☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
38-1686453
|
|
(State or Other Jurisdiction of Incorporation)
|
(I.R.S. Employer Identification Number)
|
|
63 Lancaster Avenue
Malvern, PA 19355-2143
|
610-644-1300
|
|
(Address of Principal Executive Offices)
|
(Registrant’s Area Code and Telephone Number)
|
Large accelerated filer
ý
|
Accelerated filer
☐
|
|
Non-accelerated filer
☐
(Do not check if smaller
reporting company)
|
Smaller reporting company
☐
|
|
Emerging growth company
☐
|
Title of each class
|
Trading symbol
|
Name of exchange on which registered
|
Common stock, par value $0.10 per share
|
VSH
|
New York Stock Exchange
|
Page Number
|
||||
March 30, 2019
|
December 31, 2018
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
749,426
|
$
|
686,032
|
||||
Short-term investments
|
8,411
|
78,286
|
||||||
Accounts receivable, net
|
391,960
|
397,020
|
||||||
Inventories:
|
||||||||
Finished goods
|
137,317
|
138,112
|
||||||
Work in process
|
194,617
|
190,982
|
||||||
Raw materials
|
148,293
|
150,566
|
||||||
Total inventories
|
480,227
|
479,660
|
||||||
Prepaid expenses and other current assets
|
141,555
|
142,888
|
||||||
Total current assets
|
1,771,579
|
1,783,886
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
74,499
|
87,622
|
||||||
Buildings and improvements
|
569,395
|
619,445
|
||||||
Machinery and equipment
|
2,525,394
|
2,510,001
|
||||||
Construction in progress
|
119,470
|
125,109
|
||||||
Allowance for depreciation
|
(2,339,944
|
)
|
(2,373,176
|
)
|
||||
Property and equipment, net
|
948,814
|
969,001
|
||||||
Right of use assets
|
96,281
|
-
|
||||||
Goodwill
|
150,628
|
147,480
|
||||||
Other intangible assets, net
|
67,524
|
65,688
|
||||||
Other assets
|
146,224
|
140,143
|
||||||
Total assets
|
$
|
3,181,050
|
$
|
3,106,198
|
March 30, 2019
|
December 31, 2018
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Notes payable to banks
|
$
|
18
|
$
|
18
|
||||
Trade accounts payable
|
192,221
|
218,322
|
||||||
Payroll and related expenses
|
135,821
|
141,670
|
||||||
Lease liabilities
|
14,760
|
-
|
||||||
Other accrued expenses
|
160,756
|
229,660
|
||||||
Income taxes
|
70,653
|
54,436
|
||||||
Total current liabilities
|
574,229
|
644,106
|
||||||
Long-term debt less current portion
|
492,830
|
494,509
|
||||||
U.S. transition tax payable
|
154,953
|
154,953
|
||||||
Deferred income taxes
|
86,209
|
85,471
|
||||||
Long-term lease liabilities
|
86,684
|
-
|
||||||
Other liabilities
|
79,492
|
79,489
|
||||||
Accrued pension and other postretirement costs
|
254,835
|
260,984
|
||||||
Total liabilities
|
1,729,232
|
1,719,512
|
||||||
Redeemable convertible debentures
|
206
|
2,016
|
||||||
Stockholders' equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
13,234
|
13,212
|
||||||
Class B convertible common stock
|
1,210
|
1,210
|
||||||
Capital in excess of par value
|
1,425,101
|
1,436,011
|
||||||
Retained earnings
(accumulated deficit)
|
24,922
|
(61,258
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(15,323
|
)
|
(6,791
|
)
|
||||
Total Vishay stockholders' equity
|
1,449,144
|
1,382,384
|
||||||
Noncontrolling interests
|
2,468
|
2,286
|
||||||
Total equity
|
1,451,612
|
1,384,670
|
||||||
Total liabilities, temporary equity, and equity
|
$
|
3,181,050
|
$
|
3,106,198
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Net revenues
|
$
|
745,159
|
$
|
716,795
|
||||
Costs of products sold
|
534,000
|
511,495
|
||||||
Gross profit
|
211,159
|
205,300
|
||||||
Selling, general, and administrative expenses
|
103,424
|
101,238
|
||||||
Operating income
|
107,735
|
104,062
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(8,392
|
)
|
(7,677
|
)
|
||||
Other components of net periodic pension cost
|
(3,396
|
)
|
(3,519
|
)
|
||||
Loss on early extinguishment of debt
|
(1,307
|
)
|
-
|
|||||
Other
|
5,308
|
(847
|
)
|
|||||
Total other income (expense)
|
(7,787
|
)
|
(12,043
|
)
|
||||
Income before taxes
|
99,948
|
92,019
|
||||||
Income tax expense
|
24,307
|
29,474
|
||||||
Net earnings
|
75,641
|
62,545
|
||||||
Less: net earnings attributable to noncontrolling interests
|
182
|
179
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
75,459
|
$
|
62,366
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.52
|
$
|
0.43
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.52
|
$
|
0.39
|
||||
Weighted average shares outstanding - basic
