3 unchanged sentences
(In thousands)
−Removed: April 3, 2021
December 31, 2020
21 unchanged sentences
(In thousands)
−Removed: April 3, 2021
December 31, 2020
27 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
Costs of products sold
Selling, general, and administrative expenses
+Added: Restructuring and severance costs
Operating income
17 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Other comprehensive income, net of tax
+Added: Pension and other post-retirement actuarial items
+Added: Foreign currency translation adjustment
+Added: Other comprehensive income
+Added: Comprehensive income
+Added: comprehensive income attributable to noncontrolling interests
+Added: Comprehensive income attributable to Vishay stockholders
+Added: See accompanying notes.
+Added: VISHAY INTERTECHNOLOGY, INC.
+Added: Consolidated Condensed Statements of Operations
+Added: (Unaudited - In thousands, except per share amounts)
+Added: Six fiscal months ended
+Added: Costs of products sold
+Added: Selling, general, and administrative expenses
+Added: Restructuring and severance costs
+Added: Operating income
+Added: Other income (expense):
+Added: Interest expense
+Added: Loss on early extinguishment of debt
+Added: Total other income (expense)
+Added: Income before taxes
+Added: Income tax expense
+Added: net earnings attributable to noncontrolling interests
+Added: Net earnings attributable to Vishay stockholders
+Added: Basic earnings per share attributable to Vishay stockholders
+Added: Diluted earnings per share attributable to Vishay stockholders
+Added: Weighted average shares outstanding - basic
+Added: Weighted average shares outstanding - diluted
+Added: Cash dividends per share
+Added: See accompanying notes.
+Added: VISHAY INTERTECHNOLOGY, INC.
+Added: Consolidated Statements of Comprehensive Income
+Added: (Unaudited - In thousands)
+Added: Six fiscal months ended
Other comprehensive income (loss), net of tax
9 unchanged sentences
(Unaudited - In thousands)
−Removed: Three fiscal months ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Operating activities
5 unchanged sentences
Deferred income taxes
−Removed: Loss on extinguishment of debt
+Added: Loss on early extinguishment of debt
+Added: Change in U.S.
+Added: transition tax liability
+Added: Change in repatriation tax liability
Net change in operating assets and liabilities
13 unchanged sentences
Dividends paid to Class B common stockholders
+Added: Distributions to noncontrolling interests
Cash withholding taxes paid when shares withheld for vested equity awards
−Removed: Net cash provided by (used in) financing activities
+Added: Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
6 unchanged sentences
(Unaudited - In thousands, except share and per share amounts)
−Removed: Class B Convertible Common Stock
−Removed: Capital in Excess of Par Value
−Removed: Retained Earnings
−Removed: Accumulated Other Comprehensive Income (Loss)
−Removed: Total Vishay Stockholders' Equity
−Removed: Noncontrolling Interests
+Added: Excess of Par
+Added: Comprehensive
+Added: Income (Loss)
+Added: Stockholders'
+Added: Noncontrolling
Balance at December 31, 2019
Cumulative effect of accounting change for adoption of ASU 2016-13
−Removed: Net earnings (loss)
Other comprehensive income
−Removed: Conversion of Class B shares ( 18 shares)
Temporary equity reclassification
2 unchanged sentences
Stock compensation expense
−Removed: Repurchase of convertible debentures due 2040 and due 2042
+Added: Repurchase of convertible senior debentures due 2041
Balance at April 4, 2020
+Added: Other comprehensive income
+Added: Distributions to noncontrolling interests
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 13,141 shares)
+Added: Dividends declared ($ 0.095 per share)
+Added: Stock compensation expense
+Added: Repurchase of convertible senior notes due 2025
+Added: Balance at July 4, 2020
Balance at December 31, 2020
Cumulative effect of accounting change for adoption of ASU 2020-06 (see Note 1)
−Removed: Other comprehensive income (loss)
+Added: Other comprehensive income
Issuance of stock and related tax withholdings for vested restricted stock units ( 149,722 shares)
2 unchanged sentences
Balance at April 3, 2021
+Added: Other comprehensive income
+Added: Distributions to noncontrolling interests
+Added: Dividends declared ($ 0.095 per share)
+Added: Stock compensation expense
+Added: Balance at July 3, 2021
See accompanying notes.
6 unchanged sentences
The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
−Removed: The results of operations for the fiscal quarter and three fiscal months ended April 3, 2021 are not necessarily indicative of the results to be expected for the full year.
+Added: The results of operations for the fiscal quarter and six fiscal months ended July 3, 2021 are not necessarily indicative of the results to be expected for the full year.
The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31.
16 unchanged sentences
The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:
−Removed: April 3, 2021
December 31, 2020
12 unchanged sentences
Total lease liabilities
−Removed: Lease expense is classified on the statement of operations based on asset use.
+Added: Lease expense is classified in the statements of operations based on asset use.
Total lease cost recognized on the consolidated condensed statements of operations is as follows:
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Lease expense
3 unchanged sentences
Total lease expense
−Removed: The Company paid $ 6,161 and $ 5,609 for its operating leases in the three fiscal months ended April 3, 2021 and April 4, 2020, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows.
