QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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
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||||
April 2, 2022
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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
|
$
|
|
$
|
|
April 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
|
||||||||
April 2, 2022
|
April 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
|
||||||||
April 2, 2022
|
April 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
|
$
|
|
$
|
|
Three fiscal months ended
|
||||||||
April 2, 2022
|
April 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
|
|
|
||||||
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 provided by (used in) investing activities
|
|
(
|
)
|
|||||
Financing activities
|
||||||||
Repurchase of convertible debt instruments
|
|
(
|
)
|
|||||
Dividends paid to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividends paid to Class B common stockholders
|
(
|
)
|
(
|
)
|
||||
Repurchase of common stock held in treasury
|
( |
) | ||||||
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 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
|
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
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
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 |
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
|
April 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
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Lease expense
|
||||||||
Operating lease expense
|
$
|
|
$
|
|
||||
Short-term lease expense
|
|
|
||||||
Variable lease expense
|
|
|
||||||
Total lease expense
|
$
|
|
$
|
|
|
April 2, 2022
|
|||
2022 (excluding the three fiscal months ended April 2, 2022)
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
April 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 April 2, 2022
|
$
|
|
||
Cash coupon rate (per annum)
|
|
%
|
||
Nonconvertible debt borrowing rate at issuance (per annum)
|
|
%
|
||
Conversion rate effective March 16, 2022 (per $1 principal amount)
|
|
|||
Effective conversion price effective March 16, 2022 (per share)
|
$
|
|
||
130% of the current effective conversion price (per share)
|
$
|
|
Fiscal quarter ended
|
||||
April 2, 2022
|
||||
Dividends paid to stockholders
|
$ |
|
||
Stock repurchases
|
|
|||
Total
|
$ |
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 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 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
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Balance at April 2, 2022
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Fiscal quarters ended
April 2, 2022
|
Fiscal quarters ended
April 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 quarters ended
April 2, 2022
|
Fiscal quarters ended
April 3, 2021
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Restricted stock units ("RSUs")
|
$
|
|
$
|
|
||||
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 April 2, 2022
|
|
$
|
|
|||||
Expected to vest at April 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 April 2, 2022
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Total
|
||||||||||||||||||||||
Fiscal quarter ended April 2, 2022:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Fiscal quarter ended April 3, 2021:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Reconciliation:
|
||||||||
Segment Operating Income
|
$
|
|
$
|
|
||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
||||
Consolidated Operating Income
|
$
|
|
$
|
|
||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Distributors
|
$
|
|
$
|
|
||||
OEMs
|
|
|
||||||
EMS companies
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Asia
|
$
|
|
$
|
|
||||
Europe
|
|