|
144,554
|
144,327
|
||||||
Weighted average shares outstanding - diluted
|
145,289
|
159,502
|
||||||
Cash dividends per share
|
$
|
0.0850
|
$
|
0.0675
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Net earnings
|
$
|
75,641
|
$
|
62,545
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
1,457
|
1,607
|
||||||
Foreign currency translation adjustment
|
(9,989
|
)
|
27,024
|
|||||
Other comprehensive income (loss)
|
(8,532
|
)
|
28,631
|
|||||
Comprehensive income
|
67,109
|
91,176
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
182
|
179
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
66,927
|
$
|
90,997
|
Three fiscal months ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
75,641
|
$
|
62,545
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
40,428
|
40,558
|
||||||
(Gain) loss on disposal of property and equipment
|
(173
|
)
|
(176
|
)
|
||||
Accretion of interest on convertible debt instruments
|
3,490
|
1,309
|
||||||
Inventory write-offs for obsolescence
|
6,967
|
5,457
|
||||||
Deferred income taxes
|
(2,614
|
)
|
7,014
|
|||||
Loss on extinguishment of debt
|
1,307
|
-
|
||||||
Other
|
(1,744
|
)
|
2,908
|
|||||
Net change in operating assets and liabilities, net of effects of businesses acquired
|
(43,784
|
)
|
(72,756
|
)
|
||||
Net cash provided by operating activities
|
79,518
|
46,859
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(36,367
|
)
|
(28,273
|
)
|
||||
Proceeds from sale of property and equipment
|
395
|
184
|
||||||
Purchase of businesses, net of cash received
|
(11,862
|
)
|
(12,072
|
)
|
||||
Purchase of short-term investments
|
(1,920
|
)
|
(39,243
|
)
|
||||
Maturity of short-term investments
|
71,455
|
93,194
|
||||||
Other investing activities
|
2,893
|
(935
|
)
|
|||||
Net cash provided by investing activities
|
24,594
|
12,855
|
||||||
Financing activities
|
||||||||
Repurchase of convertible debentures
|
(22,695
|
)
|
-
|
|||||
Net proceeds (payments) on revolving credit lines
|
-
|
34,000
|
||||||
Net changes in short-term borrowings
|
-
|
52
|
||||||
Dividends paid to common stockholders
|
(11,249
|
)
|
(8,918
|
)
|
||||
Dividends paid to Class B common stockholders
|
(1,028
|
)
|
(817
|
)
|
||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(2,659
|
)
|
(2,297
|
)
|
||||
Net cash provided by (used in) financing activities
|
(37,631
|
)
|
22,020
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(3,087
|
)
|
9,825
|
|||||
Net increase in cash and cash equivalents
|
63,394
|
91,559
|
||||||
Cash and cash equivalents at beginning of period
|
686,032
|
748,032
|
||||||
Cash and cash equivalents at end of period
|
$
|
749,426
|
$
|
839,591
|
Common Stock
|
Class B Convertible Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings (Accumulated
Deficit)
|
Accumulated Other Comprehensive Income
(Loss)
|
Total Vishay Stockholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
|||||||||||||||||||||||||
Balance at
December 31, 2017
|
$
|
13,188
|
$
|
1,213
|
$
|
1,752,506
|
$
|
(362,254
|
)
|
$
|
25,714
|
$
|
1,430,367
|
$
|
2,032
|
$
|
1,432,399
|
|||||||||||||||
Cumulative effect
of accounting change for adoption of ASU 2016-01
|
-
|
-
|
-
|
1,801
|
(1,801
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||
Net earnings
(loss)
|
-
|
-
|
-
|
62,366
|
-
|
62,366
|
179
|
62,545
|
||||||||||||||||||||||||
Other
comprehensive income
|
-
|
-
|
-
|
-
|
28,631
|
28,631
|
-
|
28,631
|
||||||||||||||||||||||||
Conversion of Class B shares (31,800 shares)
|
3
|
(3
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Temporary equity
reclassification
|
-
|
-
|
1,080
|
-
|
-
|
1,080
|
-
|
1,080
|
||||||||||||||||||||||||
Issuance of stock
and related tax withholdings for vested restricted stock units (211,328
shares)
|
21
|
-
|
(2,318
|
)
|
-
|
-
|
(2,297
|
)
|
-
|
(2,297
|
)
|
|||||||||||||||||||||
Dividends declared ($0.0675 per share)
|
-
|
-
|
11
|
(9,746
|
)
|
-
|
(9,735
|
)
|
-
|
(9,735
|
)
|
|||||||||||||||||||||
Stock compensation
expense
|
-
|
-
|
2,483
|
-
|
-
|
2,483
|
-
|
2,483
|
||||||||||||||||||||||||
Balance at March
31, 2018
|
$
|
13,212
|
$
|
1,210
|
$
|
1,753,762
|
$
|
(307,833
|
)
|
$
|
52,544
|
$
|
1,512,895
|
$
|
2,211
|
$
|
1,515,106
|
|||||||||||||||
Balance at
December 31, 2018
|
13,212
|
1,210
|
1,436,011
|
(61,258
|
)
|
(6,791
|
)
|
1,382,384
|
2,286
|
1,384,670
|
||||||||||||||||||||||
