☒ |
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, Pennsylvania 19355-2143
|
610-644-1300
|
|
(Address of Principal Executive Offices)
|
(Registrant’s Area Code and Telephone Number)
|
|
||||
Title of each class
|
Trading symbol
|
Name of exchange on which registered
|
||
Common stock, par value $0.10 per share
|
VSH
|
New York Stock Exchange LLC
|
Large Accelerated Filer ☒
|
Accelerated filer ◻
|
|
Non-accelerated filer ◻
|
Smaller reporting company ☐
|
|
Emerging growth company ☐
|
|
Page Number
|
|||
September 28, 2019
|
December 31, 2018
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
731,483
|
$
|
686,032
|
||||
Short-term investments
|
56,043
|
78,286
|
||||||
Accounts receivable, net
|
335,189
|
397,020
|
||||||
Inventories:
|
||||||||
Finished goods
|
129,485
|
138,112
|
||||||
Work in process
|
189,757
|
190,982
|
||||||
Raw materials
|
125,411
|
150,566
|
||||||
Total inventories
|
444,653
|
479,660
|
||||||
Prepaid expenses and other current assets
|
123,712
|
142,888
|
||||||
Total current assets
|
1,691,080
|
1,783,886
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
74,053
|
87,622
|
||||||
Buildings and improvements
|
570,727
|
619,445
|
||||||
Machinery and equipment
|
2,551,127
|
2,510,001
|
||||||
Construction in progress
|
113,639
|
125,109
|
||||||
Allowance for depreciation
|
(2,381,868
|
)
|
(2,373,176
|
)
|
||||
Property and equipment, net
|
927,678
|
969,001
|
||||||
Right of use assets
|
93,103
|
-
|
||||||
Goodwill
|
150,309
|
147,480
|
||||||
Other intangible assets, net
|
62,265
|
65,688
|
||||||
Other assets
|
147,751
|
140,143
|
||||||
Total assets
|
$
|
3,072,186
|
$
|
3,106,198
|
September 28, 2019
|
December 31, 2018
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Notes payable to banks
|
$
|
7
|
$
|
18
|
||||
Trade accounts payable
|
141,472
|
218,322
|
||||||
Payroll and related expenses
|
131,751
|
141,670
|
||||||
Lease liabilities
|
16,932
|
-
|
||||||
Other accrued expenses
|
164,995
|
229,660
|
||||||
Income taxes
|
25,945
|
54,436
|
||||||
Total current liabilities
|
481,102
|
644,106
|
||||||
Long-term debt less current portion
|
496,262
|
494,509
|
||||||
U.S. transition tax payable
|
140,196
|
154,953
|
||||||
Deferred income taxes
|
47,246
|
85,471
|
||||||
Long-term lease liabilities
|
80,998
|
-
|
||||||
Other liabilities
|
90,174
|
79,489
|
||||||
Accrued pension and other postretirement costs
|
248,357
|
260,984
|
||||||
Total liabilities
|
1,584,335
|
1,719,512
|
||||||
Redeemable convertible debentures
|
-
|
2,016
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
13,235
|
13,212
|
||||||
Class B convertible common stock
|
1,210
|
1,210
|
||||||
Capital in excess of par value
|
1,427,049
|
1,436,011
|
||||||
Retained earnings (accumulated deficit)
|
71,956
|
(61,258
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(27,952
|
)
|
(6,791
|
)
|
||||
Total Vishay stockholders' equity
|
1,485,498
|
1,382,384
|
||||||
Noncontrolling interests
|
2,353
|
2,286
|
||||||
Total equity
|
1,487,851
|
1,384,670
|
||||||
Total liabilities, temporary equity, and equity
|
$
|
3,072,186
|
$
|
3,106,198
|
Fiscal quarters ended
|
||||||||
September 28, 2019
|
September 29, 2018
|
|||||||
Net revenues
|
$
|
628,329
|
$
|
780,972
|
||||
Costs of products sold
|
478,250
|
544,676
|
||||||
Gross profit
|
150,079
|
236,296
|
||||||
Selling, general, and administrative expenses
|
91,796
|
98,198
|
||||||
Restructuring and severance costs
|
7,255
|
-
|
||||||
Operating income
|
51,028
|
138,098
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(8,564
|
)
|
(10,813
|
)
|
||||
Other components of net periodic pension cost
|
(3,348
|
)
|
(3,367
|
)
|
||||
Other
|
5,066
|
2,890
|
||||||
Total other income (expense)
|
(6,846
|
)
|
(11,290
|
)
|
||||
Income before taxes
|
44,182
|
126,808
|
||||||
Income tax expense
|
13,917
|
48,737
|
||||||
Net earnings
|
30,265
|
78,071
|
||||||
Less: net earnings attributable to noncontrolling interests
|
227
|
195
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
30,038
|
$
|
77,876
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.21
|
$
|
0.54
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.21
|
$
|
0.51
|
||||
Weighted average shares outstanding - basic
|
144,628
|
144,383
|
||||||
Weighted average shares outstanding - diluted
|
145,027
|
152,946
|
||||||
Cash dividends per share
|
$
|
0.0950
|
$
|
0.0850
|
Fiscal quarters ended
|
||||||||
September 28, 2019
|
September 29, 2018
|
|||||||
Net earnings
|
$
|
30,265
|
$
|
78,071
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
1,368
|
1,670
|
||||||
Foreign currency translation adjustment
|
(23,004
|
)
|
4,277
|
|||||
Other comprehensive income (loss)
|
(21,636
|
)
|
5,947
|
|||||
Comprehensive income
|
8,629
|
84,018
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
227
|
195
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
8,402
|
$
|
83,823
|
Nine fiscal months ended
|
||||||||
September 28, 2019
|
September 29, 2018
|
|||||||
Net revenues
|
$
|
2,058,728
|
$
|
2,258,797
|
||||
Costs of products sold
|
1,522,889
|
1,589,963
|
||||||
Gross profit
|
535,839
|
668,834
|
||||||
Selling, general, and administrative expenses
|
290,332
|
303,381
|
||||||
Restructuring and severance costs
|
7,255
|
-
|
||||||
Operating income
|
238,252
|
365,453
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(25,160
|
)
|
(26,862
|
)
|
||||
Other components of net periodic pension cost
|
(10,111
|
)
|
(10,336
|
)
|
||||
Other
|
13,344
|
5,440
|
||||||
Loss on early extinguishment of debt
|
(1,307
|
)
|
(17,309
|
)
|
||||
Total other income (expense)
