Abstract] | |
Other Income (Expense) | Note 8 – Details of Expenses The caption “Other” on the accompanying consolidated statements of operations consists of the following: Years ended December 31, 2020 2019 2018 Foreign exchange gain (loss) $ (4,095 ) $ (1,414 ) $ (1,991 ) Interest income 3,709 8,445 11,940 Other components of periodic pension expense (13,613 ) (13,959 ) (13,118 ) Investment income (expense) 2,271 6,448 (1,646 ) Other (26 ) 61 (266 ) $ (11,754 ) $ (419 ) $ (5,081 ) The Company repurchased $151,546, $19,366, and $538,444, principal amounts of convertible debt instruments and recognized losses on early extinguishment of the repurchased convertible debt of $8,073, $2,030, and $26,583 in 2020, 2019, and 2018, respectively. Impact of the 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 wages paid to manufacturing employees during government-mandated shut-downs, additional wages and hardship allowances for working during lockdown periods, additional costs of cleaning and disinfecting facilities, costs of additional safety equipment for employees, and temporary housing for employees due to travel restrictions, which were partially offset by government subsidies. The net impact of the costs and subsidies are reported as cost of products sold of $4,563 and selling, general, and administrative benefits of $1,451 based on employee function on the consolidated statement of operations for the year ended December 31, 2020. 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. |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other Accrued Expenses [Abstract] | |
Other Accrued Expenses | Note 9 – Other Accrued Expenses Other accrued expenses consist of the following: December 31, 2020 2019 Sales returns and allowances $ 39,629 $ 40,508 Goods received, not yet invoiced 30,945 30,515 Accrued restructuring 11,595 18,841 Other 100,473 96,599 $ 182,642 $ 186,463 Sales returns and allowances accrual activity is shown below: Years Ended December 31, 2020 2019 2018 Beginning balance $ 40,508 $ 42,663 $ 36,680 Sales returns and allowances 88,844 107,806 102,026 Credits issued (90,824 ) (109,729 ) (95,521 ) Foreign currency 1,101 (232 ) (522 ) Ending balance $ 39,629 $ 40,508 $ 42,663 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10 – Accumulated Other Comprehensive Income (Loss) The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Unrealized gain (loss) on available-for-sale securities Total Balance at January 1, 2018 $ (69,041 ) $ 92,954 $ 1,801 $ 25,714 Cumulative effect of accounting for adoption of ASU 2016-01 - - (1,801 ) (1,801 ) Other comprehensive income before reclassifications 5,617 (41,454 ) - $ (35,837 ) Tax effect (1,032 ) - - $ (1,032 ) Other comprehensive income before reclassifications, net of tax 4,585 (41,454 ) - $ (36,869 ) Amounts reclassified out of AOCI 8,343 - - $ 8,343 Tax effect (2,178 ) - - $ (2,178 ) Amounts reclassified out of AOCI, net of tax 6,165 - - $ 6,165 Net comprehensive income (loss) $ 10,750 $ (41,454 ) $ - $ (30,704 ) Balance at December 31, 2018 $ (58,291 ) $ 51,500 $ - $ (6,791 ) Other comprehensive income before reclassifications (21,473 ) (10,126 ) - $ (31,599 ) Tax effect 5,219 - - $ 5,219 Other comprehensive income before reclassifications, net of tax (16,254 ) (10,126 ) - $ (26,380 ) Amounts reclassified out of AOCI 8,694 - - $ 8,694 Tax effect (2,169 ) - - $ (2,169 ) Amounts reclassified out of AOCI, net of tax 6,525 - - $ 6,525 Net comprehensive income (loss) $ (9,729 ) $ (10,126 ) $ - $ (19,855 ) Balance at December 31, 2019 $ (68,020 ) $ 41,374 $ - $ (26,646 ) Other comprehensive income before reclassifications (22,055 ) 49,260 - $ 27,205 Tax effect 5,288 - - $ 5,288 Other comprehensive income before reclassifications, net of tax (16,767 ) 49,260 - $ 32,493 Amounts reclassified out of AOCI 10,168 - - $ 10,168 Tax effect (2,456 ) - - $ (2,456 ) Amounts reclassified out of AOCI, net of tax 7,712 - - $ 7,712 Net comprehensive income (loss) $ (9,055 ) $ 49,260 $ - $ 40,205 Balance at December 31, 2020 $ (77,075 ) $ 90,634 $ - $ 13,559 The Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $1,801 for the cumulative change in fair value of available-for-sale equity investments previously recognized in other comprehensive income due to the adoption of ASU 2016-01 on January 1, 2018. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 11 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. GAAP requires employers to recognize the funded status of a benefit plan, measured as the difference between plan assets at fair value and the benefit obligation, in its balance sheet. The recognition of the funded status on the balance sheet requires employers to recognize actuarial items (such as actuarial gains and losses, prior service costs, and transition obligations) as a component of other comprehensive income, net of tax. The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans: December 31, 2020 2019 Included in "Other assets": Non-U.S. pension plans $ 312 $ 303 Total included in other assets $ 312 $ 303 Included in "Payroll and related expenses": U.S. pension plans $ (35 ) $ (35 ) Non-U.S. pension plans (8,314 ) (7,362 ) U.S. other postretirement plans (929 ) (872 ) Non-U.S. other postretirement plans (475 ) (616 ) Total included in payroll and related expenses $ (9,753 ) $ (8,885 ) Accrued pension and other postretirement costs: U.S. pension plans $ (45,529 ) $ (42,348 ) Non-U.S. pension plans (225,473 ) (202,873 ) U.S. other postretirement plans (6,794 ) (6,817 ) Non-U.S. other postretirement plans (8,035 ) (7,493 ) Other retirement obligations (14,282 ) (12,871 ) Total accrued pension and other postretirement costs $ (300,113 ) $ (272,402 ) Accumulated other comprehensive loss: U.S. pension plans $ 10,709 $ 8,839 Non-U.S. pension plans 94,480 84,926 U.S. other postretirement plans 344 (180 ) Non-U.S. other postretirement plans 2,119 2,179 Total accumulated other comprehensive loss* $ 107,652 $ 95,764 * - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. Defined Benefit Pension Plans U.S. Pension Plans The Company maintained several defined benefit pension plans which covered most full-time U.S. employees. These included pension plans which are “qualified” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code, and “non-qualified” pension plans which provide defined benefits primarily to U.S. employees whose benefits under the qualified pension plan would be limited by ERISA and the Internal Revenue Code. The Company’s principal qualified U.S. pension plan (the Vishay Retirement Plan) was frozen effective January 1, 2009 and terminated in 2016. The Company’s principal non-qualified U.S. pension plan (the Vishay Non-qualified Retirement Plan) was a contributory pension plan designed to provide similar defined benefits to covered U.S. employees whose benefits under the Vishay Retirement Plan were limited by the Internal Revenue Code. The Vishay Non-qualified Retirement Plan was similar in construction to the Vishay Retirement Plan, except that the plan is not qualified under the Internal Revenue Code. The Vishay Non-qualified Retirement Plan, like all non-qualified plans, is considered to be unfunded. The Company maintains a non-qualified trust, referred to as a “rabbi” trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the non-qualified pension plan were $29,157 and $27,012 at December 31, 2020 and 2019, respectively. In 2008, the Company adopted amendments to the Vishay Non-Qualified Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees may participate in the plans, no further participant contributions were required or permitted, and no further benefits shall accrue after December 31, 2008. Benefits accumulated as of December 31, 2008 will be paid to employees upon or following retirement, and the Company will likely need to make additional cash contributions to the rabbi trust to fund this accumulated benefit obligation. The Company also maintains other pension plans which provide supplemental defined benefits primarily to former U.S. employees whose benefits under qualified pension plans were limited by the Internal Revenue Code. These non-qualified plans are all non-contributory plans, and are considered to be unfunded. In 2004, the Company entered into an employment agreement with Dr. Felix Zandman, its Executive Chairman and then-Chief Executive Officer. Pursuant to this agreement, the Company is providing an annual retirement benefit of approximately $614 to his surviving spouse. The Company maintains a non-qualified trust, referred to as a “rabbi” trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to this non-qualified pension plan were $1,243 and $605 at December 31, 2020 and 2019, respectively. Non-U.S. Pension Plans The Company provides pension and similar benefits to employees of certain non-U.S. subsidiaries consistent with local practices. Pension benefits earned are generally based on years of service and compensation during active employment. The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 42,383 $ 283,561 $ 38,169 $ 275,207 Service cost - 4,382 - 3,382 Interest cost 1,366 3,783 1,696 5,116 Plan amendments - 1,015 - - Actuarial (gains) losses 3,623 10,920 4,309 20,115 Benefits paid (1,808 ) (17,737 ) (1,791 ) (18,985 ) Curtailments and settlements - (464 ) - - Currency translation - 22,349 - (1,274 ) Benefit obligation at end of year $ 45,564 $ 307,809 $ 42,383 $ 283,561 Change in plan assets: Fair value of plan assets at beginning of year $ - $ 73,629 $ - 70,820 Actual return on plan assets - 2,811 - 4,614 Company contributions 1,808 12,149 1,791 15,443 Benefits paid (1,808 ) (17,737 ) (1,791 ) (18,985 ) Currency translation - 3,482 - 1,737 Fair value of plan assets at end of year $ - $ 74,334 $ - $ 73,629 Funded status at end of year $ (45,564 ) $ (233,475 ) $ (42,383 ) $ (209,932 ) The plan assets are stated at fair value. See Note 18 for further discussion of the valuation of the plan assets. Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Other assets $ - $ 312 $ - $ 303 Accrued benefit liability - current (35 ) (8,314 ) (35 ) (7,362 ) Accrued benefit liability - non-current (45,529 ) (225,473 ) (42,348 ) (202,873 ) Accumulated other comprehensive loss 10,709 94,480 8,839 84,926 $ (34,855 ) $ (138,995 ) $ (33,544 ) $ (125,006 ) Actuarial items consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 10,212 $ 94,072 $ 8,199 $ 84,523 Unamortized prior service cost 497 408 640 403 $ 10,709 $ 94,480 $ 8,839 $ 84,926 The following table sets forth additional information regarding the projected and accumulated benefit obligations: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accumulated benefit obligation, all plans $ 45,564 $ 287,169 $ 42,383 $ 264,723 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 45,564 $ 288,212 $ 42,383 $ 252,469 Accumulated benefit obligation 45,564 275,816 42,383 239,341 Fair value of plan assets - 59,070 - 44,670 The following table sets forth the components of net periodic pension cost: Years ended December 31, 2020 2019 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ - $ 4,382 $ - $ 3,382 $ - $ 3,822 Interest cost 1,366 3,783 1,696 5,116 1,484 4,793 Expected return on plan assets - (2,004 ) - (1,956 ) - (1,889 ) Amortization of actuarial losses 1,609 6,554 827 5,374 656 6,196 Amortization of prior service cost 144 378 144 197 144 318 Curtailment and settlement losses - 1,148 - 2,183 - 1,111 Net periodic pension cost $ 3,119 $ 14,241 $ 2,667 $ 14,296 $ 2,284 $ 14,351 See Note 10 for the pretax, tax effect and after tax amounts included in other comprehensive income during the years ended December 31, 2020, 2019, and 2018. The estimated actuarial items for the defined benefit pensions plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2021 is $10,000. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 2.25 % 1.02 % 3.25 % 1.40 % Rate of compensation increase 0.00 % 2.02 % 0.00 % 2.24 % The following weighted average assumptions were used to determine the net periodic pension costs: Years ended December 31, 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.25 % 1.40 % 4.50 % 1.96 % Rate of compensation increase 0.00 % 2.24 % 0.00 % 2.17 % Expected return on plan assets 0.00 % 2.35 % 0.00 % 2.77 % The plans’ expected return on assets is based on management’s expectations of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The investment mix between equity securities and fixed income securities is based upon achieving a desired return, balancing higher return, more volatile equity securities, and lower return, less volatile fixed income securities and is adjusted for the expected duration of the obligation and the funded status of the plan. Investment allocations are made across a range of securities, maturities and credit quality. The Company’s non-U.S. defined benefit plan investments are based on local laws and customs. Most plans invest in cash and local government fixed income securities, although plans in certain countries have investments in equity securities. The plans do not invest in securities of Vishay or its subsidiaries. Negative investment returns could ultimately affect the funded status of the plans, requiring additional cash contributions. See Note 18 for further information on the fair value of the plan assets by asset category. Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2021 $ 1,904 $ 16,593 2022 1,901 19,235 2023 8,502 17,033 2024 3,260 16,808 2025 9,505 17,957 2026-2030 11,379 84,994 The Company’s anticipated 2020 contributions for defined benefit pension plans will approximate the expected benefit payments disclosed above. Other Postretirement Benefits In the U.S., the Company maintains unfunded non-pension postretirement plans, including medical benefits for certain executives and their surviving spouses, which are funded as costs are incurred. The Company also maintains two unfunded non-pension postretirement plans at two European subsidiaries. The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 7,689 $ 8,109 $ 6,994 $ 7,953 Service cost 112 284 157 284 Interest cost 236 64 286 123 Actuarial (gains) losses 550 35 939 311 Benefits paid (864 ) (706 ) (687 ) (413 ) Currency translation - 724 - (149 ) Benefit obligation at end of year $ 7,723 $ 8,510 $ 7,689 $ 8,109 Fair value of plan assets at end of year $ - $ - $ - $ - Funded status at end of year $ (7,723 ) $ (8,510 ) $ (7,689 ) $ (8,109 ) Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accrued benefit liability - current $ (929 ) $ (475 ) $ (872 ) $ (616 ) Accrued benefit liability - non-current (6,794 ) (8,035 ) (6,817 ) (7,493 ) Accumulated other comprehensive income 344 2,119 (180 ) 2,179 $ (7,379 ) $ (6,391 ) $ (7,869 ) $ (5,930 ) Actuarial items consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss (gain) $ 344 $ 2,119 $ (180 ) $ 2,179 $ 344 $ 2,119 $ (180 ) $ 2,179 The following table sets forth the components of net periodic benefit cost: Years ended December 31, 2020 2019 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 112 $ 284 $ 157 $ 284 $ 137 $ 288 Interest cost 236 64 286 123 273 114 Amortization of actuarial (gains) losses 26 132 (138 ) 107 (39 ) 105 Amortization of prior service credit - - - - (148 ) - Curtailment and settlement losses - 177 - - - - Net periodic benefit cost (benefit) $ 374 $ 657 $ 305 $ 514 $ 223 $ 507 The estimated actuarial items for the other postretirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2021 are not material. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 2.25 % 0.54 % 3.25 % 0.81 % Rate of compensation increase 0.00 % 2.87 % 0.00 % 2.87 % The following weighted average assumptions were used to determine the net periodic benefit costs: Years ended December 31, 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.25 % 0.81 % 4.50 % 1.60 % Rate of compensation increase 0.00 % 2.87 % 0.00 % 3.18 % The impact of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit cost and postretirement benefit obligation is not material. Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2021 $ 929 $ 475 2022 855 547 2023 783 275 2024 703 257 2025 626 558 2026-2030 2,216 3,243 As the plans are unfunded, the Company’s anticipated contributions for 2021 are equal to its estimated benefits payments. Other Retirement Obligations The Company participates in various other defined contribution and government-mandated retirement plans based on local law or custom. The Company periodically makes required contributions for certain of these plans, whereas other plans are unfunded retirement bonus plans which will be paid at the employee's retirement date. At December 31, 2020 and 2019, the accompanying consolidated balance sheets include $14,282 and $12,871, respectively, within accrued pension and other postretirement costs related to these plans. The Company’s U.S. employees are eligible to participate in a 401(k) savings plan, which provides for Company matching contributions. The Company’s matching expense for the plans was $6,363, $6,481, and $6,353 for the years ended December 31, 2020, 2019, and 2018, respectively. No material amounts are included in the accompanying consolidated balance sheets at December 31, 2020 and 2019 related to unfunded 401(k) contributions. Certain key employees participate in a deferred compensation plan. During the years ended December 31, 2020, 2019, and 2018, these employees could defer a portion of their compensation until retirement, or elect shorter deferral periods. The Company maintains a liability within other noncurrent liabilities on its consolidated balance sheets related to these deferrals. The Company maintains a non-qualified trust, referred to as a “rabbi” trust, to fund payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the deferred compensation plan at December 31, 2020 and 2019 were approximately $27,491 and $24,531, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 12 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of share-based compensation to officers, employees, and non-employee directors. