3 unchanged sentences
(In thousands)
−Removed: April 1, 2023
December 31, 2022
22 unchanged sentences
(In thousands)
−Removed: April 1, 2023
December 31, 2022
27 unchanged sentences
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
Costs of products sold
18 unchanged sentences
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
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 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
Operating activities
4 unchanged sentences
Deferred income taxes
+Added: Stock compensation expense
+Added: Change in U.S.
+Added: transition tax liability
+Added: Change in repatriation tax liability
Net change in operating assets and liabilities
4 unchanged sentences
Purchase of short-term investments
+Added: Purchase of business, net of cash acquired
Maturity of short-term investments
Other investing activities
−Removed: Net cash provided by investing activities
+Added: Net cash provided by (used in) investing activities
Financing activities
Net proceeds on revolving credit facility
+Added: Debt issuance costs
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, 2021
Other comprehensive income (loss)
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units ( 189,731
−Removed: Dividends declared ($ 0.10 per share)
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 189,731 shares)
+Added: Dividends declared ($ 0.10
Stock compensation expense
1 unchanged sentence
Balance at April 2, 2022
−Removed: Balance at December 31, 2022
Other comprehensive income (loss)
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units and phantom stock units ( 254,513 shares)
+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
+Added: Stock compensation expense
+Added: Repurchase of common stock held in treasury ( 1,400,039 shares)
+Added: Balance at July 2, 2022
+Added: Balance at December 31, 2022
+Added: Other comprehensive income
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 254,513 shares)
Dividends declared ($ 0.10 per share)
2 unchanged sentences
Balance at April 1, 2023
+Added: Other comprehensive income
+Added: Distributions to noncontrolling interests
+Added: Dividends declared ($ 0.10
+Added: Stock compensation expense
+Added: Repurchase of common stock held in treasury ( 847,202 shares)
+Added: Balance at July 1, 2023
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, 2022.
−Removed: results of operations for the three fiscal months ended April 1, 2023 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 1, 2023 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,
31 unchanged sentences
Based on an estimate of their fair values, the Company allocated $ 18,600 of the purchase price to definite-lived intangible assets.
−Removed: After allocating the purchase price to the assets acquired and liabilities assumed based on a preliminary estimation of
−Removed: their fair values at the date of acquisition, the Company recorded goodwill of $ 36,885 related to this acquisition.
−Removed: related to this acquisition is included in the MOSFETs reporting unit for goodwill impairment testing.
−Removed: The purchase price allocation for this acquisition is considered preliminary as the Company is awaiting further information about the
−Removed: contingent payments.
−Removed: The estimated values of definite-lived intangible assets and goodwill have not changed as of April 1, 2023.
+Added: After allocating the purchase price to the assets acquired and liabilities assumed based on a preliminary estimation of their fair values at
+Added: the date of acquisition, the Company recorded goodwill of $ 36,885 related to this acquisition.
+Added: The goodwill related to this
+Added: acquisition is included in the MOSFETs reporting unit for goodwill impairment testing.
+Added: The purchase price allocation for this acquisition is considered preliminary as the Company is awaiting further information about the contingent payments.
+Added: The estimated values of definite-lived intangible assets and goodwill have not changed as of July 1, 2023.
The results and operations of this acquisition have been included in the MOSFETs segment since October 28, 2022.
+Added: Centerline Technologies, LLC
+Added: On June 30, 2023 , the Company
+Added: acquired substantially all of the assets of Centerline Technologies, LLC ("Centerline"), a Massachusetts-based, privately held
+Added: manufacturer of ceramic components used in many custom parts manufactured by certain of Vishay's Resistors businesses, for $ 5,003 .
+Added: Based on an estimate of fair values, the Company allocated $ 1,500 of the purchase price to definite-lived intangible assets.
+Added: allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $ 2,213 related to this acquisition.
+Added: The acquired business will be vertically integrated into the Company's Resistors segment, and the goodwill related to this acquisition is included in
+Added: the Resistors reporting unit for goodwill impairment testing.
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 1, 2023
December 31, 2022
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 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
Lease expense
3 unchanged sentences
Total lease expense
−Removed: The Company paid $ 7,199 and $ 6,332 for its operating leases in the three
−Removed: fiscal months ended April 1, 2023 and April 2, 2022, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows.
+Added: The Company paid $ 13,966 and $ 12,241 for its operating leases in the six
+Added: fiscal months ended July 1, 2023 and July 2, 2022, 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 9.6 years and the weighted-average discount rate is 6.2 %
−Removed: as of April 1, 2023.
+Added: as of July 1, 2023.
