Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 02, 2021 | Oct. 29, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 2, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | Vishay Intertechnology, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-07416 | |
Entity Tax Identification Number | 38-1686453 | |
Entity Address, Address Line One | 63 Lancaster Avenue | |
Entity Address, City or Town | Malvern | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19355 | |
City Area Code | 610 | |
Local Phone Number | 644-1300 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000103730 | |
Title of 12(b) Security | Common stock, par value $0.10 per share | |
Trading Symbol | VSH | |
Security Exchange Name | NYSE | |
Common stock, par value $0.10 per share [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 132,710,732 | |
Class B Convertible Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,097,148 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 831,760 | $ 619,874 |
Short-term investments | 84,177 | 158,476 |
Accounts receivable, net | 378,523 | 338,632 |
Inventories: | ||
Finished goods | 152,769 | 120,792 |
Work in process | 223,355 | 201,259 |
Raw materials | 156,544 | 126,200 |
Total inventories | 532,668 | 448,251 |
Prepaid expenses and other current assets | 146,870 | 132,103 |
Total current assets | 1,973,998 | 1,697,336 |
Property and equipment, at cost: | ||
Land | 75,063 | 76,231 |
Buildings and improvements | 632,219 | 641,041 |
Machinery and equipment | 2,746,511 | 2,732,771 |
Construction in progress | 112,157 | 86,520 |
Allowance for depreciation | (2,640,993) | (2,593,398) |
Property and equipment, net | 924,957 | 943,165 |
Right of use assets | 110,083 | 102,440 |
Goodwill | 157,683 | 158,183 |
Other intangible assets, net | 59,583 | 66,795 |
Other assets | 197,974 | 186,554 |
Total assets | 3,424,278 | 3,154,473 |
Current liabilities: | ||
Trade accounts payable | 221,666 | 196,203 |
Payroll and related expenses | 155,792 | 141,034 |
Lease liabilities | 21,583 | 22,074 |
Other accrued expenses | 206,045 | 182,642 |
Income taxes | 40,648 | 20,470 |
Total current liabilities | 645,734 | 562,423 |
Long-term debt less current portion | 454,848 | 394,886 |
U.S. transition tax payable | 110,681 | 125,438 |
Deferred income taxes | 1,843 | 1,852 |
Long-term lease liabilities | 94,064 | 86,220 |
Other liabilities | 105,880 | 104,356 |
Accrued pension and other postretirement costs | 283,049 | 300,113 |
Total liabilities | 1,696,099 | 1,575,288 |
Redeemable convertible debentures | 0 | 170 |
Vishay stockholders' equity | ||
Common stock | 13,271 | 13,256 |
Class B convertible common stock | 1,210 | 1,210 |
Capital in excess of par value | 1,346,980 | 1,409,200 |
Retained earnings | 379,672 | 138,990 |
Accumulated other comprehensive income (loss) | (15,613) | 13,559 |
Total Vishay stockholders' equity | 1,725,520 | 1,576,215 |
Noncontrolling interests | 2,659 | 2,800 |
Total equity | 1,728,179 | 1,579,015 |
Total liabilities, temporary equity, and equity | $ 3,424,278 | $ 3,154,473 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Consolidated Condensed Statements of Operations [Abstract] | ||||
Net revenues | $ 813,663 | $ 640,160 | $ 2,397,415 | $ 1,834,718 |
Costs of products sold | 587,927 | 488,451 | 1,739,458 | 1,405,099 |
Gross profit | 225,736 | 151,709 | 657,957 | 429,619 |
Selling, general, and administrative expenses | 102,215 | 90,219 | 311,800 | 279,178 |
Restructuring and severance costs | 0 | 743 | ||
Operating income | 123,521 | 61,490 | 346,157 | 149,698 |
Other income (expense): | ||||
Interest expense | (4,427) | (7,414) | (13,246) | (24,396) |
Loss on early extinguishment of debt | 0 | (3,454) | 0 | (7,520) |
Other | (2,679) | (4,898) | (12,159) | (6,184) |
Total other income (expense) | (7,106) | (15,766) | (25,405) | (38,100) |
Income before taxes | 116,415 | 45,724 | 320,752 | 111,598 |
Income tax expense | 19,333 | 12,063 | 58,646 | 25,658 |
Net earnings | 97,082 | 33,661 | 262,106 | 85,940 |
Less: net earnings attributable to noncontrolling interests | 262 | 177 | 659 | 584 |
Net earnings attributable to Vishay stockholders | $ 96,820 | $ 33,484 | $ 261,447 | $ 85,356 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
Weighted average shares outstanding - basic (in shares) | 145,017 | 144,854 | 145,000 | 144,831 |
Weighted average shares outstanding - diluted (in shares) | 145,458 | 145,197 | 145,455 | 145,221 |
Cash dividends per share (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.285 | $ 0.285 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings | $ 97,082 | $ 33,661 | $ 262,106 | $ 85,940 |
Other comprehensive income (loss), net of tax | ||||
Pension and other post-retirement actuarial items | 1,850 | 1,886 | 5,734 | 5,247 |
Foreign currency translation adjustment | (17,242) | 21,100 | (34,906) | 18,059 |
Other comprehensive income (loss) | (15,392) | 22,986 | (29,172) | 23,306 |
Comprehensive income | 81,690 | 56,647 | 232,934 | 109,246 |
Less: comprehensive income attributable to noncontrolling interests | 262 | 177 | 659 | 584 |
Comprehensive income attributable to Vishay stockholders | $ 81,428 | $ 56,470 | $ 232,275 | $ 108,662 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Oct. 03, 2020 | |
Operating activities | ||
Net earnings | $ 262,106 | $ 85,940 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 125,095 | 123,776 |
(Gain) loss on disposal of property and equipment | (254) | 257 |
Accretion of interest on convertible debt instruments | 0 | 10,232 |
Inventory write-offs for obsolescence | 14,960 | 17,891 |
Deferred income taxes | (4,208) | (1,142) |
Loss on extinguishment of debt | 0 | 7,520 |
Other | 8,376 | 3,188 |
Change in U.S. transition tax liability | (14,757) | (14,757) |
Change in repatriation tax liability | 0 | (16,258) |
Net change in operating assets and liabilities | (80,866) | (27,408) |
Net cash provided by operating activities | 310,452 | 189,239 |
Investing activities | ||
Capital expenditures | (118,156) | (70,801) |
Proceeds from sale of property and equipment | 1,257 | 293 |
Purchase of businesses, net of cash received | 0 | (25,852) |
Purchase of short-term investments | (55,491) | (157,177) |
Maturity of short-term investments | 126,171 | 241,016 |
Other investing activities | 347 | (529) |
Net cash provided by (used in) investing activities | (45,872) | (13,050) |
Financing activities | ||
Repurchase of convertible debt instruments | (300) | (148,177) |
Net changes in short-term borrowings | 0 | (110) |
Distributions to noncontrolling interests | (800) | (600) |
Cash withholding taxes paid when shares withheld for vested equity awards | (1,963) | (2,016) |
Net cash provided by (used in) financing activities | (44,334) | (192,130) |
Effect of exchange rate changes on cash and cash equivalents | (8,360) | 4,230 |
Net increase (decrease) in cash and cash equivalents | 211,886 | (11,711) |
Cash and cash equivalents at beginning of period | 619,874 | 694,133 |
Cash and cash equivalents at end of period | 831,760 | 682,422 |
Common Stock [Member] | ||
Financing activities | ||
Dividends paid to common stockholders | (37,823) | (37,779) |
Class B Convertible Common Stock [Member] | ||
Financing activities | ||
Dividends paid to common stockholders | $ (3,448) | $ (3,448) |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) $ in Thousands | Capital In Excess of Par Value [Member] | Capital In Excess of Par Value [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total Vishay Stockholders' Equity [Member] | Total Vishay Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Class B Convertible Common Stock [Member] | Class B Convertible Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Period Start at Dec. 31, 2019 | $ 1,425,170 | $ 72,180 | $ (26,646) | $ 1,485,149 | $ 2,540 | $ 1,487,689 | $ 13,235 | $ 1,210 | ||||||||
Net earnings | 0 | 27,219 | 0 | 27,219 | 165 | 27,384 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | (21,528) | (21,528) | 0 | (21,528) | 0 | 0 | ||||||||
Temporary equity reclassification | 174 | 0 | 0 | 174 | 0 | 174 | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (2,011) | 0 | 0 | (1,991) | 0 | (1,991) | 20 | 0 | ||||||||
Dividends declared | (13,759) | 0 | (13,741) | 0 | (13,741) | 0 | 0 | |||||||||
Dividends declared (APIC) | 18 | |||||||||||||||