−Removed: The weighted-average remaining lease term for the Company's operating leases is 8.7 years and the weighted-average discount rate is 5.9 % as of April 3, 2021.
+Added: The Company paid $ 12,176 and $ 12,867 for its operating leases in the six fiscal months ended July 3, 2021 and July 4, 2020, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows.
+Added: The weighted-average remaining lease term for the Company's operating leases is 9.3 years and the weighted-average discount rate is 5.7 % as of July 3, 2021.
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
−Removed: April 3, 2021
−Removed: 2021 (excluding the three fiscal months ended April 3, 2021)
+Added: 2021 (excluding the six fiscal months ended July 3, 2021)
The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term.
15 unchanged sentences
Foreign currency translation
−Removed: Balance at April 3, 2021
+Added: Balance at July 3, 2021
The payment terms vary by country, but generally are paid in a lump sum at cessation of employment.
6 unchanged sentences
The provision for income taxes consists of provisions for federal, state, and foreign income taxes.
−Removed: The effective tax rates for the periods ended April 3, 2021 and April 4, 2020 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments.
+Added: The effective tax rates for the periods ended July 3, 2021 and July 4, 2020 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments.
The Company operates in a global environment with significant operations in various jurisdictions outside the United States.
2 unchanged sentences
2020-06 on January 1, 2021, which was included in the cumulative-effect adjustment recorded to retained earnings.
−Removed: The Company recognized a tax benefit of $ 4,395 due to a change in tax regulations during the fiscal quarter ended April 3, 2021.
−Removed: During the fiscal quarter ended April 3, 2021, the liabilities for unrecognized tax benefits decreased by $ 1,485 on a net basis, primarily due to a payment and currency translation adjustments, partially offset by accruals for current year tax positions and interest.
+Added: The Company recognized tax benefits of $ 3,881 and $ 8,276 due to changes in tax regulations during the fiscal quarter and six fiscal months ended July 3, 2021, respectively.
+Added: During the six fiscal months ended July 3, 2021, the liabilities for unrecognized tax benefits decreased by $ 1,362 on a net basis, primarily due to a payment, statute expiration, and currency translation adjustments, partially offset by accruals for current year tax positions and interest.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
2 unchanged sentences
Long-term debt consists of the following:
−Removed: April 3, 2021
December 31, 2020
4 unchanged sentences
Less current portion
−Removed: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of April 3, 2021:
+Added: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of July 3, 2021:
Issuance date
2 unchanged sentences
June 15, 2025
−Removed: Principal amount as of April 3, 2021
+Added: Principal amount as of July 3, 2021
Cash coupon rate (per annum)
Nonconvertible debt borrowing rate at issuance (per annum)
−Removed: Conversion rate effective March 16, 2021 (per $1 principal amount)
−Removed: Effective conversion price effective March 16, 2021 (per share)
+Added: Conversion rate effective June 17, 2021 (per $1 principal amount)
+Added: Effective conversion price effective June 17, 2021 (per share)
130% of the conversion price (per share)
16 unchanged sentences
(dollars in thousands, except per share amounts)
−Removed: The carrying value of the convertible senior notes due 2025 was $465,344 as of April 3, 2021.
+Added: The carrying value of the convertible senior notes due 2025 was $465,344 as of July 3, 2021.
The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No.
12 unchanged sentences
related to the
−Removed: April 3, 2021
Convertible senior notes due 2025
−Removed: April 4, 2020
Convertible senior notes due 2025
Convertible senior debentures
+Added: Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the six fiscal months ended:
+Added: Other non-cash
+Added: interest expense
+Added: Total interest
+Added: expense related to the
+Added: Convertible senior notes due 2025
+Added: Convertible senior notes due 2025
+Added: Convertible senior debentures
Other non-cash interest expense includes amortization of deferred financing costs.
5 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Beginning balance
3 unchanged sentences
Ending balance
−Removed: See disaggregated revenue information in Note 10.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
8 unchanged sentences
Net other comprehensive income
−Removed: Balance at April 3, 2021
+Added: Balance at July 3, 2021
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost.