Cumulative effect
of accounting change for adoption of ASU 2016-02 (see Note 1)
|
-
|
-
|
-
|
23,013
|
-
|
23,013
|
-
|
23,013
|
||||||||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
75,459
|
-
|
75,459
|
182
|
75,641
|
||||||||||||||||||||||||
Other
comprehensive income (loss)
|
-
|
-
|
-
|
-
|
(8,532
|
)
|
(8,532
|
)
|
-
|
(8,532
|
)
|
|||||||||||||||||||||
Conversion of Class B shares (18 shares)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Temporary equity
reclassification
|
-
|
-
|
3
|
-
|
-
|
3
|
-
|
3
|
||||||||||||||||||||||||
Issuance of stock
and related tax withholdings for vested restricted stock units (220,718
shares)
|
22
|
-
|
(2,681
|
)
|
-
|
-
|
(2,659
|
)
|
-
|
(2,659
|
)
|
|||||||||||||||||||||
Dividends declared ($0.0850 per share)
|
-
|
-
|
15
|
(12,292
|
)
|
-
|
(12,277
|
)
|
-
|
(12,277
|
)
|
|||||||||||||||||||||
Stock compensation
expense
|
-
|
-
|
3,536
|
-
|
-
|
3,536
|
-
|
3,536
|
||||||||||||||||||||||||
Repurchase of
convertible senior debentures
|
-
|
-
|
(11,783
|
)
|
-
|
-
|
(11,783
|
)
|
-
|
(11,783
|
)
|
|||||||||||||||||||||
Balance at March 30, 2019
|
$
|
13,234
|
$
|
1,210
|
$
|
1,425,101
|
$
|
24,922
|
$
|
(15,323
|
)
|
$
|
1,449,144
|
$
|
2,468
|
$
|
1,451,612
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Beginning balance
|
$
|
42,663
|
$
|
36,680
|
||||
Sales allowances
|
28,211
|
24,188
|
||||||
Credits issued
|
(33,062
|
)
|
(28,450
|
)
|
||||
Foreign currency
|
(235
|
)
|
288
|
|||||
Ending balance
|
$
|
37,577
|
$
|
32,706
|
March 30, 2019
|
January 1, 2019
|
|||||||
Right of use
assets
|
||||||||
Operating Leases
|
||||||||
Buildings and
improvements
|
$
|
91,106
|
$
|
86,058
|
||||
Machinery and
equipment
|
5,175
|
5,404
|
||||||
Total
|
$
|
96,281
|
$
|
91,462
|
||||
Current lease
liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and
improvements
|
$
|
12,076
|
$
|
10,644
|
||||
Machinery and
equipment
|
2,684
|
3,317
|
||||||
Total
|
$
|
14,760
|
$
|
13,961
|
||||
Long-term
lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and
improvements
|
$
|
84,202
|
$
|
79,000
|
||||
Machinery and
equipment
|
2,482
|
2,823
|
||||||
Total
|
$
|
86,684
|
$
|
81,823
|
||||
Total lease
liabilities
|
$
|
101,444
|
$
|
95,784
|
Fiscal quarter ended
|
||||
March 30, 2019
|
||||
Lease expense
|
||||
Operating lease
expense
|
$
|
5,536
|
||
Short-term lease
expense
|
833
|
|||
Variable lease
expense
|
12
|
|||
Total lease
expense
|
$
|
6,381
|
March 30, 2019
|
||||
2019 (excluding the three fiscal months ended March 30, 2019)
|
$
|
15,916
|
||
2020
|
18,527
|
|||
2021
|
15,502
|
|||
2022
|
13,036
|
|||
2023
|
12,215
|
|||
Thereafter
|
60,661
|
March 30, 2019
|
December 31, 2018
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025
|
498,629
|
495,203
|
||||||
Convertible senior debentures, due 2040
|
144
|
539
|
||||||
Convertible senior debentures, due 2041
|
8,085
|
12,812
|
||||||
Convertible senior debentures, due 2042
|
-
|
923
|
||||||
Deferred financing costs
|
(14,028
|
)
|
(14,968
|
)
|
||||
492,830
|
494,509
|
|||||||
Less current portion
|
-
|
-
|
||||||
$
|
492,830
|
$
|
494,509
|
Convertible Senior Notes
Due 2025
|
Convertible Senior Debentures
Due 2040
|
Convertible Senior Debentures
Due 2041
|
||||||||||
Issuance date
|
June 12, 2018
|
November 9, 2010
|
May 13, 2011
|
|||||||||
Maturity date
|
June 15, 2025
|
November 15, 2040
|
May 15, 2041
|
|||||||||
Principal amount as of March 30, 2019
|
$
|
600,000
|
$
|
350
|
$
|
20,790
|
||||||
Cash coupon rate (per annum)
|
2.25
|
%
|
2.25
|
%
|
2.25
|
%
|
||||||
Nonconvertible debt borrowing rate at issuance (per annum)
|
5.50
|
%
|
8.00
|
%
|
8.375
|
%
|
||||||
Conversion rate effective March 13, 2019 (per $1 principal amount)
|
31.7536
|
78.7076
|
57.4367
|
|||||||||
Effective conversion price effective March 13, 2019 (per share)
|
$
|
31.49
|
$
|
12.71
|
$
|
17.41
|
||||||
130% of the conversion price (per share)
|
$
|
40.94
|
$
|
16.52
|
$
|
22.63
|
||||||
Call date
|
n/a
|
November 20, 2020
|
May 20, 2021
|
Principal amount of
the debt instruments
|
Unamortized discount
|
Embedded derivative
|
Carrying value of liability component
|
Equity component (including temporary equity) - net carrying value
|
||||||||||||||||
March 30, 201
9
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
600,000
|
(101,371
|
)
|
-
|
$
|
498,629
|
$
|
85,262
|
|||||||||||
