☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 38-1686453 | |
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification Number) | |
63 Malvern | 610-644-1300 | |
(Address of Principal Executive Offices) | ( |
Title of each class | Trading symbol | Name of exchange on which registered | ||
Common stock, par value $0.10 per share | VSH | New York Stock Exchange LLC |
Large | Accelerated filer ◻ | |
Non-accelerated filer ◻ | Smaller reporting company ☐ | |
Emerging growth company ☐ |
Page Number | |||||
PART I. | FINANCIAL INFORMATION | ||||
2019 | |||||
2019 | |||||
2019 | |||||
2019 | |||||
Item 2. | Financial Condition and Results of Operations | 30 | |||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 49 | |||
4. | Procedures | 49 | |||
50 | |||||
50 | |||||
50 | |||||
50 | |||||
50 | |||||
50 | |||||
51 | |||||
52 |
September 30, 2017 | December 31, 2016 | April 4, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 575,385 | $ | 471,781 | $ | 680,703 | $ | 694,133 | ||||||||
Short-term investments | 668,185 | 626,627 | 140,725 | 108,822 | ||||||||||||
Accounts receivable, net | 329,422 | 274,027 | 325,704 | 328,187 | ||||||||||||
Inventories: | ||||||||||||||||
Finished goods | 131,367 | 109,075 | 122,231 | 122,466 | ||||||||||||
Work in process | 178,173 | 162,311 | 202,318 | 187,354 | ||||||||||||
Raw materials | 128,036 | 109,859 | 128,639 | 121,860 | ||||||||||||
Total inventories | 437,576 | 381,245 | 453,188 | 431,680 | ||||||||||||
Prepaid expenses and other current assets | 112,394 | 110,792 | 124,871 | 141,294 | ||||||||||||
Total current assets | 2,122,962 | 1,864,472 | 1,725,191 | 1,704,116 | ||||||||||||
Property and equipment, at cost: | ||||||||||||||||
Land | 91,905 | 89,753 | 74,442 | 75,011 | ||||||||||||
Buildings and improvements | 595,628 | 570,932 | 579,161 | 585,064 | ||||||||||||
Machinery and equipment | 2,399,972 | 2,283,222 | 2,591,804 | 2,606,355 | ||||||||||||
Construction in progress | 63,766 | 71,777 | 105,832 | 110,722 | ||||||||||||
Allowance for depreciation | (2,298,431 | ) | (2,166,813 | ) | (2,426,757 | ) | (2,425,627 | ) | ||||||||
Property and equipment, net | 852,840 | 848,871 | 924,482 | 951,525 | ||||||||||||
Right of use assets | 99,506 | 93,162 | ||||||||||||||
Goodwill | 142,545 | 141,407 | 150,288 | 150,642 | ||||||||||||
Other intangible assets, net | 73,154 | 84,463 | 60,468 | 60,659 | ||||||||||||
Other assets | 142,753 | 138,588 | 156,569 | 160,671 | ||||||||||||
Total assets | $ | 3,334,254 | $ | 3,077,801 | $ | 3,116,504 | $ | 3,120,775 |
September 30, 2017 | December 31, 2016 | April 4, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Liabilities and equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Notes payable to banks | $ | 25 | $ | 3 | $ | 199 | $ | 2 | ||||||||
Trade accounts payable | 181,988 | 174,107 | 153,999 | 173,915 | ||||||||||||
Payroll and related expenses | 138,616 | 114,576 | 116,456 | 122,100 | ||||||||||||
Lease liabilities | 21,033 | 20,217 | ||||||||||||||
Other accrued expenses | 151,883 | 149,131 | 174,556 | 186,463 | ||||||||||||
Income taxes | 18,085 | 19,033 | 24,030 | 17,731 | ||||||||||||
Total current liabilities | 490,597 | 456,850 | 490,273 | 520,428 | ||||||||||||
Long-term debt less current portion | 356,938 | 357,023 | 552,096 | 499,147 | ||||||||||||
U.S. transition tax payable | 140,196 | 140,196 | ||||||||||||||
Deferred income taxes | 289,526 | 286,797 | 20,627 | 22,021 | ||||||||||||
Long-term lease liabilities | 83,440 | 78,511 | ||||||||||||||
Other liabilities | 67,712 | 59,725 | 94,762 | 100,207 | ||||||||||||
Accrued pension and other postretirement costs | 273,851 | 257,789 | 265,284 | 272,402 | ||||||||||||
Total liabilities | 1,478,624 | 1,418,184 | 1,646,678 | 1,632,912 | ||||||||||||
Redeemable convertible debentures | 252,889 | 88,659 | - | 174 | ||||||||||||
Stockholders' equity: | ||||||||||||||||
Equity: | ||||||||||||||||
Vishay stockholders' equity | ||||||||||||||||
Common stock | 13,200 | 13,385 | 13,255 | 13,235 | ||||||||||||
Class B convertible common stock | 1,213 | 1,213 | 1,210 | 1,210 | ||||||||||||
Capital in excess of par value | 1,753,369 | 1,952,988 | 1,416,260 | 1,425,170 | ||||||||||||
(Accumulated deficit) retained earnings | (177,075 | ) | (307,417 | ) | ||||||||||||
Retained earnings | 84,570 | 72,180 | ||||||||||||||
Accumulated other comprehensive income (loss) | 10,158 | (94,652 | ) | (48,174 | ) | (26,646 | ) | |||||||||
Total Vishay stockholders' equity | 1,600,865 | 1,565,517 | 1,467,121 | 1,485,149 | ||||||||||||
Noncontrolling interests | 1,876 | 5,441 | 2,705 | 2,540 | ||||||||||||
Total equity | 1,602,741 | 1,570,958 | 1,469,826 | 1,487,689 | ||||||||||||
Total liabilities, temporary equity, and equity | $ | 3,334,254 | $ | 3,077,801 | $ | 3,116,504 | $ | 3,120,775 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | April 4, 2020 | March 30, 2019 | |||||||||||||
Net revenues | $ | 677,883 | $ | 591,955 | $ | 612,841 | $ | 745,159 | ||||||||
Costs of products sold | 488,610 | 438,054 | 465,601 | 534,000 | ||||||||||||
Gross profit | 189,273 | 153,901 | 147,240 | 211,159 | ||||||||||||
Selling, general, and administrative expenses | 93,701 | 93,916 | 99,832 | 103,424 | ||||||||||||
Restructuring and severance costs | 3,244 | 1,197 | ||||||||||||||
Impairment of intangible assets | - | 1,559 | ||||||||||||||
Operating income | 92,328 | 57,229 | 47,408 | 107,735 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (6,938 | ) | (6,165 | ) | (8,552 | ) | (8,392 | ) | ||||||||
Loss on early extinguishment of debt | (2,920 | ) | (1,307 | ) | ||||||||||||
Other | 798 | (380 | ) | 198 | 1,912 | |||||||||||
Total other income (expense) | (6,140 | ) | (6,545 | ) | (11,274 | ) | (7,787 | ) | ||||||||
Income before taxes | 86,188 | 50,684 | 36,134 | 99,948 | ||||||||||||
Income tax expense | 21,605 | 14,088 | 8,750 | 24,307 | ||||||||||||
Net earnings | 64,583 | 36,596 | 27,384 | 75,641 | ||||||||||||
Less: net earnings attributable to noncontrolling interests | 179 | 156 | 165 | 182 | ||||||||||||
Net earnings attributable to Vishay stockholders | $ | 64,404 | $ | 36,440 | $ | 27,219 | $ | 75,459 | ||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.44 | $ | 0.25 | $ | 0.19 | $ | 0.52 | ||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.41 | $ | 0.24 | $ | 0.19 | $ | 0.52 | ||||||||
Weighted average shares outstanding - basic | 145,728 | 146,924 | 144,792 | 144,554 | ||||||||||||
Weighted average shares outstanding - diluted | 156,701 | 149,894 | 145,295 | 145,289 | ||||||||||||
Cash dividends per share | $ | 0.0625 | $ | 0.0625 | $ | 0.0950 | $ | 0.0850 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | April 4, 2020 | March 30, 2019 | |||||||||||||
Net earnings | $ | 64,583 | $ | 36,596 | $ | 27,384 | $ | 75,641 | ||||||||
Other comprehensive income, net of tax | ||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Pension and other post-retirement actuarial items | 1,292 | 1,923 | 1,601 | 1,457 | ||||||||||||
Foreign currency translation adjustment | 28,149 | 8,585 | (23,129 | ) | (9,989 | ) | ||||||||||
Unrealized gain on available-for-sale securities | 220 | 318 | ||||||||||||||
Other comprehensive income | 29,661 | 10,826 | ||||||||||||||
Other comprehensive income (loss) | (21,528 | ) | (8,532 | ) | ||||||||||||
Comprehensive income | 94,244 | 47,422 | 5,856 | 67,109 | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 179 | 156 | 165 | 182 | ||||||||||||
Comprehensive income attributable to Vishay stockholders | $ | 94,065 | $ | 47,266 | $ | 5,691 | $ | 66,927 |
Nine fiscal months ended | ||||||||
September 30, 2017 | October 1, 2016 | |||||||
Net revenues | $ | 1,929,033 | $ | 1,752,612 | ||||
Costs of products sold | 1,405,922 | 1,315,274 | ||||||
Gross profit | 523,111 | 437,338 | ||||||
Selling, general, and administrative expenses | 278,865 | 276,455 | ||||||
Restructuring and severance costs | 5,194 | 12,139 | ||||||
Impairment of intangible assets | - | 1,559 | ||||||
Operating income | 239,052 | 147,185 | ||||||
Other income (expense): | ||||||||
Interest expense | (20,804 | ) | (18,901 | ) | ||||
Other | 1,151 | 2,655 | ||||||
Loss on disposal of equity affiliate | (7,060 | ) | - | |||||
Gain on early extinguishment of debt | - | 4,597 | ||||||
Total other income (expense) | (26,713 | ) | (11,649 | ) | ||||
Income before taxes | 212,339 | 135,536 | ||||||
