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
|
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||
(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification Number)
|
|
|
|
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(Address of Principal Executive Offices)
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(Registrant’s Area Code and Telephone Number)
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Title of each class
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Trading symbol
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Name of exchange on which registered
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||
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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Page Number
|
||||
July 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventories:
|
||||||||
Finished goods
|
|
|
||||||
Work in process
|
|
|
||||||
Raw materials
|
|
|
||||||
Total inventories
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
|
|
||||||
Buildings and improvements
|
|
|
||||||
Machinery and equipment
|
|
|
||||||
Construction in progress
|
|
|
||||||
Allowance for depreciation
|
(
|
)
|
(
|
)
|
||||
Property and equipment, net
|
|
|
||||||
Right of use assets
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
July 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
|
$
|
|
||||
Payroll and related expenses
|
|
|
||||||
Lease liabilities
|
|
|
||||||
Other accrued expenses
|
|
|
||||||
Income taxes
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt less current portion
|
|
|
||||||
U.S. transition tax payable
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Long-term lease liabilities
|
|
|
||||||
Other liabilities
|
|
|
||||||
Accrued pension and other postretirement costs
|
|
|
||||||
Total liabilities
|
|
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
|
|
||||||
Class B convertible common stock
|
|
|
||||||
Capital in excess of par value
|
|
|
||||||
Retained earnings
|
|
|
||||||
Treasury stock (at cost) |
( |
) | ||||||
Accumulated other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
||||
Total Vishay stockholders' equity
|
|
|
||||||
Noncontrolling interests
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Other
|
|
(
|
)
|
|||||
Total other income (expense)
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net earnings
|
|
|
||||||
Less: net earnings attributable to noncontrolling interests
|
|
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
|
|
|
||||||
Cash dividends per share
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
|
|
||||||
Foreign currency translation adjustment
|
(
|
)
|
|
|||||
Other comprehensive income (loss)
|
(
|
)
|
|
|||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Six fiscal months ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Other
|
(
|
)
|
(
|
)
|
||||
Total other income (expense)
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net earnings
|
|
|
||||||
Less: net earnings attributable to noncontrolling interests
|
|
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
|
|
|
||||||
Cash dividends per share
|
$
|
|
$
|
|
Six fiscal months ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
|
|
||||||
Foreign currency translation adjustment
|
(
|
)
|
(
|
)
|
||||
Other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Six fiscal months ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
(Gain) loss on disposal of property and equipment
|
(
|
)
|
(
|
)
|
||||
Inventory write-offs for obsolescence
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Other
|
|
|
||||||
Change in U.S. transition tax liability |
( |
) | ( |
) | ||||
Change in repatriation tax liability |
( |
) | ||||||