Convertible senior debentures due 2040 and due 2041
|
$
|
21,140
|
(12,935
|
)
|
24
|
$
|
8,229
|
$
|
8,767
|
|||||||||||
Total
|
$
|
621,140
|
$
|
(114,306
|
)
|
$
|
24
|
$
|
506,858
|
$
|
94,029
|
|||||||||
December 31, 2018
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
600,000
|
(104,797
|
)
|
-
|
$
|
495,203
|
$
|
85,262
|
|||||||||||
Convertible senior debentures due 2040, due 2041, and due 2042
|
$
|
36,556
|
(22,352
|
)
|
70
|
$
|
14,274
|
$
|
15,092
|
|||||||||||
Total
|
$
|
636,556
|
$
|
(127,149
|
)
|
$
|
70
|
$
|
509,477
|
$
|
100,354
|
Contractual
coupon interest
|
Non-cash amortization of debt discount
|
Non-cash amortization of deferred financing costs
|
Non-cash change in value of derivative liability
|
Total interest expense related to the debt instruments
|
||||||||||||||||
March 30, 2019
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
3,375
|
3,426
|
454
|
-
|
$
|
7,255
|
|||||||||||||
Convertible senior debentures
|
$
|
148
|
64
|
2
|
(18
|
)
|
$
|
196
|
||||||||||||
Total
|
$
|
3,523
|
$
|
3,490
|
$
|
456
|
$
|
(18
|
)
|
$
|
7,451
|
|||||||||
March 31, 2018
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
-
|
-
|
-
|
-
|
$
|
-
|
|||||||||||||
Convertible senior debentures
|
$
|
3,235
|
1,309
|
47
|
161
|
$
|
4,752
|
|||||||||||||
Total
|
$
|
3,235
|
$
|
1,309
|
$
|
47
|
$
|
161
|
$
|
4,752
|
Pension and other post-retirement actuarial items
|
Currency translation adjustment
|
Total
|
||||||||||
Balance at January 1, 2019
|
$
|
(58,291
|
)
|
$
|
51,500
|
$
|
(6,791
|
)
|
||||
Other comprehensive income before reclassifications
|
-
|
(9,989
|
)
|
$
|
(9,989
|
)
|
||||||
Tax effect
|
-
|
-
|
$
|
-
|
||||||||
Other comprehensive income before reclassifications, net of tax
|
-
|
(9,989
|
)
|
$
|
(9,989
|
)
|
||||||
Amounts reclassified out of AOCI
|
2,064
|
-
|
$
|
2,064
|
||||||||
Tax effect
|
(607
|
)
|
-
|
$
|
(607
|
)
|
||||||
Amounts reclassified out of AOCI, net of tax
|
1,457
|
-
|
$
|
1,457
|
||||||||
Net other comprehensive income
|
$
|
1,457
|
$
|
(9,989
|
)
|
$
|
(8,532
|
)
|
||||
Balance at March 30, 2019
|
$
|
(56,834
|
)
|
$
|
41,511
|
$
|
(15,323
|
)
|
Fiscal quarter ended
March 30, 2019
|
Fiscal quarter ended
March 31, 2018
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
852
|
$
|
-
|
$
|
948
|
||||||||
Interest cost
|
424
|
1,291
|
371
|
1,242
|
||||||||||||
Expected return on plan assets
|
-
|
(490
|
)
|
-
|
(488
|
)
|
||||||||||
Amortization of prior service cost
|
36
|
51
|
36
|
55
|
||||||||||||
Amortization of losses
|
118
|
1,359
|
159
|
1,604
|
||||||||||||
Curtailment and settlement losses
|
-
|
505
|
-
|
462
|
||||||||||||
Net periodic benefit cost
|
$
|
578
|
$
|
3,568
|
$
|
566
|
$
|
3,823
|
Fiscal quarter ended
March 30, 2019
|
Fiscal quarter ended
March 31, 2018
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Service cost
|
$
|
35
|
$
|
72
|
$
|
34
|
$
|
75
|
||||||||
Interest cost
|
77
|
30
|
68
|
30
|
||||||||||||
Amortization of prior service (credit)
|
-
|
-
|
(37
|
)
|
-
|
|||||||||||
Amortization of losses (gains)
|
(32
|
)
|
27
|
(10
|
)
|
27
|
||||||||||
Net periodic benefit cost
|
$
|
80
|
$
|
129
|
$
|
55
|
$
|
132
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Restricted stock units
|
$
|
3,359
|
$
|
2,269
|
||||
Phantom stock units
|
177
|
214
|
||||||
Total
|
$
|
3,536
|
$
|
2,483
|
Unrecognized Compensation Cost
|
Weighted Average Remaining Amortization Periods
|
|||||||
Restricted stock units
|
$
|
5,669
|
1.0
|
|||||
Phantom stock units
|
-
|
0.0
|
||||||
Total
|
$
|
5,669
|
Number of RSUs
|
Weighted Average Grant-date Fair Value per Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2019
|
904
|
$
|
14.77
|
|||||
Granted
|
314
|
19.85
|
||||||
Vested*
|
(349
|
)
|
11.50
|
|||||
Cancelled or forfeited
|
-
|
-
|
||||||
Outstanding at March 30, 2019
|
869
|
$
|
17.92
|
|||||
Expected to vest at March 30, 2019
|
855
|
Vesting Date
|
Expected to Vest
|
Not Expected to Vest
|
Total
|
|||||||||
January 1, 2020
|
167
|
-
|
167
|
|||||||||
January 1, 2021
|
141
|
-
|
141
|
|||||||||
January 1, 2022
|
174
|
-
|
174
|
Number of units
|
Grant-date Fair Value per Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2019
|
170
|
|||||||
Granted
|
10
|
$
|
17.72
|
|||||
Dividend equivalents issued
|
1
|
|||||||
Outstanding at March 30, 2019
|
181
|
●
|
Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power.