Stock compensation expense | 2,998 | 0 | 0 | 2,998 | 0 | 2,998 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (10,089) | 0 | 0 | (10,089) | 0 | (10,089) | 0 | 0 | ||||||||
Balance at Period End at Apr. 04, 2020 | 1,416,260 | 84,570 | (48,174) | 1,467,121 | 2,705 | 1,469,826 | 13,255 | 1,210 | ||||||||
Balance at Period Start at Dec. 31, 2019 | 1,425,170 | 72,180 | (26,646) | 1,485,149 | 2,540 | 1,487,689 | 13,235 | 1,210 | ||||||||
Net earnings | 85,940 | |||||||||||||||
Other comprehensive income | 23,306 | |||||||||||||||
Balance at Period End at Oct. 03, 2020 | 1,410,335 | 115,184 | (3,340) | 1,536,645 | 2,524 | 1,539,169 | 13,256 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ (1,070) | $ 0 | $ 0 | ||||||||
Balance at Period Start at Apr. 04, 2020 | 1,416,260 | 84,570 | (48,174) | 1,467,121 | 2,705 | 1,469,826 | 13,255 | 1,210 | ||||||||
Net earnings | 0 | 24,653 | 0 | 24,653 | 242 | 24,895 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | 21,848 | 21,848 | 0 | 21,848 | 0 | 0 | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (600) | (600) | 0 | |||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (26) | 0 | 0 | (25) | 0 | (25) | 1 | 0 | ||||||||
Dividends declared | (13,761) | 0 | (13,743) | 0 | (13,743) | 0 | 0 | |||||||||
Dividends declared (APIC) | 18 | |||||||||||||||
Stock compensation expense | 875 | 0 | 0 | 875 | 0 | 875 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (4,352) | 0 | 0 | (4,352) | 0 | (4,352) | 0 | 0 | ||||||||
Balance at Period End at Jul. 04, 2020 | 1,412,775 | 95,462 | (26,326) | 1,496,377 | 2,347 | 1,498,724 | 13,256 | 1,210 | ||||||||
Net earnings | 0 | 33,484 | 0 | 33,484 | 177 | 33,661 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | 22,986 | 22,986 | 0 | 22,986 | 0 | 0 | ||||||||
Dividends declared | (13,762) | 0 | (13,743) | 0 | (13,743) | 0 | 0 | |||||||||
Dividends declared (APIC) | 19 | |||||||||||||||
Stock compensation expense | 732 | 0 | 0 | 732 | 0 | 732 | 0 | 0 | ||||||||
Repurchase of convertible debt instruments | (3,191) | 0 | 0 | (3,191) | 0 | (3,191) | 0 | 0 | ||||||||
Balance at Period End at Oct. 03, 2020 | 1,410,335 | 115,184 | (3,340) | 1,536,645 | 2,524 | 1,539,169 | 13,256 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | 138,990 | 20,566 | ||||||||||||||
Balance at Period Start at Dec. 31, 2020 | 1,409,200 | 138,990 | 13,559 | 1,576,215 | 2,800 | 1,579,015 | 13,256 | 1,210 | ||||||||
Net earnings | 0 | 71,435 | 0 | 71,435 | 208 | 71,643 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | (25,085) | (25,085) | 0 | (25,085) | 0 | 0 | ||||||||
Issuance of stock and related tax withholdings for vested restricted stock units | (1,978) | 0 | 0 | (1,963) | 0 | (1,963) | 15 | 0 | ||||||||
Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | |||||||||
Dividends declared (APIC) | 20 | |||||||||||||||
Stock compensation expense | 4,120 | 0 | 0 | 4,120 | 0 | 4,120 | 0 | 0 | ||||||||
Balance at Period End at Apr. 03, 2021 | 1,345,284 | 217,214 | (11,526) | 1,565,453 | 3,008 | 1,568,461 | 13,271 | 1,210 | ||||||||
Balance at Period Start at Dec. 31, 2020 | 1,409,200 | 138,990 | 13,559 | 1,576,215 | 2,800 | 1,579,015 | 13,256 | 1,210 | ||||||||
Net earnings | 262,106 | |||||||||||||||
Other comprehensive income | (29,172) | |||||||||||||||
Balance at Period End at Oct. 02, 2021 | 1,346,980 | 379,672 | (15,613) | 1,725,520 | 2,659 | 1,728,179 | 13,271 | 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ (66,078) | $ 20,566 | $ 0 | $ (45,512) | $ 0 | $ (45,512) | $ 0 | $ 0 | ||||||||
Balance at Period Start at Apr. 03, 2021 | 1,345,284 | 217,214 | (11,526) | 1,565,453 | 3,008 | 1,568,461 | 13,271 | 1,210 | ||||||||
Net earnings | 0 | 93,192 | 0 | 93,192 | 189 | 93,381 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | 11,305 | 11,305 | 0 | 11,305 | 0 | 0 | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (800) | (800) | 0 | 0 | ||||||||
Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | |||||||||
Dividends declared (APIC) | 20 | |||||||||||||||
Stock compensation expense | 828 | 0 | 0 | 828 | 0 | 828 | 0 | 0 | ||||||||
Balance at Period End at Jul. 03, 2021 | 1,346,132 | 296,629 | (221) | 1,657,021 | 2,397 | 1,659,418 | 13,271 | 1,210 | ||||||||
Net earnings | 0 | 96,820 | 0 | 96,820 | 262 | 97,082 | 0 | 0 | ||||||||
Other comprehensive income | 0 | 0 | (15,392) | (15,392) | 0 | (15,392) | 0 | 0 | ||||||||
Dividends declared | (13,777) | 0 | (13,757) | 0 | (13,757) | 0 | 0 | |||||||||
Dividends declared (APIC) | 20 | |||||||||||||||
Stock compensation expense | 828 | 0 | 0 | 828 | 0 | 828 | 0 | 0 | ||||||||
Balance at Period End at Oct. 02, 2021 | $ 1,346,980 | $ 379,672 | $ (15,613) | $ 1,725,520 | $ 2,659 | 1,728,179 | $ 13,271 | $ 1,210 | ||||||||
Cumulative effect of accounting change for adoption of ASU | $ 379,672 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | ||
Apr. 03, 2021 | Jul. 04, 2020 | Apr. 04, 2020 | |
Consolidated Condensed Statements of Equity (Parenthetical) [Abstract] | |||
Restricted stock issuances (in shares) | 149,722 | 13,141 | 199,251 |
Dividends declared (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.095 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 02, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the fiscal quarter and nine fiscal months ended October 2, 2021 are not necessarily indicative of the results to be expected for the full year. The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2021 end on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively. The four fiscal quarters in 2020 ended on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively. Recently Adopted Accounting Guidance In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-06, Debt – Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Leases
Leases | 9 Months Ended |
Oct. 02, 2021 | |
Leases [Abstract] | |
Leases | Note 2 – Leases The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows: October 2, 2021 December 31, 2020 Right of use assets Operating Leases Buildings and improvements $ 105,072 $ 97,429 Machinery and equipment 5,011 5,011 Total $ 110,083 $ 102,440 Current lease liabilities Operating Leases Buildings and improvements $ 18,944 $ 19,370 Machinery and equipment 2,639 2,704 Total $ 21,583 $ 22,074 Long-term lease liabilities Operating Leases Buildings and improvements $ 91,744 $ 83,926 Machinery and equipment 2,320 2,294 Total $ 94,064 $ 86,220 Total lease liabilities $ 115,647 $ 108,294 Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Lease expense Operating lease expense $ 6,170 $ 5,898 $ 18,570 $ 17,310 Short-term lease expense 691 260 1,444 679 Variable lease expense 97 11 290 40 Total lease expense $ 6,958 $ 6,169 $ 20,304 $ 18,029 The Company paid $18,000 and $18,703 for its operating leases in the nine fiscal months ended October 2, 2021 and October 3, 2020, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 9.3 years and the weighted-average discount rate is 5.6% as of October 2, 2021. The undiscounted future lease payments for the Company's operating lease liabilities are as follows: October 2, 2021 2021 (excluding the nine fiscal months ended October 2, 2021) $ 5,692 2022 21,305 2023 19,061 2024 16,745 2025 15,255 Thereafter 71,276 The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities. |
Restructuring and Related Activ
Restructuring and Related Activities | 9 Months Ended |