Income taxes | 54,398 | 37,559 | ||||||
Net earnings | 157,941 | 97,977 | ||||||
Less: net earnings attributable to noncontrolling interests | 628 | 437 | ||||||
Net earnings attributable to Vishay stockholders | $ | 157,313 | $ | 97,540 | ||||
Basic earnings per share attributable to Vishay stockholders | $ | 1.08 | $ | 0.66 | ||||
Diluted earnings per share attributable to Vishay stockholders | $ | 1.01 | $ | 0.65 | ||||
Weighted average shares outstanding - basic | 146,128 | 147,470 | ||||||
Weighted average shares outstanding - diluted | 155,626 | 150,125 | ||||||
Cash dividends per share | $ | 0.1875 | $ | 0.1875 |
Nine fiscal months ended | ||||||||
September 30, 2017 | October 1, 2016 | |||||||
Net earnings | $ | 157,941 | $ | 97,977 | ||||
Other comprehensive income, net of tax | ||||||||
Pension and other post-retirement actuarial items | 4,843 | 5,448 | ||||||
Foreign currency translation adjustment | 98,965 | 18,633 | ||||||
Unrealized gain on available-for-sale securities | 1,002 | 1,664 | ||||||
Other comprehensive income | 104,810 | 25,745 | ||||||
Comprehensive income | 262,751 | 123,722 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 628 | 437 | ||||||
Comprehensive income attributable to Vishay stockholders | $ | 262,123 | $ | 123,285 |
Nine fiscal months ended | Three fiscal months ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | April 4, 2020 | March 30, 2019 | |||||||||||||
(recast - see Note 1) | ||||||||||||||||
Operating activities | ||||||||||||||||
Net earnings | $ | 157,941 | $ | 97,977 | $ | 27,384 | $ | 75,641 | ||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 121,319 | 119,143 | 41,520 | 40,428 | ||||||||||||
(Gain) loss on disposal of property and equipment | (106 | ) | (1,373 | ) | (45 | ) | (173 | ) | ||||||||
Accretion of interest on convertible debentures | 3,703 | 3,425 | ||||||||||||||
Accretion of interest on convertible debt instruments | 3,637 | 3,490 | ||||||||||||||
Inventory write-offs for obsolescence | 12,157 | 17,085 | 5,643 | 6,967 | ||||||||||||
Impairment of intangible assets | - | 1,559 | ||||||||||||||
Loss on disposal of equity affiliate | 7,060 | - | ||||||||||||||
Deferred income taxes | 9,115 | (1,750 | ) | (3,517 | ) | (2,614 | ) | |||||||||
Gain on early extinguishment of debt | - | (4,597 | ) | |||||||||||||
Loss on extinguishment of debt | 2,920 | 1,307 | ||||||||||||||
Other | 6,531 | (4,944 | ) | 3,524 | (1,744 | ) | ||||||||||
Net change in operating assets and liabilities, net of effects of businesses acquired | (71,875 | ) | (13,455 | ) | (46,588 | ) | (43,784 | ) | ||||||||
Net cash provided by operating activities | 245,845 | 213,070 | 34,478 | 79,518 | ||||||||||||
Investing activities | ||||||||||||||||
Capital expenditures | (84,790 | ) | (81,346 | ) | (24,328 | ) | (36,367 | ) | ||||||||
Proceeds from sale of property and equipment | 1,484 | 1,241 | 53 | 395 | ||||||||||||
Purchase of businesses, net of cash received | - | (11,862 | ) | |||||||||||||
Purchase of short-term investments | (598,937 | ) | (472,938 | ) | (35,463 | ) | (1,920 | ) | ||||||||
Maturity of short-term investments | 610,573 | 491,867 | - | 71,455 | ||||||||||||
Other investing activities | (6,663 | ) | 2,886 | (1,507 | ) | 2,893 | ||||||||||
Net cash provided by (used in) investing activities | (78,333 | ) | (58,290 | ) | (61,245 | ) | 24,594 | |||||||||
Financing activities | ||||||||||||||||
Principal payments on long-term debt and capital leases | - | (34,044 | ) | |||||||||||||
Repurchase of convertible debentures | (19,849 | ) | (22,695 | ) | ||||||||||||
Net proceeds (payments) on revolving credit lines | (5,000 | ) | (41,000 | ) | 54,000 | - | ||||||||||
Common stock repurchases | (37,564 | ) | (16,981 | ) | ||||||||||||
Net changes in short-term borrowings | 22 | (626 | ) | 85 | - | |||||||||||
Dividends paid to common stockholders | (25,054 | ) | (25,329 | ) | (12,592 | ) | (11,249 | ) | ||||||||
Dividends paid to Class B common stockholders | (2,274 | ) | (2,274 | ) | (1,149 | ) | (1,028 | ) | ||||||||
Proceeds from stock options exercised | 1,260 | - | ||||||||||||||
Distributions to noncontrolling interests | (1,140 | ) | (707 | ) | ||||||||||||
Acquisition of noncontrolling interests | (4,100 | ) | - | |||||||||||||
Cash withholding taxes paid when shares withheld for vested equity awards | (1,971 | ) | (442 | ) | (1,991 | ) | (2,659 | ) | ||||||||
Other financing activities | (1,255 | ) | - | |||||||||||||
Net cash provided by (used in) financing activities | (77,076 | ) | (121,403 | ) | 18,504 | (37,631 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 13,168 | 2,703 | (5,167 | ) | (3,087 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 103,604 | 36,080 | (13,430 | ) | 63,394 | |||||||||||
Cash and cash equivalents at beginning of period | 471,781 | 475,507 | 694,133 | 686,032 | ||||||||||||
Cash and cash equivalents at end of period | $ | 575,385 | $ | 511,587 | $ | 680,703 | $ | 749,426 |
Common Stock | Class B Convertible Common Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Vishay Stockholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 13,385 | $ | 1,213 | $ | 1,952,988 | $ | (307,417 | ) | $ | (94,652 | ) | $ | 1,565,517 | $ | 5,441 | $ | 1,570,958 | ||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-09 (see Note 1) | - | - | - | 386 | - | 386 | - | 386 | ||||||||||||||||||||||||
Net earnings | - | - | - | 157,313 | - | 157,313 | 628 | 157,941 | ||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 104,810 | 104,810 | - | 104,810 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (1,140 | ) | (1,140 | ) | ||||||||||||||||||||||
Acquisition of noncontrolling interests | - | - | (1,047 | ) | - | - | (1,047 | ) | (3,053 | ) | (4,100 | ) | ||||||||||||||||||||
Temporary equity reclassification | - | - | (164,230 | ) | - | - | (164,230 | ) | - | (164,230 | ) | |||||||||||||||||||||
Common stock repurchase (2,127,183 shares) | (213 | ) | - | (37,351 | ) | - | - | (37,564 | ) | - | (37,564 | ) | ||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (200,688 shares) | 20 | - | (1,991 | ) | - | - | (1,971 | ) | - | (1,971 | ) | |||||||||||||||||||||
Dividends declared ($ 0.1875 per share) | - | - | 29 | (27,357 | ) | - | (27,328 | ) | - | (27,328 | ) | |||||||||||||||||||||
Stock compensation expense | - | - | 3,719 | - | - | 3,719 | - | 3,719 | ||||||||||||||||||||||||
Stock options exercised (77,334 shares) | 8 | - | 1,252 | - | - | 1,260 | - | 1,260 | ||||||||||||||||||||||||
Balance at September 30, 2017 | $ | 13,200 | $ | 1,213 | $ | 1,753,369 | $ | (177,075 | ) | $ | 10,158 | $ | 1,600,865 | $ | 1,876 | $ | 1,602,741 |
Common Stock | Class B Convertible Common Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Vishay Stockholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 13,212 | $ | 1,210 | $ | 1,436,011 | $ | (61,258 | ) | $ | (6,791 | ) | $ | 1,382,384 | $ | 2,286 | $ | 1,384,670 | ||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-02 | - | - | - | 23,013 | - | 23,013 | - | 23,013 | ||||||||||||||||||||||||
Net earnings (loss) | - | - | - | 75,459 | - | 75,459 | 182 | 75,641 | ||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (8,532 | ) | (8,532 | ) | - | (8,532 | ) | |||||||||||||||||||||
Conversion of Class B shares (18 shares) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Temporary equity reclassification | - | - | 3 | - | - | 3 | - | 3 | ||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (220,718 shares) | 22 | - | (2,681 | ) | - | - | (2,659 | ) | - | (2,659 | ) | |||||||||||||||||||||
Dividends declared (0.085 per share) | - | - | 15 | (12,292 | ) | - | (12,277 | ) | - | (12,277 | ) | |||||||||||||||||||||
Stock compensation expense | - | - | 3,536 | - | - | 3,536 | - | 3,536 | ||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 | - | - | (11,783 | ) | - | - | (11,783 | ) | - | (11,783 | ) | |||||||||||||||||||||
Balance at March 30, 2019 | $ | 13,234 | $ | 1,210 | $ | 1,425,101 | $ | 24,922 | $ | (15,323 | ) | $ | 1,449,144 | $ | 2,468 | $ | 1,451,612 | |||||||||||||||
Balance at December 31, 2019 | 13,235 | 1,210 | 1,425,170 | 72,180 | (26,646 | ) | 1,485,149 | 2,540 | 1,487,689 | |||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-13 (see Note 1) | - | - | - | (1,070 | ) | - | (1,070 | ) | - | (1,070 | ) | |||||||||||||||||||||
Net earnings | - | - | - | 27,219 | - | 27,219 | 165 | 27,384 | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | (21,528 | ) | (21,528 | ) | - | (21,528 | ) | |||||||||||||||||||||