Net change in operating assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of property and equipment
|
|
|
||||||
Purchase of short-term investments
|
(
|
)
|
(
|
)
|
||||
Maturity of short-term investments
|
|
|
||||||
Other investing activities
|
(
|
)
|
|
|||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Financing activities
|
||||||||
Repurchase of convertible debt instruments
|
|
(
|
)
|
|||||
Net proceeds on revolving credit lines |
||||||||
Dividends paid to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividends paid to Class B common stockholders
|
(
|
)
|
(
|
)
|
||||
Repurchase of common stock held in treasury
|
( |
) | ||||||
Distributions to noncontrolling interests |
( |
) | ( |
) | ||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
(Accumulated
Deficit)
|
Treasury Stock |
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Vishay
Stockholders'
Equity
|
Noncontrolling
Interests
|
Total
Equity
|
||||||||||||||||||||||||||||
Balance at December 31, 2020
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Cumulative effect of accounting change for adoption of ASU 2020-06
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Balance at April 3, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Balance at July 3, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at April 2, 2022 | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) | ||||||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at July 2, 2022 | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ |
July 2, 2022
|
December 31, 2021
|
|||||||
Right of use assets
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Current lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Long-term lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Total lease liabilities
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Lease expense
|
||||||||||||||||
Operating lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Short-term lease expense
|
|
|
|
|
||||||||||||
Variable lease expense
|
|
|
|
|
||||||||||||
Total lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
July 2, 2022
|
||||
2022 (excluding the six fiscal months ended July 2, 2022)
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
July 2, 2022
|
December 31, 2021
|
|||||||
Credit facility
|
$
|
|
$
|
|
||||
Convertible senior notes, due 2025
|
|
|
||||||
Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Less current portion
|
|
|
||||||
$
|
|
$
|
|
Convertible
Senior Notes
Due 2025
|
||||
Issuance date
|
|
|||
Maturity date
|
|
|||
Principal amount as of July 2, 2022
|
$
|
|
||
Cash coupon rate (per annum)
|
|
%
|
||
Nonconvertible debt borrowing rate at issuance (per annum)
|
|
%
|
||
Conversion rate effective June 16, 2022 (per $1 principal amount)
|
|
|||
Effective conversion price effective June 16, 2022 (per share)
|
$
|
|
||
130% of the current effective conversion price (per share)
|
$
|
|
Fiscal quarter ended
|
Six fiscal months ended | ||||||
July 2, 2022
|
July 2, 2022 | ||||||
Dividends paid to stockholders
|
$ |
|
$ | ||||
Stock repurchases
|
|
||||||
Total
|
$ |
|
$ |
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Beginning balance
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Sales allowances
|
|
|
|
|
||||||||||||
Credits issued
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Foreign currency
|
(
|
)
|
|
(
|
)
|
(
|
||||||||||
Ending balance
|
$
|
|
$
|
|
$
|
|
$
|
|
Pension and
other post-
retirement
actuarial
items
|
Currency
translation
adjustment
|
Total
|
||||||||||
Balance at January 1, 2022
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
|
(
|
)
|
$
|
(
|
)
|
||||||
Tax effect
|
|
|
$
|
|
||||||||
Other comprehensive income before reclassifications, net of tax
|
|
(
|
)
|
$
|
(
|
)
|
||||||
Amounts reclassified out of AOCI
