☒ | 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 LANCASTER AVENUE | 610-644-1300 | |
(Address of Principal Executive Offices) | (Registrant’s Area Code and Telephone Number) |
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 ☒ | Accelerated filer ◻ | |
Non-accelerated filer ◻ | Smaller reporting company ☐ | |
Emerging growth company ☐ |
Page Number | |||||
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 28, 2019 | December 31, 2018 | April 4, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 731,483 | $ | 686,032 | $ | 680,703 | $ | 694,133 | ||||||||
Short-term investments | 56,043 | 78,286 | 140,725 | 108,822 | ||||||||||||
Accounts receivable, net | 335,189 | 397,020 | 325,704 | 328,187 | ||||||||||||
Inventories: | ||||||||||||||||
Finished goods | 129,485 | 138,112 | 122,231 | 122,466 | ||||||||||||
Work in process | 189,757 | 190,982 | 202,318 | 187,354 | ||||||||||||
Raw materials | 125,411 | 150,566 | 128,639 | 121,860 | ||||||||||||
Total inventories | 444,653 | 479,660 | 453,188 | 431,680 | ||||||||||||
Prepaid expenses and other current assets | 123,712 | 142,888 | 124,871 | 141,294 | ||||||||||||
Total current assets | 1,691,080 | 1,783,886 | 1,725,191 | 1,704,116 | ||||||||||||
Property and equipment, at cost: | ||||||||||||||||
Land | 74,053 | 87,622 | 74,442 | 75,011 | ||||||||||||
Buildings and improvements | 570,727 | 619,445 | 579,161 | 585,064 | ||||||||||||
Machinery and equipment | 2,551,127 | 2,510,001 | 2,591,804 | 2,606,355 | ||||||||||||
Construction in progress | 113,639 | 125,109 | 105,832 | 110,722 | ||||||||||||
Allowance for depreciation | (2,381,868 | ) | (2,373,176 | ) | (2,426,757 | ) | (2,425,627 | ) | ||||||||
Property and equipment, net | 927,678 | 969,001 | 924,482 | 951,525 | ||||||||||||
Right of use assets | 93,103 | - | 99,506 | 93,162 | ||||||||||||
Goodwill | 150,309 | 147,480 | 150,288 | 150,642 | ||||||||||||
Other intangible assets, net | 62,265 | 65,688 | 60,468 | 60,659 | ||||||||||||
Other assets | 147,751 | 140,143 | 156,569 | 160,671 | ||||||||||||
Total assets | $ | 3,072,186 | $ | 3,106,198 | $ | 3,116,504 | $ | 3,120,775 |
September 28, 2019 | December 31, 2018 | April 4, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Liabilities and equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Notes payable to banks | $ | 7 | $ | 18 | $ | 199 | $ | 2 | ||||||||
Trade accounts payable | 141,472 | 218,322 | 153,999 | 173,915 | ||||||||||||
Payroll and related expenses | 131,751 | 141,670 | 116,456 | 122,100 | ||||||||||||
Lease liabilities | 16,932 | - | 21,033 | 20,217 | ||||||||||||
Other accrued expenses | 164,995 | 229,660 | 174,556 | 186,463 | ||||||||||||
Income taxes | 25,945 | 54,436 | 24,030 | 17,731 | ||||||||||||
Total current liabilities | 481,102 | 644,106 | 490,273 | 520,428 | ||||||||||||
Long-term debt less current portion | 496,262 | 494,509 | 552,096 | 499,147 | ||||||||||||
U.S. transition tax payable | 140,196 | 154,953 | 140,196 | 140,196 | ||||||||||||
Deferred income taxes | 47,246 | 85,471 | 20,627 | 22,021 | ||||||||||||
Long-term lease liabilities | 80,998 | - | 83,440 | 78,511 | ||||||||||||
Other liabilities | 90,174 | 79,489 | 94,762 | 100,207 | ||||||||||||
Accrued pension and other postretirement costs | 248,357 | 260,984 | 265,284 | 272,402 | ||||||||||||
Total liabilities | 1,584,335 | 1,719,512 | 1,646,678 | 1,632,912 | ||||||||||||
Redeemable convertible debentures | - | 2,016 | - | 174 | ||||||||||||
Equity: | ||||||||||||||||
Vishay stockholders' equity | ||||||||||||||||
Common stock | 13,235 | 13,212 | 13,255 | 13,235 | ||||||||||||
Class B convertible common stock | 1,210 | 1,210 | 1,210 | 1,210 | ||||||||||||
Capital in excess of par value | 1,427,049 | 1,436,011 | 1,416,260 | 1,425,170 | ||||||||||||
Retained earnings (accumulated deficit) | 71,956 | (61,258 | ) | |||||||||||||
Retained earnings | 84,570 | 72,180 | ||||||||||||||
Accumulated other comprehensive income (loss) | (27,952 | ) | (6,791 | ) | (48,174 | ) | (26,646 | ) | ||||||||
Total Vishay stockholders' equity | 1,485,498 | 1,382,384 | 1,467,121 | 1,485,149 | ||||||||||||
Noncontrolling interests | 2,353 | 2,286 | 2,705 | 2,540 | ||||||||||||
Total equity | 1,487,851 | 1,384,670 | 1,469,826 | 1,487,689 | ||||||||||||
Total liabilities, temporary equity, and equity | $ | 3,072,186 | $ | 3,106,198 | $ | 3,116,504 | $ | 3,120,775 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||
Net revenues | $ | 628,329 | $ | 780,972 | $ | 612,841 | $ | 745,159 | ||||||||
Costs of products sold | 478,250 | 544,676 | 465,601 | 534,000 | ||||||||||||
Gross profit | 150,079 | 236,296 | 147,240 | 211,159 | ||||||||||||
Selling, general, and administrative expenses | 91,796 | 98,198 | 99,832 | 103,424 | ||||||||||||
Restructuring and severance costs | 7,255 | - | ||||||||||||||
Operating income | 51,028 | 138,098 | 47,408 | 107,735 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (8,564 | ) | (10,813 | ) | (8,552 | ) | (8,392 | ) | ||||||||
Other components of net periodic pension cost | (3,348 | ) | (3,367 | ) | ||||||||||||
Loss on early extinguishment of debt | (2,920 | ) | (1,307 | ) | ||||||||||||
Other | 5,066 | 2,890 | 198 | 1,912 | ||||||||||||
Total other income (expense) | (6,846 | ) | (11,290 | ) | (11,274 | ) | (7,787 | ) | ||||||||
Income before taxes | 44,182 | 126,808 | 36,134 | 99,948 | ||||||||||||
Income tax expense | 13,917 | 48,737 | 8,750 | 24,307 | ||||||||||||
Net earnings | 30,265 | 78,071 | 27,384 | 75,641 | ||||||||||||
Less: net earnings attributable to noncontrolling interests | 227 | 195 | 165 | 182 | ||||||||||||
Net earnings attributable to Vishay stockholders | $ | 30,038 | $ | 77,876 | $ | 27,219 | $ | 75,459 | ||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.21 | $ | 0.54 | $ | 0.19 | $ | 0.52 | ||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.21 | $ | 0.51 | $ | 0.19 | $ | 0.52 | ||||||||
Weighted average shares outstanding - basic | 144,628 | 144,383 | 144,792 | 144,554 | ||||||||||||
Weighted average shares outstanding - diluted | 145,027 | 152,946 | 145,295 | 145,289 | ||||||||||||
Cash dividends per share | $ | 0.0950 | $ | 0.0850 | $ | 0.0950 | $ | 0.0850 |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||
September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||
Net earnings | $ | 30,265 | $ | 78,071 | $ | 27,384 | $ | 75,641 | ||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Pension and other post-retirement actuarial items | 1,368 | 1,670 | 1,601 | 1,457 | ||||||||||||
Foreign currency translation adjustment | (23,004 | ) | 4,277 | (23,129 | ) | (9,989 | ) | |||||||||
Other comprehensive income (loss) | (21,636 | ) | 5,947 | (21,528 | ) | (8,532 | ) | |||||||||
Comprehensive income | 8,629 | 84,018 | 5,856 | 67,109 | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 227 | 195 | 165 | 182 | ||||||||||||
Comprehensive income attributable to Vishay stockholders | $ | 8,402 | $ | 83,823 | $ | 5,691 | $ | 66,927 |