Temporary equity reclassification | - | - | 174 | - | - | 174 | - | 174 | ||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (199,251 shares) | 20 | - | (2,011 | ) | - | - | (1,991 | ) | - | (1,991 | ) | |||||||||||||||||||||
Dividends declared (0.095 per share) | - | - | 18 | (13,759 | ) | - | (13,741 | ) | - | (13,741 | ) | |||||||||||||||||||||
Stock compensation expense | - | - | 2,998 | - | - | 2,998 | - | 2,998 | ||||||||||||||||||||||||
Repurchase of convertible senior debentures due 2041 | - | - | (10,089 | ) | - | - | (10,089 | ) | - | (10,089 | ) | |||||||||||||||||||||
Balance at April 4, 2020 | $ | 13,255 | $ | 1,210 | $ | 1,416,260 | $ | 84,570 | $ | (48,174 | ) | $ | 1,467,121 | $ | 2,705 | $ | 1,469,826 |
April 4, 2020 | December 31, 2019 | |||||||
Right of use assets | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 94,353 | $ | 87,689 | ||||
Machinery and equipment | 5,153 | 5,473 | ||||||
Total | $ | 99,506 | $ | 93,162 | ||||
Current lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 18,324 | $ | 17,410 | ||||
Machinery and equipment | 2,709 | 2,807 | ||||||
Total | $ | 21,033 | $ | 20,217 | ||||
Long-term lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 81,036 | $ | 75,877 | ||||
Machinery and equipment | 2,404 | 2,634 | ||||||
Total | $ | 83,440 | $ | 78,511 | ||||
Total lease liabilities | $ | 104,473 | $ | 98,728 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Lease expense | ||||||||
Operating lease expense | $ | 5,652 | $ | 5,536 | ||||
Short-term lease expense | 194 | 833 | ||||||
Variable lease expense | 23 | 12 | ||||||
Total lease expense | $ | 5,869 | $ | 6,381 |
April 4, 2020 | ||||
2020 (excluding the three fiscal months ended April 4, 2020) | $ | 16,499 | ||
2021 | 19,647 | |||
2022 | 16,044 | |||
2023 | 13,699 | |||
2024 | 12,640 | |||
Thereafter | 57,162 |
Expense recorded in 2019 | $ | 24,139 | ||
Cash paid | (1,330 | ) | ||
Foreign currency translation | 35 | |||
Balance at December 31, 2019 | $ | 22,844 | ||
Cash paid | (3,742 | ) | ||
Foreign currency translation | (307 | ) | ||
Balance at April 4, 2020 | $ | 18,795 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | |||||||||||||
MOSFETs Enhanced Competitiveness Program | $ | 2,463 | $ | 675 | $ | 2,911 | $ | 5,700 | ||||||||
Global Cost Reduction Programs | 781 | 986 | 2,283 | 6,903 | ||||||||||||
Modules Production Transfer Program | - | (464 | ) | - | (464 | ) | ||||||||||
Total | $ | 3,244 | $ | 1,197 | $ | 5,194 | $ | 12,139 |
Expense recorded in 2013 | $ | 2,328 | ||
Cash paid | (267 | ) | ||
Balance at December 31, 2013 | $ | 2,061 | ||
Expense recorded in 2014 | 6,025 | |||
Cash paid | (856 | ) | ||
Balance at December 31, 2014 | $ | 7,230 | ||
Expense recorded in 2015 | 5,367 | |||
Cash paid | (426 | ) | ||
Foreign currency translation | 1 | |||
Balance at December 31, 2015 | $ | 12,172 | ||
Expense recorded in 2016 | 9,744 | |||
Cash paid | (15,686 | ) | ||
Foreign currency translation | 2 | |||
Balance at December 31, 2016 | $ | 6,232 | ||
Expense recorded in 2017 | 2,911 | |||
Cash paid | (5,897 | ) | ||
Balance at September 30, 2017 | $ | 3,246 |
Expense recorded in 2015 | $ | 13,753 | ||
Cash paid | (986 | ) | ||
Foreign currency translation | (150 | ) | ||
Balance at December 31, 2015 | $ | 12,617 | ||
Expense recorded in 2016 | 9,918 | |||
Cash paid | (16,237 | ) | ||
Foreign currency translation | (34 | ) | ||
Balance at December 31, 2016 | $ | 6,264 | ||
Expense recorded in 2017 | 2,283 | |||
Cash paid | (5,779 | ) | ||
Foreign currency translation | 319 | |||
Balance at September 30, 2017 | $ | 3,087 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | |||||||||||||
Diodes | $ | (13 | ) | $ | 210 | $ | - | $ | 788 | |||||||
Optoelectronic Components | - | - | 242 | 953 | ||||||||||||
Resistors & Inductors | 468 | 641 | 1,403 | 3,163 | ||||||||||||
Capacitors | 88 | 36 | 334 | 459 | ||||||||||||
Unallocated Selling, General, and Administrative Expenses | 238 | 99 | 304 | 1,540 | ||||||||||||
Total | $ | 781 | $ | 986 | $ | 2,283 | $ | 6,903 |
September 30, 2017 | December 31, 2016 | April 4, 2020 | December 31, 2019 | |||||||||||||
Credit facility | $ | 138,000 | $ | 143,000 | $ | 54,000 | $ | - | ||||||||
Convertible senior notes, due 2025 | 512,745 | 509,128 | ||||||||||||||
Convertible senior debentures, due 2040 | 109,864 | 108,120 | 127 | 126 | ||||||||||||
Convertible senior debentures, due 2041 | 56,372 | 55,442 | 1,050 | 6,677 | ||||||||||||
Convertible senior debentures, due 2042 | 62,247 | 61,341 | ||||||||||||||
Deferred financing costs | (9,545 | ) | (10,880 | ) | (15,826 | ) | (16,784 | ) | ||||||||
356,938 | 357,023 | 552,096 | 499,147 | |||||||||||||
Less current portion | - | - | - | - | ||||||||||||
$ | 356,938 | $ | 357,023 | $ | 552,096 | $ | 499,147 |
Convertible Senior Notes Due 2025 | Convertible Senior Debentures Due 2040 | Convertible Senior Debentures Due 2041 | ||||||||||
Issuance date | June 12, 2018 | November 9, 2010 | May 13, 2011 | |||||||||
Maturity date | June 15, 2025 | November 15, 2040 | May 15, 2041 | |||||||||
Principal amount as of April 4, 2020 | $ | 600,000 | $ | 300 | $ | 2,640 | ||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | ||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 5.50 | % | 8.00 | % | 8.375 | % | ||||||
Conversion rate effective March 11, 2020 (per $1 principal amount) | 31.8278 | 80.4668 | 58.7205 | |||||||||
Effective conversion price effective March 11, 2020 (per share) | $ | 31.42 | $ | 12.43 | $ | 17.03 | ||||||
130% of the conversion price (per share) | $ | 40.85 | $ | 16.16 | $ | 22.14 | ||||||
Call date | n/a | November 20, 2020 | May 20, 2021 |
Due 2040 | Due 2041 | Due 2042 | ||||||||||
Issuance date | November 9, 2010 | May 13, 2011 | May 31, 2012 | |||||||||
Maturity date | November 15, 2040 | May 15, 2041 | June 1, 2042 | |||||||||
Principal amount | $ | 275,000 | $ | 150,000 | $ | 150,000 | ||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | ||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 8.00 | % | 8.375 | % | 7.50 | % | ||||||
Conversion rate effective September 14, 2017 (per $1 principal amount) | 76.9650 | 56.1650 | 90.4924 | |||||||||
Effective conversion price effective September 14, 2017 (per share) | $ | 12.99 | $ | 17.80 | $ | 11.05 | ||||||
130% of the conversion price (per share) | $ | 16.89 | $ | 23.14 | $ | 14.37 | ||||||
Call date | November 20, 2020 | May 20, 2021 | June 7, 2022 |
Principal amount of the debentures | Unamortized discount | Embedded derivative | Carrying value of liability component | Equity component (including temporary equity) - net carrying value | ||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Due 2040 | $ | 275,000 | (165,432 | ) | 296 | $ | 109,864 | $ | 110,094 | |||||||||||
Due 2041 | $ | 150,000 | (93,900 | ) | 272 | $ | 56,372 | $ | 62,246 | |||||||||||
Due 2042 | $ | 150,000 | (87,916 | ) | 163 | $ | 62,247 | $ | 57,874 | |||||||||||
Total | $ | 575,000 | $ | (347,248 | ) | $ | 731 | $ | 228,483 | $ | 230,214 | |||||||||
December 31, 2016 | ||||||||||||||||||||
Due 2040 | $ | 275,000 | (167,273 | ) | 393 | $ | 108,120 | $ | 110,094 | |||||||||||
Due 2041 | $ | 150,000 | (94,843 | ) | 285 | $ | 55,442 | $ | 62,246 | |||||||||||
Due 2042 | $ | 150,000 | (88,835 | ) | 176 | $ | 61,341 | $ | 57,874 | |||||||||||
Total | $ | 575,000 | $ | (350,951 | ) | $ | 854 | $ | 224,903 | $ | 230,214 |
Principal amount of the debt instruments | Unamortized discount | Carrying value of liability component | Equity component (including temporary equity) -net carrying value | |||||||||||||
April 4, 2020 | ||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (87,255 | ) | $ | 512,745 | $ | 85,262 | ||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 2,940 | (1,763 | ) | $ | 1,177 | $ | 1,216 | ||||||||
Total | $ | 602,940 | $ | (89,018 | ) | $ | 513,922 | $ | 86,478 | |||||||
December 31, 2019 | ||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (90,872 | ) | $ | 509,128 | $ | 85,262 | ||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 17,190 | (10,387 | ) | $ | 6,803 | $ | 7,129 | ||||||||
Total | $ | 617,190 | $ | (101,259 | ) | $ | 515,931 | $ | 92,391 |
