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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vishay Intertechnology | NYSE:VSH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.745 | -3.22% | 22.395 | 23.1016 | 22.185 | 22.91 | 894,140 | 19:30:27 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
|
38-1686453
|
|
(State or Other Jurisdiction of Incorporation)
|
(I.R.S. Employer Identification Number)
|
|
63 Lancaster Avenue
Malvern, PA 19355-2143
|
610-644-1300
|
|
(Address of Principal Executive Offices)
|
(Registrant's Area Code and Telephone Number)
|
Large accelerated filer
ý
|
Accelerated filer
☐
|
|
Non-accelerated filer
☐
(Do not check if smaller reporting company)
|
Smaller reporting company
☐
|
July 2, 2016
|
December 31, 2015
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
475,167
|
$
|
475,507
|
||||
Short-term investments
|
546,110
|
619,040
|
||||||
Accounts receivable, net
|
295,427
|
272,559
|
||||||
Inventories:
|
||||||||
Finished goods
|
116,386
|
108,869
|
||||||
Work in process
|
190,780
|
201,045
|
||||||
Raw materials
|
107,936
|
110,657
|
||||||
Total inventories
|
415,102
|
420,571
|
||||||
Prepaid expenses and other current assets
|
97,123
|
99,815
|
||||||
Total current assets
|
1,828,929
|
1,887,492
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
90,973
|
89,593
|
||||||
Buildings and improvements
|
570,245
|
562,171
|
||||||
Machinery and equipment
|
2,426,160
|
2,380,299
|
||||||
Construction in progress
|
64,116
|
79,910
|
||||||
Allowance for depreciation
|
(2,301,084
|
)
|
(2,246,677
|
)
|
||||
850,410
|
865,296
|
|||||||
Goodwill
|
141,923
|
138,244
|
||||||
Other intangible assets, net
|
95,725
|
103,258
|
||||||
Other assets
|
150,435
|
158,696
|
||||||
Total assets
|
$
|
3,067,422
|
$
|
3,152,986
|
July 2, 2016
|
December 31, 2015
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Notes payable to banks
|
$
|
7
|
$
|
4
|
||||
Trade accounts payable
|
149,713
|
157,210
|
||||||
Payroll and related expenses
|
112,886
|
113,976
|
||||||
Other accrued expenses
|
158,859
|
164,336
|
||||||
Income taxes
|
16,094
|
22,198
|
||||||
Total current liabilities
|
437,559
|
457,724
|
||||||
Long-term debt less current portion
|
335,144
|
436,738
|
||||||
Deferred income taxes
|
298,325
|
305,413
|
||||||
Other liabilities
|
64,123
|
60,450
|
||||||
Accrued pension and other postretirement costs
|
251,375
|
264,618
|
||||||
Total liabilities
|
1,386,526
|
1,524,943
|
||||||
Stockholders' equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
13,507
|
13,546
|
||||||
Class B convertible common stock
|
1,213
|
1,213
|
||||||
Capital in excess of par value
|
2,054,247
|
2,058,492
|
||||||
(Accumulated deficit) retained earnings
|
(276,804
|
)
|
(319,448
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(116,408
|
)
|
(131,327
|
)
|
||||
Total Vishay stockholders' equity
|
1,675,755
|
1,622,476
|
||||||
Noncontrolling interests
|
5,141
|
5,567
|
||||||
Total equity
|
1,680,896
|
1,628,043
|
||||||
Total liabilities and equity
|
$
|
3,067,422
|
$
|
3,152,986
|
Fiscal quarters ended
|
||||||||
July 2, 2016
|
July 4, 2015
|
|||||||
Net revenues
|
$
|
590,051
|
$
|
590,470
|
||||
Costs of products sold
|
443,923
|
448,988
|
||||||
Gross profit
|
146,128
|
141,482
|
||||||
Selling, general, and administrative expenses
|
92,253
|
91,652
|
||||||
Restructuring and severance costs
|
4,467
|
5,660
|
||||||
Operating income
|
49,408
|
44,170
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(6,270
|
)
|
(6,736
|
)
|
||||
Other
|
2,256
|
1,160
|
||||||
Gain on early extinguishment of debt
|
986
|
-
|
||||||
(3,028
|
)
|
(5,576
|
)
|
|||||
Income before taxes
|
46,380
|
38,594
|
||||||
Income tax expense
|
13,151
|
12,076
|
||||||
Net earnings
|
33,229
|
26,518
|
||||||
Less: net earnings attributable to noncontrolling interests
|
143
|
250
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
33,086
|
$
|
26,268
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.22
|
$
|
0.18
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.22
|
$
|
0.17
|
||||
Weighted average shares outstanding - basic
|
147,643
|
147,700
|
||||||
Weighted average shares outstanding - diluted
|
149,845
|
151,700
|
||||||
Cash dividends per share
|
$
|
0.0625
|
$
|
0.0600
|
Fiscal quarters ended
|
||||||||
July 2, 2016
|
July 4, 2015
|
|||||||
Net earnings
|
$
|
33,229
|
$
|
26,518
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
1,657
|
2,078
|
||||||
Foreign currency translation adjustment
|
(22,484
|
)
|
15,482
|
|||||
Unrealized gain (loss) on available-for-sale securities
|
719
|
(961
|
)
|
|||||
Other comprehensive income (loss)
|
(20,108
|
)
|
16,599
|
|||||
Comprehensive income
|
13,121
|
43,117