|
(23,234
|
)
|
(49,067
|
)
|
||||
Income before taxes
|
215,018
|
316,386
|
||||||
Income tax expense
|
64,377
|
72,508
|
||||||
Net earnings
|
150,641
|
243,878
|
||||||
Less: net earnings attributable to noncontrolling interests
|
667
|
539
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
149,974
|
$
|
243,339
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
1.04
|
$
|
1.69
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
1.03
|
$
|
1.55
|
||||
Weighted average shares outstanding - basic
|
144,602
|
144,364
|
||||||
Weighted average shares outstanding - diluted
|
145,114
|
156,702
|
||||||
Cash dividends per share
|
$
|
0.2750
|
$
|
0.2375
|
Nine fiscal months ended
|
||||||||
September 28, 2019
|
September 29, 2018
|
|||||||
Net earnings
|
$
|
150,641
|
$
|
243,878
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
4,448
|
4,852
|
||||||
Foreign currency translation adjustment
|
(25,609
|
)
|
(30,236
|
)
|
||||
Other comprehensive income (loss)
|
(21,161
|
)
|
(25,384
|
)
|
||||
Comprehensive income
|
129,480
|
218,494
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
667
|
539
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
128,813
|
$
|
217,955
|
Nine fiscal months ended
|
||||||||
September 28, 2019
|
September 29, 2018
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
150,641
|
$
|
243,878
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
122,302
|
121,888
|
||||||
(Gain) loss on disposal of property and equipment
|
(168
|
)
|
(2,216
|
)
|
||||
Accretion of interest on convertible debt instruments
|
10,558
|
6,966
|
||||||
Inventory write-offs for obsolescence
|
19,214
|
17,059
|
||||||
Deferred income taxes
|
(4,481
|
)
|
(12,348
|
)
|
||||
Loss on extinguishment of debt
|
1,307
|
17,309
|
||||||
Other
|
9,029
|
13,021
|
||||||
Change in U.S. transition tax liability
|
(14,757
|
)
|
(14,400
|
)
|
||||
Change in repatriation tax liability
|
(38,814
|
)
|
(156,767
|
)
|
||||
Net change in operating assets and liabilities, net of effects of businesses acquired
|
(42,810
|
)
|
(125,499
|
)
|
||||
Net cash provided by operating activities
|
212,021
|
108,891
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(100,267
|
)
|
(126,391
|
)
|
||||
Proceeds from sale of property and equipment
|
486
|
8,455
|
||||||
Purchase of businesses, net of cash received
|
(11,862
|
)
|
(14,880
|
)
|
||||
Purchase of short-term investments
|
(59,440
|
)
|
(172,732
|
)
|
||||
Maturity of short-term investments
|
79,765
|
577,524
|
||||||
Other investing activities
|
4,021
|
(1,608
|
)
|
|||||
Net cash provided by (used in) investing activities
|
(87,297
|
)
|
270,368
|
|||||
Financing activities
|
||||||||
Proceeds from long-term borrowings
|
-
|
600,000
|
||||||
Issuance costs
|
(5,394
|
)
|
(15,621
|
)
|
||||
Repurchase of convertible debentures
|
(22,695
|
)
|
(584,991
|
)
|
||||
Net proceeds (payments) on revolving credit lines
|
-
|
(150,000
|
)
|
|||||
Net changes in short-term borrowings
|
(12
|
)
|
-
|
|||||
Dividends paid to common stockholders
|
(36,396
|
)
|
(31,378
|
)
|
||||
Dividends paid to Class B common stockholders
|
(3,327
|
)
|
(2,873
|
)
|
||||
Distributions to noncontrolling interests
|
(600
|
)
|
(525
|
)
|
||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(2,708
|
)
|
(2,297
|
)
|
||||
Net cash used in financing activities
|
(71,132
|
)
|
(187,685
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(8,141
|
)
|
(11,501
|
)
|
||||
Net increase in cash and cash equivalents
|
45,451
|
180,073
|
||||||
Cash and cash equivalents at beginning of period
|
686,032
|
748,032
|
||||||
Cash and cash equivalents at end of period
|
$
|
731,483
|
$
|
928,105
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
(Accumulated
Deficit)
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Vishay
Stockholders'
Equity
|
Noncontrolling
Interests
|
Total
Equity
|
|||||||||||||||||||||||||
Balance at December 31, 2017
|
$
|
13,188
|
$
|
1,213
|
$
|
1,752,506
|
$
|
(362,254
|
)
|
$
|
25,714
|
$
|
1,430,367
|
$
|
2,032
|
$
|
1,432,399
|
|||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-01
|
-
|
-
|
-
|
1,801
|
(1,801
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
165,463
|
-
|
165,463
|
344
|
165,807
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
(31,331
|
)
|
(31,331
|
)
|
-
|
(31,331
|
)
|
|||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(525
|
)
|
(525
|
)
|
||||||||||||||||||||||
Conversion of Class B shares (31,800 shares)
|
3
|
(3
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Temporary equity reclassification
|
-
|
-
|
1,779
|
-
|
-
|
1,779
|
-
|
1,779
|
||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (211,328 shares)
|
21
|
-
|
(2,318
|
)
|
-
|
-
|
(2,297
|
)
|
-
|
(2,297
|
)
|
|||||||||||||||||||||
Dividends declared ($0.1525 per share)
|
-
|
-
|
25
|
(22,018
|
)
|
-
|
(21,993
|
)
|
-
|
(21,993
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
3,261
|
-
|
-
|
3,261
|
-
|
3,261
|
||||||||||||||||||||||||
Issuance of convertible notes due 2025
|
-
|
-
|
85,262
|
-
|
-
|
85,262
|
-
|
85,262
|
||||||||||||||||||||||||
Repurchase of convertible debentures due 2040 and due 2042
|
-
|
-
|
(246,573
|
)
|
-
|
-
|
(246,573
|
)
|
-
|
(246,573
|
)
|
|||||||||||||||||||||
Balance at June 30, 2018
|
$
|
13,212
|
$
|
1,210
|
$
|
1,593,942
|
$
|
(217,008
|
)
|
$
|
(7,418
|
)
|
$
|
1,383,938
|
$
|
1,851
|
$
|
1,385,789
|
||||||||||||||
Net earnings
|
-
|
-
|
-
|
77,876
|
-
|
77,876
|
195
|
78,071
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
5,947
|
5,947
|
-
|
5,947
|
||||||||||||||||||||||||
Temporary equity reclassification