Contractual coupon interest | Non-cash amortization of debt discount | Non-cash amortization of deferred financing costs | Non-cash change in value of derivative liability | Total interest expense related to the debentures | ||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Due 2040 | $ | 1,547 | 626 | 22 | (53 | ) | $ | 2,142 | ||||||||||||
Due 2041 | $ | 844 | 321 | 11 | (21 | ) | $ | 1,155 | ||||||||||||
Due 2042 | $ | 844 | 312 | 13 | (21 | ) | $ | 1,148 | ||||||||||||
Total | $ | 3,235 | $ | 1,259 | $ | 46 | $ | (95 | ) | $ | 4,445 | |||||||||
October 1, 2016 | ||||||||||||||||||||
Due 2040 | $ | 1,547 | 579 | 22 | (115 | ) | $ | 2,033 | ||||||||||||
Due 2041 | $ | 844 | 296 | 11 | (102 | ) | $ | 1,049 | ||||||||||||
Due 2042 | $ | 844 | 291 | 13 | (71 | ) | $ | 1,077 | ||||||||||||
Total | $ | 3,235 | $ | 1,166 | $ | 46 | $ | (288 | ) | $ | 4,159 |
Contractual coupon interest | Non-cash amortization of debt discount | Other non-cash interest expense | Total interest expense related to the debt instruments | |||||||||||||
April 4, 2020 | ||||||||||||||||
Convertible senior notes due 2025 | $ | 3,375 | 3,617 | 454 | $ | 7,446 | ||||||||||
Convertible senior debentures | $ | 44 | 20 | - | $ | 64 | ||||||||||
Total | $ | 3,419 | $ | 3,637 | $ | 454 | $ | 7,510 | ||||||||
March 30, 2019 | ||||||||||||||||
Convertible senior notes due 2025 | $ | 3,375 | 3,426 | 454 | $ | 7,255 | ||||||||||
Convertible senior debentures | $ | 148 | 64 | (16 | ) | $ | 196 | |||||||||
Total | $ | 3,523 | $ | 3,490 | $ | 438 | $ | 7,451 |
Contractual coupon interest | Non-cash amortization of debt discount | Non-cash amortization of deferred financing costs | Non-cash change in value of derivative liability | Total interest expense related to the debentures | ||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Due 2040 | $ | 4,641 | 1,841 | 66 | (97 | ) | $ | 6,451 | ||||||||||||
Due 2041 | $ | 2,532 | 943 | 35 | (13 | ) | $ | 3,497 | ||||||||||||
Due 2042 | $ | 2,532 | 919 | 40 | (13 | ) | $ | 3,478 | ||||||||||||
Total | $ | 9,705 | $ | 3,703 | $ | 141 | $ | (123 | ) | $ | 13,426 | |||||||||
October 1, 2016 | ||||||||||||||||||||
Due 2040 | $ | 4,641 | 1,702 | 66 | (150 | ) | $ | 6,259 | ||||||||||||
Due 2041 | $ | 2,532 | 869 | 35 | (136 | ) | $ | 3,300 | ||||||||||||
Due 2042 | $ | 2,532 | 854 | 40 | (102 | ) | $ | 3,324 | ||||||||||||
Total | $ | 9,705 | $ | 3,425 | $ | 141 | $ | (388 | ) | $ | 12,883 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Beginning balance | $ | 40,508 | $ | 42,663 | ||||
Sales allowances | 22,632 | 28,211 | ||||||
Credits issued | (27,982 | ) | (33,062 | ) | ||||
Foreign currency | (346 | ) | (235 | ) | ||||
Ending balance | $ | 34,812 | $ | 37,577 |
Pension and other post-retirement actuarial items | Currency translation adjustment | Unrealized gain (loss) on available-for-sale securities | Total | Pension and other post- retirement actuarial items | Currency translation adjustment | Total | ||||||||||||||||||||||
Balance at January 1, 2017 | $ | (64,496 | ) | $ | (31,266 | ) | 1,110 | $ | (94,652 | ) | ||||||||||||||||||
Balance at January 1, 2020 | $ | (68,020 | ) | $ | 41,374 | $ | (26,646 | ) | ||||||||||||||||||||
Other comprehensive income before reclassifications | - | 98,965 | 1,542 | $ | 100,507 | - | (23,129 | ) | $ | (23,129 | ) | |||||||||||||||||
Tax effect | - | - | (540 | ) | $ | (540 | ) | - | - | $ | - | |||||||||||||||||
Other comprehensive income before reclassifications, net of tax | - | 98,965 | 1,002 | $ | 99,967 | - | (23,129 | ) | $ | (23,129 | ) | |||||||||||||||||
Amounts reclassified out of AOCI | 6,918 | - | - | $ | 6,918 | 2,223 | - | $ | 2,223 | |||||||||||||||||||
Tax effect | (2,075 | ) | - | - | $ | (2,075 | ) | (622 | ) | - | $ | (622 | ) | |||||||||||||||
Amounts reclassified out of AOCI, net of tax | 4,843 | - | - | $ | 4,843 | 1,601 | - | $ | 1,601 | |||||||||||||||||||
Net other comprehensive income | $ | 4,843 | $ | 98,965 | $ | 1,002 | $ | 104,810 | $ | 1,601 | $ | (23,129 | ) | $ | (21,528 | ) | ||||||||||||
Balance at September 30, 2017 | $ | (59,653 | ) | $ | 67,699 | $ | 2,112 | $ | 10,158 | |||||||||||||||||||
Balance at April 4, 2020 | $ | (66,419 | ) | $ | 18,245 | $ | (48,174 | ) |
Fiscal quarter ended September 30, 2017 | Fiscal quarter ended October 1, 2016 | Fiscal quarter ended April 4, 2020 | Fiscal quarter ended March 30, 2019 | |||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||
Net service cost | $ | - | $ | 948 | $ | - | $ | 790 | $ | - | $ | 1,074 | $ | - | $ | 852 | ||||||||||||||||
Interest cost | 411 | 1,247 | 2,945 | 1,361 | 342 | 924 | 424 | 1,291 | ||||||||||||||||||||||||
Expected return on plan assets | - | (519 | ) | (2,825 | ) | (529 | ) | - | (495 | ) | - | (490 | ) | |||||||||||||||||||
Amortization of prior service cost | 36 | 19 | 36 | 12 | 36 | 30 | 36 | 51 | ||||||||||||||||||||||||
Amortization of losses | 82 | 1,595 | 1,650 | 1,196 | 298 | 1,592 | 118 | 1,359 | ||||||||||||||||||||||||
Curtailment and settlement losses | - | 331 | - | 205 | - | 229 | - | 505 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 529 | $ | 3,621 | $ | 1,806 | $ | 3,035 | $ | 676 | $ | 3,354 | $ | 578 | $ | 3,568 |
Nine fiscal months ended September 30, 2017 | Nine fiscal months ended October 1, 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Net service cost | $ | - | $ | 2,776 | $ | - | $ | 2,355 | ||||||||
Interest cost | 1,232 | 3,613 | 8,834 | 4,097 | ||||||||||||
Expected return on plan assets | - | (1,543 | ) | (8,476 | ) | (1,605 | ) | |||||||||
Amortization of prior service cost | 108 | 55 | 108 | 37 | ||||||||||||
Amortization of losses | 247 | 4,596 | 4,951 | 3,568 | ||||||||||||
Curtailment and settlement losses | - | 983 | - | 601 | ||||||||||||
Net periodic benefit cost | $ | 1,587 | $ | 10,480 | $ | 5,417 | $ | 9,053 |
Fiscal quarter ended April 4, 2020 | Fiscal quarter ended March 30, 2019 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 28 | $ | 69 | $ | 35 | $ | 72 | ||||||||
Interest cost | 59 | 15 | 77 | 30 | ||||||||||||
Amortization of losses (gains) | 7 | 31 | (32 | ) | 27 | |||||||||||
Net periodic benefit cost | $ | 94 | $ | 115 | $ | 80 | $ | 129 |
Fiscal quarter ended September 30, 2017 | Fiscal quarter ended October 1, 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 33 | $ | 71 | $ | 31 | $ | 67 | ||||||||
Interest cost | 77 | 26 | 85 | 36 | ||||||||||||
Amortization of prior service (credit) | (209 | ) | - | (209 | ) | - | ||||||||||
Amortization of losses (gains) | (24 | ) | 16 | (8 | ) | 17 | ||||||||||
Net periodic benefit cost | $ | (123 | ) | $ | 113 | $ | (101 | ) | $ | 120 |
Nine fiscal months ended September 30, 2017 | Nine fiscal months ended October 1, 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 99 | $ | 202 | $ | 94 | $ | 202 | ||||||||
Interest cost | 232 | 76 | 255 | 108 | ||||||||||||
Amortization of prior service (credit) | (627 | ) | - | (627 | ) | - | ||||||||||
Amortization of losses (gains) | (70 | ) | 45 | (23 | ) | 51 | ||||||||||
Net periodic benefit cost | $ | (366 | ) | $ | 323 | $ | (301 | ) | $ | 361 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Restricted stock units | $ | 676 | $ | 1,085 | $ | 3,556 | 3,254 | $ | 2,783 | $ | 3,359 | |||||||||||||
Phantom stock units | - | - | 163 | 117 | 215 | 177 | ||||||||||||||||||
Stock options | - | - | - | - | ||||||||||||||||||||
Total | $ | 676 | $ | 1,085 | $ | 3,719 | 3,371 | $ | 2,998 | $ | 3,536 |
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | |||||||||||||
Restricted stock units | $ | 3,575 | 1.2 | $ | 5,041 | 1.0 | ||||||||||
Phantom stock units | - | 0.0 | - | 0.0 | ||||||||||||
Stock options | - | 0.0 | ||||||||||||||
Total | $ | 3,575 | $ | 5,041 |
Number of RSUs | Weighted Average Grant-date Fair Value per Unit | Number of RSUs | Weighted Average Grant-date Fair Value per Unit | |||||||||||||
Outstanding: | ||||||||||||||||
January 1, 2017 | 1,004 | $ | 12.74 | |||||||||||||
January 1, 2020 | 842 | $ | 17.93 | |||||||||||||
Granted | 304 | 15.52 | 272 | 18.30 | ||||||||||||
Vested* | (322 | ) | 13.54 | (293 | ) | 15.52 | ||||||||||
Cancelled or forfeited | - | - | - | - | ||||||||||||
Outstanding at September 30, 2017 | 986 | $ | 13.34 | |||||||||||||
Outstanding at April 4, 2020 | 821 | $ | 18.91 | |||||||||||||
Expected to vest at September 30, 2017 | 986 | |||||||||||||||
Expected to vest at April 4, 2020 | 808 |
Vesting Date | Expected to Vest | Not Expected to Vest | Total | |||||||||
January 1, 2018 | 202 | - | 202 | |||||||||
January 1, 2019 | 213 | - | 213 | |||||||||