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
143
|
250
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
12,978
|
$
|
42,867
|
Six fiscal months ended
|
||||||||
July 2, 2016
|
July 4, 2015
|
|||||||
Net revenues
|
$
|
1,160,657
|
$
|
1,183,906
|
||||
Costs of products sold
|
877,220
|
897,386
|
||||||
Gross profit
|
283,437
|
286,520
|
||||||
Selling, general, and administrative expenses
|
182,539
|
187,722
|
||||||
Restructuring and severance costs
|
10,942
|
7,070
|
||||||
Operating income
|
89,956
|
91,728
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(12,736
|
)
|
(13,097
|
)
|
||||
Other
|
3,035
|
4,620
|
||||||
Gain on early extinguishment of debt
|
4,597
|
-
|
||||||
(5,104
|
)
|
(8,477
|
)
|
|||||
Income before taxes
|
84,852
|
83,251
|
||||||
Income taxes
|
23,471
|
25,808
|
||||||
Net earnings
|
61,381
|
57,443
|
||||||
Less: net earnings attributable to noncontrolling interests
|
281
|
476
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
61,100
|
$
|
56,967
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.41
|
$
|
0.39
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.41
|
$
|
0.37
|
||||
Weighted average shares outstanding - basic
|
147,739
|
147,699
|
||||||
Weighted average shares outstanding - diluted
|
150,237
|
152,183
|
||||||
Cash dividends per share
|
$
|
0.1250
|
$
|
0.1200
|
Six fiscal months ended
|
||||||||
July 2, 2016
|
July 4, 2015
|
|||||||
Net earnings
|
$
|
61,381
|
$
|
57,443
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
3,525
|
4,191
|
||||||
Foreign currency translation adjustment
|
10,048
|
(60,836
|
)
|
|||||
Unrealized gain (loss) on available-for-sale securities
|
1,346
|
(1,115
|
)
|
|||||
Other comprehensive income (loss)
|
14,919
|
(57,760
|
)
|
|||||
Comprehensive income (loss)
|
76,300
|
(317
|
)
|
|||||
Less: comprehensive income attributable to noncontrolling interests
|
281
|
476
|
||||||
Comprehensive income (loss) attributable to Vishay stockholders
|
$
|
76,019
|
$
|
(793
|
)
|
Six fiscal months ended
|
||||||||
July 2, 2016
|
July 4, 2015
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
61,381
|
$
|
57,443
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
79,117
|
90,185
|
||||||
(Gain) loss on disposal of property and equipment
|
76
|
(115
|
)
|
|||||
Accretion of interest on convertible debentures
|
2,259
|
2,090
|
||||||
Inventory write-offs for obsolescence
|
11,225
|
9,329
|
||||||
Deferred income taxes
|
(2,836
|
)
|
(9,473
|
)
|
||||
Gain on early extinguishment of debt
|
(4,597
|
)
|
-
|
|||||
Other
|
(9,451
|
)
|
(1,451
|
)
|
||||
Net change in operating assets and liabilities, net of effects of businesses acquired
|
(42,203
|
)
|
(55,646
|
)
|
||||
Net cash provided by operating activities
|
94,971
|
92,362
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(51,073
|
)
|
(49,550
|
)
|
||||
Proceeds from sale of property and equipment
|
193
|
1,675
|
||||||
Purchase of short-term investments
|
(274,524
|
)
|
(185,583
|
)
|
||||
Maturity of short-term investments
|
351,326
|
91,450
|
||||||
Sale of short-term investments
|
-
|
503
|
||||||
Sale of other investments
|
-
|
400
|
||||||
Other investing activities
|
2,975
|
1,274
|
||||||
Net cash provided by (used in) investing activities
|
28,897
|
(139,831
|
)
|
|||||
Financing activities
|
||||||||
Principal payments on long-term debt and capital leases
|
(34,044
|
)
|
-
|
|||||
Net proceeds (payments) on revolving credit lines
|
(66,000
|
)
|
(30,000
|
)
|
||||
Common stock repurchases
|
(6,123
|
)
|
-
|
|||||
Net changes in short-term borrowings
|
(725
|
)
|
(1
|
)
|
||||
Dividends paid to common stockholders
|
(16,924
|
)
|
(16,252
|
)
|
||||
Dividends paid to Class B common stockholders
|
(1,516
|
)
|
(1,456
|
)
|
||||
Excess tax benefit from RSUs vested
|
-
|
21
|
||||||
Distributions to noncontrolling interests
|
(707
|
)
|
(725
|
)
|
||||
Net cash provided by (used in) financing activities
|
(126,039
|
)
|
(48,413
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
1,831
|
(13,270
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(340
|
)
|
(109,152
|
)
|
||||
Cash and cash equivalents at beginning of period
|
475,507
|
592,172
|
||||||
Cash and cash equivalents at end of period
|
$
|
475,167
|
$
|
483,020
|
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 January 1, 2016
|
$
|
13,546
|
$
|
1,213
|
$
|
2,058,492
|
$
|
(319,448
|
)
|
$
|
(131,327
|
)
|
$
|
1,622,476
|
$
|
5,567
|
$
|
1,628,043
|
||||||||||||||
Net earnings
|
-
|
-
|
-
|
61,100
|
-
|
61,100
|
281
|
61,381
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
14,919
|
14,919
|
-
|
14,919
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(707
|
)
|
(707
|
)
|
||||||||||||||||||||||
