Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jul. 01, 2017 | [1] | Apr. 01, 2017 | [1] | Dec. 31, 2016 | [1] | Oct. 01, 2016 | [1] | Jul. 02, 2016 | [1] | Apr. 02, 2016 | [1] | Dec. 31, 2017 | Feb. 14, 2018 | |
Entity Information [Line Items] | ||||||||||||||||||
Document Fiscal Year Focus | 2,017 | |||||||||||||||||
Document Fiscal Period Focus | FY | |||||||||||||||||
Document Type | 10-K | |||||||||||||||||
Amendment Flag | false | |||||||||||||||||
Document Period End Date | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 1, 2017 | Apr. 1, 2017 | Dec. 31, 2016 | Oct. 1, 2016 | Jul. 2, 2016 | Apr. 2, 2016 | Dec. 31, 2017 | |||||||||
Entity Registrant Name | VISHAY INTERTECHNOLOGY INC | |||||||||||||||||
Entity Central Index Key | 103,730 | |||||||||||||||||
Current Fiscal Year End Date | --12-31 | |||||||||||||||||
Entity Well-known Seasoned Issuer | Yes | |||||||||||||||||
Entity Voluntary Filers | No | |||||||||||||||||
Entity Current Reporting Status | Yes | |||||||||||||||||
Entity Filer Category | Large Accelerated Filer | |||||||||||||||||
Entity Public Float | $ 2,237,000,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||
Entity Common Stock, Shares Outstanding | 132,007,719 | |||||||||||||||||
Class B Convertible Common Stock [Member] | ||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||
Entity Common Stock, Shares Outstanding | 12,097,427 | |||||||||||||||||
[1] | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 748,032 | $ 471,781 |
Short-term investments | 547,136 | 626,627 |
Accounts receivable, net | 340,027 | 274,027 |
Inventories: | ||
Finished goods | 127,272 | 109,075 |
Work in process | 177,419 | 162,311 |
Raw materials | 132,068 | 109,859 |
Total inventories | 436,759 | 381,245 |
Prepaid expenses and other current assets | 120,336 | 110,792 |
Total current assets | 2,192,290 | 1,864,472 |
Property and equipment, at cost: | ||
Land | 92,285 | 89,753 |
Buildings and improvements | 606,168 | 570,932 |
Machinery and equipment | 2,415,769 | 2,283,222 |
Construction in progress | 103,058 | 71,777 |
Allowance for depreciation | (2,311,522) | (2,166,813) |
Property and equipment, net | 905,758 | 848,871 |
Goodwill | 142,742 | 141,407 |
Other intangible assets, net | 69,754 | 84,463 |
Other assets | 148,645 | 138,588 |
Total assets | 3,459,189 | 3,077,801 |
Current liabilities: | ||
Notes payable to banks | 4 | 3 |
Trade accounts payable | 222,373 | 174,107 |
Payroll and related expenses | 135,702 | 114,576 |
Other accrued expenses | 156,030 | 149,131 |
Income taxes | 50,226 | 19,033 |
Total current liabilities | 564,335 | 456,850 |
Long-term debt less current portion | 370,470 | 357,023 |
U.S. transition tax payable | 151,200 | 0 |
Deferred income taxes | 335,775 | 286,797 |
Other liabilities | 73,449 | 59,725 |
Accrued pension and other postretirement costs | 281,701 | 257,789 |
Total liabilities | 1,776,930 | 1,418,184 |
Commitments and contingencies | ||
Redeemable convertible debentures | 252,070 | 88,659 |
Vishay stockholders' equity | ||
Preferred stock | ||
Common stock | 13,188 | 13,385 |
Class B convertible common stock | 1,213 | 1,213 |
Capital in excess of par value | 1,752,506 | 1,952,988 |
(Accumulated deficit) retained earnings | (364,464) | (307,417) |
Accumulated other comprehensive income (loss) | 25,714 | (94,652) |
Total Vishay stockholders' equity | 1,428,157 | 1,565,517 |
Noncontrolling interests | 2,032 | 5,441 |
Total equity | 1,430,189 | 1,570,958 |
Total liabilities and equity | $ 3,459,189 | $ 3,077,801 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Accounts receivable, allowances for doubtful accounts | $ 2,008 | $ 1,772 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares outstanding (in shares) | 131,874,587 | 133,846,801 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 12,129,227 | 12,129,227 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Operations [Abstract] | |||
Net revenues | $ 2,603,522 | $ 2,323,431 | $ 2,300,488 |
Costs of products sold | 1,903,910 | 1,753,648 | 1,758,268 |
Gross profit | 699,612 | 569,783 | 542,220 |
Selling, general, and administrative expenses | 376,751 | 367,987 | 362,226 |
Restructuring and severance costs | 11,273 | 19,199 | 19,215 |
Impairment of Intangible Assets | 0 | 1,559 | 57,600 |
Impairment of Goodwill | 0 | 0 | 5,380 |
U.S. pension settlement charges | 0 | 79,321 | 0 |
Operating Income | 311,588 | 101,717 | 97,799 |
Other income (expense): | |||
Interest expense | (27,850) | (25,623) | (25,685) |
Other | 1,738 | 4,716 | 7,976 |
Loss on disposal of equity affiliate | (6,112) | 0 | 0 |
Gain on early extinguishment of debt | 0 | 4,597 | 0 |
Gain (loss) related to Tianjin explosion | 0 | 8,809 | (5,350) |
Other income (expense), total | (32,224) | (7,501) | (23,059) |
Income before taxes | 279,364 | 94,216 | 74,740 |
Income tax expense | 298,924 | 44,843 | 182,473 |
Net earnings (loss) | (19,560) | 49,373 | (107,733) |
Less: net earnings attributable to noncontrolling interests | 784 | 581 | 781 |
Net earnings (loss) attributable to Vishay stockholders | $ (20,344) | $ 48,792 | $ (108,514) |
Basic earnings (loss) per share attributable to Vishay stockholders: | $ (0.14) | $ 0.33 | $ (0.73) |
Diluted earnings (loss) per share attributable to Vishay stockholders: | $ (0.14) | $ 0.32 | $ (0.73) |
Weighted average shares outstanding - basic | 145,633 | 147,152 | 147,700 |
Weighted average shares outstanding - diluted | 145,633 | 150,697 | 147,700 |
Cash dividends per share | $ 0.255 | $ 0.250 | $ 0.240 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (19,560) | $ 49,373 | $ (107,733) |
Other comprehensive income (loss), net of tax | |||
Pension and other post-retirement actuarial items | (4,545) | 71,926 | 19,338 |
Foreign currency translation adjustment | 124,220 | (35,863) | (80,106) |
Unrealized gain (loss) on available-for-sale securities | 691 | 612 | (1,419) |
Other comprehensive income (loss) | 120,366 | 36,675 | (62,187) |
Comprehensive income (loss) | 100,806 | 86,048 | (169,920) |
Less: comprehensive income attributable to noncontrolling interests | 784 | 581 | 781 |
Comprehensive income (loss) attributable to Vishay stockholders | $ 100,022 | $ 85,467 | $ (170,701) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net earnings (loss) | $ (19,560) | $ 49,373 | $ (107,733) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 163,146 | 159,363 | 176,169 |
(Gain) loss on disposal of property and equipment | (265) | (4,054) | (86) |
Accretion of interest on convertible debentures | 4,984 | 4,610 | 4,264 |
Inventory write-offs for obsolescence | 17,771 | 22,619 | 21,384 |
Impairment of goodwill and long-lived assets | 0 | 1,559 | 62,980 |
U.S. pension settlement charges | 0 | 79,321 | 0 |
Pensions and other postretirement benefits, net of contributions | (2,425) | (3,282) | (3,543) |
Non-cash loss on disposal of equity affiliate | 6,112 | 0 | 0 |
Gain on early extinguishment of debt | 0 | (4,597) | 0 |
U.S. transition tax (net) | 180,000 | 0 | 0 |
Deferred income taxes | 52,377 | (2,519) | 118,447 |
Other | 13,044 | (1,678) | 1,358 |
Net change in operating assets and liabilities, net of effects of businesses acquired | (46,407) | (4,206) | (27,249) |
Net cash provided by operating activities | 368,777 | 296,509 | 245,991 |
Investing activities | |||
Capital expenditures | (170,432) | (134,635) | (147,142) |
Proceeds from sale of property and equipment | 1,685 | 5,701 | 2,049 |
Purchase and deposits for businesses, net of cash acquired | 0 | 0 | (6,750) |
Purchase of short-term investments | (749,600) | (555,250) | (486,949) |
Maturity of short-term investments | 887,729 | 532,601 | 345,397 |
Sale of investments | 0 | 0 | 503 |
Sale of other investments | 0 | 0 | 400 |
Other investing activities | (4,189) | 2,942 | (4,884) |
Net cash used in investing activities | (34,807) | (148,641) | (297,376) |
Financing activities | |||
Debt issuance costs | 0 | 0 | (3,693) |
Principal payments on long-term debt and capital leases | 0 | (34,044) | 0 |
Net (payments) proceeds on revolving credit lines | 7,000 | (47,000) | (10,000) |
Common stock repurchases | (39,944) | (23,159) | 0 |
Net changes in short-term borrowings | 1 | (723) | (14) |
Distributions to noncontrolling interests | (1,140) | (707) | (725) |
Acquisition of noncontrolling interests | (4,100) | 0 | 0 |
Proceeds from stock options exercised | 1,260 | 356 | 0 |
Cash withholding taxes paid when shares withheld for vested equity awards | (1,971) | (542) | (639) |
Other financing activities | (1,255) | 0 | 0 |
Net cash provided by (used in) financing activities | (77,198) | (142,544) | (50,488) |
Effect of exchange rate changes on cash and cash equivalents | 19,479 | (9,050) | (14,792) |
Net decrease in cash and cash equivalents | 276,251 | (3,726) | (116,665) |
Cash and cash equivalents at beginning of year | 471,781 | 475,507 | 592,172 |
Cash and cash equivalents at end of year | 748,032 | 471,781 | 475,507 |
Common Stock [Member] | |||
Financing activities | |||
Dividends and Interest Paid | (33,956) | (33,693) | (32,506) |
Class B Convertible Common Stock [Member] | |||
Financing activities | |||
Dividends and Interest Paid | $ (3,093) | $ (3,032) | $ (2,911) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Class B Convertible Common Stock [Member] | Capital In Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Vishay Stockholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balance at January 1, 2015 at Dec. 31, 2014 | $ 13,532 | $ 1,213 | $ 2,055,246 | $ (175,485) | $ (69,140) | $ 1,825,366 | $ 5,511 | $ 1,830,877 |
Net earnings (loss) | 0 | 0 | 0 | (108,514) | 0 | (108,514) | 781 | (107,733) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (62,187) | (62,187) | 0 | (62,187) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (725) | (725) |
Acquisition of noncontrolling interests | 0 | |||||||
Restricted stock issuances | 14 | 0 | (653) | 0 | 0 | (639) | 0 | (639) |
Dividends declared | 0 | 0 | 32 | (35,449) | 0 | (35,417) | 0 | (35,417) |
Stock compensation expense | 0 | 0 | 3,846 | 0 | 0 | 3,846 | 0 | 3,846 |
Tax effects of stock plan | 0 | 0 | 21 | 0 | 0 | 21 | 0 | 21 |
Balance at Dec. 31, 2015 | 13,546 | 1,213 | 2,058,492 | (319,448) | (131,327) | 1,622,476 | 5,567 | 1,628,043 |
Net earnings (loss) | 0 | 0 | 0 | 48,792 | 0 | 48,792 | 581 | 49,373 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 36,675 | 36,675 | 0 | 36,675 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (707) | (707) |
Acquisition of noncontrolling interests | 0 | |||||||
Share repurchase | (175) | 0 | (22,984) | 0 | 0 | (23,159) | 0 | (23,159) |
Temporary equity reclassification | 0 | 0 | (88,659) | 0 | 0 | (88,659) | 0 | (88,659) |
Restricted stock issuances | 11 | 0 | (553) | 0 | 0 | (542) | 0 | (542) |
Dividends declared | 0 | 0 | 36 | (36,761) | 0 | (36,725) | 0 | (36,725) |
Stock compensation expense | 0 | 0 | 6,380 | 0 | 0 | 6,380 | 0 | 6,380 |
Stock options exercised | 3 | 0 | 353 | 0 | 0 | 356 | 0 | 356 |
Tax effects of stock plan | 0 | 0 | (77) | 0 | 0 | (77) | 0 | (77) |
Balance at Dec. 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 | 0 | 0 | 0 | 386 | 0 | 386 | 0 | 386 |
Net earnings (loss) | 0 | 0 | 0 | (20,344) | 0 | (20,344) | 784 | (19,560) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 120,366 | 120,366 | 0 | 120,366 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,140) | (1,140) |
Acquisition of noncontrolling interests | 0 | 0 | (1,047) | 0 | 0 | (1,047) | (3,053) | (4,100) |
Share repurchase | (225) | 0 | (39,719) | 0 | 0 | (39,944) | 0 | (39,944) |
Temporary equity reclassification | 0 | 0 | (163,411) | 0 | 0 | (163,411) | 0 | (163,411) |
Restricted stock issuances | 20 | 0 | (1,991) | 0 | 0 | (1,971) | 0 | (1,971) |
Dividends declared | 0 | 0 | 40 | (37,089) | 0 | (37,049) | 0 | (37,049) |
Stock compensation expense | 0 | 0 | 4,394 | 0 | 0 | 4,394 | 0 | 4,394 |
Stock options exercised | 8 | 0 | 1,252 | 0 | 0 | 1,260 | 0 | 1,260 |
Balance at Dec. 31, 2017 | $ 13,188 | $ 1,213 | $ 1,752,506 | $ (364,464) | $ 25,714 | $ 1,428,157 | $ 2,032 | $ 1,430,189 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Phantom and restricted stock issuances (in shares) | 200,688 | 110,825 | 136,498 |
Stock options exercised (in shares) | 77,334 | 27,619 | 0 |
Share repurchase (in shares) | 2,250,236 | 1,752,454 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.255 | $ 0.250 | $ 0.240 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. Revenue Recognition The Company recognizes revenue on product sales during the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, title and risk of loss have been transferred, collectibility is reasonably assured, and pricing is fixed or determinable. For the portion of sales where title and risk of loss passes at point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. The Company historically has had agreements with distributors that provided limited rights of product return. The Company has modified these arrangements to allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company records a reduction of revenue during each period, and records a related accrued expense for the period, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. Note 1 - Summary of Significant Accounting Policies (continued) Shipping and Handling Costs Shipping and handling costs are included in costs of products sold. Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $67,153, $66,842, and $64,193, for the years ended December 31, 2017, 2016, and 2015, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of "more likely than not" to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company's assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management's best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company's effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. See Note 5. Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2017 and 2016, the Company's short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. Note 1 – Summary of Significant Accounting Policies (continued) Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Bad debt expense (income realized upon subsequent collection) was $301, $61, and $(152) for the years ended December 31, 2017, 2016, and 2015, respectively. Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2017 was approximately $79,000. Depreciation of capital lease assets is included in total depreciation expense. Depreciation expense was $148,883, $144,521, and $154,340 for the years ended December 31, 2017, 2016, and 2015, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Certain of the Company's tradenames were assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. See Note 3 for further information on the impairment tests performed in 2016 and 2015. At December 31, 2017 and 2016, respectively, the Company has no recorded indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty-five years. Capitalized software is amortized over periods of three to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five to twenty years. Noncompete agreements are amortized over periods of three to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the quantitative impairment test is required. The Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would recognize an impairment charge. Note 1 – Summary of Significant Accounting Policies (continued) Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. See Note 3 for further information on the impairment tests performed in 2016 and 2015. Available-for-Sale Securities Short-term investments and other assets reported on the accompanying consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year and investments in marketable securities which are classified as available-for-sale. These assets include assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans (see Note 11) and assets that are intended to fund a portion of the Company's other postretirement benefit obligations outside of the U.S. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Unrealized gains and losses are reported, net of their related tax consequences, as a component of accumulated other comprehensive income in stockholders' equity until sold. At the time of sale, the assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. See "Recent Accounting Pronouncements" below. Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. The convertible senior debentures due 2040, due 2041, and due 2042 contain embedded derivatives that are recorded at fair value on a recurring basis. At December 31, 2017 and 2016, outstanding derivative instruments were not material. The Company reports derivative instruments on the accompanying consolidated balance sheet at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and the ineffective portion, if any, is reported in current period net earnings (loss). Changes in the fair values of derivative instruments that are not designated as hedges, including embedded derivatives, are recorded in current period net earnings (loss). The Company has in the past used interest rate swap agreements to modify variable rate obligations to fixed rate obligations, thereby reducing exposure to market rate fluctuations. The Company uses financial instruments such as forward exchange contracts to mitigate a portion, but not all, of the risk associated with its firm commitments denominated in foreign currencies. The purpose of the Company's foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported on the accompanying consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director is required to provide service in exchange for the award. For awards subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units ("RSUs") that are expected to vest and records cumulative adjustments in the period that the expectation changes. Note 1 – Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company's operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities on the accompanying consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders' equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2017 and 2016 do not include claims against third parties. Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined company program. The Company recognizes other exit costs as incurred. Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property damage, director and officers' liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2017, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors' and officers' insurance. The captive insurance entity had $560 accrued for outstanding claims at December 31, 2017 and no amounts accrued for outstanding claims at December 31, 2016. Certain cash and investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Restricted cash of $9,438 and $10,211 is included in other noncurrent assets at December 31, 2017 and 2016, respectively, representing required statutory reserves of the captive insurance entity. Note 1 – Summary of Significant Accounting Policies (continued) Convertible Debentures The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company's nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debentures are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debentures over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. Recent Accounting Pronouncements Recent Accounting Guidance Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted in the United States. The TCJA represents sweeping changes in U.S. tax law. Under GAAP (specifically, Accounting Standards Codification ("ASC") Topic 740), the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted. The total effect of tax law changes on deferred tax balances is recorded as a component of income tax expense. In response to the TCJA, the Staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 ("SAB No. 118") to provide guidance to registrants in applying ASC Topic 740 in connection with the TCJA. SAB No. 118 provides that in the period of enactment, the income tax effects of the TCJA may be reported as a provisional amount based on a reasonable estimate (to the extent a reasonable estimate can be determined), which would be subject to adjustment during a "measurement period". The measurement period begins in the reporting period of the TCJA's enactment and ends when a registrant has obtained, prepared, and analyzed the information that was needed in order to complete the accounting requirements under ASC Topic 740. SAB No. 118 also describes supplemental disclosures that should accompany the provisional amounts. The Company has applied the guidance in SAB No. 118 to account for the financial accounting impacts of the TCJA as of December 31, 2017, and has provided the applicable supplemental disclosures in Note 5. Recent Accounting Guidance Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Note 1 – Summary of Significant Accounting Policies (continued) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Reclassifications In addition to the changes due to the retrospective adoption of certain aspects of new accounting guidance described above, certain prior year amounts have been reclassified to conform to the current year presentation. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activities | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 2 - Acquisition and Divestiture Activities As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise. In the fourth fiscal quarter of 2015, the Company deposited the $6,750 purchase price of Sonntag Electronic GmbH ("Sonntag"). The purchase price, net of cash acquired was $5,450. The acquisition was effective January 1, 2016. Sonntag is a distributor of electronic components in Germany. The inclusion of this business did not have a material impact on the Company's consolidated results for the year ended December 31, 2016. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $3,485 related to this acquisition. The goodwill related to this acquisition is included in the Resistors & Inductors reporting unit for goodwill impairment testing. Had this acquisition occurred as of the beginning of the periods presented in these consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented. Subsequent Events On February 8, 2018, the Company acquired substantially all of the assets and liabilities of UltraSource, Inc., a U.S.-based, privately-held thin film circuit and thin film interconnect manufacturer, for $13,372, subject to customary post-closing adjustments. This business will be incorporated into the Company's Resistors & Inductors segment. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 – Goodwill and Other Intangible Assets As a result of a review of the financial results and outlook for the MOSFETs segment following the completion of production transfers, Vishay determined that an interim indefinite-lived intangible asset impairment test was required for its Siliconix tradenames as of the end of the third fiscal quarter of 2016. As a result of this analysis, the Company determined that its Siliconix tradenames, with a carrying value of $20,359, were impaired. The Company recorded an impairment charge of $1,559 to write-down the tradenames to their fair value. The tradenames are no longer considered indefinite-lived and the remaining value is being amortized over 10 years, which was the estimated remaining useful life. The fair value of indefinite-lived trademarks is measured as the discounted cash flow savings realized from owning such tradenames and not having to pay a royalty for their use. The evaluation of the fair value of indefinite-lived trademarks requires us to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the assumed market-royalty rate; the discount rate; terminal growth rates; and forecasts of revenue. In light of a sustained decline in market capitalization for Vishay and its peer group companies, and other factors (including the cost reduction programs announced during the third fiscal quarter of 2015 as described in Note 4), Vishay determined that interim goodwill and indefinite-lived impairment tests were required as of the end of the third fiscal quarter of 2015. Prior to completing the interim assessment of goodwill for impairment, the Company performed a recoverability test of certain depreciable and amortizable long-lived assets. As a result of those assessments, it was determined that the depreciable and amortizable assets associated with the Company's Capella business were not recoverable, and the Company recorded impairment charges totaling $57,600 to write-down the related assets to their fair value. The Company determined that the estimated fair value of the Capacitors reporting unit was less than the net book value of that reporting unit. Upon completion of the impairment analysis for the Capacitors reporting unit, the Company recorded a full goodwill impairment charge of $5,380. The fair value of long-lived assets is measured primarily using present value techniques based on projected cash flows from the asset group. The evaluation of the recoverability of long-lived assets, and the determination of their fair value, requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the identification of the asset group at the lowest level of independent cash flows and the principal asset of the group; the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, and capital expenditures. The fair value of reporting units for goodwill impairment testing purposes is measured primarily using present value techniques based on projected cash flows from the reporting unit. The calculated results are evaluated for reasonableness using comparable company data. The determination of the fair value of the reporting units requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industries in which the Company competes; the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, and capital expenditures. Due to the inherent uncertainty involved in making these estimates, actual financial results could differ from those estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge; could have a significant impact on the conclusion that an asset group's carrying value is recoverable, that an indefinite-lived asset is not impaired, or the determination of any impairment charge if it was determined that the asset values were indeed impaired. The Company performs its annual goodwill and indefinite-lived impairment test as of the first day of the fiscal fourth quarter. The interim impairment tests performed as the last day of the third fiscal quarters of 2016 and 2015, were effectively the annual impairment tests for 2016 and 2015. No impairment was identified as a result of the Company's annual impairment test for 2017. The recorded impairment charges are noncash in nature and do not affect Vishay's liquidity, cash flows from operating activities, or debt covenants, and will not have a material impact on future operations. Note 3 – Goodwill and Other Intangible Assets (continued) The changes in the carrying amount of goodwill by segment for the years ended December 31, 2017 and 2016 were as follows: Optoelectronic Components Resistors & Inductors Total Balance at January 1, 2016 $ 96,849 $ 41,395 $ 138,244 Sonntag acquisition - 3,485 3,485 Exchange rate effects - (322 ) (322 ) Balance at December 31, 2016 $ 96,849 $ 44,558 $ 141,407 Exchange rate effects - 1,335 1,335 Balance at December 31, 2017 $ 96,849 45,893 142,742 Other intangible assets are as follows: December 31, 2017 2016 Intangible assets subject to amortization: Patents and acquired technology $ 71,596 $ 93,395 Capitalized software 54,325 53,807 Customer relationships 63,655 84,905 Tradenames 55,272 53,680 Non-competition agreements 606 1,266 245,454 287,053 Accumulated amortization: Patents and acquired technology (63,868 ) (81,807 ) Capitalized software (50,246 ) (49,388 ) Customer relationships (26,622 ) (42,787 ) Tradenames (34,378 ) (27,460 ) Non-competition agreements (586 ) (1,148 ) (175,700 ) (202,590 ) Net Intangible Assets Subject to Amortization $ 69,754 $ 84,463 Amortization expense (excluding capitalized software) was $14,263, $14,842, and $21,829, for the years ended December 31, 2017, 2016, and 2015, respectively. Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2017 for each of the next five years is as follows: 2018 $ 11,620 2019 7,741 2020 6,750 2021 5,863 2022 5,192 |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 4 – Restructuring and Related Activities The Company places a strong emphasis on controlling its costs and combats general price inflation by continuously improving its efficiency and operating performance. When the ongoing cost containment activities are not adequate, the Company takes actions to maintain its cost competitiveness. The Company incurred significant restructuring costs in its past to reduce its cost structure. Historically, the Company's primary cost reduction technique was through the transfer of production from high-labor-cost countries to lower-labor-cost countries. Since 2013, the Company's cost reduction programs have primarily focused on reducing fixed costs, including selling, general, and administrative expenses. In 2013, the Company announced various cost reduction programs. These programs were substantially implemented by the end of the first fiscal quarter of 2016, with some additional costs and adjustments incurred in 2016. Many of the severance costs were recognized ratably over the required stay periods. In November 2016, the Company announced an extension of one of these programs, which was substantially completed as of December 31, 2017. In 2015, the Company announced additional global cost reduction programs. These programs included a facility closure in the Netherlands. These programs were substantially implemented as of December 31, 2017. The cash costs of these programs, primarily severance, aggregated to $31,740. The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated statements of operations: Years ended December 31, 2017 2016 2015 MOSFETs Enhanced Competitiveness Program $ 3,204 $ 9,744 $ 5,367 Global Cost Reduction Programs 8,069 9,918 13,753 Voluntary Separation / Retirement Program - - 95 Modules Production Transfer - (463 ) - Total $ 11,273 $ 19,199 $ 19,215 MOSFETs Enhanced Competitiveness Program Over a period of approximately 2 years and in a period of discrete steps, the manufacture of wafers for a substantial share of products was transferred into a more cost-efficient fab. As a consequence, certain other manufacturing previously occurring in-house was transferred to third-party foundries. This transfer of production was substantially completed by the end of the first fiscal quarter of 2016. Employees generally were required to remain with the Company during the production transfer period. Accordingly, the Company accrued these severance costs ratably over the respective employees' remaining service periods. The Company incurred other exit costs associated with the production transfer, including certain contract termination costs. As a result of a review of the financial results and outlook for the Company's MOSFETs segment following the completion of the aforementioned production transfers, in November 2016, the Company determined to implement further cost reductions for the MOSFETs segment. On November 7, 2016, the Company announced an extension of the MOSFETs Enhanced Competitiveness Program. The revised program included various cost reduction initiatives, primarily the transfer of all remaining manufacturing operations at its Santa Clara, California facility to other Vishay facilities or third-party subcontractors. The Company incurred cash charges of $7,248, primarily related to severance, to implement these additional steps. The total cash charges for the MOSFETs Enhanced Competitiveness Program were $26,668. The Company expects to maintain its R&D and management presence in the Silicon Valley area. Note 4 – Restructuring and Related Activities (continued) The following table summarizes the activity to date related to this program: 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 3,204 Cash paid (7,173 ) Balance at December 31, 2017 $ 2,263 Severance benefits are generally paid in a lump sum at cessation of employment. Other exit costs of $958 and $5,763 are included in the expenses incurred in 2017 and 2016, respectively, in the table above. