Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 01, 2023 | May 08, 2023 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 01, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 011-07416 | |
Entity Registrant Name | Vishay Intertechnology, Inc. | |
Entity Central Index Key | 0000103730 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-1686453 | |
Entity Address, Address Line One | 63 Lancaster Avenue | |
Entity Address, City or Town | Malvern | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19355 | |
City Area Code | 610 | |
Local Phone Number | 644-1300 | |
Title of 12(b) Security | Common stock, par value $0.10 per share | |
Trading Symbol | VSH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class B Convertible Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,097,148 | |
Common stock, par value $0.10 per share [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 127,584,869 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 847,534 | $ 610,825 |
Short-term investments | 186,892 | 305,272 |
Accounts receivable, net | 444,021 | 416,178 |
Inventories: | ||
Finished goods | 171,404 | 156,234 |
Work in process | 282,166 | 261,345 |
Raw materials | 203,111 | 201,300 |
Total inventories | 656,681 | 618,879 |
Prepaid expenses and other current assets | 170,767 | 170,056 |
Total current assets | 2,305,895 | 2,121,210 |
Property and equipment, at cost: | ||
Land | 76,269 | 75,907 |
Buildings and improvements | 676,678 | 658,829 |
Machinery and equipment | 2,910,769 | 2,857,636 |
Construction in progress | 234,481 | 243,038 |
Allowance for depreciation | (2,755,509) | (2,704,951) |
Property and equipment, net | 1,142,688 | 1,130,459 |
Right of use assets | 130,306 | 131,193 |
Deferred income taxes | 106,197 | 104,667 |
Goodwill | 201,657 | 201,432 |
Other intangible assets, net | 75,965 | 77,896 |
Other assets | 99,960 | 98,796 |
Total assets | 4,062,668 | 3,865,653 |
Current liabilities: | ||
Trade accounts payable | 219,802 | 189,099 |
Payroll and related expenses | 159,708 | 166,079 |
Lease liabilities | 25,908 | 25,319 |
Other accrued expenses | 246,529 | 261,606 |
Income taxes | 97,307 | 84,155 |
Total current liabilities | 749,254 | 726,258 |
Long-term debt less current portion | 566,755 | 500,937 |
U.S. transition tax payable | 83,010 | 83,010 |
Deferred income taxes | 125,289 | 117,183 |
Long-term lease liabilities | 107,221 | 108,493 |
Other liabilities | 94,216 | 92,530 |
Accrued pension and other postretirement costs | 189,606 | 187,092 |
Total liabilities | 1,915,351 | 1,815,503 |
Vishay stockholders' equity | ||
Common stock | 13,316 | 13,291 |
Class B convertible common stock | 1,210 | 1,210 |
Capital in excess of par value | 1,351,622 | 1,352,321 |
Retained earnings | 870,975 | 773,228 |
Treasury stock (at cost) | (103,145) | (82,972) |
Accumulated other comprehensive income (loss) | 9,032 | (10,827) |
Total Vishay stockholders' equity | 2,143,010 | 2,046,251 |
Noncontrolling interests | 4,307 | 3,899 |
Total equity | 2,147,317 | 2,050,150 |
Total liabilities, temporary equity, and equity | $ 4,062,668 | $ 3,865,653 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Consolidated Condensed Statements of Operations [Abstract] | ||
Net revenues | $ 871,046 | $ 853,793 |
Costs of products sold | 592,333 | 594,685 |
Gross profit | 278,713 | 259,108 |
Selling, general, and administrative expenses | 120,145 | 112,855 |
Operating income | 158,568 | 146,253 |
Other income (expense): | ||
Interest expense | (5,120) | (4,222) |
Other | 3,329 | (5,751) |
Total other income (expense) | (1,791) | (9,973) |
Income before taxes | 156,777 | 136,280 |
Income tax expense | 44,588 | 32,330 |
Net earnings | 112,189 | 103,950 |
Less: net earnings attributable to noncontrolling interests | 408 | 377 |
Net earnings attributable to Vishay stockholders | $ 111,781 | $ 103,573 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.79 | $ 0.71 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.79 | $ 0.71 |
Weighted average shares outstanding - basic (in shares) | 140,636 | 145,053 |
Weighted average shares outstanding - diluted (in shares) | 141,251 | 145,553 |
Cash dividends per share (in dollars per share) | $ 0.1 | $ 0.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net earnings | $ 112,189 | $ 103,950 |
Other comprehensive income (loss), net of tax | ||
Pension and other post-retirement actuarial items | 136 | 1,559 |
Foreign currency translation adjustment | 19,723 | (13,484) |
Other comprehensive income (loss) | 19,859 | (11,925) |
Comprehensive income | 132,048 | 92,025 |
Less: comprehensive income attributable to noncontrolling interests | 408 | 377 |
Comprehensive income attributable to Vishay stockholders | $ 131,640 | $ 91,648 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Operating activities | ||
Net earnings | $ 112,189 | $ 103,950 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 43,301 | 40,650 |
(Gain) loss on disposal of property and equipment | (64) | (59) |
Inventory write-offs for obsolescence | 8,986 | 5,825 |
Deferred income taxes | 7,329 | 2,347 |
Other operating activities | 269 | 8,816 |
Net change in operating assets and liabilities | (42,117) | (127,944) |
Net cash provided by operating activities | 129,893 | 33,585 |
Investing activities | ||
Capital expenditures | (45,574) | (35,909) |
Proceeds from sale of property and equipment | 326 | 72 |
Purchase of short-term investments | (41) | (7,753) |
Maturity of short-term investments | 121,768 | 56,674 |
Other investing activities | (892) | (199) |
Net cash provided by (used in) investing activities | 75,587 | 12,885 |
Financing activities | ||
Net proceeds (payments) on revolving credit lines | 65,000 | 0 |
Repurchase of common stock held in treasury | (20,173) | (9,873) |
Cash withholding taxes paid when shares withheld for vested equity awards | (3,653) | (2,123) |
Net cash provided by (used in) financing activities | 27,154 | (26,465) |
Effect of exchange rate changes on cash and cash equivalents | 4,075 | (4,865) |
Net increase (decrease) in cash and cash equivalents | 236,709 | 15,140 |
Cash and cash equivalents at beginning of period | 610,825 | 774,108 |
Cash and cash equivalents at end of year | 847,534 | 789,248 |
Common Stock [Member] | ||
Financing activities | ||
Dividends paid to common stockholders | (12,810) | (13,259) |
Class B Convertible Common Stock [Member] | ||
Financing activities | ||