January 1, 2020 | 167 | - | 167 |
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 |
Number of units | Grant-date Fair Value per Unit | Number of units | Grant-date Fair Value per Unit | |||||||||||||
Outstanding: | ||||||||||||||||
January 1, 2017 | 145 | |||||||||||||||
January 1, 2020 | 183 | |||||||||||||||
Granted | 10 | $ | 16.25 | 10 | $ | 21.49 | ||||||||||
Dividend equivalents issued | 2 | 1 | ||||||||||||||
Outstanding at September 30, 2017 | 157 | |||||||||||||||
Outstanding at April 4, 2020 | 194 |
● | 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 | |
● | Inductors use an internal magnetic field to change alternating current phase and resist alternating current. | |
● | Capacitors store energy and discharge it when needed. |
MOSFETs | Diodes | Optoelectronic Components | Resistors & Inductors | Capacitors | Total | |||||||||||||||||||
Fiscal quarter ended September 30, 2017: | ||||||||||||||||||||||||
Product Sales | $ | 126,522 | $ | 160,711 | $ | 76,740 | $ | 217,593 | $ | 96,309 | $ | 677,875 | ||||||||||||
Royalty Revenues | - | - | - | 8 | - | $ | 8 | |||||||||||||||||
Total Revenue | $ | 126,522 | $ | 160,711 | $ | 76,740 | $ | 217,601 | $ | 96,309 | $ | 677,883 | ||||||||||||
Gross Profit | $ | 32,307 | $ | 42,942 | $ | 28,901 | $ | 65,541 | $ | 19,582 | $ | 189,273 | ||||||||||||
Segment Operating Income | $ | 23,391 | $ | 37,991 | $ | 25,012 | $ | 58,267 | $ | 14,688 | $ | 159,349 | ||||||||||||
Fiscal quarter ended October 1, 2016: | ||||||||||||||||||||||||
Product Sales | $ | 101,687 | $ | 141,127 | $ | 72,801 | $ | 191,989 | $ | 84,299 | $ | 591,903 | ||||||||||||
Royalty Revenues | - | - | - | 52 | - | $ | 52 | |||||||||||||||||
Total Revenue | $ | 101,687 | $ | 141,127 | $ | 72,801 | $ | 192,041 | $ | 84,299 | $ | 591,955 | ||||||||||||
Gross Profit | $ | 16,443 | $ | 36,444 | $ | 24,250 | $ | 58,768 | $ | 17,996 | $ | 153,901 | ||||||||||||
Segment Operating Income | $ | 7,493 | $ | 31,832 | $ | 20,340 | $ | 51,861 | $ | 13,210 | $ | 124,736 |
MOSFETs | Diodes | Optoelectronic Components | Resistors | Inductors | Capacitors | Corporate / Other* | Total | |||||||||||||||||||||||||
Fiscal quarter ended April 4, 2020: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 116,893 | $ | 115,343 | $ | 54,179 | $ | 159,208 | $ | 73,785 | $ | 93,433 | $ | - | $ | 612,841 | ||||||||||||||||
Gross profit | $ | 28,152 | $ | 19,518 | $ | 14,585 | $ | 44,773 | $ | 22,987 | $ | 20,355 | $ | (3,130 | ) | $ | 147,240 | |||||||||||||||
Segment operating income | $ | 18,658 | $ | 14,422 | $ | 10,686 | $ | 38,885 | $ | 20,310 | $ | 15,070 | $ | (3,130 | ) | $ | 114,901 | |||||||||||||||
Fiscal quarter ended March 30, 2019: | ||||||||||||||||||||||||||||||||
Net revenues | $ | 137,341 | $ | 167,840 | $ | 60,562 | $ | 188,831 | $ | 71,640 | $ | 118,945 | $ | - | $ | 745,159 | ||||||||||||||||
Gross profit | $ | 36,059 | $ | 43,492 | $ | 16,017 | $ | 62,589 | $ | 23,280 | $ | 29,722 | $ | - | $ | 211,159 | ||||||||||||||||
Segment operating income | $ | 26,678 | $ | 38,128 | $ | 11,710 | $ | 56,347 | $ | 20,640 | $ | 24,566 | $ | - | $ | 178,069 |
Nine fiscal months ended September 30, 2017: | ||||||||||||||||||||||||
Product Sales | $ | 346,086 | $ | 461,323 | $ | 216,260 | $ | 627,116 | $ | 278,198 | $ | 1,928,983 | ||||||||||||
Royalty Revenues | - | - | - | 50 | - | $ | 50 | |||||||||||||||||
Total Revenue | $ | 346,086 | $ | 461,323 | $ | 216,260 | $ | 627,166 | $ | 278,198 | $ | 1,929,033 | ||||||||||||
Gross Profit | $ | 78,298 | $ | 121,601 | $ | 76,668 | $ | 188,801 | $ | 57,743 | $ | 523,111 | ||||||||||||
Segment Operating Income | $ | 51,789 | $ | 106,906 | $ | 63,401 | $ | 166,852 | $ | 42,988 | $ | 431,936 | ||||||||||||
Nine fiscal months ended October 1, 2016: | ||||||||||||||||||||||||
Product Sales | $ | 304,839 | $ | 418,629 | $ | 203,635 | $ | 568,122 | $ | 257,175 | $ | 1,752,400 | ||||||||||||
Royalty Revenues | - | - | - | 212 | - | $ | 212 | |||||||||||||||||
Total Revenue | $ | 304,839 | $ | 418,629 | $ | 203,635 | $ | 568,334 | $ | 257,175 | $ | 1,752,612 | ||||||||||||
Gross Profit | $ | 40,914 | $ | 106,364 | $ | 65,049 | $ | 171,808 | $ | 53,203 | $ | 437,338 | ||||||||||||
Segment Operating Income | $ | 12,671 | $ | 90,025 | $ | 49,838 | $ | 147,315 | $ | 37,145 | $ | 336,994 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | |||||||||||||
Reconciliation: | ||||||||||||||||
Segment Operating Income | $ | 159,349 | $ | 124,736 | $ | 431,936 | $ | 336,994 | ||||||||
Restructuring and Severance Costs | (3,244 | ) | (1,197 | ) | (5,194 | ) | (12,139 | ) | ||||||||
Impairment of Intangible Assets | - | (1,559 | ) | - | (1,559 | ) | ||||||||||
Unallocated Selling, General, and Administrative Expenses | (63,777 | ) | (64,751 | ) | (187,690 | ) | (176,111 | ) | ||||||||
Consolidated Operating Income | $ | 92,328 | $ | 57,229 | $ | 239,052 | $ | 147,185 | ||||||||
Unallocated Other Income (Expense) | (6,140 | ) | (6,545 | ) | (26,713 | ) | (11,649 | ) | ||||||||
Consolidated Income (Loss) Before Taxes | $ | 86,188 | $ | 50,684 | $ | 212,339 | $ | 135,536 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Reconciliation: | ||||||||
Segment Operating Income | $ | 114,901 | $ | 178,069 | ||||
Impact of COVID-19 Outbreak on Selling, General, and Administrative Expenses | (317 | ) | - | |||||
Unallocated Selling, General, and Administrative Expenses | (67,176 | ) | (70,334 | ) | ||||
Consolidated Operating Income | $ | 47,408 | $ | 107,735 | ||||
Unallocated Other Income (Expense) | (11,274 | ) | (7,787 | ) | ||||
Consolidated Income Before Taxes | $ | 36,134 | $ | 99,948 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Distributors | $ | 305,446 | $ | 411,560 | ||||
OEMs | 261,129 | 282,636 | ||||||
EMS companies | 46,266 | 50,963 | ||||||
Total Revenue | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Asia | $ | 217,084 | $ | 259,726 | ||||
Europe | 233,052 | 278,899 | ||||||
Americas | 162,705 | 206,534 | ||||||
Total Revenue | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Industrial | $ | 215,111 | $ | 281,590 | ||||
Automotive | 201,943 | 214,786 | ||||||
Telecommunications | 29,692 | 53,280 | ||||||
Computing | 45,223 | 47,508 | ||||||
Consumer Products | 20,553 | 34,049 | ||||||
Power Supplies | 25,194 | 30,127 | ||||||
Military and Aerospace | 43,935 | 47,561 | ||||||
Medical | 31,190 | 36,258 | ||||||
Total revenue | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Numerator for basic earnings per share: | ||||||||||||||||||||||||
Net earnings attributable to Vishay stockholders | $ | 64,404 | $ | 36,440 | $ | 157,313 | $ | 97,540 | $ | 27,219 | $ | 75,459 | ||||||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax | - | - | - | 38 | ||||||||||||||||||||
Numerator for diluted earnings per share: | ||||||||||||||||||||||||
Net earnings attributable to Vishay stockholders - diluted | $ | 64,404 | $ | 36,440 | $ | 157,313 | $ | 97,578 | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||||||||||
Weighted average shares | 145,572 | 146,781 | 145,973 | 147,327 | 144,599 | 144,375 | ||||||||||||||||||
Outstanding phantom stock units | 156 | 143 | 155 | 143 | 193 | 179 | ||||||||||||||||||
Adjusted weighted average shares | 145,728 | 146,924 | 146,128 | 147,470 | ||||||||||||||||||||
Adjusted weighted average shares - basic | 144,792 | 144,554 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Convertible and exchangeable debt instruments | 10,480 | 2,541 | 9,160 | 2,387 | ||||||||||||||||||||
Convertible debt instruments | 95 | 237 | ||||||||||||||||||||||
Restricted stock units | 493 | 423 | 338 | 266 | 408 | 498 | ||||||||||||||||||
Other | - | 6 | - | 2 | ||||||||||||||||||||
Dilutive potential common shares | 10,973 | 2,970 | 9,498 | 2,655 | 503 | 735 | ||||||||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||||||||||||
Adjusted weighted average shares - diluted | 156,701 | 149,894 | 155,626 | 150,125 | 145,295 | 145,289 | ||||||||||||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.44 | $ | 0.25 | $ | 1.08 | $ | 0.66 | $ | 0.19 | $ | 0.52 | ||||||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.41 | $ | 0.24 | $ | 1.01 | $ | 0.65 | $ | 0.19 | $ | 0.52 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | |||||||||||||
Convertible notes: | ||||||||||||||||
Convertible Senior Debentures, due 2040 | - | - | - | 13,750 | ||||||||||||