Nine fiscal months ended | ||||||||
September 28, 2019 | September 29, 2018 | |||||||
Net revenues | $ | 2,058,728 | $ | 2,258,797 | ||||
Costs of products sold | 1,522,889 | 1,589,963 | ||||||
Gross profit | 535,839 | 668,834 | ||||||
Selling, general, and administrative expenses | 290,332 | 303,381 | ||||||
Restructuring and severance costs | 7,255 | - | ||||||
Operating income | 238,252 | 365,453 | ||||||
Other income (expense): | ||||||||
Interest expense | (25,160 | ) | (26,862 | ) | ||||
Other components of net periodic pension cost | (10,111 | ) | (10,336 | ) | ||||
Other | 13,344 | 5,440 | ||||||
Loss on early extinguishment of debt | (1,307 | ) | (17,309 | ) | ||||
Total other income (expense) | (23,234 | ) | (49,067 | ) | ||||
Income before taxes | 215,018 | 316,386 | ||||||
Income tax expense | 64,377 | 72,508 | ||||||
Net earnings | 150,641 | 243,878 | ||||||
Less: net earnings attributable to noncontrolling interests | 667 | 539 | ||||||
Net earnings attributable to Vishay stockholders | $ | 149,974 | $ | 243,339 | ||||
Basic earnings per share attributable to Vishay stockholders | $ | 1.04 | $ | 1.69 | ||||
Diluted earnings per share attributable to Vishay stockholders | $ | 1.03 | $ | 1.55 | ||||
Weighted average shares outstanding - basic | 144,602 | 144,364 | ||||||
Weighted average shares outstanding - diluted | 145,114 | 156,702 | ||||||
Cash dividends per share | $ | 0.2750 | $ | 0.2375 |
Nine fiscal months ended | ||||||||
September 28, 2019 | September 29, 2018 | |||||||
Net earnings | $ | 150,641 | $ | 243,878 | ||||
Other comprehensive income (loss), net of tax | ||||||||
Pension and other post-retirement actuarial items | 4,448 | 4,852 | ||||||
Foreign currency translation adjustment | (25,609 | ) | (30,236 | ) | ||||
Other comprehensive income (loss) | (21,161 | ) | (25,384 | ) | ||||
Comprehensive income | 129,480 | 218,494 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 667 | 539 | ||||||
Comprehensive income attributable to Vishay stockholders | $ | 128,813 | $ | 217,955 |
Nine fiscal months ended | Three fiscal months ended | |||||||||||||||
September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||
Operating activities | ||||||||||||||||
Net earnings | $ | 150,641 | $ | 243,878 | $ | 27,384 | $ | 75,641 | ||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 122,302 | 121,888 | 41,520 | 40,428 | ||||||||||||
(Gain) loss on disposal of property and equipment | (168 | ) | (2,216 | ) | (45 | ) | (173 | ) | ||||||||
Accretion of interest on convertible debt instruments | 10,558 | 6,966 | 3,637 | 3,490 | ||||||||||||
Inventory write-offs for obsolescence | 19,214 | 17,059 | 5,643 | 6,967 | ||||||||||||
Deferred income taxes | (4,481 | ) | (12,348 | ) | (3,517 | ) | (2,614 | ) | ||||||||
Loss on extinguishment of debt | 1,307 | 17,309 | 2,920 | 1,307 | ||||||||||||
Other | 9,029 | 13,021 | 3,524 | (1,744 | ) | |||||||||||
Change in U.S. transition tax liability | (14,757 | ) | (14,400 | ) | ||||||||||||
Change in repatriation tax liability | (38,814 | ) | (156,767 | ) | ||||||||||||
Net change in operating assets and liabilities, net of effects of businesses acquired | (42,810 | ) | (125,499 | ) | (46,588 | ) | (43,784 | ) | ||||||||
Net cash provided by operating activities | 212,021 | 108,891 | 34,478 | 79,518 | ||||||||||||
Investing activities | ||||||||||||||||
Capital expenditures | (100,267 | ) | (126,391 | ) | (24,328 | ) | (36,367 | ) | ||||||||
Proceeds from sale of property and equipment | 486 | 8,455 | 53 | 395 | ||||||||||||
Purchase of businesses, net of cash received | (11,862 | ) | (14,880 | ) | - | (11,862 | ) | |||||||||
Purchase of short-term investments | (59,440 | ) | (172,732 | ) | (35,463 | ) | (1,920 | ) | ||||||||
Maturity of short-term investments | 79,765 | 577,524 | - | 71,455 | ||||||||||||
Other investing activities | 4,021 | (1,608 | ) | (1,507 | ) | 2,893 | ||||||||||
Net cash provided by (used in) investing activities | (87,297 | ) | 270,368 | (61,245 | ) | 24,594 | ||||||||||
Financing activities | ||||||||||||||||
Proceeds from long-term borrowings | - | 600,000 | ||||||||||||||
Issuance costs | (5,394 | ) | (15,621 | ) | ||||||||||||
Repurchase of convertible debentures | (22,695 | ) | (584,991 | ) | (19,849 | ) | (22,695 | ) | ||||||||
Net proceeds (payments) on revolving credit lines | - | (150,000 | ) | 54,000 | - | |||||||||||
Net changes in short-term borrowings | (12 | ) | - | 85 | - | |||||||||||
Dividends paid to common stockholders | (36,396 | ) | (31,378 | ) | (12,592 | ) | (11,249 | ) | ||||||||
Dividends paid to Class B common stockholders | (3,327 | ) | (2,873 | ) | (1,149 | ) | (1,028 | ) | ||||||||
Distributions to noncontrolling interests | (600 | ) | (525 | ) | ||||||||||||
Cash withholding taxes paid when shares withheld for vested equity awards | (2,708 | ) | (2,297 | ) | (1,991 | ) | (2,659 | ) | ||||||||
Net cash used in financing activities | (71,132 | ) | (187,685 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 18,504 | (37,631 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (8,141 | ) | (11,501 | ) | (5,167 | ) | (3,087 | ) | ||||||||
Net increase in cash and cash equivalents | 45,451 | 180,073 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (13,430 | ) | 63,394 | |||||||||||||
Cash and cash equivalents at beginning of period | 686,032 | 748,032 | 694,133 | 686,032 | ||||||||||||
Cash and cash equivalents at end of period | $ | 731,483 | $ | 928,105 | $ | 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, 2017 | $ | 13,188 | $ | 1,213 | $ | 1,752,506 | $ | (362,254 | ) | $ | 25,714 | $ | 1,430,367 | $ | 2,032 | $ | 1,432,399 | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-01 | - | - | - | 1,801 | (1,801 | ) | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 165,463 | - | 165,463 | 344 | 165,807 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (31,331 | ) | (31,331 | ) | - | (31,331 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (525 | ) | (525 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (31,800 shares) | 3 | (3 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 1,779 | - | - | 1,779 | - | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (211,328 shares) | 21 | - | (2,318 | ) | - | - | (2,297 | ) | - | (2,297 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.1525 per share) | - | - | 25 | (22,018 | ) | - | (21,993 | ) | - | (21,993 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 3,261 | - | - | 3,261 | - | 3,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible notes due 2025 | - | - | 85,262 | - | - | 85,262 | - | 85,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042 | - | - | (246,573 | ) | - | - | (246,573 | ) | - | (246,573 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | $ | 13,212 | $ | 1,210 | $ | 1,593,942 | $ | (217,008 | ) | $ | (7,418 | ) | $ | 1,383,938 | $ | 1,851 | $ | 1,385,789 | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 77,876 | - | 77,876 | 