Common stock repurchase (495,569 shares)
|
(49
|
)
|
-
|
(6,074
|
)
|
-
|
-
|
(6,123
|
)
|
-
|
(6,123
|
)
|
||||||||||||||||||||
Restricted stock issuances (103,918 shares)
|
10
|
-
|
(452
|
)
|
-
|
-
|
(442
|
)
|
-
|
(442
|
)
|
|||||||||||||||||||||
Dividends declared ($ 0.1250 per share)
|
-
|
-
|
16
|
(18,456
|
)
|
-
|
(18,440
|
)
|
-
|
(18,440
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
2,286
|
-
|
-
|
2,286
|
-
|
2,286
|
||||||||||||||||||||||||
Tax effects of stock plan
|
-
|
-
|
(21
|
)
|
-
|
-
|
(21
|
)
|
-
|
(21
|
)
|
|||||||||||||||||||||
Balance at July 2, 2016
|
$
|
13,507
|
$
|
1,213
|
$
|
2,054,247
|
$
|
(276,804
|
)
|
$
|
(116,408
|
)
|
$
|
1,675,755
|
$
|
5,141
|
$
|
1,680,896
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
MOSFETs Enhanced Competitiveness Program
|
$
|
1,110
|
$
|
939
|
$
|
5,025
|
$
|
2,292
|
||||||||
Voluntary Separation / Retirement Program
|
-
|
20
|
-
|
77
|
||||||||||||
Modules Production Transfer Program
|
-
|
-
|
-
|
-
|
||||||||||||
Global Cost Reduction Programs
|
3,357
|
4,701
|
5,917
|
4,701
|
||||||||||||
Total
|
$
|
4,467
|
$
|
5,660
|
$
|
10,942
|
$
|
7,070
|
Expense recorded in 2013
|
$
|
2,328
|
||
Cash paid
|
(267
|
)
|
||
Balance at December 31, 2013
|
$
|
2,061
|
||
Expense recorded in 2014
|
6,025
|
|||
Cash paid
|
(856
|
)
|
||
Balance at December 31, 2014
|
$
|
7,230
|
||
Expense recorded in 2015
|
5,367
|
|||
Cash paid
|
(426
|
)
|
||
Foreign currency translation
|
1
|
|||
Balance at December 31, 2015
|
$
|
12,172
|
||
Expense recorded in 2016
|
5,025
|
|||
Cash paid
|
(10,327
|
)
|
||
Foreign currency translation
|
3
|
|||
Balance at July 2, 2016
|
$
|
6,873
|
Expense recorded in 2013
|
$
|
486
|
||
Cash paid
|
(98
|
)
|
||
Foreign currency translation
|
3
|
|||
Balance at December 31, 2013
|
$
|
391
|
||
Expense recorded in 2014
|
12,792
|
|||
Cash paid
|
(8,054
|
)
|
||
Foreign currency translation
|
(455
|
)
|
||
Balance at December 31, 2014
|
$
|
4,674
|
||
Expense recorded in 2015
|
95
|
|||
Cash paid
|
(3,166
|
)
|
||
Foreign currency translation
|
(258
|
)
|
||
Balance at December 31, 2015
|
$
|
1,345
|
||
Cash paid
|
(621
|
)
|
||
Foreign currency translation
|
20
|
|||
Balance at July 2, 2016
|
$
|
744
|
Expense recorded in 2014
|
$
|
2,080
|
||
Cash paid
|
(464
|
)
|
||
Foreign currency translation
|
(121
|
)
|
||
Balance at December 31, 2014
|
$
|
1,495
|
||
Cash paid
|
(718
|
)
|
||
Foreign currency translation
|
(120
|
)
|
||
Balance at December 31, 2015
|
$
|
657
|
||
Cash paid
|
(10
|
)
|
||
Foreign currency translation
|
13
|
|||
Balance at July 2, 2016
|
$
|
660
|
Expense recorded in 2015
|
$
|
13,753
|
||
Cash paid
|
(986
|
)
|
||
Foreign currency translation
|
(150
|
)
|
||
Balance at December 31, 2015
|
$
|
12,617
|
||
Expense recorded in 2016
|
5,917
|
|||
Cash paid
|
(7,972
|
)
|
||
Foreign currency translation
|
(160
|
)
|
||
Balance at July 2, 2016
|
$
|
10,402
|
Diodes
|
$
|
578
|
||
Optoelectronic Components
|
953
|
|||
Resistors & Inductors
|
2,522
|
|||
Capacitors
|
423
|
|||
Unallocated Selling, General, and Administrative Expenses
|
1,441
|
|||
Total
|
$
|
5,917
|
July 2, 2016
|
December 31, 2015
|
|||||||
Credit facility
|
$
|
124,000
|
$
|
190,000
|
||||
Exchangeable unsecured notes, due 2102
|
-
|
38,642
|
||||||
Convertible senior debentures, due 2040
|
107,099
|
106,011
|
||||||
Convertible senior debentures, due 2041
|
54,963
|
54,424
|
||||||
Convertible senior debentures, due 2042
|
60,852
|
60,320
|
||||||
Deferred financing costs
|
(11,770
|
)
|
(12,659
|
)
|
||||
335,144
|
436,738
|
|||||||
Less current portion
|
-
|
-
|
||||||
$
|
335,144
|
$
|
436,738
|
Due 2040
|
Due 2041
|
Due 2042
|
||||||||||
Issuance date
|
November 9, 2010
|
May 13, 2011
|
May 31, 2012
|
|||||||||
Maturity date
|
November 15, 2040
|
May 15, 2041
|
June 1, 2042
|
|||||||||
Principal amount
|
$
|
275,000
|
$
|
150,000
|
$
|
150,000
|
||||||
Cash coupon rate (per annum)
|
2.25
|
%
|
2.25
|
%
|
2.25
|
%
|
||||||
Nonconvertible debt borrowing rate at issuance (per annum)
|
8.00
|
%
|
8.375
|
%
|
7.50
|
%
|
||||||
Conversion rate effective June 13, 2016 (per $1 principal amount)
|
75.4595
|
55.0664
|
88.7223
|
|||||||||
Effective conversion price effective June 13, 2016 (per share)
|
$
|
13.25
|
$
|
18.16
|
$
|
11.27
|
||||||
130% of the conversion price (per share)
|
$
|
17.23
|
$
|
23.61
|
$
|
14.65
|
||||||
Call date
|
November 20, 2020
|
May 20, 2021
|
June 7, 2022
|
Principal amount of
the debentures
|
Unamortized discount
|
Embedded derivative
|
Carrying value of liability component
|
Equity component - net carrying value
|
||||||||||||||||
July 2, 2016
|
||||||||||||||||||||
Due 2040
|
$
|
275,000
|
(168,442
|
)
|
541
|
$
|
107,099