|
|
●
|
Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge
damage; or provide electromagnetic interference filtering.
|
|
●
|
Optoelectronic components emit light, detect light, or do both.
|
|
●
|
Resistors and inductors both impede electric current. Resistors are basic components used in all forms of electronic circuitry to
adjust and regulate levels of voltage and current. Inductors use an internal magnetic field to change alternating current phase and resist alternating current.
|
|
●
|
Capacitors store energy and discharge it when needed.
|
MOSFETs
|
Diodes
|
Optoelectronic Components
|
Resistors & Inductors
|
Capacitors
|
Total
|
|||||||||||||||||||
Fiscal quarter ended March 30, 2019:
|
||||||||||||||||||||||||
Net revenues
|
$
|
137,341
|
$
|
167,840
|
$
|
60,562
|
$
|
260,471
|
$
|
118,945
|
$
|
745,159
|
||||||||||||
Gross profit
|
$
|
36,059
|
$
|
43,492
|
$
|
16,017
|
$
|
85,869
|
$
|
29,722
|
$
|
211,159
|
||||||||||||
Segment operating income
|
$
|
26,678
|
$
|
38,128
|
$
|
11,710
|
$
|
76,987
|
$
|
24,566
|
$
|
178,069
|
||||||||||||
Fiscal quarter ended March 31, 2018:
|
||||||||||||||||||||||||
Net revenues
|
$
|
127,506
|
$
|
167,017
|
$
|
71,958
|
$
|
244,046
|
$
|
106,268
|
$
|
716,795
|
||||||||||||
Gross profit
|
$
|
32,022
|
$
|
43,200
|
$
|
27,233
|
$
|
78,530
|
$
|
24,315
|
$
|
205,300
|
||||||||||||
Segment operating income
|
$
|
22,558
|
$
|
37,931
|
$
|
22,794
|
$
|
70,002
|
$
|
18,893
|
$
|
172,178
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Reconciliation:
|
||||||||
Segment Operating Income
|
$
|
178,069
|
$
|
172,178
|
||||
Unallocated Selling, General, and Administrative Expenses
|
(70,334
|
)
|
(68,116
|
)
|
||||
Consolidated Operating Income
|
107,735
|
$
|
104,062
|
|||||
Unallocated Other Income (Expense)
|
(7,787
|
)
|
(12,043
|
)
|
||||
Consolidated Income Before Taxes
|
$
|
99,948
|
92,019
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Distributors
|
$
|
411,560
|
$
|
404,060
|
||||
OEMs
|
282,636
|
264,050
|
||||||
EMS companies
|
50,963
|
48,685
|
||||||
Total Revenue
|
$
|
745,159
|
$
|
716,795
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Asia
|
$
|
259,726
|
$
|
285,478
|
||||
Europe
|
278,899
|
267,382
|
||||||
Americas
|
206,534
|
163,935
|
||||||
Total Revenue
|
$
|
745,159
|
$
|
716,795
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Industrial
|
$
|
281,590
|
$
|
280,212
|
||||
Automotive
|
214,786
|
208,394
|
||||||
Telecommunications
|
53,280
|
45,924
|
||||||
Computing
|
47,508
|
47,431
|
||||||
Consumer Products
|
34,049
|
37,259
|
||||||
Power Supplies
|
30,127
|
34,243
|
||||||
Military and Aerospace
|
47,561
|
35,214
|
||||||
Medical
|
36,258
|
28,118
|
||||||
Total revenue
|
$
|
745,159
|
$
|
716,795
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Numerator:
|
||||||||
Net earnings attributable to Vishay stockholders
|
$
|
75,459
|
$
|
62,366
|
||||
Denominator:
|
||||||||
Denominator for basic earnings per share:
|
||||||||
Weighted average shares
|
144,375
|
144,160
|
||||||
Outstanding phantom stock units
|
179
|
167
|
||||||
Adjusted weighted average shares - basic
|
144,554
|
144,327
|
||||||
Effect of dilutive securities:
|
||||||||
Convertible and exchangeable debt instruments
|
237
|
14,610
|
||||||
Restricted stock units
|
498
|
565
|
||||||
Dilutive potential common shares
|
735
|
15,175
|
||||||
Denominator for diluted earnings per share:
|
||||||||
Adjusted weighted average shares - diluted
|
145,289
|
159,502
|
||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.52
|
$
|
0.43
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.52
|
$
|
0.39
|
Fiscal quarters ended
|
||||||||
March 30, 2019
|
March 31, 2018
|
|||||||
Convertible debt instruments:
|
||||||||
Convertible senior notes due 2025
|
19,052
|
-
|
||||||
Weighted average other
|
315
|
307
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