7 unchanged sentences
Defined Benefit Pension Plans
−Removed: The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2021 and 2020 for the Company’s defined benefit pension plans:
+Added: The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2021 and 2020 for the Company’s defined benefit pension plans:
Fiscal quarter ended
−Removed: April 3, 2021
Fiscal quarter ended
−Removed: April 4, 2020
Net service cost
5 unchanged sentences
Net periodic benefit cost
+Added: The following table shows the components of the net periodic pension cost for the six fiscal months ended July 3, 2021 and July 4, 2020 for the Company’s defined benefit pension plans:
+Added: Six fiscal months ended
+Added: Six fiscal months ended
+Added: Net service cost
+Added: Interest cost
+Added: Expected return on plan assets
+Added: Amortization of prior service cost
+Added: Amortization of losses
+Added: Curtailment and settlement losses
+Added: Net periodic benefit cost
+Added: NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
+Added: (dollars in thousands, except per share amounts)
Other Postretirement Benefits
−Removed: The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2021 and 2020 for the Company’s other postretirement benefit plans:
+Added: The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2021 and 2020 for the Company’s other postretirement benefit plans:
Fiscal quarter ended
−Removed: April 3, 2021
Fiscal quarter ended
−Removed: April 4, 2020
Interest cost
1 unchanged sentence
Net periodic benefit cost
+Added: The following table shows the components of the net periodic pension cost for the six fiscal months ended July 3, 2021 and July 4, 2020 for the Company’s other postretirement benefit plans:
+Added: Six fiscal months ended
+Added: Six fiscal months ended
+Added: Interest cost
+Added: Amortization of losses (gains)
+Added: Net periodic benefit cost
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
7 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Restricted stock units
Phantom stock units
−Removed: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 3, 2021 (amortization periods in years) :
+Added: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 3, 2021 (amortization periods in years) :
Restricted stock units
4 unchanged sentences
Restricted Stock Units
−Removed: RSU activity under the 2007 Program as of April 3, 2021 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) :
+Added: RSU activity under the 2007 Program as of July 3, 2021 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands) :
Fair Value per
1 unchanged sentence
Cancelled or forfeited
−Removed: Outstanding at April 3, 2021
−Removed: Expected to vest at April 3, 2021
+Added: Outstanding at July 3, 2021
+Added: Expected to vest at July 3, 2021
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements .
5 unchanged sentences
Phantom Stock Units
−Removed: Phantom stock unit activity under the phantom stock plan as of April 3, 2021 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) :
+Added: Phantom stock unit activity under the phantom stock plan as of July 3, 2021 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands) :
Fair Value per
1 unchanged sentence
Dividend equivalents issued
−Removed: Outstanding at April 3, 2021
+Added: Outstanding at July 3, 2021
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
4 unchanged sentences
Corporate / Other*
−Removed: Fiscal quarter ended April 3, 2021 :
+Added: Fiscal quarter ended July 3, 2021 :
Segment operating income
−Removed: Fiscal quarter ended April 4, 2020 :
+Added: Fiscal quarter ended July 4, 2020 :
Segment operating income
−Removed: * Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 pandemic, which are reported as costs of products sold on the consolidated condensed statement of operations.
+Added: Six fiscal months ended July 3, 2021 :
+Added: Segment Operating Income
+Added: Six fiscal months ended July 4, 2020 :
+Added: Segment Operating Income
+Added: * Amounts reported in Corporate/Other above represent unallocated costs directly related to the COVID-19 pandemic, which are reported as costs of products sold on the consolidated condensed statements of operations.
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Reconciliation:
Segment Operating Income
−Removed: Impact of COVID-19 Pandemic on Selling, General, and Administrative Expenses
+Added: Restructuring and Severance Costs
+Added: Impact of the COVID-19 Pandemic on Selling, General, and Administrative Expenses
Unallocated Selling, General, and Administrative Expenses
7 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
EMS companies
2 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Total Revenue
2 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Telecommunications
8 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Net earnings attributable to Vishay stockholders
2 unchanged sentences
Outstanding phantom stock units
−Removed: Adjusted weighted average shares - basic
+Added: Adjusted weighted average shares
Effect of dilutive securities:
8 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: April 4, 2020
+Added: Six fiscal months ended
Convertible debt instruments:
18 unchanged sentences
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
−Removed: April 3, 2021
Assets held in rabbi trusts
14 unchanged sentences
The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency.
−Removed: The notional amount of the forward contracts was $ 100,000 as of April 3, 2021 and December 31, 2020.
+Added: The notional amount of the forward contracts was $ 100,000 as of July 3, 2021 and December 31, 2020.
The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid.
−Removed: We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statement of operations as a component of other income (expense).
+Added: We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statements of operations as a component of other income (expense).
The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierarchy.
−Removed: The value of the forward contracts was immaterial as of April 3, 2021 and December 31, 2020.
+Added: The value of the forward contracts was immaterial as of July 3, 2021 and December 31, 2020.
The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes.
−Removed: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at April 3, 2021 and December 31, 2020 is approximately $ 517,700 and $ 491,400 , respectively, compared to its carrying value, excluding the deferred financing costs, of $ 465,344 and $ 406,398 , respectively.
+Added: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at July 3, 2021 and December 31, 2020 is approximately $ 494,800 and $ 491,400 , respectively, compared to its carrying value, excluding the deferred financing costs, of $ 465,344 and $ 406,398 , respectively.
The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
−Removed: At April 3, 2021 and December 31, 2020, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition;
+Added: At July 3, 2021 and December 31, 2020, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition;
however they all mature within one year from the respective balance sheet dates.
7 unchanged sentences
Interest on the securities is recognized as interest income when earned.
−Removed: At April 3, 2021 and December 31, 2020, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds.
+Added: At July 3, 2021 and December 31, 2020, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds.
The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs.
Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets.
−Removed: The Company’s financial instruments also include accounts receivable, short-term notes payable, and accounts payable.
+Added: The Company’s financial instruments also include accounts receivable and accounts payable.
The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.