3 unchanged sentences
(In thousands)
−Removed: April 2, 2022
December 31, 2021
22 unchanged sentences
(In thousands)
−Removed: April 2, 2022
December 31, 2021
27 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
Costs of products sold
18 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
Other comprehensive income (loss), net of tax
7 unchanged sentences
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: Operating income
+Added: Other income (expense):
+Added: Interest expense
+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
+Added: Other comprehensive income (loss), net of tax
+Added: Pension and other post-retirement actuarial items
+Added: Foreign currency translation adjustment
+Added: Other comprehensive income (loss)
+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.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
−Removed: Three fiscal months ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Operating activities
4 unchanged sentences
Deferred income taxes
+Added: Change in U.S.
+Added: transition tax liability
+Added: Change in repatriation tax liability
Net change in operating assets and liabilities
6 unchanged sentences
Other investing activities
−Removed: Net cash provided by (used in) investing activities
+Added: Net cash used in investing activities
Financing activities
Repurchase of convertible debt instruments
+Added: Net proceeds on revolving credit lines
Dividends paid to common stockholders
1 unchanged sentence
Repurchase of common stock held in treasury
+Added: Distributions to noncontrolling interests
Cash withholding taxes paid when shares withheld for vested equity awards
1 unchanged sentence
Effect of exchange rate changes on cash and cash equivalents
−Removed: Net increase in cash and cash equivalents
+Added: Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
4 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
+Added: Excess of Par
Treasury Stock
−Removed: Accumulated Other Comprehensive Income (Loss)
−Removed: Total Vishay Stockholders' Equity
−Removed: Noncontrolling Interests
+Added: Comprehensive
+Added: Income (Loss)
+Added: Stockholders'
+Added: Noncontrolling
Balance at December 31, 2020
1 unchanged sentence
Other comprehensive income (loss)
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units ( 149,722
−Removed: Dividends declared ($ 0.095 per share)
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 149,722 shares)
+Added: Dividends declared ($ 0.095
Stock compensation expense
Balance at April 3, 2021
+Added: Other comprehensive income
+Added: Distributions to noncontrolling interests
+Added: Dividends declared ($ 0.095
+Added: Stock compensation expense
+Added: Balance at July 3, 2021
Balance at December 31, 2021
Other comprehensive income (loss)
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units ( 189,731
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 189,731 shares)
Dividends declared ($ 0.10 per share)
2 unchanged sentences
Balance at April 2, 2022
+Added: Other comprehensive income
+Added: Distributions to noncontrolling interests
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 11,308 shares)
+Added: Dividends declared ($ 0.10 per share)
+Added: Stock compensation expense
+Added: Repurchase of common stock held in treasury ( 1,400,039 shares)
+Added: Balance at July 2, 2022
See accompanying notes.
9 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, 2021.
−Removed: results of operations for the three fiscal months ended April 2, 2022 are not necessarily indicative of the results to be expected for the full year.
+Added: results of operations for the fiscal quarter and six fiscal months ended July 2, 2022 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,
5 unchanged sentences
Certain prior period amounts have been reclassified to conform to the current financial statement presentation.
+Added: Note 2 – Impact of COVID-19 Pandemic
+Added: The Company's operations in the People's Republic of China , particularly in Shanghai, were impacted by COVID-19 government mandated shut-downs of our facilities in the second fiscal quarter of 2022.
+Added: The Company incurred
+Added: incremental costs separable from normal operations that are directly related to the shut-downs, primarily wages paid to manufacturing employees during the shut-downs, additional wages and hardship allowances for working during lockdown
+Added: periods, and temporary housing for employees due to travel restrictions , which were partially offset by government subsidies.
+Added: The net impact of the costs and subsidies
+Added: are reported as cost of products sold ($ 6,661 )
+Added: and selling, general, and administrative expenses of ($ 546 ) based on employee function on the consolidated condensed statements
+Added: of operations for the fiscal quarter and six fiscal months ended July 2, 2022.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
2 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
−Removed: April 2, 2022
December 31, 2021
13 unchanged sentences
Lease expense is classified in the statements of operations based on asset use.
−Removed: Total lease cost recognized on the consolidated condensed statements of operations is as follows:
+Added: Total lease cost recognized on the consolidated condensed statements of
+Added: operations is as follows:
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Lease expense
3 unchanged sentences
Total lease expense
−Removed: The Company paid $ 6,332 and $ 6,161 for its operating leases in the three
−Removed: fiscal months ended April 2, 2022 and April 3, 2021, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows.
+Added: The Company paid $ 12,241 and $ 12,176 for its operating leases in the six
+Added: fiscal months ended July 2, 2022 and July 3, 2021, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows.
The weighted-average remaining lease term for the Company's operating leases is 8.6 years and the weighted-average discount rate is 5.3 %
−Removed: as of April 2, 2022.
+Added: as of July 2, 2022.