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units ("RSUs"), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes share-based compensation expense recognized: Years ended December 31, 2020 2019 2018 Restricted stock units $ 5,061 $ 5,931 $ 4,603 Phantom stock units 215 177 214 Total $ 5,276 $ 6,108 $ 4,817 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 December 31, 2020 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 2,760 0.8 Phantom stock units - 0.0 Total $ 2,760 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. Note 12 – Stock-Based Compensation (continued) 2007 Stock Incentive Program The Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, was approved by Vishay's stockholders at Vishay's Annual Meeting of Stockholders on May 20, 2014. The 2007 Program permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. At December 31, 2020, the Company has reserved 2,307,000 shares of common stock for future grants of equity awards pursuant to the 2007 Program. If any outstanding awards are forfeited by the holder or cancelled by the Company, the underlying shares would be available for regrant to others. Restricted Stock Units Each RSU entitles the recipient to receive a share of common stock when the RSU vests. RSU activity is presented below (number of RSUs in thousands) Years ended December 31, 2020 2019 2018 Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Outstanding: Beginning of year 842 $ 17.93 904 $ 14.77 986 $ 13.34 Granted 272 18.30 314 19.85 252 18.90 Vested* (308 ) 15.70 (361 ) 11.70 (334 ) 13.67 Cancelled or forfeited (13 ) 19.06 (15 ) 17.71 - - End of year 793 $ 18.90 842 $ 17.93 904 $ 14.77 Expected to vest 793 842 904 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. The number of performance-based RSUs scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2021** 141 - 141 January 1, 2022 174 - 174 January 1, 2023 152 - 152 ** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2021 were achieved. In the event of (i) any termination (other than for cause) after attaining retirement age (as defined in the respective executive's employment arrangement), the executive's outstanding RSUs shall immediately vest and the outstanding performance-based RSUs shall vest on their normal vesting date to the extent applicable performance criteria are realized; and (ii) a change of control of Vishay, all of such executive’s outstanding RSUs and performance-based RSUs shall immediately vest. In the event of voluntary termination by the executive prior to attaining retirement age or termination for cause, the executive’s outstanding RSUs and performance-based RSUs will be forfeited. Note 12 – Stock-Based Compensation (continued) Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company's employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual's termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. The following table summarizes the Company’s phantom stock units activity (number of phantom stock units in thousands) Years ended December 31, 2020 2019 2018 Number of Phantom Stock Units Grant-date Fair Value per Unit Number of Phantom Stock Units Grant-date Fair Value per Unit Number of Phantom Stock Units Grant-date Fair Value per Unit Outstanding: Beginning of year 183 170 157 Granted 10 $ 21.49 10 $ 17.72 10 $ 21.35 Dividend equivalents issued 5 3 3 End of year 198 183 170 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies Environmental Matters The Company is subject to various federal, state, local, and foreign laws and regulations governing environmental matters, including the use, discharge, and disposal of hazardous materials. The Company’s manufacturing facilities are believed to be in substantial compliance with current laws and regulations. Complying with current laws and regulations has not had a material adverse effect on the Company’s financial condition. The Company has engaged environmental consultants and attorneys to assist management in evaluating potential liabilities related to environmental matters. Management assesses the input from these consultants along with other information known to the Company in its effort to continually monitor these potential liabilities. Management assesses its environmental exposure on a site-by-site basis, including those sites where the Company has been named as a “potentially responsible party.” Such assessments include the Company’s share of remediation costs, information known to the Company concerning the size of the hazardous waste sites, their years of operation, and the number of past users and their financial viability. As of December 31, 2020, the Company has accrued environmental liabilities of $11,710, of which $4,929 is included in other accrued liabilities on the accompanying consolidated balance sheet, and $6,781 is included in other noncurrent liabilities on the accompanying consolidated balance sheet. While the ultimate outcome of these matters cannot be determined, management does not believe that the final disposition of these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. The Company’s present and past facilities have been in operation for many years. These facilities have used substances and have generated and disposed of wastes which are or might be considered hazardous. Therefore, it is possible that additional environmental issues may arise in the future, which the Company cannot now predict. Litigation The Company is a party to various claims and lawsuits arising in the normal course of business. The Company is of the opinion that these litigations or claims will not have a material negative effect on its consolidated financial position, results of operations, or cash flows. Semiconductor Foundry Agreements The Company’s Siliconix subsidiary maintains long-term foundry agreements with subcontractors to ensure access to external front-end capacity. Since 2004, Siliconix has maintained long-term foundry arrangements for semiconductor manufacturing with Tower Semiconductor, pursuant to which Siliconix transferred certain technology to Tower Semiconductor and committed to purchase a minimum amount of semiconductor wafers. The Company has minimum purchase commitments pursuant to its current arrangements with Tower Semiconductor and other foundry partners of $30,461, $16,011, and $1,560 for the years 2021 through 2023, respectively. The minimum purchase commitments with Tower Semiconductor are based on a 18-month rolling forecast and, accordingly, the 2022 through 2023 minimum purchase commitments will likely increase. The Company has the option to purchase wafers in addition to the minimum commitment and, accordingly, actual purchases may be different than the amounts disclosed above. The Company paid no penalties due to its 2020 purchase commitments. The Company's 2019 purchases pursuant to its arrangements were less than the minimum purchase commitment and it paid an immaterial penalty. Product Quality Claims The Company is a party to various product quality claims in the normal course of business. See Note 1 for further information on the Company's warranty obligations. Executive Employment Agreements The Company has employment agreements with certain of its senior executives. These employment agreements provide incremental compensation in the event of termination. The Company does not provide any severance or other benefits specifically upon a change in control. |
Current Vulnerability Due to Ce
Current Vulnerability Due to Certain Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Current Vulnerability Due to Certain Concentrations [Abstract] | |
Current Vulnerability Due to Certain Concentrations | Note 14 – Current Vulnerability Due to Certain Concentrations Market Concentrations The Company's largest customer, TTI, Inc., an electronics distributor, represented approximately 10% of consolidated net revenues in 2019, and slightly less than 10% in 2020. The loss of this customer could have a material effect on the results of operations of the Company. No other customers represented greater than 10% of consolidated net revenue in 2020 or 2019. A material portion of the Company's revenues are derived from the worldwide industrial, automotive, telecommunications, and computing markets. These markets have historically experienced wide variations in demand for end products. If demand for these end products should decrease, the producers thereof could reduce their purchases of the Company's products, which could have an adverse effect on the Company's results of operations and financial position. Certain subsidiaries and product lines have customers which comprise greater than 10% of the subsidiary's or product line's net revenues. The loss of one of these customers could have a material effect on the results of operations of the subsidiary or product line and financial position of the subsidiary, which could result in an impairment charge which could be material to the Company's consolidated financial statements. Credit Risk Concentrations Financial instruments with potential credit risk consist principally of cash and cash equivalents, short-term investments, accounts receivable, and notes receivable. Concentrations of credit risk with respect to receivables are generally limited due to the Company’s large number of customers and their dispersion across many countries and industries. As of December 31, 2020, one customer comprised 17.2% of the Company’s accounts receivable balance. This customer comprised 19.4% of the Company’s accounts receivable balance as of December 31, 2019. No other customer comprised greater than 10% of the Company’s accounts receivable balance as of December 31, 2020 or December 31, 2019. The Company continually monitors the credit risks associated with its accounts receivable and adjusts the allowance for uncollectible accounts accordingly. The credit risk exposure associated with the accounts receivable is limited by the allowance and is not considered material to the financial statements. The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2020, the following financial institutions held over 10% of the Company’s combined cash and cash equivalents and short-term investments balance: MUFG Bank Ltd.* 20.1 % JPMorgan* 18.7 % HSBC* 12.9 % Bank of China 10.8 % * Participant in Credit Facility Sources of Supplies Many of the Company’s products require the use of raw materials that are produced in only a limited number of regions around the world or are available from only a limited number of suppliers. The Company’s consolidated results of operations may be materially and adversely affected if there are significant price increases for these raw materials, the Company has difficulty obtaining these raw materials, or the quality of available raw materials deteriorates. For periods in which the prices of these raw materials are rising, the Company may be unable to pass on the increased cost to the Company’s customers, which would result in decreased margins for the products in which they are used. For periods in which the prices are declining, the Company may be required to write down its inventory carrying cost of these raw materials which, depending on the extent of the difference between market price and its carrying cost, could have a material adverse effect on the Company’s net earnings. Vishay is a major consumer of the world’s annual production of tantalum. Tantalum, a metal purchased in powder or wire form, is the principal material used in the manufacture of tantalum capacitors. There are few suppliers that process tantalum ore into capacitor grade tantalum powder. From time to time, there have been short-term market shortages of raw materials utilized by the Company. While these shortages have not historically adversely affected the Company’s ability to increase production of products containing these raw materials, they have historically resulted in higher raw material costs for the Company. The Company cannot assure that any of these market shortages in the future would not adversely affect the Company’s ability to increase production, particularly during periods of growing demand for the Company’s products. Note 14 – Current Vulnerability Due to Certain Concentrations (continued) Certain raw materials used in the manufacture of the Company’s products, such as gold, copper, palladium, and other metals, are traded on active markets and can be subject to significant price volatility. To ensure adequate supply and to provide cost certainty, the Company’s policy is to enter into short-term commitments to purchase defined portions of annual consumption of the raw materials utilized by the Company if market prices decline below budget. If after entering into these commitments, the market prices for these raw materials decline, the Company must recognize losses on these adverse purchase commitments. Customer requirements and certain laws regarding so called "conflict minerals," which include tantalum, tungsten, tin, and gold, all of which are used in the Company’s products, could result in increased prices and decreased supply of these materials, which could negatively affect the Company’s consolidated results of operations. Geographic Concentration The Company has operations outside the United States, and approximately 75% of revenues earned during 2020 were derived from sales to customers outside the United States. Additionally, as of December 31, 2020, $752,662 of the Company’s cash and cash equivalents and short-term investments were held by subsidiaries outside of the United States. Some of the Company’s products are produced and cash and cash equivalents and short-term investments are held in countries which are subject to risks of political, economic, and military instability. This instability could result in wars, riots, nationalization of industry, currency fluctuations, and labor unrest. These conditions could have an adverse impact on the Company’s ability to operate in these regions and, depending on the extent and severity of these conditions, could materially and adversely affect the Company’s overall financial condition, operating results, and ability to access its liquidity when needed. As of December 31, 2020 the Company’s cash and cash equivalents and short-term investments were concentrated in the following countries: Singapore 21.2 % Germany 17.9 % Israel 14.9 % United States 13.5 % People's Republic of China 12.5 % The Republic of China (Taiwan) 8.4 % Other Asia 7.2 % Other Europe 3.2 % Other 1.2 % Certain of the Company's non-U.S. subsidiaries have cash and cash equivalents and short-term investments deposited in U.S. financial institutions. Vishay has been in operation in Israel for 50 years. The Company has never experienced any material interruption in its operations attributable to these factors, in spite of several Middle East crises, including wars. |
Segment and Geographic Data
Segment and Geographic Data | 12 Months Ended |
Dec. 31, 2020 | |
Segment and Geographic Data [Abstract] | |
Segment and Geographic Data | Note 15 – Segment and Geographic Data 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. 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. An immaterial portion of revenues are 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, and other items affecting comparability. 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. Note 15 – Segment and Geographic Data (continued) The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Corporate / Other Total Year ended December 31, 2020: Net revenues $ 501,380 $ 502,548 $ 236,616 $ 606,183 $ 293,629 $ 361,542 $ - $ 2,501,898 Gross Profit 114,236 90,004 66,502 153,214 92,500 70,010 (4,563 ) $ 581,903 Segment Operating Income 76,548 69,663 50,369 130,700 82,472 50,753 (4,563 ) $ 455,942 Depreciation expense 30,835 39,380 16,003 32,531 13,821 17,349 8,198 $ 158,117 Capital expenditures 18,621 31,960 12,873 21,298 20,730 11,198 6,919 $ 123,599 Total Assets as of December 31, 2020: $ 447,867 $ 704,606 $ 341,517 $ 693,251 $ 330,092 $ 438,906 $ 198,234 $ 3,154,473 Year ended December 31, 2019: Net revenues $ 509,145 $ 557,143 $ 222,986 $ 657,192 $ 298,642 $ 423,197 $ - $ 2,668,305 Gross Profit 126,026 113,647 53,463 186,707 96,893 94,464 - $ 671,200 Segment Operating Income 88,994 94,130 37,145 162,969 86,395 74,063 - $ 543,696 Depreciation expense 32,614 38,930 16,803 28,909 13,316 17,253 8,160 $ 155,985 Capital expenditures 35,131 38,242 12,448 34,395 17,836 9,916 8,673 $ 156,641 Total Assets as of December 31, 2019: $ 404,412 $ 755,945 $ 328,871 $ 653,195 $ 334,791 $ 449,823 $ 193,738 $ 3,120,775 Year ended December 31, 2018: Net revenues $ 547,643 $ 712,936 $ 289,727 $ 716,394 $ 301,892 $ 466,097 $ - $ 3,034,689 Gross Profit 145,923 196,702 100,219 238,356 98,912 108,412 - $ 888,524 Segment Operating Income 106,955 175,752 82,681 214,347 89,224 86,929 - $ 755,888 Depreciation expense 32,104 38,197 16,612 26,416 11,292 17,745 7,690 $ 150,056 Capital expenditures 49,557 57,756 19,935 50,978 29,884 12,200 9,589 $ 229,899 Total Assets as of December 31, 2018: $ 444,356 $ 804,784 $ 342,656 $ 587,595 $ 287,240 $ 487,540 $ 152,027 $ 3,106,198 ________________ Years ended December 31, 2020 2019 2018 Reconciliation: Segment Operating Income $ 455,942 $ 543,696 $ 755,888 Restructuring and Severance Costs (743 ) (24,139 ) - Impact of COVID-19 on Selling, General, and Administrative Expenses 1,451 - - Unallocated Selling, General, and Administrative Expenses (246,940 ) (257,127 ) (270,768 ) Consolidated Operating Income (Loss) $ 209,710 $ 262,430 $ 485,120 Unallocated Other Income (Expense) (51,382 ) (36,132 ) (68,344 ) Consolidated Income Before Taxes $ 158,328 $ 226,298 $ 416,776 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: Years Ended December 31, 2020 2019 2018 Distributors $ 1,328,953 $ 1,393,412 $ 1,742,262 OEMs 1,003,090 1,082,701 1,085,292 EMS companies 169,855 192,192 207,135 $ 2,501,898 $ 2,668,305 $ 3,034,689 Note 15 – Segment and Geographic Data (continued) Net revenues were attributable to customers in the following regions: Years Ended December 31, 2020 2019 2018 Asia $ 1,028,073 $ 965,030 $ 1,193,827 Europe 854,847 993,101 1,081,073 Americas 618,978 710,174 759,789 $ 2,501,898 $ 2,668,305 $ 3,034,689 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: Years Ended December 31, 2020 2019 2018 Industrial $ 864,032 $ 946,118 $ 1,139,880 Automotive 796,853 830,876 861,436 Telecommunications 109,001 170,088 200,379 Computing 204,166 182,781 228,831 Consumer Products 118,896 107,983 168,884 Power Supplies 116,966 119,361 144,433 Military and Aerospace 162,484 179,228 162,921 Medical 129,500 131,870 127,925 $ 2,501,898 $ 2,668,305 $ 3,034,689 The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area: Years ended December 31, 2020 2019 2018 United States $ 592,460 $ 686,985 $ 743,647 Germany 772,194 910,509 982,082 Other Europe 103,475 113,473 123,846 Israel 16,609 17,787 13,299 Asia 1,017,160 939,551 1,171,815 $ 2,501,898 $ 2,668,305 $ 3,034,689 The following table summarizes property and equipment based on physical location: December 31, 2020 2019 United States $ 95,570 $ 100,163 Germany 199,076 179,218 Other Europe 118,604 116,883 Israel 79,267 92,636 People's Republic of China 201,848 215,139 Republic of China (Taiwan) 167,177 161,374 Other Asia 77,024 81,338 Other 4,599 4,774 $ 943,165 $ 951,525 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 16 – Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock options and restricted stock units (see Note 12), convertible debt instruments (see Note 6), and other potentially dilutive securities. The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Years ended December 31, 2020 2019 2018 Numerator: Net earnings attributable to Vishay stockholders $ 122,923 $ 163,936 $ 345,758 Denominator: Denominator for basic earnings per share: Weighted average shares 144,641 144,427 144,202 Outstanding phantom stock units 195 181 168 Adjusted weighted average shares - basic 144,836 144,608 144,370 Effect of dilutive securities: Convertible debt instruments 30 100 9,707 Restricted stock units 362 428 545 Dilutive potential common shares 392 528 10,252 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,228 145,136 154,622 Basic earnings per share attributable to Vishay stockholders $ 0.85 $ 1.13 $ 2.39 Diluted earnings per share attributable to Vishay stockholders $ 0.85 $ 1.13 $ 2.24 Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands) Years ended December 31, 2020 2019 2018 Convertible debt instruments: Convertible Senior Debentures, due 2041 100 301 - Convertible Senior Notes, due 2025 17,062 19,063 10,468 Weighted average other 341 315 266 The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The Company, upon conversion, will repay the principal amounts of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Prior to the adoption of ASU No. 2020-06 on January 1, 2020, 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 convertible instruments 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 $12.22, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040 and if the average market price is less than $31.36 no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Additional Cash Flow Information [Abstract] | |