Oct. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 3 – Restructuring and Related Activities I The following table summarizes the activity to date related to this program: Expense recorded in 2019 $ 24,139 Cash paid (1,330 ) Foreign currency translation 35 Balance at December 31, 2019 $ 22,844 Expense recorded in 2020 743 Cash paid (10,813 ) Foreign currency translation 683 Balance at December 31, 2020 $ 13,457 Cash paid (10,624 ) Foreign currency translation (86 ) Balance at October 2, 2021 $ 2,747 The payment terms vary by country, but generally are paid in a lump sum at cessation of employment. Some payments are made over an extended period. The current portion of the liability is $1,738 and is included in other accrued expenses on the consolidated condensed balance sheet. The non-current portion of the liability is $1,009 and is included in other liabilities on the consolidated condensed balance sheet. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 4 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended October 2, 2021 and October 3, 2020 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. The Company adjusted its deferred tax balances by $12,127 upon the adoption of ASU No. 2020-06 on January 1, 2021, which was included in the cumulative-effect adjustment recorded to retained earnings. See Note 1. The Company recognized tax benefits of $5,714 due to the release of a valuation allowance during the fiscal quarter ended October 2, 2021. The Company also recognized tax benefits of $8,276 due to changes in tax regulations during the nine fiscal months ended October 2, 2021. During the nine fiscal months ended October 2, 2021, the liabilities for unrecognized tax benefits decreased by $1,328 on a net basis, primarily due to a payment, statute expiration, and currency translation adjustments, partially offset by accruals for current year tax positions and interest. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 02, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 5 – Long-Term Debt Long-term debt consists of the following: October 2, 2021 December 31, 2020 Credit facility $ - $ - Convertible senior notes, due 2025 465,344 406,268 Convertible senior debentures, due 2040 - 130 Deferred financing costs (10,496 ) (11,512 ) 454,848 394,886 Less current portion - - $ 454,848 $ 394,886 The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of October 2, 2021: Convertible Senior Notes Due 2025 Issuance date June 12, 2018 Maturity date June 15, 2025 Principal amount as of October 2, 2021 $ 465,344 Cash coupon rate (per annum) 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % Conversion rate effective September 9, 2021 (per $1 principal amount) 31.9258 Effective conversion price effective September 9, 2021 (per share) $ 31.32 130% of the conversion price (per share) $ 40.72 Call date n/a Effective January 1, 2021, Vishay adopted ASU No. 2020-06. Upon adoption, Vishay derecognized the bifurcated equity component, debt discount, and deferred taxes and remeasured the deferred financing costs associated with its convertible debt instruments. See Note 1. The carrying value of Vishay's convertible debt instruments is now equal to the outstanding principal amount and interest expense is now equal to the cash interest paid. The remeasured deferred financing costs continue to be recognized as non-cash interest expense. Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ending September 29, 2018, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the notes falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; or (3) upon the occurrence of specified corporate transactions. The convertible senior notes due 2025 are not currently convertible. Upon conversion of the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible senior notes due 2025 effective as of the ex-dividend date of each cash dividend. The conversion rate and effective conversion price for the convertible senior notes due 2025 is adjusted for quarterly cash dividends to the extent such dividends exceed $0.085 per share of common stock. As of December 31, 2020, there were $300 of convertible senior debentures due 2040 outstanding. On January 5, 2021, Vishay gave notice to the holders of its convertible senior debentures due 2040 that Vishay would redeem the debentures on February 4, 2021. The redemption price was paid in cash and was equal to 100% of the principal amount plus accrued but unpaid interest to, but excluding February 4, 2021. The carrying value of the convertible senior notes due 2025 was $465,344 as of October 2, 2021. The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated condensed balance sheet as follows: Principal amount of the debt instruments Unamortized discount Carrying value of liability component Equity component (including temporary equity) -net carrying value December 31, 2020 Convertible senior notes due 2025 $ 465,344 (59,076 ) $ 406,268 $ 66,127 Convertible senior debentures due 2040 $ 300 (170 ) $ 130 $ 121 Total $ 465,644 $ (59,246 ) $ 406,398 $ 66,248 Interest is payable on the convertible debt instruments semi-annually at the cash coupon rate. Prior to the adoption of ASU 2020-06 on January 1, 2021, the debt discount associated with the convertible debt instruments was 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. Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments October 2, 2021 Convertible senior notes due 2025 $ 2,618 - 433 $ 3,051 October 3, 2020 Convertible senior notes due 2025 $ 2,839 3,099 382 $ 6,320 Convertible senior debentures $ 16 8 - $ 24 Total $ 2,855 $ 3,107 $ 382 $ 6,344 Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the nine fiscal months ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments October 2, 2021 Convertible senior notes due 2025 $ 7,854 - 1,299 $ 9,153 October 3, 2020 Convertible senior notes due 2025 $ 9,480 10,195 1,271 $ 20,946 Convertible senior debentures $ 76 37 - $ 113 Total $ 9,556 $ 10,232 $ 1,271 $ 21,059 Other non-cash interest expense includes amortization of deferred financing costs. Interest expense related to the convertible senior debentures was immaterial in 2021. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Oct. 02, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 6 – Revenue Recognition Sales returns and allowances accrual activity is shown below: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Beginning balance $ 41,262 $ 39,432 $ 39,629 $ 40,508 Sales allowances 22,850 22,190 68,689 64,046 Credits issued (28,948 ) (27,610 ) (72,744 ) (70,583 ) Foreign currency (314 ) 534 (724 ) 575 Ending balance $ 34,850 $ 34,546 $ 34,850 $ 34,546 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Oct. 02, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7 – Accumulated Other Comprehensive Income (Loss) The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Total Balance at January 1, 2021 $ (77,075 ) $ 90,634 $ 13,559 Other comprehensive income before reclassifications - (34,906 ) $ (34,906 ) Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - (34,906 ) $ (34,906 ) Amounts reclassified out of AOCI 7,951 - $ 7,951 Tax effect (2,217 ) - $ (2,217 ) Amounts reclassified out of AOCI, net of tax 5,734 - $ 5,734 Net other comprehensive income $ 5,734 $ (34,906 ) $ (29,172 ) Balance at October 2, 2021 $ (71,341 ) $ 55,728 $ (15,613 ) Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 8 for further information. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 9 Months Ended |
Oct. 02, 2021 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 8 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function. The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2021 and 2020 for the Company’s defined benefit pension plans: Fiscal quarter ended October 2, 2021 Fiscal quarter ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 1,167 $ - $ 1,115 Interest cost 254 738 342 961 Expected return on plan assets - (414 ) - (504 ) Amortization of prior service cost 36 49 36 31 Amortization of losses 447 1,851 298 1,671 Curtailment and settlement losses - 203 - 317 Net periodic benefit cost $ 737 $ 3,594 $ 676 $ 3,591 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 2, 2021 and October 3, 2020 for the Company’s defined benefit pension plans: Nine fiscal months ended October 2, 2021 Nine fiscal months ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 3,548 $ - $ 3,260 Interest cost 762 2,246 1,025 2,804 Expected return on plan assets - (1,250 ) - (1,490 ) Amortization of prior service cost 108 150 108 91 Amortization of losses 1,340 5,622 893 4,851 Curtailment and settlement losses - 604 - 777 Net periodic benefit cost $ 2,210 $ 10,920 $ 2,026 $ 10,293 Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2021 and 2020 for the Company’s other postretirement benefit plans: Fiscal quarter ended October 2, 2021 Fiscal quarter ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 25 $ 70 $ 28 $ 73 Interest cost 41 10 59 16 Amortization of losses (gains) 13 29 7 33 Net periodic benefit cost $ 79 $ 109 $ 94 $ 122 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 2, 2021 and October 3, 2020 for the Company’s other postretirement benefit plans: Nine fiscal months ended October 2, 2021 Nine fiscal months ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 76 $ 211 $ 84 $ 210 Interest cost 123 32 177 47 Amortization of losses (gains) 39 88 20 95 Net periodic benefit cost $ 238 $ 331 $ 281 $ 352 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 02, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 9 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company. 