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated balance sheets. Voluntary Separation / Retirement Program The voluntary separation / early retirement program was offered to employees worldwide who were eligible because they met job classification, age, and years-of-service criteria as of October 31, 2013. The program benefits varied by country and job classification, but generally included a cash loyalty bonus based on years of service. All employees eligible for the program have left the Company. These employees generally were not aligned with any particular segment. The effective separation / retirement date for most employees who accepted the offer was June 30, 2014 or earlier, with a few exceptions to allow for a transition period. The Company recorded $13,373 of expenses for this program, primarily in 2013 and 2014. Substantially all amounts related to this program have been paid as of December 31, 2017. Modules Production Transfer In an effort to reduce costs and streamline production of its module products within its Diodes segment, the Company committed to two smaller cost reduction programs related to the transferring of production of certain of its products. The Company recorded restructuring and severance costs of $2,080 for the year ended December 31, 2014 and an adjustment of $(463) during the year ended December 31, 2016 related to these production transfer programs. Substantially all amounts related to these programs were paid as of December 31, 2016. Note 4 – Restructuring and Related Activities (continued) Global Cost Reduction Programs The global cost reduction programs announced in 2015 included a plan to reduce selling, general, and administrative costs company-wide, and targeted streamlining and consolidation of production for certain product lines within its Capacitors and Resistors & Inductors segments. The following table summarizes the activity to date related to this program: 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 8,069 Cash paid (7,168 ) Foreign currency translation 500 Balance at December 31, 2017 $ 7,665 The following table summarizes the expense recognized by segment related to this program: Years ended December 31, 2017 2016 2015 Diodes $ 428 $ 788 $ 133 Optoelectronic Components 437 936 215 Resistors & Inductors 4,981 5,173 5,972 Capacitors 434 687 5,209 Unallocated Selling, General, and Administrative Expenses 1,789 2,334 2,224 Total $ 8,069 $ 9,918 $ 13,753 Severance benefits are generally paid in a lump sum at cessation of employment. Other exit costs of $577 are included in the expenses incurred in 2017 in the tables above. The current portion of the liability is $5,089 and is included in other accrued expenses in the accompanying consolidated balance sheet. The non-current portion of the liability is included in other liabilities in the accompanying consolidated balance sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5 – Income Taxes U.S. Tax Reform: Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted in the United States. The TCJA represents sweeping changes in U.S. tax law. Among the numerous changes in tax law, the TCJA permanently reduces the U.S. corporate income tax rate to 21% beginning in 2018; imposes a one-time transition tax on deferred foreign earnings; establishes a participation exemption system by allowing a 100% dividends received deduction on qualifying dividends paid by foreign subsidiaries; limits deductions for net interest expense; and expands the U.S. taxation of foreign earned income to include "global intangible low-taxed income" ("GILTI"). The TCJA represents the first significant change in U.S. tax law in over 30 years. As permitted by SAB No. 118 (see Note 1), the tax expense recorded in the fourth fiscal quarter of 2017 due to the enactment of the TCJA is considered "provisional," based on reasonable estimates. The Company is continuing to collect and analyze detailed information about the earnings and profits of its non-U.S. subsidiaries, the related taxes paid, the amounts which could be repatriated, the foreign taxes which may be incurred on repatriation, and the associated impact of these items under the TCJA. The Company may record adjustments to refine those estimates during the measurement period, as additional analysis is completed. Furthermore, the Company is continuing to evaluate the TCJA's provisions and may prospectively adjust its financial structure and business practices accordingly. As a result of the TCJA, the Company recognized a provisional tax benefit of $74,816 to remeasure its net deferred tax liabilities at the lower, 21% rate. The TCJA transitions the U.S. from a worldwide tax system to a territorial tax system. Under previous law, companies could indefinitely defer U.S. income taxation on unremitted foreign earnings. The TCJA imposes a one-time transition tax on deferred foreign earnings of 15.5% for liquid assets and 8% for illiquid assets, payable in defined increments over eight years. As a result of this requirement, the Company recognized provisional tax expense of $215,558, and provisionally expects to pay $180,000, net of estimated applicable foreign tax credits, and after utilization of net operating loss and R&D and FTC Credit carryforwards. These previously deferred foreign earnings may now be repatriated to the United States without additional U.S. federal taxation. However, any such repatriation could incur withholding and other foreign taxes in the source and intervening foreign jurisdictions, and certain U.S. state taxes. Due to the changes in taxation of dividends received from foreign subsidiaries, and also because of the need to finance the payment of the transition tax, the Company has made the determination during the fourth fiscal quarter of 2017 that certain unremitted foreign earnings in Israel, Germany, Austria, and France are no longer permanently reinvested, and has recorded provisional tax expense of $213,000 to accrue the incremental foreign income taxes and withholding taxes payable to foreign jurisdictions assuming the hypothetical repatriation to the United States of these approximately $1,100,000 of available foreign earnings. Due to the existence of the foreign cash taxes payable at the source, the Company expects to actually repatriate these amounts at a measured pace over several years, and may decide to ultimately not repatriate some of these amounts. There are additional amounts of unremitted foreign earnings in other countries, which continue to be reinvested indefinitely, and the Company has made no provision for incremental foreign income taxes and withholding taxes payable to foreign jurisdictions related to these amounts. Determination of the amount of the unrecognized deferred foreign tax liability for these amounts is not practicable because of the complexities associated with its hypothetical calculation. During the fourth fiscal quarter of 2015, the Company recognized income tax, including U.S. federal and state income taxes, incremental foreign income taxes, and withholding taxes payable to foreign jurisdictions, on $300,000 of foreign earnings. This tax expense was recognized in 2015 following an evaluation of the Company's anticipated domestic cash needs over the next several years and the Company's most efficient use of liquidity, and with consideration of the amount of cash that could be repatriated to the U.S. efficiently with lesser withholding taxes in foreign jurisdictions. The Company repatriated $38,000 and $46,000 pursuant to this program in 2017 and 2016, respectively. Prior to the enactment of the TCJA, the related deferred tax liability for the 2015 repatriation plan was $118,887. The Company has terminated the 2015 cash repatriation plan and recorded a provisional income tax benefit to reverse this deferred tax liability, which was replaced by the liability for the transition tax and foreign income and withholding taxes described above. The deferred tax liability related to these unremitted foreign earnings is based on the available sources of cash, applicable tax rates, foreign currency exchange rates, and other factors and circumstances, as of each balance sheet date. Changes in these underlying facts and circumstances result in changes in the deferred tax liability balance, which are recorded as tax benefit or expense. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017. The provisional amount of net tax expense recorded by the Company in the fourth fiscal quarter of 2017 that is directly and indirectly related to the TCJA is summarized as follows: Remeasurement of net deferred tax liabilities $ (74,816 ) Transition tax on unremitted foreign earnings 215,558 Incremental foreign taxes on assumed repatriation 213,000 Reversal of deferred taxes due to cancellation of 2015 repatriation plan (118,887 ) Total tax expense related to the enactment of the TCJA $ 234,855 Note 5 – Income Taxes (continued) Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components: Years ended December 31, 2017 2016 2015 Domestic $ (40,171 ) $ (135,953 ) $ (40,929 ) Foreign 319,535 230,169 115,669 $ 279,364 $ 94,216 $ 74,740 Significant components of income taxes are as follows: Years ended December 31, 2017 2016 2015 Current: Federal $ 180,873 $ 358 $ 290 State and local 108 5 163 Foreign 65,566 46,999 63,573 246,547 47,362 64,026 Deferred: Federal (101,896 ) 6,163 78,933 State and local 1,538 (3,039 ) 311 Foreign 152,735 (5,643 ) 39,203 52,377 (2,519 ) 118,447 Total income tax expense $ 298,924 $ 44,843 $ 182,473 Note 5 – Income Taxes (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred tax assets: Pension and other retiree obligations $ 43,536 $ 47,104 Inventories 9,658 7,691 Property and equipment 3,798 (1,025 ) Net operating loss carryforwards 136,599 183,562 Tax credit carryforwards 13,328 25,432 Other accruals and reserves 22,930 29,401 Total gross deferred tax assets 229,849 292,165 Less valuation allowance (149,070 ) (165,269 ) 80,779 126,896 Deferred tax liabilities: Earnings not permanently reinvested (213,000 ) (139,165 ) Convertible debentures (135,576 ) (203,641 ) Other - net (6,125 ) (10,646 ) Total gross deferred tax liabilities (354,701 ) (353,452 ) Net deferred tax assets (liabilities) $ (273,922 ) $ (226,556 ) The Company makes significant judgments regarding the realizability of its deferred tax assets (principally net operating losses). The carrying value of deferred tax assets is based on the Company's assessment that it is more likely than not that the Company will realize these assets after consideration of all available positive and negative evidence. A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows: Years ended December 31, 2017 2016 2015 Tax at statutory rate $ 97,777 $ 32,976 $ 26,159 State income taxes, net of U.S. federal tax benefit 1,070 (1,972 ) 309 Effect of foreign operations (54,807 ) (26,551 ) (13,212 ) Tax on earnings not permanently reinvested 88,311 (3,553 ) 163,699 Unrecognized tax benefits 5,887 (8,453 ) (1,353 ) Change in valuation allowance on non-U.S. deferred tax assets - 991 (8,888 ) TCJA - remeasurement of net deferred tax liabilities (74,816 ) - - TCJA - transition tax on unremitted foreign earnings 215,558 - - Foreign income taxable in the U.S. 20,436 18,442 7,025 Termination of U.S. pension - 34,853 - Tax effect of impairment charges - (454 ) 8,305 Other (492 ) (1,436 ) 429 Total income tax expense $ 298,924 $ 44,843 $ 182,473 Note 5 – Income Taxes (continued) Income tax expense for the years ended December 31, 2017, 2016, and 2015 includes certain discrete tax items for changes in uncertain tax positions, valuation allowances, tax rates, and other related items. These items total $230,618, $22,596, and $152,437 in 2017, 2016, and 2015, respectively. For the year ended December 31, 2017, the discrete items include $234,855 related to the enactment of the TCJA, as previously described; $5,802 (tax benefit) for the periodic remeasurement of the deferred tax liability related to the 2015 cash repatriation program described below, and $1,565 of net tax expense for changes in uncertain tax positions. The 2015 cash repatriation program was expected to occur over several years, and the deferred tax liability is based on the available sources of cash, applicable tax rates, and other factors and circumstances, as of each respective balance sheet date. Changes in the underlying facts and circumstances result in changes in the deferred tax liability balance, which are recorded as tax benefit or expense. For the year ended December 31, 2016, the discrete items include $34,853 of additional tax expense related to the termination and settlement of the Vishay Retirement Plan (see Notes 10 and 11), $8,704 (tax benefit) for changes in uncertain tax positions related largely to statute expiration, and $3,553 (tax benefit) for periodic remeasurement of the deferred tax liability related to the 2015 cash repatriation program described below. For the year ended December 31, 2015, the discrete items include $163,954 of expense recorded in the fourth fiscal quarter primarily to repatriate $300,000 of foreign earnings to the United States, following an evaluation of the Company's anticipated domestic cash needs over the next several years and the Company's most efficient use of liquidity, and with consideration of the amount of cash that can be repatriated to the U.S. efficiently with lesser withholding taxes in foreign jurisdictions (the "2015 cash repatriation program"). The 2015 cash repatriation program has been terminated and replaced as described under the heading "US Tax Reform: Tax Cuts and Jobs Act," above At December 31, 2017, the Company had the following significant net operating loss carryforwards for tax purposes: Expires Austria $ 16,836 No expiration Belgium 171,122 No expiration Brazil 12,622 No expiration Germany 6,272 No expiration Israel 10,707 No expiration Japan 5,358 2018 - 2026 Netherlands 19,073 2018 - 2026 The Republic of China (Taiwan) 14,594 2024 - 2027 California 55,479 2026 - 2037 Pennsylvania 722,277 2018 - 2037 At December 31, 2017, the Company had the following significant tax credit carryforward available: Expires California Research Credit $ 13,327 No expiration Note 5 – Income Taxes (continued) Net income taxes paid were $76,900, $58,788, and $49,301 for the years ended December 31, 2017, 2016, and 2015, respectively. See Note 19 for a discussion of the tax-related uncertainties for the pre-spin-off period of Vishay Precision Group, Inc. ("VPG"), which was spun off on July 6, 2010. The following table summarizes changes in the liabilities associated with unrecognized tax benefits: Years ended December 31, 2017 2016 2015 Balance at beginning of year $ 16,805 $ 23,527 $ 26,583 Addition based on tax positions related to the current year 3,911 1,553 1,439 Addition based on tax positions related to prior years 1,837 1,047 1,894 Currency translation adjustments 915 (96 ) (1,370 ) Reduction based on tax positions related to prior years (1,473 ) - - Reduction for settlements (4,077 ) (1,210 ) (4,879 ) Reduction for lapses of statute of limitation (862 ) (8,016 ) (140 ) Balance at end of year $ 17,056 $ 16,805 $ 23,527 All of the unrecognized tax benefits of $17,056 and $16,805, as of December 31, 2017 and 2016, respectively, would reduce the effective tax rate if recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. At December 31, 2017 and 2016, the Company had accrued interest and penalties related to the unrecognized tax benefits of $2,845 and $1,638, respectively. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $2,479, $542, and $785, respectively, in interest and penalties. The Company and its subsidiaries file U.S. federal income tax returns, as well as tax returns in multiple states and foreign jurisdictions. During the years ended December 31, 2017, 2016, and 2015, certain tax examinations were concluded, including in 2017 the examinations of tax returns of principal non-U.S. subsidiaries in Germany (2009 through 2012) and Israel (2013 through 2015), and certain statutes of limitations lapsed. The tax provision for those years includes adjustments related to the resolution of these matters, as reflected in the table above. The tax returns of other non-U.S. subsidiaries which are currently under examination include France (2015 through 2016), India (2004 through 2014), Italy (2012 through 2016), and Taiwan (2016). The Company and its subsidiaries also file income tax returns in other taxing jurisdictions in the U.S. and around the world, many of which are still open to examination. The timing of the resolution of income tax examinations is highly uncertain, as are the amounts and timing of tax payments that result from such examinations. These events could cause large fluctuations in the balance sheet classification of current and non-current unrecognized tax benefits. The Company believes that in the next 12 months it is reasonably possible that certain income tax examinations will conclude or the statutes of limitation on certain income tax periods open to examination will expire, or both. Given the uncertainties described above, the Company can only determine an estimate of potential decreases in unrecognized tax benefits ranging from $2,730 to $5,149. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following: December 31, 2017 December 31, 2016 Credit facility $ 150,000 $ 143,000 Convertible senior debentures, due 2040 110,412 108,120 Convertible senior debentures, due 2041 56,641 55,442 Convertible senior debentures, due 2042 62,518 61,341 Deferred financing costs (9,101 ) (10,880 ) 370,470 357,023 Less current portion - - $ 370,470 $ 357,023 Credit Facility The Company maintains a credit facility with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent (the "Credit Facility"). On December 10, 2015, the Company entered into an Amended and Restated Credit Agreement, which provides an aggregate commitment of $640,000 of revolving loans available until December 10, 2020. The credit agreement initially became effective December 1, 2010 and was first amended and restated on August 8, 2013. The Credit Facility, as amended and restated, also provides for the ability of Vishay to request up to $50,000 of incremental revolving commitments, subject to the satisfaction of certain conditions. Borrowings under the Amended and Restated Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay's leverage ratio. Based on Vishay's current leverage ratio, borrowings bear interest at LIBOR plus 1.75%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay's current leverage ratio, is 0.35% per annum. The previous credit agreement required Vishay to pay facility fees on the entire commitment amount. The Amended and Restated Credit Facility allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is less than 2.25 to 1. If the Company's leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). The borrowings under the Credit Facility are secured by a lien on substantially all assets, including accounts receivable, inventory, machinery and equipment, and general intangibles (but excluding real estate, intellectual property registered or licensed for use in, or arising under the laws of, any country other than the United States, assets located outside of the United States and deposit and securities accounts), of Vishay and certain significant subsidiaries located in the United States, and pledges of stock in certain significant domestic and foreign subsidiaries; and are guaranteed by certain significant subsidiaries. Certain of the Company's subsidiaries are permitted to borrow under the Credit Facility, subject to the satisfaction of specified conditions. Any borrowings by these subsidiaries under the Credit Facility are guaranteed by Vishay and certain subsidiaries. The Credit Facility also limits or restricts the Company and its subsidiaries, from, among other things, incurring indebtedness, incurring liens on its respective assets, making investments and acquisitions, making asset sales, and making other restricted payments (assuming the Company's leverage ratio is greater than 2.25 to 1), and requires the Company to comply with other covenants, including the maintenance of specific financial ratios. The Amended and Restated Credit Facility also removes certain restrictions related to intercompany transactions. These changes are expected to enable the Company to streamline its complex subsidiary structure and provide greater operating flexibility. Note 6 – Long-Term Debt (continued) The Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of Vishay or certain of its significant subsidiaries, and the rendering of a judgment in excess of $25,000 against Vishay or certain of its significant subsidiaries. Upon the occurrence of an event of default under the Credit Facility, the Company's obligations under the credit facility may be accelerated and the lending commitments under the credit facility terminated. At December 31, 2017 and 2016, there was $486,211 and $490,136, respectively, available under the Credit Facility. Letters of credit totaling $3,789 and $6,864 were outstanding at December 31, 2017 and 2016, respectively. Convertible Senior Debentures Vishay currently has three issuances of convertible senior debentures outstanding with generally congruent terms. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for each issuance of the Company's convertible senior debentures effective as of the ex-dividend date of each cash dividend. The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the December 21, 2017 dividend payment: 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 December 6, 2017 (per $1 principal amount) 77.2085 56.3427 90.7787 Effective conversion price effective December 6, 2017 (per share) $ 12.95 $ 17.75 $ 11.02 130% of the conversion price (per share) $ 16.84 $ 23.08 $ 14.33 Call date November 20, 2020 May 20, 2021 June 7, 2022 Prior to three months before the maturity date, the holders may only convert their debentures under the following circumstances: (1) during any fiscal quarter after the first full quarter subsequent to issuance, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the debentures falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; (3) Vishay calls any or all of the debentures for redemption, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, remained convertible subsequent to the April 1, 2017, July 1, 2017, and September 30, 2017 evaluations, and remain convertible subsequent to the December 31, 2017 evaluation due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods in the fourth fiscal quarter of 2016 and first, second, third, and fourth fiscal quarters of 2017. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and remain convertible subsequent to the December 31, 2017 evaluation due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods in the third and fourth fiscal quarters of 2017. The debentures due 2040 and due 2042 will remain convertible until March 31, 2018, at which time the conversion criteria will be reevaluated. At the direction of its Board of Directors, the Company intends, upon future conversion of any of the convertible senior debentures, to repay the principal amounts of the convertible senior debentures in cash and settle any additional amounts in shares of Vishay common stock. The excess of the amount that the Company would pay to the holders of the debentures due 2040 and due 2042 upon conversion over the carrying value of the liability component of the debentures currently convertible has been reclassified as temporary equity on the consolidated financial statements. The Company intends to finance the principal amount of any converted debentures using borrowings under its credit facility. Accordingly, the debt component of the convertible debentures due 2040 and due 2042 continues to be classified as a non-current liability on the accompanying consolidated balance sheets. Vishay must provide additional shares upon conversion if there is a "fundamental change" in the business as defined in the indenture governing the debentures. Vishay may not redeem the debentures prior to the respective call dates. On or after the call date and prior to the maturity date, Vishay may redeem for cash all or part of the debentures at a redemption price equal to 100% of the principal amount of the debentures to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of Vishay's common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period prior to the date on which Vishay provides notice of redemption. Note 6 – Long-Term Debt (continued) GAAP requires an issuer to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's nonconvertible debt borrowing rate when interest costs are recognized in subsequent periods. The resulting discount on the debt is amortized as non-cash interest expense in future periods. The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's accompanying consolidated balance sheets as follows: Principal amount of the debentures Unamortized discount Embedded derivative Carrying value of liability component Equity component (including temporary equity) - net carrying value December 31, 2017 Due 2040 $ 275,000 (164,794 ) 206 $ 110,412 $ 110,094 Due 2041 $ 150,000 (93,573 ) 214 $ 56,641 $ 62,246 Due 2042 $ 150,000 (87,600 ) 118 $ 62,518 $ 57,874 Total $ 575,000 $ (345,967 ) $ 538 $ 229,571 $ 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 Interest is payable on the debentures semi-annually at the cash coupon rate; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate equal to the Company's estimated nonconvertible debt borrowing rate at the time of issuance. In addition to ordinary interest, contingent interest will accrue in certain circumstances relating to the trading price of the debentures and under certain other circumstances beginning ten years subsequent to issuance. Interest expense related to the debentures is reflected on the accompanying consolidated statements of operations for the years ended December 31: 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 2017 Due 2040 $ 6,188 2,479 88 (187 ) $ 8,568 Due 2041 $ 3,375 1,270 47 (71 ) $ 4,621 Due 2042 $ 3,375 1,235 54 (58 ) $ 4,606 Total $ 12,938 $ 4,984 $ 189 $ (316 ) $ 17,795 2016 Due 2040 $ 6,188 2,292 88 (183 ) $ 8,385 Due 2041 $ 3,375 1,171 47 (153 ) $ 4,440 Due 2042 $ 3,375 1,147 54 (126 ) $ 4,450 Total $ 12,938 $ 4,610 $ 189 $ (462 ) $ 17,275 2015 Due 2040 $ 6,188 2,120 88 50 $ 8,446 Due 2041 $ 3,375 1,078 47 97 $ 4,597 Due 2042 $ 3,375 1,066 54 64 $ 4,559 Total $ 12,938 $ 4,264 $ 189 $ 211 $ 17,602 Note 6 – Long-Term Debt (continued) Exchangeable Unsecured Notes, due 2102 On December 13, 2002, Vishay issued $105,000 in nominal (or principal) amount of its floating rate unsecured exchangeable notes due 2102 in connection with an acquisition. The notes were governed by a note instrument and a put and call agreement dated December 13, 2002. The notes could be put to Vishay in exchange for shares of its common stock and, under certain circumstances, could be called by Vishay for similar consideration. Following the spin-off of VPG on July 6, 2010 and a 2013 exchange by a holder of the notes, Vishay had outstanding exchangeable unsecured notes with a principal amount of $38,642, which were exchangeable for an aggregate of 2,511,742 shares of Vishay common stock. On June 28, 2016 and March 31, 2016, pursuant to agreements dated June 13, 2016 and March 10, 2016, respectively, the Company acquired from holders $12,436 and $26,206, respectively, principal amount of the Company's floating rate exchangeable unsecured notes due 2102. The purchase price for these privately negotiated transactions was $11,449 and $22,595, respectively. Vishay recognized gains on early extinguishment of debt of $4,597 presented as a separate line item in the accompanying consolidated statement of operations for the year ended December 31, 2016. Following the June 28, 2016 transaction, no exchangeable unsecured notes are outstanding. Other Borrowings Information Aggregate annual maturities of long-term debt, based on the terms stated in the respective agreements, are as follows: 2018 $ - 2019 - 2020 150,000 2021 - 2022 - Thereafter 575,000 The annual maturities of long-term debt are based on the amount required to settle the obligation. Accordingly, the discounts associated with the convertible debentures due 2040, due 2041, and due 2042 are excluded from the calculation of the annual maturities of long-term debt in the table above. At December 31, 2017, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $15,000, with substantially no amounts borrowed. At December 31, 2016, the Company had committed and uncommitted short-term credit lines with various U.S. and foreign banks aggregating approximately $11,000, with substantially no amounts borrowed. Interest paid was $21,216, $19,316, and $19,134 for the years ended December 31, 2017, 2016, and 2015, respectively. See Note 18 for further discussion on the fair value of the Company's long-term debt. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders' Equity The Company's Class B common stock carries 10 votes per share while the common stock carries 1 vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock. The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. Stock dividends or distributions on any class of stock are payable only in shares of stock of that class. Shares of either common stock or Class B common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally. In 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program. Cash dividends were paid quarterly in 2017 and 2016 as follows: Record date Payment date Amount (per share) Record date Payment date Amount (per share) March 14, 2017 March 29, 2017 $ 0.0625 March 11, 2016 March 29, 2016 $ 0.0625 June 15, 2017 June 29, 2017 $ 0.0625 June 15, 2016 June 29, 2016 $ 0.0625 September 15, 2017 September 28, 2017 $ 0.0625 September 15, 2016 September 29, 2016 $ 0.0625 December 7, 2017 December 21, 2017 $ 0.0675 December 8, 2016 December 22, 2016 $ 0.0625 The Amended and Restated Credit Facility allows an unlimited amount of defined "Restricted Payments," which include cash dividends and share repurchases, provided the Company's pro forma leverage ratio is less than 2.25 to 1. If the Company's leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). The amount and timing of any future stock repurchases or cash dividends remains subject to authorization of the Company's Board of Directors. At December 31, 2017, the Company had reserved shares of common stock for future issuance as follows: Restricted stock units outstanding 986,000 Phantom stock units outstanding 157,000 2007 Stock Incentive Program - available to grant 3,158,000 Convertible senior debentures, due 2040* 24,185,258 Convertible senior debentures, due 2041* 9,670,490 Convertible senior debentures, due 2042* 15,550,865 Conversion of Class B common stock 12,129,227 65,836,840 ___________________ *At December 31, 2017, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 21,232,338, 8,451,405, and 13,616,805 shares, respectively, of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income (Expense) [Abstract] | |