|
|
|
$
|
|
||||||||
Tax effect
|
(
|
)
|
|
$
|
(
|
)
|
||||||
Amounts reclassified out of AOCI, net of tax
|
|
|
$
|
|
||||||||
Net other comprehensive income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Balance at July 2, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Fiscal quarter ended
July 2, 2022
|
Fiscal quarter ended
July 3, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Expected return on plan assets
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Amortization of prior service cost
|
|
|
|
|
||||||||||||
Amortization of losses
|
|
|
|
|
||||||||||||
Curtailment and settlement losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Six fiscal months ended
July 2, 2022
|
Six fiscal months ended
July 3, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Expected return on plan assets
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Amortization of prior service cost
|
|
|
|
|
||||||||||||
Amortization of losses
|
|
|
|
|
||||||||||||
Curtailment and settlement losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarter ended
July 2, 2022
|
Fiscal quarter ended
July 3, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Six fiscal months ended
July 2, 2022
|
Six fiscal months ended
July 3, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Restricted stock units
|
$
|
|
$
|
|
$
|
|
|
|||||||||
Phantom stock units
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
|
Unrecognized
Compensation
Cost
|
Weighted
Average
Remaining
Amortization
Periods
|
|||||||
Restricted stock units
|
$
|
|
|
|||||
Phantom stock units
|
|
n/a
|
||||||
Total
|
$
|
|
Number of
RSUs
|
Weighted
Average
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2022
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Vested*
|
(
|
)
|
|
|||||
Cancelled or forfeited
|
(
|
)
|
|
|||||
Outstanding at July 2, 2022
|
|
$
|
|
|||||
Expected to vest at July 2, 2022
|
|
Vesting Date
|
Expected
to Vest
|
Not Expected
to Vest
|
Total
|
|||||||||
January 1, 2023
|
|
|
|
|||||||||
January 1, 2024
|
|
|
|
|||||||||
January 1, 2025
|
|
|
|
Number of
units
|
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2022
|
|
|||||||
Granted
|
|
$
|
|
|||||
Dividend equivalents issued
|
|
|||||||
Outstanding at July 2, 2022
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Corporate / Other*
|
Total
|
|||||||||||||||||||||||||
Fiscal quarter ended July 2, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Fiscal quarter ended July 3, 2021:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Six fiscal months ended July 2, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Six fiscal months ended July 3, 2021:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Impact of the COVID-19 Pandemic on Selling, General, and Administrative Expenses
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Distributors
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
OEMs
|
|
|
|
|
||||||||||||
EMS companies
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Asia
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Americas
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Industrial
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Automotive
|
|
|
|
|
||||||||||||
Telecommunications
|
|
|
|
|
||||||||||||
Computing
|
|
|
|
|
||||||||||||
Consumer Products
|
|
|
|
|
||||||||||||
Power Supplies
|
|
|
|
|
||||||||||||
Military and Aerospace
|
|
|
|
|
||||||||||||
Medical
|
|
|
|
|
||||||||||||
Total revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share:
|
||||||||||||||||
Weighted average shares
|
|
|
|
|
||||||||||||
Outstanding phantom stock units
|
|
|
|
|
||||||||||||
Adjusted weighted average shares
|
|
|
|
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Convertible debt instruments
|