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 Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units 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 stock-based compensation expense recognized: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Restricted stock units $ 828 $ 732 $ 5,567 4,390 Phantom stock units - - 209 215 Total $ 828 $ 732 $ 5,776 4,605 The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 2, 2021 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 4,229 0.9 Phantom stock units - n/a Total $ 4,229 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. Restricted Stock Units RSU activity under the 2007 Program as of October 2, 2021 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2021 793 $ 18.90 Granted 319 22.07 Vested* (235 ) 18.79 Cancelled or forfeited - - Outstanding at October 2, 2021 877 $ 20.08 Expected to vest at October 2, 2021 877 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. The number of performance-based RSUs that are 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, 2022 174 - 174 January 1, 2023 152 - 152 January 1, 2024 165 - 165 Phantom Stock Units Phantom stock unit activity under the phantom stock plan as of October 2, 2021 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2021 198 Granted 10 $ 20.89 Dividend equivalents issued 3 Outstanding at October 2, 2021 211 |
Segment Information
Segment Information | 9 Months Ended |
Oct. 02, 2021 | |
Segment Information [Abstract] | |
Segment Information | Note 10 – Segment Information The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Corporate / Other* Total Fiscal quarter ended October 2, 2021 : Net revenues $ 175,499 $ 185,306 $ 70,750 $ 181,189 $ 84,816 $ 116,103 $ - $ 813,663 Gross profit $ 53,868 $ 46,756 $ 23,810 $ 49,729 $ 26,857 $ 24,716 $ - $ 225,736 Segment operating income $ 43,717 $ 41,363 $ 19,708 $ 43,547 $ 24,368 $ 19,913 $ - $ 192,616 Fiscal quarter ended October 3, 2020 : Net revenues $ 133,976 $ 123,744 $ 64,955 $ 145,362 $ 79,399 $ 92,724 $ - $ 640,160 Gross profit $ 29,649 $ 20,843 $ 21,289 $ 35,186 $ 26,597 $ 18,387 $ (242 ) $ 151,709 Segment operating income $ 20,148 $ 15,828 $ 17,184 $ 30,127 $ 24,106 $ 13,703 $ (242 ) $ 120,854 Nine fiscal months ended October 2, 2021 : Net revenues $ 496,659 $ 517,299 $ 224,316 $ 562,513 $ 253,813 $ 342,815 $ - $ 2,397,415 Gross Profit $ 138,410 $ 122,929 $ 73,958 $ 161,631 $ 83,288 $ 77,741 $ - $ 657,957 Segment Operating Income $ 108,434 $ 106,304 $ 61,070 $ 142,288 $ 75,902 $ 62,462 $ - $ 556,460 Nine fiscal months ended October 3, 2020 : Net revenues $ 369,813 $ 363,274 $ 168,264 $ 444,982 $ 218,369 $ 270,016 $ - $ 1,834,718 Gross Profit $ 84,779 $ 65,265 $ 47,602 $ 112,472 $ 69,836 $ 53,960 $ (4,295 ) $ 429,619 Segment Operating Income $ 56,408 $ 50,064 $ 35,818 $ 96,891 $ 62,129 $ 39,297 $ (4,295 ) $ 336,312 * Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Reconciliation: Segment Operating Income $ 192,616 $ 120,854 $ 556,460 $ 336,312 Restructuring and Severance Costs - - - (743 ) Impact of the COVID-19 Pandemic on Selling, General, and Administrative Expenses - 441 - 871 Unallocated Selling, General, and Administrative Expenses (69,095 ) (59,805 ) (210,303 ) (186,742 ) Consolidated Operating Income $ 123,521 $ 61,490 $ 346,157 $ 149,698 Unallocated Other Income (Expense) (7,106 ) (15,766 ) (25,405 ) (38,100 ) Consolidated Income Before Taxes $ 116,415 $ 45,724 $ 320,752 $ 111,598 The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Distributors $ 483,766 $ 325,695 $ 1,400,700 $ 980,703 OEMs 278,358 273,664 850,413 725,592 EMS companies 51,539 40,801 146,302 128,423 Total Revenue $ 813,663 $ 640,160 $ 2,397,415 $ 1,834,718 Net revenues were attributable to customers in the following regions: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Asia $ 365,133 $ 270,451 $ 1,034,936 $ 748,160 Europe 263,650 213,296 800,801 626,276 Americas 184,880 156,413 561,678 460,282 Total Revenue $ 813,663 $ 640,160 $ 2,397,415 $ 1,834,718 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Industrial $ 335,047 $ 209,473 $ 927,981 $ 651,461 Automotive 240,764 216,641 743,766 552,418 Telecommunications 24,580 27,845 72,438 91,033 Computing 58,703 51,032 183,234 151,974 Consumer Products 43,839 33,353 128,243 76,477 Power Supplies 42,082 29,112 119,373 86,482 Military and Aerospace 40,198 40,582 124,909 125,968 Medical 28,450 32,122 97,471 98,905 Total revenue $ 813,663 $ 640,160 $ 2,397,415 $ 1,834,718 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Numerator: Net earnings attributable to Vishay stockholders $ 96,820 $ 33,484 $ 261,447 $ 85,356 Denominator: Denominator for basic earnings per share: Weighted average shares 144,808 144,658 144,792 144,636 Outstanding phantom stock units 209 196 208 195 Adjusted weighted average shares 145,017 144,854 145,000 144,831 Effect of dilutive securities: Convertible debt instruments - 5 3 35 Restricted stock units 441 338 452 355 Dilutive potential common shares 441 343 455 390 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,458 145,197 145,455 145,221 Basic earnings per share attributable to Vishay stockholders $ 0.67 $ 0.23 $ 1.80 $ 0.59 Diluted earnings per share attributable to Vishay stockholders $ 0.67 $ 0.23 $ 1.80 $ 0.59 Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Convertible debt instruments: Convertible Senior Notes, due 2025 - 16,009 - 17,806 Convertible Senior Debentures, due 2041 - 156 - 133 Weighted average other 317 325 317 346 If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, he average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 02, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 12 – 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. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 October 2, 2021 Assets: Assets held in rabbi trusts $ 58,169 $ 32,436 $ 25,733 $ - Available for sale securities $ 4,669 4,669 - - $ 62,838 $ 37,105 $ 25,733 $ - December 31, 2020 Assets: Assets held in rabbi trusts $ 57,892 $ 34,145 23,747 $ - Available for sale securities $ 4,917 4,917 - - $ 62,809 $ 39,062 $ 23,747 $ - The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company holds investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the period. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $100,000 as of October 2, 2021 and December 31, 2020. The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed 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. The value of the forward contracts was immaterial as of October 2, 2021 and December 31, 2020. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at October 2, 2021 and December 31, 2020 is approximately $486,800 and $491,400, respectively, compared to its carrying value, excluding the deferred financing costs, of $465,344 and $406,398, 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 October 2, 2021 and December 31, 2020, 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 October 2, 2021 and December 31, 2020, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets. The Company’s financial instruments also include accounts receivable and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Basis of Presentation [Abstract] | |
Fiscal Period, Policy | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2021 end on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively. The four fiscal quarters in 2020 ended on April 4, 2020, July 4, 2020, October 3, 2020, and December 31, 2020, respectively. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-06, Debt – Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Income Taxes (Policies)
Income Taxes (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Income Taxes [Abstract] | |
Effective Income Tax Rate Description | The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended October 2, 2021 and October 3, 2020 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. |
Stock-Based Compensation (Polic
Stock-Based Compensation (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Stock-Based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy | 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 Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units 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. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