Dividends paid to common stockholders | $ (1,210) | $ (1,210) |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands | Capital In Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Vishay Stockholders' Equity [Member] | Noncontrolling Interests [Member] | Total | Common Stock [Member] Common Stock [Member] | Class B Convertible Common Stock [Member] Common Stock [Member] |
Balance at period start at Dec. 31, 2021 | $ 1,347,830 | $ 401,694 | $ 0 | $ (20,252) | $ 1,743,753 | $ 2,967 | $ 1,746,720 | $ 13,271 | $ 1,210 |
Net earnings | 0 | 103,573 | 0 | 0 | 103,573 | 377 | 103,950 | 0 | 0 |
Other comprehensive income | 0 | 0 | 0 | (11,925) | (11,925) | 0 | (11,925) | 0 | 0 |
Issuance of stock and related tax withholdings for vested restricted stock units | (2,142) | 0 | 0 | 0 | (2,123) | 0 | (2,123) | 19 | 0 |
Dividends declared | 22 | (14,491) | 0 | 0 | (14,469) | 0 | (14,469) | 0 | 0 |
Stock compensation expense | 3,842 | 0 | 0 | 0 | 3,842 | 0 | 3,842 | 0 | 0 |
Repurchase of common stock held in treasury | 0 | 0 | (9,873) | 0 | (9,873) | 0 | (9,873) | 0 | 0 |
Balance at period end at Apr. 02, 2022 | 1,349,552 | 490,776 | (9,873) | (32,177) | 1,812,778 | 3,344 | 1,816,122 | 13,290 | 1,210 |
Balance at period start at Dec. 31, 2022 | 1,352,321 | 773,228 | (82,972) | (10,827) | 2,046,251 | 3,899 | 2,050,150 | 13,291 | 1,210 |
Net earnings | 0 | 111,781 | 0 | 0 | 111,781 | 408 | 112,189 | 0 | 0 |
Other comprehensive income | 0 | 0 | 0 | 19,859 | 19,859 | 0 | 19,859 | 0 | 0 |
Issuance of stock and related tax withholdings for vested restricted stock units | (3,678) | 0 | 0 | 0 | (3,653) | 0 | (3,653) | 25 | 0 |
Dividends declared | 14 | (14,034) | 0 | 0 | (14,020) | 0 | (14,020) | 0 | 0 |
Stock compensation expense | 2,965 | 0 | 0 | 0 | 2,965 | 0 | 2,965 | 0 | 0 |
Repurchase of common stock held in treasury | 0 | 0 | (20,173) | 0 | (20,173) | 0 | (20,173) | 0 | 0 |
Balance at period end at Apr. 01, 2023 | $ 1,351,622 | $ 870,975 | $ (103,145) | $ 9,032 | $ 2,143,010 | $ 4,307 | $ 2,147,317 | $ 13,316 | $ 1,210 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | ||
Restricted stock issuances (in shares) | 254,513 | 189,731 |
Stock repurchase (in shares) | 916,221 | 513,227 |
Dividends declared (in dollars per share) | $ 0.1 | $ 0.1 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 01, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three fiscal months ended April 1, 2023 are not necessarily indicative of the results to be expected for the full year. The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2023 end on April 1, 2023, July 1, 2023, September 30, 2023, and December 31, 2023, respectively. The four fiscal quarters in 2022 ended on April 2, 2022, July 2, 2022, October 1, 2022, and December 31, 2022, respectively. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activities | 3 Months Ended |
Apr. 01, 2023 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 2 As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components. These acquisition targets include businesses 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. It also includes certain businesses that possess technologies which the Company expects to further develop and commercialize. MaxPower Semiconductor, Inc. On October 28, 2022, the Company acquired all of the outstanding equity interests of MaxPower Semiconductor, Inc. ("MaxPower"), a San Jose, California-based fabless power semiconductor provider dedicated to delivering innovative and cost-effective technologies that optimize power management solutions. The acquisition of MaxPower will enhance the Company's current and future silicon carbide ("SiC") offerings for fast-growing markets such as electric vehicles. The Company paid cash of $50,000, net of cash acquired, at closing. Related to the transaction, Vishay may also be required to make certain contingent payments of up to $57,500, which would be payable upon the achievement of certain technology milestones, upon favorable resolution of certain technology licensing matters with a third party, and upon the disposition of MaxPower's investment in an equity affiliate. The purchase price for U.S. GAAP purposes includes the fair value, as of the acquisition date, of certain future contingent payments to non-employee equity holders of MaxPower. The estimated fair value of this contingent consideration as of the acquisition date was $6,851. The contingent consideration liability is included in other accrued expenses and other liabilities in the accompanying balance sheet and is remeasured each reporting period, with changes reported as selling, general, and administrative expenses on the consolidated condensed statement of operations. See Note 13 for further discussion on the fair value measurement. Based on an estimate of their fair values, the Company allocated $18,600 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 $36,885 related to this acquisition. The goodwill related to this acquisition is included in the MOSFETs reporting unit for goodwill impairment testing. The purchase price allocation for this acquisition is considered preliminary as the Company is awaiting further information about the contingent payments. The estimated values of definite-lived intangible assets and goodwill have not changed as of April 1, 2023. The results and operations of this acquisition have been included in the MOSFETs segment since October 28, 2022. |
Leases
Leases | 3 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
Leases | Note 3 – Leases The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows: April 1, 2023 December 31, 2022 Right of use assets Operating Leases Buildings and improvements $ 125,579 $ 126,933 Machinery and equipment 4,727 4,260 Total $ 130,306 $ 131,193 Current lease liabilities Operating Leases Buildings and improvements $ 23,351 $ 22,926 Machinery and equipment 2,557 2,393 Total $ 25,908 $ 25,319 Long-term lease liabilities Operating Leases Buildings and improvements $ 105,119 $ 106,693 Machinery and equipment 2,102 1,800 Total $ 107,221 $ 108,493 Total lease liabilities $ 133,129 $ 133,812 Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended April 1, 2023 April 2, 2022 Lease expense Operating lease expense $ 6,881 $ 6,452 Short-term lease expense 256 304 Variable lease expense 152 100 Total lease expense $ 7,289 $ 6,856 The Company paid $7,199 and $6,332 for its operating leases in the three fiscal months ended April 1, 2023 and April 2, 2022, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 9.7 years and the weighted-average discount rate is 6.1% as of April 1, 2023. The undiscounted future lease payments for the Company's operating lease liabilities are as follows: April 1, 2023 2023 $ 20,012 2024 25,008 2025 21,643 2026 18,083 2027 16,675 Thereafter 76,142 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 4 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended April 1, 2023 and April 2, 2022 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. During the three fiscal months ended April 1, 2023, the liabilities for unrecognized tax benefits increased by $511 on a net basis, primarily due to currency translation adjustments, accruals for current year tax positions, and interest. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 01, 2023 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 5 – Long-Term Debt Long-term debt consists of the following: April 1, 2023 December 31, 2022 Credit facility $ 107,000 $ 42,000 Convertible senior notes, due 2025 465,344 465,344 Deferred financing costs (5,589 ) (6,407 ) 566,755 500,937 Less current portion - - $ 566,755 $ 500,937 The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of April 1, 2023: Convertible Senior Notes Due 2025 Issuance date June 12, 2018 Maturity date June 15, 2025 Principal amount as of April 1, 2023 $ 465,344 Cash coupon rate (per annum) 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % Conversion rate effective March 16, 2023 (per $1 principal amount) 32.0705 Effective conversion price effective March 16, 2023 (per share) $ 31.18 130% of the current effective conversion price (per share) $ 40.53 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. Upon conversion of the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible senior notes due 2025 effective as of the ex-dividend date of each cash dividend. The conversion rate and effective conversion price for the convertible senior notes due 2025 is adjusted for quarterly cash dividends to the extent such dividends exceed $0.085 per share of common stock. Credit Facility The Company maintains a credit facility with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders, which was scheduled to mature on June 5, 2024 (the "Existing Credit Facility"). On May 8, 2023, the Company entered into an Amendment and Restatement Agreement, which provides an aggregate commitment of $750,000 of revolving loans available until May 8, 2028 (the “Amended and Restated Credit Facility”). The maturity date of the Amended and Restated Credit Facility will accelerate if within ninety-one days prior to the maturity of the Company’s convertible senior notes due 2025, the outstanding principal amount of such notes exceeds a defined liquidity measure as set forth in the Amended and Restated Credit Facility. U.S. Dollar borrowings under the Amended and Restated Credit Facility bear interest at the Secured Overnight Financing Rate (“SOFR”) plus a credit spread and an interest margin. The Amended and Restated Credit Facility also allows for borrowings in euro, British sterling, and Japanese yen, subject to a $250,000 limit. Borrowings in foreign currency bear interest at a local reference rate plus an interest margin. The applicable interest margin is based on Vishay's total leverage ratio. Based on Vishay's current total leverage ratio, borrowings bear interest at SOFR plus 1.60%, including the applicable credit spread. Vishay also pays a commitment fee, also based on its total leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay's current total leverage ratio, is 0.25% per annum. Similar to the Existing Credit Facility, the Amended and Restated Credit Facility requires the maintenance of financial covenant ratios. For compliance purposes, pursuant to the Amended and Restated Credit Facility, the leverage ratio is computed on a net basis, reducing the measure of outstanding debt by up to $250,000 of unrestricted cash. The Company must maintain a net leverage ratio of at least 3.25 to 1.00. Permitted investments and restricted payments are also subject to a pro forma net leverage ratio (2.75 to 1.00 and 2.50 to 1.00, respectively). Other terms and conditions of the Amended and Restated Credit Facility are substantially similar to the Existing Credit Facility. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 01, 2023 | |
Stockholders' Equity Policy [Abstract] | |
Stockholders' Equity | Note 6 In 2022, the Company's Board of Directors adopted a Stockholder Return Policy that will remain in effect until such time as the Board votes to amend or rescind the policy. The Stockholder Return Policy calls for the Company to return a prescribed amount of cash flows on an annual basis. The Company intends to return such amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases. The following table summarizes activity pursuant to this policy: Fiscal quarters ended April 1, 2023 April 2, 2022 Dividends paid to stockholders $ 14,020 $ 14,469 Stock repurchases 20,173 9,873 Total $ 34,193 $ 24,342 The repurchased shares are being held as treasury stock. The number of shares of common stock being held as treasury stock was 5,156,794 and 4,240,573 as of April 1, 2023 and December 31, 2022, respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 01, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 7 – Revenue Recognition Sales returns and allowances accrual activity is shown below: Fiscal quarters ended April 1, 2023 April 2, 2022 Beginning balance $ 46,979 $ 39,759 Sales allowances 25,837 27,377 Credits issued (33,275 ) (27,726 ) Foreign currency (1,261 ) (249) Ending balance $ 38,280 $ 39,161 See disaggregated revenue information in Note 11. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 01, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8 – Accumulated Other Comprehensive Income (Loss) The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Total Balance at January 1, 2023 $ (7,598 ) $ (3,229 ) $ (10,827 ) Other comprehensive income (loss) before reclassifications - 19,723 $ 19,723 Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - 19,723 $ 19,723 Amounts reclassified out of AOCI 177 - $ 177 Tax effect (41 ) - $ (41 ) Amounts reclassified out of AOCI, net of tax 136 - $ 136 Net other comprehensive income (loss) $ 136 $ 19,723 $ 19,859 Balance at April 1, 2023 $ (7,462 ) $ 16,494 $ 9,032 Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 9 for further information. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Apr. 01, 2023 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 9 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function. The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2023 and 2022 for the Company’s defined benefit pension plans: Fiscal quarter ended April 1, 2023 Fiscal quarter ended April 2, 2022 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 724 $ - $ 1,117 Interest cost 499 1,695 280 852 Expected return on plan assets - (570 ) - (460 ) Amortization of prior service cost 36 55 36 56 Amortization of losses (gains) (30 ) 86 427 1,271 Curtailment and settlement losses - 107 - 279 Net periodic benefit cost $ 505 $ 2,097 $ 743 $ 3,115 Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2023 and 2022 for the Company’s other postretirement benefit plans: Fiscal quarter ended April 1, 2023 Fiscal quarter ended April 2, 2022 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 5 $ 34 $ 10 $ 63 Interest cost 56 31 45 15 Amortization of losses (gains) (80 ) 3 86 23 Net periodic benefit cost $ (19 ) $ 68 $ 141 $ 101 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 01, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 10 – Stock-Based Compensation The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended April 1, 2023 April 2, 2022 Restricted stock units ("RSUs") $ 2,858 $ 3,620 Phantom stock units 107 222 Total $ 2,965 $ 3,842 The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 1, 2023 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 10,041 0.9 Phantom stock units - n/a Total $ 10,041 Restricted Stock Units RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 1, 2023 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2023 894 $ 19.73 Granted 419 23.05 Vested* (328 ) 18.76 Cancelled or forfeited - - Outstanding at April 1, 2023 985 $ 21.47 Expected to vest at April 1, 2023 991 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. In addition to RSUs that vest based upon satisfaction of service or performance conditions, in 2023, the Company granted RSUs that vest based upon achievement of market conditions to certain executive officers. For RSUs with market conditions, the Company estimates the grant date fair value using a Monte Carlo valuation model and recognizes the expense for the awards over the period in which the condition is assessed regardless of whether the market condition is ultimately achieved. The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance and market criteria between the established target and maximum levels. RSUs with performance-based and market-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, 2024 165 - 165 January 1, 2025 168 - 168 January 1, 2026 178 - 178 Phantom Stock Units Phantom stock unit activity under the 2007 Program as of April 1, 2023 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2023 226 Granted 5 $ 21.48 Dividend equivalents issued 1 Redeemed for common stock* (94 ) Outstanding at April 1, 2023 138 * The number of phantom stock units redeemed for common stock includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Segment Information
Segment Information | 3 Months Ended |
Apr. 01, 2023 | |
Segment Information [Abstract] | |
Segment Information | Note 11 – Segment Information The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Total Fiscal quarter ended : Net revenues $ 198,181 $ 175,693 $ 60,403 $ 223,140 $ 80,338 $ 133,291 $ 871,046 Segment operating income $ 58,017 $ 42,686 $ 17,300 $ 66,699 $ 20,979 $ 32,996 $ 238,677 Fiscal quarter ended Net revenues $ 172,674 $ 182,334 $ 81,016 $ 207,032 $ 82,777 $ 127,960 $ 853,793 Segment operating income $ 48,524 $ 40,426 $ 28,159 $ 58,143 $ 22,199 $ 27,400 $ 224,851 Fiscal quarters ended April 1, 2023 April 2, 2022 Reconciliation: Segment Operating Income $ 238,677 $ 224,851 Unallocated Selling, General, and Administrative Expenses (80,109 ) (78,598 ) Consolidated Operating Income $ 158,568 $ 146,253 Unallocated Other Income (Expense) (1,791 ) (9,973 ) Consolidated Income Before Taxes $ 156,777 $ 136,280 The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended April 1, 2023 April 2, 2022 Distributors $ 470,788 $ 497,869 OEMs 340,428 297,429 EMS companies 59,830 58,495 Total Revenue $ 871,046 $ 853,793 Net revenues were attributable to customers in the following regions: Fiscal quarters ended April 1, 2023 April 2, 2022 Asia $ 310,429 $ 344,012 Europe 326,561 289,984 Americas 234,056 219,797 Total Revenue $ 871,046 $ 853,793 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, computing, military and aerospace, consumer products, power supplies, medical, and telecommunications end markets. Sales by end market are presented below: Fiscal quarters ended April 1, 2023 April 2, 2022 Industrial $ 325,960 $ 337,369 Automotive 284,499 259,501 Computing 43,169 67,931 Military and Aerospace 62,125 46,498 Consumer Products 46,534 38,708 Power Supplies 44,156 40,282 Medical 42,103 32,491 Telecommunications 22,500 31,013 Total revenue $ 871,046 $ 853,793 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 01, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended April 1, 2023 April 2, 2022 Numerator: Net earnings attributable to Vishay stockholders $ 111,781 $ 103,573 Denominator: Denominator for basic earnings per share: Weighted average shares 140,496 144,832 Outstanding phantom stock units 140 221 Adjusted weighted average shares - basic 140,636 145,053 Effect of dilutive securities: Restricted stock units 615 500 Dilutive potential common shares 615 500 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 141,251 145,553 Basic earnings per share attributable to Vishay stockholders $ 0.79 $ 0.71 Diluted earnings per share attributable to Vishay stockholders $ 0.79 $ 0.71 Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended April 1, 2023 April 2, 2022 Restricted stock units - 333 If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, he average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 01, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 13 – Fair Value Measurements The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 April 1, 2023 Assets: Assets held in rabbi trusts $ 50,154 $ 26,269 $ 23,885 $ - Available for sale securities $ 3,785 3,785 - - $ 53,939 $ 30,054 $ 23,885 $ - Liability: MaxPower acquisition contingent consideration $ 6,898 $ - $ - $ 6,898 December 31, 2022 Assets: Assets held in rabbi trusts $ 50,173 $ 27,168 $ 23,005 $ - Available for sale securities $ 3,677 3,677 - - Precious metals $ 1,252 1,252 - - $ 55,102 $ 32,097 $ 23,005 $ - Liability: MaxPower acquisition contingent consideration $ 6,870 $ - $ - $ 6,870 There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company holds investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the period. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. From time to time, the Company purchases precious metals bullion in excess of its immediate manufacturing needs to mitigate the risk of supply shortages or volatile price fluctuations. The metals are valued based on quoted market prices on the last business day of the period. The fair value measurement of the metals is considered a Level 1 measurement within the fair value hierarchy. The inventory of precious metals bullion in excess of its immediate manufacturing needs was not material at April 1, 2023. The Company may be required to make certain contingent payments to non-employee equity holders of MaxPower pursuant to the acquisition agreement, which would be payable upon the achievement of certain technology milestones, upon favorable resolution of certain technology licensing matters with a third party, and upon the disposition of MaxPower's investment in an equity affiliate. The fair value of these contingent consideration payments is determined by estimating the net present value of the expected cash flows based on the probability of expected payments. The fair value measurement of the contingent consideration is considered a Level 3 measurement within the fair value hierarchy. The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at April 1, 2023 and December 31, 2022 is approximately $571,600 and $491,100, respectively, compared to its carrying value, excluding the deferred financing costs, of $572,344 and $507,344, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs. At April 1, 2023 and December 31, 2022, 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 April 1, 2023 and December 31, 2022, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using Level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets. The Company’s financial instruments also include accounts receivable and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Apr. 01, 2023 | |
Basis of Presentation [Abstract] | |
Fiscal Period, Policy | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2023 end on April 1, 2023, July 1, 2023, September 30, 2023, and December 31, 2023, respectively. The four fiscal quarters in 2022 ended on April 2, 2022, July 2, 2022, October 1, 2022, and December 31, 2022, respectively. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Apr. 01, 2023 | |
Income Taxes [Abstract] | |
Effective Income Tax Rate Description | The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended April 1, 2023 and April 2, 2022 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 3 Months Ended |
Apr. 01, 2023 | |
Earnings Per Share [Abstract] | |
Discussion on convertible debt included in computation of earnings per share diluted | If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, he average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
Right of Use Assets and Lease Liabilities | The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows: April 1, 2023 December 31, 2022 Right of use assets Operating Leases Buildings and improvements $ 125,579 $ 126,933 Machinery and equipment 4,727 4,260 Total $ 130,306 $ 131,193 Current lease liabilities Operating Leases Buildings and improvements $ 23,351 $ 22,926 Machinery and equipment 2,557 2,393 Total $ 25,908 $ 25,319 Long-term lease liabilities Operating Leases Buildings and improvements $ 105,119 $ 106,693 Machinery and equipment 2,102 1,800 Total $ 107,221 $ 108,493 Total lease liabilities $ 133,129 $ 133,812 |
Lease Expense | Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended April 1, 2023 April 2, 2022 Lease expense Operating lease expense $ 6,881 $ 6,452 Short-term lease expense 256 304 Variable lease expense 152 100 Total lease expense $ 7,289 $ 6,856 |
Undiscounted Future Lease Payments for Operating Lease Liabilities | The undiscounted future lease payments for the Company's operating lease liabilities are as follows: April 1, 2023 2023 $ 20,012 2024 25,008 2025 21,643 2026 18,083 2027 16,675 Thereafter 76,142 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Long-Term Debt [Abstract] | |
Long-term Debt Instruments | Long-term debt consists of the following: April 1, 2023 December 31, 2022 Credit facility $ 107,000 $ 42,000 Convertible senior notes, due 2025 465,344 465,344 Deferred financing costs (5,589 ) (6,407 ) 566,755 500,937 Less current portion - - $ 566,755 $ 500,937 |
Key Facts and Terms of the Convertible Debt Instruments | The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of April 1, 2023: Convertible Senior Notes Due 2025 Issuance date June 12, 2018 Maturity date June 15, 2025 Principal amount as of April 1, 2023 $ 465,344 Cash coupon rate (per annum) 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % Conversion rate effective March 16, 2023 (per $1 principal amount) 32.0705 Effective conversion price effective March 16, 2023 (per share) $ 31.18 130% of the current effective conversion price (per share) $ 40.53 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Stockholders' Equity Policy [Abstract] | |
Schedule of Stockholder Return Policy [Table Text Block] | The following table summarizes activity pursuant to this policy: Fiscal quarters ended April 1, 2023 April 2, 2022 Dividends paid to stockholders $ 14,020 $ 14,469 Stock repurchases 20,173 9,873 Total $ 34,193 $ 24,342 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Revenue Recognition [Abstract] | |
Sales returns and allowances accrual activity | Sales returns and allowances accrual activity is shown below: Fiscal quarters ended April 1, 2023 April 2, 2022 Beginning balance $ 46,979 $ 39,759 Sales allowances 25,837 27,377 Credits issued (33,275 ) (27,726 ) Foreign currency (1,261 ) (249) Ending balance $ 38,280 $ 39,161 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) and Income Tax Effects Allocated | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Total Balance at January 1, 2023 $ (7,598 ) $ (3,229 ) $ (10,827 ) Other comprehensive income (loss) before reclassifications - 19,723 $ 19,723 Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - 19,723 $ 19,723 Amounts reclassified out of AOCI 177 - $ 177 Tax effect (41 ) - $ (41 ) Amounts reclassified out of AOCI, net of tax 136 - $ 136 Net other comprehensive income (loss) $ 136 $ 19,723 $ 19,859 Balance at April 1, 2023 $ (7,462 ) $ 16,494 $ 9,032 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans | The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2023 and 2022 for the Company’s defined benefit pension plans: Fiscal quarter ended April 1, 2023 Fiscal quarter ended April 2, 2022 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 724 $ - $ 1,117 Interest cost 499 1,695 280 852 Expected return on plan assets - (570 ) - (460 ) Amortization of prior service cost 36 55 36 56 Amortization of losses (gains) (30 ) 86 427 1,271 Curtailment and settlement losses - 107 - 279 Net periodic benefit cost $ 505 $ 2,097 $ 743 $ 3,115 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans | The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2023 and 2022 for the Company’s other postretirement benefit plans: Fiscal quarter ended April 1, 2023 Fiscal quarter ended April 2, 2022 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 5 $ 34 $ 10 $ 63 Interest cost 56 31 45 15 Amortization of losses (gains) (80 ) 3 86 23 Net periodic benefit cost $ (19 ) $ 68 $ 141 $ 101 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Stock-Based Compensation [Abstract] | |