|
-
|
-
|
358
|
-
|
-
|
358
|
-
|
358
|
||||||||||||||||||||||||
Dividends declared ($0.0850 per share)
|
-
|
-
|
14
|
(12,272
|
)
|
-
|
(12,258
|
)
|
-
|
(12,258
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
778
|
-
|
-
|
778
|
-
|
778
|
||||||||||||||||||||||||
Balance at September 29, 2018
|
$
|
13,212
|
$
|
1,210
|
$
|
1,595,092
|
$
|
(151,404
|
)
|
$
|
(1,471
|
)
|
$
|
1,456,639
|
$
|
2,046
|
$
|
1,458,685
|
||||||||||||||
Balance at December 31, 2018
|
$
|
13,212
|
$
|
1,210
|
$
|
1,436,011
|
$
|
(61,258
|
)
|
$
|
(6,791
|
)
|
$
|
1,382,384
|
$
|
2,286
|
$
|
1,384,670
|
||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2016-02
|
-
|
-
|
-
|
23,013
|
-
|
23,013
|
-
|
23,013
|
||||||||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
119,936
|
-
|
119,936
|
440
|
120,376
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
475
|
475
|
-
|
475
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(600
|
)
|
(600
|
)
|
||||||||||||||||||||||
Conversion of Class B shares (18 shares)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Temporary equity reclassification
|
-
|
-
|
209
|
-
|
-
|
209
|
-
|
209
|
||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (230,624 shares)
|
23
|
-
|
(2,731
|
)
|
-
|
-
|
(2,708
|
)
|
-
|
(2,708
|
)
|
|||||||||||||||||||||
Dividends declared ($0.1800 per share)
|
-
|
-
|
32
|
(26,032
|
)
|
-
|
(26,000
|
)
|
-
|
(26,000
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
4,426
|
-
|
-
|
4,426
|
-
|
4,426
|
||||||||||||||||||||||||
Repurchase of convertible senior debentures
|
-
|
-
|
(11,783
|
)
|
-
|
-
|
(11,783
|
)
|
-
|
(11,783
|
)
|
|||||||||||||||||||||
Balance at June 29, 2019
|
$
|
13,235
|
$
|
1,210
|
$
|
1,426,164
|
$
|
55,659
|
$
|
(6,316
|
)
|
$
|
1,489,952
|
$
|
2,126
|
$
|
1,492,078
|
|||||||||||||||
Net earnings
|
-
|
-
|
-
|
30,038
|
-
|
30,038
|
227
|
30,265
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
(21,636
|
)
|
(21,636
|
)
|
-
|
(21,636
|
)
|
|||||||||||||||||||||
Dividends declared ($0.0950 per share)
|
-
|
-
|
18
|
(13,741
|
)
|
-
|
(13,723
|
)
|
-
|
(13,723
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
867
|
-
|
-
|
867
|
-
|
867
|
||||||||||||||||||||||||
Balance at September 28, 2019
|
$
|
13,235
|
$
|
1,210
|
$
|
1,427,049
|
$
|
71,956
|
$
|
(27,952
|
)
|
$
|
1,485,498
|
$
|
2,353
|
$
|
1,487,851
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Beginning balance
|
$
|
44,382
|
$
|
38,032
|
$
|
42,663
|
$
|
36,680
|
||||||||
Sales allowances
|
26,403
|
27,986
|
83,517
|
77,539
|
||||||||||||
Credits issued
|
(34,937
|
)
|
(29,293
|
)
|
(90,269
|
)
|
(77,091
|
)
|
||||||||
Foreign currency
|
(449
|
)
|
103
|
(512
|
)
|
(300
|
)
|
|||||||||
Ending balance
|
$
|
35,399
|
$
|
36,828
|
$
|
35,399
|
$
|
36,828
|
|
September 28, 2019
|
January 1, 2019
|
||||||
Right of use assets
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
88,060
|
$
|
86,058
|
||||
Machinery and equipment
|
5,043
|
5,404
|
||||||
Total
|
$
|
93,103
|
$
|
91,462
|
||||
Current lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
14,398
|
$
|
10,644
|
||||
Machinery and equipment
|
2,534
|
3,317
|
||||||
Total
|
$
|
16,932
|
$
|
13,961
|
||||
Long-term lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
78,519
|
$
|
79,000
|
||||
Machinery and equipment
|
2,479
|
2,823
|
||||||
Total
|
$
|
80,998
|
$
|
81,823
|
||||
Total lease liabilities
|
$
|
97,930
|
$
|
95,784
|
|
Fiscal quarter
ended
September 28, 2019
|
Nine fiscal months
ended
September 28, 2019
|
||||||
Lease expense
|
||||||||
Operating lease expense
|
$
|
5,557
|
$
|
16,720
|
||||
Short-term lease expense
|
361
|
2,013
|
||||||
Variable lease expense
|
9
|
30
|
||||||
Total lease expense
|
$
|
5,927
|
$
|
18,763
|
|
September 28, 2019
|
|||
2019 (excluding the nine fiscal months ended September 28, 2019)
|
$
|
5,504
|
||
2020
|
19,629
|
|||
2021
|
16,949
|
|||
2022
|
13,633
|
|||
2023
|
12,463
|
|||
Thereafter
|
61,261
|
|
September 28, 2019
|
December 31, 2018
|
||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025
|
505,591
|
495,203
|
||||||
Convertible senior debentures, due 2040
|
146
|
539
|
||||||
Convertible senior debentures, due 2041
|
8,175
|
12,812
|
||||||
Convertible senior debentures, due 2042
|
-
|
923
|
||||||
Deferred financing costs
|
(17,650
|
)
|
(14,968
|
)
|
||||
496,262
|
494,509
|
|||||||
Less current portion
|
-
|
-
|
||||||
$
|
496,262
|
$
|
494,509
|
|
Convertible
Senior Notes
Due 2025
|
Convertible
Senior
Debentures
Due 2040
|
Convertible
Senior
Debentures
Due 2041
|
|||||||||
Issuance date
|
June 12, 2018
|
November 9, 2010
|
May 13, 2011
|
|||||||||
Maturity date
|
June 15, 2025
|
November 15, 2040
|
May 15, 2041
|
|||||||||
Principal amount as of September 28, 2019
|
$
|
600,000
|
$
|
350
|
$
|
20,790
|
||||||
Cash coupon rate (per annum)
|
2.25
|
%
|
2.25
|
%
|
2.25
|
%
|
||||||
Nonconvertible debt borrowing rate at issuance (per annum)
|
5.50
|
%
|
8.00
|
%
|
8.375
|
%
|
||||||
Conversion rate effective September 11, 2019 (per $1 principal amount)
|
31.7924
|
79.6235
|
58.1051
|
|||||||||
Effective conversion price effective September 11, 2019 (per share)
|
$
|
31.45
|
$
|
12.56
|
$
|
17.21
|
||||||
130% of the conversion price (per share)
|
$
|
40.89
|
$
|
16.33
|
$
|
22.37
|
||||||
Call date
|
n/a
|
November 20, 2020
|
May 20, 2021
|
|
Principal
amount of the
debt
instruments
|
Unamortized
discount
|
Embedded
derivative
|
Carrying
value of
liability
component
|
Equity
component
(including
temporary
equity) -net
carrying value
|
|||||||||||||||
September 28, 2019
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
