3 unchanged sentences
(In thousands)
+Added: October 1, 2022
December 31, 2021
22 unchanged sentences
(In thousands)
+Added: October 1, 2022
December 31, 2021
27 unchanged sentences
Fiscal quarters ended
+Added: October 1, 2022
+Added: October 2, 2021
Costs of products sold
18 unchanged sentences
Fiscal quarters ended
+Added: October 1, 2022
+Added: October 2, 2021
Other comprehensive income (loss), net of tax
9 unchanged sentences
(Unaudited - In thousands, except per share amounts)
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
Costs of products sold
17 unchanged sentences
(Unaudited - In thousands)
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
Other comprehensive income (loss), net of tax
9 unchanged sentences
(Unaudited - In thousands)
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
Operating activities
18 unchanged sentences
Repurchase of convertible debt instruments
−Removed: Net proceeds on revolving credit lines
Dividends paid to common stockholders
13 unchanged sentences
Excess of Par
−Removed: Treasury Stock
Comprehensive
6 unchanged sentences
Issuance of stock and related tax withholdings for vested restricted stock units ( 149,722 shares)
−Removed: Dividends declared ($ 0.095
+Added: Dividends declared ($ 0.095 per share)
Stock compensation expense
2 unchanged sentences
Distributions to noncontrolling interests
−Removed: Dividends declared ($ 0.095
+Added: Dividends declared ($ 0.095 per share)
Stock compensation expense
Balance at July 3, 2021
+Added: Other comprehensive income (loss)
+Added: Dividends declared ($ 0.095 per share)
+Added: Stock compensation expense
+Added: Balance at October 2, 2021
+Added: Continues on following page.
+Added: VISHAY INTERTECHNOLOGY, INC.
+Added: Consolidated Condensed Statements of Equity (continued)
+Added: (Unaudited - In thousands, except share and per share amounts)
+Added: Excess of Par
+Added: Treasury Stock
+Added: Comprehensive
+Added: Income (Loss)
+Added: Stockholders'
+Added: Noncontrolling
Balance at December 31, 2021
5 unchanged sentences
Balance at April 2, 2022
−Removed: Other comprehensive income
+Added: Other comprehensive income (loss)
Distributions to noncontrolling interests
4 unchanged sentences
Balance at July 2, 2022
+Added: Other comprehensive income (loss)
+Added: Distributions to noncontrolling interests
+Added: Dividends declared ($ 0.10 per share)
+Added: Stock compensation expense
+Added: Repurchase of common stock held in treasury ( 978,338 shares)
+Added: Balance at October 1, 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 fiscal quarter and six fiscal months ended July 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 nine fiscal months ended October 1, 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 - Acquisition Activities
+Added: As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components.
+Added: These acquisition targets include businesses that have established positions
+Added: in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise.
+Added: It also includes certain businesses that possess technologies which the Company expects
+Added: to further develop and commercialize.
+Added: Subsequent Event
+Added: On October 28, 2022 , 2022, Vishay
+Added: acquired MaxPower Semiconductor, Inc.
+Added: ("MaxPower"), a San Jose, California-based fabless power semiconductor provider dedicated to
+Added: delivering innovative and cost-effective technologies that optimize power management solutions.
+Added: MaxPower's proprietary device structures and process techniques provide leading edge silicon and silicon carbide ("SiC") MOSFET products.
+Added: product development targets automotive and industrial applications.
+Added: Vishay paid cash of $ 50,000 , net of cash
+Added: acquired, at closing.
+Added: Related to the transaction, Vishay may also be required to make certain contingent payments of up to $ 57,500 ,
+Added: which would be payable upon the achievement of certain technology milestones and the occurrence of certain non-operating events.
+Added: The purchase price for U.S.
+Added: GAAP purposes will include the fair value, as of the acquisition date, of certain future
+Added: contingent payments.
+Added: To the extent contingent payments are deemed compensatory in nature, such payments will be recognized as expense in future periods, and will thus not be included in the U.S.
+Added: GAAP purchase price.