Other Income (Expense) | Note 8 – Other Income (Expense) The caption "Other" on the accompanying consolidated statements of operations consists of the following: Years ended December 31, 2017 2016 2015 Foreign exchange gain (loss) $ (4,536 ) $ 292 $ 3,180 Interest income 6,482 4,264 4,397 Other (208 ) 160 399 $ 1,738 $ 4,716 $ 7,976 In 2017, the Company sold its 50% interest in an investment accounted for using the equity method, and recorded a loss aggregating to $6,112. The $7,060 loss recorded in March 2017 included Vishay's proportionate share of the investee's accumulated other comprehensive loss of $1,110, recognized upon discontinuation of the equity investment, and the estimated cost of certain contingencies pending resolution related to the investee. In December 2017, the remaining contingencies related to the investee were favorably resolved and the Company reduced the loss by $948. The loss on disposal is not deductible for income tax purposes. On August 12, 2015, a major explosion occurred in the port of Tianjin, China. Vishay owns and operates a diodes manufacturing facility in Tianjin near the port. The shockwave of the explosion resulted in some damage to the facility and caused a temporary shutdown. Full production resumed on September 8, 2015. As a result of this incident, the Company recorded, as a separate line on the accompanying consolidated statement of operations for the year ended December 31, 2015, a loss of $5,350 related to these items, which represented the insurance deductible and certain costs which were considered to be not recoverable. The Company's insurance coverage generally provides for replacement cost of damaged items. Any amount received in excess of the book value is treated as a gain. The Company also had business interruption claims under its insurance policies. The Company did not record any gains on damaged property or business interruption income until all contingencies were resolved. During 2016, the Company received proceeds totaling $13,406 under its various insurance policies, of which $4,911 is classified as proceeds from the sale of property and equipment on the accompanying consolidated statement of cash flows, and the remainder is considered cash flows from operating activities. The Company recorded, as a separate line on the accompanying consolidated statement of operations for the year ended December 31, 2016, a gain of $8,809, equal to the proceeds received less the costs incurred for inventory, property, and equipment damage (at net book value) and related repair and clean-up costs. |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Other Accrued Expenses (Tables) [Abstract] | |
Other Accrued Expenses | Note 9 – Other Accrued Expenses Other accrued expenses consist of the following: December 31, 2017 2016 Sales returns and allowances $ 36,688 $ 34,479 Goods received, not yet invoiced 39,221 30,987 Accrued restructuring 7,352 12,655 Other 72,769 71,010 $ 156,030 $ 149,131 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10 – Accumulated Other Comprehensive Income (Loss) The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post-retirement actuarial items Currency translation adjustment Unrealized gain (loss) on available-for-sale securities Total Balance at January 1, 2015 $ (155,760 ) $ 84,703 $ 1,917 $ (69,140 ) Other comprehensive income before reclassifications 15,169 (80,106 ) (1,503 ) $ (66,440 ) Tax effect (4,196 ) - 526 $ (3,670 ) Other comprehensive income before reclassifications, net of tax 10,973 (80,106 ) (977 ) $ (70,110 ) Amounts reclassified out of AOCI 12,869 - (680 ) $ 12,189 Tax effect (4,504 ) - 238 $ (4,266 ) Amounts reclassified out of AOCI, net of tax 8,365 - (442 ) $ 7,923 Net comprehensive income (loss) $ 19,338 $ (80,106 ) $ (1,419 ) $ (62,187 ) Balance at December 31, 2015 $ (136,422 ) $ 4,597 $ 498 $ (131,327 ) Other comprehensive income before reclassifications (32,398 ) (35,863 ) 941 $ (67,320 ) Tax effect 9,815 - (329 ) $ 9,486 Other comprehensive income before reclassifications, net of tax (22,583 ) (35,863 ) 612 $ (57,834 ) Amounts reclassified out of AOCI 91,014 - - $ 91,014 Tax effect 3,495 - - $ 3,495 Amounts reclassified out of AOCI, net of tax 94,509 - - $ 94,509 Net comprehensive income (loss) $ 71,926 $ (35,863 ) $ 612 $ 36,675 Balance at December 31, 2016 $ (64,496 ) $ (31,266 ) $ 1,110 $ (94,652 ) Other comprehensive income before reclassifications (15,671 ) 124,220 1,881 $ 110,430 Tax effect 4,373 - (659 ) $ 3,714 Other comprehensive income before reclassifications, net of tax (11,298 ) 124,220 1,222 $ 114,144 Amounts reclassified out of AOCI 9,147 - (817 ) $ 8,330 Tax effect (2,394 ) - 286 $ (2,108 ) Amounts reclassified out of AOCI, net of tax 6,753 - (531 ) $ 6,222 Net comprehensive income (loss) $ (4,545 ) $ 124,220 $ 691 $ 120,366 Balance at December 31, 2017 $ (69,041 ) $ 92,954 $ 1,801 $ 25,714 Reclassifications of pension and other post-retirement actuarial items out of AOCI, including the recognition of the settlement charge for the termination of the Vishay Retirement Plan in 2016, are included in the computation of net periodic benefit cost (see Note 11). Historically, valuation allowances were recorded against the deferred taxes associated with certain unrecognized pension and other postretirement actuarial items. Changes in estimates related to these valuation allowances are recorded in the statement of operations and do not affect accumulated other comprehensive income until the underlying pension or other postretirement benefit plan is extinguished. As a result of the termination and settlement of the Vishay Retirement Plan, the Company recorded $34,853 of additional income tax expense and the related reclassification adjustment within accumulated other comprehensive income related to changes in estimates recorded in 2010. The amount of unrealized gains (losses) on available-for-sale securities reclassified out of AOCI as a result of sales of securities held by the Company's rabbi trust used to fund a deferred compensation plan was $817, $0, and $680 for the years ended December 31, 2017, 2016, and 2015, respectively. These reclassifications are recorded as a component of compensation expense within Selling, General, and Administrative expenses on the accompanying consolidated statements of operations. The pre-tax amount of unrealized gains (losses) on available-for-sale securities reclassified out of AOCI as a result of sales of available-for-sale securities was $0 for the years ended December 31, 2017, 2016, and 2015. These reclassifications are recorded as a component of Other Income on the accompanying consolidated statements of operations. The tax effect of the reclassifications of unrealized gains (losses) on available-for-sale securities is recorded as a component of Income Tax Expense on the accompanying consolidated statements of operations. Other comprehensive income (loss) includes Vishay's proportionate share of other comprehensive income (loss) of nonconsolidated subsidiaries accounted for under the equity method. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 11 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. GAAP requires employers to recognize the funded status of a benefit plan, measured as the difference between plan assets at fair value and the benefit obligation, in its balance sheet. The recognition of the funded status on the balance sheet requires employers to recognize actuarial items (such as actuarial gains and losses, prior service costs, and transition obligations) as a component of other comprehensive income, net of tax. The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans: December 31, 2017 2016 Included in "Other assets": Non-U.S. pension plans $ 347 $ 248 Total included in other assets $ 347 $ 248 Included in "Payroll and related expenses": U.S. pension plans $ (37 ) $ (35 ) Non-U.S. pension plans (7,308 ) (6,405 ) U.S. other postretirement plans (705 ) (717 ) Non-U.S. other postretirement plans (453 ) (322 ) Total included in payroll and related expenses $ (8,503 ) $ (7,479 ) Accrued pension and other postretirement costs: U.S. pension plans $ (39,880 ) $ (38,879 ) Non-U.S. pension plans (213,596 ) (194,180 ) U.S. other postretirement plans (6,928 ) (6,930 ) Non-U.S. other postretirement plans (7,445 ) (6,303 ) Other retirement obligations (13,852 ) (11,497 ) Total accrued pension and other postretirement costs $ (281,701 ) $ (257,789 ) Accumulated other comprehensive loss: U.S. pension plans $ 7,731 $ 7,313 Non-U.S. pension plans 88,398 82,360 U.S. other postretirement plans (1,101 ) (2,287 ) Non-U.S. other postretirement plans 1,916 1,474 Total accumulated other comprehensive loss* $ 96,944 $ 88,860 * - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. Defined Benefit Pension Plans U.S. Pension Plans The Company maintained several defined benefit pension plans which covered most full-time U.S. employees. These included pension plans which are "qualified" under the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code, and "non-qualified" pension plans which provide defined benefits primarily to U.S. employees whose benefits under the qualified pension plan would be limited by ERISA and the Internal Revenue Code. Pension benefits earned are generally based on years of service and compensation during active employment. The Society of Actuaries Retirement Plans Experience Committee issued updated mortality improvement scales in 2017 and 2016, which did not have a material effect on the Company's projected benefit obligations or future net periodic pension cost. Note 11 – Pensions and Other Postretirement Benefits (continued) Qualified U.S. Pension Plans The qualified U.S. pension plans historically included both contributory and non-contributory plans. The Company's principal qualified U.S. pension plan (the Vishay Retirement Plan) was funded through Company and participant contributions to an irrevocable trust fund. The Company's other qualified U.S. pension plans, which were assumed as a result of past acquisitions, were funded only through Company contributions. In 2008, the Company adopted amendments to the Vishay Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees could participate in the plan, no further participant contributions were required or permitted, and no further benefits accrued after December 31, 2008. The Company's other qualified U.S. pension plans had all been effectively frozen in prior years. All of the Company's qualified U.S. pension plans were merged into the Vishay Retirement Plan. In the second fiscal quarter of 2015, the Company began the process of terminating the Vishay Retirement Plan. During the third fiscal quarter of 2016, the Company received a favorable determination letter from the U.S. Internal Revenue Service ("IRS"), and met all other applicable IRS and Pension Benefit Guarantee Corporation requirements. The termination and settlement occurred in December 2016. Plan participants had their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. The settlement resulted in a non-cash charge of $79,321 to recognize the unrecognized actuarial items related to the Vishay Retirement Plan recorded in 2016 in accumulated other comprehensive income. A final reconciliation of participant data subject to the settlement annuity contract was completed during the second fiscal quarter of 2017. The final annuity pricing adjustment and related items did not have a material impact on the Company's financial results. Non-qualified U.S. Pension Plans The Company's principal non-qualified U.S. pension plan (the Vishay Non-qualified Retirement Plan) was a contributory pension plan designed to provide similar defined benefits to covered U.S. employees whose benefits under the Vishay Retirement Plan would be limited by ERISA and the Internal Revenue Code. The Vishay Non-qualified Retirement Plan was identical in construction to the Vishay Retirement Plan, except that the plan is not qualified under ERISA. The Vishay Non-qualified Retirement Plan, like all non-qualified plans, is considered to be unfunded. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the non-qualified pension plan were $24,505 and $22,896 at December 31, 2017 and 2016, respectively. In 2008, the Company adopted amendments to the Vishay Non-Qualified Retirement Plan such that effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no new employees may participate in the plans, no further participant contributions were required or permitted, and no further benefits shall accrue after December 31, 2008. Benefits accumulated as of December 31, 2008 will be paid to employees upon retirement, and the Company will likely need to make additional cash contributions to the rabbi trust to fund this accumulated benefit obligation. To mitigate the loss in benefits of these employees, effective January 1, 2009, the Company increased the Company-match portion of its 401(k) defined contribution savings plan for employees impacted by the pension freeze. The Company also maintains other pension plans which provide supplemental defined benefits primarily to former U.S. employees whose benefits under qualified pension plans were limited by ERISA. These non-qualified plans are all non-contributory plans, and are considered to be unfunded. In 2004, the Company entered into an employment agreement with Dr. Felix Zandman, its Executive Chairman and then-Chief Executive Officer. Pursuant to this agreement, the Company is providing an annual retirement benefit of approximately $614 to his surviving spouse. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund benefit payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to this non-qualified pension plan were $1,789 and $2,389 at December 31, 2017 and 2016, respectively. Non-U.S. Pension Plans The Company provides pension and similar benefits to employees of certain non-U.S. subsidiaries consistent with local practices. Pension benefits earned are generally based on years of service and compensation during active employment. Note 11 – Pensions and Other Postretirement Benefits (continued) The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 38,914 $ 266,427 $ 274,122 $ 260,554 Service cost - 3,725 - 3,291 Interest cost 1,643 4,866 11,788 5,475 Plan amendments - 686 - 291 Transfer from equity affiliate - - - 358 Actuarial (gains) losses 1,149 3,019 19,916 17,202 Benefits paid (1,789 ) (17,921 ) (15,625 ) (12,607 ) Curtailments and settlements - - (251,287 ) - Currency translation - 30,360 - (8,137 ) Benefit obligation at end of year $ 39,917 $ 291,162 $ 38,914 $ 266,427 Change in plan assets: Fair value of plan assets at beginning of year $ - $ 66,090 $ 258,092 51,263 Actual return on plan assets - 1,608 14,068 2,588 Transfer from equity affiliate - - - 358 Company contributions 1,789 16,120 (5,248 ) 27,311 Benefits paid (1,789 ) (17,921 ) (15,625 ) (12,607 ) Curtailments and settlements - - (251,287 ) - Currency translation - 4,708 - (2,823 ) Fair value of plan assets at end of year $ - $ 70,605 $ - $ 66,090 Funded status at end of year $ (39,917 ) $ (220,557 ) $ (38,914 ) $ (200,337 ) The plan assets are stated at fair value. See Note 18 for further discussion of the valuation of the plan assets. Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Other assets $ - $ 347 $ - $ 248 Accrued benefit liability - current (37 ) (7,308 ) (35 ) (6,405 ) Accrued benefit liability - non-current (39,880 ) (213,596 ) (38,879 ) (194,180 ) Accumulated other comprehensive loss 7,731 88,398 7,313 82,360 $ (32,186 ) $ (132,159 ) $ (31,601 ) $ (117,977 ) Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 6,804 $ 87,896 $ 6,241 $ 82,360 Unamortized prior service cost 927 502 1,072 - $ 7,731 $ 88,398 $ 7,313 $ 82,360 The following table sets forth additional information regarding the projected and accumulated benefit obligations: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accumulated benefit obligation, all plans $ 39,917 $ 270,914 $ 38,914 $ 247,838 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 39,917 $ 277,615 $ 38,914 $ 253,390 Accumulated benefit obligation 39,917 262,779 38,914 240,793 Fair value of plan assets - 57,727 - 56,649 The following table sets forth the components of net periodic pension cost: Years ended December 31, 2017 2016 2015 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost net of employee contributions $ - $ 3,725 $ - $ 3,291 $ - $ 3,265 Interest cost 1,643 4,866 11,788 5,475 11,657 5,636 Expected return on plan assets - (2,072 ) (11,302 ) (2,117 ) (13,566 ) (1,798 ) Amortization of actuarial losses 587 6,179 6,513 4,733 8,175 5,131 Amortization of prior service cost (credit) 144 150 144 261 64 (282 ) Curtailment and settlement losses - 1,360 79,321 841 - 452 Net periodic pension cost $ 2,374 $ 14,208 $ 86,464 $ 12,484 $ 6,330 $ 12,404 Net periodic benefit cost in 2017 was significantly impacted by the termination and settlement of the Company's qualified U.S. pension plan in December 2016. The settlement resulted in the immediate recognition of previously unrecognized actuarial items related to the plan in 2016 that were recorded in accumulated other comprehensive income and were being amortized into net periodic pension cost. Note 11 – Pensions and Other Postretirement Benefits (continued) See Note 10 for the pretax, tax effect and after tax amounts included in other comprehensive income during the years ended December 31, 2017, 2016, and 2015. The estimated actuarial items for the defined benefit pensions plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2017 is $7,300. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.75 % 1.80 % 4.25 % 1.76 % Rate of compensation increase 0.00 % 2.10 % 0.00 % 2.12 % The following weighted average assumptions were used to determine the net periodic pension costs: Years ended December 31, 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.25 % 1.76 % 4.50 % 2.30 % Rate of compensation increase 0.00 % 2.12 % 0.00 % 1.99 % Expected return on plan assets 0.00 % 2.90 % 4.50 % 3.38 % The plans' expected return on assets is based on management's expectations of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The investment mix between equity securities and fixed income securities is based upon achieving a desired return, balancing higher return, more volatile equity securities, and lower return, less volatile fixed income securities and is adjusted for the expected duration of the obligation and the funded status of the plan. Investment allocations are made across a range of securities, maturities and credit quality. The Company's non-U.S. defined benefit plan investments are based on local laws and customs. Most plans invest in cash and local government fixed income securities, although plans in certain countries have investments in equity securities. The plans do not invest in securities of Vishay or its subsidiaries. Negative investment returns could ultimately affect the funded status of the plans, requiring additional cash contributions. See Note 18 for further information on the fair value of the plan assets by asset category. Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2018 $ 1,802 $ 17,397 2019 1,809 16,418 2020 7,880 15,958 2021 3,038 15,773 2022 3,006 17,962 2023-2027 16,904 84,438 The Company's anticipated 2017 contributions for defined benefit pension plans will approximate the expected benefit payments disclosed above. Note 11 – Pensions and Other Postretirement Benefits (continued) Other Postretirement Benefits In the U.S., the Company maintains unfunded non-pension postretirement plans, including medical benefits for certain executives and their surviving spouses, which are funded as costs are incurred. The Company also maintains two unfunded non-pension postretirement plans at two European subsidiaries. The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 7,647 $ 6,625 $ 7,909 $ 6,488 Service cost 131 273 126 268 Interest cost 311 103 340 143 Plan curtailments and settlements - - - - Actuarial (gains) losses 257 312 (25 ) 171 Benefits paid (713 ) (349 ) (703 ) (221 ) Currency translation - 934 - (224 ) Benefit obligation at end of year $ 7,633 $ 7,898 $ 7,647 $ 6,625 Fair value of plan assets at end of year $ - $ - $ - $ - Funded status at end of year $ (7,633 ) $ (7,898 ) $ (7,647 ) $ (6,625 ) Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accrued benefit liability - current $ (705 ) $ (453 ) $ (717 ) $ (322 ) Accrued benefit liability - non-current (6,928 ) (7,445 ) (6,930 ) (6,303 ) Accumulated other comprehensive income (1,101 ) 1,916 (2,287 ) 1,474 $ (8,734 ) $ (5,982 ) $ (9,934 ) $ (5,151 ) Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss (gain) $ (953 ) $ 1,916 $ (1,303 ) $ 1,474 Unamortized prior service (credit) cost (148 ) - (984 ) - $ (1,101 ) $ 1,916 $ (2,287 ) $ 1,474 The following table sets forth the components of net periodic benefit cost: Years ended December 31, 2017 2016 2015 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 131 $ 273 $ 126 $ 268 $ 121 $ 273 Interest cost 311 103 340 143 333 147 Amortization of actuarial (gains) losses (93 ) 76 (30 ) 68 90 76 Amortization of prior service credit (837 ) - (837 ) - (837 ) - Net periodic benefit cost (benefit) $ (488 ) $ 452 $ (401 ) $ 479 $ (293 ) $ 496 The estimated actuarial items for the other postretirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2018 are not material. The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.75 % 1.50 % 4.25 % 1.50 % Rate of compensation increase 0.00 % 2.88 % 0.00 % 2.58 % The following weighted average assumptions were used to determine the net periodic benefit costs: Years ended December 31, 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.25 % 1.50 % 4.50 % 2.31 % Rate of compensation increase 0.00 % 2.58 % 0.00 % 2.69 % The impact of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit cost and postretirement benefit obligation is not material. Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2018 $ 705 $ 453 2019 703 338 2020 685 592 2021 660 494 2022 632 725 2023-2027 2,472 3,161 As the plans are unfunded, the Company's anticipated contributions for 2017 are equal to its estimated benefits payments. Other Retirement Obligations The Company participates in various other defined contribution and government-mandated retirement plans based on local law or custom. The Company periodically makes required contributions for certain of these plans, whereas other plans are unfunded retirement bonus plans which will be paid at the employee's retirement date. At December 31, 2017 and 2016, the accompanying consolidated balance sheets include $13,852 and $11,497, respectively, within accrued pension and other postretirement costs related to these plans. The Company's U.S. employees are eligible to participate in a 401(k) savings plan, which provides for Company matching contributions. The Company's matching expense for the plans was $5,843, $5,039, and $5,369 for the years ended December 31, 2017, 2016, and 2015, respectively. No material amounts are included in the accompanying consolidated balance sheets at December 31, 2017 and 2016 related to unfunded 401(k) contributions. Certain key employees participate in a deferred compensation plan. During the years ended December 31, 2017, 2016, and 2015, these employees could defer a portion of their compensation until retirement, or elect shorter deferral periods. The Company maintains a liability within other noncurrent liabilities on its consolidated balance sheets related to these deferrals. The Company maintains a non-qualified trust, referred to as a "rabbi" trust, to fund payments under this plan. Rabbi trust assets are subject to creditor claims under certain conditions and are not the property of employees. Therefore, they are accounted for as other noncurrent assets. Assets held in trust related to the deferred compensation plan at December 31, 2017 and 2016 were approximately $18,958 and $16,632, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 12 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of share-based compensation to officers, employees, and non-employee directors. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units ("RSUs"), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes share-based compensation expense recognized: Years ended December 31, 2017 2016 2015 Restricted stock units $ 4,231 $ 6,263 $ 3,705 Phantom stock units 163 117 141 Stock options - - - Total $ 4,394 $ 6,380 $ 3,846 The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes. The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at December 31, 2017 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 2,900 1.0 Phantom stock units - 0.0 Stock options - 0.0 Total $ 2,900 The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized. Note 12 – Stock-Based Compensation (continued) 2007 Stock Incentive Program The Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, was approved by Vishay's stockholders at Vishay's Annual Meeting of Stockholders on May 20, 2014. The 2007 Program permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. At December 31, 2017, the Company has reserved 3,158,000 shares of common stock for future grants of equity awards pursuant to the 2007 Program. If any outstanding awards are forfeited by the holder or cancelled by the Company, the underlying shares would be available for regrant to others. Restricted Stock Units Each RSU entitles the recipient to receive a share of common stock when the RSU vests. RSU activity is presented below (number of RSUs in thousands) Years ended December 31, 2017 2016 2015 Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Outstanding: Beginning of year 1,004 $ 12.74 1,028 $ 13.24 1,147 $ 12.75 Granted 304 15.52 353 11.35 349 13.60 Vested* (322 ) 13.54 (155 ) 12.27 (182 ) 11.41 Cancelled or forfeited - - (222 ) 13.19 (286 ) 12.89 End of year 986 $ 13.34 1,004 $ 12.74 1,028 $ 13.24 Expected to vest 986 1,004 806 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. The number of performance-based RSUs scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2018** 202 - 202 January 1, 2019 213 - 213 January 1, 2020 167 - 167 ** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2018 were achieved. In the event of (i) any termination (other than for cause) after attaining retirement age (as defined in the respective executive's employment arrangement), the executive's outstanding RSUs shall immediately vest and the outstanding performance-based RSUs shall vest on their normal vesting date to the extent applicable performance criteria are realized; and (ii) a change of control of Vishay, all of such executive's outstanding RSUs and performance-based RSUs shall immediately vest. In the event of voluntary termination by the executive prior to attaining retirement age or termination for cause, the executive's outstanding RSUs and performance-based RSUs will be forfeited. Note 12 – Stock-Based Compensation (continued) Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company's employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual's termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands) Years ended December 31, 2017 2016 2015 Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Outstanding: Beginning of year 145 132 119 Granted 10 $ 16.25 10 $ 11.71 10 $ 14.09 Dividend equivalents issued 2 3 3 Redeemed for common stock - - - End of year 157 145 132 Stock Options During the periods presented, the Company had stock options outstanding under the 2007 Program and previous stockholder-approved stock option programs. Since December 31, 2013, all outstanding options had vested and were exercisable. There were no options granted in 2017, 2016, or 2015. During the years ended December 31, 2017 and 2016, approximately 77,000 and 28,000 options were exercised, respectively. The total intrinsic value of options exercised during the years ended December 31, 2017 and 2016 was $20 and $85, respectively. No options were exercised during the year ended December 31, 2015. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies Leases The Company uses various leased facilities and equipment in its operations. In the normal course of business, operating leases are generally renewed or replaced by other leases. Certain operating leases include escalation clauses. Total rental expense under operating leases was $29,039, $27,431, and $27,210 for the years ended December 31, 2017, 2016, and 2015, respectively. Future minimum lease payments for operating leases with initial or remaining noncancelable lease terms in excess of one year are as follows: 2018 $ 19,773 2019 14,360 2020 11,082 2021 8,499 2022 6,634 Thereafter 20,478 Environmental Matters The Company is subject to various federal, state, local, and foreign laws and regulations governing environmental matters, including the use, discharge, and disposal of hazardous materials. The Company's manufacturing facilities are believed to be in substantial compliance with current laws and regulations. Complying with current laws and regulations has not had a material adverse effect on the Company's financial condition. The Company has engaged environmental consultants and attorneys to assist management in evaluating potential liabilities related to environmental matters. Management assesses the input from these consultants along with other information known to the Company in its effort to continually monitor these potential liabilities. Management assesses its environmental exposure on a site-by-site basis, including those sites where the Company has been named as a "potentially responsible party." Such assessments include the Company's share of remediation costs, information known to the Company concerning the size of the hazardous waste sites, their years of operation, and the number of past users and their financial viability. The Company has accrued environmental liabilities of $13,307, of which $4,727 is included in other accrued liabilities on the accompanying consolidated balance sheet, and $8,580 is included in other noncurrent liabilities on the accompanying consolidated balance sheet. While the ultimate outcome of these matters cannot be determined, management does not believe that the final disposition of these matters will have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. The Company's present and past facilities have been in operation for many years. These facilities have used substances and have generated and disposed of wastes which are or might be considered hazardous. Therefore, it is possible that additional environmental issues may arise in the future, which the Company cannot now predict. Litigation The Company is a party to various claims and lawsuits arising in the normal course of business. The Company is of the opinion that these litigations or claims will not have a material negative effect on its consolidated financial position, results of operations, or cash flows. Semiconductor Foundry Agreements The Company's Siliconix subsidiary maintains long-term foundry agreements with subcontractors to ensure access to external front-end capacity. Since 2004, Siliconix has maintained long-term foundry arrangements for semiconductor manufacturing with Tower Semiconductor, pursuant to which Siliconix transferred certain technology to Tower Semiconductor and committed to purchase a minimum amount of semiconductor wafers. The Company has minimum purchase commitments pursuant to the current arrangement of $41,166 and $15,758 for 2018 and 2019, respectively. The minimum purchase commitments are based on a 18-month rolling forecast and, accordingly, the 2019 minimum purchase commitments will likely increase. The Company has the option to purchase wafers in addition to the minimum commitment and, accordingly, actual purchases may be different than the amounts disclosed above. The Company's 2017 purchases pursuant to the arrangement exceeded the minimum purchase commitment. Note 13 – Commitments and Contingencies (continued) Product Quality Claims The Company is a party to various product quality claims in the normal course of business. The Company provides warranties for its products which offer replacement of defective products. Annual warranty expenses are generally not significant. The Company periodically receives claims which arise from consequential damages which result from a customer's installation of an alleged defective Vishay component into the customer's product. Although not covered by its stated warranty, Vishay may occasionally reimburse the customer for these consequential damages. Executive Employment Agreements The Company has employment agreements with certain of its senior executives. These employment agreements provide incremental compensation in the event of termination. The Company does not provide any severance or other benefits specifically upon a change in control. |