Summary of Recognized Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended April 1, 2023 April 2, 2022 Restricted stock units ("RSUs") $ 2,858 $ 3,620 Phantom stock units 107 222 Total $ 2,965 $ 3,842 |
Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 1, 2023 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 10,041 0.9 Phantom stock units - n/a Total $ 10,041 |
RSU Activity | RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 1, 2023 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2023 894 $ 19.73 Granted 419 23.05 Vested* (328 ) 18.76 Cancelled or forfeited - - Outstanding at April 1, 2023 985 $ 21.47 Expected to vest at April 1, 2023 991 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
RSUs with Performance-Based Vesting Criteria | RSUs with performance-based and market-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, 2024 165 - 165 January 1, 2025 168 - 168 January 1, 2026 178 - 178 |
Phantom Stock Unit Activity Under the Phantom Stock Plan | Phantom Stock Units Phantom stock unit activity under the 2007 Program as of April 1, 2023 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2023 226 Granted 5 $ 21.48 Dividend equivalents issued 1 Redeemed for common stock* (94 ) Outstanding at April 1, 2023 138 * The number of phantom stock units redeemed for common stock includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Segment Information [Abstract] | |
Segment Reporting Information by Segment | The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Total Fiscal quarter ended : Net revenues $ 198,181 $ 175,693 $ 60,403 $ 223,140 $ 80,338 $ 133,291 $ 871,046 Segment operating income $ 58,017 $ 42,686 $ 17,300 $ 66,699 $ 20,979 $ 32,996 $ 238,677 Fiscal quarter ended Net revenues $ 172,674 $ 182,334 $ 81,016 $ 207,032 $ 82,777 $ 127,960 $ 853,793 Segment operating income $ 48,524 $ 40,426 $ 28,159 $ 58,143 $ 22,199 $ 27,400 $ 224,851 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Fiscal quarters ended April 1, 2023 April 2, 2022 Reconciliation: Segment Operating Income $ 238,677 $ 224,851 Unallocated Selling, General, and Administrative Expenses (80,109 ) (78,598 ) Consolidated Operating Income $ 158,568 $ 146,253 Unallocated Other Income (Expense) (1,791 ) (9,973 ) Consolidated Income Before Taxes $ 156,777 $ 136,280 |
Disaggregation of Revenue | The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended April 1, 2023 April 2, 2022 Distributors $ 470,788 $ 497,869 OEMs 340,428 297,429 EMS companies 59,830 58,495 Total Revenue $ 871,046 $ 853,793 Net revenues were attributable to customers in the following regions: Fiscal quarters ended April 1, 2023 April 2, 2022 Asia $ 310,429 $ 344,012 Europe 326,561 289,984 Americas 234,056 219,797 Total Revenue $ 871,046 $ 853,793 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, computing, military and aerospace, consumer products, power supplies, medical, and telecommunications end markets. Sales by end market are presented below: Fiscal quarters ended April 1, 2023 April 2, 2022 Industrial $ 325,960 $ 337,369 Automotive 284,499 259,501 Computing 43,169 67,931 Military and Aerospace 62,125 46,498 Consumer Products 46,534 38,708 Power Supplies 44,156 40,282 Medical 42,103 32,491 Telecommunications 22,500 31,013 Total revenue $ 871,046 $ 853,793 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended April 1, 2023 April 2, 2022 Numerator: Net earnings attributable to Vishay stockholders $ 111,781 $ 103,573 Denominator: Denominator for basic earnings per share: Weighted average shares 140,496 144,832 Outstanding phantom stock units 140 221 Adjusted weighted average shares - basic 140,636 145,053 Effect of dilutive securities: Restricted stock units 615 500 Dilutive potential common shares 615 500 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 141,251 145,553 Basic earnings per share attributable to Vishay stockholders $ 0.79 $ 0.71 Diluted earnings per share attributable to Vishay stockholders $ 0.79 $ 0.71 |
Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions | Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended April 1, 2023 April 2, 2022 Restricted stock units - 333 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 April 1, 2023 Assets: Assets held in rabbi trusts $ 50,154 $ 26,269 $ 23,885 $ - Available for sale securities $ 3,785 3,785 - - $ 53,939 $ 30,054 $ 23,885 $ - Liability: MaxPower acquisition contingent consideration $ 6,898 $ - $ - $ 6,898 December 31, 2022 Assets: Assets held in rabbi trusts $ 50,173 $ 27,168 $ 23,005 $ - Available for sale securities $ 3,677 3,677 - - Precious metals $ 1,252 1,252 - - $ 55,102 $ 32,097 $ 23,005 $ - Liability: MaxPower acquisition contingent consideration $ 6,870 $ - $ - $ 6,870 |
Acquisition and Divestiture A_2
Acquisition and Divestiture Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2022 | Apr. 01, 2023 | Oct. 28, 2022 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 201,432 | $ 201,657 | |
MaxPower [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Business acquisition, effective date of acquisition | Oct. 28, 2022 | ||
Business acquisition, name of acquired entity | MaxPower Semiconductor, Inc. | ||
Acquisition of business, net of cash acquired | $ 50,000 | ||
Contingent Consideration Arrangements Highest Amount Payable | $ 57,500 | ||
Definite-lived intangible assets | 18,600 | ||
Goodwill related to acquisitions | $ 36,885 | ||
Fair value of contingent interest | $ 6,851 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Dec. 31, 2022 | |
Assets and Liabilities [Abstract] | |||
Right of use assets | $ 130,306 | $ 131,193 | |
Current lease liabilities | 25,908 | 25,319 | |
Long-term lease liabilities | 107,221 | 108,493 | |
Total lease liabilities | 133,129 | 133,812 | |
Lease expense [Abstract] | |||
Operating lease expense | 6,881 | $ 6,452 | |
Short-term lease expense | 256 | 304 | |
Variable lease expense | 152 | 100 | |
Total lease expense | 7,289 | 6,856 | |
Cash paid for operating leases | $ 7,199 | $ 6,332 | |