600,000
|
(94,409
|
)
|
-
|
$
|
505,591
|
$
|
85,262
|
|||||||||||
Convertible senior debentures due 2040 and due 2041
|
$
|
21,140
|
(12,829
|
)
|
10
|
$
|
8,321
|
$
|
8,767
|
|||||||||||
Total
|
$
|
621,140
|
$
|
(107,238
|
)
|
$
|
10
|
$
|
513,912
|
$
|
94,029
|
|||||||||
December 31, 2018
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
600,000
|
(104,797
|
)
|
-
|
$
|
495,203
|
$
|
85,262
|
|||||||||||
Convertible senior debentures due 2040, due 2041, and due 2042
|
$
|
36,556
|
(22,352
|
)
|
70
|
$
|
14,274
|
$
|
15,092
|
|||||||||||
Total
|
$
|
636,556
|
$
|
(127,149
|
)
|
$
|
70
|
$
|
509,477
|
$
|
100,354
|
|
Contractual
coupon
interest
|
Non-cash
amortization
of debt
discount
|
Non-cash
amortization
of deferred
financing
costs
|
Non-cash
change in
value of
derivative
liability
|
Total interest
expense
related to the
debt
instruments
|
|||||||||||||||
September 28, 2019
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
3,375
|
3,520
|
454
|
-
|
$
|
7,349
|
|||||||||||||
Convertible senior debentures
|
$
|
118
|
53
|
2
|
(10
|
)
|
$
|
163
|
||||||||||||
Total
|
$
|
3,493
|
$
|
3,573
|
$
|
456
|
$
|
(10
|
)
|
$
|
7,512
|
|||||||||
September 29, 2018
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
3,375
|
3,334
|
454
|
-
|
$
|
7,163
|
|||||||||||||
Convertible senior debentures
|
$
|
1,609
|
668
|
23
|
110
|
$
|
2,410
|
|||||||||||||
Total
|
$
|
4,984
|
$
|
4,002
|
$
|
477
|
$
|
110
|
$
|
9,573
|
|
Contractual
coupon
interest
|
Non-cash
amortization
of debt
discount
|
Non-cash
amortization
of deferred
financing
costs
|
Non-cash
change in
value of derivative
liability
|
Total interest
expense related to the
debt
instruments
|
|||||||||||||||
September 28, 2019
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
10,125
|
10,388
|
1,362
|
-
|
$
|
21,875
|
|||||||||||||
Convertible senior debentures
|
$
|
385
|
170
|
6
|
(32
|
)
|
$
|
529
|
||||||||||||
Total
|
$
|
10,510
|
$
|
10,558
|
$
|
1,368
|
$
|
(32
|
)
|
$
|
22,404
|
|||||||||
September 29, 2018
|
||||||||||||||||||||
Convertible senior notes due 2025
|
$
|
4,088
|
3,890
|
605
|
-
|
$
|
8,583
|
|||||||||||||
Convertible senior debentures
|
$
|
7,536
|
3,076
|
109
|
115
|
$
|
10,836
|
|||||||||||||
Total
|
$
|
11,624
|
$
|
6,966
|
$
|
714
|
$
|
115
|
$
|
19,419
|
|
Pension and
other post-
retirement
actuarial
items
|
Currency
translation
adjustment
|
Total
|
|||||||||
Balance at January 1, 2019
|
$
|
(58,291
|
)
|
$
|
51,500
|
$
|
(6,791
|
)
|
||||
Other comprehensive income before reclassifications
|
-
|
(25,609
|
)
|
$
|
(25,609
|
)
|
||||||
Tax effect
|
-
|
-
|
$
|
-
|
||||||||
Other comprehensive income before reclassifications, net of tax
|
-
|
(25,609
|
)
|
$
|
(25,609
|
)
|
||||||
Amounts reclassified out of AOCI
|
6,136
|
-
|
$
|
6,136
|
||||||||
Tax effect
|
(1,688
|
)
|
-
|
$
|
(1,688
|
)
|
||||||
Amounts reclassified out of AOCI, net of tax
|
4,448
|
-
|
$
|
4,448
|
||||||||
Net other comprehensive income
|
$
|
4,448
|
$
|
(25,609
|
)
|
$
|
(21,161
|
)
|
||||
Balance at September 28, 2019
|
$
|
(53,843
|
)
|
$
|
25,891
|
$
|
(27,952
|
)
|
|
Fiscal quarter ended
September 28, 2019
|
Fiscal quarter ended
September 29, 2018
|
||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
841
|
$
|
-
|
$
|
900
|
||||||||
Interest cost
|
424
|
1,271
|
371
|
1,175
|
||||||||||||
Expected return on plan assets
|
-
|
(483
|
)
|
-
|
(463
|
)
|
||||||||||
Amortization of prior service cost
|
36
|
49
|
36
|
52
|
||||||||||||
Amortization of losses
|
118
|
1,332
|
159
|
1,520
|
||||||||||||
Curtailment and settlement losses
|
-
|
499
|
-
|
441
|
||||||||||||
Net periodic benefit cost
|
$
|
578
|
$
|
3,509
|
$
|
566
|
$
|
3,625
|
|
Nine fiscal months ended
September 28, 2019
|
Nine fiscal months ended
September 29, 2018
|
||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
2,538
|
$
|
-
|
$
|
2,775
|
||||||||
Interest cost
|
1,272
|
3,843
|
1,113
|
3,628
|
||||||||||||
Expected return on plan assets
|
-
|
(1,462
|
)
|
-
|
(1,430
|
)
|
||||||||||
Amortization of prior service cost
|
108
|
150
|
108
|
161
|
||||||||||||
Amortization of losses
|
354
|
4,035
|
477
|
4,690
|
||||||||||||
Curtailment and settlement losses
|
-
|
1,504
|
-
|
1,358
|
||||||||||||
Net periodic benefit cost
|
$
|
1,734
|
$
|
10,608
|
$
|
1,698
|
$
|
11,182
|
|
Fiscal quarter ended
September 28, 2019
|
Fiscal quarter ended
September 29, 2018
|
||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
36
|
$
|
71
|
$
|
35
|
$
|
71
|
||||||||
Interest cost
|
77
|
30
|
69
|
28
|
||||||||||||
Amortization of prior service (credit)
|
-
|
-
|
(37
|
)
|
-
|
|||||||||||
Amortization of losses (gains)
|
(32
|
)
|
27
|
(10
|
)
|
26
|
||||||||||
Net periodic benefit cost
|
$
|
81
|
$
|
128
|
$
|
57
|
$
|
125
|
|
Nine fiscal months ended
September 28, 2019
|
Nine fiscal months ended
September 29, 2018
|
||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
106
|
$
|
215
|
$
|
103
|
$
|
219
|
||||||||
Interest cost
|
232
|
90
|
205
|
86
|
||||||||||||
Amortization of prior service (credit)
|
-
|
-
|
(111
|
)
|
-
|
|||||||||||
Amortization of losses (gains)
|
(96
|
)
|
81
|
(29
|
)
|
80
|
||||||||||
Net periodic benefit cost
|
$
|
242
|
$
|
386
|
$
|
168
|
$
|
385
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Restricted stock units
|
$
|
867
|
$
|
778
|
$
|
5,116
|
3,825
|
|||||||||
Phantom stock units
|
-
|
-
|
177
|
214
|
||||||||||||
Total
|
$
|
867
|
$
|
778
|
$
|
5,293
|
4,039
|
|
Unrecognized
Compensation
Cost
|
Weighted
Average
Remaining
Amortization
Periods
|
||||||
Restricted stock units
|
$
|
3,912
|
0.9
|
|||||
Phantom stock units
|
-
|
0.0
|
||||||