Current Vulnerability Due to Ce
Current Vulnerability Due to Certain Concentrations | 12 Months Ended |
Dec. 31, 2017 | |
Current Vulnerability Due to Certain Concentrations Abstract | |
Current Vulnerability Due to Certain Concentrations | Note 14 – Current Vulnerability Due to Certain Concentrations Market Concentrations While no single customer comprises greater than 10% of consolidated net revenues, a material portion of the Company's revenues are derived from the worldwide industrial, automotive, telecommunications, and computing markets. These markets have historically experienced wide variations in demand for end products. If demand for these end products should decrease, the producers thereof could reduce their purchases of the Company's products, which could have an adverse effect on the Company's results of operations and financial position. While no single customer comprises greater than 10% of consolidated net revenues, certain subsidiaries and product lines have customers which comprise greater than 10% of the subsidiary's or product line's net revenues. The loss of one of these customers could have a material effect on the results of operations of the subsidiary or product line and financial position of the subsidiary, which could result in an impairment charge which could be material to the Company's consolidated financial statements. Credit Risk Concentrations Financial instruments with potential credit risk consist principally of cash and cash equivalents, short-term investments, accounts receivable, and notes receivable. Concentrations of credit risk with respect to receivables are generally limited due to the Company's large number of customers and their dispersion across many countries and industries. As of December 31, 2017, one customer comprised 16.1% of the Company's accounts receivable balance. This customer comprised 15.4% of the Company's accounts receivable balance as of December 31, 2016. No other customer comprised greater than 10% of the Company's accounts receivable balance as of December 31, 2017 or December 31, 2016. The Company continually monitors the credit risks associated with its accounts receivable and adjusts the allowance for uncollectible accounts accordingly. The credit risk exposure associated with the accounts receivable is limited by the allowance and is not considered material to the financial statements. The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2017, the following financial institutions held over 10% of the Company's combined cash and cash equivalents and short-term investments balance: Bank of China 13.9 % Deutsche Bank 13.1 % Sources of Supplies Many of the Company's products require the use of raw materials that are produced in only a limited number of regions around the world or are available from only a limited number of suppliers. The Company's consolidated results of operations may be materially and adversely affected if there are significant price increases for these raw materials, the Company has difficulty obtaining these raw materials, or the quality of available raw materials deteriorates. For periods in which the prices of these raw materials are rising, the Company may be unable to pass on the increased cost to the Company's customers, which would result in decreased margins for the products in which they are used. For periods in which the prices are declining, the Company may be required to write down its inventory carrying cost of these raw materials which, depending on the extent of the difference between market price and its carrying cost, could have a material adverse effect on the Company's net earnings. Vishay is a major consumer of the world's annual production of tantalum. Tantalum, a metal purchased in powder or wire form, is the principal material used in the manufacture of tantalum capacitors. There are few suppliers that process tantalum ore into capacitor grade tantalum powder. From time to time, there have been short-term market shortages of raw materials utilized by the Company. While these shortages have not historically adversely affected the Company's ability to increase production of products containing these raw materials, they have historically resulted in higher raw material costs for the Company. The Company cannot assure that any of these market shortages in the future would not adversely affect the Company's ability to increase production, particularly during periods of growing demand for the Company's products. Note 14 – Current Vulnerability Due to Certain Concentrations (continued) Certain raw materials used in the manufacture of the Company's products, such as gold, copper, palladium, and other metals, are traded on active markets and can be subject to significant price volatility. To ensure adequate supply and to provide cost certainty, the Company's policy is to enter into short-term commitments to purchase defined portions of annual consumption of the raw materials utilized by the Company if market prices decline below budget. If after entering into these commitments, the market prices for these raw materials decline, the Company must recognize losses on these adverse purchase commitments. Recently enacted rules in the U.S. on conflict minerals, which include tantalum, tungsten, tin, and gold, all of which are used in the Company's products, could result in increased prices and decreased supply of conflict minerals, which could negatively affect the Company's consolidated results of operations. Geographic Concentration The Company has operations outside the United States, and approximately 77% of revenues earned during 2017 were derived from sales to customers outside the United States. Additionally, as of December 31, 2017, $1,282,120 of the Company's cash and cash equivalents and short-term investments were held by subsidiaries outside of the United States. Some of the Company's products are produced and cash and cash equivalents and short-term investments are held in countries which are subject to risks of political, economic, and military instability. This instability could result in wars, riots, nationalization of industry, currency fluctuations, and labor unrest. These conditions could have an adverse impact on the Company's ability to operate in these regions and, depending on the extent and severity of these conditions, could materially and adversely affect the Company's overall financial condition, operating results, and ability to access its liquidity when needed. As of December 31, 2017 the Company's cash and cash equivalents and short-term investments were concentrated in the following countries: Germany 43.6 % Israel 21.6 % United States 8.1 % Singapore 8.1 % The Republic of China (Taiwan) 7.6 % People's Republic of China 6.9 % Other Asia 1.7 % Other Europe 1.6 % Other 0.8 % Certain of the Company's non-U.S. subsidiaries have cash and cash equivalents and short-term investments deposited in U.S. financial institutions. Vishay has been in operation in Israel for 47 years. The Company has never experienced any material interruption in its operations attributable to these factors, in spite of several Middle East crises, including wars. |
Segment and Geographic Data
Segment and Geographic Data | 12 Months Ended |
Dec. 31, 2017 | |
Segment and Geographic Data [Abstract] | |
Segment and Geographic Data | Note 15 – Segment and Geographic Data Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality: ● Metal oxide semiconductor field effect transistors ("MOSFETs") function as solid state switches to control power. ● Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. ● Optoelectronic components emit light, detect light, or do both. ● Resistors and inductors both impede electric current. Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. Inductors use an internal magnetic field to change alternating current phase and resist alternating current. ● Capacitors store energy and discharge it when needed. Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues are from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. Note 15 – Segment and Geographic Data (continued) The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors & Inductors Capacitors Corporate / Other Total Year ended December 31, 2017: Product sales $ 468,294 $ 620,888 $ 286,349 $ 843,965 $ 383,932 $ - $ 2,603,428 Royalty revenues - - - 94 - - $ 94 Total revenue $ 468,294 $ 620,888 $ 286,349 $ 844,059 $ 383,932 $ - $ 2,603,522 Gross Profit $ 109,436 $ 162,645 $ 97,436 $ 251,725 $ 78,370 $ - $ 699,612 Segment Operating Income $ 74,002 $ 142,833 $ 79,691 $ 222,634 $ 58,474 $ - $ 577,634 Depreciation expense $ 34,731 $ 37,396 $ 16,871 $ 34,083 $ 17,736 $ 8,066 $ 148,883 Capital expenditures 33,475 38,681 16,115 67,007 11,135 4,019 $ 170,432 Total Assets as of December 31, 2017: $ 412,598 $ 792,610 $ 332,228 $ 992,439 $ 567,413 $ 361,901 $ 3,459,189 Year ended December 31, 2016: Product sales $ 406,336 $ 553,920 $ 272,126 $ 753,578 $ 337,212 $ - $ 2,323,172 Royalty revenues - - - 259 - - $ 259 Total revenue $ 406,336 $ 553,920 $ 272,126 $ 753,837 $ 337,212 $ - $ 2,323,431 Gross Profit $ 58,155 $ 134,937 $ 87,022 $ 222,786 $ 66,883 $ - $ 569,783 Segment Operating Income $ 22,254 $ 113,995 $ 67,548 $ 191,283 $ 46,338 $ - $ 441,418 Depreciation expense $ 34,531 $ 35,335 $ 15,549 $ 32,240 $ 17,817 $ 9,049 $ 144,521 Capital expenditures 22,430 29,860 18,276 47,006 14,410 2,653 $ 134,635 Total Assets as of December 31, 2016: $ 389,482 $ 714,898 $ 312,423 $ 905,795 $ 495,225 $ 259,978 $ 3,077,801 Year ended December 31, 2015: Product sales $ 426,672 $ 533,931 $ 279,553 $ 704,109 $ 352,900 $ - $ 2,297,165 Royalty revenues 11 - - 3,312 - - $ 3,323 Total revenue $ 426,683 $ 533,931 $ 279,553 $ 707,421 $ 352,900 $ - $ 2,300,488 Gross Profit $ 58,626 $ 119,762 $ 88,625 $ 208,384 $ 66,823 $ - $ 542,220 Segment Operating Income $ 21,366 $ 95,887 $ 68,410 $ 173,805 $ 44,863 $ - $ 404,331 Depreciation expense $ 47,172 $ 35,526 $ 14,118 $ 30,576 $ 18,168 $ 8,780 $ 154,340 Capital expenditures 29,289 38,971 21,853 38,169 14,763 4,097 $ 147,142 Total Assets as of December 31, 2015: $ 477,984 $ 718,548 $ 325,600 $ 839,249 $ 543,507 $ 248,098 $ 3,152,986 ________________ Note 15 – Segment and Geographic Data (continued) Years ended December 31, 2017 2016 2015 Reconciliation: Segment Operating Income $ 577,634 $ 441,418 $ 404,331 Restructuring and Severance Costs (11,273 ) (19,199 ) (19,215 ) Impairment of Intangible Assets - (1,559 ) (57,600 ) Impairment of Goodwill - - (5,380 ) U.S. Pension Settlement Charges - (79,321 ) - Unallocated Selling, General, and Administrative Expenses (254,773 ) (239,622 ) (224,337 ) Consolidated Operating Income (Loss) $ 311,588 $ 101,717 $ 97,799 Unallocated Other Income (Expense) (32,224 ) (7,501 ) (23,059 ) Consolidated Income Before Taxes $ 279,364 $ 94,216 $ 74,740 See Note 4 for restructuring and severance costs segment information. The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area: Years ended December 31, 2017 2016 2015 United States $ 590,638 $ 542,506 $ 560,973 Germany 839,984 746,657 719,246 Other Europe 99,327 83,744 88,553 Israel 11,292 10,007 12,597 Asia 1,062,281 940,517 919,119 $ 2,603,522 $ 2,323,431 $ 2,300,488 The following table summarizes property and equipment based on physical location: December 31, 2017 2016 United States $ 99,993 $ 94,589 Germany 154,874 120,223 Other Europe 130,523 112,953 Israel 102,890 104,824 People's Republic of China 192,521 183,158 Republic of China (Taiwan) 122,080 124,724 Other Asia 99,493 105,400 Other 3,384 3,000 $ 905,758 $ 848,871 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 16 – Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock options and restricted stock units (see Note 12), convertible debt instruments (see Note 6), and other potentially dilutive securities. The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Years ended December 31, 2017 2016 2015 Numerator: Numerator for basic earnings (loss) per share: Net earnings (loss) attributable to Vishay stockholders $ (20,344 ) $ 48,792 $ (108,514 ) Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax - 38 - Numerator for diluted earnings (loss) per share: Net earnings (loss) attributed to Vishay stockholders - diluted $ (20,344 ) $ 48,830 $ (108,514 ) Denominator: Denominator for basic earnings (loss) per share: Weighted average shares 145,478 147,009 147,570 Outstanding phantom stock units 155 143 130 Adjusted weighted average shares - basic 145,633 147,152 147,700 Effect of dilutive securities: Convertible and exchangeable debt instruments - 3,219 - Restricted stock units - 323 - Other - 3 - Dilutive potential common shares - 3,545 - Denominator for diluted earnings (loss) per share: Adjusted weighted average shares - diluted 145,633 150,697 147,700 Basic earnings (loss) per share attributable to Vishay stockholders $ (0.14 ) $ 0.33 $ (0.73 ) Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.14 ) $ 0.32 $ (0.73 ) Note 16 – Earnings Per Share (continued) Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands) Years ended December 31, 2017 2016 2015 Convertible and exchangeable notes: Convertible Senior Debentures, due 2040 21,184 10,312 20,477 Convertible Senior Debentures, due 2041 8,432 8,249 8,151 Convertible Senior Debentures, due 2042 13,586 - 13,133 Exchangeable Unsecured Notes, due 2102 - - 2,512 Weighted average employee stock options 26 91 105 Weighted average other 981 512 1,014 In periods in which they are dilutive, if the potential common shares related to the exchangeable notes are included in the computation, the related interest savings, net of tax, assuming conversion/exchange is added to the net earnings used to compute earnings per share. The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, remained convertible subsequent to the April 1, 2017, July 1, 2017, and September 30, 2017 evaluations, and remain convertible subsequent to the December 31, 2017 evaluation. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria and remain convertible subsequent to the December 31, 2017 evaluation. In periods that the debentures are not convertible, the certain conditions which could trigger conversion of the remaining debentures have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.95, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.75, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $11.02, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Additional Cash Flow Information [Abstract] | |
Additional Cash Flow Information | Note 17 – Additional Cash Flow Information Changes in operating assets and liabilities, net of effects of businesses acquired consists of the following : Years ended December 31, 2017 2016 2015 Accounts receivable $ (51,152 ) $ (4,120 ) $ (11,250 ) Inventories (55,062 ) 13,760 (30,302 ) Prepaid expenses and other current assets (3,668 ) (12,180 ) (5,203 ) Accounts payable 42,291 17,839 (13,419 ) Other current liabilities 21,184 (19,505 ) 32,925 Net change in operating assets and liabilities $ (46,407 ) $ (4,206 ) $ (27,249 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18 – Fair Value Measurements The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company's own assumptions. An asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2016 and 2015: Total Fair Value Level 1 Level 2 Level 3 December 31, 2017 Assets: Assets held in rabbi trusts $ 45,252 $ 28,589 $ 16,663 $ - Available for sale securities $ 4,621 4,621 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 8,793 8,793 - - Fixed income securities $ 12,793 12,793 - - Cash $ 49,019 49,019 - - $ 120,478 $ 103,815 $ 16,663 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (206 ) - - (206 ) Embedded derivative - convertible debentures due 2041 $ (214 ) - - (214 ) Embedded derivative - convertible debentures due 2042 $ (118 ) - - (118 ) $ (538 ) $ - $ - $ (538 ) December 31, 2016 Assets: Assets held in rabbi trusts $ 41,917 $ 27,297 $ 14,620 $ - Available for sale securities $ 3,969 3,969 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,963 9,963 - - Fixed income securities $ 12,780 12,780 - - Cash $ 43,347 43,347 - - $ 111,976 $ 97,356 $ 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 ) Note 18 – Fair Value Measurements (continued) In accordance with ASC Subtopic 350-20, and as described in Note 3, the Company performed nonrecurring fair value measurements of its indefinite-lived Siliconix tradenames as of the last day of its third fiscal quarter of 2016. As a result of the fair value measurements, the Siliconix tradenames with a carrying value of $20,359 were written down to their fair value of $18,800, resulting in an impairment charge of $1,559, recorded in the accompanying consolidated statements of operations for the year ended December 31, 2016. The Company's nonrecurring fair value measurement of its Siliconix tradenames is considered Level 3 measurements. See Note 3 for further information on the measurements and inputs. The Company maintains non-qualified trusts, referred to as "rabbi" trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale, and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the year. The company-owned life insurance assets are valued in consultation with the Company's insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company maintains defined benefit retirement plans in certain of its non-U.S. subsidiaries. The assets of the plans are measured at fair value. Equity securities held by the non-U.S. defined benefit retirement plans consist of equity securities that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the equity securities is considered a Level 1 measurement within the fair value hierarchy. Fixed income securities held by the non-U.S. defined benefit retirement plans consist of government bonds in the Philippines and India and corporate notes that are valued based on quoted market prices on the last business day of the year. The fair value measurement of the fixed income securities is considered a Level 1 measurement within the fair value hierarchy. Cash held by the non-U.S. defined benefit retirement plans consists of demand deposits on account in various financial institutions to fund current benefit payments. The carrying amount of the cash approximates its fair value. The Company holds available for sale investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the U.S. The investments are valued based on quoted market prices on the last business day of the year. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. The convertible senior debentures, due 2040, due 2041, and due 2042, issued by the Company on November 9, 2010, May 13, 2011, and May 31, 2012, respectively, contain embedded derivative features that GAAP requires to be bifurcated and remeasured each reporting period. Each quarter, the change in the fair value of the embedded derivative features, if any, is recorded in the consolidated statements of operations. The Company uses a derivative valuation model to derive the value of the embedded derivative features. Key inputs into this valuation model are the Company's current stock price, risk-free interest rates, the stock dividend yield, the stock volatility, and the debentures' credit spread over London Interbank Offered Rate (LIBOR). The first three aforementioned inputs are based on observable market data and are considered Level 2 inputs while the last two aforementioned inputs are unobservable and thus require management's judgment and are considered Level 3 inputs. The fair value measurement is considered a Level 3 measurement within the fair value hierarchy. Note 18 – Fair Value Measurements (continued) The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $100,000 and $100,000 as of December 31, 2017 and 2016, respectively. The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the changes in the fair value of the contracts are recognized in the accompanying consolidated statements of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierarchy. Due to the timing of the renewal of the forward contracts, the value of the forward contracts were immaterial as of December 31, 2017 and 2016. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The fair value of the long-term debt, excluding the derivative liability and capitalized deferred financing costs, at December 31, 2017 and 2016 is approximately $1,071,200 and $860,600, respectively, compared to its carrying value, excluding the derivative liability and capitalized deferred financing costs, of $379,033 and $367,049, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered level 2 inputs. At December 31, 2017 and 2016, the Company's short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet dates. The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. There have been no transfers to or from the held-to-maturity classification. All decreases in the account balance are due to returns of principal at the securities' maturity dates. Interest on the securities is recognized as interest income when earned. At December 31, 2017 and 2016, the Company's cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the accompanying consolidated balance sheets. The Company's financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the accompanying consolidated balance sheets approximate their fair values. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19 – Related Party Transactions Vishay Precision Group, Inc. On July 6, 2010, Vishay completed the spin-off of its measurements and foil resistors businesses into an independent, publicly-traded company, Vishay Precision Group, Inc. Vishay's common stockholders received 1 share of VPG common stock for every 14 shares of Vishay common stock they held on the record date, June 25, 2010, and Vishay's Class B common stockholders received 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock they held on the record date. Following the spin-off, VPG is an independent company and Vishay retains no ownership interest. Relationship with VPG after Spin-off Following the spin-off, VPG and Vishay operate separately, each as independent public companies. Vishay has no ownership interest in VPG. However, Ruta Zandman solely or on a shared basis with Marc Zandman and Ziv Shoshani, all of whom are members of Vishay's Board of Directors, control a large portion of the voting power of both Vishay and VPG. Marc Zandman, Vishay's Executive Chairman of the Board and an executive officer of Vishay, serves as the Chairman of VPG. Ziv Shoshani, CEO of VPG, serves as a director of Vishay. Additionally, Timothy V. Talbert, a member of Vishay's Board of Directors is also a member of the Board of Directors of VPG. In connection with the completion of the spin-off, Vishay and its subsidiaries entered into several agreements with VPG and its subsidiaries that govern the relationship of the parties following the spin-off. Among the agreements entered into with VPG and its subsidiaries were a transition services agreement, several lease agreements, and supply agreements. None of the agreements have had nor are expected to have a material impact on Vishay's financial position, results of operations, or liquidity. Some of these agreements have expired and have not been renewed. Vishay also entered into a trademark license agreement with VPG pursuant to which Vishay granted VPG the license to use certain trademarks, service marks, logos, trade names, entity names, and domain names which include the term "Vishay." The license granted VPG the limited, exclusive, royalty-free right and license to use certain marks and names incorporating the term "Vishay" in connection with the design, development, manufacture, marketing, provision and performance of certain VPG products that do not compete with any products within Vishay's product range as constituted immediately following the separation and certain services provided in connection with the products. The license cannot be terminated except as a result of willful misconduct or liquidation bankruptcy of VPG. Until the spin-off, VPG was included in Vishay's consolidated federal income tax returns and with Vishay and/or certain of Vishay's subsidiaries in applicable combined or unitary state and local income tax returns. In conjunction with the spin-off, Vishay and VPG entered a tax matters agreement under which Vishay generally will be liable for all U.S. federal, state, local, and foreign income taxes attributable to VPG with respect to taxable periods ending on or before the distribution date except to the extent that VPG has a liability for such taxes on its books at the time of the spin-off. Vishay is also principally responsible for managing any income tax audits by the various tax jurisdictions for pre-spin-off periods. Vishay has fully indemnified VPG of tax exposures arising prior to the spin-off. |
Summary of Quarterly Financial
Summary of Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |
Summary of Quarterly Financial Information (Unaudited) | Note 20 – Summary of Quarterly Financial Information (Unaudited) 2017 2016 First Second Third Fourth First Second Third Fourth Statement of Operations data: Net revenues $ 606,258 $ 644,892 $ 677,883 $ 674,489 $ 570,606 $ 590,051 $ 591,955 $ 570,819 Gross profit 160,875 172,963 189,273 176,501 137,309 146,128 153,901 132,445 Operating income (loss) 64,688 82,036 92,328 72,536 40,548 49,408 57,229 (45,468 ) Net earnings (loss) 36,949 56,409 64,583 (177,501 ) 28,152 33,229 36,596 (48,604 ) Net earnings (loss) attributable to noncontrolling interests 230 219 179 156 138 143 156 144 Net earnings (loss) attributable to Vishay stockholders 36,719 56,190 64,404 (177,657 ) 28,014 33,086 36,440 (48,748 ) Per Share data: Basic earnings (loss) per share attributable to Vishay stockholders (a) $ 0.25 $ 0.38 $ 0.44 $ (1.23 ) $ 0.19 $ 0.22 $ 0.25 $ (0.33 ) Diluted earnings (loss) per share attributable to Vishay stockholders (a) $ 0.24 $ 0.36 $ 0.41 $ (1.23 ) $ 0.19 $ 0.22 $ 0.24 $ (0.33 ) Certain Items Recorded during the Quarters: Operating income (loss): Restructuring and severance costs $ 1,469 $ 481 $ 3,244 $ 6,079 $ 6,475 $ 4,467 $ 1,197 $ 7,060 Impairment of intangible assets - - - - - - 1,559 - U.S. pension settlement charges - - - - - - - 79,321 Other income (expense): Gain (loss) on disposal of equity affiliate $ (7,060 ) $ - $ - $ 948 $ - $ - $ - $ - Gain on early extinguishment of debt - $ - $ - - 3,611 986 - - Gain (loss) related to Tianjin explosion - - - - - - - 8,809 Income tax expense: Enactment of TCJA $ - $ - $ - $ 234,855 $ - $ - $ - $ - Tax effects of cash repatriation program (968 ) (1,240 ) (892 ) (2,702 ) (769 ) (1,217 ) (1,402 ) (165 ) Additional tax expense from AOCI - pension plan - - - - - - - 34,853 Tax effects of changes in uncertain tax positions - - (804 ) 2,369 - - - (8,704 ) Quarter end date April 1 July 1 September 30 December 31 April 2 July 2 October 1 December 31 (a) May not add due to differences in weighted average share counts. (b) The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Vishay and all of its subsidiaries in which a controlling financial interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interest in the accompanying consolidated balance sheets. Investments in affiliates over which the Company has significant influence but not a controlling interest are carried on the equity basis. Investments in affiliates over which the Company does not have significant influence are accounted for by the cost method. All intercompany transactions, accounts, and profits are eliminated. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue on product sales during the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, title and risk of loss have been transferred, collectibility is reasonably assured, and pricing is fixed or determinable. For the portion of sales where title and risk of loss passes at point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. The Company historically has had agreements with distributors that provided limited rights of product return. The Company has modified these arrangements to allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company records a reduction of revenue during each period, and records a related accrued expense for the period, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. |