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
−Removed: April 2, 2022
−Removed: 2022 (excluding the three fiscal months ended April 2, 2022)
+Added: 2022 (excluding the six fiscal months ended July 2, 2022)
The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the
5 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 2, 2022 and April 3, 2021
−Removed: 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 2, 2022 and July 3, 2021 reflect
+Added: 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.
−Removed: Accordingly, the
−Removed: consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
−Removed: During the three fiscal months ended April 2, 2022,
−Removed: the liabilities for unrecognized tax benefits decreased by $ 3,047 on a net basis, primarily due to a payment and currency translation
+Added: Accordingly, the consolidated
+Added: income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
+Added: The Company repatriated $ 81,243 to the
+Added: United States in the second fiscal quarter of 2022 pursuant to the repatriation program initiated in response to a change in Israeli tax law.
+Added: The Company paid withholding taxes, foreign taxes, and Israeli clawback taxes of $ 25,201 due to the repatriation.
+Added: Tax expense for the repatriation was recorded in 2021 when the tax law was enacted.
+Added: During the six fiscal months ended July 2, 2022,
+Added: the liabilities for unrecognized tax benefits decreased by $ 5,102 on a net basis, primarily due to payments and currency translation
adjustments, partially offset by accruals for current year tax positions and interest.
1 unchanged sentence
Long-term debt consists of the following:
−Removed: April 2, 2022
December 31, 2021
3 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 2, 2022:
+Added: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of July 2, 2022:
Issuance date
2 unchanged sentences
June 15, 2025
−Removed: Principal amount as of April 2, 2022
+Added: Principal amount as of July 2, 2022
Cash coupon rate (per annum)
Nonconvertible debt borrowing rate at issuance (per annum)
−Removed: Conversion rate effective March 16, 2022 (per $1 principal amount)
−Removed: Effective conversion price effective March 16, 2022 (per share)
+Added: Conversion rate effective June 16, 2022 (per $1 principal amount)
+Added: Effective conversion price effective June 16, 2022 (per share)
130% of the current effective conversion price (per share)
Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances:
−Removed: sale price of Vishay common stock reaches 130 % of the conversion price for a specified period;
−Removed: (2) the trading price of the notes falls
−Removed: below 98 % of the product of the sale price of Vishay's common stock and the conversion rate for a specified period;
−Removed: or (3) upon the
−Removed: occurrence of specified corporate transactions.
+Added: any fiscal quarter after the fiscal quarter ending September 29, 2018, if the sale price of Vishay common stock reaches 130 % of the
+Added: conversion price for a specified period;
+Added: (2) the trading price of the notes falls below 98 % of the product of the sale price of Vishay's
+Added: common stock and the conversion rate for a specified period;
+Added: or (3) upon the occurrence of specified corporate transactions.
The convertible senior notes due 2025 are not currently convertible.
14 unchanged sentences
Fiscal quarter ended
−Removed: April 2, 2022
+Added: Six fiscal months ended
Dividends paid to stockholders
4 unchanged sentences
As of December 31, 2021, no shares of common stock were held as treasury stock.
−Removed: As of April 2,
+Added: As of July 2,
2022, 1,913,266 shares of common stock are being held as treasury stock.
2 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Beginning balance
3 unchanged sentences
Ending balance
−Removed: See disaggregated revenue information in Note 10.
Note 8 – Accumulated Other Comprehensive Income (Loss)
1 unchanged sentence
Balance at January 1, 2022
−Removed: Other comprehensive income before reclassifications
+Added: Other comprehensive income (loss) before reclassifications
Other comprehensive income before reclassifications, net of tax
1 unchanged sentence
Amounts reclassified out of AOCI, net of tax
−Removed: Net other comprehensive income
−Removed: Balance at April 2, 2022
+Added: Net other comprehensive income (loss)
+Added: Balance at July 2, 2022
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost.
4 unchanged sentences
The Company maintains various retirement benefit plans.
−Removed: The service cost component of net periodic pension cost is classified in costs of products sold
−Removed: or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.
−Removed: The other components of net periodic pension cost are classified as other expense on the
−Removed: consolidated condensed statements of operations.
+Added: The service cost component of net periodic pension cost is classified in costs of products sold or
+Added: selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.
+Added: The other components of net periodic pension cost are classified as other expense on the consolidated
+Added: condensed statements of operations.
Defined Benefit Pension Plans
−Removed: The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2022 and 2021 for the Company’s defined benefit pension plans:
−Removed: Fiscal quarters ended
−Removed: April 2, 2022
−Removed: Fiscal quarters ended
−Removed: April 3, 2021
+Added: The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2022 and 2021 for the Company’s defined benefit pension plans:
+Added: Fiscal quarter ended
+Added: Fiscal quarter ended
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 2, 2022 and July 3, 2021 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 2022 and 2021 for the Company’s other postretirement benefit plans:
−Removed: Fiscal quarters ended
−Removed: April 2, 2022
−Removed: Fiscal quarters ended
−Removed: April 3, 2021
+Added: The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:
+Added: Fiscal quarter ended
+Added: Fiscal quarter ended
Interest cost
−Removed: Amortization of losses (gains)
+Added: Amortization of losses
Net periodic benefit cost
+Added: The following table shows the components of the net periodic pension cost for the six fiscal months ended July 2, 2022 and July 3, 2021 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
+Added: Net periodic benefit cost
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
3 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
−Removed: Restricted stock units ("RSUs")
+Added: Six fiscal months ended
+Added: Restricted stock units
Phantom stock units
−Removed: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 2, 2022 (amortization periods in years) :
+Added: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 2, 2022 (amortization periods in years) :
Restricted stock units
Phantom stock units
+Added: The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs
+Added: presented in the table above to be recognized.