Additional Cash Flow Information | Note 17 – Additional Cash Flow Information Changes in operating assets and liabilities, net of effects of businesses acquired, consist of the following : Years ended December 31, 2020 2019 2018 Accounts receivable $ 4,662 $ 66,158 $ (62,433 ) Inventories (24,204 ) 18,762 (80,182 ) Prepaid expenses and other current assets 12,692 271 (11,670 ) Accounts payable 18,485 (43,791 ) (2,277 ) Other current liabilities 6,157 (52,929 ) 54,745 Net change in operating assets and liabilities $ 17,792 $ (11,529 ) $ (101,817 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18 – Fair Value Measurements The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company’s own assumptions. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 December 31, 2020 Assets: Assets held in rabbi trusts $ 57,892 $ 34,145 $ 23,747 $ - Available for sale securities $ 4,917 4,917 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,446 9,446 - - Fixed income securities $ 18,105 18,105 - - Cash $ 46,783 46,783 - - $ 137,143 $ 113,396 $ 23,747 $ - December 31, 2019 Assets: Assets held in rabbi trusts $ 52,148 $ 34,280 $ 17,868 $ - Available for sale securities $ 4,405 4,405 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 10,534 10,534 - - Fixed income securities $ 16,381 16,381 - - Cash $ 46,714 46,714 - - $ 130,182 $ 112,314 $ 17,868 $ - As described in Note 6, the Company allocated the aggregate repurchase payment of convertible debt instruments between the associated liability and equity components of the repurchased convertible senior debentures based on a nonrecurring fair value measurement of the convertible senior debentures immediately prior to the repurchases. The nonrecurring fair value measurements are considered Level 3 measurements. See Note 6 for further information on the measurements and inputs. Note 18 – Fair Value Measurements (continued) The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale, and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the year. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company maintains defined benefit retirement plans in certain of its non-U.S. subsidiaries. The assets of the plans are measured at fair value. Equity securities held by the non-U.S. defined benefit retirement plans consist of equity securities that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the equity securities is considered a Level 1 measurement within the fair value hierarchy. Fixed income securities held by the non-U.S. defined benefit retirement plans consist of government bonds in the Philippines and India and corporate notes that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the fixed income securities is considered a Level 1 measurement within the fair value hierarchy. Cash held by the non-U.S. defined benefit retirement plans consists of demand deposits on account in various financial institutions to fund current benefit payments. The carrying amount of the cash approximates its fair value. The Company holds investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the U.S. The investments are valued based on quoted market prices on the last business day of the year. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. The 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 December 31, 2020. There were no such contracts outstanding as of December 31, 2019. 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 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 December 31, 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 deferred financing costs, at December 31, 2020 and 2019 is approximately $491,400 and $632,200, respectively, compared to its carrying value, excluding the derivative liability and capitalized deferred financing costs, of $406,398 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 December 31, 2020 and 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 December 31, 2020 and 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 accompanying consolidated balance sheets. The Company’s financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the accompanying consolidated balance sheets approximate their fair values. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19 – Related Party Transactions Vishay Precision Group, Inc. On July 6, 2010, Vishay completed the spin-off of its measurements and foil resistors businesses into an independent, publicly-traded company, Vishay Precision Group, Inc. Vishay’s common stockholders received 1 share of VPG common stock for every 14 shares of Vishay common stock they held on the record date, June 25, 2010, and Vishay’s Class B common stockholders received 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock they held on the record date. Following the spin-off, VPG is an independent company and Vishay retains no ownership interest. Relationship with VPG after Spin-off Following the spin-off, VPG and Vishay operate separately, each as independent public companies. Vishay has no ownership interest in VPG. However, Ruta Zandman solely or on a shared basis with Marc Zandman and Ziv Shoshani, all of whom are members of Vishay's Board of Directors, control a large portion of the voting power of both Vishay and VPG. Marc Zandman, Vishay’s Executive Chairman of the Board and an executive officer of Vishay, serves as the Chairman of VPG. Ziv Shoshani, CEO of VPG, serves as a director of Vishay. Additionally, Timothy V. Talbert, a member of Vishay’s Board of Directors is also a member of the Board of Directors of VPG. In connection with the completion of the spin-off, Vishay and its subsidiaries entered into several agreements with VPG and its subsidiaries that govern the relationship of the parties following the spin-off. Among the agreements entered into with VPG and its subsidiaries were a transition services agreement, several lease agreements, and supply agreements. None of the agreements have had nor are expected to have a material impact on Vishay’s financial position, results of operations, or liquidity. Some of these agreements have expired and have not been renewed. Vishay also entered into a trademark license agreement with VPG pursuant to which Vishay granted VPG the license to use certain trademarks, service marks, logos, trade names, entity names, and domain names which include the term “Vishay.” The license granted VPG the limited, exclusive, royalty-free right and license to use certain marks and names incorporating the term “Vishay” in connection with the design, development, manufacture, marketing, provision and performance of certain VPG products that do not compete with any products within Vishay’s product range as constituted immediately following the separation and certain services provided in connection with the products. The license cannot be terminated except as a result of willful misconduct or liquidation bankruptcy of VPG. Until the spin-off, VPG was included in Vishay’s consolidated federal income tax returns and with Vishay and/or certain of Vishay’s subsidiaries in applicable combined or unitary state and local income tax returns. In conjunction with the spin-off, Vishay and VPG entered a tax matters agreement under which Vishay generally will be liable for all U.S. federal, state, local, and foreign income taxes attributable to VPG with respect to taxable periods ending on or before the distribution date except to the extent that VPG has a liability for such taxes on its books at the time of the spin-off. Vishay is also principally responsible for managing any income tax audits by the various tax jurisdictions for pre-spin-off periods. Vishay has fully indemnified VPG of tax exposures arising prior to the spin-off. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 20 – Goodwill and Other Intangible Assets The Company performs its annual goodwill impairment test as of the first day of the fiscal fourth quarter. No impairment was identified as a result of the Company's annual impairment tests for 2020, 2019, and 2018. The changes in the carrying amount of goodwill by segment for the years ended December 31, 2020 and 2019 were as follows: Optoelectronic Components Resistors Inductors Total Balance at December 31, 2018 $ 96,849 $ 24,816 $ 25,815 $ 147,480 Bi-Metallix acquisition - 3,324 - 3,324 Exchange rate effects - (162 ) - (162 ) Balance at December 31, 2019 $ 96,849 $ 27,978 $ 25,815 $ 150,642 Applied Thin-Film Products acquisition - 6,548 - 6,548 Exchange rate effects - 993 - 993 Balance at December 31, 2020 $ 96,849 $ 35,519 $ 25,815 $ 158,183 Other intangible assets are as follows: December 31, 2020 December 31, 2019 Intangible assets subject to amortization: Patents and acquired technology $ 21,259 $ 31,125 Capitalized software 58,419 55,862 Customer relationships 71,454 59,603 Tradenames 23,105 22,510 174,237 169,100 Accumulated amortization: Patents and acquired technology (14,340 ) (24,905 ) Capitalized software (52,990 ) (50,976 ) Customer relationships (28,659 ) (23,871 ) Tradenames (11,453 ) (8,689 ) (107,442 ) (108,441 ) Net Intangible Assets Subject to Amortization $ 66,795 $ 60,659 Amortization expense (excluding capitalized software) was $8,113, $8,476, and $11,807, for the years ended December 31, 2020, 2019, and 2018, respectively. Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2020 for each of the next five years is as follows: 2021 $ 7,920 2022 7,227 2023 6,992 2024 6,652 2025 6,384 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100 percent, the outside stockholders’ interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers when it satisfies the performance obligations within the contract. The Company has framework agreements with many of its customers that contain the terms and conditions of future sales, but do not create enforceable rights or obligations. For revenue recognition purposes, the Company considers the combined purchase orders and the terms and conditions contained within such framework agreements to be contracts. Payment terms for the Company's sales are generally less than sixty days. Substantially all of the Company's receivables historically have been and are expected to continue to be collected within twelve months of the transfer of products to the customer and the Company expects this to continue going forward. Accordingly, the Company does not recognize a financing component of the transaction price. Revenue is measured based on the consideration specified in contracts with customers, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies its performance obligations. The Company analyzes its contracts to determine whether the promise in the contract to construct and transfer goods to the customer is a performance obligation that will be satisfied over time or at a point in time. When the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date, the Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time. The Company has a limited number of contracts for custom products that meet the criteria to recognize revenue over time. The Company's contracts contain two performance obligations: delivery of products and warranty protection. The Company does not sell separate, enhanced, or extended warranty coverage, but through its customary business practices, the Company has created implied service-type warranties, which are accounted for as separate performance obligations. Revenue is allocated between these two performance obligations and recognized as the obligations are satisfied. The allocation of revenue to warranty protection is based on an estimate of expected cost plus margin. The delivery of products performance obligation is satisfied and product sales revenue is recognized when the customer takes control of the products. Warranty revenue is deferred and the warranty protection performance obligation is satisfied and revenue is recognized over the warranty period, which is typically less than twenty four months from sale to end customer. The warranty deferred revenue liability is recorded within Other Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets. The deferred revenue balance associated with the service-type warranty performance obligations and the components that comprise the change in the deferred revenue balance are not significant. The Company has a broad line of products that it sells to original equipment manufacturers ("OEMs"), electronic manufacturing services ("EMS") companies, which manufacture for OEMs on an outsourcing basis, and independent distributors that maintain large inventories of electronic components for resale to OEMs and EMS companies. Note 1 – Summary of Significant Accounting Policies (continued) The Company recognizes revenue on sales to distributors when the distributor takes control of the products ("sold-to" model). The Company has agreements with distributors that allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company recognizes the estimated variable consideration to be received as revenue and records a related accrued expense for the consideration not expected to be received, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. See sales returns and allowances accrual activity in Note 9. The Company pays commissions to external sales representatives on a per-sale basis. Accordingly, these commissions are expensed as incurred because the future amortization period of the asset that the Company otherwise would have recognized is one year or less. Internal staff are not paid commissions. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the product even if the shipping and handling activities are performed after the customer obtains control. The Company does not evaluate whether shipping and handling activities are promised services to its customers. If control transfers and revenue is recognized for the related products before the shipping and handling activities occur, the related costs of those shipping and handling activities is accrued. The Company applies this accounting policy election consistently to similar types of transactions. See disaggregated revenue information in Note 15 |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $70,861, $69,827, and $72,885, for the years ended December 31, 2020, 2019, and 2018, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. |
Income Taxes | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of “more likely than not” to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company’s assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company’s belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management’s best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company’s effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. See Note 5. |
Cash, Cash Equivalents, and Short-Term Investments | Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2020 and 2019, the Company’s short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. |
Allowance for Credit Losses | Allowance for Credit Losses Effective January 1, 2020, the Company estimates its credit losses on financial instruments using a current expected credit loss model. Prior to January 1, 2020, the Company estimated its credit losses using an incurred loss impairment methodology, which was not materially different than the methodology adopted on January 1, 2020. See "Recent Accounting Guidance Adopted" below. The Company maintains an allowance for doubtful accounts receivable for estimated losses resulting from the inability of its customers to make required payments. $ , $ , and $ for the years ended , , and , respectively. 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 statements of operations and interest receivable is recognized as a separate asset and recorded in Prepaid expenses and other current assets on the consolidated 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. Net credit loss expense for cash equivalents, short-term investments, and restricted investments was immaterial for the year ended December 31, 2020. The Company does not measure an allowance for credit losses on interest receivable. Any uncollectible interest receivable is 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 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. Net credit loss expense for these other short-term held-to-maturity debt instruments was immaterial for the year ended December 31, 2020. |
Inventories | Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or net realizable value. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. |
Property and Equipment | Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven years to ten years. Buildings and building improvements are being depreciated over useful lives of twenty years to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2020 was approximately $51,600. Depreciation expense was $158,117, $155,985, and $150,056 for the years ended December 31, 2020, 2019, and 2018, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Certain intangible assets may be assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. At December 31, 2020 and 2019, respectively, the Company has no recorded indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven years to twenty-five years. Capitalized software is amortized over periods of three years to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five years to twenty years. Noncompete agreements are amortized over periods of three years to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. Note 1 – Summary of Significant Accounting Policies (continued) GAAP prescribes a quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the quantitative impairment test is required. The Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would recognize an impairment charge. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. |