Discussion on convertible debt included in computation of earnings per share diluted | If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, he average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
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. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Leases [Abstract] | |
Right of Use Assets and Lease Liabilities | The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows: October 2, 2021 December 31, 2020 Right of use assets Operating Leases Buildings and improvements $ 105,072 $ 97,429 Machinery and equipment 5,011 5,011 Total $ 110,083 $ 102,440 Current lease liabilities Operating Leases Buildings and improvements $ 18,944 $ 19,370 Machinery and equipment 2,639 2,704 Total $ 21,583 $ 22,074 Long-term lease liabilities Operating Leases Buildings and improvements $ 91,744 $ 83,926 Machinery and equipment 2,320 2,294 Total $ 94,064 $ 86,220 Total lease liabilities $ 115,647 $ 108,294 |
Lease Expense | Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Lease expense Operating lease expense $ 6,170 $ 5,898 $ 18,570 $ 17,310 Short-term lease expense 691 260 1,444 679 Variable lease expense 97 11 290 40 Total lease expense $ 6,958 $ 6,169 $ 20,304 $ 18,029 |
Undiscounted Future Lease Payments for Operating Lease Liabilities | The undiscounted future lease payments for the Company's operating lease liabilities are as follows: October 2, 2021 2021 (excluding the nine fiscal months ended October 2, 2021) $ 5,692 2022 21,305 2023 19,061 2024 16,745 2025 15,255 Thereafter 71,276 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Expenses | The following table summarizes the activity to date related to this program: Expense recorded in 2019 $ 24,139 Cash paid (1,330 ) Foreign currency translation 35 Balance at December 31, 2019 $ 22,844 Expense recorded in 2020 743 Cash paid (10,813 ) Foreign currency translation 683 Balance at December 31, 2020 $ 13,457 Cash paid (10,624 ) Foreign currency translation (86 ) Balance at October 2, 2021 $ 2,747 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Long-Term Debt [Abstract] | |
Long-term Debt Instruments | Long-term debt consists of the following: October 2, 2021 December 31, 2020 Credit facility $ - $ - Convertible senior notes, due 2025 465,344 406,268 Convertible senior debentures, due 2040 - 130 Deferred financing costs (10,496 ) (11,512 ) 454,848 394,886 Less current portion - - $ 454,848 $ 394,886 |
Key Facts and Terms of the Convertible Debt Instruments | The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of October 2, 2021: Convertible Senior Notes Due 2025 Issuance date June 12, 2018 Maturity date June 15, 2025 Principal amount as of October 2, 2021 $ 465,344 Cash coupon rate (per annum) 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 5.50 % Conversion rate effective September 9, 2021 (per $1 principal amount) 31.9258 Effective conversion price effective September 9, 2021 (per share) $ 31.32 130% of the conversion price (per share) $ 40.72 Call date n/a |
Liability and Equity of Component of Convertible Debt Instruments | The carrying value of the convertible senior notes due 2025 was $465,344 as of October 2, 2021. The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated condensed balance sheet as follows: Principal amount of the debt instruments Unamortized discount Carrying value of liability component Equity component (including temporary equity) -net carrying value December 31, 2020 Convertible senior notes due 2025 $ 465,344 (59,076 ) $ 406,268 $ 66,127 Convertible senior debentures due 2040 $ 300 (170 ) $ 130 $ 121 Total $ 465,644 $ (59,246 ) $ 406,398 $ 66,248 |
Convertible Debt Instruments, Interest Expense | Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments October 2, 2021 Convertible senior notes due 2025 $ 2,618 - 433 $ 3,051 October 3, 2020 Convertible senior notes due 2025 $ 2,839 3,099 382 $ 6,320 Convertible senior debentures $ 16 8 - $ 24 Total $ 2,855 $ 3,107 $ 382 $ 6,344 Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the nine fiscal months ended: Contractual coupon interest Non-cash amortization of debt discount Other non-cash interest expense Total interest expense related to the debt instruments October 2, 2021 Convertible senior notes due 2025 $ 7,854 - 1,299 $ 9,153 October 3, 2020 Convertible senior notes due 2025 $ 9,480 10,195 1,271 $ 20,946 Convertible senior debentures $ 76 37 - $ 113 Total $ 9,556 $ 10,232 $ 1,271 $ 21,059 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Revenue Recognition [Abstract] | |
Sales returns and allowances accrual activity | Sales returns and allowances accrual activity is shown below: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Beginning balance $ 41,262 $ 39,432 $ 39,629 $ 40,508 Sales allowances 22,850 22,190 68,689 64,046 Credits issued (28,948 ) (27,610 ) (72,744 ) (70,583 ) Foreign currency (314 ) 534 (724 ) 575 Ending balance $ 34,850 $ 34,546 $ 34,850 $ 34,546 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) and Income Tax Effects Allocated | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post- retirement actuarial items Currency translation adjustment Total Balance at January 1, 2021 $ (77,075 ) $ 90,634 $ 13,559 Other comprehensive income before reclassifications - (34,906 ) $ (34,906 ) Tax effect - - $ - Other comprehensive income before reclassifications, net of tax - (34,906 ) $ (34,906 ) Amounts reclassified out of AOCI 7,951 - $ 7,951 Tax effect (2,217 ) - $ (2,217 ) Amounts reclassified out of AOCI, net of tax 5,734 - $ 5,734 Net other comprehensive income $ 5,734 $ (34,906 ) $ (29,172 ) Balance at October 2, 2021 $ (71,341 ) $ 55,728 $ (15,613 ) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans | The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2021 and 2020 for the Company’s defined benefit pension plans: Fiscal quarter ended October 2, 2021 Fiscal quarter ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 1,167 $ - $ 1,115 Interest cost 254 738 342 961 Expected return on plan assets - (414 ) - (504 ) Amortization of prior service cost 36 49 36 31 Amortization of losses 447 1,851 298 1,671 Curtailment and settlement losses - 203 - 317 Net periodic benefit cost $ 737 $ 3,594 $ 676 $ 3,591 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 2, 2021 and October 3, 2020 for the Company’s defined benefit pension plans: Nine fiscal months ended October 2, 2021 Nine fiscal months ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 3,548 $ - $ 3,260 Interest cost 762 2,246 1,025 2,804 Expected return on plan assets - (1,250 ) - (1,490 ) Amortization of prior service cost 108 150 108 91 Amortization of losses 1,340 5,622 893 4,851 Curtailment and settlement losses - 604 - 777 Net periodic benefit cost $ 2,210 $ 10,920 $ 2,026 $ 10,293 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans | The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2021 and 2020 for the Company’s other postretirement benefit plans: Fiscal quarter ended October 2, 2021 Fiscal quarter ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 25 $ 70 $ 28 $ 73 Interest cost 41 10 59 16 Amortization of losses (gains) 13 29 7 33 Net periodic benefit cost $ 79 $ 109 $ 94 $ 122 The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 2, 2021 and October 3, 2020 for the Company’s other postretirement benefit plans: Nine fiscal months ended October 2, 2021 Nine fiscal months ended October 3, 2020 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 76 $ 211 $ 84 $ 210 Interest cost 123 32 177 47 Amortization of losses (gains) 39 88 20 95 Net periodic benefit cost $ 238 $ 331 $ 281 $ 352 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Stock-Based Compensation [Abstract] | |
Summary of Recognized Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Restricted stock units $ 828 $ 732 $ 5,567 4,390 Phantom stock units - - 209 215 Total $ 828 $ 732 $ 5,776 4,605 |
Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 2, 2021 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 4,229 0.9 Phantom stock units - n/a Total $ 4,229 |
RSU Activity | RSU activity under the 2007 Program as of October 2, 2021 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2021 793 $ 18.90 Granted 319 22.07 Vested* (235 ) 18.79 Cancelled or forfeited - - Outstanding at October 2, 2021 877 $ 20.08 Expected to vest at October 2, 2021 877 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