+Added: NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
+Added: (dollars in thousands, except per share amounts)
Restricted Stock Units
−Removed: RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 2, 2022 and changes during the three fiscal months then ended are
−Removed: presented below (number of RSUs in thousands) :
+Added: RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of July 2, 2022 and changes during the six fiscal months then ended are presented
+Added: below (number of RSUs in thousands) :
Fair Value per
1 unchanged sentence
Cancelled or forfeited
−Removed: Outstanding at April 2, 2022
−Removed: Expected to vest at April 2, 2022
−Removed: * The number of RSUs vested includes
−Removed: shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
+Added: Outstanding at July 2, 2022
+Added: Expected to vest at July 2, 2022
+Added: * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the
6 unchanged sentences
Phantom Stock Units
−Removed: Phantom stock unit activity under the 2007 Program as of April 2, 2022 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 2007 Program as of July 2, 2022 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 2, 2022
+Added: Outstanding at July 2, 2022
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
3 unchanged sentences
Optoelectronic
−Removed: Fiscal quarter ended April 2, 2022 :
+Added: Corporate / Other*
+Added: Fiscal quarter ended July 2, 2022 :
Segment Operating Income
−Removed: Fiscal quarter ended April 3, 2021:
+Added: Fiscal quarter ended July 3, 2021 :
Segment Operating Income
+Added: Six fiscal months ended July 2, 2022 :
+Added: Segment Operating Income
+Added: Six fiscal months ended July 3, 2021 :
+Added: Segment Operating Income
+Added: 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 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Reconciliation:
Segment Operating Income
+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 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
EMS companies
2 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Total Revenue
3 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Telecommunications
8 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+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:
9 unchanged sentences
Fiscal quarters ended
−Removed: April 2, 2022
−Removed: April 3, 2021
+Added: Six fiscal months ended
Restricted stock units
9 unchanged sentences
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
−Removed: April 2, 2022
Assets held in rabbi trusts
20 unchanged sentences
The fair value measurement of the metals are considered a Level 1 measurement within the fair value hierarchy.
−Removed: The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans
−Removed: denominated in a currency other than the legal entity's functional currency.
−Removed: The notional amount of the forward contracts was $ 80,000 and
−Removed: $ 100,000 as of April 2, 2022
−Removed: and December 31, 2021, respectively.
−Removed: The forward contracts are short-term in nature and are expected to be renewed at the Company's
−Removed: 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 statements of
−Removed: operations as a component of other income (expense).
−Removed: 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
−Removed: the fair value hierarchy.
−Removed: The value of the forward contracts was immaterial as of April 2, 2022 and December 31, 2021.
+Added: The Company has entered into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany
+Added: loans denominated in a currency other than the legal entity's functional currency.
+Added: The Company had no outstanding forward contracts as of
+Added: July 2, 2022.
+Added: The notional amount of the forward contracts was $ 100,000 as of December 31, 2021.
+Added: The forward contracts were short-term in nature and were renewed at the Company's discretion until the intercompany loans were repaid.
+Added: We did not designate the forward
+Added: contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts would be recognized in the consolidated condensed statements of operations as a component of other income (expense).
+Added: The Company estimates the fair
+Added: value of the forward contracts based on applicable and commonly used pricing models using current market information and was considered a Level 2 measurement within the fair value hierarchy.
+Added: The value of the forward contracts was immaterial as of December 31, 2021.
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 2, 2022 and December 31, 2021 is approximately $ 463,800 and $ 485,500 , respectively,
−Removed: compared to its carrying value, excluding the deferred financing costs, of $ 465,344 .
−Removed: The Company estimates the fair value of its
−Removed: 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 2, 2022 and December 31, 2021, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90
+Added: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at July 2, 2022 and December 31, 2021 is approximately $ 446,100 and $ 485,500 , respectively,
+Added: compared to its carrying value, excluding the deferred financing costs, of $ 471,344 and $ 465,344 , respectively.
+Added: The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected
+Added: future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
+Added: At July 2, 2022 and December 31, 2021, 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;
10 unchanged sentences
Interest on the securities is recognized as interest income when earned.
−Removed: At April 2, 2022 and December 31, 2021, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when
+Added: At July 2, 2022 and December 31, 2021, 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.
6 unchanged sentences
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.