Shipping and Handling Costs | Note 1 - Summary of Significant Accounting Policies (continued) Shipping and Handling Costs Shipping and handling costs are included in costs of products sold. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. The amount charged to expense for research and development (exclusive of purchased in-process research and development) aggregated $67,153, $66,842, and $64,193, for the years ended December 31, 2017, 2016, and 2015, respectively. The Company spends additional amounts for the development of machinery and equipment for new processes and for cost reduction measures. |
Income Taxes | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances have been established for deferred tax assets which the Company believes do not meet GAAP criteria of "more likely than not" to be realized. This criterion requires a level of judgment regarding future taxable income, which may be revised due to changes in market conditions, tax laws, or other factors. If the Company's assumptions and estimates change in the future, valuation allowances established may be increased, resulting in increased tax expense. Conversely, if the Company is ultimately able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been established, then the related portion of the valuation allowance can be released, resulting in decreased tax expense. The Company and its subsidiaries are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances and the provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. These accruals for tax-related uncertainties are based on management's best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited by tax authorities and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company's effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. The amount included in current liabilities on the accompanying consolidated balance sheets reflect only amounts expected to be settled in cash within one year. See Note 5. |
Cash, Cash Equivalents, and Short-Term Investments | Cash, Cash Equivalents, and Short-Term Investments Cash and cash equivalents includes demand deposits and highly liquid investments with maturities of three months or less when purchased. Highly liquid investments with original maturities greater than three months, but less than one year are classified as short-term investments. At December 31, 2017 and 2016, the Company's short-term investments were comprised of time deposits with financial institutions whose original maturity exceeds three months, but less than one year. |
Allowance for Doubtful Accounts | Note 1 – Summary of Significant Accounting Policies (continued) Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. The Company evaluates the past-due status of its trade receivables based on contractual terms of sale. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Bad debt expense (income realized upon subsequent collection) was $301, $61, and $(152) for the years ended December 31, 2017, 2016, and 2015, respectively. |
Inventories | Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. Inventories are adjusted for estimated obsolescence and written down to net realizable value based upon estimates of future demand, technology developments, and market conditions. |
Property and Equipment | Property and Equipment Property and equipment is carried at cost and is depreciated principally by the straight-line method based upon the estimated useful lives of the assets. Machinery and equipment are being depreciated over useful lives of seven to ten years. Buildings and building improvements are being depreciated over useful lives of twenty to forty years. Construction in progress is not depreciated until the assets are placed in service. The estimated cost to complete construction in progress at December 31, 2017 was approximately $79,000. Depreciation of capital lease assets is included in total depreciation expense. Depreciation expense was $148,883, $144,521, and $154,340 for the years ended December 31, 2017, 2016, and 2015, respectively. Gains and losses on the disposal of assets which do not qualify for presentation as discontinued operations are included in the determination of operating margin (within selling, general, and administrative expenses). Individually material gains and losses on disposal are separately disclosed in the notes to the consolidated financial statements. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of a business acquired over the fair value of the related net assets at the date of acquisition. Certain of the Company's tradenames were assigned indefinite useful lives. Goodwill and indefinite-lived intangible assets are not amortized but rather are tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company's business segments (see Note 15) represent its reporting units for goodwill impairment testing purposes. See Note 3 for further information on the impairment tests performed in 2016 and 2015. At December 31, 2017 and 2016, respectively, the Company has no recorded indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their estimated useful lives. Patents and acquired technology are being amortized over useful lives of seven to twenty-five years. Capitalized software is amortized over periods of three to ten years, primarily included in costs of products sold on the consolidated statements of operations. Customer relationships are amortized over useful lives of five to twenty years. Noncompete agreements are amortized over periods of three to ten years. The Company continually evaluates the reasonableness of the useful lives of these assets. GAAP prescribes a quantitative method for determining goodwill impairment. The Company has the option of performing a qualitative assessment before performing the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of the reporting unit is not more likely than not less than the carrying amount, the quantitative impairment test is not required. If it is determined that the fair value of the reporting unit is more likely than not less than the carrying amount, the quantitative impairment test is required. The Company determines the fair value of the reporting unit and compares that fair value to the net book value of the reporting unit. The fair value of the reporting unit is determined using various valuation techniques, including a comparable companies market multiple approach and a discounted cash flow analysis (an income approach). If the net book value of the reporting unit were to exceed the fair value, the Company would recognize an impairment charge. |
Impairment of Long-Lived Assets | Note 1 – Summary of Significant Accounting Policies (continued) Impairment of Long-Lived Assets The carrying value of long-lived assets held-and-used, other than goodwill and indefinite-lived intangible assets, is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable or the useful life has changed. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held-for-sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for anticipated disposal costs. See Note 3 for further information on the impairment tests performed in 2016 and 2015. |
Available-for-Sale Securities | Available-for-Sale Securities Short-term investments and other assets reported on the accompanying consolidated balance sheets include time deposits with financial institutions whose original maturity exceeds three months, but less than one year and investments in marketable securities which are classified as available-for-sale. These assets include assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans (see Note 11) and assets that are intended to fund a portion of the Company's other postretirement benefit obligations outside of the U.S. These assets are reported at fair value, based on quoted market prices as of the end of the reporting period. Unrealized gains and losses are reported, net of their related tax consequences, as a component of accumulated other comprehensive income in stockholders' equity until sold. At the time of sale, the assets that are held in trust related to the Company's non-qualified pension and deferred compensation plans, any gains (losses) calculated by the specific identification method are recognized as a reduction (increase) to benefits expense, within selling, general, and administrative expenses. See "Recent Accounting Pronouncements" below. |
Financial Instruments | Financial Instruments The Company uses financial instruments in the normal course of its business, including from time to time, derivative financial instruments. Additionally, from time to time, the Company enters into contracts that are not considered derivative financial instruments in their entirety, but that include embedded derivative features. The convertible senior debentures due 2040, due 2041, and due 2042 contain embedded derivatives that are recorded at fair value on a recurring basis. At December 31, 2017 and 2016, outstanding derivative instruments were not material. The Company reports derivative instruments on the accompanying consolidated balance sheet at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and the ineffective portion, if any, is reported in current period net earnings (loss). Changes in the fair values of derivative instruments that are not designated as hedges, including embedded derivatives, are recorded in current period net earnings (loss). The Company has in the past used interest rate swap agreements to modify variable rate obligations to fixed rate obligations, thereby reducing exposure to market rate fluctuations. The Company uses financial instruments such as forward exchange contracts to mitigate a portion, but not all, of the risk associated with its firm commitments denominated in foreign currencies. The purpose of the Company's foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. Other financial instruments include cash and cash equivalents, held-to-maturity short-term investments, accounts receivable, and notes payable. The carrying amounts of these financial instruments reported on the accompanying consolidated balance sheets approximate their fair values due to the short-term nature of these assets and liabilities. |
Foreign Currency Translation | Note 1 – Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Company has significant operations outside of the United States. The Company finances its operations in Europe and certain locations in Asia in local currencies, and accordingly, these subsidiaries utilize the local currency as their functional currency. The Company's operations in Israel and most significant locations in Asia are largely financed in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those subsidiaries where the local currency is the functional currency, assets and liabilities on the accompanying consolidated balance sheets have been translated at the rate of exchange as of the balance sheet date. Translation adjustments do not impact the consolidated results of operations and are reported as a separate component of stockholders' equity. Revenues and expenses are translated at the average exchange rate for the year. While the translation of revenues and expenses into U.S. dollars does not directly impact the statement of operations, the translation effectively increases or decreases the U.S. dollar equivalent of revenues generated and expenses incurred in those foreign currencies. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the consolidated results of operations. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to stock-based payment transactions are recognized in the consolidated financial statements. The amount of compensation cost is measured based on the grant-date fair value of the equity (or liability) instruments issued. Compensation cost is recognized over the period that an officer, employee, or non-employee director is required to provide service in exchange for the award. For awards subject to graded vesting, the Company recognizes expense over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation cost for restricted stock units ("RSUs") that are expected to vest and records cumulative adjustments in the period that the expectation changes. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The costs for a specific environmental remediation site are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments for that site are fixed or reliably determinable based upon information derived from the remediation plan for that site. Accrued liabilities for environmental matters recorded at December 31, 2017 and 2016 do not include claims against third parties. |
Restructuring and Severance Costs | Restructuring and Severance Costs Restructuring and severance costs reflect charges resulting from cost reduction programs implemented by the Company. Restructuring and severance costs include exit costs, severance benefits pursuant to an on-going arrangement, voluntary termination compensation under a defined program, and any related pension curtailment and settlement charges. The Company recognizes expense for one-time benefits only after management has committed to a plan, the plan is sufficiently detailed to provide the number, classification, and location of employees to be terminated as well as the expected completion date, the plan has been sufficiently communicated to employees such that they are able to determine the type and amount of benefits they will receive if terminated, and it is unlikely that the plan will be significantly changed or withdrawn. If an employee is not required to render service beyond a minimum retention period, the Company recognizes expense once the aforementioned criteria have been met. If an employee is required to render service beyond a minimum retention period, the Company recognizes expense over the period that the employee is required to render future service. The Company recognizes expense for on-going benefit arrangements when the liability is reasonably estimable and considered probable. The Company recognizes expense for voluntary separation / early retirement when the employee delivers an irrevocable voluntary termination notice pursuant to a defined company program. The Company recognizes other exit costs as incurred. |
Self-Insurance Programs | Self-Insurance Programs The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property damage, director and officers' liability, and vehicle liability. As part of its self-insurance program for certain risks, the Company created a wholly-owned captive insurance entity in 2007. At December 31, 2017, the captive insurance entity provides only property and general liability insurance, although it is licensed to also provide casualty and directors' and officers' insurance. The captive insurance entity had $560 accrued for outstanding claims at December 31, 2017 and no amounts accrued for outstanding claims at December 31, 2016. Certain cash and investments held by the captive insurance entity are restricted primarily for the purpose of potential insurance claims. Restricted cash of $9,438 and $10,211 is included in other noncurrent assets at December 31, 2017 and 2016, respectively, representing required statutory reserves of the captive insurance entity. |
Convertible Debentures | Note 1 – Summary of Significant Accounting Policies (continued) Convertible Debentures The Company separately accounts for the liability and equity components of convertible debt instruments that may be settled in cash in a manner that reflects the Company's nonconvertible debt borrowing rate. The liability component at issuance is recognized at fair value, based on the fair value of a similar instrument that does not have a conversion feature. A discount is recorded if debentures are issued at a coupon rate which is below the rate of a similar instrument that did not have a conversion feature at issuance. The equity component is based on the excess of the principal amount of the debentures over the fair value of the liability component, after adjusting for an allocation of debt issuance costs and the deferred tax impact, and is recorded as capital in excess of par. Debt discounts are amortized as additional non-cash interest expense over the expected life of the debt. |
Recent Accounting Guidance Adopted | Recent Accounting Pronouncements Recent Accounting Guidance Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted in the United States. The TCJA represents sweeping changes in U.S. tax law. Under GAAP (specifically, Accounting Standards Codification ("ASC") Topic 740), the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted. The total effect of tax law changes on deferred tax balances is recorded as a component of income tax expense. In response to the TCJA, the Staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 ("SAB No. 118") to provide guidance to registrants in applying ASC Topic 740 in connection with the TCJA. SAB No. 118 provides that in the period of enactment, the income tax effects of the TCJA may be reported as a provisional amount based on a reasonable estimate (to the extent a reasonable estimate can be determined), which would be subject to adjustment during a "measurement period". The measurement period begins in the reporting period of the TCJA's enactment and ends when a registrant has obtained, prepared, and analyzed the information that was needed in order to complete the accounting requirements under ASC Topic 740. SAB No. 118 also describes supplemental disclosures that should accompany the provisional amounts. The Company has applied the guidance in SAB No. 118 to account for the financial accounting impacts of the TCJA as of December 31, 2017, and has provided the applicable supplemental disclosures in Note 5. |
Recent Accounting Pronouncements | Recent Accounting Guidance Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Note 1 – Summary of Significant Accounting Policies (continued) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Reclassifications In addition to the changes due to the retrospective adoption of certain aspects of new accounting guidance described above, certain prior year amounts have been reclassified to conform to the current year presentation. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Discussion on convertible debt included in computation of earnings per share diluted | The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, remained convertible subsequent to the April 1, 2017, July 1, 2017, and September 30, 2017 evaluations, and remain convertible subsequent to the December 31, 2017 evaluation. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria and remain convertible subsequent to the December 31, 2017 evaluation. In periods that the debentures are not convertible, the certain conditions which could trigger conversion of the remaining debentures have been deemed to be non-substantive, and accordingly, the Company assumes the conversion of these instruments in its diluted earnings per share computation during periods in which they are dilutive. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.95, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.75, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $11.02, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments, Policy | The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company's own assumptions. An asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill rollforward | The changes in the carrying amount of goodwill by segment for the years ended December 31, 2017 and 2016 were as follows: Optoelectronic Components Resistors & Inductors Total Balance at January 1, 2016 $ 96,849 $ 41,395 $ 138,244 Sonntag acquisition - 3,485 3,485 Exchange rate effects - (322 ) (322 ) Balance at December 31, 2016 $ 96,849 $ 44,558 $ 141,407 Exchange rate effects - 1,335 1,335 Balance at December 31, 2017 $ 96,849 45,893 142,742 |
Other Intangible Assets | Other intangible assets are as follows: December 31, 2017 2016 Intangible assets subject to amortization: Patents and acquired technology $ 71,596 $ 93,395 Capitalized software 54,325 53,807 Customer relationships 63,655 84,905 Tradenames 55,272 53,680 Non-competition agreements 606 1,266 245,454 287,053 Accumulated amortization: Patents and acquired technology (63,868 ) (81,807 ) Capitalized software (50,246 ) (49,388 ) Customer relationships (26,622 ) (42,787 ) Tradenames (34,378 ) (27,460 ) Non-competition agreements (586 ) (1,148 ) (175,700 ) (202,590 ) Net Intangible Assets Subject to Amortization $ 69,754 $ 84,463 |
Estimated annual amortization expense for each of the next five years | Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2017 for each of the next five years is as follows: 2018 $ 11,620 2019 7,741 2020 6,750 2021 5,863 2022 5,192 |
Restructuring and Related Act33
Restructuring and Related Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Expenses | The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated statements of operations: Years ended December 31, 2017 2016 2015 MOSFETs Enhanced Competitiveness Program $ 3,204 $ 9,744 $ 5,367 Global Cost Reduction Programs 8,069 9,918 13,753 Voluntary Separation / Retirement Program - - 95 Modules Production Transfer - (463 ) - Total $ 11,273 $ 19,199 $ 19,215 |
Global Cost Reduction Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses by segment [Table Text Block] | The following table summarizes the expense recognized by segment related to this program: Years ended December 31, 2017 2016 2015 Diodes $ 428 $ 788 $ 133 Optoelectronic Components 437 936 215 Resistors & Inductors 4,981 5,173 5,972 Capacitors 434 687 5,209 Unallocated Selling, General, and Administrative Expenses 1,789 2,334 2,224 Total $ 8,069 $ 9,918 $ 13,753 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program: 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 8,069 Cash paid (7,168 ) Foreign currency translation 500 Balance at December 31, 2017 $ 7,665 |
MOSFETs Enhanced Competitiveness Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Note 4 – Restructuring and Related Activities (continued) The following table summarizes the activity to date related to this program: 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 3,204 Cash paid (7,173 ) Balance at December 31, 2017 $ 2,263 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of components of income tax expense associated with the TCJA [Table Text Block] | The provisional amount of net tax expense recorded by the Company in the fourth fiscal quarter of 2017 that is directly and indirectly related to the TCJA is summarized as follows: Remeasurement of net deferred tax liabilities $ (74,816 ) Transition tax on unremitted foreign earnings 215,558 Incremental foreign taxes on assumed repatriation 213,000 Reversal of deferred taxes due to cancellation of 2015 repatriation plan (118,887 ) Total tax expense related to the enactment of the TCJA $ 234,855 |
Components of income (loss) from continuing operations before taxes and noncontrolling interest | Note 5 – Income Taxes (continued) Income (loss) from continuing operations before taxes and noncontrolling interests consists of the following components: Years ended December 31, 2017 2016 2015 Domestic $ (40,171 ) $ (135,953 ) $ (40,929 ) Foreign 319,535 230,169 115,669 $ 279,364 $ 94,216 $ 74,740 |
Components of income taxes | Significant components of income taxes are as follows: Years ended December 31, 2017 2016 2015 Current: Federal $ 180,873 $ 358 $ 290 State and local 108 5 163 Foreign 65,566 46,999 63,573 246,547 47,362 64,026 Deferred: Federal (101,896 ) 6,163 78,933 State and local 1,538 (3,039 ) 311 Foreign 152,735 (5,643 ) 39,203 52,377 (2,519 ) 118,447 Total income tax expense $ 298,924 $ 44,843 $ 182,473 |
Deferred tax assets and liabilities | Note 5 – Income Taxes (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred tax assets: Pension and other retiree obligations $ 43,536 $ 47,104 Inventories 9,658 7,691 Property and equipment 3,798 (1,025 ) Net operating loss carryforwards 136,599 183,562 Tax credit carryforwards 13,328 25,432 Other accruals and reserves 22,930 29,401 Total gross deferred tax assets 229,849 292,165 Less valuation allowance (149,070 ) (165,269 ) 80,779 126,896 Deferred tax liabilities: Earnings not permanently reinvested (213,000 ) (139,165 ) Convertible debentures (135,576 ) (203,641 ) Other - net (6,125 ) (10,646 ) Total gross deferred tax liabilities (354,701 ) (353,452 ) Net deferred tax assets (liabilities) $ (273,922 ) $ (226,556 ) |
Federal statutory income tax rate reconciliation | A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows: Years ended December 31, 2017 2016 2015 Tax at statutory rate $ 97,777 $ 32,976 $ 26,159 State income taxes, net of U.S. federal tax benefit 1,070 (1,972 ) 309 Effect of foreign operations (54,807 ) (26,551 ) (13,212 ) Tax on earnings not permanently reinvested 88,311 (3,553 ) 163,699 Unrecognized tax benefits 5,887 (8,453 ) (1,353 ) Change in valuation allowance on non-U.S. deferred tax assets - 991 (8,888 ) TCJA - remeasurement of net deferred tax liabilities (74,816 ) - - TCJA - transition tax on unremitted foreign earnings 215,558 - - Foreign income taxable in the U.S. 20,436 18,442 7,025 Termination of U.S. pension - 34,853 - Tax effect of impairment charges - (454 ) 8,305 Other (492 ) (1,436 ) 429 Total income tax expense $ 298,924 $ 44,843 $ 182,473 |
Net operating loss carryforwards | At December 31, 2017, the Company had the following significant net operating loss carryforwards for tax purposes: Expires Austria $ 16,836 No expiration Belgium 171,122 No expiration Brazil 12,622 No expiration Germany 6,272 No expiration Israel 10,707 No expiration Japan 5,358 2018 - 2026 Netherlands 19,073 2018 - 2026 The Republic of China (Taiwan) 14,594 2024 - 2027 California 55,479 2026 - 2037 Pennsylvania 722,277 2018 - 2037 |
Summary of significant tax credit carryforwards available | At December 31, 2017, the Company had the following significant tax credit carryforward available: Expires California Research Credit $ 13,327 No expiration |
Unrecognized tax benefits | The following table summarizes changes in the liabilities associated with unrecognized tax benefits: Years ended December 31, 2017 2016 2015 Balance at beginning of year $ 16,805 $ 23,527 $ 26,583 Addition based on tax positions related to the current year 3,911 1,553 1,439 Addition based on tax positions related to prior years 1,837 1,047 1,894 Currency translation adjustments 915 (96 ) (1,370 ) Reduction based on tax positions related to prior years (1,473 ) - - Reduction for settlements (4,077 ) (1,210 ) (4,879 ) Reduction for lapses of statute of limitation (862 ) (8,016 ) (140 ) Balance at end of year $ 17,056 $ 16,805 $ 23,527 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Schedule of long-term debt instruments | Long-term debt consists of the following: December 31, 2017 December 31, 2016 Credit facility $ 150,000 $ 143,000 Convertible senior debentures, due 2040 110,412 108,120 Convertible senior debentures, due 2041 56,641 55,442 Convertible senior debentures, due 2042 62,518 61,341 Deferred financing costs (9,101 ) (10,880 ) 370,470 357,023 Less current portion - - $ 370,470 $ 357,023 |
Key terms of the convertible debentures | The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the December 21, 2017 dividend payment: 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 December 6, 2017 (per $1 principal amount) 77.2085 56.3427 90.7787 Effective conversion price effective December 6, 2017 (per share) $ 12.95 $ 17.75 $ 11.02 130% of the conversion price (per share) $ 16.84 $ 23.08 $ 14.33 Call date November 20, 2020 May 20, 2021 June 7, 2022 |
Liability and equity components of the convertible debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's accompanying consolidated balance sheets as follows: Principal amount of the debentures Unamortized discount Embedded derivative Carrying value of liability component Equity component (including temporary equity) - net carrying value December 31, 2017 Due 2040 $ 275,000 (164,794 ) 206 $ 110,412 $ 110,094 Due 2041 $ 150,000 (93,573 ) 214 $ 56,641 $ 62,246 Due 2042 $ 150,000 (87,600 ) 118 $ 62,518 $ 57,874 Total $ 575,000 $ (345,967 ) $ 538 $ 229,571 $ 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 |
Schedule of Interest Expense on Convertible Debt [Table Text Block] | Interest expense related to the debentures is reflected on the accompanying consolidated statements of operations for the years ended December 31: 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 2017 Due 2040 $ 6,188 2,479 88 (187 ) $ 8,568 Due 2041 $ 3,375 1,270 47 (71 ) $ 4,621 Due 2042 $ 3,375 1,235 54 (58 ) $ 4,606 Total $ 12,938 $ 4,984 $ 189 $ (316 ) $ 17,795 2016 Due 2040 $ 6,188 2,292 88 (183 ) $ 8,385 Due 2041 $ 3,375 1,171 47 (153 ) $ 4,440 Due 2042 $ 3,375 1,147 54 (126 ) $ 4,450 Total $ 12,938 $ 4,610 $ 189 $ (462 ) $ 17,275 2015 Due 2040 $ 6,188 2,120 88 50 $ 8,446 Due 2041 $ 3,375 1,078 47 97 $ 4,597 Due 2042 $ 3,375 1,066 54 64 $ 4,559 Total $ 12,938 $ 4,264 $ 189 $ 211 $ 17,602 |
Aggregate annual maturities of long-term debt | Other Borrowings Information Aggregate annual maturities of long-term debt, based on the terms stated in the respective agreements, are as follows: 2018 $ - 2019 - 2020 150,000 2021 - 2022 - Thereafter 575,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Dividends Declared [Table Text Block] | In 2014, the Company's Board of Directors approved the initiation of a quarterly cash dividend program. Cash dividends were paid quarterly in 2017 and 2016 as follows: Record date Payment date Amount (per share) Record date Payment date Amount (per share) March 14, 2017 March 29, 2017 $ 0.0625 March 11, 2016 March 29, 2016 $ 0.0625 June 15, 2017 June 29, 2017 $ 0.0625 June 15, 2016 June 29, 2016 $ 0.0625 September 15, 2017 September 28, 2017 $ 0.0625 September 15, 2016 September 29, 2016 $ 0.0625 December 7, 2017 December 21, 2017 $ 0.0675 December 8, 2016 December 22, 2016 $ 0.0625 |
Shares of common stock reserved for future issuance | At December 31, 2017, the Company had reserved shares of common stock for future issuance as follows: Restricted stock units outstanding 986,000 Phantom stock units outstanding 157,000 2007 Stock Incentive Program - available to grant 3,158,000 Convertible senior debentures, due 2040* 24,185,258 Convertible senior debentures, due 2041* 9,670,490 Convertible senior debentures, due 2042* 15,550,865 Conversion of Class B common stock 12,129,227 65,836,840 ___________________ *At December 31, 2017, the convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 21,232,338, 8,451,405, and 13,616,805 shares, respectively, of Vishay common stock. The Company has reserved adequate shares to ensure it could issue the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures. |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income (Expense) [Abstract] | |