March 30, 2019
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
47,849
|
$
|
31,479
|
$
|
16,370
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
4,295
|
4,295
|
-
|
-
|
|||||||||||
$
|
52,144
|
$
|
35,774
|
$
|
16,370
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
0
|
$
|
-
|
$
|
-
|
$
|
0
|
||||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(24
|
)
|
-
|
-
|
(24
|
)
|
|||||||||
$
|
(24
|
)
|
$
|
-
|
$
|
-
|
$
|
(24
|
)
|
|||||||
December 31, 2018
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
41,770
|
$
|
26,278
|
15,492
|
$
|
-
|
|||||||||
Available for sale securities
|
$
|
4,309
|
4,309
|
-
|
-
|
|||||||||||
$
|
46,079
|
$
|
30,587
|
$
|
15,492
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(1
|
)
|
$
|
-
|
$
|
-
|
$
|
(1
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(67
|
)
|
-
|
-
|
(67
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(2
|
)
|
-
|
-
|
(2
|
)
|
|||||||||
$
|
(70
|
)
|
$
|
-
|
$
|
-
|
$
|
(70
|
)
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
75,459
|
$
|
102,419
|
$
|
62,366
|
||||||
Reconciling items affecting other income (expense):
|
||||||||||||
Loss on early extinguishment of debt
|
$
|
1,307
|
$
|
9,274
|
$
|
-
|
||||||
Reconciling items affecting tax expense:
|
||||||||||||
Change in deferred taxes due to early extinguishment of debt
|
$
|
(1,312
|
)
|
$
|
(20,914
|
)
|
$
|
-
|
||||
Effects of cash repatriation programs
|
(585
|
)
|
(3,037
|
)
|
1,316
|
|||||||
Tax effects of pre-tax items above
|
(290
|
)
|
(2,028
|
)
|
-
|
|||||||
Adjusted net earnings
|
$
|
74,579
|
$
|
85,714
|
$
|
63,682
|
||||||
Adjusted weighted average diluted shares outstanding
|
145,289
|
148,378
|
159,502
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.51
|
$
|
0.58
|
$
|
0.40
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net cash provided by continuing operating activities
|
$
|
79,518
|
$
|
149,615
|
$
|
46,859
|
||||||
Proceeds from sale of property and equipment
|
395
|
47,106
|
184
|
|||||||||
Less: Capital expenditures
|
(36,367
|
)
|
(103,508
|
)
|
(28,273
|
)
|
||||||
Free cash
|
$
|
43,546
|
$
|
93,213
|
$
|
18,770
|
1st Quarter 2018
|
2nd Quarter 2018
|
3rd Quarter 2018
|
4th Quarter 2018
|
1st Quarter 2019
|
||||||||||||||||
Net revenues
|
$
|
716,795
|
$
|
761,030
|
$
|
780,972
|
$
|
775,892
|
$
|
745,159
|
||||||||||
Gross profit margin
|
28.6
|
%
|
29.9
|
%
|
30.3
|
%
|
28.3
|
%
|
28.3
|
%
|
||||||||||
Operating margin
|
14.5
|
%
|
16.2
|
%
|
17.7
|
%
|
15.4
|
%
|
14.5
|
%
|
||||||||||
End-of-period backlog
|
$
|
1,498,700
|
$
|
1,595,200
|
$
|
1,559,700
|
$
|
1,497,100
|
$
|
1,331,800
|
||||||||||
Book-to-bill ratio
|
1.22
|
1.17
|
0.95
|
0.94
|
0.79
|
|||||||||||||||
Inventory turnover
|
4.6
|
4.6
|
4.4
|
4.5
|
4.3
|
|||||||||||||||
Change in ASP vs. prior quarter
|
(0.2
|
)%
|
0.7
|
%
|
0.6
|
%
|
0.7
|
%
|
(0.4
|
)%
|
1st Quarter 2018
|
2nd Quarter 2018
|
3rd Quarter 2018
|
4th Quarter 2018
|
1st Quarter 2019
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
127,506
|
$
|
136,559
|
$
|
144,260
|
$
|
139,318
|
$
|
137,341
|
||||||||||
Book-to-bill ratio
|
1.23
|
0.96
|
0.88
|
1.08
|
0.84
|
|||||||||||||||
Gross profit margin
|
25.1
|
%
|
28.1
|
%
|
27.0
|
%
|
26.2
|
%
|
26.3
|
%
|
||||||||||
Segment operating margin
|
17.7
|
%
|
20.9
|
%
|
20.5
|
%
|
18.9
|
%
|
19.4
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
167,017
|
$
|
182,466
|
$
|
186,492
|
$
|
176,961
|
$
|
167,840
|
||||||||||
Book-to-bill ratio
|
1.30
|
1.08
|
0.86
|
0.83
|
0.63
|
|||||||||||||||
Gross profit margin
|
25.9
|
%
|
28.7
|
%
|
29.3
|
%
|
26.2
|
%
|
25.9
|
%
|
||||||||||
Segment operating margin
|
22.7
|
%
|
25.8
|
%
|
26.6
|
%
|
23.3
|
%
|
22.7
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
71,958
|
$
|
75,709
|
$
|
76,443
|
$
|
65,617
|
$
|
60,562
|
||||||||||
Book-to-bill ratio
|
1.24
|
1.20
|
0.88
|
0.75
|
0.83
|
|||||||||||||||