Total
|
$
|
3,912
|
|
Number of
RSUs
|
Weighted
Average
Grant-date
Fair Value per
Unit
|
||||||
Outstanding:
|
||||||||
January 1, 2019
|
904
|
$
|
14.77
|
|||||
Granted
|
314
|
19.85
|
||||||
Vested*
|
(361
|
)
|
11.70
|
|||||
Cancelled or forfeited
|
(15
|
)
|
17.71
|
|||||
Outstanding at September 28, 2019
|
842
|
$
|
17.93
|
|||||
Expected to vest at September 28, 2019
|
842
|
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
|
3
|
|||||||
Outstanding at September 28, 2019
|
183
|
●
|
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 September 28, 2019:
|
||||||||||||||||||||||||
Net revenues
|
$
|
126,747
|
$
|
123,879
|
$
|
50,702
|
$
|
228,577
|
$
|
98,424
|
$
|
628,329
|
||||||||||||
Gross profit
|
$
|
30,491
|
$
|
21,138
|
$
|
10,883
|
$
|
65,894
|
$
|
21,673
|
$
|
150,079
|
||||||||||||
Segment operating income
|
$
|
21,018
|
$
|
16,420
|
$
|
6,923
|
$
|
57,697
|
$
|
16,675
|
$
|
118,733
|
||||||||||||
Fiscal quarter ended September 29, 2018:
|
||||||||||||||||||||||||
Net revenues
|
$
|
144,260
|
$
|
186,492
|
$
|
76,443
|
$
|
257,330
|
$
|
116,447
|
$
|
780,972
|
||||||||||||
Gross profit
|
$
|
38,991
|
$
|
54,690
|
$
|
27,653
|
$
|
88,213
|
$
|
26,749
|
$
|
236,296
|
||||||||||||
Segment operating income
|
$
|
29,502
|
$
|
49,561
|
$
|
23,144
|
$
|
80,042
|
$
|
21,655
|
$
|
203,904
|
Nine fiscal months ended September 28, 2019:
|
||||||||||||||||||||||||
Net revenues
|
$
|
392,930
|
$
|
433,761
|
$
|
171,939
|
$
|
731,431
|
$
|
328,667
|
$
|
2,058,728
|
||||||||||||
Gross Profit
|
$
|
98,483
|
$
|
93,487
|
$
|
43,131
|
$
|
223,178
|
$
|
77,560
|
$
|
535,839
|
||||||||||||
Segment Operating Income
|
$
|
70,237
|
$
|
78,558
|
$
|
30,655
|
$
|
198,127
|
$
|
62,402
|
$
|
439,979
|
||||||||||||
Nine fiscal months ended September 29, 2018:
|
||||||||||||||||||||||||
Net revenues
|
$
|
408,325
|
$
|
535,975
|
$
|
224,110
|
$
|
755,323
|
$
|
335,064
|
$
|
2,258,797
|
||||||||||||
Gross Profit
|
$
|
109,440
|
$
|
150,298
|
$
|
81,290
|
$
|
251,712
|
$
|
76,094
|
$
|
668,834
|
||||||||||||
Segment Operating Income
|
$
|
80,577
|
$
|
134,592
|
$
|
68,103
|
$
|
226,292
|
$
|
60,258
|
$
|
569,822
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
118,733
|
$
|
203,904
|
$
|
439,979
|
$
|
569,822
|
||||||||
Restructuring and severance costs
|
(7,255
|
)
|
-
|
(7,255
|
)
|
-
|
||||||||||
Unallocated Selling, General, and Administrative Expenses
|
(60,450
|
)
|
(65,806
|
)
|
(194,472
|
)
|
(204,369
|
)
|
||||||||
Consolidated Operating Income
|
$
|
51,028
|
$
|
138,098
|
$
|
238,252
|
$
|
365,453
|
||||||||
Unallocated Other Income (Expense)
|
(6,846
|
)
|
(11,290
|
)
|
(23,234
|
)
|
(49,067
|
)
|
||||||||
Consolidated Income Before Taxes
|
$
|
44,182
|
$
|
126,808
|
$
|
215,018
|
$
|
316,386
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Distributors
|
$
|
317,385
|
$
|
452,051
|
$
|
1,097,365
|
$
|
1,302,127
|
||||||||
OEMs
|
263,983
|
276,299
|
815,645
|
803,128
|
||||||||||||
EMS companies
|
46,961
|
52,622
|
145,718
|
153,542
|
||||||||||||
Total Revenue
|
$
|
628,329
|
$
|
780,972
|
$
|
2,058,728
|
$
|
2,258,797
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Asia
|
$
|
231,999
|
$
|
315,701
|
$
|
737,918
|
$
|
904,047
|
||||||||
Europe
|
231,677
|
269,518
|
765,318
|
809,501
|
||||||||||||
Americas
|
164,653
|
195,753
|
555,492
|
545,249
|
||||||||||||
Total Revenue
|
$
|
628,329
|
$
|
780,972
|
$
|
2,058,728
|
$
|
2,258,797
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Industrial
|
$
|
205,670
|
$
|
283,134
|
$
|
738,043
|
$
|
858,963
|
||||||||
Automotive
|
212,222
|
224,041
|
627,588
|
642,293
|
||||||||||||
Telecommunications
|
34,409
|
51,935
|
132,251
|
144,326
|
||||||||||||
Computing
|
47,923
|
62,774
|
143,675
|
163,862
|
||||||||||||
Consumer Products
|
23,401
|
48,583
|
87,936
|
126,781
|
||||||||||||
Power Supplies
|
31,103
|
34,899
|
90,704
|
110,468
|
||||||||||||
Military and Aerospace
|
41,872
|
41,881
|
137,281
|
117,355
|
||||||||||||
Medical
|
31,729
|
33,725
|
101,250
|
94,749
|
||||||||||||
Total revenue
|
$
|
628,329
|
$
|
780,972
|
2,058,728
|
2,258,797
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net earnings attributable to Vishay stockholders
|
$
|
30,038
|
$
|
77,876
|
$
|
149,974
|
$
|
243,339
|
||||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share:
|
||||||||||||||||
Weighted average shares
|
144,446
|
144,215
|
144,421
|
144,197
|
||||||||||||
Outstanding phantom stock units
|
182
|
168
|
181
|
167
|
||||||||||||
Adjusted weighted average shares
|
144,628
|
144,383
|
144,602
|
144,364
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Convertible and exchangeable debt instruments
|
6
|
8,062
|
89
|
11,827
|
||||||||||||
Restricted stock units
|
393
|
501
|
423
|
511
|
||||||||||||
Dilutive potential common shares
|
399
|
8,563
|
512
|
12,338
|
||||||||||||
Denominator for diluted earnings per share:
|
||||||||||||||||
Adjusted weighted average shares - diluted
|
145,027
|
152,946
|
145,114
|
156,702
|
||||||||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.21
|
$
|
0.54
|
$
|
1.04
|
$
|
1.69
|
||||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.21
|
$
|
0.51
|
$
|
1.03
|
$
|
1.55
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||
September 28, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||
Convertible debt instruments:
|
|||||||
Convertible Senior Notes, due 2025
|
19,066
|
19,052
|
19,058
|
7,607
|
|||
Convertible Senior Debentures, due 2041
|
1,204
|
-
|
401
|
-
|
|||
Weighted average other
|
315
|
307
|
315
|
307
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
September 28, 2019