Convertible Senior Debentures, due 2041 | 8,401 | 8,268 | 8,371 | 8,229 | ||||||||||||
Weighted average employee stock options | - | 77 | - | 96 | ||||||||||||
Weighted average other | 379 | 415 | 514 | 545 |
Fiscal quarters ended | ||||||||
April 4, 2020 | March 30, 2019 | |||||||
Convertible debt instruments: | ||||||||
Convertible senior notes due 2025 | 19,088 | 19,052 | ||||||
Convertible senior debentures due 2041 | 88 | - | ||||||
Weighted average other | 325 | 315 |
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
September 30, 2017 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 44,262 | $ | 28,240 | $ | 16,022 | $ | - | ||||||||
Available for sale securities | $ | 4,511 | 4,511 | - | - | |||||||||||
$ | 48,773 | $ | 32,751 | $ | 16,022 | $ | - | |||||||||
Liabilities: | ||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (296 | ) | $ | - | $ | - | $ | (296 | ) | ||||||
Embedded derivative - convertible debentures due 2041 | $ | (272 | ) | - | - | (272 | ) | |||||||||
Embedded derivative - convertible debentures due 2042 | $ | (163 | ) | - | - | (163 | ) | |||||||||
$ | (731 | ) | $ | - | $ | - | $ | (731 | ) | |||||||
December 31, 2016 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 41,917 | $ | 27,297 | 14,620 | $ | - | |||||||||
Available for sale securities | $ | 3,969 | 3,969 | - | - | |||||||||||
$ | 45,886 | $ | 31,266 | $ | 14,620 | $ | - | |||||||||
Liabilities: | ||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (393 | ) | $ | - | $ | - | $ | (393 | ) | ||||||
Embedded derivative - convertible debentures due 2041 | $ | (285 | ) | - | - | (285 | ) | |||||||||
Embedded derivative - convertible debentures due 2042 | $ | (176 | ) | - | - | (176 | ) | |||||||||
$ | (854 | ) | $ | - | $ | - | $ | (854 | ) |
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
April 4, 2020 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 48,137 | $ | 33,687 | $ | 14,450 | $ | - | ||||||||
Available for sale securities | $ | 4,073 | 4,073 | - | - | |||||||||||
$ | 52,210 | $ | 37,760 | $ | 14,450 | $ | - | |||||||||
December 31, 2019 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 52,148 | $ | 34,280 | 17,868 | $ | - | |||||||||
Available for sale securities | $ | 4,405 | 4,405 | - | - | |||||||||||
$ | 56,553 | $ | 38,685 | $ | 17,868 | $ | - |
Item 2. |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
GAAP net earnings attributable to Vishay stockholders | $ | 64,404 | $ | 56,190 | $ | 36,440 | $ | 157,313 | $ | 97,540 | $ | 27,219 | $ | 13,962 | $ | 75,459 | ||||||||||||||||
Reconciling items affecting operating income: | ||||||||||||||||||||||||||||||||
Reconciling items affecting gross income: | ||||||||||||||||||||||||||||||||
Impact of COVID-19 outbreak | $ | 3,130 | $ | - | $ | - | ||||||||||||||||||||||||||
Other reconciling items affecting operating income: | ||||||||||||||||||||||||||||||||
Restructuring and severance costs | $ | 3,244 | $ | 481 | $ | 1,197 | $ | 5,194 | $ | 12,139 | $ | - | $ | 16,884 | $ | - | ||||||||||||||||
Impairment of intangible assets | - | - | 1,559 | - | 1,559 | |||||||||||||||||||||||||||
Impact of COVID-19 outbreak | 317 | - | - | |||||||||||||||||||||||||||||
Reconciling items affecting other income (expense): | ||||||||||||||||||||||||||||||||
Loss on disposal of equity affiliate | $ | - | $ | - | $ | - | $ | 7,060 | $ | - | ||||||||||||||||||||||
Gain on early extinguishment of debt | - | - | - | - | (4,597 | ) | ||||||||||||||||||||||||||
Loss on early extinguishment of debt | $ | 2,920 | $ | 723 | $ | 1,307 | ||||||||||||||||||||||||||
Reconciling items affecting tax expense: | ||||||||||||||||||||||||||||||||
Effects of cash repatriation program | $ | (892 | ) | $ | (1,240 | ) | $ | (1,402 | ) | $ | (3,100 | ) | $ | (3,388 | ) | |||||||||||||||||
Change in deferred taxes due to early extinguishment of debt | $ | (1,346 | ) | $ | (289 | ) | $ | (1,312 | ) | |||||||||||||||||||||||
Effects of cash repatriation programs | - | (11,554 | ) | (585 | ) | |||||||||||||||||||||||||||
Effects of changes in uncertain tax positions | (804 | ) | - | - | (804 | ) | - | - | 2,831 | - | ||||||||||||||||||||||
Tax effects of pre-tax items above | (674 | ) | (156 | ) | (441 | ) | (1,271 | ) | (2,436 | ) | (1,482 | ) | (4,277 | ) | (290 | ) | ||||||||||||||||
Adjusted net earnings | $ | 65,278 | $ | 55,275 | $ | 37,353 | $ | 164,392 | $ | 100,817 | $ | 30,758 | $ | 18,280 | $ | 74,579 | ||||||||||||||||
Adjusted weighted average diluted shares outstanding | 156,701 | 155,300 | 149,894 | 155,626 | 150,125 | 145,295 | 145,202 | 145,289 | ||||||||||||||||||||||||
Adjusted earnings per diluted share * | $ | 0.42 | $ | 0.36 | $ | 0.25 | $ | 1.06 | $ | 0.67 | ||||||||||||||||||||||
Adjusted earnings per diluted share | $ | 0.21 | $ | 0.13 | $ | 0.51 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016** | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net cash provided by continuing operating activities | $ | 117,579 | $ | 84,592 | $ | 117,657 | $ | 245,845 | $ | 213,070 | $ | 34,478 | $ | 84,423 | $ | 79,518 | ||||||||||||||||
Proceeds from sale of property and equipment | 196 | 345 | 1,048 | 1,484 | 1,241 | 53 | 91 | 395 | ||||||||||||||||||||||||
Less: Capital expenditures | (35,723 | ) | (32,399 | ) | (30,273 | ) | (84,790 | ) | (81,346 | ) | (24,328 | ) | (56,374 | ) | (36,367 | ) | ||||||||||||||||
Free cash | $ | 82,052 | $ | 52,538 | $ | 88,432 | $ | 162,539 | 132,965 | $ | 10,203 | $ | 28,140 | $ | 43,546 |
3rd Quarter 2016 | 4th Quarter 2016 | 1st Quarter 2017 | 2nd Quarter 2017 | 3rd Quarter 2017 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||
Net revenues | $ | 591,955 | $ | 570,819 | $ | 606,258 | $ | 644,892 | $ | 677,883 | $ | 745,159 | $ | 685,240 | $ | 628,329 | $ | 609,577 | $ | 612,841 | ||||||||||||||||||||
Gross profit margin | 26.0 | % | 23.2 | % | 26.5 | % | 26.8 | % | 27.9 | % | 28.3 | % | 25.5 | % | 23.9 | % | 22.2 | % | 24.0 | % | ||||||||||||||||||||
Operating margin | 9.7 | % | -8.0 | % | 10.7 | % | 12.7 | % | 13.6 | % | 14.5 | % | 11.6 | % | 8.1 | % | 4.0 | % | 7.7 | % | ||||||||||||||||||||
End-of-period backlog | $ | 608,100 | $ | 653,400 | $ | 836,500 | $ | 1,034,000 | $ | 1,122,200 | $ | 1,331,800 | $ | 1,126,700 | $ | 935,400 | $ | 911,300 | $ | 1,005,200 | ||||||||||||||||||||
Book-to-bill ratio | 1.04 | 1.11 | 1.29 | 1.27 | 1.11 | 0.79 | 0.69 | 0.72 | 0.94 | 1.17 | ||||||||||||||||||||||||||||||
Inventory turnover | 4.20 | 4.40 | 4.50 | 4.60 | 4.50 | 4.3 | 4.3 | 4.1 | 4.3 | 4.2 | ||||||||||||||||||||||||||||||
Change in ASP vs. prior quarter | -0.9 | % | -1.2 | % | -1.3 | % | -0.7 | % | -0.1 | % | (0.4 | )% | (0.9 | )% | (1.1 | )% | (0.8 | )% | (1.1 | )% |
3rd Quarter 2016 | 4th Quarter 2016 | 1st Quarter 2017 | 2nd Quarter 2017 | 3rd Quarter 2017 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||
MOSFETs | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 101,687 | $ | 101,497 | $ | 105,529 | $ | 114,035 | $ | 126,522 | $ | 137,341 | $ | 128,842 | $ | 126,747 | $ | 116,215 | $ | 116,893 | ||||||||||||||||||||
Book-to-bill ratio | 1.03 | 1.14 | 1.37 | 1.37 | 1.19 | 0.84 | 0.54 | 0.54 | 0.94 | 1.12 | ||||||||||||||||||||||||||||||
Gross profit margin | 16.2 | % | 17.0 | % | 19.6 | % | 22.2 | % | 25.5 | % | 26.3 | % | 24.8 | % | 24.1 | % | 23.7 | % | 24.1 | % | ||||||||||||||||||||
Segment operating margin | 7.4 | % | 9.4 | % | 11.1 | % | 14.6 | % | 18.5 | % | 19.4 | % | 17.5 | % | 16.6 | % | 16.1 | % | 16.0 | % | ||||||||||||||||||||
Diodes | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 141,127 | $ | 135,291 | $ | 144,895 | $ | 155,717 | $ | 160,711 | $ | 167,840 | $ | 142,042 | $ | 123,879 | $ | 123,382 | $ | 115,343 | ||||||||||||||||||||
Book-to-bill ratio | 1.06 | 1.22 | 1.44 | 1.41 | 1.18 | 0.63 | 0.52 | 0.57 | 0.88 | 1.36 | ||||||||||||||||||||||||||||||
Gross profit margin | 25.8 | % | 21.1 | % | 25.9 | % | 26.4 | % | 26.7 | % | 25.9 | % | 20.3 | % | 17.1 | % | 16.3 | % | 16.9 | % | ||||||||||||||||||||
Segment operating margin | 22.6 | % | 17.7 | % | 22.6 | % | 23.2 | % | 23.6 | % | 22.7 | % | 16.9 | % | 13.3 | % | 12.6 | % | 12.5 | % | ||||||||||||||||||||
Optoelectronic Components | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 72,801 | $ | 68,491 | $ | 65,682 | $ | 73,838 | $ | 76,740 | $ | 60,562 | $ | 60,675 | $ | 50,702 | $ | 51,047 | $ | 54,179 | ||||||||||||||||||||
Book-to-bill ratio | 0.98 | 0.99 | 1.16 | 1.11 | 0.94 | 0.83 | 0.70 | 0.86 | 1.11 | 1.40 | ||||||||||||||||||||||||||||||