195 | 78,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 5,947 | 5,947 | - | 5,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 358 | - | - | 358 | - | 358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.0850 per share) | - | - | 14 | (12,272 | ) | - | (12,258 | ) | - | (12,258 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 778 | - | - | 778 | - | 778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 29, 2018 | $ | 13,212 | $ | 1,210 | $ | 1,595,092 | $ | (151,404 | ) | $ | (1,471 | ) | $ | 1,456,639 | $ | 2,046 | $ | 1,458,685 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 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 | - | - | - | 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 | - | - | - | 119,936 | - | 119,936 | 440 | 120,376 | - | - | - | 27,219 | - | 27,219 | 165 | 27,384 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 475 | 475 | - | 475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | - | - | - | - | - | - | (600 | ) | (600 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares (18 shares) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | (21,528 | ) | (21,528 | ) | - | (21,528 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity reclassification | - | - | 209 | - | - | 209 | - | 209 | - | - | 174 | - | - | 174 | - | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (230,624 shares) | 23 | - | (2,731 | ) | - | - | (2,708 | ) | - | (2,708 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.1800 per share) | - | - | 32 | (26,032 | ) | - | (26,000 | ) | - | (26,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | - | 4,426 | - | - | 4,426 | - | 4,426 | - | - | 2,998 | - | - | 2,998 | - | 2,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of convertible senior debentures | - | - | (11,783 | ) | - | - | (11,783 | ) | - | (11,783 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 29, 2019 | $ | 13,235 | $ | 1,210 | $ | 1,426,164 | $ | 55,659 | $ | (6,316 | ) | $ | 1,489,952 | $ | 2,126 | $ | 1,492,078 | |||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 30,038 | - | 30,038 | 227 | 30,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | (21,636 | ) | (21,636 | ) | - | (21,636 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.0950 per share) | - | - | 18 | (13,741 | ) | - | (13,723 | ) | - | (13,723 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | - | - | 867 | - | - | 867 | - | 867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 28, 2019 | $ | 13,235 | $ | 1,210 | $ | 1,427,049 | $ | 71,956 | $ | (27,952 | ) | $ | 1,485,498 | $ | 2,353 | $ | 1,487,851 | |||||||||||||||||||||||||||||||||||||||||||||||
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 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||||
Beginning balance | $ | 44,382 | $ | 38,032 | $ | 42,663 | $ | 36,680 | ||||||||
Sales allowances | 26,403 | 27,986 | 83,517 | 77,539 | ||||||||||||
Credits issued | (34,937 | ) | (29,293 | ) | (90,269 | ) | (77,091 | ) | ||||||||
Foreign currency | (449 | ) | 103 | (512 | ) | (300 | ) | |||||||||
Ending balance | $ | 35,399 | $ | 36,828 | $ | 35,399 | $ | 36,828 |
September 28, 2019 | January 1, 2019 | |||||||
Right of use assets | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 88,060 | $ | 86,058 | ||||
Machinery and equipment | 5,043 | 5,404 | ||||||
Total | $ | 93,103 | $ | 91,462 | ||||
Current lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 14,398 | $ | 10,644 | ||||
Machinery and equipment | 2,534 | 3,317 | ||||||
Total | $ | 16,932 | $ | 13,961 | ||||
Long-term lease liabilities | ||||||||
Operating Leases | ||||||||
Buildings and improvements | $ | 78,519 | $ | 79,000 | ||||
Machinery and equipment | 2,479 | 2,823 | ||||||
Total | $ | 80,998 | $ | 81,823 | ||||
Total lease liabilities | $ | 97,930 | $ | 95,784 |
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 | ||||||||||||||||
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | April 4, 2020 | March 30, 2019 | |||||||||||||
Lease expense | ||||||||||||||||
Operating lease expense | $ | 5,557 | $ | 16,720 | $ | 5,652 | $ | 5,536 | ||||||||
Short-term lease expense | 361 | 2,013 | 194 | 833 | ||||||||||||
Variable lease expense | 9 | 30 | 23 | 12 | ||||||||||||
Total lease expense | $ | 5,927 | $ | 18,763 | $ | 5,869 | $ | 6,381 |
September 28, 2019 | April 4, 2020 | |||||||
2019 (excluding the nine fiscal months ended September 28, 2019) | $ | 5,504 | ||||||
2020 | 19,629 | |||||||
2020 (excluding the three fiscal months ended April 4, 2020) | $ | 16,499 | ||||||
2021 | 16,949 | 19,647 | ||||||
2022 | 13,633 | 16,044 | ||||||
2023 | 12,463 | 13,699 | ||||||
2024 | 12,640 | |||||||
Thereafter | 61,261 | 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 |
April 4, 2020 | December 31, 2019 | |||||||
Credit facility | $ | 54,000 | $ | - | ||||
Convertible senior notes, due 2025 | 512,745 | 509,128 | ||||||
Convertible senior debentures, due 2040 | 127 | 126 | ||||||
Convertible senior debentures, due 2041 | 1,050 | 6,677 | ||||||
Deferred financing costs | (15,826 | ) | (16,784 | ) | ||||
552,096 | 499,147 | |||||||
Less current portion | - | - | ||||||
$ | 552,096 | $ | 499,147 |
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 |
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 | 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 |
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 |
September 28, 2019 | December 31, 2018 | |||||||
Credit facility | $ | - | $ | - | ||||
Convertible senior notes, due 2025 | 505,591 | 495,203 | ||||||
Convertible senior debentures, due 2040 | 146 | 539 | ||||||
Convertible senior debentures, due 2041 | 8,175 | 12,812 | ||||||
Convertible senior debentures, due 2042 | - | 923 | ||||||
Deferred financing costs | (17,650 | ) | (14,968 | ) | ||||
496,262 | 494,509 | |||||||
Less current portion | - | - | ||||||
$ | 496,262 | $ | 494,509 |
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 September 28, 2019 | $ | 600,000 | $ | 350 | $ | 20,790 | ||||||
Cash coupon rate (per annum) | 2.25 | % | 2.25 | % | 2.25 | % | ||||||
Nonconvertible debt borrowing rate at issuance (per annum) | 5.50 | % | 8.00 | % | 8.375 | % | ||||||
Conversion rate effective September 11, 2019 (per $1 principal amount) | 31.7924 | 79.6235 | 58.1051 | |||||||||
Effective conversion price effective September 11, 2019 (per share) | $ | 31.45 | $ | 12.56 | $ | 17.21 | ||||||
130% of the conversion price (per share) | $ | 40.89 | $ | 16.33 | $ | 22.37 | ||||||
Call date | n/a | November 20, 2020 | May 20, 2021 |
Principal amount of the debt instruments | Unamortized discount | Embedded derivative | Carrying value of liability component | Equity component (including temporary equity) -net carrying value | ||||||||||||||||
September 28, 2019 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (94,409 | ) | - | $ | 505,591 | $ | 85,262 | |||||||||||
Convertible senior debentures due 2040 and due 2041 | $ | 21,140 | (12,829 | ) | 10 | $ | 8,321 | $ | 8,767 | |||||||||||