|
|
|
|
||||||||||||
Restricted stock units
|
|
|
|
|
||||||||||||
Dilutive potential common shares
|
|
|
|
|
||||||||||||
Denominator for diluted earnings per share:
|
||||||||||||||||
Adjusted weighted average shares - diluted
|
|
|
|
|
||||||||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
|||||||||||||
Restricted stock units
|
|
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
July 2, 2022
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
Precious metals |
$ |
|||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
December 31, 2021
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
|
$
|
|
|||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
112,388
|
$
|
103,573
|
$
|
93,192
|
$
|
215,961
|
$
|
164,627
|
||||||||||
Reconciling items affecting gross income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
6,661
|
$
|
-
|
$
|
-
|
$
|
6,661
|
$
|
-
|
||||||||||
Other reconciling items affecting operating income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
546
|
$
|
-
|
$
|
-
|
$
|
546
|
$
|
-
|
||||||||||
Reconciling items affecting tax expense:
|
||||||||||||||||||||
Changes in tax laws and regulations
|
$
|
-
|
$
|
-
|
$
|
(3,881
|
)
|
$
|
-
|
$
|
(8,276
|
)
|
||||||||
Tax effects of pre-tax items above
|
(1,802
|
)
|
-
|
-
|
(1,802
|
)
|
-
|
|||||||||||||
Adjusted net earnings
|
$
|
117,793
|
$
|
103,573
|
$
|
89,311
|
$
|
221,366
|
$
|
156,351
|
||||||||||
Adjusted weighted average diluted shares outstanding
|
144,397
|
145,553
|
145,445
|
144,978
|
145,453
|
|||||||||||||||
Adjusted earnings per diluted share
|
$
|
0.82
|
$
|
0.71
|
$
|
0.61
|
$
|
1.53
|
$
|
1.07
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
MOSFETs
|
$
|
55,438
|
$
|
58,746
|
$
|
47,434
|
$
|
114,184
|
$
|
84,542
|
||||||||||
Diodes
|
53,369
|
45,787
|
41,757
|
99,156
|
76,173
|
|||||||||||||||
Optoelectronic Components
|
26,430
|
32,431
|
24,522
|
58,861
|
50,148
|
|||||||||||||||
Resistors
|
70,532
|
65,022
|
57,929
|
135,554
|
111,902
|
|||||||||||||||
Inductors
|
29,690
|
24,849
|
28,680
|
54,539
|
56,431
|
|||||||||||||||
Capacitors
|
32,425
|
32,273
|
28,950
|
64,698
|
53,025
|
|||||||||||||||
Unallocated gross profit (loss)
|
(6,661 | ) |
-
|
-
|
(6,661
|
)
|
-
|
|||||||||||||
Gross profit
|
$
|
261,223
|
$
|
259,108
|
$
|
229,272
|
$
|
520,331
|
$
|
432,221
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net cash provided by continuing operating activities
|
$
|
74,727
|
$
|
33,585
|
$
|
117,461
|
$
|
108,312
|
$
|
174,783
|
||||||||||
Proceeds from sale of property and equipment
|
305
|
72
|
34
|
377
|
234
|
|||||||||||||||
Less: Capital expenditures
|
(59,791
|
)
|
(35,909
|
)
|
(32,183
|
)
|
(95,700
|
)
|
(60,710
|
)
|
||||||||||
Free cash
|
$
|
15,241
|
$
|
(2,252
|
)
|
$
|
85,312
|
$
|
12,989
|
$
|
114,307
|
Fiscal quarter ended | Six fiscal months ended | ||||||
July 2, 2022
|
July 2, 2022 |
||||||
Dividends paid to stockholders
|
$ |
14,339
|
$ |
28,808 | |||
Stock repurchases
|
26,288
|
36,161 | |||||
Total
|
$ |
40,627
|
$ | 64,969 |
2nd Quarter 2021
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
2nd Quarter 2022
|
||||||||||||||||
Net revenues
|
$
|
819,120
|
$
|
813,663
|
$
|
843,072
|
$
|
853,793
|
$
|
863,512
|
||||||||||
Gross profit margin(1)
|
28.0
|
%
|
27.7
|
%
|
27.3
|
%
|
30.3
|
%
|
30.3
|
%
|
||||||||||
Operating margin(2)
|
15.3
|
%
|
15.2
|
%
|
14.4
|
%
|
17.1
|
%
|
17.5
|
%
|
||||||||||
End-of-period backlog
|
$
|
2,050,200
|
$
|
2,243,900
|
$
|
2,306,500
|
$
|
2,416,700
|
$
|
2,425,200
|
||||||||||
Book-to-bill ratio
|
1.38
|
1.26
|
1.09
|
1.14
|
1.07
|
|||||||||||||||
Inventory turnover
|
4.8
|
4.5
|
4.5
|
4.2
|
3.8
|
|||||||||||||||
Change in ASP vs. prior quarter
|
1.0
|
%
|
1.3
|
%
|
1.3
|
%
|
2.4
|
%
|
2.9
|
%
|
2nd Quarter 2021