Gross profit margin
|
37.8
|
%
|
34.9
|
%
|
36.2
|
%
|
28.8
|
%
|
26.4
|
%
|
||||||||||
Segment operating margin
|
31.7
|
%
|
29.3
|
%
|
30.3
|
%
|
22.2
|
%
|
19.3
|
%
|
||||||||||
Resistors & Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
244,046
|
$
|
253,947
|
$
|
257,330
|
$
|
262,963
|
$
|
260,471
|
||||||||||
Book-to-bill ratio
|
1.15
|
1.16
|
1.02
|
0.94
|
0.92
|
|||||||||||||||
Gross profit margin
|
32.2
|
%
|
33.5
|
%
|
34.3
|
%
|
32.5
|
%
|
33.0
|
%
|
||||||||||
Segment operating margin
|
28.7
|
%
|
30.0
|
%
|
31.1
|
%
|
29.4
|
%
|
29.6
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
106,268
|
$
|
112,349
|
$
|
116,447
|
$
|
131,033
|
$
|
118,945
|
||||||||||
Book-to-bill ratio
|
1.26
|
1.59
|
1.03
|
1.02
|
0.67
|
|||||||||||||||
Gross profit margin
|
22.9
|
%
|
22.3
|
%
|
23.0
|
%
|
24.7
|
%
|
25.0
|
%
|
||||||||||
Segment operating margin
|
17.8
|
%
|
17.5
|
%
|
18.6
|
%
|
20.4
|
%
|
20.7
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Cost of products sold
|
71.7
|
%
|
71.7
|
%
|
71.4
|
%
|
||||||
Gross profit
|
28.3
|
%
|
28.3
|
%
|
28.6
|
%
|
||||||
Selling, general & administrative expenses
|
13.9
|
%
|
12.9
|
%
|
14.1
|
%
|
||||||
Operating income (loss)
|
14.5
|
%
|
15.4
|
%
|
14.5
|
%
|
||||||
Income (loss) before taxes and noncontrolling interest
|
13.4
|
%
|
12.9
|
%
|
12.8
|
%
|
||||||
Net earnings (loss) attributable to Vishay stockholders
|
10.1
|
%
|
13.2
|
%
|
8.7
|
%
|
||||||
________
|
||||||||||||
Effective tax rate
|
24.3
|
%
|
-2.3
|
%
|
32.0
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net revenues
|
$
|
745,159
|
$
|
775,892
|
$
|
716,795
|
Fiscal quarter ended
March 30, 2019
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2018
|
$
|
(30,733
|
)
|
-4.0
|
%
|
|||
March 31, 2018
|
$
|
28,364
|
4.0
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-3.4
|
%
|
5.5
|
%
|
||||
Change in average selling prices
|
-0.4
|
%
|
0.8
|
%
|
||||
Foreign currency effects
|
-0.1
|
%
|
-2.7
|
%
|
||||
Acquisitions
|
0.0
|
%
|
0.5
|
%
|
||||
Other
|
-0.1
|
%
|
-0.1
|
%
|
||||
Net change
|
-4.0
|
%
|
4.0
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net revenues
|
$
|
137,341
|
$
|
139,318
|
$
|
127,506
|
||||||
Gross profit margin
|
26.3
|
%
|
26.2
|
%
|
25.1
|
%
|
Fiscal quarter ended
March 30, 2019
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2018
|
$
|
(1,977
|
)
|
-1.4
|
%
|
|||
March 31, 2018
|
$
|
9,835
|
7.7
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-0.8
|
%
|
9.3
|
%
|
||||
Change in average selling prices
|
-0.6
|
%
|
-0.4
|
%
|
||||
Foreign currency effects
|
-0.1
|
%
|
-1.5
|
%
|
||||
Other
|
0.1
|
%
|
0.3
|
%
|
||||
Net change
|
-1.4
|
%
|
7.7
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net revenues
|
$
|
167,840
|
$
|
176,961
|
$
|
167,017
|
||||||
Gross profit margin
|
25.9
|
%
|
26.2
|
%
|
25.9
|
%
|
Fiscal quarter ended
March 30, 2019
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2018
|
$
|
(9,121
|
)
|
-5.2
|
%
|
|||
March 31, 2018
|
$
|
823
|
0.5
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-4.4
|
%
|
0.1
|
%
|
||||
Change in average selling prices
|
-0.6
|
%
|
2.7
|
%
|
||||
Foreign currency effects
|
-0.1
|
%
|
-2.1
|
%
|
||||
Other
|
-0.1
|
%
|
-0.2
|
%
|
||||
Net change
|
-5.2
|
%
|
0.5
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net revenues
|
$
|
60,562
|
$
|
65,617
|
$
|
71,958
|
||||||
Gross profit margin
|
26.4
|
%
|
28.8
|
%
|
37.8
|
%
|
Fiscal quarter ended
March 30, 2019
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2018
|
$
|
(5,055
|
)
|
-7.7
|
%
|
|||
March 31, 2018
|
$
|
(11,396
|
)
|
-15.8
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
-5.2
|
%
|
-11.7
|
%
|
||||
Decrease in average selling prices
|
-2.1
|
%
|
-2.3
|
%
|
||||
Foreign currency effects
|
-0.3
|
%
|
-2.6
|
%
|
||||
Other
|
-0.1
|
%
|
0.8
|
%
|
||||
Net change
|
-7.7
|
%
|
-15.8