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
51,065
|
$
|
34,217
|
$
|
16,848
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
4,328
|
4,328
|
-
|
-
|
|||||||||||
$
|
55,393
|
$
|
38,545
|
$
|
16,848
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(10
|
)
|
-
|
-
|
(10
|
)
|
|||||||||
$
|
(10
|
)
|
$
|
-
|
$
|
-
|
$
|
(10
|
)
|
|||||||
December 31, 2018
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
41,770
|
$
|
26,278
|
15,492
|
$
|
-
|
|||||||||
Available for sale securities
|
$
|
4,309
|
4,309
|
-
|
-
|
|||||||||||
$
|
46,079
|
$
|
30,587
|
$
|
15,492
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(1
|
)
|
$
|
-
|
$
|
-
|
$
|
(1
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(67
|
)
|
-
|
-
|
(67
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(2
|
)
|
-
|
-
|
(2
|
)
|
|||||||||
$
|
(70
|
)
|
$
|
-
|
$
|
-
|
$
|
(70
|
)
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
30,038
|
$
|
44,477
|
$
|
77,876
|
$
|
149,974
|
$
|
243,339
|
||||||||||
Reconciling items affecting operating margin:
|
||||||||||||||||||||
Restructuring and severance costs
|
7,255
|
-
|
-
|
7,255
|
-
|
|||||||||||||||
Reconciling items affecting other income (expense):
|
||||||||||||||||||||
Loss on early extinguishment of debt
|
-
|
-
|
-
|
1,307
|
17,309
|
|||||||||||||||
Reconciling items affecting tax expense:
|
||||||||||||||||||||
Effects of tax-basis foreign exchange gain
|
$
|
-
|
$
|
7,554
|
$
|
-
|
$
|
7,554
|
$
|
-
|
||||||||||
Enactment of TCJA
|
-
|
-
|
13,496
|
-
|
25,496
|
|||||||||||||||
Effects of cash repatriation program
|
2,604
|
(48
|
)
|
680
|
1,971
|
(7,010
|
)
|
|||||||||||||
Change in deferred taxes due to early extinguishment of debt
|
-
|
-
|
-
|
(1,312
|
)
|
(33,963
|
)
|
|||||||||||||
Tax effects of pre-tax items above
|
(1,644
|
)
|
-
|
-
|
(1,934
|
)
|
(3,784
|
)
|
||||||||||||
Adjusted net earnings
|
$
|
38,253
|
$
|
51,983
|
$
|
92,052
|
$
|
164,815
|
$
|
241,387
|
||||||||||
Adjusted weighted average diluted shares outstanding
|
145,027
|
145,023
|
152,946
|
145,114
|
156,702
|
|||||||||||||||
Adjusted earnings per diluted share
|
$
|
0.26
|
$
|
0.36
|
$
|
0.60
|
$
|
1.14
|
$
|
1.54
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net cash provided by continuing operating activities
|
$
|
76,202
|
$
|
56,301
|
$
|
70,721
|
$
|
212,021
|
$
|
108,891
|
||||||||||
Proceeds from sale of property and equipment
|
22
|
69
|
77
|
486
|
8,455
|
|||||||||||||||
Less: Capital expenditures
|
(30,119
|
)
|
(33,781
|
)
|
(49,745
|
)
|
(100,267
|
)
|
(126,391
|
)
|
||||||||||
Free cash
|
$
|
46,105
|
$
|
22,589
|
$
|
21,053
|
$
|
112,240
|
$
|
(9,045
|
)
|
3rd Quarter 2018
|
4th Quarter 2018
|
1st Quarter 2019
|
2nd Quarter 2019
|
3rd Quarter 2019
|
||||||||||||||||
Net revenues
|
$
|
780,972
|
$
|
775,892
|
$
|
745,159
|
$
|
685,240
|
$
|
628,329
|
||||||||||
Gross profit margin
|
30.3
|
%
|
28.3
|
%
|
28.3
|
%
|
25.5
|
%
|
23.9
|
%
|
||||||||||
Operating margin
|
17.7
|
%
|
15.4
|
%
|
14.5
|
%
|
11.6
|
%
|
8.1
|
%
|
||||||||||
End-of-period backlog
|
$
|
1,559,700
|
$
|
1,497,100
|
$
|
1,331,800
|
$
|
1,126,700
|
$
|
935,400
|
||||||||||
Book-to-bill ratio
|
0.95
|
0.94
|
0.79
|
0.69
|
0.72
|
|||||||||||||||
Inventory turnover
|
4.4
|
4.5
|
4.3
|
4.3
|
4.1
|
|||||||||||||||
Change in ASP vs. prior quarter
|
0.6
|
%
|
0.7
|
%
|
(0.4
|
)%
|
(0.9
|
)%
|
(1.1
|
)%
|
3rd Quarter 2018
|
4th Quarter 2018
|
1st Quarter 2019
|
2nd Quarter 2019
|
3rd Quarter 2019
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
144,260
|
$
|
139,318
|
$
|
137,341
|
$
|
128,842
|
$
|
126,747
|
||||||||||
Book-to-bill ratio
|
0.88
|
1.08
|
0.84
|
0.54
|
0.54
|
|||||||||||||||
Gross profit margin
|
27.0
|
%
|
26.2
|
%
|
26.3
|
%
|
24.8
|
%
|
24.1
|
%
|
||||||||||
Segment operating margin
|
20.5
|
%
|
18.9
|
%
|
19.4
|
%
|
17.5
|
%
|
16.6
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
186,492
|
$
|
176,961
|
$
|
167,840
|
$
|
142,042
|
$
|
123,879
|
||||||||||
Book-to-bill ratio
|
0.86
|
0.83
|
0.63
|
0.52
|
0.57
|
|||||||||||||||
Gross profit margin
|
29.3
|
%
|
26.2
|
%
|
25.9
|
%
|
20.3
|
%
|
17.1
|
%
|
||||||||||
Segment operating margin
|
26.6
|
%
|
23.3
|
%
|
22.7
|
%
|
16.9
|
%
|
13.3
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
76,443
|
$
|
65,617
|
$
|
60,562
|
$
|
60,675
|
$
|
50,702
|
||||||||||
Book-to-bill ratio
|
0.88
|
0.75
|
0.83
|
0.70
|
0.86
|
|||||||||||||||
Gross profit margin
|
36.2
|
%
|
28.8
|
%
|
26.4
|
%
|
26.8
|
%
|
21.5
|
%
|
||||||||||
Segment operating margin
|
30.3
|
%
|
22.2
|
%
|
19.3
|
%
|
19.8
|
%
|
13.7
|
%
|
||||||||||
Resistors & Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
257,330
|
$
|
262,963
|
$
|
260,471
|
$
|
242,383
|
$
|
228,577
|
||||||||||
Book-to-bill ratio
|
1.02
|
0.94
|
0.92
|
0.88
|
0.86
|
|||||||||||||||
Gross profit margin
|
34.3
|
%
|
32.5
|
%
|
33.0
|
%
|
29.5
|
%
|
28.8
|
%
|
||||||||||
Segment operating margin
|
31.1
|
%
|
29.4
|
%
|
29.6
|
%
|
26.2
|
%
|
25.2
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
116,447
|
$
|
131,033
|
$
|
118,945
|
$
|
111,298
|
$
|
98,424
|
||||||||||
Book-to-bill ratio
|
1.03
|
1.02
|
0.67
|
0.68
|
0.76
|
|||||||||||||||
Gross profit margin
|
23.0
|
%
|
24.7
|
%
|
25.0
|
%
|
23.5
|
%
|
22.0
|
%
|
||||||||||
Segment operating margin
|
18.6
|
%
|
20.4
|
%
|
20.7
|
%
|
19.0
|
%
|
16.9
|
%
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Cost of products sold
|
76.1
|
%
|
74.5
|
%
|
69.7
|
%
|
74.0
|
%
|
70.4
|
%
|
||||||||||
Gross profit
|
23.9
|
%
|
25.5
|
%
|
30.3
|
%
|
26.0
|
%
|
29.6
|
%
|
||||||||||
Selling, general & administrative expenses
|
14.6
|
%
|
13.9
|