|
||||||
Americas
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Industrial
|
$
|
|
$
|
|
||||
Automotive
|
|
|
||||||
Telecommunications
|
|
|
||||||
Computing
|
|
|
||||||
Consumer Products
|
|
|
||||||
Power Supplies
|
|
|
||||||
Military and Aerospace
|
|
|
||||||
Medical
|
|
|
||||||
Total revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 2, 2022
|
April 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 - basic
|
|
|
||||||
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
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Restricted stock units
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
April 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
|
|||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
103,573
|
$
|
36,523
|
$
|
71,435
|
||||||
Reconciling items affecting tax expense:
|
||||||||||||
Changes in tax laws and regulations
|
$
|
-
|
$
|
53,316
|
|
$
|
(4,395)
|
|||||
Adjusted net earnings
|
$
|
103,573
|
$
|
89,839
|
$
|
67,040
|
||||||
Adjusted weighted average diluted shares outstanding
|
145,553
|
145,617
|
145,463
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.71
|
$
|
0.62
|
$
|
0.46
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net cash provided by continuing operating activities
|
$
|
33,585
|
$
|
146,652
|
$
|
57,322
|
||||||
Proceeds from sale of property and equipment
|
72
|
60
|
200
|
|||||||||
Less: Capital expenditures
|
(35,909
|
)
|
(100,216
|
)
|
(28,527
|
)
|
||||||
Free cash
|
$
|
(2,252
|
)
|
$
|
46,496
|
$
|
28,995
|
Fiscal quarter ended
|
||||
April 2, 2022
|
||||
Dividends paid to stockholders
|
$ |
14,469
|
||
Stock repurchases
|
9,873
|
|||
Total
|
$ |
24,342
|
1st Quarter 2021
|
2nd Quarter 2021
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
||||||||||||||||
Net revenues
|
$
|
764,632
|
$
|
819,120
|
$
|
813,663
|
$
|
843,072
|
$
|
853,793
|
||||||||||
Gross profit margin
|
26.5
|
%
|
28.0
|
%
|
27.7
|
%
|
27.3
|
%
|
30.3
|
%
|
||||||||||
Operating margin
|
12.7
|
%
|
15.3
|
%
|
15.2
|
%
|
14.4
|
%
|
17.1
|
%
|
||||||||||
End-of-period backlog
|
$
|
1,731,200
|
$
|
2,050,200
|
$
|
2,243,900
|
$
|
2,306,500
|
$
|
2,416,700
|
||||||||||
Book-to-bill ratio
|
1.67
|
1.38
|
1.26
|
1.09
|
1.14
|
|||||||||||||||
Inventory turnover
|
4.8
|
4.8
|
4.5
|
4.5
|
4.2
|
|||||||||||||||
Change in ASP vs. prior quarter
|
(0.5
|
)%
|
1.0
|
%
|
1.3
|
%
|
1.3
|
%
|
2.4
|
%
|
1st Quarter 2021
|
2nd Quarter 2021
|
3rd Quarter 2021
|
4th Quarter 2021
|
1st Quarter 2022
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
153,223
|
$
|
167,937
|
$
|
175,499
|
$
|
171,339
|
$
|
172,674
|
||||||||||
Book-to-bill ratio
|
1.97
|
1.26
|
1.19
|
1.01
|
1.28
|
|||||||||||||||
Gross profit margin
|
24.2
|
%
|
28.2
|
%
|
30.7
|
%
|
30.1
|
%
|
34.0
|
%
|
||||||||||
Segment operating margin
|
17.8
|
%
|
22.3
|
%
|
24.9
|
%
|
23.5
|
%
|
28.1
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
157,178
|
$
|
174,815
|
$
|
185,306
|
$
|
192,117
|
$
|
182,334
|
||||||||||
Book-to-bill ratio
|
1.85
|
1.45
|
1.31
|
1.10
|
1.16
|
|||||||||||||||
Gross profit margin
|
21.9
|
%
|
23.9
|
%
|
25.2
|
%
|
23.7
|
%
|
25.1
|
%
|
||||||||||
Segment operating margin
|
18.3
|
%
|
20.7
|
%
|
22.3
|
%
|
20.6
|
%
|
22.2
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
77,771
|
$
|
75,795
|
$
|
70,750
|
$
|
78,398
|
$
|
81,016
|
||||||||||
Book-to-bill ratio
|
1.66
|
1.69
|
1.36
|
1.22
|
0.78
|
|||||||||||||||
Gross profit margin
|
33.0
|
%
|
32.4
|
%
|
33.7
|
%
|
34.2
|
%
|
40.0
|
%
|
||||||||||
Segment operating margin
|
27.3
|
%
|
26.6
|
%
|
27.9
|
%
|
27.2
|
%
|
34.8
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
186,602
|
$
|
194,722
|
$
|
181,189
|
$
|
190,041
|
$
|
207,032
|
||||||||||
Book-to-bill ratio
|
1.50
|
1.39
|
1.26
|
1.14
|
1.24
|
|||||||||||||||