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net revenues
|
$
|
260,471
|
$
|
262,963
|
$
|
244,046
|
||||||
Gross profit margin
|
33.0
|
%
|
32.5
|
%
|
32.2
|
%
|
Fiscal quarter ended
March 30, 2019
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2018
|
$
|
(2,492
|
)
|
-0.9
|
%
|
|||
March 31, 2018
|
$
|
16,425
|
6.7
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-1.9
|
%
|
6.1
|
%
|
||||
Change in average selling prices
|
-0.3
|
%
|
0.2
|
%
|
||||
Foreign currency effects
|
-0.2
|
%
|
-3.3
|
%
|
||||
Acquisition
|
0.0
|
%
|
1.4
|
%
|
||||
Other
|
1.5
|
%
|
2.3
|
%
|
||||
Net change
|
-0.9
|
%
|
6.7
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Net revenues
|
$
|
118,945
|
$
|
131,033
|
$
|
106,268
|
||||||
Gross profit margin
|
25.0
|
%
|
24.7
|
%
|
22.9
|
%
|
Fiscal quarter ended
March 30, 2019
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2018
|
$
|
(12,088
|
)
|
-9.2
|
%
|
|||
March 31, 2018
|
$
|
12,677
|
11.9
|
%
|
vs. Prior
Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-9.7
|
%
|
13.8
|
%
|
||||
Increase in average selling prices
|
0.6
|
%
|
2.2
|
%
|
||||
Foreign currency effects
|
-0.2
|
%
|
-4.0
|
%
|
||||
Other
|
0.1
|
%
|
-0.1
|
%
|
||||
Net change
|
-9.2
|
%
|
11.9
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Total SG&A expenses
|
$
|
103,424
|
$
|
100,023
|
$
|
101,238
|
||||||
as a percentage of revenues
|
13.9
|
%
|
12.9
|
%
|
14.1
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
March 31, 2018
|
||||||||||
Amortization of intangible assets
|
$
|
2,139
|
$
|
2,142
|
$
|
3,201
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
December 31, 2018
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(470
|
)
|
$
|
(994
|
)
|
$
|
524
|
||||
Interest income
|
2,199
|
3,638
|
(1,439
|
)
|
||||||||
Investment income (expense)
|
3,590
|
(155
|
)
|
3,745
|
||||||||
Other
|
(11
|
)
|
108
|
(119
|
)
|
|||||||
$
|
5,308
|
$
|
2,597
|
$
|
2,711
|
Fiscal quarters ended
|
||||||||||||
March 30, 2019
|
March 31, 2018
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(470
|
)
|
$
|
(1,925
|
)
|
$
|
1,455
|
||||
Interest income
|
2,199
|
2,036
|
163
|
|||||||||
Investment income (expense)
|
3,590
|
(904
|
)
|
4,494
|
||||||||
Other
|
(11
|
)
|
(54
|
)
|
43
|
|||||||
$
|
5,308
|
$
|
(847
|
)
|
$
|
6,155
|
March 30, 2019
|
December 31, 2018
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025*
|
498,629
|
495,203
|
||||||
Convertible senior debentures, due 2040*
|
144
|
539
|
||||||
Convertible senior debentures, due 2041*
|
8,085
|
12,812
|
||||||
Convertible senior debentures, due 2042*
|
-
|
923
|
||||||
Deferred financing costs
|
(14,028
|
)
|
(14,968
|
)
|
||||
Total debt
|
492,830
|
494,509
|
||||||
Cash and cash equivalents
|
749,426
|
686,032
|
||||||
Short-term investments
|
8,411
|
78,286
|
||||||
Net cash and short-term investments (debt)
|
$
|
265,007
|
$
|
269,809
|
Fiscal Period
|
Amount
|
Month of Payment
|
|||
Three fiscal months ended March 30, 2019
|
$
|
12,277
|
March
|
Amendment to Employment Agreement between between Vishay Electronic GmbH (an indirect wholly owned subsidiary of Vishay Intertechnology, Inc.), Vishay Intertechnology, Inc., and Werner Gebhardt, dated February 22, 2019. | |
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 30, 2019, furnished in XBRL (eXtensible
Business Reporting Language)).
|
VISHAY INTERTECHNOLOGY, INC.
|
||
/s/ Lori Lipcaman
|
||
Lori Lipcaman
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial and
|
||
accounting officer)
|
By:
|
VISHAY INTERTECHNOLOGY, INC.
/s/ Gerald Paul
|
|
Name: Dr. Gerald Paul
Title: CEO
|
By:
|
VISHAY ELECTRONIC GMBH
/s/ Arnold Rohr
|
|
Name: Arnold Rohr
Title: Managing Director
|
||
/s/ Günther Volkmann
|
||
Name: Günther Volkmann
Title: Managing Director
|
/s/ Werner Gebhardt
|
WERNER GEBHARDT
DATE:
February 26, 2019
|
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|