Total | $ | 621,140 | $ | (107,238 | ) | $ | 10 | $ | 513,912 | $ | 94,029 | |||||||||
December 31, 2018 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 600,000 | (104,797 | ) | - | $ | 495,203 | $ | 85,262 | |||||||||||
Convertible senior debentures due 2040, due 2041, and due 2042 | $ | 36,556 | (22,352 | ) | 70 | $ | 14,274 | $ | 15,092 | |||||||||||
Total | $ | 636,556 | $ | (127,149 | ) | $ | 70 | $ | 509,477 | $ | 100,354 |
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 debt instruments | ||||||||||||||||
September 28, 2019 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 3,375 | 3,520 | 454 | - | $ | 7,349 | |||||||||||||
Convertible senior debentures | $ | 118 | 53 | 2 | (10 | ) | $ | 163 | ||||||||||||
Total | $ | 3,493 | $ | 3,573 | $ | 456 | $ | (10 | ) | $ | 7,512 | |||||||||
September 29, 2018 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 3,375 | 3,334 | 454 | - | $ | 7,163 | |||||||||||||
Convertible senior debentures | $ | 1,609 | 668 | 23 | 110 | $ | 2,410 | |||||||||||||
Total | $ | 4,984 | $ | 4,002 | $ | 477 | $ | 110 | $ | 9,573 |
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 debt instruments | ||||||||||||||||
September 28, 2019 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 10,125 | 10,388 | 1,362 | - | $ | 21,875 | |||||||||||||
Convertible senior debentures | $ | 385 | 170 | 6 | (32 | ) | $ | 529 | ||||||||||||
Total | $ | 10,510 | $ | 10,558 | $ | 1,368 | $ | (32 | ) | $ | 22,404 | |||||||||
September 29, 2018 | ||||||||||||||||||||
Convertible senior notes due 2025 | $ | 4,088 | 3,890 | 605 | - | $ | 8,583 | |||||||||||||
Convertible senior debentures | $ | 7,536 | 3,076 | 109 | 115 | $ | 10,836 | |||||||||||||
Total | $ | 11,624 | $ | 6,966 | $ | 714 | $ | 115 | $ | 19,419 |
Pension and other post- retirement actuarial items | Currency translation adjustment | Total | Pension and other post- retirement actuarial items | Currency translation adjustment | Total | |||||||||||||||||||
Balance at January 1, 2019 | $ | (58,291 | ) | $ | 51,500 | $ | (6,791 | ) | ||||||||||||||||
Balance at January 1, 2020 | $ | (68,020 | ) | $ | 41,374 | $ | (26,646 | ) | ||||||||||||||||
Other comprehensive income before reclassifications | - | (25,609 | ) | $ | (25,609 | ) | - | (23,129 | ) | $ | (23,129 | ) | ||||||||||||
Tax effect | - | - | $ | - | - | - | $ | - | ||||||||||||||||
Other comprehensive income before reclassifications, net of tax | - | (25,609 | ) | $ | (25,609 | ) | - | (23,129 | ) | $ | (23,129 | ) | ||||||||||||
Amounts reclassified out of AOCI | 6,136 | - | $ | 6,136 | 2,223 | - | $ | 2,223 | ||||||||||||||||
Tax effect | (1,688 | ) | - | $ | (1,688 | ) | (622 | ) | - | $ | (622 | ) | ||||||||||||
Amounts reclassified out of AOCI, net of tax | 4,448 | - | $ | 4,448 | 1,601 | - | $ | 1,601 | ||||||||||||||||
Net other comprehensive income | $ | 4,448 | $ | (25,609 | ) | $ | (21,161 | ) | $ | 1,601 | $ | (23,129 | ) | $ | (21,528 | ) | ||||||||
Balance at September 28, 2019 | $ | (53,843 | ) | $ | 25,891 | $ | (27,952 | ) | ||||||||||||||||
Balance at April 4, 2020 | $ | (66,419 | ) | $ | 18,245 | $ | (48,174 | ) |
Fiscal quarter ended September 28, 2019 | Fiscal quarter ended September 29, 2018 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Net service cost | $ | - | $ | 841 | $ | - | $ | 900 | ||||||||
Interest cost | 424 | 1,271 | 371 | 1,175 | ||||||||||||
Expected return on plan assets | - | (483 | ) | - | (463 | ) | ||||||||||
Amortization of prior service cost | 36 | 49 | 36 | 52 | ||||||||||||
Amortization of losses | 118 | 1,332 | 159 | 1,520 | ||||||||||||
Curtailment and settlement losses | - | 499 | - | 441 | ||||||||||||
Net periodic benefit cost | $ | 578 | $ | 3,509 | $ | 566 | $ | 3,625 |
Nine fiscal months ended September 28, 2019 | Nine fiscal months ended September 29, 2018 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Net service cost | $ | - | $ | 2,538 | $ | - | $ | 2,775 | ||||||||
Interest cost | 1,272 | 3,843 | 1,113 | 3,628 | ||||||||||||
Expected return on plan assets | - | (1,462 | ) | - | (1,430 | ) | ||||||||||
Amortization of prior service cost | 108 | 150 | 108 | 161 | ||||||||||||
Amortization of losses | 354 | 4,035 | 477 | 4,690 | ||||||||||||
Curtailment and settlement losses | - | 1,504 | - | 1,358 | ||||||||||||
Net periodic benefit cost | $ | 1,734 | $ | 10,608 | $ | 1,698 | $ | 11,182 |
Fiscal quarter ended April 4, 2020 | Fiscal quarter ended March 30, 2019 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Net service cost | $ | - | $ | 1,074 | $ | - | $ | 852 | ||||||||
Interest cost | 342 | 924 | 424 | 1,291 | ||||||||||||
Expected return on plan assets | - | (495 | ) | - | (490 | ) | ||||||||||
Amortization of prior service cost | 36 | 30 | 36 | 51 | ||||||||||||
Amortization of losses | 298 | 1,592 | 118 | 1,359 | ||||||||||||
Curtailment and settlement losses | - | 229 | - | 505 | ||||||||||||
Net periodic benefit cost | $ | 676 | $ | 3,354 | $ | 578 | $ | 3,568 |
Fiscal quarter ended September 28, 2019 | Fiscal quarter ended September 29, 2018 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Service cost | $ | 36 | $ | 71 | $ | 35 | $ | 71 | ||||||||
Interest cost | 77 | 30 | 69 | 28 | ||||||||||||
Amortization of prior service (credit) | - | - | (37 | ) | - | |||||||||||
Amortization of losses (gains) | (32 | ) | 27 | (10 | ) | 26 | ||||||||||
Net periodic benefit cost | $ | 81 | $ | 128 | $ | 57 | $ | 125 |
Nine fiscal months ended September 28, 2019 | Nine fiscal months ended September 29, 2018 | 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 | |||||||||||||||||||||||||
Service cost | $ | 106 | $ | 215 | $ | 103 | $ | 219 | $ | 28 | $ | 69 | $ | 35 | $ | 72 | ||||||||||||||||
Interest cost | 232 | 90 | 205 | 86 | 59 | 15 | 77 | 30 | ||||||||||||||||||||||||
Amortization of prior service (credit) | - | - | (111 | ) | - | |||||||||||||||||||||||||||
Amortization of losses (gains) | (96 | ) | 81 | (29 | ) | 80 | 7 | 31 | (32 | ) | 27 | |||||||||||||||||||||
Net periodic benefit cost | $ | 242 | $ | 386 | $ | 168 | $ | 385 | $ | 94 | $ | 115 | $ | 80 | $ | 129 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Restricted stock units | $ | 867 | $ | 778 | $ | 5,116 | 3,825 | $ | 2,783 | $ | 3,359 | |||||||||||||
Phantom stock units | - | - | 177 | 214 | 215 | 177 | ||||||||||||||||||
Total | $ | 867 | $ | 778 | $ | 5,293 | 4,039 | $ | 2,998 | $ | 3,536 |
Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | Unrecognized Compensation Cost | Weighted Average Remaining Amortization Periods | |||||||||||||
Restricted stock units | $ | 3,912 | 0.9 | $ | 5,041 | 1.0 | ||||||||||
Phantom stock units | - | 0.0 | - | 0.0 | ||||||||||||
Total | $ | 3,912 | $ | 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, 2019 | 904 | $ | 14.77 | |||||||||||||
January 1, 2020 | 842 | $ | 17.93 | |||||||||||||
Granted | 314 | 19.85 | 272 | 18.30 | ||||||||||||
Vested* | (361 | ) | 11.70 | (293 | ) | 15.52 | ||||||||||