%
|
12.6
|
%
|
14.1
|
%
|
13.4
|
%
|
||||||||||
Operating income
|
8.1
|
%
|
11.6
|
%
|
17.7
|
%
|
11.6
|
%
|
16.2
|
%
|
||||||||||
Income before taxes and noncontrolling interest
|
7.0
|
%
|
10.3
|
%
|
16.2
|
%
|
10.4
|
%
|
14.0
|
%
|
||||||||||
Net earnings attributable to Vishay stockholders
|
4.8
|
%
|
6.5
|
%
|
10.0
|
%
|
7.3
|
%
|
10.8
|
%
|
||||||||||
________
|
||||||||||||||||||||
Effective tax rate
|
31.5
|
%
|
36.9
|
%
|
38.4
|
%
|
29.9
|
%
|
22.9
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net revenues
|
$
|
628,329
|
$
|
685,240
|
$
|
780,972
|
$
|
2,058,728
|
$
|
2,258,797
|
Fiscal quarter ended
September 28, 2019
|
Nine fiscal months ended
September 28, 2019
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
June 29, 2019
|
$
|
(56,911
|
)
|
-8.3
|
%
|
|||||||||||
September 29, 2018
|
$
|
(152,643
|
)
|
-19.5
|
%
|
$
|
(200,069
|
)
|
-8.9
|
%
|
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||
Change attributable to:
|
|||||
Decrease in volume
|
-7.1%
|
-17.4%
|
-6.8%
|
||
Decrease in average selling prices
|
-1.1%
|
-1.9%
|
-0.5%
|
||
Foreign currency effects
|
-0.2%
|
-1.1%
|
-1.9%
|
||
Acquisitions
|
0.0%
|
0.0%
|
0.2%
|
||
Other
|
0.1%
|
0.9%
|
0.1%
|
||
Net change
|
-8.3%
|
-19.5%
|
-8.9%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net revenues
|
$
|
126,747
|
$
|
128,842
|
$
|
144,260
|
$
|
392,930
|
$
|
408,325
|
||||||||||
Gross profit margin
|
24.1
|
%
|
24.8
|
%
|
27.0
|
%
|
25.1
|
%
|
26.8
|
%
|
Fiscal quarter ended
September 28, 2019
|
Nine fiscal months ended
September 28, 2019
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
June 29, 2019
|
$
|
(2,095
|
)
|
-1.6
|
%
|
|||||||||||
September 29, 2018
|
$
|
(17,513
|
)
|
-12.1
|
%
|
$
|
(15,395
|
)
|
-3.8
|
%
|
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to Date
|
||
Change attributable to:
|
|||||
Decrease in volume
|
-0.1%
|
-8.4%
|
-0.7%
|
||
Decrease in average selling prices
|
-1.5%
|
-3.9%
|
-2.4%
|
||
Foreign currency effects
|
-0.2%
|
-0.6%
|
-1.0%
|
||
Other
|
0.2%
|
0.8%
|
0.3%
|
||
Net change
|
-1.6%
|
-12.1%
|
-3.8%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net revenues
|
$
|
123,879
|
$
|
142,042
|
$
|
186,492
|
$
|
433,761
|
$
|
535,975
|
||||||||||
Gross profit margin
|
17.1
|
%
|
20.3
|
%
|
29.3
|
%
|
21.6
|
%
|
28.0
|
%
|
Fiscal quarter ended
September 28, 2019
|
Nine fiscal months ended
September 28, 2019
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
June 29, 2019
|
$
|
(18,163
|
)
|
-12.8
|
%
|
|||||||||||
September 29, 2018
|
$
|
(62,613
|
)
|
-33.6
|
%
|
$
|
(102,214
|
)
|
-19.1
|
%
|
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||
Change attributable to:
|
|||||
Decrease in volume
|
-10.5%
|
-31.2%
|
-17.7%
|
||
Decrease in average selling prices
|
-2.6%
|
-3.9%
|
-0.4%
|
||
Foreign currency effects
|
-0.2%
|
-0.7%
|
-1.3%
|
||
Other
|
0.5%
|
2.2%
|
0.3%
|
||
Net change
|
-12.8%
|
-33.6%
|
-19.1%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net revenues
|
$
|
50,702
|
$
|
60,675
|
$
|
76,443
|
$
|
171,939
|
$
|
224,110
|
||||||||||
Gross profit margin
|
21.5
|
%
|
26.8
|
%
|
36.2
|
%
|
25.1
|
%
|
36.3
|
%
|
Fiscal quarter ended
September 28, 2019
|
Nine fiscal months ended
September 28, 2019
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
June 29, 2019
|
$
|
(9,973
|
)
|
-16.4
|
%
|
|||||||||||
September 29, 2018
|
$
|
(25,741
|
)
|
-33.7
|
%
|
$
|
(52,171
|
)
|
-23.3
|
%
|
|
vs. Prior
Quarter
|
vs. Prior
Year Quarter
|
vs. Prior
Year-to-Date
|
||
Change attributable to:
|
|||||
Decrease in volume
|
-13.5%
|
-29.5%
|
-19.4%
|
||
Decrease in average selling prices
|
-2.7%
|
-6.0%
|
-3.5%
|
||
Foreign currency effects
|
-0.3%
|
-1.0%
|
-1.9%
|
||
Other
|
0.1%
|
2.8%
|
1.5%
|
||
Net change
|
-16.4%
|
-33.7%
|
-23.3%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net revenues
|
$
|
228,577
|
$
|
242,383
|
$
|
257,330
|
$
|
731,431
|
$
|
755,323
|
||||||||||
Gross profit margin
|
28.8
|
%
|
29.5
|
%
|
34.3
|
%
|
30.5
|
%
|
33.3
|
%
|
Fiscal quarter ended
September 28, 2019
|
Nine fiscal months ended
September 28, 2019
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
June 29, 2019
|
$
|
(13,806
|
)
|
-5.7
|
%
|
|||||||||||
September 29, 2018
|
$
|
(28,753
|
)
|
-11.2
|
%
|
$
|
(23,892
|
)
|
-3.2
|
%
|
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||
Change attributable to:
|
|||||
Decrease in volume
|
-5.7%
|
-8.7%
|
-1.5%
|
||
Decrease in average selling prices
|
-0.3%
|
-0.5%
|
-0.1%
|
||
Foreign currency effects
|
-0.3%
|
-1.4%
|
-2.3%
|
||
Acquisitions
|
0.0%
|
0.0%
|
0.5%
|
||
Other
|
0.6%
|
-0.6%
|
0.2%
|
||
Net change
|
-5.7%
|
-11.2%
|
-3.2%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Net revenues
|
$
|
98,424
|
$
|
111,298
|
$
|
116,447
|
$
|
328,667
|
$
|
335,064
|
||||||||||
Gross profit margin
|
22.0
|
%
|
23.5
|
%
|
23.0
|
%
|
23.6
|
%
|
22.7
|
%
|
Fiscal quarter ended
September 28, 2019
|
Nine fiscal months ended
September 28, 2019
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
June 29, 2019
|
$
|
(12,874
|
)
|
-11.6
|
%
|
|||||||||||
September 29, 2018
|
$
|
(18,023
|
)
|
-15.5
|
%
|
$
|
(6,397
|
)
|
-1.9
|
%
|
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||
Change attributable to:
|
|||||
Decrease in volume
|
-12.0%
|
-16.1%
|
-1.1%
|
||
Increase in average selling prices
|
0.6%
|
2.8%
|
2.3%
|
||
Foreign currency effects
|
-0.4%
|
-1.6%
|
-2.8%
|
||
Other
|
0.2%
|
-0.6%
|
-0.3%
|
||
Net change
|
-11.6%
|
-15.5%
|
-1.9%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Total SG&A expenses
|
$
|
91,796
|
$
|
95,112
|
$
|
98,198
|
$
|
290,332
|
$
|
303,381
|
||||||||||