Available-for-Sale Securities | Available-for-Sale Securities Short-term investments and other assets reported on the accompanying consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year that are classified as held-to-maturity instruments, and investments in marketable securities that are classified as available-for-sale instruments. The available-for-sale instruments include assets that are held in trust related to the Company’s non-qualified pension and deferred compensation plans (see Note 11) and assets that are intended to fund a portion of the Company’s other postretirement benefit obligations outside of the U.S. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Unrealized gains and losses are reported, net of their related tax consequences, as Other Income (Expense) on the consolidated statements of operations. At the time of sale, the assets that are held in trust related to the Company’s non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. |
Financial Instruments | Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported on the accompanying consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director is required to provide service in exchange for the award. For awards subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units (“RSUs”) that are expected to vest and records cumulative adjustments in the period that the expectation changes. |
Foreign Currency Translation | Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company’s operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities on the accompanying consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders’ equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. Note 1 – Summary of Significant Accounting Policies (continued) For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2020 and 2019 do not include claims against third parties. |
Restructuring and Severance Costs | Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined Company program. The Company recognizes other exit costs as incurred. |
Self-Insurance Programs | Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers’ compensation, general liability, property damage, director and officers’ liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2020, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors’ and officers’ insurance. The captive insurance entity had no amounts accrued for outstanding claims at December 31, 2020 and 2019. Certain investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Such amounts are recorded in other noncurrent assets, and total $9,281 and $10,259 at December 31, 2020 and 2019, respectively, representing required statutory reserves of the captive insurance entity. |
Convertible Debt Instruments | Convertible Debt Instruments The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company’s nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debt instruments are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debt instruments over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. The adoption of 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, January 1, 2021 significantly impacts the accounting for the Company's convertible debt instruments. See additional information in "Recent Accounting Guidance Not Yet Adopted" below. |
Leases | 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. Substantially all of the Company’s leases are structured and classified as operating leases. The Company leases assets in each region in which it operates. The Company’s leases are generally denominated in the currency of the leased assets' location, which may not be the functional currency of the subsidiary lessee. Accordingly, the Company remeasures its lease liability and recognizes a transactional gain/loss for leases denominated in currencies other than the functional currency of the subsidiary lessee. The Company recognizes right of use assets and lease liabilities for leases greater than twelve months in duration based on the contract consideration for lease components through the term of the lease and the applicable discount rate. Leases with a duration less than or equal to twelve months are considered short-term leases. The Company does not recognize right of use assets or lease liabilities for short-term leases and classifies the expense as short-term lease expense. Variable lease payments based on an index or rate are included in the right of use assets and lease liabilities based on the effective rates at lease commencement. Changes in the rates or indices do not impact the right of use asset or lease liability and are recognized as a component of lease expense in the consolidated statements of operations. Variable lease payments not based on an index or rate are not included in the initial right of use asset and lease liability and are recognized when incurred as a component of lease expense in the consolidated statements of operations. The Company has elected to not separate contract consideration for lease and non-lease components for its building leases. In addition to the noncancellable period of a lease, the Company includes periods covered by extension options it is reasonably certain to exercise, termination options that it is reasonably certain not to exercise, and extension and termination options controlled by the lessor in its determination of the lease term. The Company uses the rate implicit in the contract whenever possible when determining the applicable discount rate. When the implicit rate is not used, the Company employs a portfolio approach based on the duration of the lease. The portfolio lease rates are calculated monthly. No individual lease is considered significant and there are no leases that have not yet commenced that are considered significant. See Note 3. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Guidance Not Yet Adopted In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-06. The ASU simplifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible debt instruments. The ASU reduces the number of accounting models available for convertible debt instruments, requires the use of the if-converted method for the calculation of diluted earnings per share for convertible debt instruments, and increases disclosure requirements. The ASU is effective for the Company for interim and annual periods beginning on or after January 1, 2022, with the ability to early adopt for interim and annual periods beginning on or after January 1, 2021. The Company will adopt the ASU effective January 1, 2021. Based on work performed to date, the Company Recent Accounting Guidance Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The ASU is applicable to the Company's trade accounts receivable, cash equivalents, short-term investments, restricted investments, and other short-term held-to-maturity debt instruments recorded within Prepaid expenses and other current assets on the consolidated balance sheets. The adoption of ASU 2016-13 on January 1, 2020 had no material impact on the Company’s allowance for accounts trade receivable credit losses. The Company recorded cumulative-effect adjustments to January 1, 2020 retained earnings of $810 and $260 to recognize an allowance for credit losses for cash equivalents, short-term investments, and restricted investments and other short-term held-to-maturity debt instruments, respectively, upon the adoption of ASU 2016-13. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified. Such reclassifications had no effect on reported net earnings attributable to Vishay stockholders, total assets, stockholders' equity, or the statements of cash flows. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 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, upon conversion, will repay the principal amounts of the convertible debt instruments in cash and settle any additional amounts in shares of Vishay common stock. Prior to the adoption of ASU No. 2020-06 on January 1, 2020, 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 convertible instruments 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 $12.22, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040 and if the average market price is less than $31.36 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) | 12 Months Ended |
Dec. 31, 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. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Right of Use Assets and Lease Liabilities | The net right of use assets and lease liabilities recognized on the consolidated balance sheets for the Company's operating leases as of December 31, 2020 and 2019 are presented below: December 31, 2020 December 31, 2019 Right of use assets Operating Leases Buildings and improvements $ 97,429 $ 87,689 Machinery and equipment 5,011 5,473 Total $ 102,440 $ 93,162 Current lease liabilities Operating Leases Buildings and improvements $ 19,370 $ 17,410 Machinery and equipment 2,704 2,807 Total $ 22,074 $ 20,217 Long-term lease liabilities Operating Leases Buildings and improvements $ 83,926 $ 75,877 Machinery and equipment 2,294 2,634 Total $ 86,220 $ 78,511 Total lease liabilities $ 108,294 $ 98,728 |
Lease Expense | Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated statements of operations is as follows: Years ended December 31, 2020 2019 Lease expense Operating lease expense $ 23,363 $ 22,271 Short-term lease expense 930 2,278 Variable lease expense 248 95 Total lease expense $ 24,541 $ 24,644 |
Undiscounted Future Lease Payments for Operating Lease Liabilities | The undiscounted future lease payments for the Company's operating lease liabilities are as follows: December 31, 2020 2021 $ 22,671 2022 19,128 2023 15,628 2024 14,172 2025 13,227 Thereafter 55,218 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 12 Months Ended |
Dec. 31, 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 (10,813 ) Foreign currency translation 683 Balance at December 31, 2020 $ 13,457 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Components of income (loss) from continuing operations before taxes and noncontrolling interest | Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components: Years ended December 31, 2020 2019 2018 Domestic $ (25,884 ) $ (10,992 ) $ (39,861 ) Foreign 184,212 237,290 456,637 $ 158,328 $ 226,298 $ 416,776 |
Components of income taxes | Significant components of income taxes are as follows: Years ended December 31, 2020 2019 2018 Current: Federal $ 7,327 $ 9,137 $ 18,756 State and local 218 415 209 Foreign 55,399 113,779 263,247 62,944 123,331 282,212 Deferred: Federal (6,068 ) (13,731 ) (58,386 ) State and local (538 ) (802 ) (3,117 ) Foreign (21,793 ) (47,290 ) (150,470 ) (28,399 ) (61,823 ) (211,973 ) Total income tax expense $ 34,545 $ 61,508 $ 70,239 |
Deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2020 2019 Deferred tax assets: Pension and other retiree obligations $ 53,585 $ 48,434 Inventories 19,539 19,318 Net operating loss carryforwards 124,251 119,420 Tax credit carryforwards 85,651 76,140 Other accruals and reserves 31,347 29,273 Total gross deferred tax assets 314,373 292,585 Less valuation allowance (206,950 ) (194,797 ) 107,423 97,788 Deferred tax liabilities: Property and equipment (1,604 ) (2,391 ) Earnings not permanently reinvested - (16,448 ) Convertible debentures (12,777 ) (25,219 ) Other - net (6,364 ) (6,499 ) Total gross deferred tax liabilities (20,745 ) (50,557 ) Net deferred tax assets (liabilities) $ 86,678 $ 47,231 |
Federal statutory income tax rate reconciliation | A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows: Years ended December 31, 2020 2019 2018 Tax at statutory rate $ 33,249 $ 47,523 $ 87,523 State income taxes, net of U.S. federal tax benefit (252 ) (301 ) (2,298 ) Effect of foreign operations (9,896 ) 9,242 5,736 Tax on earnings not permanently reinvested 4,227 6,256 9,304 Unrecognized tax benefits 4,351 5,584 2,669 Repurchase of senior convertible debentures (1,358 ) (1,461 ) (52,312 ) TCJA - remeasurement of net deferred tax liabilities - - (1,211 ) TCJA - transition tax on unremitted foreign earnings - - 7,425 Foreign income taxable in the U.S. 4,155 6,090 15,055 Deferred tax rate impact of corporate reorganization - (12,121 ) - Other 69 696 (1,652 ) Total income tax expense $ 34,545 $ 61,508 $ 70,239 |
Net operating loss carryforwards | At December 31, 2020, the Company had the following significant net operating loss carryforwards for tax purposes: Expires Austria $ 19,490 No expiration Belgium 172,952 No expiration Israel 10,706 No expiration Italy 16,779 No expiration Japan 8,490 2023 2030 Netherlands 13,216 2021 2026 The Republic of China (Taiwan) 18,184 2026 2028 California 27,893 2021 2040 Pennsylvania 614,410 2021 2040 |
Summary of significant tax credit carryforwards available | At December 31, 2020, the Company had the following significant tax credit carryforwards available: Expires U.S. Foreign Tax Credit $ 68,874 2028 2030 California Research Credit 16,478 No expiration |
Unrecognized tax benefits | The following table summarizes changes in the liabilities associated with unrecognized tax benefits: Years ended December 31, 2020 2019 2018 Balance at beginning of year $ 36,868 $ 21,241 $ 17,056 Addition based on tax positions related to the current year 663 2,383 4,332 Addition based on tax positions related to prior years 8,358 16,190 2,066 Currency translation adjustments 1,361 1,211 (984 ) Reduction based on tax positions related to prior years (3,152 ) - - Reduction for settlements (3,446 ) (3,121 ) (1,229 ) Reduction for lapses of statute of limitation - (1,036 ) - Balance at end of year $ 40,652 $ 36,868 $ 21,241 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt [Abstract] | |
Long-term debt instruments | Long-term debt consists of the following: December 31, 2020 December 31, 2019 Credit facility $ - $ - Convertible senior notes, due 2025 406,268 509,128 Convertible senior debentures, due 2040 130 126 Convertible senior debentures, due 2041 - 6,677 Deferred financing costs (11,512 ) (16,784 ) 394,886 499,147 Less current portion - - $ 394,886 $ 499,147 |
Key terms of the convertible debt instruments | The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of December 31, 2020: Due 2025 Due 2040 Issuance date June 12, 2018 November 9, 2010 Maturity date June 15, 2025 November 15, 2040 Principal amount $ 465,344 $ 300 Cash coupon rate (per annum) 2.25 % 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % 8.00 % Conversion rate effective December 10, 2020 (per $1 principal amount) 31.8836 81.8143 Effective conversion price effective December 10, 2020 (per share) $ 31.36 $ 12.22 130% of the conversion price (per share) $ 40.77 $ 15.89 Initial call date n/a November 20, 2020 |
Liability and equity components of the convertible debt instruments | The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s accompanying consolidated balance sheets as follows: Principal amount of the convertible debt Unamortized discount Carrying value of liability component Equity component (including temporary equity) - net carrying value December 31, 2020 Convertible senior notes due 2025 $ 465,344 (59,076 ) $ 406,268 $ 66,127 Convertible senior debentures $ 300 (170 ) $ 130 $ 121 Total $ 465,644 $ (59,246 ) $ 406,398 $ 66,248 December 31, 2019 Convertible senior notes due 2025 $ 600,000 (90,872 ) $ 509,128 $ 85,262 Convertible senior debentures $ 17,190 (10,387 ) $ 6,803 $ 7,129 Total $ 617,190 $ (101,259 ) $ 515,931 $ 92,391 |
Convertible Debt Interest Expense | Interest expense related to the convertible debt instruments is reflected on the accompanying consolidated statements of operations for the years ended December 31: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debentures 2020 Convertible senior notes due 2025 $ 12,097 13,118 1,623 $ 26,838 Convertible senior debentures $ 88 43 - $ 131 Total $ 12,185 $ 13,161 $ 1,623 $ 26,969 2019 Convertible senior notes due 2025 $ 13,500 13,925 1,816 $ 29,241 Convertible senior debentures $ 498 221 (35 ) $ 684 Total $ 13,998 $ 14,146 $ 1,781 $ 29,925 2018 Convertible senior notes due 2025 $ 7,463 7,240 1,059 $ 15,762 Convertible senior debentures 8,627 3,529 254 12,410 Total $ 16,090 $ 10,769 $ 1,313 $ 28,172 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Shares of common stock reserved for future issuance | At December 31, 2020, the Company had reserved shares of common stock for future issuance as follows: Restricted stock units outstanding 793,000 Phantom stock units outstanding 198,000 2007 Stock Incentive Program - available to grant 2,307,000 Convertible senior debentures, due 2040* 27,600 Convertible senior notes, due 2025* 19,060,723 Conversion of Class B common stock 12,097,148 34,483,471 __________________ * At December 31, 2020, the convertible senior debentures due 2040 are convertible into 24,544 shares of Vishay common stock. Based on the effective conversion rate at December 31, 2020, the convertible senior notes due 2025 would be convertible into 14,836,842 shares of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the convertible debt instruments. |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income (Expense) [Abstract] | |
Summary of other Income (expense) | The caption “Other” on the accompanying consolidated statements of operations consists of the following: Years ended December 31, 2020 2019 2018 Foreign exchange gain (loss) $ (4,095 ) $ (1,414 ) $ (1,991 ) Interest income 3,709 8,445 11,940 Other components of periodic pension expense (13,613 ) (13,959 ) (13,118 ) Investment income (expense) 2,271 6,448 (1,646 ) Other (26 ) 61 (266 ) $ (11,754 ) $ (419 ) $ (5,081 ) |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Accrued Expenses [Abstract] | |
Summary of Other Accrued Expenses | Other accrued expenses consist of the following: December 31, 2020 2019 Sales returns and allowances $ 39,629 $ 40,508 Goods received, not yet invoiced 30,945 30,515 Accrued restructuring 11,595 18,841 Other 100,473 96,599 $ 182,642 $ 186,463 |