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(95,441
|
)
|
404
|
$
|
54,963
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(89,419
|
)
|
271
|
$
|
60,852
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(353,302
|
)
|
$
|
1,216
|
$
|
222,914
|
$
|
230,214
|
|||||||||
December 31, 2015
|
||||||||||||||||||||
Due 2040
|
$
|
275,000
|
(169,565
|
)
|
576
|
$
|
106,011
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(96,014
|
)
|
438
|
$
|
54,424
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(89,982
|
)
|
302
|
$
|
60,320
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(355,561
|
)
|
$
|
1,316
|
$
|
220,755
|
$
|
230,214
|
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 debentures
|
||||||||||||||||
July 2, 2016
|
||||||||||||||||||||
Due 2040
|
$
|
1,547
|
567
|
22
|
(41
|
)
|
$
|
2,095
|
||||||||||||
Due 2041
|
$
|
844
|
289
|
13
|
(72
|
)
|
$
|
1,074
|
||||||||||||
Due 2042
|
$
|
844
|
283
|
14
|
(14
|
)
|
$
|
1,127
|
||||||||||||
Total
|
$
|
3,235
|
$
|
1,139
|
$
|
49
|
$
|
(127
|
)
|
$
|
4,296
|
|||||||||
July 4, 2015
|
||||||||||||||||||||
Due 2040
|
$
|
1,547
|
524
|
22
|
165
|
$
|
2,258
|
|||||||||||||
Due 2041
|
$
|
844
|
267
|
12
|
124
|
$
|
1,247
|
|||||||||||||
Due 2042
|
$
|
844
|
263
|
14
|
46
|
$
|
1,167
|
|||||||||||||
Total
|
$
|
3,235
|
$
|
1,054
|
$
|
48
|
$
|
335
|
$
|
4,672
|
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 debentures
|
||||||||||||||||
July 2, 2016
|
||||||||||||||||||||
Due 2040
|
$
|
3,094
|
1,123
|
44
|
(35
|
)
|
$
|
4,226
|
||||||||||||
Due 2041
|
$
|
1,688
|
573
|
24
|
(34
|
)
|
$
|
2,251
|
||||||||||||
Due 2042
|
$
|
1,688
|
563
|
27
|
(31
|
)
|
$
|
2,247
|
||||||||||||
Total
|
$
|
6,470
|
$
|
2,259
|
$
|
95
|
$
|
(100
|
)
|
$
|
8,724
|
|||||||||
July 4, 2015
|
||||||||||||||||||||
Due 2040
|
$
|
3,094
|
1,039
|
44
|
106
|
$
|
4,283
|
|||||||||||||
Due 2041
|
$
|
1,688
|
528
|
24
|
137
|
$
|
2,377
|
|||||||||||||
Due 2042
|
$
|
1,688
|
523
|
27
|
39
|
$
|
2,277
|
|||||||||||||
Total
|
$
|
6,470
|
$
|
2,090
|
$
|
95
|
$
|
282
|
$
|
8,937
|
Pension and other post-retirement actuarial items
|
Currency translation adjustment
|
Unrealized gain (loss) on available-for-sale securities
|
Total
|
|||||||||||||
Balance at January 1, 2016
|
$
|
(136,422
|
)
|
$
|
4,597
|
498
|
$
|
(131,327
|
)
|
|||||||
Other comprehensive income before reclassifications
|
-
|
10,048
|
2,071
|
$
|
12,119
|
|||||||||||
Tax effect
|
-
|
-
|
(725
|
)
|
$
|
(725
|
)
|
|||||||||
Other comprehensive income before reclassifications, net of tax
|
-
|
10,048
|
1,346
|
$
|
11,394
|
|||||||||||
Amounts reclassified out of AOCI
|
5,371
|
-
|
-
|
$
|
5,371
|
|||||||||||
Tax effect
|
(1,846
|
)
|
-
|
-
|
$
|
(1,846
|
)
|
|||||||||
Amounts reclassified out of AOCI, net of tax
|
3,525
|
-
|
-
|
$
|
3,525
|
|||||||||||
Net other comprehensive income
|
$
|
3,525
|
$
|
10,048
|
$
|
1,346
|
$
|
14,919
|
||||||||
Balance at July 2, 2016
|
$
|
(132,897
|
)
|
$
|
14,645
|
$
|
1,844
|
$
|
(116,408
|
)
|
Fiscal quarter ended
July 2, 2016
|
Fiscal quarter ended
July 4, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
791
|
$
|
-
|
$
|
826
|
||||||||
Interest cost
|
2,889
|
1,383
|
2,885
|
1,419
|
||||||||||||
Expected return on plan assets
|
(2,826
|
)
|
(542
|
)
|
(3,398
|
)
|
(456
|
)
|
||||||||
Amortization of prior service cost
|
36
|
13
|
16
|
-
|
||||||||||||
Amortization of losses
|
1,651
|
1,201
|
2,074
|
1,282
|
||||||||||||
Curtailment and settlement losses
|
-
|
201
|
-
|
-
|
||||||||||||
Net periodic benefit cost
|
$
|
1,750
|
$
|
3,047
|
$
|
1,577
|
$
|
3,071
|
Six fiscal months ended
July 2, 2016
|
Six fiscal months ended
July 4, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Net service cost
|
$
|
-
|
$
|
1,565
|
$
|
-
|
$
|
1,655
|
||||||||
Interest cost
|
5,889
|
2,736
|
5,828
|
2,851
|
||||||||||||
Expected return on plan assets
|
(5,651
|
)
|
(1,076
|
)
|
(6,783
|
)
|
(910
|
)
|
||||||||
Amortization of prior service cost
|
72
|
25
|
32
|
-
|
||||||||||||
Amortization of losses
|
3,301
|
2,372
|
4,096
|
2,581
|
||||||||||||
Curtailment and settlement losses
|
-
|
396
|
-
|
-
|
||||||||||||
Net periodic benefit cost
|
$
|
3,611
|
$
|
6,018
|
$
|
3,173
|
$
|
6,177
|
Fiscal quarter ended
July 2, 2016
|
Fiscal quarter ended
July 4, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Service cost
|
$
|
32
|
$
|
68
|
$
|
30
|
$
|
68
|
||||||||
Interest cost
|
85
|
36
|
84
|
36
|
||||||||||||
Amortization of prior service (credit)
|
(209
|
)
|
-
|
(209
|
)
|
-
|
||||||||||
Amortization of losses (gains)
|
(7
|
)
|
17
|
23
|
19
|
|||||||||||
Net periodic benefit cost
|
$
|
(99
|
)
|
$
|
121
|
$
|
(72
|
)
|
$
|
123
|
Six fiscal months ended
July 2, 2016
|
Six fiscal months ended
July 4, 2015
|