Gross profit margin | 33.3 | % | 32.1 | % | 34.0 | % | 34.5 | % | 37.7 | % | 26.4 | % | 26.8 | % | 21.5 | % | 20.2 | % | 26.9 | % | ||||||||||||||||||||
Segment operating margin | 27.9 | % | 25.9 | % | 25.8 | % | 29.1 | % | 32.6 | % | 19.3 | % | 19.8 | % | 13.7 | % | 12.7 | % | 19.7 | % | ||||||||||||||||||||
Resistors & Inductors | ||||||||||||||||||||||||||||||||||||||||
Resistors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 188,831 | $ | 165,359 | $ | 155,119 | $ | 147,883 | $ | 159,208 | ||||||||||||||||||||||||||||||
Book-to-bill ratio | 0.89 | 0.81 | 0.82 | 0.95 | 1.05 | |||||||||||||||||||||||||||||||||||
Gross profit margin | 33.1 | % | 28.3 | % | 27.4 | % | 23.5 | % | 28.1 | % | ||||||||||||||||||||||||||||||
Segment operating margin | 29.8 | % | 25.2 | % | 23.8 | % | 19.0 | % | 24.4 | % | ||||||||||||||||||||||||||||||
Inductors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 192,041 | $ | 185,503 | $ | 200,383 | $ | 209,182 | $ | 217,601 | $ | 71,640 | $ | 77,024 | $ | 73,458 | $ | 76,520 | $ | 73,785 | ||||||||||||||||||||
Book-to-bill ratio | 0.99 | 1.08 | 1.22 | 1.23 | 1.15 | 0.97 | 1.01 | 0.95 | 1.05 | 0.98 | ||||||||||||||||||||||||||||||
Gross profit margin | 30.6 | % | 27.5 | % | 30.5 | % | 29.7 | % | 30.1 | % | 32.5 | % | 31.9 | % | 31.9 | % | 33.5 | % | 31.2 | % | ||||||||||||||||||||
Segment operating margin | 27.0 | % | 23.7 | % | 26.9 | % | 26.1 | % | 26.8 | % | 28.8 | % | 28.3 | % | 28.3 | % | 30.3 | % | 27.5 | % | ||||||||||||||||||||
Capacitors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 84,299 | $ | 80,037 | $ | 89,769 | $ | 92,120 | $ | 96,309 | $ | 118,945 | $ | 111,298 | $ | 98,424 | $ | 94,530 | $ | 93,433 | ||||||||||||||||||||
Book-to-bill ratio | 1.20 | 1.03 | 1.25 | 1.14 | 0.97 | 0.67 | 0.68 | 0.76 | 0.84 | 1.20 | ||||||||||||||||||||||||||||||
Gross profit margin | 21.3 | % | 17.1 | % | 21.4 | % | 20.6 | % | 20.3 | % | 25.0 | % | 23.5 | % | 22.0 | % | 17.9 | % | 21.8 | % | ||||||||||||||||||||
Segment operating margin | 15.7 | % | 11.5 | % | 15.8 | % | 15.3 | % | 15.3 | % | 20.7 | % | 19.0 | % | 16.9 | % | 12.3 | % | 16.1 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Cost of products sold | 72.1 | % | 73.2 | % | 74.0 | % | 72.9 | % | 75.0 | % | 76.0 | % | 77.8 | % | 71.7 | % | ||||||||||||||||
Gross profit | 27.9 | % | 26.8 | % | 26.0 | % | 27.1 | % | 25.0 | % | 24.0 | % | 22.2 | % | 28.3 | % | ||||||||||||||||
Selling, general & administrative expenses | 13.8 | % | 14.0 | % | 15.9 | % | 14.5 | % | 15.8 | % | 16.3 | % | 15.5 | % | 13.9 | % | ||||||||||||||||
Operating income | 13.6 | % | 12.7 | % | 9.7 | % | 12.4 | % | 8.4 | % | ||||||||||||||||||||||
Income before taxes and noncontrolling interest | 12.7 | % | 11.7 | % | 8.6 | % | 11.0 | % | 7.7 | % | ||||||||||||||||||||||
Net earnings attributable to Vishay stockholders | 9.5 | % | 8.7 | % | 6.2 | % | 8.2 | % | 5.6 | % | ||||||||||||||||||||||
Operating income (loss) | 7.7 | % | 4.0 | % | 14.5 | % | ||||||||||||||||||||||||||
Income (loss) before taxes and noncontrolling interest | 5.9 | % | 1.9 | % | 13.4 | % | ||||||||||||||||||||||||||
Net earnings (loss) attributable to Vishay stockholders | 4.4 | % | 2.3 | % | 10.1 | % | ||||||||||||||||||||||||||
________ | ||||||||||||||||||||||||||||||||
Effective tax rate | 25.1 | % | 25.5 | % | 27.8 | % | 25.6 | % | 27.7 | % | 24.2 | % | -25.4 | % | 24.3 | % |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | ||||||||||||||||
Net revenues | $ | 677,883 | $ | 644,892 | $ | 591,955 | $ | 1,929,033 | $ | 1,752,612 |
Fiscal quarters ended | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
Net revenues | $ | 612,841 | $ | 609,577 | $ | 745,159 |
Fiscal quarter ended September 30, 2017 | Nine fiscal months ended September 30, 2017 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
July 1, 2017 | $ | 32,991 | 5.1 | % | ||||||||||||
October 1, 2016 | $ | 85,928 | 14.5 | % | $ | 176,421 | 10.1 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | 3,264 | 0.5 | % | ||||
March 30, 2019 | $ | (132,318 | ) | -17.8 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | ||||||||||||||||
Change attributable to: | ||||||||||||||||||||
Change in volume | 3.1 | % | 15.9 | % | 13.8 | % | 1.6 | % | -15.0 | % | ||||||||||
Decrease in average selling prices | -0.1 | % | -2.4 | % | -2.7 | % | -1.1 | % | -2.9 | % | ||||||||||
Foreign currency effects | 2.1 | % | 1.6 | % | -0.1 | % | -0.1 | % | -0.8 | % | ||||||||||
Other | 0.0 | % | -0.6 | % | -0.9 | % | 0.1 | % | 0.9 | % | ||||||||||
Net change | 5.1 | % | 14.5 | % | 10.1 | % | 0.5 | % | -17.8 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 126,522 | $ | 114,035 | $ | 101,687 | $ | 346,086 | $ | 304,839 | $ | 116,893 | $ | 116,215 | $ | 137,341 | ||||||||||||||||
Gross profit margin | 25.5 | % | 22.2 | % | 16.2 | % | 22.6 | % | 13.4 | % | 24.1 | % | 23.7 | % | 26.3 | % |
Fiscal quarter ended September 30, 2017 | Nine fiscal months ended September 30, 2017 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
July 1, 2017 | $ | 12,487 | 11.0 | % | ||||||||||||
October 1, 2016 | $ | 24,835 | 24.4 | % | $ | 41,247 | 13.5 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | 678 | 0.6 | % | ||||
March 30, 2019 | $ | (20,448 | ) | -14.9 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | ||||||||||||||||
Change attributable to: | ||||||||||||||||||||
Change in volume | 9.9 | % | 27.1 | % | 18.3 | % | 0.9 | % | -9.8 | % | ||||||||||
Decrease in average selling prices | -0.1 | % | -2.3 | % | -3.4 | % | -0.2 | % | -5.8 | % | ||||||||||
Foreign currency effects | 1.0 | % | 0.7 | % | -0.1 | % | -0.1 | % | -0.4 | % | ||||||||||
Other | 0.2 | % | -1.1 | % | -1.3 | % | 0.0 | % | 1.1 | % | ||||||||||
Net change | 11.0 | % | 24.4 | % | 13.5 | % | 0.6 | % | -14.9 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 160,711 | $ | 155,717 | $ | 141,127 | $ | 461,323 | $ | 418,629 | $ | 115,343 | $ | 123,382 | $ | 167,840 | ||||||||||||||||
Gross profit margin | 26.7 | % | 26.4 | % | 25.8 | % | 26.4 | % | 25.4 | % | 16.9 | % | 16.3 | % | 25.9 | % |
Fiscal quarter ended September 30, 2017 | Nine fiscal months ended September 30, 2017 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
July 1, 2017 | $ | 4,994 | 3.2 | % | ||||||||||||
October 1, 2016 | $ | 19,584 | 13.9 | % | $ | 42,694 | 10.2 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | (8,039 | ) | -6.5 | % | |||
March 30, 2019 | $ | (52,497 | ) | -31.3 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | ||||||||||||||||
Change attributable to: | ||||||||||||||||||||
Change in volume | 2.1 | % | 16.9 | % | 14.8 | % | ||||||||||||||
Decrease in volume | -4.2 | % | -28.1 | % | ||||||||||||||||
Decrease in average selling prices | -0.6 | % | -3.3 | % | -3.4 | % | -2.5 | % | -5.6 | % | ||||||||||
Foreign currency effects | 1.7 | % | 1.3 | % | -0.1 | % | -0.1 | % | -0.5 | % | ||||||||||
Other | 0.0 | % | -1.0 | % | -1.1 | % | 0.3 | % | 2.9 | % | ||||||||||
Net change | 3.2 | % | 13.9 | % | 10.2 | % | -6.5 | % | -31.3 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 76,740 | $ | 73,838 | $ | 72,801 | $ | 216,260 | $ | 203,635 | $ | 54,179 | $ | 51,047 | $ | 60,562 | ||||||||||||||||
Gross profit margin | 37.7 | % | 34.5 | % | 33.3 | % | 35.5 | % | 31.9 | % | 26.9 | % | 20.2 | % | 26.4 | % |
Fiscal quarter ended September 30, 2017 | Nine fiscal months ended September 30, 2017 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
July 1, 2017 | $ | 2,902 | 3.9 | % | ||||||||||||
October 1, 2016 | $ | 3,939 | 5.4 | % | $ | 12,625 | 6.2 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | 3,132 | 6.1 | % | ||||
March 30, 2019 | $ | (6,383 | ) | -10.5 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | ||||||||||||||||
Change attributable to: | ||||||||||||||||||||
Change in volume | 1.7 | % | 6.0 | % | 9.8 | % | 5.6 | % | -7.9 | % | ||||||||||
Decrease in average selling prices | 0.0 | % | -2.1 | % | -3.0 | % | -0.8 | % | -2.2 | % | ||||||||||
Foreign currency effects | 2.2 | % | 1.6 | % | 0.0 | % | -0.2 | % | -1.2 | % | ||||||||||
Other | 0.0 | % | -0.1 | % | -0.6 | % | 1.5 | % | 0.8 | % | ||||||||||
Net change | 3.9 | % | 5.4 | % | 6.2 | % | 6.1 | % | -10.5 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 217,601 | $ | 209,182 | $ | 192,041 | $ | 627,166 | $ | 568,334 | $ | 159,208 | $ | 147,883 | $ | 188,831 | ||||||||||||||||