+Added: MaxPower will be incorporated into Vishay’s MOSFETs reportable segment, and the goodwill related to this acquisition will be included in the MOSFETs
+Added: reporting unit for goodwill impairment testing.
Note 3 – Impact of COVID-19 Pandemic
−Removed: 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.
−Removed: The Company incurred
−Removed: 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
−Removed: periods, and temporary housing for employees due to travel restrictions , which were partially offset by government subsidies.
−Removed: The net impact of the costs and subsidies
−Removed: are reported as cost of products sold ($ 6,661 )
−Removed: and selling, general, and administrative expenses of ($ 546 ) based on employee function on the consolidated condensed statements
−Removed: of operations for the fiscal quarter and six fiscal months ended July 2, 2022.
+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 the Company's facilities in the second fiscal quarter of 2022.
+Added: incurred 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
+Added: lockdown 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
+Added: subsidies are reported as cost of products sold ($ 6,661 ) and selling, general, and administrative expenses of ($ 546 ) based on employee function on the consolidated condensed statement of operations for the nine fiscal months ended October 1, 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
+Added: October 1, 2022
December 31, 2021
16 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Lease expense
3 unchanged sentences
Total lease expense
−Removed: The Company paid $ 12,241 and $ 12,176 for its operating leases in the six
−Removed: 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.
+Added: The Company paid $ 18,062 and $ 18,000 for its operating leases in the nine
+Added: fiscal months ended October 1, 2022 and October 2, 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 8.4 years and the weighted-average discount rate is 5.4 %
−Removed: as of July 2, 2022.
+Added: as of October 1, 2022.
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
−Removed: 2022 (excluding the six fiscal months ended July 2, 2022)
+Added: October 1, 2022
+Added: 2022 (excluding the nine fiscal months ended October 1, 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 July 2, 2022 and July 3, 2021 reflect
−Removed: the Company’s expected tax rate on reported income before income tax and tax adjustments.
+Added: The effective tax rates for the periods ended October 1, 2022 and October 2, 2021
+Added: 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.
−Removed: Accordingly, the consolidated
−Removed: 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: Accordingly, the
+Added: 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.
+Added: The Company recognized tax benefits of $ 5,941
+Added: in the third fiscal quarter of 2022 for changes in uncertain tax positions following the resolution of a tax audit.
The Company repatriated $ 81,243 to the
2 unchanged sentences
Tax expense for the repatriation was recorded in 2021 when the tax law was enacted.
−Removed: During the six fiscal months ended July 2, 2022,
−Removed: the liabilities for unrecognized tax benefits decreased by $ 5,102 on a net basis, primarily due to payments and currency translation
−Removed: adjustments, partially offset by accruals for current year tax positions and interest.
+Added: During the nine fiscal months ended October 1, 2022,
+Added: the liabilities for unrecognized tax benefits decreased by $ 11,489 on a net basis, primarily due to payments, settlements, and currency
+Added: translation adjustments, partially offset by accruals for current year tax positions and interest.
Note 6 – Long-Term Debt
Long-term debt consists of the following:
+Added: October 1, 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 July 2, 2022:
+Added: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of October 1, 2022:
Issuance date
2 unchanged sentences
June 15, 2025
−Removed: Principal amount as of July 2, 2022
+Added: Principal amount as of October 1, 2022
Cash coupon rate (per annum)
Nonconvertible debt borrowing rate at issuance (per annum)
−Removed: Conversion rate effective June 16, 2022 (per $1 principal amount)
−Removed: Effective conversion price effective June 16, 2022 (per share)
+Added: Conversion rate effective September 8, 2022 (per $1 principal amount)
+Added: Effective conversion price effective September 8, 2022 (per share)
130% of the current effective conversion price (per share)
21 unchanged sentences
Fiscal quarter ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 1, 2022
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 July 2,
−Removed: 2022, 1,913,266 shares of common stock are being held as treasury stock.
+Added: As of October 1, 2022, 2,891,604 shares of
+Added: common stock are being held as treasury stock.
Note 8 – Revenue Recognition
1 unchanged sentence
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Beginning balance
11 unchanged sentences
Net other comprehensive income (loss)
−Removed: Balance at July 2, 2022
+Added: Balance at October 1, 2022
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost.