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
2nd Quarter 2022
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
167,937
|
$
|
175,499
|
$
|
171,339
|
$
|
172,674
|
$
|
158,395
|
||||||||||
Book-to-bill ratio
|
1.26
|
1.19
|
1.01
|
1.28
|
1.14
|
|||||||||||||||
Gross profit margin
|
28.2
|
%
|
30.7
|
%
|
30.1
|
%
|
34.0
|
%
|
35.0
|
%
|
||||||||||
Segment operating margin
|
22.3
|
%
|
24.9
|
%
|
23.5
|
%
|
28.1
|
%
|
28.2
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
174,815
|
$
|
185,306
|
$
|
192,117
|
$
|
182,334
|
$
|
192,083
|
||||||||||
Book-to-bill ratio
|
1.45
|
1.31
|
1.10
|
1.16
|
1.10
|
|||||||||||||||
Gross profit margin
|
23.9
|
%
|
25.2
|
%
|
23.7
|
%
|
25.1
|
%
|
27.8
|
%
|
||||||||||
Segment operating margin
|
20.7
|
%
|
22.3
|
%
|
20.6
|
%
|
22.2
|
%
|
25.3
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
75,795
|
$
|
70,750
|
$
|
78,398
|
$
|
81,016
|
$
|
77,936
|
||||||||||
Book-to-bill ratio
|
1.69
|
1.36
|
1.22
|
0.78
|
0.86
|
|||||||||||||||
Gross profit margin
|
32.4
|
%
|
33.7
|
%
|
34.2
|
%
|
40.0
|
%
|
33.9
|
%
|
||||||||||
Segment operating margin
|
26.6
|
%
|
27.9
|
%
|
27.2
|
%
|
34.8
|
%
|
28.7
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
194,722
|
$
|
181,189
|
$
|
190,041
|
$
|
207,032
|
$
|
213,176
|
||||||||||
Book-to-bill ratio
|
1.39
|
1.26
|
1.14
|
1.24
|
1.05
|
|||||||||||||||
Gross profit margin
|
29.7
|
%
|
27.4
|
%
|
28.5
|
%
|
31.4
|
%
|
33.1
|
%
|
||||||||||
Segment operating margin
|
26.4
|
%
|
24.0
|
%
|
25.6
|
%
|
28.1
|
%
|
29.9
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
85,539
|
$
|
84,816
|
$
|
81,825
|
$
|
82,777
|
$
|
89,608
|
||||||||||
Book-to-bill ratio
|
1.21
|
1.11
|
1.13
|
1.14
|
0.97
|
|||||||||||||||
Gross profit margin
|
33.5
|
%
|
31.7
|
%
|
29.4
|
%
|
30.0
|
%
|
33.1
|
%
|
||||||||||
Segment operating margin
|
30.7
|
%
|
28.7
|
%
|
26.4
|
%
|
26.8
|
%
|
30.0
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
120,312
|
$
|
116,103
|
$
|
129,352
|
$
|
127,960
|
$
|
132,314
|
||||||||||
Book-to-bill ratio
|
1.37
|
1.37
|
1.04
|
1.02
|
1.17
|
|||||||||||||||
Gross profit margin
|
24.1
|
%
|
21.3
|
%
|
21.6
|
%
|
25.2
|
%
|
24.5
|
%
|
||||||||||
Segment operating margin
|
19.7
|
%
|
17.2
|
%
|
17.7
|
%
|
21.4
|
%
|
20.9
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Cost of products sold
|
69.7
|
%
|
69.7
|
%
|
72.0
|
%
|
69.7
|
%
|
72.7
|
%
|
||||||||||
Gross profit
|
30.3
|
%
|
30.3
|
%
|
28.0
|
%
|
30.3
|
%
|
27.3
|
%
|
||||||||||
Selling, general & administrative expenses
|
12.8
|
%
|
13.2
|
%
|
12.7
|
%
|
13.0
|
%
|
13.2
|
%
|
||||||||||
Operating income
|
17.5
|
%
|
17.1
|
%
|
15.3
|
%
|
17.3
|
%
|
14.1
|
%
|
||||||||||
Income before taxes and noncontrolling interest
|
17.1
|
%
|
16.0
|
%
|
14.3
|
%
|
16.5
|
%
|
12.9
|
%
|
||||||||||
Net earnings attributable to Vishay stockholders
|
13.0
|
%
|
12.1
|
%
|
11.4
|
%
|
12.6
|
%
|
10.4
|
%
|
||||||||||
________
|
||||||||||||||||||||
Effective tax rate
|
23.8
|
%
|
23.7
|
%
|
20.3
|
%
|
23.7
|
%
|
19.2
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$
|
863,512
|
$
|
853,793
|
$
|
819,120
|
$
|
1,717,305
|
$
|
1,583,752
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
9,719
|
1.1
|
%
|
||||||||||||
July 3, 2021
|
$
|
44,392
|
5.4
|
%
|
$
|
133,553
|
8.4
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
-0.1
|
%
|
1.2
|
%
|
4.1
|
%
|
||||||
Increase in average selling prices
|
2.9
|
%
|
8.1
|
%
|
7.0
|
%
|
||||||
Foreign currency effects
|
-1.7
|
%
|
-4.1
|
%
|
-3.4
|
%
|
||||||
Acquisition
|
0.0
|
%
|
0.4
|
%
|
0.4
|
%
|
||||||
Other
|
0.0
|
%
|
-0.2
|
%
|
0.3
|
%
|
||||||
Net change
|
1.1
|
%
|
5.4
|
%
|
8.4
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$ |
158,395
|
$ |
172,674
|
$ |
167,937
|
$ |
331,069
|
$ |