RSUs with Performance-Based Vesting Criteria | The number of performance-based RSUs that are 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, 2022 174 - 174 January 1, 2023 152 - 152 January 1, 2024 165 - 165 |
Phantom Stock Unit Activity Under the Phantom Stock Plan | Phantom stock unit activity under the phantom stock plan as of October 2, 2021 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2021 198 Granted 10 $ 20.89 Dividend equivalents issued 3 Outstanding at October 2, 2021 211 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Segment Information [Abstract] | |
Segment Reporting Information by Segment | The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors Inductors Capacitors Corporate / Other* Total Fiscal quarter ended October 2, 2021 : Net revenues $ 175,499 $ 185,306 $ 70,750 $ 181,189 $ 84,816 $ 116,103 $ - $ 813,663 Gross profit $ 53,868 $ 46,756 $ 23,810 $ 49,729 $ 26,857 $ 24,716 $ - $ 225,736 Segment operating income $ 43,717 $ 41,363 $ 19,708 $ 43,547 $ 24,368 $ 19,913 $ - $ 192,616 Fiscal quarter ended October 3, 2020 : Net revenues $ 133,976 $ 123,744 $ 64,955 $ 145,362 $ 79,399 $ 92,724 $ - $ 640,160 Gross profit $ 29,649 $ 20,843 $ 21,289 $ 35,186 $ 26,597 $ 18,387 $ (242 ) $ 151,709 Segment operating income $ 20,148 $ 15,828 $ 17,184 $ 30,127 $ 24,106 $ 13,703 $ (242 ) $ 120,854 Nine fiscal months ended October 2, 2021 : Net revenues $ 496,659 $ 517,299 $ 224,316 $ 562,513 $ 253,813 $ 342,815 $ - $ 2,397,415 Gross Profit $ 138,410 $ 122,929 $ 73,958 $ 161,631 $ 83,288 $ 77,741 $ - $ 657,957 Segment Operating Income $ 108,434 $ 106,304 $ 61,070 $ 142,288 $ 75,902 $ 62,462 $ - $ 556,460 Nine fiscal months ended October 3, 2020 : Net revenues $ 369,813 $ 363,274 $ 168,264 $ 444,982 $ 218,369 $ 270,016 $ - $ 1,834,718 Gross Profit $ 84,779 $ 65,265 $ 47,602 $ 112,472 $ 69,836 $ 53,960 $ (4,295 ) $ 429,619 Segment Operating Income $ 56,408 $ 50,064 $ 35,818 $ 96,891 $ 62,129 $ 39,297 $ (4,295 ) $ 336,312 * |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Reconciliation: Segment Operating Income $ 192,616 $ 120,854 $ 556,460 $ 336,312 Restructuring and Severance Costs - - - (743 ) Impact of the COVID-19 Pandemic on Selling, General, and Administrative Expenses - 441 - 871 Unallocated Selling, General, and Administrative Expenses (69,095 ) (59,805 ) (210,303 ) (186,742 ) Consolidated Operating Income $ 123,521 $ 61,490 $ 346,157 $ 149,698 Unallocated Other Income (Expense) (7,106 ) (15,766 ) (25,405 ) (38,100 ) Consolidated Income Before Taxes $ 116,415 $ 45,724 $ 320,752 $ 111,598 |
Disaggregation of Revenue | The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Distributors $ 483,766 $ 325,695 $ 1,400,700 $ 980,703 OEMs 278,358 273,664 850,413 725,592 EMS companies 51,539 40,801 146,302 128,423 Total Revenue $ 813,663 $ 640,160 $ 2,397,415 $ 1,834,718 Net revenues were attributable to customers in the following regions: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Asia $ 365,133 $ 270,451 $ 1,034,936 $ 748,160 Europe 263,650 213,296 800,801 626,276 Americas 184,880 156,413 561,678 460,282 Total Revenue $ 813,663 $ 640,160 $ 2,397,415 $ 1,834,718 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below: Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Industrial $ 335,047 $ 209,473 $ 927,981 $ 651,461 Automotive 240,764 216,641 743,766 552,418 Telecommunications 24,580 27,845 72,438 91,033 Computing 58,703 51,032 183,234 151,974 Consumer Products 43,839 33,353 128,243 76,477 Power Supplies 42,082 29,112 119,373 86,482 Military and Aerospace 40,198 40,582 124,909 125,968 Medical 28,450 32,122 97,471 98,905 Total revenue $ 813,663 $ 640,160 $ 2,397,415 $ 1,834,718 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Numerator: Net earnings attributable to Vishay stockholders $ 96,820 $ 33,484 $ 261,447 $ 85,356 Denominator: Denominator for basic earnings per share: Weighted average shares 144,808 144,658 144,792 144,636 Outstanding phantom stock units 209 196 208 195 Adjusted weighted average shares 145,017 144,854 145,000 144,831 Effect of dilutive securities: Convertible debt instruments - 5 3 35 Restricted stock units 441 338 452 355 Dilutive potential common shares 441 343 455 390 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 145,458 145,197 145,455 145,221 Basic earnings per share attributable to Vishay stockholders $ 0.67 $ 0.23 $ 1.80 $ 0.59 Diluted earnings per share attributable to Vishay stockholders $ 0.67 $ 0.23 $ 1.80 $ 0.59 |
Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions | Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended Nine fiscal months ended October 2, 2021 October 3, 2020 October 2, 2021 October 3, 2020 Convertible debt instruments: Convertible Senior Notes, due 2025 - 16,009 - 17,806 Convertible Senior Debentures, due 2041 - 156 - 133 Weighted average other 317 325 317 346 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 October 2, 2021 Assets: Assets held in rabbi trusts $ 58,169 $ 32,436 $ 25,733 $ - Available for sale securities $ 4,669 4,669 - - $ 62,838 $ 37,105 $ 25,733 $ - December 31, 2020 Assets: Assets held in rabbi trusts $ 57,892 $ 34,145 23,747 $ - Available for sale securities $ 4,917 4,917 - - $ 62,809 $ 39,062 $ 23,747 $ - |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 | Dec. 31, 2020 | Apr. 04, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | $ 379,672 | $ 138,990 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | $ (45,512) | 20,566 | $ (1,070) | |
Long-term Debt [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | 59,246 | |||
Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of accounting change for adoption of ASU | $ (66,078) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | Dec. 31, 2020 | |
Assets and Liabilities [Abstract] | |||||
Right of use assets | $ 110,083 | $ 110,083 | $ 102,440 | ||
Current lease liabilities | 21,583 | 21,583 | 22,074 | ||
Long-term lease liabilities | 94,064 | 94,064 | 86,220 | ||
Total lease liabilities | 115,647 | 115,647 | 108,294 | ||
Lease expense [Abstract] | |||||
Operating lease expense | 6,170 | $ 5,898 | 18,570 | $ 17,310 | |
Short-term lease expense | 691 | 260 | 1,444 | 679 | |
Variable lease expense | 97 | 11 | 290 | 40 | |
Total lease expense | $ 6,958 | $ 6,169 | 20,304 | 18,029 | |
Cash paid for operating leases | $ 18,000 | $ 18,703 | |||
Weighted-average remaining lease term - operating leases | 9 years 3 months 18 days | 9 years 3 months 18 days | |||
Weighted-average discount rate - operating leases | 5.60% | 5.60% | |||
Undiscounted future lease payments for operating lease liabilities [Abstract] | |||||
2021 | $ 5,692 | $ 5,692 | |||
2022 | 21,305 | 21,305 | |||
2023 | 19,061 | 19,061 | |||
2024 | 16,745 | 16,745 | |||
2025 | 15,255 | 15,255 | |||
Thereafter | 71,276 | 71,276 | |||
Building and Improvements [Member] | |||||
Assets and Liabilities [Abstract] | |||||
Right of use assets | 105,072 | 105,072 | 97,429 | ||
Current lease liabilities | 18,944 | 18,944 | 19,370 | ||
Long-term lease liabilities | 91,744 | 91,744 | 83,926 | ||
Machinery and Equipment [Member] | |||||
Assets and Liabilities [Abstract] | |||||
Right of use assets | 5,011 | 5,011 | 5,011 | ||
Current lease liabilities | 2,639 | 2,639 | 2,704 | ||
Long-term lease liabilities | $ 2,320 | $ 2,320 | $ 2,294 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Oct. 02, 2021 | Oct. 03, 2020 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and severance costs | $ 0 | $ 743 | ||
2019 Global Cost Reduction and Management Rejuvenation Programs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve, current | 1,738 | |||
Restructuring reserve, noncurrent | 1,009 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and severance costs | $ 24,139 | $ 743 | ||
Cash paid | (1,330) | (10,624) | (10,813) | |
Foreign currency translation | 35 | (86) | 683 | |
Balance at end of period | $ 22,844 | 2,747 | $ 13,457 | |
Expected restructuring costs | $ 24,882 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 02, 2021 | Oct. 02, 2021 | |
Income Taxes [Abstract] | ||
Decrease in liabilities for unrecognized tax benefits | $ 1,328 | |
Effect on Income Tax Expense (Benefit) [Line Items] | ||
Deferred other tax expense (benefit) | $ (5,714) | |