Summary of other Income (expense) | The caption "Other" on the accompanying consolidated statements of operations consists of the following: Years ended December 31, 2017 2016 2015 Foreign exchange gain (loss) $ (4,536 ) $ 292 $ 3,180 Interest income 6,482 4,264 4,397 Other (208 ) 160 399 $ 1,738 $ 4,716 $ 7,976 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Accrued Expenses (Tables) [Abstract] | |
Summary of other accrued expenses | Other accrued expenses consist of the following: December 31, 2017 2016 Sales returns and allowances $ 36,688 $ 34,479 Goods received, not yet invoiced 39,221 30,987 Accrued restructuring 7,352 12,655 Other 72,769 71,010 $ 156,030 $ 149,131 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Summary of components of other comprehensive income | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post-retirement actuarial items Currency translation adjustment Unrealized gain (loss) on available-for-sale securities Total Balance at January 1, 2015 $ (155,760 ) $ 84,703 $ 1,917 $ (69,140 ) Other comprehensive income before reclassifications 15,169 (80,106 ) (1,503 ) $ (66,440 ) Tax effect (4,196 ) - 526 $ (3,670 ) Other comprehensive income before reclassifications, net of tax 10,973 (80,106 ) (977 ) $ (70,110 ) Amounts reclassified out of AOCI 12,869 - (680 ) $ 12,189 Tax effect (4,504 ) - 238 $ (4,266 ) Amounts reclassified out of AOCI, net of tax 8,365 - (442 ) $ 7,923 Net comprehensive income (loss) $ 19,338 $ (80,106 ) $ (1,419 ) $ (62,187 ) Balance at December 31, 2015 $ (136,422 ) $ 4,597 $ 498 $ (131,327 ) Other comprehensive income before reclassifications (32,398 ) (35,863 ) 941 $ (67,320 ) Tax effect 9,815 - (329 ) $ 9,486 Other comprehensive income before reclassifications, net of tax (22,583 ) (35,863 ) 612 $ (57,834 ) Amounts reclassified out of AOCI 91,014 - - $ 91,014 Tax effect 3,495 - - $ 3,495 Amounts reclassified out of AOCI, net of tax 94,509 - - $ 94,509 Net comprehensive income (loss) $ 71,926 $ (35,863 ) $ 612 $ 36,675 Balance at December 31, 2016 $ (64,496 ) $ (31,266 ) $ 1,110 $ (94,652 ) Other comprehensive income before reclassifications (15,671 ) 124,220 1,881 $ 110,430 Tax effect 4,373 - (659 ) $ 3,714 Other comprehensive income before reclassifications, net of tax (11,298 ) 124,220 1,222 $ 114,144 Amounts reclassified out of AOCI 9,147 - (817 ) $ 8,330 Tax effect (2,394 ) - 286 $ (2,108 ) Amounts reclassified out of AOCI, net of tax 6,753 - (531 ) $ 6,222 Net comprehensive income (loss) $ (4,545 ) $ 124,220 $ 691 $ 120,366 Balance at December 31, 2017 $ (69,041 ) $ 92,954 $ 1,801 $ 25,714 |
Pensions and Other Postretire40
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement Plan amounts recorded on consolidated balance sheets | The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans: December 31, 2017 2016 Included in "Other assets": Non-U.S. pension plans $ 347 $ 248 Total included in other assets $ 347 $ 248 Included in "Payroll and related expenses": U.S. pension plans $ (37 ) $ (35 ) Non-U.S. pension plans (7,308 ) (6,405 ) U.S. other postretirement plans (705 ) (717 ) Non-U.S. other postretirement plans (453 ) (322 ) Total included in payroll and related expenses $ (8,503 ) $ (7,479 ) Accrued pension and other postretirement costs: U.S. pension plans $ (39,880 ) $ (38,879 ) Non-U.S. pension plans (213,596 ) (194,180 ) U.S. other postretirement plans (6,928 ) (6,930 ) Non-U.S. other postretirement plans (7,445 ) (6,303 ) Other retirement obligations (13,852 ) (11,497 ) Total accrued pension and other postretirement costs $ (281,701 ) $ (257,789 ) Accumulated other comprehensive loss: U.S. pension plans $ 7,731 $ 7,313 Non-U.S. pension plans 88,398 82,360 U.S. other postretirement plans (1,101 ) (2,287 ) Non-U.S. other postretirement plans 1,916 1,474 Total accumulated other comprehensive loss* $ 96,944 $ 88,860 * - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax. |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 38,914 $ 266,427 $ 274,122 $ 260,554 Service cost - 3,725 - 3,291 Interest cost 1,643 4,866 11,788 5,475 Plan amendments - 686 - 291 Transfer from equity affiliate - - - 358 Actuarial (gains) losses 1,149 3,019 19,916 17,202 Benefits paid (1,789 ) (17,921 ) (15,625 ) (12,607 ) Curtailments and settlements - - (251,287 ) - Currency translation - 30,360 - (8,137 ) Benefit obligation at end of year $ 39,917 $ 291,162 $ 38,914 $ 266,427 Change in plan assets: Fair value of plan assets at beginning of year $ - $ 66,090 $ 258,092 51,263 Actual return on plan assets - 1,608 14,068 2,588 Transfer from equity affiliate - - - 358 Company contributions 1,789 16,120 (5,248 ) 27,311 Benefits paid (1,789 ) (17,921 ) (15,625 ) (12,607 ) Curtailments and settlements - - (251,287 ) - Currency translation - 4,708 - (2,823 ) Fair value of plan assets at end of year $ - $ 70,605 $ - $ 66,090 Funded status at end of year $ (39,917 ) $ (220,557 ) $ (38,914 ) $ (200,337 ) |
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Other assets $ - $ 347 $ - $ 248 Accrued benefit liability - current (37 ) (7,308 ) (35 ) (6,405 ) Accrued benefit liability - non-current (39,880 ) (213,596 ) (38,879 ) (194,180 ) Accumulated other comprehensive loss 7,731 88,398 7,313 82,360 $ (32,186 ) $ (132,159 ) $ (31,601 ) $ (117,977 ) |
Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 6,804 $ 87,896 $ 6,241 $ 82,360 Unamortized prior service cost 927 502 1,072 - $ 7,731 $ 88,398 $ 7,313 $ 82,360 |
Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accumulated benefit obligation, all plans $ 39,917 $ 270,914 $ 38,914 $ 247,838 Plans for which the accumulated benefit obligation exceeds plan assets: Projected benefit obligation $ 39,917 $ 277,615 $ 38,914 $ 253,390 Accumulated benefit obligation 39,917 262,779 38,914 240,793 Fair value of plan assets - 57,727 - 56,649 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost: Years ended December 31, 2017 2016 2015 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost net of employee contributions $ - $ 3,725 $ - $ 3,291 $ - $ 3,265 Interest cost 1,643 4,866 11,788 5,475 11,657 5,636 Expected return on plan assets - (2,072 ) (11,302 ) (2,117 ) (13,566 ) (1,798 ) Amortization of actuarial losses 587 6,179 6,513 4,733 8,175 5,131 Amortization of prior service cost (credit) 144 150 144 261 64 (282 ) Curtailment and settlement losses - 1,360 79,321 841 - 452 Net periodic pension cost $ 2,374 $ 14,208 $ 86,464 $ 12,484 $ 6,330 $ 12,404 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.75 % 1.80 % 4.25 % 1.76 % Rate of compensation increase 0.00 % 2.10 % 0.00 % 2.12 % The following weighted average assumptions were used to determine the net periodic pension costs: Years ended December 31, 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.25 % 1.76 % 4.50 % 2.30 % Rate of compensation increase 0.00 % 2.12 % 0.00 % 1.99 % Expected return on plan assets 0.00 % 2.90 % 4.50 % 3.38 % |
Estimated future benefit payments | Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2018 $ 1,802 $ 17,397 2019 1,809 16,418 2020 7,880 15,958 2021 3,038 15,773 2022 3,006 17,962 2023-2027 16,904 84,438 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation: Benefit obligation at beginning of year $ 7,647 $ 6,625 $ 7,909 $ 6,488 Service cost 131 273 126 268 Interest cost 311 103 340 143 Plan curtailments and settlements - - - - Actuarial (gains) losses 257 312 (25 ) 171 Benefits paid (713 ) (349 ) (703 ) (221 ) Currency translation - 934 - (224 ) Benefit obligation at end of year $ 7,633 $ 7,898 $ 7,647 $ 6,625 Fair value of plan assets at end of year $ - $ - $ - $ - Funded status at end of year $ (7,633 ) $ (7,898 ) $ (7,647 ) $ (6,625 ) |
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Accrued benefit liability - current $ (705 ) $ (453 ) $ (717 ) $ (322 ) Accrued benefit liability - non-current (6,928 ) (7,445 ) (6,930 ) (6,303 ) Accumulated other comprehensive income (1,101 ) 1,916 (2,287 ) 1,474 $ (8,734 ) $ (5,982 ) $ (9,934 ) $ (5,151 ) |
Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following: December 31, 2017 December 31, 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss (gain) $ (953 ) $ 1,916 $ (1,303 ) $ 1,474 Unamortized prior service (credit) cost (148 ) - (984 ) - $ (1,101 ) $ 1,916 $ (2,287 ) $ 1,474 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit cost: Years ended December 31, 2017 2016 2015 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 131 $ 273 $ 126 $ 268 $ 121 $ 273 Interest cost 311 103 340 143 333 147 Amortization of actuarial (gains) losses (93 ) 76 (30 ) 68 90 76 Amortization of prior service credit (837 ) - (837 ) - (837 ) - Net periodic benefit cost (benefit) $ (488 ) $ 452 $ (401 ) $ 479 $ (293 ) $ 496 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years: 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 3.75 % 1.50 % 4.25 % 1.50 % Rate of compensation increase 0.00 % 2.88 % 0.00 % 2.58 % The following weighted average assumptions were used to determine the net periodic benefit costs: Years ended December 31, 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Discount rate 4.25 % 1.50 % 4.50 % 2.31 % Rate of compensation increase 0.00 % 2.58 % 0.00 % 2.69 % |
Estimated future benefit payments | Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows: U.S. Plans Non-U.S. Plans 2018 $ 705 $ 453 2019 703 338 2020 685 592 2021 660 494 2022 632 725 2023-2027 2,472 3,161 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of recognized stock-based compensation expense | The following table summarizes share-based compensation expense recognized: Years ended December 31, 2017 2016 2015 Restricted stock units $ 4,231 $ 6,263 $ 3,705 Phantom stock units 163 117 141 Stock options - - - Total $ 4,394 $ 6,380 $ 3,846 |
Schedule of unrecognized compensation cost, nonvested awards | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at December 31, 2017 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 2,900 1.0 Phantom stock units - 0.0 Stock options - 0.0 Total $ 2,900 |
Restricted Stock Units Activity | RSU activity is presented below (number of RSUs in thousands) Years ended December 31, 2017 2016 2015 Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Number of RSUs Weighted Average Grant-date Fair Value Outstanding: Beginning of year 1,004 $ 12.74 1,028 $ 13.24 1,147 $ 12.75 Granted 304 15.52 353 11.35 349 13.60 Vested* (322 ) 13.54 (155 ) 12.27 (182 ) 11.41 Cancelled or forfeited - - (222 ) 13.19 (286 ) 12.89 End of year 986 $ 13.34 1,004 $ 12.74 1,028 $ 13.24 Expected to vest 986 1,004 806 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements. |
Schedule of share-based compensation arrangement by share-based payment award, performance-based units, vested and expected to vest | The number of performance-based RSUs scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2018** 202 - 202 January 1, 2019 213 - 213 January 1, 2020 167 - 167 ** The performance vesting criteria for the performance-based RSUs with a vesting date of January 1, 2018 were achieved. |
Phantom stock units activity under the 2007 Program | The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands) Years ended December 31, 2017 2016 2015 Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Number of Phantom Stock Units Grant- date Fair Value per Unit Outstanding: Beginning of year 145 132 119 Granted 10 $ 16.25 10 $ 11.71 10 $ 14.09 Dividend equivalents issued 2 3 3 Redeemed for common stock - - - End of year 157 145 132 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Future minimum lease payments for operating leases | Future minimum lease payments for operating leases with initial or remaining noncancelable lease terms in excess of one year are as follows: 2018 $ 19,773 2019 14,360 2020 11,082 2021 8,499 2022 6,634 Thereafter 20,478 |
Current Vulnerability Due to 43
Current Vulnerability Due to Certain Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Geographic Concentration [Member] | |
Concentration Risk [Line Items] | |
Current Vulnerability Due to Certain Concentrations | As of December 31, 2017 the Company's cash and cash equivalents and short-term investments were concentrated in the following countries: Germany 43.6 % Israel 21.6 % United States 8.1 % Singapore 8.1 % The Republic of China (Taiwan) 7.6 % People's Republic of China 6.9 % Other Asia 1.7 % Other Europe 1.6 % Other 0.8 % |
Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Current Vulnerability Due to Certain Concentrations | The Company maintains cash and cash equivalents and short-term investments with various major financial institutions. The Company is exposed to credit risk related to the potential inability to access liquidity in financial institutions where its cash and cash equivalents and short-term investments are concentrated. As of December 31, 2017, the following financial institutions held over 10% of the Company's combined cash and cash equivalents and short-term investments balance: Bank of China 13.9 % Deutsche Bank 13.1 % |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment and Geographic Data [Abstract] | |
Segment reporting information | Note 15 – Segment and Geographic Data (continued) The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors & Inductors Capacitors Corporate / Other Total Year ended December 31, 2017: Product sales $ 468,294 $ 620,888 $ 286,349 $ 843,965 $ 383,932 $ - $ 2,603,428 Royalty revenues - - - 94 - - $ 94 Total revenue $ 468,294 $ 620,888 $ 286,349 $ 844,059 $ 383,932 $ - $ 2,603,522 Gross Profit $ 109,436 $ 162,645 $ 97,436 $ 251,725 $ 78,370 $ - $ 699,612 Segment Operating Income $ 74,002 $ 142,833 $ 79,691 $ 222,634 $ 58,474 $ - $ 577,634 Depreciation expense $ 34,731 $ 37,396 $ 16,871 $ 34,083 $ 17,736 $ 8,066 $ 148,883 Capital expenditures 33,475 38,681 16,115 67,007 11,135 4,019 $ 170,432 Total Assets as of December 31, 2017: $ 412,598 $ 792,610 $ 332,228 $ 992,439 $ 567,413 $ 361,901 $ 3,459,189 Year ended December 31, 2016: Product sales $ 406,336 $ 553,920 $ 272,126 $ 753,578 $ 337,212 $ - $ 2,323,172 Royalty revenues - - - 259 - - $ 259 Total revenue $ 406,336 $ 553,920 $ 272,126 $ 753,837 $ 337,212 $ - $ 2,323,431 Gross Profit $ 58,155 $ 134,937 $ 87,022 $ 222,786 $ 66,883 $ - $ 569,783 Segment Operating Income $ 22,254 $ 113,995 $ 67,548 $ 191,283 $ 46,338 $ - $ 441,418 Depreciation expense $ 34,531 $ 35,335 $ 15,549 $ 32,240 $ 17,817 $ 9,049 $ 144,521 Capital expenditures 22,430 29,860 18,276 47,006 14,410 2,653 $ 134,635 Total Assets as of December 31, 2016: $ 389,482 $ 714,898 $ 312,423 $ 905,795 $ 495,225 $ 259,978 $ 3,077,801 Year ended December 31, 2015: Product sales $ 426,672 $ 533,931 $ 279,553 $ 704,109 $ 352,900 $ - $ 2,297,165 Royalty revenues 11 - - 3,312 - - $ 3,323 Total revenue $ 426,683 $ 533,931 $ 279,553 $ 707,421 $ 352,900 $ - $ 2,300,488 Gross Profit $ 58,626 $ 119,762 $ 88,625 $ 208,384 $ 66,823 $ - $ 542,220 Segment Operating Income $ 21,366 $ 95,887 $ 68,410 $ 173,805 $ 44,863 $ - $ 404,331 Depreciation expense $ 47,172 $ 35,526 $ 14,118 $ 30,576 $ 18,168 $ 8,780 $ 154,340 Capital expenditures 29,289 38,971 21,853 38,169 14,763 4,097 $ 147,142 Total Assets as of December 31, 2015: $ 477,984 $ 718,548 $ 325,600 $ 839,249 $ 543,507 $ 248,098 $ 3,152,986 ________________ |
Operating margin reconciliation | Note 15 – Segment and Geographic Data (continued) Years ended December 31, 2017 2016 2015 Reconciliation: Segment Operating Income $ 577,634 $ 441,418 $ 404,331 Restructuring and Severance Costs (11,273 ) (19,199 ) (19,215 ) Impairment of Intangible Assets - (1,559 ) (57,600 ) Impairment of Goodwill - - (5,380 ) U.S. Pension Settlement Charges - (79,321 ) - Unallocated Selling, General, and Administrative Expenses (254,773 ) (239,622 ) (224,337 ) Consolidated Operating Income (Loss) $ 311,588 $ 101,717 $ 97,799 Unallocated Other Income (Expense) (32,224 ) (7,501 ) (23,059 ) Consolidated Income Before Taxes $ 279,364 $ 94,216 $ 74,740 See Note 4 for restructuring and severance costs segment information. |
Revenues Based on Geographic Area | The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area: Years ended December 31, 2017 2016 2015 United States $ 590,638 $ 542,506 $ 560,973 Germany 839,984 746,657 719,246 Other Europe 99,327 83,744 88,553 Israel 11,292 10,007 12,597 Asia 1,062,281 940,517 919,119 $ 2,603,522 $ 2,323,431 $ 2,300,488 |
Property and Equipment Based on Geographic Area | The following table summarizes property and equipment based on physical location: December 31, 2017 2016 United States $ 99,993 $ 94,589 Germany 154,874 120,223 Other Europe 130,523 112,953 Israel 102,890 104,824 People's Republic of China 192,521 183,158 Republic of China (Taiwan) 122,080 124,724 Other Asia 99,493 105,400 Other 3,384 3,000 $ 905,758 $ 848,871 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Years ended December 31, 2017 2016 2015 Numerator: Numerator for basic earnings (loss) per share: Net earnings (loss) attributable to Vishay stockholders $ (20,344 ) $ 48,792 $ (108,514 ) Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax - 38 - Numerator for diluted earnings (loss) per share: Net earnings (loss) attributed to Vishay stockholders - diluted $ (20,344 ) $ 48,830 $ (108,514 ) Denominator: Denominator for basic earnings (loss) per share: Weighted average shares 145,478 147,009 147,570 Outstanding phantom stock units 155 143 130 Adjusted weighted average shares - basic 145,633 147,152 147,700 Effect of dilutive securities: Convertible and exchangeable debt instruments - 3,219 - Restricted stock units - 323 - Other - 3 - Dilutive potential common shares - 3,545 - Denominator for diluted earnings (loss) per share: Adjusted weighted average shares - diluted 145,633 150,697 147,700 Basic earnings (loss) per share attributable to Vishay stockholders $ (0.14 ) $ 0.33 $ (0.73 ) Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.14 ) $ 0.32 $ (0.73 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Note 16 – Earnings Per Share (continued) Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands) Years ended December 31, 2017 2016 2015 Convertible and exchangeable notes: Convertible Senior Debentures, due 2040 21,184 10,312 20,477 Convertible Senior Debentures, due 2041 8,432 8,249 8,151 Convertible Senior Debentures, due 2042 13,586 - 13,133 Exchangeable Unsecured Notes, due 2102 - - 2,512 Weighted average employee stock options 26 91 105 Weighted average other 981 512 1,014 |
Additional Cash Flow Informat46
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Additional Cash Flow Information [Abstract] | |
Changes in operating assets and liabilities | Changes in operating assets and liabilities, net of effects of businesses acquired consists of the following : Years ended December 31, 2017 2016 2015 Accounts receivable $ (51,152 ) $ (4,120 ) $ (11,250 ) Inventories (55,062 ) 13,760 (30,302 ) Prepaid expenses and other current assets (3,668 ) (12,180 ) (5,203 ) Accounts payable 42,291 17,839 (13,419 ) Other current liabilities 21,184 (19,505 ) 32,925 Net change in operating assets and liabilities $ (46,407 ) $ (4,206 ) $ (27,249 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Schedule of fair Value, Assets and Liabilities Measured on Recurring basis | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2016 and 2015: Total Fair Value Level 1 Level 2 Level 3 December 31, 2017 Assets: Assets held in rabbi trusts $ 45,252 $ 28,589 $ 16,663 $ - Available for sale securities $ 4,621 4,621 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 8,793 8,793 - - Fixed income securities $ 12,793 12,793 - - Cash $ 49,019 49,019 - - $ 120,478 $ 103,815 $ 16,663 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (206 ) - - (206 ) Embedded derivative - convertible debentures due 2041 $ (214 ) - - (214 ) Embedded derivative - convertible debentures due 2042 $ (118 ) - - (118 ) $ (538 ) $ - $ - $ (538 ) December 31, 2016 Assets: Assets held in rabbi trusts $ 41,917 $ 27,297 $ 14,620 $ - Available for sale securities $ 3,969 3,969 - - Non - U.S. Defined Benefit Pension Plan Assets: Equity securities $ 9,963 9,963 - - Fixed income securities $ 12,780 12,780 - - Cash $ 43,347 43,347 - - $ 111,976 $ 97,356 $ 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 ) |
Summary of Quarterly Financia48
Summary of Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information | 2017 2016 First Second Third Fourth First Second Third Fourth Statement of Operations data: Net revenues $ 606,258 $ 644,892 $ 677,883 $ 674,489 $ 570,606 $ 590,051 $ 591,955 $ 570,819 Gross profit 160,875 172,963 189,273 176,501 137,309 146,128 153,901 132,445 Operating income (loss) 64,688 82,036 92,328 72,536 40,548 49,408 57,229 (45,468 ) Net earnings (loss) 36,949 56,409 64,583 (177,501 ) 28,152 33,229 36,596 (48,604 ) Net earnings (loss) attributable to noncontrolling interests 230 219 179 156 138 143 156 144 Net earnings (loss) attributable to Vishay stockholders 36,719 56,190 64,404 (177,657 ) 28,014 33,086 36,440 (48,748 ) Per Share data: Basic earnings (loss) per share attributable to Vishay stockholders (a) $ 0.25 $ 0.38 $ 0.44 $ (1.23 ) $ 0.19 $ 0.22 $ 0.25 $ (0.33 ) Diluted earnings (loss) per share attributable to Vishay stockholders (a) $ 0.24 $ 0.36 $ 0.41 $ (1.23 ) $ 0.19 $ 0.22 $ 0.24 $ (0.33 ) Certain Items Recorded during the Quarters: Operating income (loss): Restructuring and severance costs $ 1,469 $ 481 $ 3,244 $ 6,079 $ 6,475 $ 4,467 $ 1,197 $ 7,060 Impairment of intangible assets - - - - - - 1,559 - U.S. pension settlement charges - - - - - - - 79,321 Other income (expense): Gain (loss) on disposal of equity affiliate $ (7,060 ) $ - $ - $ 948 $ - $ - $ - $ - Gain on early extinguishment of debt - $ - $ - - 3,611 986 - - Gain (loss) related to Tianjin explosion - - - - - - - 8,809 Income tax expense: Enactment of TCJA $ - $ - $ - $ 234,855 $ - $ - $ - $ - Tax effects of cash repatriation program (968 ) (1,240 ) (892 ) (2,702 ) (769 ) (1,217 ) (1,402 ) (165 ) Additional tax expense from AOCI - pension plan - - - - - - - 34,853 Tax effects of changes in uncertain tax positions - - (804 ) 2,369 - - - (8,704 ) Quarter end date April 1 July 1 September 30 December 31 April 2 July 2 October 1 December 31 (a) May not add due to differences in weighted average share counts. (b) The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Minimum ownership of entities that do not have a non-controlling interest (in hundredths) | 100.00% | ||
Research and development expense | $ 67,153 | $ 66,842 | $ 64,193 |
Minimum number of months until maturity from original purchase date for a highly liquid investment to be considered a short-term investment (in months) | 3 months | ||
Bad debt expense | $ 301 | 61 | (152) |
Property, Plant and Equipment [Line Items] | |||
Estimated cost to complete construction in progress | 79,000 | ||
Depreciation expense | 148,883 | 144,521 | 154,340 |
Cash and investments restricted for potential insurance claims | 9,438 | 10,211 | |
Outstanding claim accrual | $ 560 | 0 | |
Minimum [Member] | Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Minimum [Member] | Patents and acquired technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Maximum [Member] | Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Maximum [Member] | Patents and acquired technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 25 years | ||
Maximum [Member] | Noncompete Agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 7 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 10 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 40 years | ||
Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New accounting pronouncement future impact on net revenues | $ 4,154 | 6,103 | |
New accounting pronouncement future impact on retained earnings | 2,500 | ||
Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New accounting pronouncement future impact on retained earnings | $ 1,801 | ||
Accounting standards Update 2017-07 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New accounting pronouncement future impact on costs of products sold | 3,497 | 4,040 | |
New accounting pronouncement future impact on SG&A expense | $ 8,919 | $ 11,981 |
Acquisition and Divestiture A50
Acquisition and Divestiture Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Acquisition of business, net of cash acquired | $ 0 | $ 0 | $ 6,750 | |
Acquisition of noncontrolling interests | (4,100) | 0 | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 142,742 | 141,407 | 138,244 | |
UltraSource [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Acquisition of business, net of cash acquired | $ 13,372 | |||
Business Acquisition, Name of Acquired Entity | Ultrasource, Inc. | |||
Business Acquisition, Effective Date of Acquisition | Feb. 8, 2018 | |||
Sonntag [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Acquisition of business, net of cash acquired | 5,450 | |||
Goodwill related to acquisitions | $ 3,485 | |||
Gross purchase price of acquired business | $ 6,750 | |||
Business Acquisition, Name of Acquired Entity | Sonntag Electronic GmbH | |||
Business Acquisition, Effective Date of Acquisition | Jan. 1, 2016 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 141,407 | $ 138,244 | |
Goodwill impairment loss | 0 | 0 | $ (5,380) |
Exchange rate effects | 1,335 | (322) | |
Balance at end of period | 142,742 | 141,407 | 138,244 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Subject to Amortization | 245,454 | 287,053 | |
Accumulated amortization | (175,700) | (202,590) | |
Net Intangible Assets Subject to Amortization | 69,754 | 84,463 | |
Intangible assets, net | 69,754 | 84,463 | |
Amortization expense (excluding capitalized software) | 14,263 | 14,842 | 21,829 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |||
2,018 | 11,620 | ||
2,019 | 7,741 | ||
2,020 | 6,750 | ||
2,021 | 5,863 | ||
2,022 | 5,192 | ||
Sonntag [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired during period | 3,485 | ||
Capella Microsystems (Taiwan) Inc. [Member] | |||
Goodwill [Roll Forward] | |||
Impairment of Long-Lived Assets Held-for-use | 57,600 | ||
Resistors And Inductors Segment [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 44,558 | 41,395 | |
Exchange rate effects | 1,335 | (322) | |
Balance at end of period | 45,893 | 44,558 | 41,395 |
Resistors And Inductors Segment [Member] | Sonntag [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired during period | 3,485 | ||
Optoelectronic Components Segment [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 96,849 | 96,849 | |
Exchange rate effects | 0 | 0 | |
Balance at end of period | 96,849 | 96,849 | $ 96,849 |
Optoelectronic Components Segment [Member] | Sonntag [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired during period | 0 | ||
Patents and Acquired Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Subject to Amortization | 71,596 | 93,395 | |
Accumulated amortization | (63,868) | (81,807) | |
Capitalized Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Subject to Amortization | 54,325 | 53,807 | |
Accumulated amortization | (50,246) | (49,388) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Subject to Amortization | 63,655 | 84,905 | |
Accumulated amortization | (26,622) | (42,787) | |
Tradenames [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Subject to Amortization | 55,272 | 53,680 | |
Accumulated amortization | (34,378) | (27,460) | |
Non-competition Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Subject to Amortization | 606 | 1,266 | |
Accumulated amortization | $ (586) | $ (1,148) |
Restructuring and Related Act52
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring reserve, current | $ 7,352 | $ 12,655 | $ 7,352 | $ 12,655 | |||||||||
Restructuring and related expenses | 6,079 | $ 3,244 | $ 481 | $ 1,469 | 7,060 | $ 1,197 | $ 4,467 | $ 6,475 | 11,273 | 19,199 | $ 19,215 | ||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 6,079 | $ 3,244 | $ 481 | $ 1,469 | 7,060 | $ 1,197 | $ 4,467 | $ 6,475 | 11,273 | 19,199 | 19,215 | ||
MOSTFETs Program Extension [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring cost incurred to date | 7,248 | 7,248 | |||||||||||
Global Cost Reduction Program [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring reserve, current | 5,089 | 5,089 | |||||||||||
Restructuring and related expenses | 8,069 | 9,918 | 13,753 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 8,069 | 9,918 | 13,753 | ||||||||||
Cash paid | (7,168) | (16,237) | (986) | ||||||||||
Foreign currency translation | 500 | (34) | (150) | ||||||||||
Balance at end of period | 7,665 | 6,264 | $ 7,665 | 6,264 | 12,617 | ||||||||
Term of restructuring program | 24 months | ||||||||||||
Other Exit Costs | $ 577 | ||||||||||||
Restructuring cost incurred to date | 31,740 | 31,740 | |||||||||||
Global Cost Reduction Program [Member] | Diodes Segment [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 428 | 788 | 133 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 428 | 788 | 133 | ||||||||||
Global Cost Reduction Program [Member] | Optoelectronic Components Segment [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 437 | 936 | 215 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 437 | 936 | 215 | ||||||||||
Global Cost Reduction Program [Member] | Resistors And Inductors Segment [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 4,981 | 5,173 | 5,972 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 4,981 | 5,173 | 5,972 | ||||||||||
Global Cost Reduction Program [Member] | Capacitors Segment [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 434 | 687 | 5,209 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 434 | 687 | 5,209 | ||||||||||
Global Cost Reduction Program [Member] | Unallocated Selling, General, and Administrative Expenses [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 1,789 | 2,334 | 2,224 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 1,789 | 2,334 | 2,224 | ||||||||||
MOSFETs Enhanced Competitiveness Program [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring reserve, current | 2,263 | 2,263 | |||||||||||
Restructuring and related expenses | 3,204 | 9,744 | 5,367 | $ 6,025 | $ 2,328 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 3,204 | 9,744 | 5,367 | 6,025 | 2,328 | ||||||||
Cash paid | (7,173) | (15,686) | (426) | (856) | (267) | ||||||||
Foreign currency translation | 2 | 1 | |||||||||||
Balance at end of period | 2,263 | $ 6,232 | $ 2,263 | 6,232 | 12,172 | 7,230 | $ 2,061 | ||||||
Term of restructuring program | 2 years | ||||||||||||
Other Exit Costs | $ 958 | 5,763 | |||||||||||
Restructuring cost incurred to date | 26,668 | 26,668 | |||||||||||
Voluntary Separation/Retirement Program [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 0 | 0 | 95 | ||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | 0 | 0 | 95 | ||||||||||
Restructuring cost incurred to date | $ 13,373 | 13,373 | |||||||||||