321,160
|
||||||||||
Gross profit margin
|
35.0
|
%
|
34.0
|
%
|
28.2
|
%
|
34.5
|
%
|
26.3
|
%
|
||||||||||
Segment operating margin
|
28.2
|
%
|
28.1
|
%
|
22.3
|
%
|
28.1
|
%
|
20.2
|
%
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
-14,279
|
-8.3
|
%
|
n/a
|
n/a
|
||||||||||
July 3, 2021
|
$
|
-9,542
|
-5.7
|
%
|
$
|
9,909
|
3.1
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
-11.9
|
%
|
-14.9
|
%
|
-5.5
|
%
|
||||||
Increase in average selling prices
|
5.3
|
%
|
15.3
|
%
|
11.5
|
%
|
||||||
Foreign currency effects
|
-0.8
|
%
|
-1.9
|
%
|
-1.7
|
%
|
||||||
Other
|
-0.9
|
%
|
-4.2
|
%
|
-1.2
|
%
|
||||||
Net change
|
-8.3
|
%
|
-5.7
|
%
|
3.1
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$ |
192,083
|
$ |
182,334
|
$ |
174,815
|
$ |
374,417
|
$ |
331,993
|
||||||||||
Gross profit margin
|
27.8
|
%
|
25.1
|
%
|
23.9
|
%
|
26.5
|
%
|
22.9
|
%
|
||||||||||
Segment operating margin
|
25.3
|
%
|
22.2
|
%
|
20.7
|
%
|
23.8
|
%
|
19.6
|
%
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
9,749
|
5.3
|
%
|
n/a
|
n/a
|
||||||||||
July 3, 2021
|
$
|
17,268
|
9.9
|
%
|
$
|
42,424
|
12.8
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
1.7
|
%
|
0.9
|
%
|
4.0
|
%
|
||||||
Increase in average selling prices
|
5.2
|
%
|
13.0
|
%
|
11.2
|
%
|
||||||
Foreign currency effects
|
-1.6
|
%
|
-3.7
|
%
|
-3.0
|
%
|
||||||
Other
|
0.0
|
%
|
-0.3
|
%
|
0.6
|
%
|
||||||
Net change
|
5.3
|
%
|
9.9
|
%
|
12.8
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$
|
$ 77,936
|
$
|
$ 81,016
|
$
|
$ 75,795
|
$ |
158,952
|
$ |
153,566
|
||||||||||
Gross profit margin
|
33.9
|
%
|
40.0
|
%
|
32.4
|
%
|
37.0
|
%
|
32.7
|
%
|
||||||||||
Segment operating margin
|
28.7
|
%
|
34.8
|
%
|
26.6
|
%
|
31.8
|
%
|
26.9
|
%
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
-3,080
|
-3.8
|
%
|
n/a
|
n/a
|
||||||||||
July 3, 2021
|
$
|
2,141
|
2.8
|
%
|
5,386
|
3.5
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
-3.9
|
%
|
0.3
|
%
|
-0.7
|
%
|
||||||
Increase in average selling prices
|
2.5
|
%
|
8.0
|
%
|
8.4
|
%
|
||||||
Foreign currency effects
|
-2.1
|
%
|
-5.4
|
%
|
-4.0
|
%
|
||||||
Other
|
-0.3
|
%
|
-0.1
|
%
|
-0.2
|
%
|
||||||
Net change
|
-3.8
|
%
|
2.8
|
%
|
3.5
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$ |
213,176
|
$ |
207,032
|
$ |
194,722
|
$ |
420,208
|
$ |
381,324
|
||||||||||
Gross profit margin
|
33.1
|
%
|
31.4
|
%
|
29.7
|
%
|
32.3
|
%
|
29.3
|
%
|
||||||||||
Segment operating margin
|
29.9
|
%
|
28.1
|
%
|
26.4
|
%
|
29.0
|
%
|
25.9
|
%
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
6,144
|
3.0
|
%
|
n/a
|
n/a
|
||||||||||
July 3, 2021
|
$
|
18,454
|
9.5
|
%
|
$
|
38,884
|
10.2
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
3.9
|
%
|
10.7
|
%
|
9.9
|
%
|
||||||
Increase in average selling prices
|
1.3
|
%
|
3.2
|
%
|
3.3
|
%
|
||||||
Foreign currency effects
|
-2.3
|
%
|
-5.8
|
%
|
-4.8
|
%
|
||||||
Acquisition
|
0.0
|
%
|
1.7
|
%
|
1.8
|
%
|
||||||
Other
|
0.1
|
%
|
-0.3
|
%
|
0.0
|
%
|
||||||
Net change
|
3.0
|
%
|
9.5
|
%
|
10.2
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$ |
89,608
|
$ |
82,777
|
$ |
85,539
|
$ |
172,385
|
$ |
168,997
|
||||||||||
Gross profit margin
|
33.1
|
%
|
30.0
|
%
|
33.5
|
%
|
31.6
|
%
|
33.4
|
%
|
||||||||||
Segment operating margin
|
30.0
|
%
|
26.8
|
%
|
30.7
|
%
|
28.5
|
%
|
30.5
|
%
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
6,831
|
8.3
|
%
|
n/a
|
n/a
|
||||||||||
July 3, 2021
|
$
|
4,069
|
4.8
|
%
|
$
|
3,388
|
2.0
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
8.0
|
%
|
4.7
|
%
|
2.0
|
%
|
||||||
Increase in average selling prices
|
1.0
|
%
|
1.9
|
%
|
1.5
|
%
|
||||||
Foreign currency effects
|
-0.8
|
%
|
-1.9
|
%
|
-1.5
|
%
|
||||||
Other
|
0.1
|
%
|
0.1
|
%
|
0.0
|
%
|
||||||
Net change