Sales Returns and Allowances Accrual Activity | Sales returns and allowances accrual activity is shown below: Years Ended December 31, 2020 2019 2018 Beginning balance $ 40,508 $ 42,663 $ 36,680 Sales returns and allowances 88,844 107,806 102,026 Credits issued (90,824 ) (109,729 ) (95,521 ) Foreign currency 1,101 (232 ) (522 ) Ending balance $ 39,629 $ 40,508 $ 42,663 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Summary of components of other comprehensive income | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Unrealized gain (loss) on available-for-sale securities Total Balance at January 1, 2018 $ (69,041 ) $ 92,954 $ 1,801 $ 25,714 Cumulative effect of accounting for adoption of ASU 2016-01 - - (1,801 ) (1,801 ) Other comprehensive income before reclassifications 5,617 (41,454 ) - $ (35,837 ) Tax effect (1,032 ) - - $ (1,032 ) Other comprehensive income before reclassifications, net of tax 4,585 (41,454 ) - $ (36,869 ) Amounts reclassified out of AOCI 8,343 - - $ 8,343 Tax effect (2,178 ) - - $ (2,178 ) Amounts reclassified out of AOCI, net of tax 6,165 - - $ 6,165 Net comprehensive income (loss) $ 10,750 $ (41,454 ) $ - $ (30,704 ) Balance at December 31, 2018 $ (58,291 ) $ 51,500 $ - $ (6,791 ) Other comprehensive income before reclassifications (21,473 ) (10,126 ) - $ (31,599 ) Tax effect 5,219 - - $ 5,219 Other comprehensive income before reclassifications, net of tax (16,254 ) (10,126 ) - $ (26,380 ) Amounts reclassified out of AOCI 8,694 - - $ 8,694 Tax effect (2,169 ) - - $ (2,169 ) Amounts reclassified out of AOCI, net of tax 6,525 - - $ 6,525 Net comprehensive income (loss) $ (9,729 ) $ (10,126 ) $ - $ (19,855 ) Balance at December 31, 2019 $ (68,020 ) $ 41,374 $ - $ (26,646 ) Other comprehensive income before reclassifications (22,055 ) 49,260 - $ 27,205 Tax effect 5,288 - - $ 5,288 Other comprehensive income before reclassifications, net of tax (16,767 ) 49,260 - $ 32,493 Amounts reclassified out of AOCI 10,168 - - $ 10,168 Tax effect (2,456 ) - - $ (2,456 ) Amounts reclassified out of AOCI, net of tax 7,712 - - $ 7,712 Net comprehensive income (loss) $ (9,055 ) $ 49,260 $ - $ 40,205 Balance at December 31, 2020 $ (77,075 ) $ 90,634 $ - $ 13,559 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement Plan amounts recorded on consolidated balance sheets | The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans: December 31, 2020 2019 Included in "Other assets": Non-U.S. pension plans $ 312 $ 303 Total included in other assets $ 312 $ 303 Included in "Payroll and related expenses": U.S. pension plans $ (35 ) $ (35 ) Non-U.S. pension plans (8,314 ) (7,362 ) U.S. other postretirement plans (929 ) (872 ) Non-U.S. other postretirement plans (475 ) (616 ) Total included in payroll and related expenses $ (9,753 ) $ (8,885 ) Accrued pension and other postretirement costs: U.S. pension plans $ (45,529 ) $ (42,348 ) Non-U.S. pension plans (225,473 ) (202,873 ) U.S. other postretirement plans (6,794 ) (6,817 ) Non-U.S. other postretirement plans (8,035 ) (7,493 ) Other retirement obligations (14,282 ) (12,871 ) Total accrued pension and other postretirement costs $ (300,113 ) $ (272,402 ) Accumulated other comprehensive loss: U.S. pension plans $ 10,709 $ 8,839 Non-U.S. pension plans 94,480 84,926 U.S. other postretirement plans 344 (180 ) Non-U.S. other postretirement plans 2,119 2,179 Total accumulated other comprehensive loss* $ 107,652 $ 95,764 * - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 42,383 $ 283,561 $ 38,169 $ 275,207 Service cost - 4,382 - 3,382 Interest cost 1,366 3,783 1,696 5,116 Plan amendments - 1,015 - - Actuarial (gains) losses 3,623 10,920 4,309 20,115 Benefits paid (1,808 ) (17,737 ) (1,791 ) (18,985 ) Curtailments and settlements - (464 ) - - Currency translation - 22,349 - (1,274 ) Benefit obligation at end of year $ 45,564 $ 307,809 $ 42,383 $ 283,561 Change in plan assets: Fair value of plan assets at beginning of year $ - $ 73,629 $ - 70,820 Actual return on plan assets - 2,811 - 4,614 Company contributions 1,808 12,149 1,791 15,443 Benefits paid (1,808 ) (17,737 ) (1,791 ) (18,985 ) Currency translation - 3,482 - 1,737 Fair value of plan assets at end of year $ - $ 74,334 $ - $ 73,629 Funded status at end of year $ (45,564 ) $ (233,475 ) $ (42,383 ) $ (209,932 ) |
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Other assets $ - $ 312 $ - $ 303 Accrued benefit liability - current (35 ) (8,314 ) (35 ) (7,362 ) Accrued benefit liability - non-current (45,529 ) (225,473 ) (42,348 ) (202,873 ) Accumulated other comprehensive loss 10,709 94,480 8,839 84,926 $ (34,855 ) $ (138,995 ) $ (33,544 ) $ (125,006 ) |
Components of actuarial items | Actuarial items consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 10,212 $ 94,072 $ 8,199 $ 84,523 Unamortized prior service cost 497 408 640 403 $ 10,709 $ 94,480 $ 8,839 $ 84,926 |
Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accumulated benefit obligation, all plans $ 45,564 $ 287,169 $ 42,383 $ 264,723 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 45,564 $ 288,212 $ 42,383 $ 252,469 Accumulated benefit obligation 45,564 275,816 42,383 239,341 Fair value of plan assets - 59,070 - 44,670 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost: Years ended December 31, 2020 2019 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ - $ 4,382 $ - $ 3,382 $ - $ 3,822 Interest cost 1,366 3,783 1,696 5,116 1,484 4,793 Expected return on plan assets - (2,004 ) - (1,956 ) - (1,889 ) Amortization of actuarial losses 1,609 6,554 827 5,374 656 6,196 Amortization of prior service cost 144 378 144 197 144 318 Curtailment and settlement losses - 1,148 - 2,183 - 1,111 Net periodic pension cost $ 3,119 $ 14,241 $ 2,667 $ 14,296 $ 2,284 $ 14,351 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 2.25 % 1.02 % 3.25 % 1.40 % Rate of compensation increase 0.00 % 2.02 % 0.00 % 2.24 % The following weighted average assumptions were used to determine the net periodic pension costs: Years ended December 31, 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.25 % 1.40 % 4.50 % 1.96 % Rate of compensation increase 0.00 % 2.24 % 0.00 % 2.17 % Expected return on plan assets 0.00 % 2.35 % 0.00 % 2.77 % |
Estimated future benefit payments | Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2021 $ 1,904 $ 16,593 2022 1,901 19,235 2023 8,502 17,033 2024 3,260 16,808 2025 9,505 17,957 2026-2030 11,379 84,994 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 7,689 $ 8,109 $ 6,994 $ 7,953 Service cost 112 284 157 284 Interest cost 236 64 286 123 Actuarial (gains) losses 550 35 939 311 Benefits paid (864 ) (706 ) (687 ) (413 ) Currency translation - 724 - (149 ) Benefit obligation at end of year $ 7,723 $ 8,510 $ 7,689 $ 8,109 Fair value of plan assets at end of year $ - $ - $ - $ - Funded status at end of year $ (7,723 ) $ (8,510 ) $ (7,689 ) $ (8,109 ) |
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accrued benefit liability - current $ (929 ) $ (475 ) $ (872 ) $ (616 ) Accrued benefit liability - non-current (6,794 ) (8,035 ) (6,817 ) (7,493 ) Accumulated other comprehensive income 344 2,119 (180 ) 2,179 $ (7,379 ) $ (6,391 ) $ (7,869 ) $ (5,930 ) |
Components of actuarial items | Actuarial items consist of the following: December 31, 2020 December 31, 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss (gain) $ 344 $ 2,119 $ (180 ) $ 2,179 $ 344 $ 2,119 $ (180 ) $ 2,179 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit cost: Years ended December 31, 2020 2019 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 112 $ 284 $ 157 $ 284 $ 137 $ 288 Interest cost 236 64 286 123 273 114 Amortization of actuarial (gains) losses 26 132 (138 ) 107 (39 ) 105 Amortization of prior service credit - - - - (148 ) - Curtailment and settlement losses - 177 - - - - Net periodic benefit cost (benefit) $ 374 $ 657 $ 305 $ 514 $ 223 $ 507 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 2.25 % 0.54 % 3.25 % 0.81 % Rate of compensation increase 0.00 % 2.87 % 0.00 % 2.87 % The following weighted average assumptions were used to determine the net periodic benefit costs: Years ended December 31, 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.25 % 0.81 % 4.50 % 1.60 % Rate of compensation increase 0.00 % 2.87 % 0.00 % 3.18 % |
Estimated future benefit payments | Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2021 $ 929 $ 475 2022 855 547 2023 783 275 2024 703 257 2025 626 558 2026-2030 2,216 3,243 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Summary of recognized stock-based compensation expense | The following table summarizes share-based compensation expense recognized: Years ended December 31, 2020 2019 2018 Restricted stock units $ 5,061 $ 5,931 $ 4,603 Phantom stock units 215 177 214 Total $ 5,276 $ 6,108 $ 4,817 |
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 December 31, 2020 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 2,760 0.8 Phantom stock units - 0.0 Total $ 2,760 |
Restricted stock units activity | RSU activity is presented below (number of RSUs in thousands) Years ended December 31, 2020 2019 2018 Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Outstanding: Beginning of year 842 $ 17.93 904 $ 14.77 986 $ 13.34 Granted 272 18.30 314 19.85 252 18.90 Vested* (308 ) 15.70 (361 ) 11.70 (334 ) 13.67 Cancelled or forfeited (13 ) 19.06 (15 ) 17.71 - - End of year 793 $ 18.90 842 $ 17.93 904 $ 14.77 Expected to vest 793 842 904 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. |
RSUs with performance-based vesting criteria | The number of performance-based RSUs scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2021** 141 - 141 January 1, 2022 174 - 174 January 1, 2023 152 - 152 ** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2021 were achieved. |
Phantom stock units activity under the 2007 Program | The following table summarizes the Company’s phantom stock units activity (number of phantom stock units in thousands) Years ended December 31, 2020 2019 2018 Number of Phantom Stock Units Grant-date Fair Value per Unit Number of Phantom Stock Units Grant-date Fair Value per Unit Number of Phantom Stock Units Grant-date Fair Value per Unit Outstanding: Beginning of year 183 170 157 Granted 10 $ 21.49 10 $ 17.72 10 $ 21.35 Dividend equivalents issued 5 3 3 End of year 198 183 170 |
Current Vulnerability Due to _2
Current Vulnerability Due to Certain Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Geographic Concentration [Member] | |
Concentration Risk [Line Items] | |
Current Vulnerability Due to Certain Concentrations | As of December 31, 2020 the Company’s cash and cash equivalents and short-term investments were concentrated in the following countries: Singapore 21.2 % Germany 17.9 % Israel 14.9 % United States 13.5 % People's Republic of China 12.5 % The Republic of China (Taiwan) 8.4 % Other Asia 7.2 % Other Europe 3.2 % Other 1.2 % |
Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Current Vulnerability Due to Certain Concentrations | The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2020, the following financial institutions held over 10% of the Company’s combined cash and cash equivalents and short-term investments balance: MUFG Bank Ltd.* 20.1 % JPMorgan* 18.7 % HSBC* 12.9 % Bank of China 10.8 % * Participant in Credit Facility |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment and Geographic Data [Abstract] | |
Segment reporting information | The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Corporate / Other Total Year ended December 31, 2020: Net revenues $ 501,380 $ 502,548 $ 236,616 $ 606,183 $ 293,629 $ 361,542 $ - $ 2,501,898 Gross Profit 114,236 90,004 66,502 153,214 92,500 70,010 (4,563 ) $ 581,903 Segment Operating Income 76,548 69,663 50,369 130,700 82,472 50,753 (4,563 ) $ 455,942 Depreciation expense 30,835 39,380 16,003 32,531 13,821 17,349 8,198 $ 158,117 Capital expenditures 18,621 31,960 12,873 21,298 20,730 11,198 6,919 $ 123,599 Total Assets as of December 31, 2020: $ 447,867 $ 704,606 $ 341,517 $ 693,251 $ 330,092 $ 438,906 $ 198,234 $ 3,154,473 Year ended December 31, 2019: Net revenues $ 509,145 $ 557,143 $ 222,986 $ 657,192 $ 298,642 $ 423,197 $ - $ 2,668,305 Gross Profit 126,026 113,647 53,463 186,707 96,893 94,464 - $ 671,200 Segment Operating Income 88,994 94,130 37,145 162,969 86,395 74,063 - $ 543,696 Depreciation expense 32,614 38,930 16,803 28,909 13,316 17,253 8,160 $ 155,985 Capital expenditures 35,131 38,242 12,448 34,395 17,836 9,916 8,673 $ 156,641 Total Assets as of December 31, 2019: $ 404,412 $ 755,945 $ 328,871 $ 653,195 $ 334,791 $ 449,823 $ 193,738 $ 3,120,775 Year ended December 31, 2018: Net revenues $ 547,643 $ 712,936 $ 289,727 $ 716,394 $ 301,892 $ 466,097 $ - $ 3,034,689 Gross Profit 145,923 196,702 100,219 238,356 98,912 108,412 - $ 888,524 Segment Operating Income 106,955 175,752 82,681 214,347 89,224 86,929 - $ 755,888 Depreciation expense 32,104 38,197 16,612 26,416 11,292 17,745 7,690 $ 150,056 Capital expenditures 49,557 57,756 19,935 50,978 29,884 12,200 9,589 $ 229,899 Total Assets as of December 31, 2018: $ 444,356 $ 804,784 $ 342,656 $ 587,595 $ 287,240 $ 487,540 $ 152,027 $ 3,106,198 ________________ |
Operating margin reconciliation | Years ended December 31, 2020 2019 2018 Reconciliation: Segment Operating Income $ 455,942 $ 543,696 $ 755,888 Restructuring and Severance Costs (743 ) (24,139 ) - Impact of COVID-19 on Selling, General, and Administrative Expenses 1,451 - - Unallocated Selling, General, and Administrative Expenses (246,940 ) (257,127 ) (270,768 ) Consolidated Operating Income (Loss) $ 209,710 $ 262,430 $ 485,120 Unallocated Other Income (Expense) (51,382 ) (36,132 ) (68,344 ) Consolidated Income Before Taxes $ 158,328 $ 226,298 $ 416,776 |
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: Years Ended December 31, 2020 2019 2018 Distributors $ 1,328,953 $ 1,393,412 $ 1,742,262 OEMs 1,003,090 1,082,701 1,085,292 EMS companies 169,855 192,192 207,135 $ 2,501,898 $ 2,668,305 $ 3,034,689 Note 15 – Segment and Geographic Data (continued) Net revenues were attributable to customers in the following regions: Years Ended December 31, 2020 2019 2018 Asia $ 1,028,073 $ 965,030 $ 1,193,827 Europe 854,847 993,101 1,081,073 Americas 618,978 710,174 759,789 $ 2,501,898 $ 2,668,305 $ 3,034,689 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: Years Ended December 31, 2020 2019 2018 Industrial $ 864,032 $ 946,118 $ 1,139,880 Automotive 796,853 830,876 861,436 Telecommunications 109,001 170,088 200,379 Computing 204,166 182,781 228,831 Consumer Products 118,896 107,983 168,884 Power Supplies 116,966 119,361 144,433 Military and Aerospace 162,484 179,228 162,921 Medical 129,500 131,870 127,925 $ 2,501,898 $ 2,668,305 $ 3,034,689 |
Revenues Based on Geographic Area | The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area: Years ended December 31, 2020 2019 2018 United States $ 592,460 $ 686,985 $ 743,647 Germany 772,194 910,509 982,082 Other Europe 103,475 113,473 123,846 Israel 16,609 17,787 13,299 Asia 1,017,160 939,551 1,171,815 $ 2,501,898 $ 2,668,305 $ 3,034,689 |
Property and Equipment Based on Geographic Area | The following table summarizes property and equipment based on physical location: December 31, 2020 2019 United States $ 95,570 $ 100,163 Germany 199,076 179,218 Other Europe 118,604 116,883 Israel 79,267 92,636 People's Republic of China 201,848 215,139 Republic of China (Taiwan) 167,177 161,374 Other Asia 77,024 81,338 Other 4,599 4,774 $ 943,165 $ 951,525 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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) Years ended December 31, 2020 2019 2018 Numerator: Net earnings attributable to Vishay stockholders $ 122,923 $ 163,936 $ 345,758 Denominator: Denominator for basic earnings per share: Weighted average shares 144,641 144,427 144,202 Outstanding phantom stock units 195 181 168 Adjusted weighted average shares - basic 144,836 144,608 144,370 Effect of dilutive securities: Convertible debt instruments 30 100 9,707 Restricted stock units 362 428 545 Dilutive potential common shares 392 528 10,252 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,228 145,136 154,622 Basic earnings per share attributable to Vishay stockholders $ 0.85 $ 1.13 $ 2.39 Diluted earnings per share attributable to Vishay stockholders $ 0.85 $ 1.13 $ 2.24 |
Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions | Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands) Years ended December 31, 2020 2019 2018 Convertible debt instruments: Convertible Senior Debentures, due 2041 100 301 - Convertible Senior Notes, due 2025 17,062 19,063 10,468 Weighted average other 341 315 266 |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Additional Cash Flow Information [Abstract] | |
Changes in operating assets and liabilities | Changes in operating assets and liabilities, net of effects of businesses acquired, consist of the following : Years ended December 31, 2020 2019 2018 Accounts receivable $ 4,662 $ 66,158 $ (62,433 ) Inventories (24,204 ) 18,762 (80,182 ) Prepaid expenses and other current assets 12,692 271 (11,670 ) Accounts payable 18,485 (43,791 ) (2,277 ) Other current liabilities 6,157 (52,929 ) 54,745 Net change in operating assets and liabilities $ 17,792 $ (11,529 ) $ (101,817 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 Assets: Assets held in rabbi trusts $ 57,892 $ 34,145 $ 23,747 $ - Available for sale securities $ 4,917 4,917 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,446 9,446 - - Fixed income securities $ 18,105 18,105 - - Cash $ 46,783 46,783 - - $ 137,143 $ 113,396 $ 23,747 $ - December 31, 2019 Assets: Assets held in rabbi trusts $ 52,148 $ 34,280 $ 17,868 $ - Available for sale securities $ 4,405 4,405 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 10,534 10,534 - - Fixed income securities $ 16,381 16,381 - - Cash $ 46,714 46,714 - - $ 130,182 $ 112,314 $ 17,868 $ - |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill Rollforward | The changes in the carrying amount of goodwill by segment for the years ended December 31, 2020 and 2019 were as follows: Optoelectronic Components Resistors Inductors Total Balance at December 31, 2018 $ 96,849 $ 24,816 $ 25,815 $ 147,480 Bi-Metallix acquisition - 3,324 - 3,324 Exchange rate effects - (162 ) - (162 ) Balance at December 31, 2019 $ 96,849 $ 27,978 $ 25,815 $ 150,642 Applied Thin-Film Products acquisition - 6,548 - 6,548 Exchange rate effects - 993 - 993 Balance at December 31, 2020 $ 96,849 $ 35,519 $ 25,815 $ 158,183 |
Other Intangible Assets | Other intangible assets are as follows: December 31, 2020 December 31, 2019 Intangible assets subject to amortization: Patents and acquired technology $ 21,259 $ 31,125 Capitalized software 58,419 55,862 Customer relationships 71,454 59,603 Tradenames 23,105 22,510 174,237 169,100 Accumulated amortization: Patents and acquired technology (14,340 ) (24,905 ) Capitalized software (52,990 ) (50,976 ) Customer relationships (28,659 ) (23,871 ) Tradenames (11,453 ) (8,689 ) (107,442 ) (108,441 ) Net Intangible Assets Subject to Amortization $ 66,795 $ 60,659 |
Estimated Annual Amortization Expense for Each of the Next Five Years | Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2020 for each of the next five years is as follows: 2021 $ 7,920 2022 7,227 2023 6,992 2024 6,652 2025 6,384 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Obligation | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary of Significant Accounting Policies [Abstract] | |||
Minimum ownership of entities that do not have a non-controlling interest (in hundredths) | 100.00% | ||
Revenue Recognition [Abstract] | |||
Number of performance obligations | Obligation | 2 | ||
Research and Development Expenses [Abstract] | |||
Research and development expense | $ 70,861 | $ 69,827 | $ 72,885 |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |||
Minimum number of months until maturity from original purchase date for a highly liquid investment to be considered a short-term investment (in months) | 3 months | ||
Allowance for Doubtful Accounts [Abstract] | |||
Bad debt expense | $ 475 | (592) | 2,570 |
Property and Equipment [Abstract] | |||
Estimated cost to complete construction in progress | 51,600 | ||
Depreciation expense | 158,117 | 155,985 | 150,056 |