Modules Product Transfer [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and related expenses | 0 | (463) | 0 | 2,080 | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and related expenses | $ 0 | $ (463) | $ 0 | $ 2,080 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
TCJA income tax expense Abstract [Abstract] | ||||||||||||
TCJA remeasurement of deferred tax liabilities | $ (74,816) | $ 0 | $ 0 | |||||||||
TCJA tax on unremitted foreign earnings | 215,558 | 0 | 0 | |||||||||
TCJA foreign taxes on assumed repatriation | 213,000 | |||||||||||
TCJA reversal of deferred taxes due to cancellation of repatriation plan | (118,887) | |||||||||||
Total tax expense enactment of TCJA | $ 234,855 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 234,855 | |||
Income (loss) from continuing operations before taxes and noncontrolling interests [Abstract] | ||||||||||||
Domestic | (40,171) | (135,953) | (40,929) | |||||||||
Foreign | 319,535 | 230,169 | 115,669 | |||||||||
Income before taxes | 279,364 | 94,216 | 74,740 | |||||||||
Current income tax expense: | ||||||||||||
Federal | 180,873 | 358 | 290 | |||||||||
State and local | 108 | 5 | 163 | |||||||||
Foreign | 65,566 | 46,999 | 63,573 | |||||||||
Total current income tax expense | 246,547 | 47,362 | 64,026 | |||||||||
Deferred income tax expense: | ||||||||||||
Federal | (101,896) | 6,163 | 78,933 | |||||||||
State and local | 1,538 | (3,039) | 311 | |||||||||
Foreign | 152,735 | (5,643) | 39,203 | |||||||||
Total deferred income tax expense | 52,377 | (2,519) | 118,447 | |||||||||
Total income tax expense | 298,924 | 44,843 | 182,473 | |||||||||
Deferred tax assets: | ||||||||||||
Pension and other retiree obligations | 43,536 | 47,104 | 43,536 | 47,104 | ||||||||
Inventories | 9,658 | 7,691 | 9,658 | 7,691 | ||||||||
Property and equipment | 3,798 | (1,025) | 3,798 | (1,025) | ||||||||
Net operating loss carryforwards | 136,599 | 183,562 | 136,599 | 183,562 | ||||||||
Tax credit carryforwards | 13,328 | 25,432 | 13,328 | 25,432 | ||||||||
Other accruals and reserves | 22,930 | 29,401 | 22,930 | 29,401 | ||||||||
Total gross deferred tax assets | 229,849 | 292,165 | 229,849 | 292,165 | ||||||||
Less valuation allowance | (149,070) | (165,269) | (149,070) | (165,269) | ||||||||
Deferred tax assets, net | 80,779 | 126,896 | 80,779 | 126,896 | ||||||||
Deferred tax liabilities: | ||||||||||||
Earnings not permanently reinvested | (213,000) | (139,165) | (213,000) | (139,165) | ||||||||
Convertible debentures | (135,576) | (203,641) | (135,576) | (203,641) | ||||||||
Other - net | (6,125) | (10,646) | (6,125) | (10,646) | ||||||||
Total gross deferred tax liabilities | (354,701) | (353,452) | (354,701) | (353,452) | ||||||||
Net deferred tax assets (liabilities) | (273,922) | (226,556) | (273,922) | (226,556) | ||||||||
Discrete Tax Items Repatriation | (2,702) | (892) | (1,240) | (968) | (165) | (1,402) | (1,217) | (769) | $ 163,954 | 5,802 | ||
Tax effects of changes in uncertain tax positions | 2,369 | (804) | 0 | 0 | (8,704) | 0 | 0 | 0 | (1,565) | (8,704) | (2,629) | |
Reconciliation of income tax expense at federal statutory rate to actual income tax provision [Abstract] | ||||||||||||
Tax at statutory rate | 97,777 | 32,976 | 26,159 | |||||||||
State income taxes, net of U.S. federal tax benefit | 1,070 | (1,972) | 309 | |||||||||
Effect of foreign operations | (54,807) | (26,551) | (13,212) | |||||||||
Tax on earnings not permanently reinvested | 88,311 | (3,553) | 163,699 | |||||||||
Unrecognized tax benefits | 5,887 | (8,453) | (1,353) | |||||||||
Change in valuation allowance on deferred tax asset | 0 | 991 | (8,888) | |||||||||
TCJA remeasurement of deferred tax liabilities | (74,816) | 0 | 0 | |||||||||
TCJA tax on unremitted foreign earnings | 215,558 | 0 | 0 | |||||||||
Foreign income taxable in the U.S. | 20,436 | 18,442 | 7,025 | |||||||||
Discrete Tax Items - Pension Settlement | 0 | 0 | 0 | 0 | 34,853 | 0 | 0 | 0 | 0 | 34,853 | 0 | |
Tax effect of impairment charges | 0 | (454) | 8,305 | |||||||||
Other | (492) | (1,436) | 429 | |||||||||
Total income tax expense | 298,924 | 44,843 | 182,473 | |||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Discrete Tax Items Included Income Tax Expense | 230,618 | 22,596 | 152,437 | |||||||||
Available tax credit carryforwards [Abstract] | ||||||||||||
Discrete Tax Items Repatriation | (2,702) | $ (892) | $ (1,240) | (968) | (165) | $ (1,402) | $ (1,217) | (769) | 163,954 | 5,802 | ||
Expected repatriation | 1,100,000 | 300,000 | ||||||||||
Income tax uncertainties [Abstract] | ||||||||||||
Cash repatriated during the current period | 38,000 | 46,000 | ||||||||||
Net income taxes paid (refunded) | 76,900 | 58,788 | 49,301 | |||||||||
Company accrued interest and penalties related to the unrecognized tax benefits | 2,845 | 1,638 | 2,845 | 1,638 | ||||||||
Company recognized interest and penalties. | 2,479 | 542 | 785 | |||||||||
Unrecognized tax benefits [Roll Forward] | ||||||||||||
Balance at beginning of year | $ 16,805 | $ 23,527 | 16,805 | 23,527 | 26,583 | |||||||
Addition based on tax positions related to the current year | 3,911 | 1,553 | 1,439 | |||||||||
Addition based on tax positions related to prior years | 1,837 | 1,047 | 1,894 | |||||||||
Currency translation adjustments | 915 | (96) | (1,370) | |||||||||
Reduction based on tax positions related to prior years | (1,473) | 0 | 0 | |||||||||
Reduction for settlements | (4,077) | (1,210) | (4,879) | |||||||||
Reduction for lapses of statute of limitation | (862) | (8,016) | (140) | |||||||||
Balance at end of year | 17,056 | $ 16,805 | $ 23,527 | 17,056 | $ 16,805 | $ 23,527 | ||||||
Minimum [Member] | ||||||||||||
Available tax credit carryforwards [Abstract] | ||||||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,730 | 2,730 | ||||||||||
Maximum [Member] | ||||||||||||
Available tax credit carryforwards [Abstract] | ||||||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 5,149 | 5,149 | ||||||||||
AUSTRIA [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 16,836 | 16,836 | ||||||||||
BELGIUM [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 171,122 | 171,122 | ||||||||||
BRAZIL [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 12,622 | 12,622 | ||||||||||
Germany [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 6,272 | 6,272 | ||||||||||
Israel [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 10,707 | 10,707 | ||||||||||
JAPAN [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 5,358 | $ 5,358 | ||||||||||
JAPAN [Member] | Minimum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2018 | |||||||||||
JAPAN [Member] | Maximum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2026 | |||||||||||
NETHERLANDS [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 19,073 | $ 19,073 | ||||||||||
NETHERLANDS [Member] | Minimum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2018 | |||||||||||
NETHERLANDS [Member] | Maximum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2026 | |||||||||||
The Republic of China (Taiwan) [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 14,594 | $ 14,594 | ||||||||||
The Republic of China (Taiwan) [Member] | Minimum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2024 | |||||||||||
The Republic of China (Taiwan) [Member] | Maximum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2027 | |||||||||||
California [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 55,479 | $ 55,479 | ||||||||||
California [Member] | Minimum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2026 | |||||||||||
California [Member] | Maximum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2037 | |||||||||||
Pennsylvania [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Net operating loss carryforward | 722,277 | $ 722,277 | ||||||||||
Pennsylvania [Member] | Minimum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2018 | |||||||||||
Pennsylvania [Member] | Maximum [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Expiration date NOL carryforward | Dec. 31, 2037 | |||||||||||
Research Tax Credit [Member] | California [Member] | ||||||||||||
Net operating loss carryforwards [Abstract] | ||||||||||||
Tax Credit Carryforward, Amount | 13,327 | $ 13,327 | ||||||||||
Available tax credit carryforwards [Abstract] | ||||||||||||
Tax Credit Carryforward | $ 13,327 | $ 13,327 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($)shares | Dec. 13, 2002USD ($) | |
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 370,470 | $ 357,023 | |||||
Credit facility | 150,000 | 143,000 | |||||
Deferred Financing Costs | (9,101) | (10,880) | |||||
Less current portion | 0 | 0 | |||||
Long-term debt, less current portion | 370,470 | 357,023 | |||||
Liability and equity components of convertible debentures [Abstract] | |||||||
Principal amount of the debentures | 575,000 | 575,000 | |||||
Unamortized discount | (345,967) | (350,951) | |||||
Embedded derivative | 538 | 854 | |||||
Carrying value of liability component | 229,571 | 224,903 | |||||
Equity component - net carrying value | 230,214 | 230,214 | |||||
Interest expense related to debentures [Abstract] | |||||||
Contractual coupon interest | 12,938 | 12,938 | $ 12,938 | ||||
Non-cash amortization of debt discount | 4,984 | 4,610 | 4,264 | ||||
Non-cash amortization of deferred financing costs | 189 | 189 | 189 | ||||
Non-cash change in value of derivative liability | (316) | (462) | 211 | ||||
Total interest expense related to the debentures | 17,795 | 17,275 | 17,602 | ||||
Principal payments on long-term debt and capital leases | 0 | (34,044) | 0 | ||||
Committed and uncommitted short-term credit lines | 15,000 | 11,000 | |||||
Aggregate annual maturities of long-term debt [Abstract] | |||||||
2,018 | 0 | ||||||
2,019 | 0 | ||||||
2,020 | 150,000 | ||||||
2,021 | 0 | ||||||
2,022 | 0 | ||||||
Thereafter | 575,000 | ||||||
Interest paid | 21,216 | 19,316 | 19,134 | ||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 640,000 | ||||||
Line of Credit Facility, Initiation Date | Dec. 10, 2015 | ||||||
Expiration date | Dec. 10, 2020 | ||||||
Maximum incremental revolving commitments | $ 50,000 | ||||||
Interest rate description | Borrowings under the Amended and Restated Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay's leverage ratio. Based on Vishay's current leverage ratio, borrowings bear interest at LIBOR plus 1.75%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay’s current leverage ratio, is 0.35% per annum. The previous credit agreement required Vishay to pay facility fees on the entire commitment amount. | ||||||
Basis spread on variable rate (in hundredths) | 1.75% | ||||||
Commitment fees (in hundredths) | 0.35% | ||||||
Covenant terms | The Amended and Restated Credit Facility allows an unlimited amount of defined “Restricted Payments,” which include cash dividends and share repurchases, provided the Company’s pro forma leverage ratio is less than 2.25 to 1. If the Company’s leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75,000 per annum (subject to a cap of $225,000 for the term of the facility). | ||||||
Line of Credit Facility, Covenant Compliance | The Credit Facility also contains customary events of default, including, but not limited to, failure to pay principal or interest, failure to pay or default under other material debt, material misrepresentation or breach of warranty, violation of certain covenants, a change of control, the commencement of bankruptcy proceedings, the insolvency of Vishay or certain of its significant subsidiaries, and the rendering of a judgment in excess of $25,000 against Vishay or certain of its significant subsidiaries. Upon the occurrence of an event of default under the Credit Facility, the Company's obligations under the credit facility may be accelerated and the lending commitments under the credit facility terminated. | ||||||
Available borrowing capacity | $ 486,211 | 490,136 | |||||
Letters of credit outstanding | 3,789 | 6,864 | |||||
Credit facility accelerated repayment minimum judgement | 25,000 | ||||||
Exchangeable Unsecured Notes, Due 2102 [Member] | |||||||
Liability and equity components of convertible debentures [Abstract] | |||||||
Principal amount of the debentures | $ 38,642 | $ 105,000 | |||||
Interest expense related to debentures [Abstract] | |||||||
Number of shares of common stock the Notes are exchangeable into (in shares) | shares | 2,511,742 | ||||||
Principal amount of repurchased debt | $ 12,436 | $ 26,206 | |||||
Principal payments on long-term debt and capital leases | $ 11,449 | $ 22,595 | |||||
Repurchase Date | Jun. 28, 2016 | Mar. 31, 2016 | |||||
Number of shares of common stock the Notes are exchangeable into (in shares) | shares | 2,511,742 | ||||||
Convertible Senior Debentures, Due 2040 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Convertible Debt, Noncurrent | $ 110,412 | 108,120 | |||||
Debt Instruments [Abstract] | |||||||
Convertible senior debentures issuance date | Nov. 9, 2010 | ||||||
Debt maturity date | Nov. 15, 2040 | ||||||
Cash coupon rate | 2.25% | ||||||
Nonconvertible debt borrowing rate at issuance | 8.00% | ||||||
Effective conversion rate | 77.2085 | ||||||
Effective conversion price (in dollars per share) | $ / shares | $ 12.95 | ||||||
130% of the conversion price | $ / shares | $ 16.84 | ||||||
Convertible senior debentures call date | Nov. 20, 2020 | ||||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||||||
Liability and equity components of convertible debentures [Abstract] | |||||||
Principal amount of the debentures | $ 275,000 | 275,000 | |||||
Unamortized discount | (164,794) | (167,273) | |||||
Embedded derivative | 206 | 393 | |||||
Carrying value of liability component | 110,412 | 108,120 | |||||
Equity component - net carrying value | 110,094 | 110,094 | |||||
Interest expense related to debentures [Abstract] | |||||||
Contractual coupon interest | 6,188 | 6,188 | 6,188 | ||||
Non-cash amortization of debt discount | 2,479 | 2,292 | 2,120 | ||||
Non-cash amortization of deferred financing costs | 88 | 88 | 88 | ||||
Non-cash change in value of derivative liability | (187) | (183) | 50 | ||||
Total interest expense related to the debentures | $ 8,568 | 8,385 | 8,446 | ||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||||
Convertible Senior Debentures, Due 2041 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Convertible Debt, Noncurrent | $ 56,641 | 55,442 | |||||
Debt Instruments [Abstract] | |||||||
Convertible senior debentures issuance date | May 13, 2011 | ||||||
Debt maturity date | May 15, 2041 | ||||||
Cash coupon rate | 2.25% | ||||||
Nonconvertible debt borrowing rate at issuance | 8.375% | ||||||
Effective conversion rate | 56.3427 | ||||||
Effective conversion price (in dollars per share) | $ / shares | $ 17.75 | ||||||
130% of the conversion price | $ / shares | $ 23.08 | ||||||
Convertible senior debentures call date | May 20, 2021 | ||||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||||||
Liability and equity components of convertible debentures [Abstract] | |||||||
Principal amount of the debentures | $ 150,000 | 150,000 | |||||
Unamortized discount | (93,573) | (94,843) | |||||
Embedded derivative | 214 | 285 | |||||
Carrying value of liability component | 56,641 | 55,442 | |||||
Equity component - net carrying value | 62,246 | 62,246 | |||||
Interest expense related to debentures [Abstract] | |||||||
Contractual coupon interest | 3,375 | 3,375 | 3,375 | ||||
Non-cash amortization of debt discount | 1,270 | 1,171 | 1,078 | ||||
Non-cash amortization of deferred financing costs | 47 | 47 | 47 | ||||
Non-cash change in value of derivative liability | (71) | (153) | 97 | ||||
Total interest expense related to the debentures | $ 4,621 | 4,440 | 4,597 | ||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||||
Convertible Senior Debentures 2042 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Convertible Debt, Noncurrent | $ 62,518 | 61,341 | |||||
Debt Instruments [Abstract] | |||||||
Convertible senior debentures issuance date | May 31, 2012 | ||||||
Debt maturity date | Jun. 1, 2042 | ||||||
Cash coupon rate | 2.25% | ||||||
Nonconvertible debt borrowing rate at issuance | 7.50% | ||||||
Effective conversion rate | 90.7787 | ||||||
Effective conversion price (in dollars per share) | $ / shares | $ 11.02 | ||||||
130% of the conversion price | $ / shares | $ 14.33 | ||||||
Convertible senior debentures call date | Jun. 7, 2022 | ||||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||||||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||||||
Liability and equity components of convertible debentures [Abstract] | |||||||
Principal amount of the debentures | $ 150,000 | 150,000 | |||||
Unamortized discount | (87,600) | (88,835) | |||||
Embedded derivative | 118 | 176 | |||||
Carrying value of liability component | 62,518 | 61,341 | |||||
Equity component - net carrying value | 57,874 | 57,874 | |||||
Interest expense related to debentures [Abstract] | |||||||
Contractual coupon interest | 3,375 | 3,375 | 3,375 | ||||
Non-cash amortization of debt discount | 1,235 | 1,147 | 1,066 | ||||
Non-cash amortization of deferred financing costs | 54 | 54 | 54 | ||||
Non-cash change in value of derivative liability | (58) | (126) | 64 | ||||
Total interest expense related to the debentures | $ 4,606 | $ 4,450 | $ 4,559 | ||||
Debt instrument percentage of conversion price (in hundredths) | 130.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017$ / sharesshares | Sep. 30, 2017$ / shares | Jul. 01, 2017$ / shares | Apr. 01, 2017$ / shares | Dec. 31, 2016$ / shares | Oct. 01, 2016$ / shares | Jul. 02, 2016$ / shares | Apr. 02, 2016$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | ||
Class of Stock [Line Items] | ||||||||||||
Cash dividends per share | $ / shares | $ 0.255 | $ 0.250 | $ 0.240 | |||||||||
Shares reserved (in shares) | 65,836,840 | 65,836,840 | ||||||||||
Class B Convertible Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting rights per share | 10 | |||||||||||
Conversion feature | one-for-one | |||||||||||
Shares reserved (in shares) | [1] | 12,129,227 | 12,129,227 | |||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting rights per share | 1 | |||||||||||
Restricted stock units outstanding [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 986,000 | 986,000 | ||||||||||
Available to grant 2007 Stock Incentive Program - [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 3,158,000 | 3,158,000 | ||||||||||
Phantom stock units outstanding [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 157,000 | 157,000 | ||||||||||
Convertible Senior Debentures, Due 2040 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | 24,185,258 | 24,185,258 | ||||||||||
Number of shares debentures are convertible into (in shares) | 21,232,338 | |||||||||||
Convertible Senior Debentures, Due 2041 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | [1] | 9,670,490 | 9,670,490 | |||||||||
Number of shares debentures are convertible into (in shares) | 8,451,405 | |||||||||||
Convertible Senior Debentures 2042 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares reserved (in shares) | [1] | 15,550,865 | 15,550,865 | |||||||||
Number of shares debentures are convertible into (in shares) | 13,616,805 | |||||||||||
Dividend Paid [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Cash dividends per share | $ / shares | $ 0.0675 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | ||||
Record date | Dec. 7, 2017 | Sep. 15, 2017 | Jun. 15, 2017 | Mar. 14, 2017 | Dec. 8, 2016 | Sep. 15, 2016 | Jun. 15, 2016 | Mar. 11, 2016 | ||||
Payment date | Dec. 21, 2017 | Sep. 28, 2017 | Jun. 29, 2017 | Mar. 29, 2017 | Dec. 22, 2016 | Sep. 29, 2016 | Jun. 29, 2016 | Mar. 29, 2016 | ||||
[1] | The convertible senior debentures due 2040, due 2041, and due 2042 are convertible into 20,134,043, 8,014,230, and 12,912,435 shares, respectively, of Vishay common stock. The Company has reserved the maximum amount of shares to be delivered upon a make-whole fundamental change as defined in the indentures governing the debentures. |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loss on disposal of equity affiliate | $ (948) | $ 0 | $ 0 | $ 7,060 | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,112 | $ 0 | $ 0 |
Amounts reclassified out of AOCI, net of tax | 6,222 | 94,509 | 7,923 | ||||||||
Foreign exchange gain (loss) | (4,536) | 292 | 3,180 | ||||||||
Interest income | 6,482 | 4,264 | 4,397 | ||||||||
Other | (208) | 160 | 399 | ||||||||
Other Income (expense) | 1,738 | 4,716 | 7,976 | ||||||||
Insurance proceeds received | 13,406 | ||||||||||
Insurance proceeds classified as investing activities | 4,911 | ||||||||||
Loss related to Tianjin explosion | $ 0 | $ 0 | $ 0 | $ 0 | $ (8,809) | $ 0 | $ 0 | $ 0 | 0 | $ (8,809) | $ 5,350 |
Equity affiliate [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Amounts reclassified out of AOCI, net of tax | $ 1,110 |
Other Accrued Expenses (Details
Other Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Accrued Expenses (Tables) [Abstract] | ||
Sales returns and allowances | $ 36,688 | $ 34,479 |
Goods received, not yet invoiced | 39,221 | 30,987 |
Restructuring reserve, current | 7,352 | 12,655 |
Other | 72,769 | 71,010 |
Total other accrued expenses | $ 156,030 | $ 149,131 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (94,652) | $ (131,327) | $ (69,140) |
Other comprehensive income before reclassifications | 110,430 | (67,320) | (66,440) |
Tax effect | 3,714 | 9,486 | (3,670) |
Other comprehensive income before reclassifications, net of tax | 114,144 | (57,834) | (70,110) |
Amounts reclassified out of AOCI | 8,330 | 91,014 | 12,189 |
Tax effect | (2,108) | 3,495 | (4,266) |
Amounts reclassified out of AOCI, net of tax | 6,222 | 94,509 | 7,923 |
Other comprehensive income (loss) | 120,366 | 36,675 | (62,187) |
Ending Balance | 25,714 | (94,652) | (131,327) |
Pension and Other Post-Retirement Actuarial Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (64,496) | (136,422) | (155,760) |
Other comprehensive income before reclassifications | (15,671) | (32,398) | 15,169 |
Tax effect | 4,373 | 9,815 | (4,196) |
Other comprehensive income before reclassifications, net of tax | (11,298) | (22,583) | 10,973 |
Amounts reclassified out of AOCI | 9,147 | 91,014 | 12,869 |
Tax effect | (2,394) | 3,495 | (4,504) |
Amounts reclassified out of AOCI, net of tax | 6,753 | 94,509 | 8,365 |
Other comprehensive income (loss) | (4,545) | 71,926 | 19,338 |
Ending Balance | (69,041) | (64,496) | (136,422) |
Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (31,266) | 4,597 | 84,703 |
Other comprehensive income before reclassifications | 124,220 | (35,863) | (80,106) |
Tax effect | 0 | 0 | 0 |
Other comprehensive income before reclassifications, net of tax | 124,220 | (35,863) | (80,106) |
Amounts reclassified out of AOCI | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Amounts reclassified out of AOCI, net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 124,220 | (35,863) | (80,106) |
Ending Balance | 92,954 | (31,266) | 4,597 |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,110 | 498 | 1,917 |
Other comprehensive income before reclassifications | 1,881 | 941 | (1,503) |
Tax effect | (659) | (329) | 526 |
Other comprehensive income before reclassifications, net of tax | 1,222 | 612 | (977) |
Amounts reclassified out of AOCI | (817) | 0 | (680) |
Tax effect | 286 | 0 | 238 |
Amounts reclassified out of AOCI, net of tax | (531) | 0 | (442) |
Other comprehensive income (loss) | 691 | 612 | (1,419) |
Ending Balance | $ 1,801 | $ 1,110 | $ 498 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) Reclassifications (Details) - Unrealized Gain (Loss) on Available-for-Sale Securities [Member] - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rabbi Trust Assets [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Component of Selling, General, and Administrative Expense | $ 817 | $ 0 | $ 680 |
Other AFS Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Component of Other Income | $ 0 | $ 0 | $ 0 |
Pensions and Other Postretire60
Pensions and Other Postretirement Benefits (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)Plan | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Dec. 31, 2017USD ($)Plan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Included in other assets | $ 347 | $ 248 | $ 347 | $ 248 | |||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (8,503) | (7,479) | (8,503) | (7,479) | |||||||
Accrued pension and other postretirement costs | (281,701) | (257,789) | (281,701) | (257,789) | |||||||
Accumulated other comprehensive loss | 96,944 | 88,860 | 96,944 | 88,860 | |||||||
Components of actuarial items [Abstract] | |||||||||||
Total actuarial items | 96,944 | 88,860 | 96,944 | 88,860 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Curtailment and settlement losses (gains) | 0 | $ 0 | $ 0 | $ 0 | 79,321 | $ 0 | $ 0 | $ 0 | 0 | 79,321 | $ 0 |
Amounts that will be amortized from accumulated other comprehensive loss into net periodic pension cost during next fiscal year | $ 7,300 | $ 7,300 | |||||||||
Other postretirement benefits [Abstract] | |||||||||||
Number of unfunded non-pension postretirement plans | Plan | 2 | 2 | |||||||||
Number of European subsidiaries with unfunded non-pension postretirement plans | Plan | 2 | 2 | |||||||||
Other retirement obligations [Abstract] | |||||||||||
Company's matching expense for 401(k) savings plans | $ 5,843 | 5,039 | 5,369 | ||||||||
Defined Benefit Pension [Member] | Domestic Plan [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 38,914 | 274,122 | 38,914 | 274,122 | |||||||
Service cost | 0 | 0 | 0 | ||||||||
Interest cost | 1,643 | 11,788 | 11,657 | ||||||||
Plan amendments and initiations | 0 | 0 | |||||||||
Transfer from equity affiliate (liabilities) | 0 | 0 | |||||||||
Actuarial (gains) losses | 1,149 | 19,916 | |||||||||
Benefits paid | (1,789) | (15,625) | |||||||||
Curtailments and settlements | 0 | (251,287) | |||||||||
Currency translation | 0 | 0 | |||||||||
Benefit obligation at end of year | $ 39,917 | 38,914 | 39,917 | 38,914 | 274,122 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | 0 | 258,092 | 0 | 258,092 | |||||||
Actual return on plan assets | 0 | 14,068 | |||||||||
Transfer from Equity Affiliate (assets) | 0 | 0 | |||||||||
Company contributions | 1,789 | (5,248) | |||||||||
Benefits paid | (1,789) | (15,625) | |||||||||
Curtailments and settlements | 0 | (251,287) | |||||||||
Currency translation | 0 | 0 | |||||||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | 258,092 | ||||||
Funded status at end of year | (39,917) | (38,914) | (39,917) | (38,914) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Included in other assets | 0 | 0 | 0 | 0 | |||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (37) | (35) | (37) | (35) | |||||||
Accrued pension and other postretirement costs | (39,880) | (38,879) | (39,880) | (38,879) | |||||||
Accumulated other comprehensive loss | 7,731 | 7,313 | 7,731 | 7,313 | |||||||
Total | (32,186) | (31,601) | (32,186) | (31,601) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | 6,804 | 6,241 | 6,804 | 6,241 | |||||||
Unamortized prior service (credit) cost | 927 | 1,072 | 927 | 1,072 | |||||||
Total actuarial items | 7,731 | 7,313 | 7,731 | 7,313 | |||||||
Projected and accumulated benefit obligations [Abstract] | |||||||||||
Accumulated benefit obligation, all plans | 39,917 | 38,914 | 39,917 | 38,914 | |||||||
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | |||||||||||
Projected benefit obligation | 39,917 | 38,914 | 39,917 | 38,914 | |||||||
Accumulated benefit obligation | 39,917 | 38,914 | 39,917 | 38,914 | |||||||
Fair value of plan assets | $ 0 | $ 0 | 0 | 0 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 0 | 0 | 0 | ||||||||
Interest cost | 1,643 | 11,788 | 11,657 | ||||||||
Expected return on plan assets | 0 | (11,302) | (13,566) | ||||||||
Amortization of actuarial losses | 587 | 6,513 | 8,175 | ||||||||
Amortization of prior service (credit) cost | 144 | 144 | 64 | ||||||||
Curtailment and settlement losses (gains) | 0 | 79,321 | 0 | ||||||||
Net periodic benefit cost | $ 2,374 | $ 86,464 | 6,330 | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 3.75% | 4.25% | 3.75% | 4.25% | |||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 4.25% | 4.50% | |||||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |||||||||
Expected return on plan assets (in hundredths) | 0.00% | 4.50% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,018 | $ 1,802 | $ 1,802 | |||||||||
2,019 | 1,809 | 1,809 | |||||||||
2,020 | 7,880 | 7,880 | |||||||||
2,021 | 3,038 | 3,038 | |||||||||
2,022 | 3,006 | 3,006 | |||||||||
2023-2027 | 16,904 | 16,904 | |||||||||
Defined Benefit Pension [Member] | Foreign Plan [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 266,427 | 260,554 | 266,427 | $ 260,554 | |||||||
Service cost | 3,725 | 3,291 | 3,265 | ||||||||
Interest cost | 4,866 | 5,475 | 5,636 | ||||||||
Plan amendments and initiations | 686 | 291 | |||||||||
Transfer from equity affiliate (liabilities) | 0 | 358 | |||||||||
Actuarial (gains) losses | 3,019 | 17,202 | |||||||||
Benefits paid | (17,921) | (12,607) | |||||||||
Curtailments and settlements | 0 | 0 | |||||||||
Currency translation | 30,360 | (8,137) | |||||||||
Benefit obligation at end of year | 291,162 | $ 266,427 | 291,162 | 266,427 | 260,554 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | 66,090 | 51,263 | 66,090 | 51,263 | |||||||
Actual return on plan assets | 1,608 | 2,588 | |||||||||
Transfer from Equity Affiliate (assets) | 0 | 358 | |||||||||
Company contributions | 16,120 | 27,311 | |||||||||
Benefits paid | (17,921) | (12,607) | |||||||||
Curtailments and settlements | 0 | 0 | |||||||||
Currency translation | 4,708 | (2,823) | |||||||||
Fair value of plan assets at end of year | 70,605 | 66,090 | 70,605 | 66,090 | 51,263 | ||||||
Funded status at end of year | (220,557) | (200,337) | (220,557) | (200,337) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Included in other assets | 347 | 248 | 347 | 248 | |||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (7,308) | (6,405) | (7,308) | (6,405) | |||||||
Accrued pension and other postretirement costs | (213,596) | (194,180) | (213,596) | (194,180) | |||||||
Accumulated other comprehensive loss | 88,398 | 82,360 | 88,398 | 82,360 | |||||||
Total | (132,159) | (117,977) | (132,159) | (117,977) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | 87,896 | 82,360 | 87,896 | 82,360 | |||||||
Unamortized prior service (credit) cost | 502 | 0 | 502 | 0 | |||||||
Total actuarial items | 88,398 | 82,360 | 88,398 | 82,360 | |||||||
Projected and accumulated benefit obligations [Abstract] | |||||||||||
Accumulated benefit obligation, all plans | 270,914 | 247,838 | 270,914 | 247,838 | |||||||
Plans for which the accumulated benefit obligation exceeds plan assets [Abstract] | |||||||||||
Projected benefit obligation | 277,615 | 253,390 | 277,615 | 253,390 | |||||||
Accumulated benefit obligation | 262,779 | 240,793 | 262,779 | 240,793 | |||||||