Adoption of New Accounting Standard [Member] | ||
Effect on Income Tax Expense (Benefit) [Line Items] | ||
Deferred other tax expense (benefit) | 12,127 | |
Change in Tax Regulation [Member] | ||
Effect on Income Tax Expense (Benefit) [Line Items] | ||
Deferred other tax expense (benefit) | $ (8,276) |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021USD ($)$ / shares | Oct. 03, 2020USD ($) | Oct. 02, 2021USD ($)$ / shares | Oct. 03, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Instruments [Abstract] | |||||
Credit facility | $ 0 | $ 0 | $ 0 | ||
Deferred financing costs | (10,496) | (10,496) | (11,512) | ||
Long-term debt | 454,848 | 454,848 | 394,886 | ||
Less current portion | 0 | 0 | 0 | ||
Long-term debt, less current portion | 454,848 | 454,848 | 394,886 | ||
Interest expense [Abstract] | |||||
Contractual coupon interest | $ 2,855 | $ 9,556 | |||
Non-cash amortization of debt discount | 3,107 | 0 | 10,232 | ||
Other non-cash interest expense (income) | 382 | 1,271 | |||
Total interest expense related to the debentures | 6,344 | 21,059 | |||
Purchase price of extinguished debt | 300 | 148,177 | |||
Loss on extinguishment of debt, including the write-off of portion of unamortized debt issuance costs | 0 | (3,454) | 0 | (7,520) | |
Convertible Senior Notes, Due 2025 [Member] | |||||
Debt Instruments [Abstract] | |||||
Convertible debt | $ 465,344 | $ 465,344 | 406,268 | ||
Issuance date | Jun. 12, 2018 | ||||
Debt maturity date | Jun. 15, 2025 | ||||
Cash coupon rate | 2.25% | 2.25% | |||
Nonconvertible debt borrowing rate at issuance | 5.50% | 5.50% | |||
Effective conversion rate | 31.9258 | ||||
Effective conversion price (in dollars per share) | $ / shares | $ 31.32 | $ 31.32 | |||
130% of the conversion price (in dollars per share) | $ / shares | $ 40.72 | ||||
Debt instrument percentage of conversion price | 130.00% | ||||
Debt instrument percentage of sales price of common stock | 98.00% | 98.00% | |||
Maximum threshold of quarterly cash dividends per share of common stock for not adjusting conversion rate of convertible notes | $ / shares | $ 0.085 | ||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of debt | $ 465,344 | $ 465,344 | |||
Interest expense [Abstract] | |||||
Contractual coupon interest | 2,618 | 2,839 | 7,854 | 9,480 | |
Non-cash amortization of debt discount | 0 | 3,099 | 0 | 10,195 | |
Other non-cash interest expense (income) | 433 | 382 | 1,299 | 1,271 | |
Total interest expense related to the debentures | 3,051 | 6,320 | 9,153 | 20,946 | |
Convertible Senior Debentures, Due 2040 [Member] | |||||
Debt Instruments [Abstract] | |||||
Convertible debt | $ 0 | $ 0 | 130 | ||
Convertible Senior Debentures [Member] | |||||
Interest expense [Abstract] | |||||
Contractual coupon interest | 16 | 76 | |||
Non-cash amortization of debt discount | 8 | 37 | |||
Other non-cash interest expense (income) | 0 | 0 | |||
Total interest expense related to the debentures | $ 24 | $ 113 | |||
Convertible Debt [Member] | |||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of debt | 465,644 | ||||
Unamortized discount | (59,246) | ||||
Carrying value of liability component | 406,398 | ||||
Equity component - net carrying value | 66,248 | ||||
Convertible Debt [Member] | Convertible Senior Notes, Due 2025 [Member] | |||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of debt | 465,344 | ||||
Unamortized discount | (59,076) | ||||
Carrying value of liability component | 406,268 | ||||
Equity component - net carrying value | 66,127 | ||||
Convertible Debt [Member] | Convertible Senior Debentures, Due 2040 [Member] | |||||
Liability and equity components of convertible debentures [Abstract] | |||||
Principal amount of debt | 300 | ||||
Unamortized discount | (170) | ||||
Carrying value of liability component | 130 | ||||
Equity component - net carrying value | $ 121 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Sales returns and allowances accrual activity [Roll Forward] | ||||
Beginning balance | $ 41,262 | $ 39,432 | $ 39,629 | $ 40,508 |
Sales allowances | 22,850 | 22,190 | 68,689 | 64,046 |
Credits issued | (28,948) | (27,610) | (72,744) | (70,583) |
Foreign currency | (314) | 534 | (724) | 575 |
Ending balance | $ 34,850 | $ 34,546 | $ 34,850 | $ 34,546 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Oct. 03, 2020 | Jul. 04, 2020 | Apr. 04, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||||||||
Beginning Balance | $ 13,559 | $ 13,559 | ||||||
Other comprehensive income before reclassifications | (34,906) | |||||||
Tax effect | 0 | |||||||
Other comprehensive income before reclassifications, net of tax | (34,906) | |||||||
Amounts reclassified out of AOCI | 7,951 | |||||||
Tax effect | (2,217) | |||||||
Amounts reclassified out of AOCI, net of tax | 5,734 | |||||||
Net other comprehensive income | $ (15,392) | $ 11,305 | (25,085) | $ 22,986 | $ 21,848 | $ (21,528) | (29,172) | $ 23,306 |
Ending Balance | (15,613) | (15,613) | ||||||
Pension and Other Post-Retirement Actuarial Items [Member] | ||||||||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||||||||
Beginning Balance | (77,075) | (77,075) | ||||||
Other comprehensive income before reclassifications | 0 | |||||||
Tax effect | 0 | |||||||
Other comprehensive income before reclassifications, net of tax | 0 | |||||||
Amounts reclassified out of AOCI | 7,951 | |||||||
Tax effect | (2,217) | |||||||
Amounts reclassified out of AOCI, net of tax | 5,734 | |||||||
Net other comprehensive income | 5,734 | |||||||
Ending Balance | (71,341) | (71,341) | ||||||
Currency Translation Adjustment [Member] | ||||||||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||||||||
Beginning Balance | 90,634 | 90,634 | ||||||
Other comprehensive income before reclassifications | (34,906) | |||||||
Tax effect | 0 | |||||||
Other comprehensive income before reclassifications, net of tax | (34,906) | |||||||
Amounts reclassified out of AOCI | 0 | |||||||
Tax effect | 0 | |||||||
Amounts reclassified out of AOCI, net of tax | 0 | |||||||
Net other comprehensive income | (34,906) | |||||||
Ending Balance | 55,728 | 55,728 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward] | ||||||||
Beginning Balance | 13,559 | 13,559 | ||||||
Net other comprehensive income | (15,392) | $ 11,305 | $ (25,085) | $ 22,986 | $ 21,848 | $ (21,528) | ||
Ending Balance | $ (15,613) | $ (15,613) |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Defined Benefit Pension Plans [Member] | U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 254 | 342 | 762 | 1,025 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 36 | 36 | 108 | 108 |
Amortization of losses (gains) | 447 | 298 | 1,340 | 893 |
Curtailment and settlement losses | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 737 | 676 | 2,210 | 2,026 |
Defined Benefit Pension Plans [Member] | Non-U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 1,167 | 1,115 | 3,548 | 3,260 |
Interest cost | 738 | 961 | 2,246 | 2,804 |
Expected return on plan assets | (414) | (504) | (1,250) | (1,490) |
Amortization of prior service cost (credit) | 49 | 31 | 150 | 91 |
Amortization of losses (gains) | 1,851 | 1,671 | 5,622 | 4,851 |
Curtailment and settlement losses | 203 | 317 | 604 | 777 |
Net periodic benefit cost | 3,594 | 3,591 | 10,920 | 10,293 |
Other Postretirement Benefits [Member] | U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 25 | 28 | 76 | 84 |
Interest cost | 41 | 59 | 123 | 177 |
Amortization of losses (gains) | 13 | 7 | 39 | 20 |
Net periodic benefit cost | 79 | 94 | 238 | 281 |
Other Postretirement Benefits [Member] | Non-U.S. Plans [Member] | ||||
Components of net periodic pension cost [Abstract] | ||||
Net service cost | 70 | 73 | 211 | 210 |
Interest cost | 10 | 16 | 32 | 47 |
Amortization of losses (gains) | 29 | 33 | 88 | 95 |
Net periodic benefit cost | $ 109 | $ 122 | $ 331 | $ 352 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense recognized | $ 828 | $ 732 | $ 5,776 | $ 4,605 | |
Unrecognized Compensation Cost | 4,229 | 4,229 | |||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense recognized | 828 | 732 | 5,567 | 4,390 | |
Unrecognized Compensation Cost | $ 4,229 | $ 4,229 | |||
Weighted Average Remaining Amortization Periods | 10 months 24 days | ||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 793 | ||||
Granted (in shares) | 319 | ||||
Vested (in shares) | [1] | (235) | |||