Goodwill and Other Intangible Assets [Abstract] | |||
Indefinite-lived intangible assets | 0 | 0 | |
Self-Insurance Programs [Abstract] | |||
Outstanding claim accrual | 0 | 0 | |
Cash and investments restricted for potential insurance claims | 9,281 | 10,259 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of accounting change for adoption of ASU | $ 138,990 | 72,180 | |
Maximum [Member] | |||
Revenue Recognition [Abstract] | |||
Payment terms of sales | 60 days | ||
Collection period of receivables | 12 months | ||
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-31 | |||
Revenue Recognition [Abstract] | |||
Expected timing of satisfaction of performance obligation | 24 months | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property and Equipment [Abstract] | |||
Useful Life | 7 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property and Equipment [Abstract] | |||
Useful Life | 10 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property and Equipment [Abstract] | |||
Useful Life | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property and Equipment [Abstract] | |||
Useful Life | 40 years | ||
Patents and Acquired Technology [Member] | Minimum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||
Patents and Acquired Technology [Member] | Maximum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 25 years | ||
Capitalized Software [Member] | Minimum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Capitalized Software [Member] | Maximum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Non-competition Agreements [Member] | Minimum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Non-competition Agreements [Member] | Maximum [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||
Accounting Standards Update 2016-13 [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 | (1,070) | ||
Accounting Standards Update 2016-13 [Member] | 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 | ||
Accounting Standards Update 2016-13 [Member] | 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 | ||
Accounting Standards Update 2016-02 [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 | $ 23,013 | ||
Accounting Standards Update 2020-06 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of accounting change for adoption of ASU | $ 21,159 | ||
New Accounting Pronouncement Future Impact On APIC | 66,078 | ||
New Accounting Pronouncement Future Impact On Long-Term Debt | $ 59,246 |
Acquisition and Divestiture A_2
Acquisition and Divestiture Activities (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Jan. 03, 2019 | Jun. 11, 2018 | Feb. 08, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Acquisition of business, net of cash acquired | $ 25,852 | $ 11,862 | $ 14,880 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Goodwill | 158,183 | 150,642 | $ 147,480 | ||||
Bi-Metallix [Member] | |||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Business acquisition, effective date of acquisition | Jan. 3, 2019 | ||||||
Business acquisition, name of acquired entity | Bi-Metallix, Inc. | ||||||
Acquisition of business, net of cash acquired | $ 11,862 | ||||||
Definite-lived intangible assets | 2,900 | ||||||
Goodwill related to acquisitions | $ 3,324 | $ 3,324 | |||||
UltraSource [Member] | |||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Business acquisition, effective date of acquisition | Feb. 8, 2018 | ||||||
Business acquisition, name of acquired entity | UltraSource, Inc. | ||||||
Acquisition of business, net of cash acquired | $ 13,596 | ||||||
Definite-lived intangible assets | 6,500 | ||||||
Goodwill related to acquisitions | $ 4,227 | ||||||
EuroPower [Member] | |||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Business acquisition, effective date of acquisition | Jun. 11, 2018 | ||||||
Business acquisition, name of acquired entity | EuroPower Holdings Ltd. | ||||||
Acquisition of business, net of cash acquired | $ 2,939 | ||||||
Goodwill related to acquisitions | $ 1,068 | ||||||
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 | $ 6,548 | 6,548 | |||||
Remaining acquisition price to be paid | $ 350 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets and Liabilities [Abstract] | ||
Right of use assets | $ 102,440 | $ 93,162 |
Current lease liabilities | 22,074 | 20,217 |
Long-term lease liabilities | 86,220 | 78,511 |
Total lease liabilities | 108,294 | 98,728 |
Lease expense [Abstract] | ||
Operating lease expense | 23,363 | 22,271 |
Short-term lease expense | 930 | 2,278 |
Variable lease expense | 248 | 95 |
Total lease expense | 24,541 | 24,644 |
Cash paid for operating leases | $ 23,814 | 21,552 |
Weighted-average remaining lease term - operating leases | 8 years 10 months 24 days | |
Weighted-average discount rate - operating leases | 5.90% | |
Undiscounted future lease payments for operating lease liabilities [Abstract] | ||
2021 | $ 22,671 | |
2022 | 19,128 | |
2023 | 15,628 | |
2024 | 14,172 | |
2025 | 13,227 | |
Thereafter | 55,218 | |
Building and Improvements [Member] | ||
Assets and Liabilities [Abstract] | ||
Right of use assets | 97,429 | 87,689 |
Current lease liabilities | 19,370 | 17,410 |
Long-term lease liabilities | 83,926 | 75,877 |
Machinery and Equipment [Member] | ||
Assets and Liabilities [Abstract] | ||
Right of use assets | 5,011 | 5,473 |
Current lease liabilities | 2,704 | 2,807 |
Long-term lease liabilities | $ 2,294 | $ 2,634 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring and related expenses | $ 743 | $ 24,139 | $ 0 |
Restructuring reserve, current | 11,595 | 18,841 | |
2019 Global Cost Reduction and Management Rejuvenation Programs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and related expenses | 743 | 24,139 | |
Cash paid | (10,813) | (1,330) | |
Foreign currency translation | 683 | 35 | |
Balance at end of period | 13,457 | $ 22,844 | |
Expected restructuring costs | 24,882 | ||
Restructuring reserve, current | 11,595 | ||
Restructuring reserve, noncurrent | $ 1,862 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) from continuing operations before taxes and noncontrolling interests [Abstract] | |||
Domestic | $ (25,884) | $ (10,992) | $ (39,861) |
Foreign | 184,212 | 237,290 | 456,637 |
Income before taxes | 158,328 | 226,298 | 416,776 |
Current: | |||
Federal | 7,327 | 9,137 | 18,756 |
State and local | 218 | 415 | 209 |
Foreign | 55,399 | 113,779 | 263,247 |
Total current income tax expense | 62,944 | 123,331 | 282,212 |
Deferred: | |||
Federal | (6,068) | (13,731) | (58,386) |
State and local | (538) | (802) | (3,117) |
Foreign | (21,793) | (47,290) | (150,470) |
Total deferred income tax expense | (28,399) | (61,823) | (211,973) |
Total income tax expense | 34,545 | 61,508 | 70,239 |
Deferred tax assets: | |||
Pension and other retiree obligations | 53,585 | 48,434 | |
Inventories | 19,539 | 19,318 | |
Net operating loss carryforwards | 124,251 | 119,420 | |
Tax credit carryforwards | 85,651 | 76,140 | |
Other accruals and reserves | 31,347 | 29,273 | |
Total gross deferred tax assets | 314,373 | 292,585 | |
Less valuation allowance | (206,950) | (194,797) | |
Deferred tax assets, net | 107,423 | 97,788 | |
Deferred tax liabilities: | |||
Property and equipment | (1,604) | (2,391) | |
Earnings not permanently reinvested | 0 | (16,448) | |
Convertible debentures | (12,777) | (25,219) | |
Other - net | (6,364) | (6,499) | |
Total gross deferred tax liabilities | (20,745) | (50,557) | |
Net deferred tax assets (liabilities) | 86,678 | 47,231 | |
Discrete Tax Items Repatriation | 190 | 9,583 | 10,047 |
Total tax expense enactment of TCJA | 25,496 | ||
Discrete tax items debt extinguishment | 1,563 | 1,601 | 54,877 |
Discrete tax item related to tax-basis foreign exchange gain on settlement of intercompany loan | 7,554 | ||
Tax effects of changes in uncertain tax positions | 3,751 | 2,831 | |
Tax Cuts and Jobs Act of 2017 BEAT Tax | 750 | 2,900 | 0 |
Reconciliation of income tax expense at federal statutory rate to actual income tax provision [Abstract] | |||
Tax at statutory rate | 33,249 | 47,523 | 87,523 |
State income taxes, net of U.S. federal tax benefit | (252) | (301) | (2,298) |
Effect of foreign operations | (9,896) | 9,242 | 5,736 |
Tax on earnings not permanently reinvested | 4,227 | 6,256 | 9,304 |
Unrecognized tax benefits | 4,351 | 5,584 | 2,669 |
Senior convertible debenture repurchase | (1,358) | (1,461) | (52,312) |
TCJA remeasurement of deferred tax liabilities | 0 | 0 | (1,211) |
TCJA - transition tax on unremitted foreign earnings | 0 | 0 | 7,425 |
Foreign income taxable in the U.S. | 4,155 | 6,090 | 15,055 |
Deferred tax rate impact of corporate reorganization | 0 | (12,121) | 0 |
Other | 69 | 696 | (1,652) |
Total income tax expense | 34,545 | 61,508 | 70,239 |
Net operating loss carryforwards [Abstract] | |||
Discrete tax items included income tax expense | 1,998 | (799) | $ (39,428) |
Corporate tax rate | 21.00% | ||
Percentage of dividends received deduction allowed on qualifying dividends paid by foreign subsidiaries | 100.00% | ||
TCJA one-time transition tax percentage on deferred foreign earnings for liquid assets | 15.50% | ||
TCJA one-time transition tax percentage on deferred foreign earnings for illiquid assets | 8.00% | ||
Available tax credit carryforwards [Abstract] | |||
Discrete Tax Items Repatriation | (190) | (9,583) | $ (10,047) |
U.S. foreign tax credit carryforward (gross) | 68,874 | ||
Income tax uncertainties [Abstract] | |||
Cash repatriated during the current period | 104,091 | 188,742 | 724,000 |
Repatriation taxes paid | 16,258 | 38,814 | 156,767 |
Expected TCJA tax payment, net | 184,467 | 184,467 | 184,467 |
Amount of TCJA tax first installment | 14,757 | 14,757 | 14,757 |
Net income taxes paid (refunded) | 69,706 | 185,654 | 248,958 |
Company accrued interest and penalties related to the unrecognized tax benefits | 3,239 | 3,561 | |
Company recognized interest and penalties. | 128 | 1,201 | 1,470 |
Unrecognized tax benefits [Roll Forward] | |||
Balance at beginning of year | 36,868 | 21,241 | 17,056 |
Addition based on tax positions related to the current year | 663 | 2,383 | 4,332 |
Addition based on tax positions related to prior years | 8,358 | 16,190 | 2,066 |
Currency translation adjustments | (984) | ||
Currency translation adjustments | 1,361 | 1,211 | |
Reduction based on tax positions related to prior years | (3,152) | 0 | 0 |
Reduction for settlements | (3,446) | (3,121) | (1,229) |
Reduction for lapses of statute of limitation | 0 | (1,036) | 0 |
Balance at end of year | 40,652 | $ 36,868 | $ 21,241 |
Minimum [Member] | |||
Available tax credit carryforwards [Abstract] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 4,506 | ||
Maximum [Member] | |||
Available tax credit carryforwards [Abstract] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 9,249 | ||
Austria [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | 19,490 | ||
Belgium [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | 172,952 | ||
Israel [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | 10,706 | ||
Italy [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | 16,779 | ||
Japan [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | $ 8,490 | ||
Japan [Member] | Minimum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2023 | ||
Japan [Member] | Maximum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2030 | ||
Netherlands [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | $ 13,216 | ||
Netherlands [Member] | Minimum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2021 | ||
Netherlands [Member] | Maximum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2026 | ||
The Republic of China (Taiwan) [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | $ 18,184 | ||
The Republic of China (Taiwan) [Member] | Minimum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2026 | ||
The Republic of China (Taiwan) [Member] | Maximum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2028 | ||
California [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | $ 27,893 | ||
California [Member] | Minimum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2021 | ||
California [Member] | Maximum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2040 | ||
Pennsylvania [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Net operating loss carryforward | $ 614,410 | ||
Pennsylvania [Member] | Minimum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2021 | ||
Pennsylvania [Member] | Maximum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date NOL carryforward | Dec. 31, 2040 | ||
Research Tax Credit [Member] | California [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Tax credit carryforward, amount | $ 16,478 | ||
Available tax credit carryforwards [Abstract] | |||
Tax Credit Carryforward | 16,478 | ||
U.S. Foreign Tax Credit [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Tax credit carryforward, amount | 68,874 | ||
Available tax credit carryforwards [Abstract] | |||
Tax Credit Carryforward | $ 68,874 | ||
U.S. Foreign Tax Credit [Member] | Minimum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date tax credit carryforward | Dec. 31, 2028 | ||
U.S. Foreign Tax Credit [Member] | Maximum [Member] | |||
Net operating loss carryforwards [Abstract] | |||
Expiration date tax credit carryforward | Dec. 31, 2030 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)d$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instruments [Abstract] | |||
Credit facility | $ 0 | $ 0 | |
Deferred financing costs | (11,512) | (16,784) | |
Long-term debt | 394,886 | 499,147 | |
Less current portion | 0 | 0 | |
Long-term debt, less current portion | 394,886 | 499,147 | |
Purchase price of extinguished debt | $ 960,995 | ||
Allocated liability component of repurchased debt | 9,568 | 241,706 | |
Allocated equity component of repurchased debt | 18,295 | 719,289 | |
Loss on early extinguishment of debt | 8,073 | 2,030 | 26,583 |
Interest expense [Abstract] | |||
Contractual coupon interest | 12,185 | 13,998 | 16,090 |
Non-cash amortization of debt discount | 13,161 | 14,146 | 10,769 |
Other Noncash Interest Expense (Income) | 1,623 | 1,781 | 1,313 |
Total interest expense related to the debentures | 26,969 | 29,925 | 28,172 |
Principal amount of repurchased debt | 151,546 | 19,366 | 538,444 |
Committed and uncommitted short-term credit lines | 6,000 | 6,000 | |
Aggregate annual maturities of long-term debt [Abstract] | |||
Interest paid | 15,450 | 16,177 | 23,859 |
Convertible Debt [Member] | |||
Debt Instruments [Abstract] | |||
Loss on early extinguishment of debt | 26,583 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the convertible debt | 465,644 | 617,190 | |
Unamortized discount | (59,246) | (101,259) | |
Carrying value of liability component | 406,398 | 515,931 | |
Equity component (including temporary equity) - net carrying value | $ 66,248 | 92,391 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Abstract] | |||
Line of credit facility, initiation date | Jun. 5, 2019 | ||
Line of credit facility, maximum borrowing capacity | $ 750,000 | ||
Line of credit facility, expiration date | Jun. 5, 2024 | ||
Incremental revolving commitments | $ 300,000 | ||
Basis spread on variable rate | 1.50% | ||
Commitment fees | 0.25% | ||
Investments pro forma ratio | 2.75 | ||
Restricted payments pro forma ratio | 2.50 | ||
Restricted payments, annual limit | $ 100,000 | ||
Restricted payments ,total limit | 300,000 | ||
Restricted payments ,rollover limit | 25,000 | ||
Restricted payments, unused amount | 100,000 | ||
Event of default - judgment limit | 50,000 | ||
Available borrowing capacity | 748,690 | 747,912 | |
Letters of credit outstanding | 1,310 | 2,088 | |
Previous Credit Facility [Member] | |||
Line of Credit Facility [Abstract] | |||
Line of credit facility, maximum borrowing capacity | 640,000 | ||
Convertible Senior Notes, Due 2025 [Member] | |||
Debt Instruments [Abstract] | |||
Convertible debt | $ 406,268 | 509,128 | |
Issuance date | Jun. 12, 2018 | ||
Maturity date | Jun. 15, 2025 | ||
Cash coupon rate | 2.25% | ||
Nonconvertible debt borrowing rate at issuance | 5.50% | ||
Effective conversion rate | 31.8836 | ||
Effective conversion price (in dollars per share) | $ / shares | $ 31.36 | ||
130% of the conversion price (in dollars per share) | $ / shares | $ 40.77 | ||
Debt instrument percentage of conversion price | 130.00% | ||
Debt instrument, percentage of sale price of common stock | 98.00% | ||
Maximum threshold of quarterly cash dividends per share of common stock for not adjusting conversion rate of convertible notes (in dollars per share) | $ / shares | $ 0.085 | ||
Purchase price of extinguished debt | $ 128,328 | ||
Allocated liability component of repurchased debt | 118,587 | ||
Allocated equity component of repurchased debt | 9,741 | ||
Loss on early extinguishment of debt | 4,600 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the convertible debt | 465,344 | 600,000 | |
Unamortized discount | (59,076) | (90,872) | |
Carrying value of liability component | 406,268 | 509,128 | |
Equity component (including temporary equity) - net carrying value | 66,127 | 85,262 | |
Interest expense [Abstract] | |||
Contractual coupon interest | 12,097 | 13,500 | 7,463 |
Non-cash amortization of debt discount | 13,118 | 13,925 | 7,240 |
Other Noncash Interest Expense (Income) | 1,623 | 1,816 | 1,059 |
Total interest expense related to the debentures | 26,838 | 29,241 | 15,762 |
Principal amount of repurchased debt | 134,656 | ||
Net carrying value of repurchased debt | 115,978 | ||
Convertible Senior Debentures, Due 2040 [Member] | |||
Debt Instruments [Abstract] | |||
Convertible debt | $ 130 | 126 | |
Issuance date | Nov. 9, 2010 | ||
Maturity date | Nov. 15, 2040 | ||
Cash coupon rate | 2.25% | ||
Nonconvertible debt borrowing rate at issuance | 8.00% | ||
Effective conversion rate | 81.8143 | ||
Effective conversion price (in dollars per share) | $ / shares | $ 12.22 | ||
130% of the conversion price (in dollars per share) | $ / shares | $ 15.89 | ||
Call date | Nov. 20, 2020 | ||
Conversion period before maturity date | 3 months | ||
Debt instrument percentage of conversion price | 130.00% | ||
Debt instrument, percentage of sale price of common stock | 98.00% | ||
Percentage of redemption price to principal amount | 100.00% | ||
Threshold percentage of stock price trigger | 150.00% | ||
Trading period to trigger conversion, minimum | d | 20 | ||
Consecutive trading period prior to notice of redemption | d | 30 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the convertible debt | $ 300 | ||
Debt Instrument, Period to accrue contingent interest subsequent to debt issuance | 10 years | ||
Interest expense [Abstract] | |||
Principal amount of repurchased debt | 1,010 | 273,690 | |
Net carrying value of repurchased debt | 417 | 111,294 | |
Convertible Senior Debentures, Due 2041 [Member] | |||
Debt Instruments [Abstract] | |||
Convertible debt | $ 0 | 6,677 | |
Conversion period before maturity date | 3 months | ||
Debt instrument percentage of conversion price | 130.00% | ||