Cancelled or forfeited | (15 | ) | 17.71 | - | - | |||||||||||
Outstanding at September 28, 2019 | 842 | $ | 17.93 | |||||||||||||
Outstanding at April 4, 2020 | 821 | $ | 18.91 | |||||||||||||
Expected to vest at September 28, 2019 | 842 | |||||||||||||||
Expected to vest at April 4, 2020 | 808 |
Vesting Date | Expected to Vest | Not Expected to Vest | Total | Expected to Vest | Not Expected to Vest | Total | ||||||||||||
January 1, 2020 | 167 | - | 167 | |||||||||||||||
January 1, 2021 | 141 | - | 141 | 141 | - | 141 | ||||||||||||
January 1, 2022 | 174 | - | 174 | 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, 2019 | 170 | |||||||||||||||
January 1, 2020 | 183 | |||||||||||||||
Granted | 10 | $ | 17.72 | 10 | $ | 21.49 | ||||||||||
Dividend equivalents issued | 3 | 1 | ||||||||||||||
Outstanding at September 28, 2019 | 183 | |||||||||||||||
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 | MOSFETs | Diodes | Optoelectronic Components | Resistors | Inductors | Capacitors | Corporate / Other* | Total | |||||||||||||||||||||||||||||||||||||||||||
Fiscal quarter ended September 28, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal quarter ended April 4, 2020: | Fiscal quarter ended April 4, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 126,747 | $ | 123,879 | $ | 50,702 | $ | 228,577 | $ | 98,424 | $ | 628,329 | $ | 116,893 | $ | 115,343 | $ | 54,179 | $ | 159,208 | $ | 73,785 | $ | 93,433 | $ | - | $ | 612,841 | ||||||||||||||||||||||||||||
Gross profit | $ | 30,491 | $ | 21,138 | $ | 10,883 | $ | 65,894 | $ | 21,673 | $ | 150,079 | $ | 28,152 | $ | 19,518 | $ | 14,585 | $ | 44,773 | $ | 22,987 | $ | 20,355 | $ | (3,130 | ) | $ | 147,240 | |||||||||||||||||||||||||||
Segment operating income | $ | 21,018 | $ | 16,420 | $ | 6,923 | $ | 57,697 | $ | 16,675 | $ | 118,733 | $ | 18,658 | $ | 14,422 | $ | 10,686 | $ | 38,885 | $ | 20,310 | $ | 15,070 | $ | (3,130 | ) | $ | 114,901 | |||||||||||||||||||||||||||
Fiscal quarter ended September 29, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal quarter ended March 30, 2019: | Fiscal quarter ended March 30, 2019: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 144,260 | $ | 186,492 | $ | 76,443 | $ | 257,330 | $ | 116,447 | $ | 780,972 | $ | 137,341 | $ | 167,840 | $ | 60,562 | $ | 188,831 | $ | 71,640 | $ | 118,945 | $ | - | $ | 745,159 | ||||||||||||||||||||||||||||
Gross profit | $ | 38,991 | $ | 54,690 | $ | 27,653 | $ | 88,213 | $ | 26,749 | $ | 236,296 | $ | 36,059 | $ | 43,492 | $ | 16,017 | $ | 62,589 | $ | 23,280 | $ | 29,722 | $ | - | $ | 211,159 | ||||||||||||||||||||||||||||
Segment operating income | $ | 29,502 | $ | 49,561 | $ | 23,144 | $ | 80,042 | $ | 21,655 | $ | 203,904 | $ | 26,678 | $ | 38,128 | $ | 11,710 | $ | 56,347 | $ | 20,640 | $ | 24,566 | $ | - | $ | 178,069 |
Nine fiscal months ended September 28, 2019: | ||||||||||||||||||||||||
Net revenues | $ | 392,930 | $ | 433,761 | $ | 171,939 | $ | 731,431 | $ | 328,667 | $ | 2,058,728 | ||||||||||||
Gross Profit | $ | 98,483 | $ | 93,487 | $ | 43,131 | $ | 223,178 | $ | 77,560 | $ | 535,839 | ||||||||||||
Segment Operating Income | $ | 70,237 | $ | 78,558 | $ | 30,655 | $ | 198,127 | $ | 62,402 | $ | 439,979 | ||||||||||||
Nine fiscal months ended September 29, 2018: | ||||||||||||||||||||||||
Net revenues | $ | 408,325 | $ | 535,975 | $ | 224,110 | $ | 755,323 | $ | 335,064 | $ | 2,258,797 | ||||||||||||
Gross Profit | $ | 109,440 | $ | 150,298 | $ | 81,290 | $ | 251,712 | $ | 76,094 | $ | 668,834 | ||||||||||||
Segment Operating Income | $ | 80,577 | $ | 134,592 | $ | 68,103 | $ | 226,292 | $ | 60,258 | $ | 569,822 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||||
Reconciliation: | ||||||||||||||||
Segment Operating Income | $ | 118,733 | $ | 203,904 | $ | 439,979 | $ | 569,822 | ||||||||
Restructuring and severance costs | (7,255 | ) | - | (7,255 | ) | - | ||||||||||
Unallocated Selling, General, and Administrative Expenses | (60,450 | ) | (65,806 | ) | (194,472 | ) | (204,369 | ) | ||||||||
Consolidated Operating Income | $ | 51,028 | $ | 138,098 | $ | 238,252 | $ | 365,453 | ||||||||
Unallocated Other Income (Expense) | (6,846 | ) | (11,290 | ) | (23,234 | ) | (49,067 | ) | ||||||||
Consolidated Income Before Taxes | $ | 44,182 | $ | 126,808 | $ | 215,018 | $ | 316,386 |
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 | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Distributors | $ | 317,385 | $ | 452,051 | $ | 1,097,365 | $ | 1,302,127 | $ | 305,446 | $ | 411,560 | ||||||||||||
OEMs | 263,983 | 276,299 | 815,645 | 803,128 | 261,129 | 282,636 | ||||||||||||||||||
EMS companies | 46,961 | 52,622 | 145,718 | 153,542 | 46,266 | 50,963 | ||||||||||||||||||
Total Revenue | $ | 628,329 | $ | 780,972 | $ | 2,058,728 | $ | 2,258,797 | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Asia | $ | 231,999 | $ | 315,701 | $ | 737,918 | $ | 904,047 | $ | 217,084 | $ | 259,726 | ||||||||||||
Europe | 231,677 | 269,518 | 765,318 | 809,501 | 233,052 | 278,899 | ||||||||||||||||||
Americas | 164,653 | 195,753 | 555,492 | 545,249 | 162,705 | 206,534 | ||||||||||||||||||
Total Revenue | $ | 628,329 | $ | 780,972 | $ | 2,058,728 | $ | 2,258,797 | $ | 612,841 | $ | 745,159 |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||||
Industrial | $ | 205,670 | $ | 283,134 | $ | 738,043 | $ | 858,963 | ||||||||
Automotive | 212,222 | 224,041 | 627,588 | 642,293 | ||||||||||||
Telecommunications | 34,409 | 51,935 | 132,251 | 144,326 | ||||||||||||
Computing | 47,923 | 62,774 | 143,675 | 163,862 | ||||||||||||
Consumer Products | 23,401 | 48,583 | 87,936 | 126,781 | ||||||||||||
Power Supplies | 31,103 | 34,899 | 90,704 | 110,468 | ||||||||||||
Military and Aerospace | 41,872 | 41,881 | 137,281 | 117,355 | ||||||||||||
Medical | 31,729 | 33,725 | 101,250 | 94,749 | ||||||||||||
Total revenue | $ | 628,329 | $ | 780,972 | 2,058,728 | 2,258,797 |
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 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | |||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net earnings attributable to Vishay stockholders | $ | 30,038 | $ | 77,876 | $ | 149,974 | $ | 243,339 | $ | 27,219 | $ | 75,459 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||||||||||
Weighted average shares | 144,446 | 144,215 | 144,421 | 144,197 | 144,599 | 144,375 | ||||||||||||||||||
Outstanding phantom stock units | 182 | 168 | 181 | 167 | 193 | 179 | ||||||||||||||||||
Adjusted weighted average shares | 144,628 | 144,383 | 144,602 | 144,364 | ||||||||||||||||||||
Adjusted weighted average shares - basic | 144,792 | 144,554 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Convertible and exchangeable debt instruments | 6 | 8,062 | 89 | 11,827 | ||||||||||||||||||||
Convertible debt instruments | 95 | 237 | ||||||||||||||||||||||
Restricted stock units | 393 | 501 | 423 | 511 | 408 | 498 | ||||||||||||||||||