Cancelled or forfeited (in shares) | 0 | ||||
Outstanding (in shares) | 877 | 877 | |||
Expected to vest (in shares) | 877 | 877 | |||
Weighted Average Grant-date Fair Value per Unit [Abstract] | |||||
Outstanding (in dollars per share) | $ 18.90 | ||||
Granted (in dollars per share) | 22.07 | ||||
Vested (in dollars per share) | [1] | 18.79 | |||
Cancelled or forfeited (in dollars per share) | 0 | ||||
Outstanding (in dollars per share) | $ 20.08 | $ 20.08 | |||
Phantom Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense recognized | $ 0 | $ 0 | $ 209 | $ 215 | |
Unrecognized Compensation Cost | $ 0 | $ 0 | |||
Number of units [Abstract] | |||||
Outstanding (in shares) | 198 | ||||
Granted (in shares) | 10 | ||||
Dividend equivalents issued (in shares) | 3 | ||||
Outstanding (in shares) | 211 | 211 | |||
Weighted Average Grant-date Fair Value per Unit [Abstract] | |||||
Granted (in dollars per share) | $ 20.89 | ||||
Scheduled to Vest January 1, 2022 [Member] | Performance Vested Restricted Stock Units [Member] | |||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 174 | 174 | |||
Expected to vest (in shares) | 174 | 174 | |||
Not expected to vest (in shares) | 0 | 0 | |||
Scheduled to Vest January 1, 2023 [Member] | Performance Vested Restricted Stock Units [Member] | |||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 152 | 152 | |||
Expected to vest (in shares) | 152 | 152 | |||
Not expected to vest (in shares) | 0 | 0 | |||
Scheduled to Vest January 1, 2024 [Member] | Performance Vested Restricted Stock Units [Member] | |||||
Number of units [Abstract] | |||||
Outstanding (in shares) | 165 | 165 | |||
Expected to vest (in shares) | 165 | 165 | |||
Not expected to vest (in shares) | 0 | 0 | |||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 813,663 | $ 640,160 | $ 2,397,415 | $ 1,834,718 |
Gross profit | 225,736 | 151,709 | 657,957 | 429,619 |
Restructuring and severance Costs | 0 | (743) | ||
Unallocated Selling, General, and Administrative Expenses | (102,215) | (90,219) | (311,800) | (279,178) |
Operating income | 123,521 | 61,490 | 346,157 | 149,698 |
Unallocated Other Income (Expense) | (7,106) | (15,766) | (25,405) | (38,100) |
Consolidated Income Before Taxes | 116,415 | 45,724 | 320,752 | 111,598 |
Distributors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 483,766 | 325,695 | 1,400,700 | 980,703 |
OEMs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 278,358 | 273,664 | 850,413 | 725,592 |
EMS Companies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 51,539 | 40,801 | 146,302 | 128,423 |
Industrial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 335,047 | 209,473 | 927,981 | 651,461 |
Automotive [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 240,764 | 216,641 | 743,766 | 552,418 |
Telecommunications [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 24,580 | 27,845 | 72,438 | 91,033 |
Computing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 58,703 | 51,032 | 183,234 | 151,974 |
Consumer Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 43,839 | 33,353 | 128,243 | 76,477 |
Power Supplies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 42,082 | 29,112 | 119,373 | 86,482 |
Military and Aerospace [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 40,198 | 40,582 | 124,909 | 125,968 |
Medical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 28,450 | 32,122 | 97,471 | 98,905 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 365,133 | 270,451 | 1,034,936 | 748,160 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 263,650 | 213,296 | 800,801 | 626,276 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 184,880 | 156,413 | 561,678 | 460,282 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 192,616 | 120,854 | 556,460 | 336,312 |
Operating Segments [Member] | MOSFETS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 175,499 | 133,976 | 496,659 | 369,813 |
Gross profit | 53,868 | 29,649 | 138,410 | 84,779 |
Operating income | 43,717 | 20,148 | 108,434 | 56,408 |
Operating Segments [Member] | Diodes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 185,306 | 123,744 | 517,299 | 363,274 |
Gross profit | 46,756 | 20,843 | 122,929 | 65,265 |
Operating income | 41,363 | 15,828 | 106,304 | 50,064 |
Operating Segments [Member] | Optoelectronic Components [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 70,750 | 64,955 | 224,316 | 168,264 |
Gross profit | 23,810 | 21,289 | 73,958 | 47,602 |
Operating income | 19,708 | 17,184 | 61,070 | 35,818 |
Operating Segments [Member] | Resistors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 181,189 | 145,362 | 562,513 | 444,982 |
Gross profit | 49,729 | 35,186 | 161,631 | 112,472 |
Operating income | 43,547 | 30,127 | 142,288 | 96,891 |
Operating Segments [Member] | Inductors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 84,816 | 79,399 | 253,813 | 218,369 |
Gross profit | 26,857 | 26,597 | 83,288 | 69,836 |
Operating income | 24,368 | 24,106 | 75,902 | 62,129 |
Operating Segments [Member] | Capacitors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 116,103 | 92,724 | 342,815 | 270,016 |
Gross profit | 24,716 | 18,387 | 77,741 | 53,960 |
Operating income | 19,913 | 13,703 | 62,462 | 39,297 |
Operating Segments [Member] | Corporate Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Gross profit | 0 | (242) | 0 | (4,295) |
Operating income | 0 | (242) | 0 | (4,295) |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and severance Costs | 0 | 0 | 0 | (743) |
Impact of COVID-19 Pandemic on Selling, General, and Administrative Expenses | 0 | 441 | 0 | 871 |
Unallocated Selling, General, and Administrative Expenses | (69,095) | (59,805) | (210,303) | (186,742) |
Unallocated Other Income (Expense) | $ (7,106) | $ (15,766) | $ (25,405) | $ (38,100) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Oct. 03, 2020 | Oct. 02, 2021 | Oct. 03, 2020 | |
Numerator [Abstract] | ||||
Net earnings attributable to Vishay stockholders | $ 96,820 | $ 33,484 | $ 261,447 | $ 85,356 |
Denominator [Abstract] | ||||
Weighted average shares (in shares) | 144,808 | 144,658 | 144,792 | 144,636 |
Outstanding phantom stock units (in shares) | 209 | 196 | 208 | 195 |
Adjusted weighted average shares - basic (in shares) | 145,017 | 144,854 | 145,000 | 144,831 |
Effect of dilutive securities [Abstract] | ||||
Convertible and exchangeable debt instruments (in shares) | 0 | 5 | 3 | 35 |
Restricted stock units (in shares) | 441 | 338 | 452 | 355 |
Dilutive potential common shares (in shares) | 441 | 343 | 455 | 390 |
Denominator for diluted earnings per share [Abstract] | ||||
Adjusted weighted average shares - diluted (in shares) | 145,458 | 145,197 | 145,455 | 145,221 |
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.67 | $ 0.23 | $ 1.80 | $ 0.59 |
Convertible Senior Notes, Due 2025 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 16,009 | 0 | 17,806 |
Convertible Senior Debentures, Due 2041 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 156 | 0 | 133 |
Weighted Average Other [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 317 | 325 | 317 | 346 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Oct. 02, 2021 | Oct. 02, 2021 | Dec. 31, 2020 | |
Assets [Abstract] | |||
Held-to-maturity Securities Transferred | $ 0 | $ 0 | |
Held-to-maturity Securities, Unrecognized Holding Gain | $ 0 | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | 0 |
Liabilities [Abstract] | |||
Long-term debt, fair value | 486,800 | 486,800 | 491,400 |
Carrying value of long-term debt, excluding derivative liabilities | 465,344 | 465,344 | 406,398 |
Derivative, Notional Amount | 100,000 | 100,000 | 100,000 |
Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 58,169 | 58,169 | 57,892 |
Available for sale securities | 4,669 | 4,669 | 4,917 |
Fair value assets | 62,838 | 62,838 | 62,809 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 32,436 | 32,436 | 34,145 |
Available for sale securities | 4,669 | 4,669 | 4,917 |
Fair value assets | 37,105 | 37,105 | 39,062 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 25,733 | 25,733 | 23,747 |
Available for sale securities | 0 | 0 | 0 |
Fair value assets | 25,733 | 25,733 | 23,747 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets [Abstract] | |||
Assets held in rabbi trusts | 0 | 0 | 0 |
Available for sale securities | 0 | 0 | 0 |
Fair value assets | $ 0 | $ 0 | $ 0 |