Weighted-average remaining lease term - operating leases | 9 years 8 months 12 days | ||
Weighted-average discount rate - operating leases | 6.10% | ||
Undiscounted future lease payments for operating lease liabilities [Abstract] | |||
2023 | $ 20,012 | ||
2024 | 25,008 | ||
2025 | 21,643 | ||
2026 | 18,083 | ||
2027 | 16,675 | ||
Thereafter | 76,142 | ||
Building and Improvements [Member] | |||
Assets and Liabilities [Abstract] | |||
Right of use assets | 125,579 | 126,933 | |
Current lease liabilities | 23,351 | 22,926 | |
Long-term lease liabilities | 105,119 | 106,693 | |
Machinery and Equipment [Member] | |||
Assets and Liabilities [Abstract] | |||
Right of use assets | 4,727 | 4,260 | |
Current lease liabilities | 2,557 | 2,393 | |
Long-term lease liabilities | $ 2,102 | $ 1,800 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Income Taxes [Abstract] | |
Increase in liabilities for unrecognized tax benefits | $ 511 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | |
Debt Instruments [Abstract] | ||
Credit facility | $ 107,000 | $ 42,000 |
Deferred financing costs | (5,589) | (6,407) |
Long-term debt | 566,755 | 500,937 |
Less current portion | 0 | 0 |
Long-term debt, less current portion | 566,755 | 500,937 |
Convertible Senior Notes, Due 2025 [Member] | ||
Debt Instruments [Abstract] | ||
Convertible debt | $ 465,344 | $ 465,344 |
Issuance date | Jun. 12, 2018 | |
Debt maturity date | Jun. 15, 2025 | |
Cash coupon rate | 2.25% | |
Nonconvertible debt borrowing rate at issuance | 5.50% | |
Effective conversion rate | 32.0705 | |
Effective conversion price (in dollars per share) | $ / shares | $ 31.18 | |
130% of the conversion price (in dollars per share) | $ / shares | $ 40.53 | |
Debt instrument percentage of conversion price | 130% | |
Debt instrument percentage of sales price of common stock | 98% | |
Maximum threshold of quarterly cash dividends per share of common stock for not adjusting conversion rate of convertible notes | $ / shares | $ 0.085 | |
Liability and equity components of convertible debentures [Abstract] | ||
Principal amount of debt | $ 465,344 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility | ||
Basis spread on variable rate | 1.60% | |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |
Line of credit facility, expiration date | May 08, 2028 | |
Line of credit facility, initiation date | May 08, 2023 | |
Line of credit facility, maximum borrowing capacity | $ 750,000 | |
Restricted payments pro forma ratio | 2.5 | |
Investments pro forma ratio | 2.75 | |
Credit Facility Net Leverage Ratio Maximum | 3.25 | |
Credit facility foreign borrowing sublimit | $ 250,000 | |
Credit facility maximum unrestricted cash leverage ratio adjustment | $ 250,000 | |
Previous Credit Facility [Member] | ||
Line of Credit Facility | ||
Line of credit facility, expiration date | Jun. 05, 2024 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Stockholders' Equity Policy [Abstract] | ||
Treasury Stock, Value, Acquired, Par Value Method | $ 20,173 | $ 9,873 |
Dividends declared | 14,020 | 14,469 |
Stockholder Return Policy Payments | $ 34,193 | $ 24,342 |
Treasury Stock, Common, Shares | 5,156,794 | 4,240,573 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Sales returns and allowances accrual activity [Roll Forward] | ||
Beginning balance | $ 46,979 | $ 39,759 |
Sales allowances | 25,837 | 27,377 |
Credits issued | (33,275) | (27,726) |
Foreign currency | (1,261) | (249) |
Ending balance | $ 38,280 | $ 39,161 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | $ (10,827) | |
Other comprehensive income before reclassifications | 19,723 | |
Tax effect | 0 | |
Other comprehensive income before reclassifications, net of tax | 19,723 | |
Amounts reclassified out of AOCI | 177 | |
Tax effect | (41) | |
Amounts reclassified out of AOCI, net of tax | 136 | |
Net other comprehensive income | 19,859 | $ (11,925) |
Ending Balance | 9,032 | |
Pension and Other Post-Retirement Actuarial Items [Member] | ||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | (7,598) | |
Other comprehensive income before reclassifications | 0 | |
Tax effect | 0 | |
Other comprehensive income before reclassifications, net of tax | 0 | |
Amounts reclassified out of AOCI | 177 | |
Tax effect | (41) | |
Amounts reclassified out of AOCI, net of tax | 136 | |
Net other comprehensive income | 136 | |
Ending Balance | (7,462) | |
Currency Translation Adjustment [Member] | ||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | (3,229) | |
Other comprehensive income before reclassifications | 19,723 | |
Tax effect | 0 | |
Other comprehensive income before reclassifications, net of tax | 19,723 | |
Amounts reclassified out of AOCI | 0 | |
Tax effect | 0 | |
Amounts reclassified out of AOCI, net of tax | 0 | |
Net other comprehensive income | 19,723 | |
Ending Balance | 16,494 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||
Beginning Balance | (10,827) | |
Net other comprehensive income | 19,859 | $ (11,925) |
Ending Balance | $ 9,032 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Defined Benefit Pension Plans [Member] | U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | $ 0 | $ 0 |
Interest cost | 499 | 280 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 36 | 36 |
Amortization of losses (gains) | (30) | 427 |
Curtailment and settlement losses | 0 | 0 |
Net periodic benefit cost | 505 | 743 |
Defined Benefit Pension Plans [Member] | Non-U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | 724 | 1,117 |
Interest cost | 1,695 | 852 |
Expected return on plan assets | (570) | (460) |
Amortization of prior service cost (credit) | 55 | 56 |
Amortization of losses (gains) | 86 | 1,271 |
Curtailment and settlement losses | 107 | 279 |
Net periodic benefit cost | 2,097 | 3,115 |
Other Postretirement Benefits [Member] | U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | 5 | 10 |
Interest cost | 56 | 45 |
Amortization of losses (gains) | (80) | 86 |
Net periodic benefit cost | (19) | 141 |
Other Postretirement Benefits [Member] | Non-U.S. Plans [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Net service cost | 34 | 63 |
Interest cost | 31 | 15 |
Amortization of losses (gains) | 3 | 23 |
Net periodic benefit cost | $ 68 | $ 101 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | ||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense recognized | $ 2,965 | $ 3,842 | |
Unrecognized Compensation Cost | 10,041 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense recognized | 2,858 | 3,620 | |
Unrecognized Compensation Cost | $ 10,041 | ||