Dilutive potential common shares | 399 | 8,563 | 512 | 12,338 | 503 | 735 | ||||||||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||||||||||||
Adjusted weighted average shares - diluted | 145,027 | 152,946 | 145,114 | 156,702 | 145,295 | 145,289 | ||||||||||||||||||
Basic earnings per share attributable to Vishay stockholders | $ | 0.21 | $ | 0.54 | $ | 1.04 | $ | 1.69 | $ | 0.19 | $ | 0.52 | ||||||||||||
Diluted earnings per share attributable to Vishay stockholders | $ | 0.21 | $ | 0.51 | $ | 1.03 | $ | 1.55 | $ | 0.19 | $ | 0.52 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | |||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | March 30, 2019 | ||||||||||
Convertible debt instruments: | |||||||||||||||
Convertible Senior Notes, due 2025 | 19,066 | 19,052 | 19,058 | 7,607 | |||||||||||
Convertible Senior Debentures, due 2041 | 1,204 | - | 401 | - | |||||||||||
Convertible senior notes due 2025 | 19,088 | 19,052 | |||||||||||||
Convertible senior debentures due 2041 | 88 | - | |||||||||||||
Weighted average other | 315 | 307 | 315 | 307 | 325 | 315 |
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
September 28, 2019 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 51,065 | $ | 34,217 | $ | 16,848 | $ | - | ||||||||
Available for sale securities | $ | 4,328 | 4,328 | - | - | |||||||||||
$ | 55,393 | $ | 38,545 | $ | 16,848 | $ | - | |||||||||
Liabilities: | ||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | - | $ | - | $ | - | $ | - | ||||||||
Embedded derivative - convertible debentures due 2041 | $ | (10 | ) | - | - | (10 | ) | |||||||||
$ | (10 | ) | $ | - | $ | - | $ | (10 | ) | |||||||
December 31, 2018 | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held in rabbi trusts | $ | 41,770 | $ | 26,278 | 15,492 | $ | - | |||||||||
Available for sale securities | $ | 4,309 | 4,309 | - | - | |||||||||||
$ | 46,079 | $ | 30,587 | $ | 15,492 | $ | - | |||||||||
Liabilities: | ||||||||||||||||
Embedded derivative - convertible debentures due 2040 | $ | (1 | ) | $ | - | $ | - | $ | (1 | ) | ||||||
Embedded derivative - convertible debentures due 2041 | $ | (67 | ) | - | - | (67 | ) | |||||||||
Embedded derivative - convertible debentures due 2042 | $ | (2 | ) | - | - | (2 | ) | |||||||||
$ | (70 | ) | $ | - | $ | - | $ | (70 | ) |
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. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | ||||||||||||||||
GAAP net earnings attributable to Vishay stockholders | $ | 30,038 | $ | 44,477 | $ | 77,876 | $ | 149,974 | $ | 243,339 | ||||||||||
Reconciling items affecting operating margin: | ||||||||||||||||||||
Restructuring and severance costs | 7,255 | - | - | 7,255 | - | |||||||||||||||
Reconciling items affecting other income (expense): | ||||||||||||||||||||
Loss on early extinguishment of debt | - | - | - | 1,307 | 17,309 | |||||||||||||||
Reconciling items affecting tax expense: | ||||||||||||||||||||
Effects of tax-basis foreign exchange gain | $ | - | $ | 7,554 | $ | - | $ | 7,554 | $ | - | ||||||||||
Enactment of TCJA | - | - | 13,496 | - | 25,496 | |||||||||||||||
Effects of cash repatriation program | 2,604 | (48 | ) | 680 | 1,971 | (7,010 | ) | |||||||||||||
Change in deferred taxes due to early extinguishment of debt | - | - | - | (1,312 | ) | (33,963 | ) | |||||||||||||
Tax effects of pre-tax items above | (1,644 | ) | - | - | (1,934 | ) | (3,784 | ) | ||||||||||||
Adjusted net earnings | $ | 38,253 | $ | 51,983 | $ | 92,052 | $ | 164,815 | $ | 241,387 | ||||||||||
Adjusted weighted average diluted shares outstanding | 145,027 | 145,023 | 152,946 | 145,114 | 156,702 | |||||||||||||||
Adjusted earnings per diluted share | $ | 0.26 | $ | 0.36 | $ | 0.60 | $ | 1.14 | $ | 1.54 |
Fiscal quarters ended | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
GAAP net earnings attributable to Vishay stockholders | $ | 27,219 | $ | 13,962 | $ | 75,459 | ||||||
Reconciling items affecting gross income: | ||||||||||||
Impact of COVID-19 outbreak | $ | 3,130 | $ | - | $ | - | ||||||
Other reconciling items affecting operating income: | ||||||||||||
Restructuring and severance costs | $ | - | $ | 16,884 | $ | - | ||||||
Impact of COVID-19 outbreak | 317 | - | - | |||||||||
Reconciling items affecting other income (expense): | ||||||||||||
Loss on early extinguishment of debt | $ | 2,920 | $ | 723 | $ | 1,307 | ||||||
Reconciling items affecting tax expense: | ||||||||||||
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 | - | 2,831 | - | |||||||||
Tax effects of pre-tax items above | (1,482 | ) | (4,277 | ) | (290 | ) | ||||||
Adjusted net earnings | $ | 30,758 | $ | 18,280 | $ | 74,579 | ||||||
Adjusted weighted average diluted shares outstanding | 145,295 | 145,202 | 145,289 | |||||||||
Adjusted earnings per diluted share | $ | 0.21 | $ | 0.13 | $ | 0.51 |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net cash provided by continuing operating activities | $ | 76,202 | $ | 56,301 | $ | 70,721 | $ | 212,021 | $ | 108,891 | $ | 34,478 | $ | 84,423 | $ | 79,518 | ||||||||||||||||
Proceeds from sale of property and equipment | 22 | 69 | 77 | 486 | 8,455 | 53 | 91 | 395 | ||||||||||||||||||||||||
Less: Capital expenditures | (30,119 | ) | (33,781 | ) | (49,745 | ) | (100,267 | ) | (126,391 | ) | (24,328 | ) | (56,374 | ) | (36,367 | ) | ||||||||||||||||
Free cash | $ | 46,105 | $ | 22,589 | $ | 21,053 | $ | 112,240 | $ | (9,045 | ) | $ | 10,203 | $ | 28,140 | $ | 43,546 |
3rd Quarter 2018 | 4th Quarter 2018 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||
Net revenues | $ | 780,972 | $ | 775,892 | $ | 745,159 | $ | 685,240 | $ | 628,329 | $ | 745,159 | $ | 685,240 | $ | 628,329 | $ | 609,577 | $ | 612,841 | ||||||||||||||||||||
Gross profit margin | 30.3 | % | 28.3 | % | 28.3 | % | 25.5 | % | 23.9 | % | 28.3 | % | 25.5 | % | 23.9 | % | 22.2 | % | 24.0 | % | ||||||||||||||||||||
Operating margin | 17.7 | % | 15.4 | % | 14.5 | % | 11.6 | % | 8.1 | % | 14.5 | % | 11.6 | % | 8.1 | % | 4.0 | % | 7.7 | % | ||||||||||||||||||||
End-of-period backlog | $ | 1,559,700 | $ | 1,497,100 | $ | 1,331,800 | $ | 1,126,700 | $ | 935,400 | $ | 1,331,800 | $ | 1,126,700 | $ | 935,400 | $ | 911,300 | $ | 1,005,200 | ||||||||||||||||||||
Book-to-bill ratio | 0.95 | 0.94 | 0.79 | 0.69 | 0.72 | 0.79 | 0.69 | 0.72 | 0.94 | 1.17 | ||||||||||||||||||||||||||||||
Inventory turnover | 4.4 | 4.5 | 4.3 | 4.3 | 4.1 | 4.3 | 4.3 | 4.1 | 4.3 | 4.2 | ||||||||||||||||||||||||||||||
Change in ASP vs. prior quarter | 0.6 | % | 0.7 | % | (0.4 | )% | (0.9 | )% | (1.1 | )% | (0.4 | )% | (0.9 | )% | (1.1 | )% | (0.8 | )% | (1.1 | )% |
3rd Quarter 2018 | 4th Quarter 2018 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 1st Quarter 2019 | 2nd Quarter 2019 | 3rd Quarter 2019 | 4th Quarter 2019 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||
MOSFETs | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 144,260 | $ | 139,318 | $ | 137,341 | $ | 128,842 | $ | 126,747 | $ | 137,341 | $ | 128,842 | $ | 126,747 | $ | 116,215 | $ | 116,893 | ||||||||||||||||||||