|||||||||||||||
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
|||||||||||||
Service cost
|
$
|
63
|
$
|
135
|
$
|
60
|
$
|
137
|
||||||||
Interest cost
|
170
|
72
|
167
|
73
|
||||||||||||
Amortization of prior service (credit)
|
(418
|
)
|
-
|
(418
|
)
|
-
|
||||||||||
Amortization of losses (gains)
|
(15
|
)
|
34
|
45
|
38
|
|||||||||||
Net periodic benefit cost
|
$
|
(200
|
)
|
$
|
241
|
$
|
(146
|
)
|
$
|
248
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Restricted stock units
|
$
|
1,085
|
$
|
924
|
$
|
2,169
|
1,838
|
|||||||||
Phantom stock units
|
-
|
-
|
117
|
141
|
||||||||||||
Stock options
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
1,085
|
$
|
924
|
$
|
2,286
|
1,979
|
Unrecognized Compensation Cost
|
Weighted Average Remaining Amortization Periods
|
|||||||
Restricted stock units
|
$
|
6,387
|
1.5
|
|||||
Phantom stock units
|
-
|
0.0
|
||||||
Stock options
|
-
|
0.0
|
||||||
Total
|
$
|
6,387
|
Number of RSUs
|
Weighted Average Grant-date Fair Value per Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2016
|
1,028
|
$
|
13.24
|
|||||
Granted
|
353
|
11.35
|
||||||
Vested*
|
(142
|
)
|
12.21
|
|||||
Cancelled or forfeited
|
(222
|
)
|
13.19
|
|||||
Outstanding at July 2, 2016
|
1,017
|
$
|
12.74
|
|||||
Expected to vest at July 2, 2016
|
1,017
|
Vesting Date
|
Expected to Vest
|
Not Expected to Vest
|
Total
|
|||||||||
January 1, 2017
|
192
|
-
|
192
|
|||||||||
January 1, 2018
|
202
|
-
|
202
|
|||||||||
January 1, 2019
|
213
|
-
|
213
|
Number of units
|
Grant-date Fair Value per Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2016
|
132
|
|||||||
Granted
|
10
|
$
|
11.71
|
|||||
Dividend equivalents issued
|
2
|
|||||||
Outstanding at July 2, 2016
|
144
|
MOSFETs
|
Diodes
|
Optoelectronic Components
|
Resistors & Inductors
|
Capacitors
|
Total
|
|||||||||||||||||||
Fiscal quarter ended July 2, 2016:
|
||||||||||||||||||||||||
Product Sales
|
$
|
102,219
|
$
|
142,118
|
$
|
68,059
|
$
|
192,717
|
$
|
84,856
|
$
|
589,969
|
||||||||||||
Royalty Revenues
|
-
|
-
|
-
|
82
|
-
|
$
|
82
|
|||||||||||||||||
Total Revenue
|
$
|
102,219
|
$
|
142,118
|
$
|
68,059
|
$
|
192,799
|
$
|
84,856
|
$
|
590,051
|
||||||||||||
Gross Profit
|
$
|
11,884
|
$
|
37,258
|
$
|
21,618
|
$
|
57,256
|
$
|
18,112
|
$
|
146,128
|
||||||||||||
Fiscal quarter ended July 4, 2015:
|
||||||||||||||||||||||||
Product Sales
|
$
|
106,348
|
$
|
138,722
|
$
|
72,977
|
$
|
178,786
|
$
|
92,891
|
$
|
589,724
|
||||||||||||
Royalty Revenues
|
-
|
-
|
-
|
746
|
-
|
$
|
746
|
|||||||||||||||||
Total Revenue
|
$
|
106,348
|
$
|
138,722
|
$
|
72,977
|
$
|
179,532
|
$
|
92,891
|
$
|
590,470
|
||||||||||||
Gross Profit
|
$
|
14,708
|
$
|
31,600
|
$
|
24,331
|
$
|
53,342
|
$
|
17,501
|
$
|
141,482
|
Six fiscal months ended July 2, 2016:
|
||||||||||||||||||||||||
Product Sales
|
$
|
203,152
|
$
|
277,502
|
$
|
130,834
|
$
|
376,133
|
$
|
172,876
|
$
|
1,160,497
|
||||||||||||
Royalty Revenues
|
-
|
-
|
-
|
160
|
-
|
$
|
160
|
|||||||||||||||||
Total Revenue
|
$
|
203,152
|
$
|
277,502
|
$
|
130,834
|
$
|
376,293
|
$
|
172,876
|
$
|
1,160,657
|
||||||||||||
Gross Profit
|
$
|
24,471
|
$
|
69,920
|
$
|
40,799
|
$
|
113,040
|
$
|
35,207
|
$
|
283,437
|
||||||||||||
Six fiscal months ended July 4, 2015:
|
||||||||||||||||||||||||
Product Sales
|
$
|
213,107
|
$
|
275,233
|
$
|
141,602
|
$
|
365,178
|
$
|
186,927
|
$
|
1,182,047
|
||||||||||||
Royalty Revenues
|
11
|
-
|
-
|
1,848
|
-
|
$
|
1,859
|
|||||||||||||||||
Total Revenue
|
$
|
213,118
|
$
|
275,233
|
$
|
141,602
|
$
|
367,026
|
$
|
186,927
|
$
|
1,183,906
|
||||||||||||
Gross Profit
|
$
|
28,466
|
$
|
61,490
|
$
|
46,514
|
$
|
112,191
|
$
|
37,859
|
$
|
286,520
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Operating margin reconciliation:
|
||||||||||||||||
MOSFETs
|
$
|
2,560
|
$
|
5,140
|
$
|
5,178
|
$
|
9,667
|
||||||||
Diodes
|
31,550
|
25,528
|
58,193
|
49,013
|
||||||||||||
Optoelectronic Components
|
15,844
|
19,163
|
29,498
|
36,250
|
||||||||||||
Resistors & Inductors
|
48,571
|
44,470
|
95,454
|
93,995
|
||||||||||||
Capacitors
|
12,632
|
11,786
|
23,935
|
26,350
|
||||||||||||
Restructuring and Severance Costs
|
(4,467
|
)
|
(5,660
|
)
|
(10,942
|
)
|
(7,070
|
)
|
||||||||
Unallocated Selling, General, and Administrative Expenses
|
(57,282
|
)
|
(56,257
|
)
|
(111,360
|
)
|
(116,477
|
)
|
||||||||
Consolidated Operating Income
|
$
|
49,408
|
$
|
44,170
|
$
|
89,956
|
$
|
91,728
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Numerator:
|
||||||||||||||||
Numerator for basic earnings per share:
|
||||||||||||||||
Net earnings attributable to Vishay stockholders
|
$
|
33,086
|
$
|
26,268
|
$
|
61,100
|
$
|
56,967
|
||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax
|
-
|
17
|
38
|
33
|
||||||||||||
Numerator for diluted earnings per share:
|
||||||||||||||||
Net earnings attributable to Vishay stockholders - diluted
|
$
|
33,086
|
$
|
26,285
|
$
|
61,138
|
$
|
57,000
|
||||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share:
|
||||||||||||||||
Weighted average shares
|
147,500
|
147,570
|
147,597
|
147,569
|
||||||||||||
Outstanding phantom stock units
|
143
|
130
|
142
|
130
|
||||||||||||
Adjusted weighted average shares
|
147,643
|
147,700
|
147,739
|
147,699
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Convertible and exchangeable debt instruments
|
1,995
|
3,788
|
2,311
|
4,283
|
||||||||||||
Restricted stock units
|
207
|
212
|
187
|
198
|
||||||||||||
Other
|
-
|
-
|
-
|
3
|
||||||||||||
Dilutive potential common shares
|
2,202
|
4,000
|
2,498
|
4,484
|
||||||||||||
Denominator for diluted earnings per share:
|
||||||||||||||||
Adjusted weighted average shares - diluted
|
149,845
|
151,700
|
150,237
|
152,183
|
||||||||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.22
|
$
|
0.18
|
$
|
0.41
|
$
|
0.39
|
||||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.22
|
$
|
0.17
|
$
|
0.41
|
$
|
0.37
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Convertible and exchangeable notes:
|
||||||||||||||||
Convertible Senior Debentures, due 2040
|
20,675
|
20,248
|
20,625
|
10,124
|
||||||||||||
Convertible Senior Debentures, due 2041
|
8,230
|
8,060
|
8,209
|
8,042
|
||||||||||||
Weighted average employee stock options
|
105
|
105
|
105
|
91
|
||||||||||||
Weighted average other
|
610
|
842
|
610
|
731
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
July 2, 2016:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
41,861
|
$
|
27,768
|
$
|
14,093
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
4,144
|
4,144
|
-
|
-
|
|||||||||||
$
|
46,005
|
$
|
31,912
|
$
|
14,093
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(541
|
)
|
$
|
-
|
$
|
-
|
$
|
(541
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(404
|
)
|
-
|
-
|
(404
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(271
|
)
|
-
|
-
|
(271
|
)
|
|||||||||
$
|
(1,216
|
)
|
$
|
-
|
$
|
-
|
$
|
(1,216
|
)
|
|||||||
December 31, 2015:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
39,849
|
$
|
25,906
|
13,943
|
$
|
-
|
|||||||||
Available for sale securities
|
$
|
3,604
|
3,604
|
-
|
-
|
|||||||||||
$
|
43,453
|
$
|
29,510
|
$
|
13,943
|
$
|
-
|
|||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(576
|
)
|
$
|
-
|
$
|
-
|
$
|
(576
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(438
|
)
|
-
|
-
|
(438
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(302
|
)
|
-
|
-
|
(302
|
)
|
|||||||||
$
|
(1,316
|
)
|
$
|
-
|
$
|
-
|
$
|
(1,316
|
)
|
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
33,086
|
$
|
26,268
|
$
|
61,100
|
$
|
56,967
|
||||||||
Reconciling items affecting operating margin:
|
||||||||||||||||
Restructuring and severance costs
|
$
|
4,467
|
$
|
5,660
|
$
|
10,942
|
$
|
7,070
|
||||||||
Reconciling items affecting other income (expense):
|
||||||||||||||||
Gain on early extinguishment of debt
|
$
|
(986
|
)
|
$
|
-
|
$
|
(4,597
|
)
|
$
|
-
|
||||||
Reconciling items affecting tax expense:
|
||||||||||||||||
Tax effects of items above and other one-time tax expense (benefit)
|
$
|
(2,325
|
)
|
$
|
(1,988
|
)
|
$
|
(3,981
|
)
|
$
|
(2,496
|
)
|
||||
Adjusted net earnings
|
$
|
34,242
|
$
|
29,940
|
$
|
63,464
|
$
|
61,541
|
||||||||
Adjusted weighted average diluted shares outstanding
|
149,845
|
151,700
|
150,237
|
152,183
|
||||||||||||
Adjusted earnings per diluted share *
|
$
|
0.23
|
$
|
0.20
|
$
|
0.42
|
$
|
0.40
|
2nd Quarter 2015
|
3rd Quarter 2015
|
4th Quarter 2015
|
1st Quarter 2016
|
2nd Quarter 2016
|
||||||||||||||||
Net revenues
|
$
|
590,470
|
$
|
560,654
|
$
|
555,928
|
$
|
570,606
|
$
|
590,051
|
||||||||||
Gross profit margin
|
24.0
|
%
|
23.2
|
%
|
22.6
|
%
|
24.1
|
%
|
24.8
|
%
|
||||||||||
Operating margin
(1)
|
7.5
|
%
|
-4.3
|
%
|
5.4
|
%
|
7.1
|
%
|
8.4
|
%
|
||||||||||
End-of-period backlog
|
$
|
556,100
|
$
|
535,500
|
$
|
514,500
|
$
|
571,600
|
$
|
579,800
|
||||||||||
Book-to-bill ratio
|
0.99
|
0.96
|
0.97
|
1.08
|
1.02
|
|||||||||||||||
Inventory turnover
|
4.11
|
3.82
|
3.90
|
4.00
|
4.20
|
|||||||||||||||
Change in ASP vs. prior quarter
|
-1.3
|
%
|
-1.2
|
%
|
-0.7
|
%
|
-1.2
|
%
|
-0.7
|
%
|
2nd Quarter 2015
|
3rd Quarter 2015
|
4th Quarter 2015
|
1st Quarter 2016
|
2nd Quarter 2016
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
106,348
|
$
|
109,446
|
$
|
104,119
|
$
|
100,933
|
$
|
102,219
|
||||||||||
Book-to-bill ratio
|
1.04
|
0.91
|
0.90
|
1.14
|
0.94
|
|||||||||||||||
Gross profit margin
|
13.8
|
%
|
15.3