Weighted Average Remaining Amortization Periods | 10 months 24 days | ||
Number of units [Abstract] | |||
Outstanding (in shares) | 894 | ||
Granted (in shares) | 419 | ||
Vested (in shares) | [1] | (328) | |
Cancelled or forfeited (in shares) | 0 | ||
Outstanding (in shares) | 985 | ||
Expected to vest (in shares) | 991 | ||
Weighted Average Grant-date Fair Value per Unit [Abstract] | |||
Outstanding (in dollars per share) | $ 19.73 | ||
Granted (in dollars per share) | 23.05 | ||
Vested (in dollars per share) | [1] | 18.76 | |
Cancelled or forfeited (in dollars per share) | 0 | ||
Outstanding (in dollars per share) | $ 21.47 | ||
Phantom Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense recognized | $ 107 | $ 222 | |
Unrecognized Compensation Cost | $ 0 | ||
Number of units [Abstract] | |||
Outstanding (in shares) | 226 | ||
Granted (in shares) | 5 | ||
Dividend equivalents issued (in shares) | 1 | ||
Redeemed for common stock | (94) | ||
Outstanding (in shares) | 138 | ||
Weighted Average Grant-date Fair Value per Unit [Abstract] | |||
Granted (in dollars per share) | $ 21.48 | ||
Scheduled to Vest January 1, 2023 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Number of units [Abstract] | |||
Outstanding (in shares) | 165 | ||
Expected to vest (in shares) | 165 | ||
Not expected to vest (in shares) | 0 | ||
Scheduled to Vest January 1, 2024 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Number of units [Abstract] | |||
Outstanding (in shares) | 168 | ||
Expected to vest (in shares) | 168 | ||
Not expected to vest (in shares) | 0 | ||
Scheduled to Vest January 1, 2025 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Number of units [Abstract] | |||
Outstanding (in shares) | 178 | ||
Expected to vest (in shares) | 178 | ||
Not expected to vest (in shares) | 0 | ||
[1] The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 871,046 | $ 853,793 |
Unallocated Selling, General, and Administrative Expenses | (120,145) | (112,855) |
Operating income | 158,568 | 146,253 |
Unallocated Other Income (Expense) | (1,791) | (9,973) |
Consolidated Income Before Taxes | 156,777 | 136,280 |
Distributors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 470,788 | 497,869 |
OEMs [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 340,428 | 297,429 |
EMS Companies [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 59,830 | 58,495 |
Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 325,960 | 337,369 |
Automotive [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 284,499 | 259,501 |
Telecommunications [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 22,500 | 31,013 |
Computing [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 43,169 | 67,931 |
Consumer Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 46,534 | 38,708 |
Power Supplies [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 44,156 | 40,282 |
Military and Aerospace [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 62,125 | 46,498 |
Medical [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 42,103 | 32,491 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 310,429 | 344,012 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 326,561 | 289,984 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 234,056 | 219,797 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 238,677 | 224,851 |
Operating Segments [Member] | MOSFETS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 198,181 | 172,674 |
Operating income | 58,017 | 48,524 |
Operating Segments [Member] | Diodes [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 175,693 | 182,334 |
Operating income | 42,686 | 40,426 |
Operating Segments [Member] | Optoelectronic Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 60,403 | 81,016 |
Operating income | 17,300 | 28,159 |
Operating Segments [Member] | Resistors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 223,140 | 207,032 |
Operating income | 66,699 | 58,143 |
Operating Segments [Member] | Inductors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 80,338 | 82,777 |
Operating income | 20,979 | 22,199 |
Operating Segments [Member] | Capacitors [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 133,291 | 127,960 |
Operating income | 32,996 | 27,400 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Unallocated Selling, General, and Administrative Expenses | (80,109) | (78,598) |
Unallocated Other Income (Expense) | $ (1,791) | $ (9,973) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Numerator [Abstract] | ||
Net earnings attributable to Vishay stockholders | $ 111,781 | $ 103,573 |
Denominator [Abstract] | ||
Weighted average shares (in shares) | 140,496 | 144,832 |
Outstanding phantom stock units (in shares) | 140 | 221 |
Adjusted weighted average shares - basic (in shares) | 140,636 | 145,053 |
Effect of dilutive securities [Abstract] | ||
Restricted stock units (in shares) | 615 | 500 |
Dilutive potential common shares (in shares) | 615 | 500 |
Denominator for diluted earnings per share [Abstract] | ||
Adjusted weighted average shares - diluted (in shares) | 141,251 | 145,553 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.79 | $ 0.71 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.79 | $ 0.71 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 333 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 01, 2023 | Dec. 31, 2022 | |
Assets [Abstract] | ||
Held-to-maturity Securities Transferred | $ 0 | $ 0 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 571,600 | 491,100 |
Carrying value of long-term debt, excluding derivative liabilities | 572,344 | 507,344 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 50,154 | 50,173 |
Available for sale securities | 3,785 | 3,677 |
Precious metals | 1,252 | |
Fair value assets | 53,939 | 55,102 |
Liabilities [Abstract] | ||
Contingent consideration fair value | 6,898 | 6,870 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 26,269 | 27,168 |
Available for sale securities | 3,785 | 3,677 |
Precious metals | 1,252 | |
Fair value assets | 30,054 | 32,097 |
Liabilities [Abstract] | ||
Contingent consideration fair value | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 23,885 | 23,005 |
Available for sale securities | 0 | 0 |
Precious metals | 0 | |
Fair value assets | 23,885 | 23,005 |
Liabilities [Abstract] | ||
Contingent consideration fair value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Assets held in rabbi trusts | 0 | 0 |
Available for sale securities | 0 | 0 |
Precious metals | 0 | |
Fair value assets | 0 | 0 |
Liabilities [Abstract] | ||
Contingent consideration fair value | $ 6,898 | $ 6,870 |