Book-to-bill ratio | 0.88 | 1.08 | 0.84 | 0.54 | 0.54 | 0.84 | 0.54 | 0.54 | 0.94 | 1.12 | ||||||||||||||||||||||||||||||
Gross profit margin | 27.0 | % | 26.2 | % | 26.3 | % | 24.8 | % | 24.1 | % | 26.3 | % | 24.8 | % | 24.1 | % | 23.7 | % | 24.1 | % | ||||||||||||||||||||
Segment operating margin | 20.5 | % | 18.9 | % | 19.4 | % | 17.5 | % | 16.6 | % | 19.4 | % | 17.5 | % | 16.6 | % | 16.1 | % | 16.0 | % | ||||||||||||||||||||
Diodes | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 186,492 | $ | 176,961 | $ | 167,840 | $ | 142,042 | $ | 123,879 | $ | 167,840 | $ | 142,042 | $ | 123,879 | $ | 123,382 | $ | 115,343 | ||||||||||||||||||||
Book-to-bill ratio | 0.86 | 0.83 | 0.63 | 0.52 | 0.57 | 0.63 | 0.52 | 0.57 | 0.88 | 1.36 | ||||||||||||||||||||||||||||||
Gross profit margin | 29.3 | % | 26.2 | % | 25.9 | % | 20.3 | % | 17.1 | % | 25.9 | % | 20.3 | % | 17.1 | % | 16.3 | % | 16.9 | % | ||||||||||||||||||||
Segment operating margin | 26.6 | % | 23.3 | % | 22.7 | % | 16.9 | % | 13.3 | % | 22.7 | % | 16.9 | % | 13.3 | % | 12.6 | % | 12.5 | % | ||||||||||||||||||||
Optoelectronic Components | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 76,443 | $ | 65,617 | $ | 60,562 | $ | 60,675 | $ | 50,702 | $ | 60,562 | $ | 60,675 | $ | 50,702 | $ | 51,047 | $ | 54,179 | ||||||||||||||||||||
Book-to-bill ratio | 0.88 | 0.75 | 0.83 | 0.70 | 0.86 | 0.83 | 0.70 | 0.86 | 1.11 | 1.40 | ||||||||||||||||||||||||||||||
Gross profit margin | 36.2 | % | 28.8 | % | 26.4 | % | 26.8 | % | 21.5 | % | 26.4 | % | 26.8 | % | 21.5 | % | 20.2 | % | 26.9 | % | ||||||||||||||||||||
Segment operating margin | 30.3 | % | 22.2 | % | 19.3 | % | 19.8 | % | 13.7 | % | 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 | $ | 257,330 | $ | 262,963 | $ | 260,471 | $ | 242,383 | $ | 228,577 | $ | 71,640 | $ | 77,024 | $ | 73,458 | $ | 76,520 | $ | 73,785 | ||||||||||||||||||||
Book-to-bill ratio | 1.02 | 0.94 | 0.92 | 0.88 | 0.86 | 0.97 | 1.01 | 0.95 | 1.05 | 0.98 | ||||||||||||||||||||||||||||||
Gross profit margin | 34.3 | % | 32.5 | % | 33.0 | % | 29.5 | % | 28.8 | % | 32.5 | % | 31.9 | % | 31.9 | % | 33.5 | % | 31.2 | % | ||||||||||||||||||||
Segment operating margin | 31.1 | % | 29.4 | % | 29.6 | % | 26.2 | % | 25.2 | % | 28.8 | % | 28.3 | % | 28.3 | % | 30.3 | % | 27.5 | % | ||||||||||||||||||||
Capacitors | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 116,447 | $ | 131,033 | $ | 118,945 | $ | 111,298 | $ | 98,424 | $ | 118,945 | $ | 111,298 | $ | 98,424 | $ | 94,530 | $ | 93,433 | ||||||||||||||||||||
Book-to-bill ratio | 1.03 | 1.02 | 0.67 | 0.68 | 0.76 | 0.67 | 0.68 | 0.76 | 0.84 | 1.20 | ||||||||||||||||||||||||||||||
Gross profit margin | 23.0 | % | 24.7 | % | 25.0 | % | 23.5 | % | 22.0 | % | 25.0 | % | 23.5 | % | 22.0 | % | 17.9 | % | 21.8 | % | ||||||||||||||||||||
Segment operating margin | 18.6 | % | 20.4 | % | 20.7 | % | 19.0 | % | 16.9 | % | 20.7 | % | 19.0 | % | 16.9 | % | 12.3 | % | 16.1 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Cost of products sold | 76.1 | % | 74.5 | % | 69.7 | % | 74.0 | % | 70.4 | % | 76.0 | % | 77.8 | % | 71.7 | % | ||||||||||||||||
Gross profit | 23.9 | % | 25.5 | % | 30.3 | % | 26.0 | % | 29.6 | % | 24.0 | % | 22.2 | % | 28.3 | % | ||||||||||||||||
Selling, general & administrative expenses | 14.6 | % | 13.9 | % | 12.6 | % | 14.1 | % | 13.4 | % | 16.3 | % | 15.5 | % | 13.9 | % | ||||||||||||||||
Operating income | 8.1 | % | 11.6 | % | 17.7 | % | 11.6 | % | 16.2 | % | ||||||||||||||||||||||
Income before taxes and noncontrolling interest | 7.0 | % | 10.3 | % | 16.2 | % | 10.4 | % | 14.0 | % | ||||||||||||||||||||||
Net earnings attributable to Vishay stockholders | 4.8 | % | 6.5 | % | 10.0 | % | 7.3 | % | 10.8 | % | ||||||||||||||||||||||
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 | 31.5 | % | 36.9 | % | 38.4 | % | 29.9 | % | 22.9 | % | 24.2 | % | -25.4 | % | 24.3 | % |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | ||||||||||||||||
Net revenues | $ | 628,329 | $ | 685,240 | $ | 780,972 | $ | 2,058,728 | $ | 2,258,797 |
Fiscal quarters ended | ||||||||||||
April 4, 2020 | December 31, 2019 | March 30, 2019 | ||||||||||
Net revenues | $ | 612,841 | $ | 609,577 | $ | 745,159 |
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
June 29, 2019 | $ | (56,911 | ) | -8.3 | % | |||||||||||
September 29, 2018 | $ | (152,643 | ) | -19.5 | % | $ | (200,069 | ) | -8.9 | % |
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: | |||||||||||||
Decrease in volume | -7.1% | -17.4% | -6.8% | ||||||||||
Change in volume | 1.6 | % | -15.0 | % | |||||||||
Decrease in average selling prices | -1.1% | -1.9% | -0.5% | -1.1 | % | -2.9 | % | ||||||
Foreign currency effects | -0.2% | -1.1% | -1.9% | -0.1 | % | -0.8 | % | ||||||
Acquisitions | 0.0% | 0.0% | 0.2% | ||||||||||
Other | 0.1% | 0.9% | 0.1% | 0.1 | % | 0.9 | % | ||||||
Net change | -8.3% | -19.5% | -8.9% | 0.5 | % | -17.8 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 126,747 | $ | 128,842 | $ | 144,260 | $ | 392,930 | $ | 408,325 | $ | 116,893 | $ | 116,215 | $ | 137,341 | ||||||||||||||||
Gross profit margin | 24.1 | % | 24.8 | % | 27.0 | % | 25.1 | % | 26.8 | % | 24.1 | % | 23.7 | % | 26.3 | % |
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
June 29, 2019 | $ | (2,095 | ) | -1.6 | % | |||||||||||
September 29, 2018 | $ | (17,513 | ) | -12.1 | % | $ | (15,395 | ) | -3.8 | % |
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: | |||||||||||||
Decrease in volume | -0.1% | -8.4% | -0.7% | ||||||||||
Change in volume | 0.9 | % | -9.8 | % | |||||||||
Decrease in average selling prices | -1.5% | -3.9% | -2.4% | -0.2 | % | -5.8 | % | ||||||
Foreign currency effects | -0.2% | -0.6% | -1.0% | -0.1 | % | -0.4 | % | ||||||
Other | 0.2% | 0.8% | 0.3% | 0.0 | % | 1.1 | % | ||||||
Net change | -1.6% | -12.1% | -3.8% | 0.6 | % | -14.9 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 123,879 | $ | 142,042 | $ | 186,492 | $ | 433,761 | $ | 535,975 | $ | 115,343 | $ | 123,382 | $ | 167,840 | ||||||||||||||||
Gross profit margin | 17.1 | % | 20.3 | % | 29.3 | % | 21.6 | % | 28.0 | % | 16.9 | % | 16.3 | % | 25.9 | % |
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
June 29, 2019 | $ | (18,163 | ) | -12.8 | % | |||||||||||
September 29, 2018 | $ | (62,613 | ) | -33.6 | % | $ | (102,214 | ) | -19.1 | % |
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: | |||||||||||||
Decrease in volume | -10.5% | -31.2% | -17.7% | -4.2 | % | -28.1 | % | ||||||
Decrease in average selling prices | -2.6% | -3.9% | -0.4% | -2.5 | % | -5.6 | % | ||||||
Foreign currency effects | -0.2% | -0.7% | -1.3% | -0.1 | % | -0.5 | % | ||||||
Other | 0.5% | 2.2% | 0.3% | 0.3 | % | 2.9 | % | ||||||
Net change | -12.8% | -33.6% | -19.1% | -6.5 | % | -31.3 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 50,702 | $ | 60,675 | $ | 76,443 | $ | 171,939 | $ | 224,110 | $ | 54,179 | $ | 51,047 | $ | 60,562 | ||||||||||||||||