Gross profit margin
|
28.9
|
%
|
29.7
|
%
|
27.4
|
%
|
28.5
|
%
|
31.4
|
%
|
||||||||||
Segment operating margin
|
25.4
|
%
|
26.4
|
%
|
24.0
|
%
|
25.6
|
%
|
28.1
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
83,458
|
$
|
85,539
|
$
|
84,816
|
$
|
81,825
|
$
|
82,777
|
||||||||||
Book-to-bill ratio
|
1.13
|
1.21
|
1.11
|
1.13
|
1.14
|
|||||||||||||||
Gross profit margin
|
33.3
|
%
|
33.5
|
%
|
31.7
|
%
|
29.4
|
%
|
30.0
|
%
|
||||||||||
Segment operating margin
|
30.3
|
%
|
30.7
|
%
|
28.7
|
%
|
26.4
|
%
|
26.8
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
106,400
|
$
|
120,312
|
$
|
116,103
|
$
|
129,352
|
$
|
127,960
|
||||||||||
Book-to-bill ratio
|
1.73
|
1.37
|
1.37
|
1.04
|
1.02
|
|||||||||||||||
Gross profit margin
|
22.6
|
%
|
24.1
|
%
|
21.3
|
%
|
21.6
|
%
|
25.2
|
%
|
||||||||||
Segment operating margin
|
17.7
|
%
|
19.7
|
%
|
17.2
|
%
|
17.7
|
%
|
21.4
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Cost of products sold
|
69.7
|
%
|
72.7
|
%
|
73.5
|
%
|
||||||
Gross profit
|
30.3
|
%
|
27.3
|
%
|
26.5
|
%
|
||||||
Selling, general & administrative expenses
|
13.2
|
%
|
12.8
|
%
|
13.8
|
%
|
||||||
Operating income
|
17.1
|
%
|
14.4
|
%
|
12.7
|
%
|
||||||
Income before taxes and noncontrolling interest
|
16.0
|
%
|
13.5
|
%
|
11.4
|
%
|
||||||
Net earnings attributable to Vishay stockholders
|
12.1
|
%
|
4.3
|
%
|
9.3
|
%
|
||||||
________
|
||||||||||||
Effective tax rate
|
23.7
|
%
|
67.7
|
%
|
17.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
853,793
|
$
|
843,072
|
$
|
764,632
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
10,721
|
|
1.3%
|
|
||||
April 3, 2021
|
89,161
|
|
11.7%
|
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-0.9
|
%
|
7.1
|
%
|
||||
Increase in average selling prices
|
2.4
|
%
|
6.0
|
%
|
||||
Foreign currency effects
|
-0.6
|
%
|
-2.6
|
%
|
||||
Acquisition
|
0.4
|
%
|
0.5
|
%
|
||||
Other
|
0.0
|
%
|
0.7
|
%
|
||||
Net change
|
1.3
|
%
|
11.7
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
172,674
|
$
|
171,339
|
$
|
153,223
|
||||||
Gross profit margin |
34.0 | % | 30.1 | % | 24.2 | % | ||||||
Segment operating margin
|
28.1
|
%
|
23.5
|
%
|
17.8
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
1,335
|
0.8
|
%
|
||||
April 3, 2021
|
$
|
19,451
|
12.7
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-3.2
|
%
|
5.1
|
%
|
||||
Increase in average selling prices
|
4.5
|
%
|
8.3
|
%
|
||||
Foreign currency effects
|
-0.4
|
%
|
-1.3
|
%
|
||||
Other
|
-0.1
|
%
|
0.6
|
%
|
||||
Net change
|
0.8
|
%
|
12.7
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
182,334
|
$
|
192,117
|
$
|
157,178
|
||||||
Gross profit margin |
25.1 | % | 23.7 | % | 21.9 | % | ||||||
Segment operating margin
|
22.2
|
%
|
20.6
|
%
|
18.3
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
(9,783)
|
-5.1
|
%
|
||||
April 3, 2021
|
$
|
25,156
|
16.0
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-7.4
|
%
|
7.6
|
%
|
||||
Increase in average selling prices
|
3.2
|
%
|
9.3
|
%
|
||||
Foreign currency effects
|
-0.5
|
%
|
-2.2
|
%
|
||||
Other
|
-0.4
|
%
|
1.3
|
%
|
||||
Net change
|
-5.1
|
%
|
16.0
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
81,016
|
$
|
78,398
|
$
|
77,771
|
||||||
Gross profit margin
|
40.0
|
%
|
34.2
|
%
|
33.0
|
%
|
||||||
Segment operating margin
|
34.8
|
%
|
27.2
|
%
|
27.3
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
2,618
|
|
3.3
|
%
|
|||
April 3, 2021
|
$
|
3,245
|
4.2
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
1.8
|
%
|
-1.6
|
%
|
||||
Increase in average selling prices
|
1.8
|
%
|
8.9
|
%
|
||||
Foreign currency effects
|
-0.8
|
%
|
-2.8
|
%
|
||||
Other
|
0.5
|
%
|
-0.3
|
%
|
||||
Net change
|
3.3
|
%
|
4.2
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
207,032
|
$