Debt instrument, percentage of sale price of common stock | 98.00% | ||
Percentage of redemption price to principal amount | 100.00% | ||
Threshold percentage of stock price trigger | 150.00% | ||
Trading period to trigger conversion, minimum | d | 20 | ||
Consecutive trading period prior to notice of redemption | d | 30 | ||
Purchase price of extinguished debt | $ 23,355 | ||
Allocated liability component of repurchased debt | 10,075 | ||
Allocated equity component of repurchased debt | 13,280 | ||
Loss on early extinguishment of debt | 3,473 | ||
Interest expense [Abstract] | |||
Principal amount of repurchased debt | 16,890 | 16,188 | 116,922 |
Net carrying value of repurchased debt | 6,715 | 6,282 | 45,157 |
Convertible Senior Debentures 2042 [Member] | |||
Interest expense [Abstract] | |||
Principal amount of repurchased debt | 2,168 | 147,832 | |
Net carrying value of repurchased debt | 924 | 62,503 | |
Convertible Senior Debentures [Member] | |||
Debt Instruments [Abstract] | |||
Purchase price of extinguished debt | 27,863 | ||
Interest expense [Abstract] | |||
Contractual coupon interest | 88 | 498 | 8,627 |
Non-cash amortization of debt discount | 43 | 221 | 3,529 |
Other Noncash Interest Expense (Income) | 0 | (35) | 254 |
Total interest expense related to the debentures | 131 | 684 | $ 12,410 |
Convertible Senior Debentures [Member] | Convertible Debt [Member] | |||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the convertible debt | 300 | 17,190 | |
Unamortized discount | (170) | (10,387) | |
Carrying value of liability component | 130 | 6,803 | |
Equity component (including temporary equity) - net carrying value | $ 121 | $ 7,129 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)sharesVote | ||
Class of Stock [Line Items] | ||
Shares reserved (in shares) | 34,483,471 | |
Revolving Credit Facility [Member] | ||
Class of Stock [Line Items] | ||
Restricted payments (annual limit) | $ | $ 100,000 | |
Restricted payments (total limit) | $ | 300,000 | |
Restricted payments (rollover limit) | $ | $ 25,000 | |
Restricted payments pro forma ratio | 2.50 | |
Class B Convertible Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Voting rights per share | Vote | 10 | |
Conversion feature | one-for-one | |
Shares reserved (in shares) | 12,097,148 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Voting rights per share | Vote | 1 | |
Restricted stock units outstanding [Member] | ||
Class of Stock [Line Items] | ||
Shares reserved (in shares) | 793,000 | |
Available to grant 2007 Stock Incentive Program - [Member] | ||
Class of Stock [Line Items] | ||
Shares reserved (in shares) | 2,307,000 | |
Phantom stock units outstanding [Member] | ||
Class of Stock [Line Items] | ||
Shares reserved (in shares) | 198,000 | |
Convertible Senior Debentures, Due 2040 [Member] | ||
Class of Stock [Line Items] | ||
Shares reserved (in shares) | 27,600 | [1] |
Number of shares debentures are convertible into (in shares) | 24,544 | |
Convertible Senior Notes, Due 2025 [Member] | ||
Class of Stock [Line Items] | ||
Shares reserved (in shares) | 19,060,723 | [1] |
Number of shares debentures are convertible into (in shares) | 14,836,842 | |
[1] | At December 31, 2020, the convertible senior debentures due 2040 are convertible into 24,544 shares of Vishay common stock. Based on the effective conversion rate at December 31, 2020, the convertible senior notes due 2025 would be convertible into 14,836,842 shares of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the convertible debt instruments. |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income (Expense) [Abstract] | |||
COVID-19 Impact on COGS | $ 4,563 | ||
COVID-19 Impact on SGA | 1,451 | ||
Loss on early extinguishment of debt | 8,073 | $ 2,030 | $ 26,583 |
Principal amount of repurchased debt | 151,546 | 19,366 | 538,444 |
Schedule of Equity Method Investments [Line Items] | |||
Foreign exchange gain (loss) | (4,095) | (1,414) | (1,991) |
Interest income | 3,709 | 8,445 | 11,940 |
Other components of net periodic pension cost | (13,613) | (13,959) | (13,118) |
Investment income (expense) | 2,271 | 6,448 | (1,646) |
Other | (26) | 61 | (266) |
Other Income (expense) | $ (11,754) | $ (419) | $ (5,081) |
Other Accrued Expenses (Details
Other Accrued Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Accrued Expenses [Abstract] | |||
Sales returns and allowances | $ 39,629 | $ 40,508 | |
Goods received, not yet invoiced | 30,945 | 30,515 | |
Accrued restructuring | 11,595 | 18,841 | |
Other | 100,473 | 96,599 | |
Total other accrued expenses | 182,642 | 186,463 | |
Sales returns and allowances accrual activity [Roll Forward] | |||
Beginning Balance | 40,508 | 42,663 | $ 36,680 |
Sales allowances | 88,844 | 107,806 | 102,026 |
Credits issued | (90,824) | (109,729) | (95,521) |
Foreign currency | 1,101 | (232) | (522) |
Ending Balance | $ 39,629 | $ 40,508 | $ 42,663 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (26,646) | ||
Other comprehensive income (loss) | 40,205 | $ (19,855) | $ (30,704) |
Ending Balance | 13,559 | (26,646) | |
Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassifications of AFS investments out of AOCI | (1,801) | ||
Pension and Other Post-Retirement Actuarial Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (68,020) | (58,291) | (69,041) |
Other comprehensive income before reclassifications | (22,055) | (21,473) | 5,617 |
Tax effect | 5,288 | 5,219 | (1,032) |
Other comprehensive income before reclassifications, net of tax | (16,767) | (16,254) | 4,585 |
Amounts reclassified out of AOCI | 10,168 | 8,694 | 8,343 |
Tax effect | (2,456) | (2,169) | (2,178) |
Amounts reclassified out of AOCI, net of tax | 7,712 | 6,525 | 6,165 |
Other comprehensive income (loss) | (9,055) | (9,729) | 10,750 |
Ending Balance | (77,075) | (68,020) | (58,291) |
Pension and Other Post-Retirement Actuarial Items [Member] | Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassifications of AFS investments out of AOCI | 0 | ||
Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 41,374 | 51,500 | 92,954 |
Other comprehensive income before reclassifications | 49,260 | (10,126) | (41,454) |
Tax effect | 0 | 0 | 0 |
Other comprehensive income before reclassifications, net of tax | 49,260 | (10,126) | (41,454) |
Amounts reclassified out of AOCI | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Amounts reclassified out of AOCI, net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 49,260 | (10,126) | (41,454) |
Ending Balance | 90,634 | 41,374 | 51,500 |
Currency Translation Adjustment [Member] | Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassifications of AFS investments out of AOCI | 0 | ||
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0 | 0 | 1,801 |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Other comprehensive income before reclassifications, net of tax | 0 | 0 | 0 |
Amounts reclassified out of AOCI | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Amounts reclassified out of AOCI, net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassifications of AFS investments out of AOCI | (1,801) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (26,646) | (6,791) | 25,714 |
Other comprehensive income before reclassifications | 27,205 | (31,599) | (35,837) |
Tax effect | 5,288 | 5,219 | (1,032) |
Other comprehensive income before reclassifications, net of tax | 32,493 | (26,380) | (36,869) |
Amounts reclassified out of AOCI | 10,168 | 8,694 | 8,343 |
Tax effect | (2,456) | (2,169) | (2,178) |
Amounts reclassified out of AOCI, net of tax | 7,712 | 6,525 | 6,165 |
Other comprehensive income (loss) | 40,205 | (19,855) | (30,704) |
Ending Balance | $ 13,559 | $ (26,646) | $ (6,791) |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Plan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | ||||
Included in other assets | $ 312 | $ 303 | ||
Included in Payroll and related expenses | (9,753) | (8,885) | ||
Accrued pension and other postretirement costs | (300,113) | (272,402) | ||
Total actuarial items | [1] | 107,652 | 95,764 | |
Components of actuarial items [Abstract] | ||||
Total actuarial items | [1] | 107,652 | 95,764 | |
Components of net periodic pension cost [Abstract] | ||||
Amounts that will be amortized from accumulated other comprehensive loss into net periodic pension cost during next fiscal year | $ 10,000 | |||
Other postretirement benefits [Abstract] | ||||
Number of unfunded non-pension postretirement plans | Plan | 2 | |||
Number of European subsidiaries with unfunded non-pension postretirement plans | Plan | 2 | |||
Other retirement obligations [Abstract] | ||||
Company's matching expense for 401(k) savings plans | $ 6,363 | 6,481 | $ 6,353 | |
Deferred Compensation [Member] | ||||
Defined benefit pension plans [Abstract] | ||||
Assets held in trust | 27,491 | 24,531 | ||
Non-qualified Pension Plans [Member] | ||||
Defined benefit pension plans [Abstract] | ||||
Assets held in trust | 29,157 | 27,012 | ||
Defined Benefit Pension [Member] | U.S. Plans [Member] | ||||
Change in benefit obligation [Roll forward] | ||||
Benefit obligation at beginning of year | 42,383 | 38,169 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 1,366 | 1,696 | 1,484 | |
Plan amendments | 0 | 0 | ||
Actuarial (gains) losses | 3,623 | 4,309 | ||
Benefits paid | (1,808) | (1,791) | ||
Curtailments and settlements | 0 | 0 | ||
Currency translation | 0 | 0 | ||
Benefit obligation at end of year | 45,564 | 42,383 | 38,169 | |
Change in plan assets [Roll forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Company contributions | 1,808 | 1,791 | ||
Benefits paid | (1,808) | (1,791) | ||
Currency translation | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Funded status at end of year | (45,564) | (42,383) | ||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | ||||
Included in other assets | 0 | 0 | ||
Included in Payroll and related expenses | (35) | (35) | ||
Accrued pension and other postretirement costs | (45,529) | (42,348) | ||
Total actuarial items | 10,709 | 8,839 | ||
Total | (34,855) | (33,544) | ||
Components of actuarial items [Abstract] | ||||
Unrecognized net actuarial loss (gain) | 10,212 | 8,199 | ||
Unamortized prior service cost | 497 | 640 | ||
Total actuarial items | 10,709 | 8,839 | ||
Projected and accumulated benefit obligations [Abstract] | ||||
Accumulated benefit obligation, all plans | 45,564 | 42,383 | ||
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | ||||
Projected benefit obligation | 45,564 | 42,383 | ||
Accumulated benefit obligation | 45,564 | 42,383 | ||
Fair value of plan assets | 0 | 0 | ||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 0 | 0 | 0 | |
Interest cost | 1,366 | 1,696 | 1,484 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of actuarial losses | 1,609 | 827 | 656 | |
Amortization of prior service (credit) cost | 144 | 144 | 144 | |
Curtailment and settlement losses | 0 | 0 | 0 | |
Net periodic benefit cost (benefit) | $ 3,119 | $ 2,667 | 2,284 | |
Weighted average assumptions used to calculate benefit obligations [Abstract] | ||||
Discount rate | 2.25% | 3.25% | ||
Rate of compensation increase | 0.00% | 0.00% | ||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | ||||
Discount rate | 3.25% | 4.50% | ||
Rate of compensation increase | 0.00% | 0.00% | ||
Expected return on plan assets | 0.00% | 0.00% | ||
Estimated future benefit payments [Abstract] | ||||
2021 | $ 1,904 | |||
2022 | 1,901 | |||
2023 | 8,502 | |||
2024 | 3,260 | |||
2025 | 9,505 | |||
2026-2030 | 11,379 | |||
Defined Benefit Pension [Member] | Non-U.S. Plans [Member] | ||||
Change in benefit obligation [Roll forward] | ||||
Benefit obligation at beginning of year | 283,561 | $ 275,207 | ||
Service cost | 4,382 | 3,382 | 3,822 | |
Interest cost | 3,783 | 5,116 | 4,793 | |
Plan amendments | 1,015 | 0 | ||
Actuarial (gains) losses | 10,920 | 20,115 | ||
Benefits paid | (17,737) | (18,985) | ||
Curtailments and settlements | (464) | 0 | ||
Currency translation | 22,349 | (1,274) | ||
Benefit obligation at end of year | 307,809 | 283,561 | 275,207 | |
Change in plan assets [Roll forward] | ||||
Fair value of plan assets at beginning of year | 73,629 | 70,820 | ||
Actual return on plan assets | 2,811 | 4,614 | ||
Company contributions | 12,149 | 15,443 | ||
Benefits paid | (17,737) | (18,985) | ||
Currency translation | 3,482 | 1,737 | ||
Fair value of plan assets at end of year | 74,334 | 73,629 | 70,820 | |
Funded status at end of year | (233,475) | (209,932) | ||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | ||||
Included in other assets | 312 | 303 | ||
Included in Payroll and related expenses | (8,314) | (7,362) | ||
Accrued pension and other postretirement costs | (225,473) | (202,873) | ||
Total actuarial items | 94,480 | 84,926 | ||
Total | (138,995) | (125,006) | ||
Components of actuarial items [Abstract] | ||||
Unrecognized net actuarial loss (gain) | 94,072 | 84,523 | ||
Unamortized prior service cost | 408 | 403 | ||
Total actuarial items | 94,480 | 84,926 | ||
Projected and accumulated benefit obligations [Abstract] | ||||
Accumulated benefit obligation, all plans | 287,169 | 264,723 | ||
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | ||||
Projected benefit obligation | 288,212 | 252,469 | ||
Accumulated benefit obligation | 275,816 | 239,341 | ||
Fair value of plan assets | 59,070 | 44,670 | ||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 4,382 | 3,382 | 3,822 | |
Interest cost | 3,783 | 5,116 | 4,793 | |
Expected return on plan assets | (2,004) | (1,956) | (1,889) | |
Amortization of actuarial losses | 6,554 | 5,374 | 6,196 | |
Amortization of prior service (credit) cost | 378 | 197 | 318 | |
Curtailment and settlement losses | 1,148 | 2,183 | 1,111 | |
Net periodic benefit cost (benefit) | $ 14,241 | $ 14,296 | 14,351 | |
Weighted average assumptions used to calculate benefit obligations [Abstract] | ||||
Discount rate | 1.02% | 1.40% | ||
Rate of compensation increase | 2.02% | 2.24% | ||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | ||||
Discount rate | 1.40% | 1.96% | ||
Rate of compensation increase | 2.24% | 2.17% | ||
Expected return on plan assets | 2.35% | 2.77% | ||
Estimated future benefit payments [Abstract] | ||||
2021 | $ 16,593 | |||
2022 | 19,235 | |||
2023 | 17,033 | |||
2024 | 16,808 | |||
2025 | 17,957 | |||
2026-2030 | 84,994 | |||
Other Postretirement Benefits [Member] | U.S. Plans [Member] | ||||
Change in benefit obligation [Roll forward] | ||||
Benefit obligation at beginning of year | 7,689 | $ 6,994 | ||
Service cost | 112 | 157 | 137 | |
Interest cost | 236 | 286 | 273 | |
Actuarial (gains) losses | 550 | 939 | ||
Benefits paid | (864) | (687) | ||
Currency translation | 0 | 0 | ||
Benefit obligation at end of year | 7,723 | 7,689 | 6,994 | |
Change in plan assets [Roll forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Funded status at end of year | (7,723) | (7,689) | ||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | ||||
Included in Payroll and related expenses | (929) | (872) | ||
Accrued pension and other postretirement costs | (6,794) | (6,817) | ||
Total actuarial items | 344 | (180) | ||
Total | (7,379) | (7,869) | ||
Components of actuarial items [Abstract] | ||||
Unrecognized net actuarial loss (gain) | 344 | (180) | ||
Total actuarial items | 344 | (180) | ||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 112 | 157 | 137 | |
Interest cost | 236 | 286 | 273 | |
Amortization of actuarial losses | 26 | (138) | (39) | |
Amortization of prior service (credit) cost | 0 | 0 | (148) | |
Curtailment and settlement losses | 0 | 0 | 0 | |
Net periodic benefit cost (benefit) | $ 374 | $ 305 | 223 | |
Weighted average assumptions used to calculate benefit obligations [Abstract] | ||||
Discount rate | 2.25% | 3.25% | ||
Rate of compensation increase | 0.00% | 0.00% | ||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | ||||
Discount rate | 3.25% | 4.50% | ||
Rate of compensation increase | 0.00% | 0.00% | ||
Estimated future benefit payments [Abstract] | ||||
2021 | $ 929 | |||
2022 | 855 | |||
2023 | 783 | |||
2024 | 703 | |||
2025 | 626 | |||
2026-2030 | 2,216 | |||
Other Postretirement Benefits [Member] | Non-U.S. Plans [Member] | ||||
Change in benefit obligation [Roll forward] | ||||
Benefit obligation at beginning of year | 8,109 | $ 7,953 | ||
Service cost | 284 | 284 | 288 | |
Interest cost | 64 | 123 | 114 | |
Actuarial (gains) losses | 35 | 311 | ||
Benefits paid | (706) | (413) | ||
Currency translation | 724 | (149) | ||
Benefit obligation at end of year | 8,510 | 8,109 | 7,953 | |
Change in plan assets [Roll forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Funded status at end of year | (8,510) | (8,109) | ||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | ||||
Included in Payroll and related expenses | (475) | (616) | ||
Accrued pension and other postretirement costs | (8,035) | (7,493) | ||
Total actuarial items | 2,119 | 2,179 | ||
Total | (6,391) | (5,930) | ||
Components of actuarial items [Abstract] | ||||
Unrecognized net actuarial loss (gain) | 2,119 | 2,179 | ||
Total actuarial items | 2,119 | 2,179 | ||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 284 | 284 | 288 | |
Interest cost | 64 | 123 | 114 | |
Amortization of actuarial losses | 132 | 107 | 105 | |
Amortization of prior service (credit) cost | 0 | 0 | 0 | |
Curtailment and settlement losses | 177 | 0 | 0 | |
Net periodic benefit cost (benefit) | $ 657 | $ 514 | $ 507 | |
Weighted average assumptions used to calculate benefit obligations [Abstract] | ||||
Discount rate | 0.54% | 0.81% | ||
Rate of compensation increase | 2.87% | 2.87% | ||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | ||||
Discount rate | 0.81% | 1.60% | ||
Rate of compensation increase | 2.87% | 3.18% | ||
Estimated future benefit payments [Abstract] | ||||
2021 | $ 475 | |||
2022 | 547 | |||
2023 | 275 | |||
2024 | 257 | |||
2025 | 558 | |||
2026-2030 | 3,243 | |||
Other Retirement Obligations [Member] | ||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | ||||
Accrued pension and other postretirement costs | (14,282) | $ (12,871) | ||
Dr. Felix Zandman [Member] | Non-qualified Pension Plans [Member] | ||||
Defined benefit pension plans [Abstract] | ||||
Assets held in trust | 1,243 | $ 605 | ||
Deferred compensation arrangement, annual retirement benefit to surviving spouse | $ 614 | |||
[1] | Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation expense recognized | $ 5,276 | $ 6,108 | $ 4,817 | |
Unrecognized Compensation Cost | $ 2,760 | |||
Expiration date of 2007 Stock Incentive Plan | May 20, 2024 | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation expense recognized | $ 5,061 | $ 5,931 | $ 4,603 | |
Unrecognized Compensation Cost | $ 2,760 | |||
Weighted Average Remaining Amortization Periods | 9 months 18 days | |||
Number of units [Abstract] | ||||
Balance (in shares) | 842,000 | 904,000 | 986,000 | |
Granted (in shares) | 272,000 | 314,000 | 252,000 | |
Vested (in shares) | [1] | (308,000) | (361,000) | (334,000) |
Cancelled or forfeited (in shares) | (13,000) | (15,000) | 0 | |