Gross profit margin | 21.5 | % | 26.8 | % | 36.2 | % | 25.1 | % | 36.3 | % | 26.9 | % | 20.2 | % | 26.4 | % |
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
June 29, 2019 | $ | (9,973 | ) | -16.4 | % | |||||||||||
September 29, 2018 | $ | (25,741 | ) | -33.7 | % | $ | (52,171 | ) | -23.3 | % |
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: | |||||||||||||
Decrease in volume | -13.5% | -29.5% | -19.4% | ||||||||||
Change in volume | 5.6 | % | -7.9 | % | |||||||||
Decrease in average selling prices | -2.7% | -6.0% | -3.5% | -0.8 | % | -2.2 | % | ||||||
Foreign currency effects | -0.3% | -1.0% | -1.9% | -0.2 | % | -1.2 | % | ||||||
Other | 0.1% | 2.8% | 1.5% | 1.5 | % | 0.8 | % | ||||||
Net change | -16.4% | -33.7% | -23.3% | 6.1 | % | -10.5 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 228,577 | $ | 242,383 | $ | 257,330 | $ | 731,431 | $ | 755,323 | $ | 159,208 | $ | 147,883 | $ | 188,831 | ||||||||||||||||
Gross profit margin | 28.8 | % | 29.5 | % | 34.3 | % | 30.5 | % | 33.3 | % | 28.1 | % | 23.5 | % | 33.1 | % |
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
June 29, 2019 | $ | (13,806 | ) | -5.7 | % | |||||||||||
September 29, 2018 | $ | (28,753 | ) | -11.2 | % | $ | (23,892 | ) | -3.2 | % |
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: | |||||||||||||
Decrease in volume | -5.7% | -8.7% | -1.5% | ||||||||||
Change in volume | 8.9 | % | -12.0 | % | |||||||||
Decrease in average selling prices | -0.3% | -0.5% | -0.1% | -0.6 | % | -1.0 | % | ||||||
Foreign currency effects | -0.3% | -1.4% | -2.3% | -0.3 | % | -1.2 | % | ||||||
Acquisitions | 0.0% | 0.0% | 0.5% | ||||||||||
Other | 0.6% | -0.6% | 0.2% | -0.3 | % | -1.5 | % | ||||||
Net change | -5.7% | -11.2% | -3.2% | 7.7 | % | -15.7 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Net revenues | $ | 98,424 | $ | 111,298 | $ | 116,447 | $ | 328,667 | $ | 335,064 | $ | 73,785 | $ | 76,520 | $ | 71,640 | ||||||||||||||||
Gross profit margin | 22.0 | % | 23.5 | % | 23.0 | % | 23.6 | % | 22.7 | % | 31.2 | % | 33.5 | % | 32.5 | % |
Fiscal quarter ended September 28, 2019 | Nine fiscal months ended September 28, 2019 | |||||||||||||||
Change in net revenues | % change | Change in net revenues | % change | |||||||||||||
June 29, 2019 | $ | (12,874 | ) | -11.6 | % | |||||||||||
September 29, 2018 | $ | (18,023 | ) | -15.5 | % | $ | (6,397 | ) | -1.9 | % |
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: | |||||||||||||
Decrease in volume | -12.0% | -16.1% | -1.1% | -0.5 | % | -21.1 | % | ||||||
Increase in average selling prices | 0.6% | 2.8% | 2.3% | ||||||||||
Change in average selling prices | -0.6 | % | 0.8 | % | |||||||||
Foreign currency effects | -0.4% | -1.6% | -2.8% | -0.2 | % | -1.1 | % | ||||||
Other | 0.2% | -0.6% | -0.3% | 0.1 | % | 0.0 | % | ||||||
Net change | -11.6% | -15.5% | -1.9% | -1.2 | % | -21.4 | % |
Fiscal quarters ended | Nine fiscal months ended | Fiscal quarters ended | ||||||||||||||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | April 4, 2020 | December 31, 2019 | March 30, 2019 | |||||||||||||||||||||||||
Total SG&A expenses | $ | 91,796 | $ | 95,112 | $ | 98,198 | $ | 290,332 | $ | 303,381 | $ | 99,832 | $ | 94,299 | $ | 103,424 | ||||||||||||||||
as a percentage of revenues | 14.6 | % | 13.9 | % | 12.6 | % | 14.1 | % | 13.4 | % | 16.3 | % | 15.5 | % | 13.9 | % |
Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
September 28, 2019 | June 29, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | ||||||||||||||||
Amortization of intangible assets | $ | 2,112 | $ | 2,115 | $ | 3,240 | $ | 6,366 | $ | 9,665 | ||||||||||
Net loss (gain) on sales of assets | (6 | ) | 11 | 26 | (168 | ) | (2,216 | ) |
Fiscal quarters ended | Fiscal quarters ended | |||||||||||||||||||||||
September 28, 2019 | September 29, 2018 | Change | April 4, 2020 | December 31, 2019 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | 1,113 | $ | (254 | ) | $ | 1,367 | $ | 1,864 | $ | (1,576 | ) | $ | 3,440 | ||||||||||
Interest income | 2,365 | 3,504 | (1,139 | ) | 1,854 | 1,734 | 120 | |||||||||||||||||
Other components of other periodic pension cost | (3,068 | ) | (3,848 | ) | 780 | |||||||||||||||||||
Investment income (expense) | 1,556 | (37 | ) | 1,593 | (437 | ) | (97 | ) | (340 | ) | ||||||||||||||
Other | 32 | (323 | ) | 355 | (15 | ) | 135 | (150 | ) | |||||||||||||||
$ | 5,066 | $ | 2,890 | $ | 2,176 | $ | 198 | $ | (3,652 | ) | $ | 3,850 |
Fiscal quarters ended | ||||||||||||
September 28, 2019 | June 29, 2019 | Change | ||||||||||
Foreign exchange gain (loss) | $ | 1,113 | $ | (481 | ) | $ | 1,594 | |||||
Interest income | 2,365 | 2,147 | 218 | |||||||||
Investment income (expense) | 1,556 | 1,399 | 157 | |||||||||
Other | 32 | (95 | ) | 127 | ||||||||
$ | 5,066 | $ | 2,970 | $ | 2,096 |
Nine fiscal months ended | Fiscal quarters ended | |||||||||||||||||||||||
September 28, 2019 | September 29, 2018 | Change | April 4, 2020 | March 30, 2019 | Change | |||||||||||||||||||
Foreign exchange gain (loss) | $ | 162 | $ | (997 | ) | $ | 1,159 | $ | 1,864 | $ | (470 | ) | $ | 2,334 | ||||||||||
Interest income | 6,711 | 8,302 | (1,591 | ) | 1,854 | 2,199 | (345 | ) | ||||||||||||||||
Other components of other periodic pension cost | (3,068 | ) | (3,396 | ) | 328 | |||||||||||||||||||
Investment income (expense) | 6,545 | (1,491 | ) | 8,036 | (437 | ) | 3,590 | (4,027 | ) | |||||||||||||||
Other | (74 | ) | (374 | ) | 300 | (15 | ) | (11 | ) | (4 | ) | |||||||||||||
$ | 13,344 | $ | 5,440 | $ | 7,904 | $ | 198 | $ | 1,912 | $ | (1,714 | ) |
September 28, 2019 | December 31, 2018 | April 4, 2020 | December 31, 2019 | |||||||||||||
Credit facility | $ | - | $ | - | $ | 54,000 | $ | - | ||||||||
Convertible senior notes, due 2025* | 505,591 | 495,203 | 512,745 | 509,128 | ||||||||||||
Convertible senior debentures, due 2040* | 146 | 539 | 127 | 126 | ||||||||||||
Convertible senior debentures, due 2041* | 8,175 | 12,812 | 1,050 | 6,677 | ||||||||||||
Convertible senior debentures, due 2042* | - | 923 | ||||||||||||||
Deferred financing costs | (17,650 | ) | (14,968 | ) | (15,826 | ) | (16,784 | ) | ||||||||
Total debt | 496,262 | 494,509 | 552,096 | 499,147 | ||||||||||||
Cash and cash equivalents | 731,483 | 686,032 | 680,703 | 694,133 | ||||||||||||
Short-term investments | 56,043 | 78,286 | 140,725 | 108,822 | ||||||||||||
Net cash and short-term investments (debt) | $ | 291,264 | $ | 269,809 | $ | 269,332 | $ | 303,808 |
Fiscal Period | Amount | Month of Payment | |||
Three fiscal months ended March 30, 2019 | $ | 12,277 | March | ||
Three fiscal months ended June 29, 2019 | 13,723 | June | |||
Three fiscal months ended September 28, 2019 | 13,723 | September |
Fiscal Period | Amount | Month of Payment | |||
Three fiscal months ended April 4, 2020 | $ | 13,741 | March |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
• | 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. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
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) |