|
190,041
|
$
|
186,602
|
||||||
Gross profit margin |
31.4 | % | 28.5 | % | 28.9 | % | ||||||
Segment operating margin
|
28.1
|
%
|
25.6
|
%
|
25.4
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
16,991
|
|
8.9
|
%
|
|||
April 3, 2021
|
$
|
20,430
|
10.9
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
6.0
|
%
|
9.1
|
%
|
||||
Increase in average selling prices
|
1.9
|
%
|
3.4
|
%
|
||||
Foreign currency effects
|
-0.9
|
%
|
-3.7
|
%
|
||||
Acquisition
|
1.8
|
%
|
1.9
|
%
|
||||
Other
|
0.1
|
%
|
0.2
|
%
|
||||
Net change
|
8.9
|
%
|
10.9
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
82,777
|
$
|
81,825
|
$
|
83,458
|
||||||
Segment operating margin |
30.0 | % | 29.4 | % | 33.3 | % | ||||||
Gross profit margin
|
26.8
|
%
|
26.4
|
%
|
30.3
|
%
|
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
952
|
1.2
|
%
|
||||
April 3, 2021
|
$
|
(681
|
)
|
-0.8
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
1.5
|
%
|
-0.8
|
%
|
||||
Change in average selling prices
|
0.0
|
%
|
1.0
|
%
|
||||
Foreign currency effects
|
-0.2
|
%
|
-1.1
|
%
|
||||
Other
|
-0.1
|
%
|
0.1
|
%
|
||||
Net change
|
1.2
|
%
|
-0.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
127,960
|
$
|
129,352
|
$
|
106,400
|
||||||
Segment operating margin |
25.2 | % | 21.6 | % | 22.6 | % | ||||||
Gross profit margin
|
21.4 | % | 17.7 | % | 17.7 | % |
Fiscal quarter ended
April 2, 2022
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2021
|
$
|
(1,392)
|
|
-1.1
|
%
|
|||
April 3, 2021
|
$
|
21,560
|
20.3
|
%
|
vs. Prior
Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-1.3
|
%
|
19.4
|
%
|
||||
Increase in average selling prices
|
1.5
|
%
|
4.4
|
%
|
||||
Foreign currency effects
|
-0.9
|
%
|
-4.0
|
%
|
||||
Other
|
-0.4
|
%
|
0.5
|
%
|
||||
Net change
|
-1.1
|
%
|
20.3
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Total SG&A expenses
|
$
|
112,855
|
$
|
108,311
|
$
|
105,685
|
||||||
as a percentage of revenues
|
13.2
|
%
|
12.8
|
%
|
13.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(281
|
)
|
$
|
(582
|
)
|
$
|
301
|
||||
Interest income
|
561
|
362
|
199
|
|||||||||
Other components of other periodic pension cost
|
(2,910
|
)
|
(3,342
|
)
|
432
|
|||||||
Investment income (expense)
|
(3,116
|
)
|
71
|
(3,187
|
)
|
|||||||
Other
|
(5
|
)
|
(4
|
)
|
(1
|
)
|
||||||
$
|
(5,751
|
)
|
$
|
(3,495
|
)
|
$
|
(2,256
|
)
|
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
April 3, 2021
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(281
|
)
|
$
|
(611
|
)
|
$
|
330
|
||||
Interest income
|
561
|
287
|
274
|
|||||||||
Other components of other periodic pension cost
|
(2,910
|
)
|
(3,302
|
)
|
392
|
|||||||
Investment income (expense)
|
(3,116
|
)
|
(2,121
|
)
|
(995
|
)
|
||||||
Other
|
(5
|
)
|
16
|
(21
|
)
|
|||||||
$
|
(5,751
|
)
|
$
|
(5,731
|
)
|
$
|
(20
|
)
|
April 2, 2022
|
December 31, 2021
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025
|
465,344
|
465,344
|
||||||
Deferred financing costs
|
(8,860
|
)
|
(9,678
|
)
|
||||
Total debt
|
456,484
|
455,666
|
||||||
Cash and cash equivalents
|
789,248
|
774,108
|
||||||
Short-term investments
|
96,561
|
146,743
|
||||||
Net cash and short-term investments (debt)
|
$
|
429,325
|
$
|
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
|
|||||||||||||||
January 1 - January 29
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
January 30 - February 26
|
20,500
|
$
|
19.52
|
20,500
|
$
|
400,058
|
$
|
41,599,942
|
||||||||||||
February 27 - April 2
|
492,727
|
$
|
19.23
|
492,727
|
$
|
9,473,193
|
$
|
32,126,749
|
||||||||||||
Total
|
513,227
|
$
|
19.24
|
513,227
|
$
|
9,873,251
|
$
|
32,126,749
|
Item 6. |
Exhibits
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended April 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)
|