|
8.3
|
%
|
4.8
|
%
|
2.0
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net revenues
|
$ |
132,314
|
$ |
127,960
|
$ |
120,312
|
$ |
260,274
|
$ |
226,712
|
||||||||||
Gross profit margin
|
24.5
|
%
|
25.2
|
%
|
24.1
|
%
|
24.9
|
%
|
23.4
|
%
|
||||||||||
Segment operating margin
|
20.9
|
%
|
21.4
|
%
|
19.7
|
%
|
21.1
|
%
|
18.8
|
%
|
Fiscal quarter ended
July 2, 2022
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 2, 2022
|
$
|
4,354
|
3.4
|
%
|
n/a
|
n/a
|
||||||||||
July 3, 2021
|
$
|
12,002
|
10.0
|
%
|
$
|
33,562
|
14.8
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
4.8
|
%
|
10.0
|
%
|
14.4
|
%
|
||||||
Increase in average selling prices
|
0.9
|
%
|
5.8
|
%
|
5.1
|
%
|
||||||
Foreign currency effects
|
-2.2
|
%
|
-5.7
|
%
|
-4.9
|
%
|
||||||
Other
|
-0.1
|
%
|
-0.1
|
%
|
0.2
|
%
|
||||||
Net change
|
3.4
|
%
|
10.0
|
%
|
14.8
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Total SG&A expenses
|
$
|
110,400
|
$
|
112,855
|
$
|
103,900
|
$
|
223,255
|
$
|
209,585
|
||||||||||
as a percentage of revenues
|
12.8
|
%
|
13.2
|
%
|
12.7
|
%
|
13.0
|
%
|
13.2
|
%
|
Fiscal quarters ended
|
||||||||||||
July 2, 2022
|
July 3, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
6,514
|
$
|
(1,824
|
)
|
$
|
8,338
|
|||||
Interest income
|
789
|
325
|
464
|
|||||||||
Other components of net periodic pension expense
|
(2,803
|
)
|
(3,305
|
)
|
502
|
|||||||
Investment income
|
(2,858
|
)
|
1,055
|
(3,913
|
)
|
|||||||
Other
|
(262
|
)
|
-
|
(262
|
)
|
|||||||
$
|
1,380
|
$
|
(3,749
|
)
|
$
|
5,129
|
Fiscal quarters ended
|
||||||||||||
July 2, 2022
|
April 2, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
6,514
|
$
|
(281
|
)
|
$
|
6,795
|
|||||
Interest income
|
789
|
561
|
228
|
|||||||||
Other components of net periodic pension expense
|
(2,803
|
)
|
(2,910
|
)
|
107
|
|||||||
Investment income (expense)
|
(2,858
|
)
|
(3,116
|
)
|
258
|
|||||||
Other
|
(262
|
)
|
(5
|
)
|
(257
|
)
|
||||||
$
|
1,380
|
$
|
(5,751
|
)
|
$
|
7,131
|
Six fiscal months ended
|
||||||||||||
July 2, 2022
|
July 3, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
6,233
|
$
|
(2,435
|
)
|
$
|
8,668
|
|||||
Interest income
|
1,350
|
612
|
738
|
|||||||||
Other components of net periodic pension expense
|
(5,713
|
)
|
(6,607
|
)
|
894
|
|||||||
Investment income (expense)
|
(5,974
|
)
|
(1,066
|
)
|
(4,908
|
)
|
||||||
Other
|
(267
|
)
|
16
|
(283
|
)
|
|||||||
$
|
(4,371
|
)
|
$
|
(9,480
|
)
|
$
|
5,109
|
July 2, 2022
|
December 31, 2021
|
|||||||
Credit facility
|
$
|
6,000
|
$
|
-
|
||||
Convertible senior notes, due 2025
|
465,344
|
465,344
|
||||||
Deferred financing costs
|
(8,042
|
)
|
(9,678
|
)
|
||||
Total debt
|
463,302
|
455,666
|
||||||
Cash and cash equivalents
|
765,593
|
774,108
|
||||||
Short-term investments
|
81,112
|
146,743
|
||||||
Net cash and short-term investments (debt)
|
$
|
383,403
|
$
|
465,185
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered
Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share (including commission)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Total Dollar Amount Purchased Under the Program
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||||||||||||
April 3 - April 30
|
504,395
|
$
|
18.45
|
504,395
|
$
|
9,305,542
|
$
|
22,821,207
|
||||||||||||
May 1 - May 28
|
387,065
|
$
|
19.39
|
387,065
|
$
|
7,504,537
|
$
|
15,316,670
|
||||||||||||
May 29 - July 2
|
508,579
|
$
|
18.63
|
508,579
|
$
|
9,477,375
|
$
|
5,839,295
|
||||||||||||
Total
|
1,400,039
|
$
|
18.78
|
1,400,039
|
$
|
26,287,454
|
$
|
5,839,295
|
Item 6. |
Exhibits
|
10.1 | |
10.2 | |
10.3 | |
10.4 | |
10.5 | |
10.6 | |
10.7 | |
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended July 2, 2022, 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)
|