9 unchanged sentences
Defined Benefit Pension Plans
−Removed: 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: The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2022 and 2021 for the Company’s defined benefit pension plans:
Fiscal quarter ended
+Added: October 1, 2022
Fiscal quarter ended
+Added: October 2, 2021
Net service cost
5 unchanged sentences
Net periodic benefit cost
−Removed: 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:
−Removed: Six fiscal months ended
−Removed: Six fiscal months ended
+Added: The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2022 and October 2, 2021 for the Company’s defined benefit pension plans:
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: Nine fiscal months ended
+Added: October 2, 2021
Net service cost
8 unchanged sentences
Other Postretirement Benefits
−Removed: 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: The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:
Fiscal quarter ended
+Added: October 1, 2022
Fiscal quarter ended
+Added: October 2, 2021
Interest cost
1 unchanged sentence
Net periodic benefit cost
−Removed: 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:
−Removed: Six fiscal months ended
−Removed: Six fiscal months ended
+Added: The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2022 and October 2, 2021 for the Company’s other postretirement benefit plans:
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: Nine fiscal months ended
+Added: October 2, 2021
Interest cost
6 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Restricted stock units
Phantom stock units
−Removed: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 2, 2022 (amortization periods in years) :
+Added: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 1, 2022 (amortization periods in years) :
Restricted stock units
5 unchanged sentences
Restricted Stock Units
−Removed: 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
−Removed: below (number of RSUs in thousands) :
+Added: RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of October 1, 2022 and changes during the nine fiscal months then ended are
+Added: presented below (number of RSUs in thousands) :
Fair Value per
1 unchanged sentence
Cancelled or forfeited
−Removed: Outstanding at July 2, 2022
−Removed: Expected to vest at July 2, 2022
+Added: Outstanding at October 1, 2022
+Added: Expected to vest at October 1, 2022
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
7 unchanged sentences
Phantom Stock Units
−Removed: 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) :
+Added: Phantom stock unit activity under the 2007 Program as of October 1, 2022 and changes during the nine 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 July 2, 2022
+Added: Outstanding at October 1, 2022
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
4 unchanged sentences
Corporate / Other*
−Removed: Fiscal quarter ended July 2, 2022 :
+Added: Fiscal quarter ended October 1, 2022 :
Segment Operating Income
−Removed: Fiscal quarter ended July 3, 2021 :
+Added: Fiscal quarter ended October 2, 2021 :
Segment Operating Income
−Removed: Six fiscal months ended July 2, 2022 :
+Added: Nine fiscal months ended October 1, 2022 :
Segment Operating Income
−Removed: Six fiscal months ended July 3, 2021 :
+Added: Nine fiscal months ended October 2, 2021 :
Segment Operating Income
−Removed: 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.
+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 statement of operations.
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Reconciliation:
10 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
EMS companies
2 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Total Revenue
3 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Telecommunications
8 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Net earnings attributable to Vishay stockholders
14 unchanged sentences
Fiscal quarters ended
−Removed: Six fiscal months ended
+Added: Nine fiscal months ended
+Added: October 1, 2022
+Added: October 2, 2021
+Added: October 1, 2022
+Added: October 2, 2021
Restricted stock units
9 unchanged sentences
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
+Added: October 1, 2022
Assets held in rabbi trusts
23 unchanged sentences
The Company had no outstanding forward contracts as of
−Removed: July 2, 2022.
+Added: October 1, 2022.
The notional amount of the forward contracts was $ 100,000 as of December 31, 2021.
6 unchanged sentences
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 July 2, 2022 and December 31, 2021 is approximately $ 446,100 and $ 485,500 , respectively,
+Added: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at October 1, 2022 and December 31, 2021 is approximately $ 435,400 and $ 485,500 , respectively,
compared to its carrying value, excluding the deferred financing costs, of $ 465,344 and $ 465,344 , respectively.
1 unchanged sentence
future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
−Removed: 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
+Added: At October 1, 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 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
+Added: At October 1, 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.