as a percentage of revenues
|
14.6
|
%
|
13.9
|
%
|
12.6
|
%
|
14.1
|
%
|
13.4
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 28, 2019
|
June 29, 2019
|
September 29, 2018
|
September 28, 2019
|
September 29, 2018
|
||||||||||||||||
Amortization of intangible assets
|
$
|
2,112
|
$
|
2,115
|
$
|
3,240
|
$
|
6,366
|
$
|
9,665
|
||||||||||
Net loss (gain) on sales of assets
|
(6
|
)
|
11
|
26
|
(168
|
)
|
(2,216
|
)
|
Fiscal quarters ended
|
||||||||||||
September 28, 2019
|
September 29, 2018
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,113
|
$
|
(254
|
)
|
$
|
1,367
|
|||||
Interest income
|
2,365
|
3,504
|
(1,139
|
)
|
||||||||
Investment income (expense)
|
1,556
|
(37
|
)
|
1,593
|
||||||||
Other
|
32
|
(323
|
)
|
355
|
||||||||
$
|
5,066
|
$
|
2,890
|
$
|
2,176
|
Fiscal quarters ended
|
||||||||||||
September 28, 2019
|
June 29, 2019
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,113
|
$
|
(481
|
)
|
$
|
1,594
|
|||||
Interest income
|
2,365
|
2,147
|
218
|
|||||||||
Investment income (expense)
|
1,556
|
1,399
|
157
|
|||||||||
Other
|
32
|
(95
|
)
|
127
|
||||||||
$
|
5,066
|
$
|
2,970
|
$
|
2,096
|
Nine fiscal months ended
|
||||||||||||
September 28, 2019
|
September 29, 2018
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
162
|
$
|
(997
|
)
|
$
|
1,159
|
|||||
Interest income
|
6,711
|
8,302
|
(1,591
|
)
|
||||||||
Investment income (expense)
|
6,545
|
(1,491
|
)
|
8,036
|
||||||||
Other
|
(74
|
)
|
(374
|
)
|
300
|
|||||||
$
|
13,344
|
$
|
5,440
|
$
|
7,904
|
September 28, 2019
|
December 31, 2018
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025*
|
505,591
|
495,203
|
||||||
Convertible senior debentures, due 2040*
|
146
|
539
|
||||||
Convertible senior debentures, due 2041*
|
8,175
|
12,812
|
||||||
Convertible senior debentures, due 2042*
|
-
|
923
|
||||||
Deferred financing costs
|
(17,650
|
)
|
(14,968
|
)
|
||||
Total debt
|
496,262
|
494,509
|
||||||
Cash and cash equivalents
|
731,483
|
686,032
|
||||||
Short-term investments
|
56,043
|
78,286
|
||||||
Net cash and short-term investments (debt)
|
$
|
291,264
|
$
|
269,809
|
Fiscal Period
|
Amount
|
Month of Payment
|
|||
Three fiscal months ended March 30, 2019
|
$
|
12,277
|
March
|
||
Three fiscal months ended June 29, 2019
|
13,723
|
June
|
|||
Three fiscal months ended September 28, 2019
|
13,723
|
September
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended September 29, 2019, furnished in iXBRL (Inline eXtensible Business Reporting Language)).
|
104
|
Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language and contained in Exhibit 101)
|
|
VISHAY INTERTECHNOLOGY, INC.
|
|
/s/ Lori Lipcaman
|
||
Lori Lipcaman
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial and
|
||
accounting officer)
|
(a)
|
it has taken all necessary corporate or other organizational action to authorize the execution, delivery
and performance of this Amendment;
|
(b)
|
this Amendment has been duly executed and delivered by such Loan Party and constitutes a legal, valid and
binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and to
general principles of equity, regardless of whether considered in a proceeding in equity or at law;
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(c)
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no consent, license, permit, approval, or authorization of, exemption by, notice or report to, or
registration, filing, or declaration with, any Person (including, without limitation, any member or creditor of the Borrower or the Guarantor or any governmental entity, agency, or authority) is required to be obtained by such Loan Party in
connection with: (A) the execution, delivery, or performance by such Loan Party of this Amendment or (B) the validity or enforceability against such Loan Party of this Amendment; and
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(d)
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the execution, delivery and performance by such Loan Party of this Amendment does not (i) contravene the
terms of its respective articles of organization and operating agreement or (ii) violate any material law.
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BORROWER:
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VISHAY INTERTECHNOLOGY, INC.
By: /s/ David E. McConnell
Name: David E. McConnell
Title: Senior Vice President and Corporate Treasurer
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LOAN PARTIES:
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VISHAY GSI, INC.
SILICONIX INCORPORATED
VISHAY BCCOMPONENTS HOLDINGS LTD.
VISHAY SPRAGUE, INC.
VISHAY AMERICAS, INC.
VISHAY HIREL SYSTEMS LLC
VISHAY SILICONIX, LLC
By: /s/ David E. McConnell
Name: David E. McConnell
Title: Treasurer
VISHAY DALE ELECTRONICS, LLC
By: /s/ David E. McConnell
Name: David E. McConnell
Title: Manager
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ADMINISTRATIVE AGENT:
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JPMORGAN CHASE BANK, N.A.
By: /s/ Daglas Panchal
Name: Daglas Panchal
Title: Executive Director
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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.
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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):
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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.
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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):
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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