Balance (in shares) | 793,000 | 842,000 | 904,000 | |
Expected to vest (in shares) | 793,000 | 842,000 | 904,000 | |
Weighted Average Grant-date Fair Value per Unit [Abstract] | ||||
Beginning balance, Weighted average grant-date fair value (in dollars per share) | $ 17.93 | $ 14.77 | $ 13.34 | |
Granted, Weighted average grant-date fair value (in dollars per share) | 18.30 | 19.85 | 18.90 | |
Vested, Weighted average grant-date fair value (in dollars per share) | [1] | 15.70 | 11.70 | 13.67 |
Cancelled or forfeited, Weighted average grant date fair value (in dollars per share) | 19.06 | 17.71 | 0 | |
Ending balance, Weighted average grant-date fair value (in dollars per share) | $ 18.90 | $ 17.93 | $ 14.77 | |
Phantom Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation expense recognized | $ 215 | $ 177 | $ 214 | |
Unrecognized Compensation Cost | $ 0 | |||
Weighted Average Remaining Amortization Periods | 0 years | |||
Number of units [Abstract] | ||||
Balance (in shares) | 183,000 | 170,000 | 157,000 | |
Granted (in shares) | 10,000 | 10,000 | 10,000 | |
Dividend equivalents issued (in shares) | 5,000 | 3,000 | 3,000 | |
Balance (in shares) | 198,000 | 183,000 | 170,000 | |
Weighted Average Grant-date Fair Value per Unit [Abstract] | ||||
Granted, Weighted average grant-date fair value (in dollars per share) | $ 21.49 | $ 17.72 | $ 21.35 | |
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2021 [Member] | ||||
Number of units [Abstract] | ||||
Balance (in shares) | [2] | 141,000 | ||
Expected to vest (in shares) | [2] | 141,000 | ||
Not expected to vest (in shares) | [2] | 0 | ||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2022 [Member] | ||||
Number of units [Abstract] | ||||
Balance (in shares) | 174,000 | |||
Expected to vest (in shares) | 174,000 | |||
Not expected to vest (in shares) | 0 | |||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2023 [Member] | ||||
Number of units [Abstract] | ||||
Balance (in shares) | 152,000 | |||
Expected to vest (in shares) | 152,000 | |||
Not expected to vest (in shares) | 0 | |||
2007 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Maximum number of shares authorized under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and non-employee directors (in shares) | 6,500,000 | |||
Exercisable (in shares) | ||||
Available for future grants (in shares) | 2,307,000 | |||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. | |||
[2] | The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2021 were achieved. |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Environmental Matters | |
Accrued environmental liabilities | $ 11,710 |
Accrued environmental liabilities, current | 4,929 |
Accrued environmental liabilities, noncurrent | 6,781 |
Estimated purchase commitments [Abstract] | |
2021 | 30,461 |
2022 | 16,011 |
2023 | $ 1,560 |
Current Vulnerability Due to _3
Current Vulnerability Due to Certain Concentrations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Concentration Risks [Abstract] | |||
Duration of business operations in Israel | 50 years | ||
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Bank of China [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 10.80% | ||
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | MUFG Bank Ltd. [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 20.10% | ||
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | JPMorgan [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | [1] | 18.70% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | HSBC [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | [1] | 12.90% | |
Geographic Concentration [Member] | Outside Of United States [Member] | |||
Concentration Risks [Abstract] | |||
Cash and cash equivalents and short-term investments | $ 752,662 | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Germany [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 17.90% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Singapore [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 21.20% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Israel [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 14.90% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | United States [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 13.50% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | The Republic of China (Taiwan) [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 8.40% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | People's Republic Of China [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 12.50% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Asia [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 7.20% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Europe [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 3.20% | ||
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 1.20% | ||
Geographic Concentration [Member] | Revenue [Member] | Outside Of United States [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 75.00% | ||
Customer Concentration Risk [Member] | Revenue [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risks [Abstract] | |||
Concentration risk percentage | 17.20% | 19.40% | |
[1] | Participant in Credit Facility |
Segment and Geographic Data (De
Segment and Geographic Data (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 6 | ||
Net revenues | $ 2,501,898 | $ 2,668,305 | $ 3,034,689 |
Gross profit | 581,903 | 671,200 | 888,524 |
Segment Operating Income | 455,942 | 543,696 | 755,888 |
Depreciation expense | 158,117 | 155,985 | 150,056 |
Capital expenditures | 123,599 | 156,641 | 229,899 |
Total Assets | 3,154,473 | 3,120,775 | 3,106,198 |
Distributors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,328,953 | 1,393,412 | 1,742,262 |
OEMs [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,003,090 | 1,082,701 | 1,085,292 |
EMS companies [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 169,855 | 192,192 | 207,135 |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 864,032 | 946,118 | 1,139,880 |
Automotive [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 796,853 | 830,876 | 861,436 |
Telecommunications [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 109,001 | 170,088 | 200,379 |
Computing [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 204,166 | 182,781 | 228,831 |
Consumer Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 118,896 | 107,983 | 168,884 |
Power Supplies [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 116,966 | 119,361 | 144,433 |
Military and Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 162,484 | 179,228 | 162,921 |
Medical [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 129,500 | 131,870 | 127,925 |
Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,501,898 | 2,668,305 | 3,034,689 |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,017,160 | 939,551 | 1,171,815 |
Asia [Member] | Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,028,073 | 965,030 | 1,193,827 |
Europe [Member] | Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 854,847 | 993,101 | 1,081,073 |
Americas [Member] | Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 618,978 | 710,174 | 759,789 |
MOSFETS [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 501,380 | 509,145 | 547,643 |
Gross profit | 114,236 | 126,026 | 145,923 |
Segment Operating Income | 76,548 | 88,994 | 106,955 |
Depreciation expense | 30,835 | 32,614 | 32,104 |
Capital expenditures | 18,621 | 35,131 | 49,557 |
Total Assets | 447,867 | 404,412 | 444,356 |
Diodes [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 502,548 | 557,143 | 712,936 |
Gross profit | 90,004 | 113,647 | 196,702 |
Segment Operating Income | 69,663 | 94,130 | 175,752 |
Depreciation expense | 39,380 | 38,930 | 38,197 |
Capital expenditures | 31,960 | 38,242 | 57,756 |
Total Assets | 704,606 | 755,945 | 804,784 |
Optoelectronic Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 236,616 | 222,986 | 289,727 |
Gross profit | 66,502 | 53,463 | 100,219 |
Segment Operating Income | 50,369 | 37,145 | 82,681 |
Depreciation expense | 16,003 | 16,803 | 16,612 |
Capital expenditures | 12,873 | 12,448 | 19,935 |
Total Assets | 341,517 | 328,871 | 342,656 |
Resistors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 606,183 | 657,192 | 716,394 |
Gross profit | 153,214 | 186,707 | 238,356 |
Segment Operating Income | 130,700 | 162,969 | 214,347 |
Depreciation expense | 32,531 | 28,909 | 26,416 |
Capital expenditures | 21,298 | 34,395 | 50,978 |
Total Assets | 693,251 | 653,195 | 587,595 |
Inductors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 293,629 | 298,642 | 301,892 |
Gross profit | 92,500 | 96,893 | 98,912 |
Segment Operating Income | 82,472 | 86,395 | 89,224 |
Depreciation expense | 13,821 | 13,316 | 11,292 |
Capital expenditures | 20,730 | 17,836 | 29,884 |
Total Assets | 330,092 | 334,791 | 287,240 |
Capacitors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 361,542 | 423,197 | 466,097 |
Gross profit | 70,010 | 94,464 | 108,412 |
Segment Operating Income | 50,753 | 74,063 | 86,929 |
Depreciation expense | 17,349 | 17,253 | 17,745 |
Capital expenditures | 11,198 | 9,916 | 12,200 |
Total Assets | 438,906 | 449,823 | 487,540 |
Corporate / Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Gross profit | (4,563) | 0 | 0 |
Segment Operating Income | (4,563) | 0 | 0 |
Depreciation expense | 8,198 | 8,160 | 7,690 |
Capital expenditures | 6,919 | 8,673 | 9,589 |
Total Assets | 198,234 | 193,738 | 152,027 |
Unallocated Amount to Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Operating Income | $ (246,940) | $ (257,127) | $ (270,768) |
Segment and Geographic Data, Op
Segment and Geographic Data, Operating Margin Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating margin reconciliation [Abstract] | |||
Segment Operating Income | $ 455,942 | $ 543,696 | $ 755,888 |
Restructuring and Severance Costs | (743) | (24,139) | 0 |
Impact of coronavirus outbreak | 1,451 | 0 | 0 |
Consolidated Operating Income (Loss) | 209,710 | 262,430 | 485,120 |
Unallocated Other Income (Expense) | (51,382) | (36,132) | (68,344) |
Consolidated Income Before Taxes | 158,328 | 226,298 | 416,776 |
Unallocated Amount to Segment [Member] | |||
Operating margin reconciliation [Abstract] | |||
Segment Operating Income | $ (246,940) | $ (257,127) | $ (270,768) |
Segment and Geographic Data, Re
Segment and Geographic Data, Revenue and assets by geographic area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | $ 2,501,898 | $ 2,668,305 | $ 3,034,689 |
Property and equipment, net | 943,165 | 951,525 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 592,460 | 686,985 | 743,647 |
Property and equipment, net | 95,570 | 100,163 | |
Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 772,194 | 910,509 | 982,082 |
Property and equipment, net | 199,076 | 179,218 | |
Other Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 103,475 | 113,473 | 123,846 |
Property and equipment, net | 118,604 | 116,883 | |
Israel [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 16,609 | 17,787 | 13,299 |
Property and equipment, net | 79,267 | 92,636 | |
Asia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 1,017,160 | 939,551 | $ 1,171,815 |
People's Republic of China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | 201,848 | 215,139 | |
Republic of China (Taiwan) [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | 167,177 | 161,374 | |
Other Asia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | 77,024 | 81,338 | |
Other Geographic Area [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | $ 4,599 | $ 4,774 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator [Abstract] | |||
Net earnings (loss) attributable to Vishay stockholders | $ 122,923 | $ 163,936 | $ 345,758 |
Denominator for basic earnings (loss) per share [Abstract] | |||
Weighted average shares (in shares) | 144,641 | 144,427 | 144,202 |
Outstanding phantom stock units (in shares) | 195 | 181 | 168 |
Adjusted weighted average shares - basic (in shares) | 144,836 | 144,608 | 144,370 |
Effect of dilutive securities [Abstract] | |||
Convertible debt instruments (in shares) | 30 | 100 | 9,707 |
Restricted stock units (in shares) | 362 | 428 | 545 |
Dilutive potential common shares (in shares) | 392 | 528 | 10,252 |
Denominator for diluted earnings (loss) per share [Abstract] | |||
Adjusted weighted average shares - diluted (in shares) | 145,228 | 145,136 | 154,622 |
Basic earnings (loss) per share attributable to Vishay stockholders (in dollars per share) | $ 0.85 | $ 1.13 | $ 2.39 |
Diluted earnings (loss) per share attributable to Vishay stockholders (in dollars per share) | 0.85 | $ 1.13 | $ 2.24 |
Convertible Senior Debentures, Due 2040 [Member] | |||
Antidilutive Securities [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) | $ 12.22 | ||
Convertible Senior Debentures, Due 2041 [Member] | |||
Antidilutive Securities [Abstract] | |||
Antidilutive securities (in shares) | 100 | 301 | 0 |
Convertible Senior Notes, Due 2025 [Member] | |||
Antidilutive Securities [Abstract] | |||
Antidilutive securities (in shares) | 17,062 | 19,063 | 10,468 |
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) | $ 31.36 | ||
Weighted average other [Member] | |||
Antidilutive Securities [Abstract] | |||
Antidilutive securities (in shares) | 341 | 315 | 266 |
Additional Cash Flow Informat_3
Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in operating assets and liabilities, net of effect of businesses acquired [Abstract] | |||
Accounts receivable | $ 4,662 | $ 66,158 | $ (62,433) |
Inventories | (24,204) | 18,762 | (80,182) |
Prepaid expenses and other current assets | 12,692 | 271 | (11,670) |
Accounts payable | 18,485 | (43,791) | (2,277) |
Other current liabilities | 6,157 | (52,929) | 54,745 |
Net change in operating assets and liabilities | $ 17,792 | $ (11,529) | $ (101,817) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | $ 0 | $ 0 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | |
Held-to-maturity Securities, Transferred Security, at Carrying Value | 0 | 0 | |
Foreign Currency Forward Contract | 100,000 | ||
Liabilities: | |||
Long-term Debt | 406,398 | 515,931 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Assets held in rabbi trusts | 57,892 | 52,148 | |
Available for sale securities | 4,917 | 4,405 | |
Fair Value Assets | 137,143 | 130,182 | |
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | |||
Assets: | |||
Fair value of plan assets | 74,334 | 73,629 | $ 70,820 |
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 9,446 | 10,534 | |
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 18,105 | 16,381 | |
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 46,783 | 46,714 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Assets held in rabbi trusts | 34,145 | 34,280 | |
Available for sale securities | 4,917 | 4,405 | |
Fair Value Assets | 113,396 | 112,314 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 9,446 | 10,534 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 18,105 | 16,381 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 46,783 | 46,714 | |
Fair Value, Inputs, Level 2 [Member] | |||
Liabilities: | |||
Long-term Debt, Fair Value | 491,400 | 632,200 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Assets held in rabbi trusts | 23,747 | 17,868 | |
Available for sale securities | 0 | 0 | |
Fair Value Assets | 23,747 | 17,868 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Assets held in rabbi trusts | 0 | 0 | |
Available for sale securities | 0 | 0 | |
Fair Value Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Fair value of plan assets | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended |
Oct. 02, 2010 | |
Common Class B [Member] | |
Spin-off of Vishay Precision Group, Inc. [Abstract] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock |
Common Stock [Member] | |
Spin-off of Vishay Precision Group, Inc. [Abstract] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG common stock for every 14 shares of Vishay common stock |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Jan. 03, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Roll Forward] | |||||
Balance at beginning of period | $ 150,642 | $ 147,480 | |||
Exchange rate effects | 993 | (162) | |||
Balance at end of period | 158,183 | 150,642 | $ 147,480 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets Subject to Amortization | 174,237 | 169,100 | |||
Accumulated amortization | (107,442) | (108,441) | |||
Net Intangible Assets Subject to Amortization | 66,795 | 60,659 | |||
Intangible assets, net | 66,795 | 60,659 | |||
Amortization expense (excluding capitalized software) | 8,113 | 8,476 | 11,807 | ||
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |||||
2021 | 7,920 | ||||
2022 | 7,227 | ||||
2023 | 6,992 | ||||
2024 | 6,652 | ||||
2025 | 6,384 | ||||
Bi-Metallix [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | $ 3,324 | 3,324 | |||
Applied Thin-Film Products [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | $ 6,548 | 6,548 | |||
Optoelectronic Components [Member] | |||||
Goodwill [Roll Forward] | |||||
Balance at beginning of period | 96,849 | 96,849 | |||
Exchange rate effects | 0 | 0 | |||
Balance at end of period | 96,849 | 96,849 | 96,849 | ||
Optoelectronic Components [Member] | Bi-Metallix [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | 0 | ||||
Optoelectronic Components [Member] | Applied Thin-Film Products [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | 0 | ||||
Resistors [Member] | |||||
Goodwill [Roll Forward] | |||||
Balance at beginning of period | 27,978 | 24,816 | |||
Exchange rate effects | 993 | (162) | |||
Balance at end of period | 35,519 | 27,978 | 24,816 | ||
Resistors [Member] | Bi-Metallix [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | 3,324 | ||||
Resistors [Member] | Applied Thin-Film Products [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | 6,548 | ||||
Inductors [Member] | |||||
Goodwill [Roll Forward] | |||||
Balance at beginning of period | 25,815 | 25,815 | |||
Exchange rate effects | 0 | 0 | |||
Balance at end of period | 25,815 | 25,815 | $ 25,815 | ||
Inductors [Member] | Bi-Metallix [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | 0 | ||||
Inductors [Member] | Applied Thin-Film Products [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill acquired during period | 0 | ||||
Patents and Acquired Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets Subject to Amortization | 21,259 | 31,125 | |||
Accumulated amortization | (14,340) | (24,905) | |||
Capitalized Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets Subject to Amortization | 58,419 | 55,862 | |||
Accumulated amortization | (52,990) | (50,976) | |||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets Subject to Amortization | 71,454 | 59,603 | |||
Accumulated amortization | (28,659) | (23,871) | |||
Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets Subject to Amortization | 23,105 | 22,510 | |||
Accumulated amortization | $ (11,453) | $ (8,689) |