Gross profit margin | 30.1 | % | 29.7 | % | 30.6 | % | 30.1 | % | 30.2 | % | 28.1 | % | 23.5 | % | 33.1 | % |
Fiscal quarter ended September 30, 2017 | Nine fiscal months ended September 30, 2017 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
July 1, 2017 | $ | 8,419 | 4.0 | % | ||||||||||||
October 1, 2016 | $ | 25,560 | 13.3 | % | $ | 58,832 | 10.4 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | 11,325 | 7.7 | % | ||||
March 30, 2019 | $ | (29,623 | ) | -15.7 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | ||||||||||||||||
Change attributable to: | ||||||||||||||||||||
Change in volume | 1.3 | % | 13.5 | % | 13.5 | % | 8.9 | % | -12.0 | % | ||||||||||
Decrease in average selling prices | -0.3 | % | -2.1 | % | -2.3 | % | -0.6 | % | -1.0 | % | ||||||||||
Foreign currency effects | 2.7 | % | 2.2 | % | -0.2 | % | -0.3 | % | -1.2 | % | ||||||||||
Other | 0.3 | % | -0.3 | % | -0.6 | % | -0.3 | % | -1.5 | % | ||||||||||
Net change | 4.0 | % | 13.3 | % | 10.4 | % | 7.7 | % | -15.7 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 96,309 | $ | 92,120 | $ | 84,299 | $ | 278,198 | $ | 257,175 | $ | 73,785 | $ | 76,520 | $ | 71,640 | ||||||||||||||||
Gross profit margin | 20.3 | % | 20.6 | % | 21.3 | % | 20.8 | % | 20.7 | % | 31.2 | % | 33.5 | % | 32.5 | % |
Fiscal quarter ended September 30, 2017 | Nine fiscal months ended September 30, 2017 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
July 1, 2017 | $ | 4,189 | 4.5 | % | ||||||||||||
October 1, 2016 | $ | 12,010 | 14.2 | % | $ | 21,023 | 8.2 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | (2,735 | ) | -3.6 | % | |||
March 30, 2019 | $ | 2,145 | 3.0 | % |
vs. Prior Quarter | vs. Prior Year Quarter | |||||||
Change attributable to: | ||||||||
Change in volume | -0.9 | % | 6.5 | % | ||||
Decrease in average selling prices | -2.6 | % | -2.7 | % | ||||
Foreign currency effects | 0.0 | % | -0.6 | % | ||||
Other | -0.1 | % | -0.2 | % | ||||
Net change | -3.6 | % | 3.0 | % |
Fiscal quarters ended | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
Net revenues | $ | 93,433 | $ | 94,530 | $ | 118,945 | ||||||
Gross profit margin | 21.8 | % | 17.9 | % | 25.0 | % |
Fiscal quarter ended April 4, 2020 | ||||||||
Change in net revenues | % change | |||||||
December 31, 2019 | $ | (1,097 | ) | -1.2 | % | |||
March 30, 2019 | $ | (25,512 | ) | -21.4 | % |
vs. Prior Quarter | vs. Prior Year Quarter | vs. Prior Year-to-Date | vs. Prior Quarter | vs. Prior Year Quarter | ||||||||||||||||
Change attributable to: | ||||||||||||||||||||
Change in volume | 0.8 | % | 14.5 | % | 10.5 | % | ||||||||||||||
Decrease in volume | -0.5 | % | -21.1 | % | ||||||||||||||||
Change in average selling prices | 1.1 | % | -2.0 | % | -1.7 | % | -0.6 | % | 0.8 | % | ||||||||||
Foreign currency effects | 2.6 | % | 2.1 | % | -0.3 | % | -0.2 | % | -1.1 | % | ||||||||||
Other | 0.0 | % | -0.4 | % | -0.3 | % | 0.1 | % | 0.0 | % | ||||||||||
Net change | 4.5 | % | 14.2 | % | 8.2 | % | -1.2 | % | -21.4 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Total SG&A expenses | $ | 93,701 | $ | 90,446 | $ | 93,916 | $ | 278,865 | $ | 276,455 | $ | 99,832 | $ | 94,299 | $ | 103,424 | ||||||||||||||||
as a percentage of revenues | 13.8 | % | 14.0 | % | 15.9 | % | 14.5 | % | 15.8 | % | 16.3 | % | 15.5 | % | 13.9 | % |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
September 30, 2017 | July 1, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | ||||||||||||||||
Amortization of intangible assets | $ | 3,432 | $ | 3,430 | $ | 3,594 | $ | 10,830 | $ | 10,834 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||||||||||
September 30, 2017 | July 1, 2017 | Change | April 4, 2020 | December 31, 2019 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | (904 | ) | $ | (760 | ) | $ | (144 | ) | $ | 1,864 | $ | (1,576 | ) | $ | 3,440 | ||||||||
Interest income | 1,802 | 1,534 | 268 | 1,854 | 1,734 | 120 | ||||||||||||||||||
Other components of other periodic pension cost | (3,068 | ) | (3,848 | ) | 780 | |||||||||||||||||||
Investment income (expense) | (437 | ) | (97 | ) | (340 | ) | ||||||||||||||||||
Other | (100 | ) | (25 | ) | (75 | ) | (15 | ) | 135 | (150 | ) | |||||||||||||
$ | 798 | $ | 749 | $ | 49 | $ | 198 | $ | (3,652 | ) | $ | 3,850 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||||||||||
September 30, 2017 | October 1, 2016 | Change | April 4, 2020 | March 30, 2019 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | (904 | ) | $ | (1,516 | ) | $ | 612 | $ | 1,864 | $ | (470 | ) | $ | 2,334 | |||||||||
Interest income | 1,802 | 1,033 | 769 | 1,854 | 2,199 | (345 | ) | |||||||||||||||||
Other components of other periodic pension cost | (3,068 | ) | (3,396 | ) | 328 | |||||||||||||||||||
Investment income (expense) | (437 | ) | 3,590 | (4,027 | ) | |||||||||||||||||||
Other | (100 | ) | 103 | (203 | ) | (15 | ) | (11 | ) | (4 | ) | |||||||||||||
$ | 798 | $ | (380 | ) | $ | 1,178 | $ | 198 | $ | 1,912 | $ | (1,714 | ) |
Nine fiscal months ended | ||||||||||||
September 30, 2017 | October 1, 2016 | Change | ||||||||||
Foreign exchange gain (loss) | $ | (3,325 | ) | $ | (597 | ) | $ | (2,728 | ) | |||
Interest income | 4,599 | 3,200 | 1,399 | |||||||||
Other | (123 | ) | 52 | (175 | ) | |||||||
$ | 1,151 | $ | 2,655 | $ | (1,504 | ) |
September 30, 2017 | December 31, 2016 | April 4, 2020 | December 31, 2019 | |||||||||||||
Credit facility | $ | 138,000 | $ | 143,000 | $ | 54,000 | $ | - | ||||||||
Convertible senior notes, due 2025* | 512,745 | 509,128 | ||||||||||||||
Convertible senior debentures, due 2040* | 109,864 | 108,120 | 127 | 126 | ||||||||||||
Convertible senior debentures, due 2041* | 56,372 | 55,442 | 1,050 | 6,677 | ||||||||||||
Convertible senior debentures, due 2042* | 62,247 | 61,341 | ||||||||||||||
Deferred financing costs | (9,545 | ) | (10,880 | ) | (15,826 | ) | (16,784 | ) | ||||||||
Total debt | 356,938 | 357,023 | 552,096 | 499,147 | ||||||||||||
Cash and cash equivalents | 575,385 | 471,781 | 680,703 | 694,133 | ||||||||||||
Short-term investments | 668,185 | 626,627 | 140,725 | 108,822 | ||||||||||||
Net cash and short-term investments (debt) | $ | 886,632 | $ | 741,385 | $ | 269,332 | $ | 303,808 |
Fiscal Period | Amount | Month of Payment | |||
Three fiscal months ended April 1, 2017 | $ | 9,136 | March | ||
Three fiscal months ended July 1, 2017 | 9,141 | June | |||
Three fiscal months ended September 30, 2017 | 9,050 | September |
Fiscal Period | Amount | Month of Payment | |||
Three fiscal months ended April 4, 2020 | $ | 13,741 | March |
Item 4. | Controls and Procedures |
• | Adverse impact on our customers and supply channels; |
• | Decrease in sales, product demand and pricing and unfavorable economic and market conditions; |
• | Increased costs, including higher shipping costs due to reduced shipping capacity; |
• | Restrictions on our manufacturing, support operations or workforce, or similar limitations for our customers, vendors, and suppliers, that could limit our ability to meet customer demand; |
• | Potential increased credit risk if customers, distributors, and resellers are unable to pay us, or must delay paying their obligations to us; |
• | Restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures could result in delays; and |
• | Impact on our workforce/employees due to the ease with which the virus spreads and the current shelter-in-place orders. |
Period | Total Number of Shares Purchased | Average Price Paid per Share (including commission) | Total Number of Shares Purchased as Part of Publicly Announced Program | Total Dollar Amount Purchased Under the Program | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program | |||||||||||||||
July 2 - July 29 | - | $ | - | - | $ | - | $ | - | ||||||||||||
July 30 - August 26 | 898,499 | $ | 17.23 | 898,499 | $ | 15,484,861 | $ | 134,515,139 | ||||||||||||
August 27 - September 30 | 1,228,684 | $ | 17.97 | 1,228,684 | $ | 22,078,938 | $ | 112,436,201 | ||||||||||||
Total | 2,127,183 | $ | 17.66 | 2,127,183 | $ | 37,563,799 | $ | 112,436,201 |
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended |
104 | Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language and contained in Exhibit 101) |
VISHAY INTERTECHNOLOGY, INC. | ||
/s/ Lori Lipcaman | ||
Lori Lipcaman | ||
Executive Vice President and Chief Financial Officer | ||
(as a duly authorized officer and principal financial and | ||
accounting officer) |