|
%
|
12.8
|
%
|
12.5
|
%
|
11.6
|
%
|
||||||||||
Segment operating margin
|
4.8
|
%
|
6.2
|
%
|
4.7
|
%
|
2.6
|
%
|
2.5
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
138,722
|
$
|
123,922
|
$
|
134,776
|
$
|
135,384
|
$
|
142,118
|
||||||||||
Book-to-bill ratio
|
0.97
|
1.05
|
0.97
|
1.05
|
1.02
|
|||||||||||||||
Gross profit margin
|
22.8
|
%
|
22.2
|
%
|
22.8
|
%
|
24.1
|
%
|
26.2
|
%
|
||||||||||
Segment operating margin
|
18.4
|
%
|
17.5
|
%
|
18.7
|
%
|
19.7
|
%
|
22.2
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
72,977
|
$
|
70,008
|
$
|
67,943
|
$
|
62,775
|
$
|
68,059
|
||||||||||
Book-to-bill ratio
|
1.02
|
0.95
|
0.91
|
1.09
|
1.15
|
|||||||||||||||
Gross profit margin
|
33.3
|
%
|
32.8
|
%
|
28.2
|
%
|
30.6
|
%
|
31.8
|
%
|
||||||||||
Segment operating margin
|
26.3
|
%
|
25.2
|
%
|
21.3
|
%
|
21.8
|
%
|
23.3
|
%
|
||||||||||
Resistors & Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
179,532
|
$
|
173,731
|
$
|
166,664
|
$
|
183,494
|
$
|
192,799
|
||||||||||
Book-to-bill ratio
|
0.99
|
0.95
|
1.03
|
1.10
|
1.02
|
|||||||||||||||
Gross profit margin
|
29.7
|
%
|
28.7
|
%
|
27.8
|
%
|
30.4
|
%
|
29.7
|
%
|
||||||||||
Segment operating margin
|
24.8
|
%
|
23.8
|
%
|
23.0
|
%
|
25.6
|
%
|
25.2
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
92,891
|
$
|
83,547
|
$
|
82,426
|
$
|
88,020
|
$
|
84,856
|
||||||||||
Book-to-bill ratio
|
0.92
|
0.93
|
0.99
|
1.01
|
1.03
|
|||||||||||||||
Gross profit margin
|
18.8
|
%
|
15.6
|
%
|
19.3
|
%
|
19.4
|
%
|
21.3
|
%
|
||||||||||
Segment operating margin
|
12.7
|
%
|
9.1
|
%
|
13.2
|
%
|
12.8
|
%
|
14.9
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Cost of products sold
|
75.2
|
%
|
76.0
|
%
|
75.6
|
%
|
75.8
|
%
|
||||||||
Gross profit
|
24.8
|
%
|
24.0
|
%
|
24.4
|
%
|
24.2
|
%
|
||||||||
Selling, general & administrative expenses
|
15.6
|
%
|
15.5
|
%
|
15.7
|
%
|
15.9
|
%
|
||||||||
Operating income
|
8.4
|
%
|
7.5
|
%
|
7.8
|
%
|
7.7
|
%
|
||||||||
Income before taxes and noncontrolling interest
|
7.9
|
%
|
6.5
|
%
|
7.3
|
%
|
7.0
|
%
|
||||||||
Net earnings attributable to Vishay stockholders
|
5.6
|
%
|
4.4
|
%
|
5.3
|
%
|
4.8
|
%
|
||||||||
________
|
||||||||||||||||
Effective tax rate
|
28.4
|
%
|
31.3
|
%
|
27.7
|
%
|
31.0
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Net revenues
|
$
|
590,051
|
$
|
590,470
|
$
|
1,160,657
|
$
|
1,183,906
|
||||||||
Change versus comparable prior year period
|
$
|
(419
|
)
|
$
|
(23,249
|
)
|
||||||||||
Percentage change versus comparable prior year period
|
-0.1
|
%
|
-2.0
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
1.7
|
%
|
0.8
|
%
|
||||
Decrease in average selling prices
|
-2.5
|
%
|
-2.8
|
%
|
||||
Foreign currency effects
|
0.8
|
%
|
0.1
|
%
|
||||
Other
|
-0.1
|
%
|
-0.1
|
%
|
||||
Net change
|
-0.1
|
%
|
-2.0
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Net revenues
|
$
|
102,219
|
$
|
106,348
|
$
|
203,152
|
$
|
213,118
|
||||||||
Change versus comparable prior year period
|
$
|
(4,129
|
)
|
$
|
(9,966
|
)
|
||||||||||
Percentage change versus comparable prior year period
|
-3.9
|
%
|
-4.7
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
0.4
|
%
|
0.3
|
%
|
||||
Decrease in average selling prices
|
-4.6
|
%
|
-5.0
|
%
|
||||
Foreign currency effects
|
0.4
|
%
|
0.0
|
%
|
||||
Other
|
-0.1
|
%
|
0.0
|
%
|
||||
Net change
|
-3.9
|
%
|
-4.7
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Gross profit margin
|
11.6
|
%
|
13.8
|
%
|
12.0
|
%
|
13.4
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Net revenues
|
$
|
142,118
|
$
|
138,722
|
$
|
277,502
|
$
|
275,233
|
||||||||
Change versus comparable prior year period
|
$
|
3,396
|
$
|
2,269
|
||||||||||||
Percentage change versus comparable prior year period
|
2.4
|
%
|
0.8
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
5.2
|
%
|
4.3
|
%
|
||||
Decrease in average selling prices
|
-3.2
|
%
|
-3.4
|
%
|
||||
Foreign currency effects
|
0.8
|
%
|
0.2
|
%
|
||||
Other
|
-0.4
|
%
|
-0.3
|
%
|
||||
Net change
|
2.4
|
%
|
0.8
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Gross profit margin
|
26.2
|
%
|
22.8
|
%
|
25.2
|
%
|
22.3
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Net revenues
|
$
|
68,059
|
$
|
72,977
|
$
|
130,834
|
$
|
141,602
|
||||||||
Change versus comparable prior year period
|
$
|
(4,918
|
)
|
$
|
(10,768
|
)
|
||||||||||
Percentage change versus comparable prior year period
|
-6.7
|
%
|
-7.6
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
-4.2
|
%
|
-4.0
|
%
|
||||
Decrease in average selling prices
|
-3.3
|
%
|
-4.0
|
%
|
||||
Foreign currency effects
|
0.5
|
%
|
0.0
|
%
|
||||
Other
|
0.3
|
%
|
0.4
|
%
|
||||
Net change
|
-6.7
|
%
|
-7.6