Fair value of plan assets | $ 57,727 | $ 56,649 | 57,727 | 56,649 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 3,725 | 3,291 | 3,265 | ||||||||
Interest cost | 4,866 | 5,475 | 5,636 | ||||||||
Expected return on plan assets | (2,072) | (2,117) | (1,798) | ||||||||
Amortization of actuarial losses | 6,179 | 4,733 | 5,131 | ||||||||
Amortization of prior service (credit) cost | 150 | 261 | (282) | ||||||||
Curtailment and settlement losses (gains) | 1,360 | 841 | 452 | ||||||||
Net periodic benefit cost | $ 14,208 | $ 12,484 | 12,404 | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 1.80% | 1.76% | 1.80% | 1.76% | |||||||
Rate of compensation increase (in hundredths) | 2.10% | 2.12% | 2.10% | 2.12% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 1.76% | 2.30% | |||||||||
Rate of compensation increase (in hundredths) | 2.12% | 1.99% | |||||||||
Expected return on plan assets (in hundredths) | 2.90% | 3.38% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,018 | $ 17,397 | $ 17,397 | |||||||||
2,019 | 16,418 | 16,418 | |||||||||
2,020 | 15,958 | 15,958 | |||||||||
2,021 | 15,773 | 15,773 | |||||||||
2,022 | 17,962 | 17,962 | |||||||||
2023-2027 | 84,438 | 84,438 | |||||||||
Other Postretirement Benefits [Member] | Domestic Plan [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 7,647 | 7,909 | 7,647 | $ 7,909 | |||||||
Service cost | 131 | 126 | 121 | ||||||||
Interest cost | 311 | 340 | 333 | ||||||||
Actuarial (gains) losses | 257 | (25) | |||||||||
Benefits paid | (713) | (703) | |||||||||
Curtailments and settlements | 0 | 0 | |||||||||
Currency translation | 0 | 0 | |||||||||
Benefit obligation at end of year | 7,633 | $ 7,647 | 7,633 | 7,647 | 7,909 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | 0 | 0 | |||||||||
Benefits paid | (713) | (703) | |||||||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | |||||||
Funded status at end of year | (7,633) | (7,647) | (7,633) | (7,647) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (705) | (717) | (705) | (717) | |||||||
Accrued pension and other postretirement costs | (6,928) | (6,930) | (6,928) | (6,930) | |||||||
Accumulated other comprehensive loss | (1,101) | (2,287) | (1,101) | (2,287) | |||||||
Total | (8,734) | (9,934) | (8,734) | (9,934) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | (953) | (1,303) | (953) | (1,303) | |||||||
Unamortized prior service (credit) cost | (148) | (984) | (148) | (984) | |||||||
Total actuarial items | $ (1,101) | $ (2,287) | (1,101) | (2,287) | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 131 | 126 | 121 | ||||||||
Interest cost | 311 | 340 | 333 | ||||||||
Amortization of actuarial losses | (93) | (30) | 90 | ||||||||
Amortization of prior service (credit) cost | (837) | (837) | (837) | ||||||||
Net periodic benefit cost | $ (488) | $ (401) | (293) | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 3.75% | 4.25% | 3.75% | 4.25% | |||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 4.25% | 4.50% | |||||||||
Rate of compensation increase (in hundredths) | 0.00% | 0.00% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,018 | $ 705 | $ 705 | |||||||||
2,019 | 703 | 703 | |||||||||
2,020 | 685 | 685 | |||||||||
2,021 | 660 | 660 | |||||||||
2,022 | 632 | 632 | |||||||||
2023-2027 | 2,472 | 2,472 | |||||||||
Other Postretirement Benefits [Member] | Foreign Plan [Member] | |||||||||||
Change in benefit obligation [Roll forward] | |||||||||||
Benefit obligation at beginning of year | 6,625 | $ 6,488 | 6,625 | $ 6,488 | |||||||
Service cost | 273 | 268 | 273 | ||||||||
Interest cost | 103 | 143 | 147 | ||||||||
Actuarial (gains) losses | 312 | 171 | |||||||||
Benefits paid | (349) | (221) | |||||||||
Curtailments and settlements | 0 | 0 | |||||||||
Currency translation | 934 | (224) | |||||||||
Benefit obligation at end of year | 7,898 | $ 6,625 | 7,898 | 6,625 | 6,488 | ||||||
Change in plan assets [Roll forward] | |||||||||||
Fair value of plan assets at beginning of year | $ 0 | 0 | |||||||||
Benefits paid | (349) | (221) | |||||||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | |||||||
Funded status at end of year | (7,898) | (6,625) | (7,898) | (6,625) | |||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (453) | (322) | (453) | (322) | |||||||
Accrued pension and other postretirement costs | (7,445) | (6,303) | (7,445) | (6,303) | |||||||
Accumulated other comprehensive loss | 1,916 | 1,474 | 1,916 | 1,474 | |||||||
Total | (5,982) | (5,151) | (5,982) | (5,151) | |||||||
Components of actuarial items [Abstract] | |||||||||||
Unrecognized net actuarial loss (gain) | 1,916 | 1,474 | 1,916 | 1,474 | |||||||
Unamortized prior service (credit) cost | 0 | 0 | 0 | 0 | |||||||
Total actuarial items | $ 1,916 | $ 1,474 | 1,916 | 1,474 | |||||||
Components of net periodic pension cost [Abstract] | |||||||||||
Net service cost | 273 | 268 | 273 | ||||||||
Interest cost | 103 | 143 | 147 | ||||||||
Amortization of actuarial losses | 76 | 68 | 76 | ||||||||
Amortization of prior service (credit) cost | 0 | 0 | 0 | ||||||||
Net periodic benefit cost | $ 452 | $ 479 | $ 496 | ||||||||
Weighted average assumptions used to calculate benefit obligations [Abstract] | |||||||||||
Discount rate (in hundredths) | 1.50% | 1.50% | 1.50% | 1.50% | |||||||
Rate of compensation increase (in hundredths) | 2.88% | 2.58% | 2.88% | 2.58% | |||||||
Weighted average assumptions used calculating net periodic benefit cost [Abstract] | |||||||||||
Discount rate (in hundredths) | 1.50% | 2.31% | |||||||||
Rate of compensation increase (in hundredths) | 2.58% | 2.69% | |||||||||
Estimated future benefit payments [Abstract] | |||||||||||
2,018 | $ 453 | $ 453 | |||||||||
2,019 | 338 | 338 | |||||||||
2,020 | 592 | 592 | |||||||||
2,021 | 494 | 494 | |||||||||
2,022 | 725 | 725 | |||||||||
2023-2027 | 3,161 | 3,161 | |||||||||
Other Retirement Obligations [Member] | |||||||||||
Amounts recognized in balance sheet associated with retirement benefit plans [Abstract] | |||||||||||
Accrued pension and other postretirement costs | (13,852) | $ (11,497) | (13,852) | $ (11,497) | |||||||
Deferred Compensation [Member] | |||||||||||
Defined benefit pension plans [Abstract] | |||||||||||
Assets held in trust | 18,958 | 16,632 | 18,958 | 16,632 | |||||||
Non-qualified Pension Plans [Member] | |||||||||||
Defined benefit pension plans [Abstract] | |||||||||||
Assets held in trust | 24,505 | 22,896 | 24,505 | 22,896 | |||||||
Dr. Felix Zandman [Member] | Non-qualified Pension Plans [Member] | |||||||||||
Defined benefit pension plans [Abstract] | |||||||||||
Assets held in trust | $ 1,789 | $ 2,389 | 1,789 | $ 2,389 | |||||||
Deferred compensation arrangement, annual retirement benefit to surviving spouse | $ 614 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 4,394 | $ 6,380 | $ 3,846 |
Unrecognized Compensation Cost | 2,900 | ||
Unrecognized compensation cost not expected to be recognized | $ 0 | ||
Expiration date of 2007 Stock Incentive Plan | May 20, 2024 | ||
Outstanding: | |||
Beginning Balance (in shares) | 77,000 | 105,000 | |
Beginning Balance, weighted average exercise price (in dollars per share) | $ 16.29 | ||
Granted (in shares) | 0 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 |
Stock options exercised (in shares) | 77,334 | 27,619 | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 16.29 | $ 0 | |
Ending Balance (in shares) | 0 | 77,000 | 105,000 |
Ending balance, weighted average exercise price (in dollars per share) | $ 16.29 | ||
Vested and expected to vest (in shares) | 0 | 77,000 | 105,000 |
Exercisable (in shares) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 77,000 | 105,000 |
Weighted-average remaining contractual life of all exercisable options (in years) | 0 years | ||
Stock price per share (in dollars per share) | $ 0 | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, intrinsic value | $ 0 | ||
Intrinsic value under share based compensation scheme | $ 20 | $ 85 | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding, number of options (in shares) | 0 | ||
Options outstanding, weighted average remaining contractual life (in years) | 0 years | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 0 | 0 | 0 |
Unrecognized Compensation Cost | $ 0 | ||
Weighted Average Remaining Amortization Periods (in years) | 0 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 4,231 | $ 6,263 | $ 3,705 |
Unrecognized Compensation Cost | $ 2,900 | ||
Weighted Average Remaining Amortization Periods (in years) | 1 year | ||
Exercisable (in shares) | |||
Expected to vest | 986,000 | 1,004,000 | 806,000 |
Outstanding: | |||
Balance (in shares) | 1,004,000 | 1,028,000 | 1,147,000 |
Granted (in shares) | 304,000 | 353,000 | 349,000 |
Vested (in shares) | (322,000) | (155,000) | (182,000) |
Cancelled or forfeited (in shares) | 0 | (222,000) | (286,000) |
Balance (in shares) | 986,000 | 1,004,000 | 1,028,000 |
Beginning balance, Weighted average grant-date fair value (in dollars per share) | $ 12.74 | $ 13.24 | $ 12.75 |
Granted, Weighted average grant-date fair value (in dollars per share) | 15.52 | 11.35 | 13.60 |
Vested, Weighted average grant-date fair value (in dollars per share) | 13.54 | 12.27 | 11.41 |
Forfeitures, Weighted average grant date fair value | 0 | 13.19 | 12.89 |
Ending balance, Weighted average grant-date fair value (in dollars per share) | $ 13.34 | $ 12.74 | $ 13.24 |
Phantom Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 163 | $ 117 | $ 141 |
Unrecognized Compensation Cost | $ 0 | ||
Weighted Average Remaining Amortization Periods (in years) | 0 years | ||
Outstanding: | |||
Balance (in shares) | 145,000 | 132,000 | 119,000 |
Granted (in shares) | 10,000 | 10,000 | 10,000 |
Dividend equivalents issued | 2,000 | 3,000 | 3,000 |
Redeemed for common stock (in shares) | 0 | 0 | 0 |
Balance (in shares) | 157,000 | 145,000 | 132,000 |
Granted, Weighted average grant-date fair value (in dollars per share) | $ 16.25 | $ 11.71 | $ 14.09 |
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2017 [Member] | |||
Exercisable (in shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | ||
Expected to vest | 202,000 | ||
Outstanding: | |||
Balance (in shares) | 202,000 | ||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2018 [Member] | |||
Exercisable (in shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | ||
Expected to vest | 213,000 | ||
Outstanding: | |||
Balance (in shares) | 213,000 | ||
Performance Vested Restricted Stock Units [Member] | Scheduled to Vest January 1, 2019 [Member] | |||
Exercisable (in shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Not Expected To Vest Outstanding Number | 0 | ||
Expected to vest | 167,000 | ||
Outstanding: | |||
Balance (in shares) | 167,000 | ||
2007 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares authorized under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and non-employee directors (in shares) | 6,500,000 | ||
Exercisable (in shares) | |||
Available for future grants (in shares) | 3,158,000 |
Commitments and Contingencies62
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |||
Total rental expense under operating leases | $ 29,039 | $ 27,431 | $ 27,210 |
Future minimum lease payments for operating leases [Abstract] | |||
2,018 | 19,773 | ||
2,019 | 14,360 | ||
2,020 | 11,082 | ||
2,021 | 8,499 | ||
2,022 | 6,634 | ||
Thereafter | 20,478 | ||
Environmental Matters | |||
Accrued environmental liabilities | 13,307 | ||
Accrued environmental liabilities, current | 4,727 | ||
Accrued environmental liabilities, noncurrent | 8,580 | ||
Estimated purchase commitments [Abstract] | |||
2,018 | 41,166 | ||
2,019 | $ 15,758 |
Current Vulnerability Due to 63
Current Vulnerability Due to Certain Concentrations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risks [Abstract] | ||
Duration of business operations in Israel (in years) | P47Y | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Bank of China [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 13.90% | |
Credit Concentration Risk [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Deutsche Bank [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 13.10% | |
Geographic Concentration [Member] | Outside Of United States [Member] | ||
Concentration Risks [Abstract] | ||
Cash and cash equivalents and short-term investments | $ 1,282,120 | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | United States [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 8.10% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Germany [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 43.60% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Europe [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 1.60% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Israel [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 21.60% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | People's Republic Of China [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 6.90% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other Asia [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 1.70% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Other [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 0.80% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | Singapore [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 8.10% | |
Geographic Concentration [Member] | Cash and Cash Equivalents and Short-term Investments [Member] | The Republic of China (Taiwan) [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 7.60% | |
Geographic Concentration [Member] | Revenue [Member] | Outside Of United States [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 77.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risks [Abstract] | ||
Concentration risk percentage (in hundredths) | 16.10% | 15.40% |
Segment and Geographic Data (De
Segment and Geographic Data (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reporting segments | Segment | 5 | ||||||||||
Segment Operating Income Description | The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. | ||||||||||
Product sales | $ 2,603,428 | $ 2,323,172 | $ 2,297,165 | ||||||||
Royalty revenues | 94 | 259 | 3,323 | ||||||||
Total revenue | $ 674,489 | $ 677,883 | $ 644,892 | $ 606,258 | $ 570,819 | $ 591,955 | $ 590,051 | $ 570,606 | 2,603,522 | 2,323,431 | 2,300,488 |
Gross profit | 176,501 | 189,273 | 172,963 | 160,875 | 132,445 | 153,901 | 146,128 | 137,309 | 699,612 | 569,783 | 542,220 |
Depreciation expense | 148,883 | 144,521 | 154,340 | ||||||||
Capital expenditures | 170,432 | 134,635 | 147,142 | ||||||||
Total Assets | 3,459,189 | 3,077,801 | 3,459,189 | 3,077,801 | 3,152,986 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Impairment of Intangible Assets | 0 | 0 | 0 | 0 | 0 | (1,559) | 0 | 0 | 0 | (1,559) | (57,600) |
Impairment of goodwill | 0 | 0 | (5,380) | ||||||||
Restructuring and severance costs | (6,079) | (3,244) | (481) | (1,469) | (7,060) | (1,197) | (4,467) | (6,475) | (11,273) | (19,199) | (19,215) |
U.S. pension settlement charges | 0 | 0 | 0 | 0 | (79,321) | 0 | 0 | 0 | 0 | (79,321) | 0 |
Segment Operating Income | 577,634 | 441,418 | 404,331 | ||||||||
Consolidated Operating Income | 72,536 | $ 92,328 | $ 82,036 | $ 64,688 | (45,468) | $ 57,229 | $ 49,408 | $ 40,548 | 311,588 | 101,717 | 97,799 |
Unallocated Other Income (Expense) | (32,224) | (7,501) | (23,059) | ||||||||
Income before taxes | 279,364 | 94,216 | 74,740 | ||||||||
MOSFETS Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 468,294 | 406,336 | 426,672 | ||||||||
Royalty revenues | 0 | 0 | 11 | ||||||||
Total revenue | 468,294 | 406,336 | 426,683 | ||||||||
Gross profit | 109,436 | 58,155 | 58,626 | ||||||||
Depreciation expense | 34,731 | 34,531 | 47,172 | ||||||||
Capital expenditures | 33,475 | 22,430 | 29,289 | ||||||||
Total Assets | 412,598 | 389,482 | 412,598 | 389,482 | 477,984 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 74,002 | 22,254 | 21,366 | ||||||||
Diodes Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 620,888 | 553,920 | 533,931 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 620,888 | 553,920 | 533,931 | ||||||||
Gross profit | 162,645 | 134,937 | 119,762 | ||||||||
Depreciation expense | 37,396 | 35,335 | 35,526 | ||||||||
Capital expenditures | 38,681 | 29,860 | 38,971 | ||||||||
Total Assets | 792,610 | 714,898 | 792,610 | 714,898 | 718,548 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 142,833 | 113,995 | 95,887 | ||||||||
Optoelectronic Components Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 286,349 | 272,126 | 279,553 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 286,349 | 272,126 | 279,553 | ||||||||
Gross profit | 97,436 | 87,022 | 88,625 | ||||||||
Depreciation expense | 16,871 | 15,549 | 14,118 | ||||||||
Capital expenditures | 16,115 | 18,276 | 21,853 | ||||||||
Total Assets | 332,228 | 312,423 | 332,228 | 312,423 | 325,600 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 79,691 | 67,548 | 68,410 | ||||||||
Resistors And Inductors Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 843,965 | 753,578 | 704,109 | ||||||||
Royalty revenues | 94 | 259 | 3,312 | ||||||||
Total revenue | 844,059 | 753,837 | 707,421 | ||||||||
Gross profit | 251,725 | 222,786 | 208,384 | ||||||||
Depreciation expense | 34,083 | 32,240 | 30,576 | ||||||||
Capital expenditures | 67,007 | 47,006 | 38,169 | ||||||||
Total Assets | 992,439 | 905,795 | 992,439 | 905,795 | 839,249 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 222,634 | 191,283 | 173,805 | ||||||||
Capacitors Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 383,932 | 337,212 | 352,900 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 383,932 | 337,212 | 352,900 | ||||||||
Gross profit | 78,370 | 66,883 | 66,823 | ||||||||
Depreciation expense | 17,736 | 17,817 | 18,168 | ||||||||
Capital expenditures | 11,135 | 14,410 | 14,763 | ||||||||
Total Assets | 567,413 | 495,225 | 567,413 | 495,225 | 543,507 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 58,474 | 46,338 | 44,863 | ||||||||
Corporate Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 0 | 0 | 0 | ||||||||
Royalty revenues | 0 | 0 | 0 | ||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Depreciation expense | 8,066 | 9,049 | 8,780 | ||||||||
Capital expenditures | 4,019 | 2,653 | 4,097 | ||||||||
Total Assets | $ 361,901 | $ 259,978 | 361,901 | 259,978 | 248,098 | ||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 0 | 0 | 0 | ||||||||
Operating Segments [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | 577,634 | 441,418 | 404,331 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Impairment of Intangible Assets | 0 | (1,559) | (57,600) | ||||||||
Impairment of goodwill | 0 | 0 | (5,380) | ||||||||
Restructuring and severance costs | (11,273) | (19,199) | (19,215) | ||||||||
U.S. pension settlement charges | 0 | (79,321) | 0 | ||||||||
Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | |||||||||||
Operating margin reconciliation [Abstract] | |||||||||||
Segment Operating Income | $ (254,773) | $ (239,622) | $ (224,337) |
Segment and Geographic Data, Re
Segment and Geographic Data, Revenue and assets by geographic area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 674,489 | $ 677,883 | $ 644,892 | $ 606,258 | $ 570,819 | $ 591,955 | $ 590,051 | $ 570,606 | $ 2,603,522 | $ 2,323,431 | $ 2,300,488 |
Property and equipment, net | 905,758 | 848,871 | 905,758 | 848,871 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 590,638 | 542,506 | 560,973 | ||||||||
Property and equipment, net | 99,993 | 94,589 | 99,993 | 94,589 | |||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 839,984 | 746,657 | 719,246 | ||||||||
Property and equipment, net | 154,874 | 120,223 | 154,874 | 120,223 | |||||||
Other Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 99,327 | 83,744 | 88,553 | ||||||||
Property and equipment, net | 130,523 | 112,953 | 130,523 | 112,953 | |||||||
Israel [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 11,292 | 10,007 | 12,597 | ||||||||
Property and equipment, net | 102,890 | 104,824 | 102,890 | 104,824 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,062,281 | 940,517 | $ 919,119 | ||||||||
People's Republic of China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 192,521 | 183,158 | 192,521 | 183,158 | |||||||
Republic of China (Taiwan) [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 122,080 | 124,724 | 122,080 | 124,724 | |||||||
Other Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | 99,493 | 105,400 | 99,493 | 105,400 | |||||||
Other Geographic Area [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property and equipment, net | $ 3,384 | $ 3,000 | $ 3,384 | $ 3,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Numerator for basic earnings (loss) per share: | |||||||||||||||||||
Net earnings attributable to Vishay stockholders | $ (177,657) | $ 64,404 | $ 56,190 | $ 36,719 | $ (48,748) | $ 36,440 | $ 33,086 | $ 28,014 | $ (20,344) | $ 48,792 | $ (108,514) | ||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax | 0 | 38 | 0 | ||||||||||||||||
Numerator for diluted earnings (loss) per share: | |||||||||||||||||||
Net earnings (loss) attributed to Vishay stockholders - diluted | $ (20,344) | $ 48,830 | $ (108,514) | ||||||||||||||||
Denominator for basic earnings (loss) per share: | |||||||||||||||||||
Weighted average shares | 145,478 | 147,009 | 147,570 | ||||||||||||||||
Incremental outstanding phantom stock units | 155 | 143 | 130 | ||||||||||||||||
Adjusted weighted average shares outstanding - basic | 145,633 | 147,152 | 147,700 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Convertible and exchangeable debt instruments (in shares) | 0 | 3,219 | 0 | ||||||||||||||||
Restricted stock units (in shares) | 0 | 323 | 0 | ||||||||||||||||
Other (in shares) | 0 | 3 | 0 | ||||||||||||||||
Dilutive potential common shares (in shares) | 0 | 3,545 | 0 | ||||||||||||||||
Denominator for diluted earnings (loss) per share: | |||||||||||||||||||
Adjusted weighted average shares - diluted | 145,633 | 150,697 | 147,700 | ||||||||||||||||
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ (1.23) | [1] | $ 0.44 | [1] | $ 0.38 | [1] | $ 0.25 | [1] | $ (0.33) | [1] | $ 0.25 | [1] | $ 0.22 | [1] | $ 0.19 | [1] | $ (0.14) | $ 0.33 | $ (0.73) |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | (1.23) | [1] | $ 0.41 | [1] | $ 0.36 | [1] | $ 0.24 | [1] | $ (0.33) | [1] | $ 0.24 | [1] | $ 0.22 | [1] | $ 0.19 | [1] | $ (0.14) | $ 0.32 | $ (0.73) |
Convertible Senior Debentures, Due 2040 [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 21,184 | 10,312 | 20,477 | ||||||||||||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | 12.95 | $ 12.95 | |||||||||||||||||
Convertible Senior Debentures, Due 2041 [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 8,432 | 8,249 | 8,151 | ||||||||||||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | 17.75 | $ 17.75 | |||||||||||||||||
Convertible Senior Debentures 2042 [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 13,586 | 0 | 13,133 | ||||||||||||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 11.02 | $ 11.02 | |||||||||||||||||
Exchangeable Unsecured Notes, Due 2102 [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 0 | 0 | 2,512 | ||||||||||||||||
Weighted average stock options [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 26 | 91 | 105 | ||||||||||||||||
Weighted average other [Member] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 981 | 512 | 1,014 | ||||||||||||||||
[1] | May not add due to differences in weighted average share counts. |
Additional Cash Flow Informat67
Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in operating assets and liabilities, net of effect of businesses acquired [Abstract] | |||
Accounts receivable | $ (51,152) | $ (4,120) | $ (11,250) |
Inventories | (55,062) | 13,760 | (30,302) |
Prepaid expenses and other current assets | (3,668) | (12,180) | (5,203) |
Accounts payable | 42,291 | 17,839 | (13,419) |
Other current liabilities | 21,184 | (19,505) | 32,925 |
Net change in operating assets and liabilities | $ (46,407) | $ (4,206) | $ (27,249) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Dec. 31, 2015 | |
Assets: | ||||
Held-to-maturity Securities, Transferred Security, at Carrying Value | $ 0 | |||
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | |||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | |||
Liabilities: | ||||
Embedded derivative | (538) | $ (854) | ||
Long-term Debt | 379,033 | 367,049 | ||
Derivative, Notional Amount | 100,000 | 100,000 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 45,252 | 41,917 | ||
Available for sale securities | 4,621 | 3,969 | ||
Fair Value Assets | 120,478 | 111,976 | ||
Liabilities: | ||||
Fair Value Liabilities | (538) | (854) | ||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | ||||
Assets: | ||||
Fair value of plan assets | 70,605 | 66,090 | $ 51,263 | |
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 8,793 | 9,963 | ||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 12,793 | 12,780 | ||
Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 49,019 | 43,347 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 28,589 | 27,297 | ||
Available for sale securities | 4,621 | 3,969 | ||
Fair Value Assets | 103,815 | 97,356 | ||
Liabilities: | ||||
Fair Value Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 8,793 | 9,963 | ||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 12,793 | 12,780 | ||
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 49,019 | 43,347 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities: | ||||
Long-term Debt, Fair Value | 1,071,200 | 860,600 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 16,663 | 14,620 | ||
Available for sale securities | 0 | 0 | ||
Fair Value Assets | 16,663 | 14,620 | ||
Liabilities: | ||||
Fair Value Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Assets held in rabbi trusts | 0 | 0 | ||
Available for sale securities | 0 | 0 | ||
Fair Value Assets | 0 | 0 | ||
Liabilities: | ||||
Fair Value Liabilities | (538) | (854) | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
Fair value of definite-lived intangible asset | $ 18,800 | $ 20,359 | ||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Pension Plans [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Fair value of plan assets | 0 | 0 | ||
Convertible Senior Debentures, Due 2040 [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (206) | (393) | ||
Convertible debentures issuance date | Nov. 9, 2010 | |||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (206) | (393) | ||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | (206) | (393) | ||
Convertible Senior Debentures, Due 2041 [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (214) | (285) | ||
Convertible debentures issuance date | May 13, 2011 | |||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (214) | (285) | ||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (214) | (285) | ||
Convertible Senior Debentures 2042 [Member] | ||||
Liabilities: | ||||
Convertible debentures issuance date | May 31, 2012 | |||
Convertible Senior Debentures 2042 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (118) | (176) | ||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | 0 | 0 | ||
Convertible Senior Debentures 2042 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Liabilities: | ||||
Embedded derivative | $ (118) | $ (176) |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG Class B common stock for every 14 shares of Vishay Class B common stock |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Ratio for stock dividend for Vishay Precision Group, Inc | 1 share of VPG common stock for every 14 shares of Vishay common stock |
Summary of Quarterly Financia70
Summary of Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Statement of Operations data: | ||||||||||||||||||||
Net revenues | $ 674,489 | $ 677,883 | $ 644,892 | $ 606,258 | $ 570,819 | $ 591,955 | $ 590,051 | $ 570,606 | $ 2,603,522 | $ 2,323,431 | $ 2,300,488 | |||||||||
Gross profit | 176,501 | 189,273 | 172,963 | 160,875 | 132,445 | 153,901 | 146,128 | 137,309 | 699,612 | 569,783 | 542,220 | |||||||||
Operating Income | 72,536 | 92,328 | 82,036 | 64,688 | (45,468) | 57,229 | 49,408 | 40,548 | 311,588 | 101,717 | 97,799 | |||||||||
Net earnings (loss) | (177,501) | 64,583 | 56,409 | 36,949 | (48,604) | 36,596 | 33,229 | 28,152 | (19,560) | 49,373 | (107,733) | |||||||||
Net earnings (loss) attributable to noncontrolling interests | 156 | 179 | 219 | 230 | 144 | 156 | 143 | 138 | 784 | 581 | 781 | |||||||||
Net earnings (loss) attributable to Vishay stockholders | $ (177,657) | $ 64,404 | $ 56,190 | $ 36,719 | $ (48,748) | $ 36,440 | $ 33,086 | $ 28,014 | $ (20,344) | $ 48,792 | $ (108,514) | |||||||||
Per Share data: | ||||||||||||||||||||
Basic earnings (loss) per share attributable to Vishay stockholders: | $ (1.23) | [1] | $ 0.44 | [1] | $ 0.38 | [1] | $ 0.25 | [1] | $ (0.33) | [1] | $ 0.25 | [1] | $ 0.22 | [1] | $ 0.19 | [1] | $ (0.14) | $ 0.33 | $ (0.73) | |
Diluted earnings (loss) per share attributable to Vishay stockholders: | $ (1.23) | [1] | $ 0.41 | [1] | $ 0.36 | [1] | $ 0.24 | [1] | $ (0.33) | [1] | $ 0.24 | [1] | $ 0.22 | [1] | $ 0.19 | [1] | $ (0.14) | $ 0.32 | $ (0.73) | |
Operating income (loss): | ||||||||||||||||||||
Restructuring and related expenses | $ 6,079 | $ 3,244 | $ 481 | $ 1,469 | $ 7,060 | $ 1,197 | $ 4,467 | $ 6,475 | $ 11,273 | $ 19,199 | $ 19,215 | |||||||||
Impairment of Intangible Assets | 0 | 0 | 0 | 0 | 0 | 1,559 | 0 | 0 | 0 | 1,559 | 57,600 | |||||||||
U.S. pension settlement charges | 0 | 0 | 0 | 0 | 79,321 | 0 | 0 | 0 | 0 | 79,321 | 0 | |||||||||
Other income (expense): | ||||||||||||||||||||
Loss on disposal of equity affiliate | 948 | 0 | 0 | (7,060) | 0 | 0 | 0 | 0 | (6,112) | 0 | 0 | |||||||||
Gain on early extinguishment of debt | 0 | 0 | 0 | 0 | 0 | 0 | 986 | 3,611 | 0 | 4,597 | 0 | |||||||||
Gain (loss) related to Tianjin explosion | 0 | 0 | 0 | 0 | 8,809 | 0 | 0 | 0 | 0 | 8,809 | (5,350) | |||||||||
Income Tax Expense | ||||||||||||||||||||
Total tax expense enactment of TCJA | 234,855 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 234,855 | |||||||||||
Discrete Tax Items Repatriation | (2,702) | (892) | (1,240) | (968) | (165) | (1,402) | (1,217) | (769) | $ 163,954 | 5,802 | ||||||||||
Discrete Tax Items - Pension Settlement | 0 | 0 | 0 | 0 | 34,853 | 0 | 0 | 0 | 0 | 34,853 | 0 | |||||||||
Tax effects of changes in uncertain tax positions | $ 2,369 | $ (804) | $ 0 | $ 0 | $ (8,704) | $ 0 | $ 0 | $ 0 | $ (1,565) | $ (8,704) | $ (2,629) | |||||||||
Quarter end date | Dec. 31, 2017 | [2] | Sep. 30, 2017 | [2] | Jul. 1, 2017 | [2] | Apr. 1, 2017 | [2] | Dec. 31, 2016 | [2] | Oct. 1, 2016 | [2] | Jul. 2, 2016 | [2] | Apr. 2, 2016 | [2] | Dec. 31, 2017 | |||
Number of weeks in an interim reporting period | P91D | |||||||||||||||||||
[1] | May not add due to differences in weighted average share counts. | |||||||||||||||||||
[2] | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. |