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Gross profit margin
|
31.8
|
%
|
33.3
|
%
|
31.2
|
%
|
32.8
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Net revenues
|
$
|
192,799
|
$
|
179,532
|
$
|
376,293
|
$
|
367,026
|
||||||||
Change versus comparable prior year period
|
$
|
13,267
|
$
|
9,267
|
||||||||||||
Percentage change versus comparable prior year period
|
7.4
|
%
|
2.5
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
8.0
|
%
|
4.2
|
%
|
||||
Decrease in average selling prices
|
-1.6
|
%
|
-1.7
|
%
|
||||
Foreign currency effects
|
1.0
|
%
|
0.0
|
%
|
||||
Net change
|
7.4
|
%
|
2.5
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Gross profit margin
|
29.7
|
%
|
29.7
|
%
|
30.0
|
%
|
30.6
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Net revenues
|
$
|
84,856
|
$
|
92,891
|
$
|
172,876
|
$
|
186,927
|
||||||||
Change versus comparable prior year period
|
$
|
(8,035
|
)
|
$
|
(14,051
|
)
|
||||||||||
Percentage change versus comparable prior year period
|
-8.6
|
%
|
-7.5
|
%
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
-9.5
|
%
|
-6.9
|
%
|
||||
Change in average selling prices
|
0.0
|
%
|
-0.8
|
%
|
||||
Foreign currency effects
|
1.0
|
%
|
-0.1
|
%
|
||||
Other
|
-0.1
|
%
|
0.3
|
%
|
||||
Net change
|
-8.6
|
%
|
-7.5
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Gross profit margin
|
21.3
|
%
|
18.8
|
%
|
20.4
|
%
|
20.3
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Total SG&A expenses
|
$
|
92,253
|
$
|
91,652
|
$
|
182,539
|
$
|
187,722
|
||||||||
as a percentage of revenues
|
15.6
|
%
|
15.5
|
%
|
15.7
|
%
|
15.9
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 2, 2016
|
July 4, 2015
|
July 2, 2016
|
July 4, 2015
|
|||||||||||||
Amortization of intangible assets
|
$
|
3,630
|
$
|
6,071
|
$
|
7,240
|
$
|
12,372
|
||||||||
Net loss (gain) on sales of assets
|
98
|
(32
|
)
|
76
|
(115
|
)
|
Fiscal quarters ended
|
||||||||||||
July 2, 2016
|
July 4, 2015
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,246
|
$
|
23
|
$
|
1,223
|
||||||
Interest income
|
1,034
|
1,028
|
6
|
|||||||||
Other
|
(24
|
)
|
109
|
(133
|
)
|
|||||||
$
|
2,256
|
$
|
1,160
|
$
|
1,096
|
Six fiscal months ended
|
||||||||||||
July 2, 2016
|
July 4, 2015
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
919
|
$
|
1,748
|
$
|
(829
|
)
|
|||||
Interest income
|
2,167
|
2,225
|
(58
|
)
|
||||||||
Other
|
(51
|
)
|
647
|
(698
|
)
|
|||||||
$
|
3,035
|
$
|
4,620
|
$
|
(1,585
|
)
|
July 2, 2016
|
December 31, 2015
|
|||||||
Credit facility
|
$
|
124,000
|
$
|
190,000
|
||||
Exchangeable unsecured notes, due 2102
|
-
|
38,642
|
||||||
Convertible senior debentures, due 2040*
|
107,099
|
106,011
|
||||||
Convertible senior debentures, due 2041*
|
54,963
|
54,424
|
||||||
Convertible senior debentures, due 2042*
|
60,852
|
60,320
|
||||||
Deferred financing costs
|
(11,770
|
)
|
(12,659
|
)
|
||||
Total debt
|
335,144
|
436,738
|
||||||
Cash and cash equivalents
|
475,167
|
475,507
|
||||||
Short-term investments
|
546,110
|
619,040
|
||||||
Net cash and short-term investments (debt)
|
$
|
686,133
|
$
|
657,809
|
Fiscal Period
|
Amount
|
Month of Payment
|
|||
Three fiscal months ended April 2, 2016
|
$
|
9,231
|
March
|
||
Three fiscal months ended July 2, 2016
|
9,209
|
June
|
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 commisson)
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
Total Dollar Amount Purchased Under the Program
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
|
|||||||||||||||
|
||||||||||||||||||||
April 3 - April 30
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
May 1 - May 28
|
335,207
|
$
|
12.33
|
335,207
|
$
|
4,132,274
|
$
|
95,867,726
|
||||||||||||
May 29 - July 2
|
160,362
|
$
|
12.42
|
160,362
|
$
|
1,990,896
|
$
|
93,876,830
|
||||||||||||
Total
|
495,569
|
$
|
12.36
|
495,569
|
$
|
6,123,170
|
$
|
93,876,830
|
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
31.1
|
Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Dr. Gerald Paul, Chief Executive Officer.
|
31.2
|
Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Lori Lipcaman, Chief Financial Officer.
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Dr. Gerald Paul, Chief Executive Officer.
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Lori Lipcaman, Chief Financial Officer.
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended July 2, 2016, furnished in XBRL (eXtensible Business Reporting Language)).
|
VISHAY INTERTECHNOLOGY, INC.
|
||
/s/ Lori Lipcaman
|
||
Lori Lipcaman
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial and
|
||
accounting officer)
|
1 Year Vishay Intertechnology Chart |
1 Month Vishay Intertechnology Chart |
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