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
−Removed: April 1, 2023
−Removed: 2023 (excluding the three fiscal months ended April 1, 2023)
+Added: 2023 (excluding the six fiscal months ended July 1, 2023)
The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the
3 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 1, 2023 and April 2, 2022
−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 1, 2023 and July 2, 2022 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 1, 2023,
+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: During the six fiscal months ended July 1, 2023,
the liabilities for unrecognized tax benefits increased by $ 616 on a net basis, primarily due to currency translation adjustments, accruals
4 unchanged sentences
Long-term debt consists of the following:
−Removed: April 1, 2023
December 31, 2022
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 1, 2023:
+Added: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of July 1, 2023:
Issuance date
2 unchanged sentences
June 15, 2025
−Removed: Principal amount as of April 1, 2023
+Added: Principal amount as of July 1, 2023
Cash coupon rate (per annum)
Nonconvertible debt borrowing rate at issuance (per annum)
−Removed: Conversion rate effective March 16, 2023 (per $1 principal amount)
−Removed: Effective conversion price effective March 16, 2023 (per share)
+Added: Conversion rate effective June 15, 2023 (per $1 principal amount)
+Added: Effective conversion price effective June 15, 2023 (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: the sale price of Vishay common stock reaches 130 % of the conversion price for a specified period;
+Added: (2) the trading price of the notes
+Added: falls below 98 % of the product of the sale price of Vishay's common stock and the conversion rate for a specified period;
+Added: the occurrence of specified corporate transactions.
The convertible senior notes due 2025 are not currently convertible.
6 unchanged sentences
Credit Facility
−Removed: The Company maintains a credit facility with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders, which
−Removed: was scheduled to mature on June 5, 2024 (the "Existing Credit Facility").
−Removed: On May 8, 2023 , the Company entered into an Amendment and Restatement Agreement, which provides an aggregate commitment of $ 750,000 of revolving loans available until May 8, 2028 (the
−Removed: “Amended and Restated Credit Facility”).
+Added: The Company maintains a credit facility with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders,
+Added: which was scheduled to mature on June 5, 2024 (the "Previous Credit Facility").
+Added: On May 8, 2023 , the Company entered into an Amendment and Restatement Agreement, which provides an aggregate commitment of $ 750,000 of revolving loans available until May 8, 2028
+Added: (the “Amended and Restated Credit Facility”).
The maturity date of the Amended and Restated Credit Facility will accelerate if within ninety-one days prior to the maturity of the Company’s convertible senior notes due 2025, the outstanding
5 unchanged sentences
The applicable interest margin is based on Vishay's total leverage
−Removed: Based on Vishay's current total leverage ratio, borrowings bear interest at SOFR plus 1.60 %, including the applicable credit
+Added: Based on Vishay's current total leverage ratio, borrowings bear interest at SOFR plus 1.60 %, including the applicable
+Added: credit spread.
Vishay also pays a commitment fee, also based on its total leverage ratio, on undrawn amounts.
The undrawn commitment fee, based on Vishay's current total leverage ratio, is 0.25 % per annum.
−Removed: Similar to the Existing Credit Facility, the Amended and Restated Credit Facility requires the maintenance of financial covenant ratios.
+Added: Similar to the Previous Credit Facility, the Amended and Restated Credit Facility requires the maintenance of financial covenant ratios.
compliance purposes, pursuant to the Amended and Restated Credit Facility, the leverage ratio is computed on a net basis, reducing the measure of outstanding debt by up to $ 250,000 of unrestricted cash.
1 unchanged sentence
Permitted investments and restricted payments are also subject to a pro forma net leverage ratio ( 2.75 to 1.00 and 2.50 to 1.00, respectively).
−Removed: Other terms and conditions of the Amended and Restated Credit Facility are substantially similar to the Existing Credit Facility.
+Added: Other terms and conditions of the Amended and Restated Credit Facility are substantially similar to the Previous Credit Facility.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
4 unchanged sentences
The Stockholder Return Policy calls for the Company to return a prescribed amount of cash flows on an annual basis.
−Removed: The Company intends to return such amounts
−Removed: directly, in the form of dividends, or indirectly, in the form of stock repurchases.
+Added: The Company intends to return such
+Added: amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases.
The following table summarizes activity pursuant to this policy:
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
Dividends paid to stockholders
1 unchanged sentence
The repurchased shares are being held as treasury stock.
−Removed: The number of shares of common stock being held as treasury stock was 5,156,794 and 4,240,573 as of April 1, 2023 and December 31, 2022, respectively.
+Added: The number of shares of common stock being held as treasury stock was 6,003,996 and 4,240,573 as of July 1, 2023 and December 31, 2022, respectively.
Note 7 – Revenue Recognition
1 unchanged sentence
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
Beginning balance
3 unchanged sentences
Ending balance
−Removed: See disaggregated revenue information in Note 11.
Note 8 – Accumulated Other Comprehensive Income (Loss)
6 unchanged sentences
Net other comprehensive income (loss)
−Removed: Balance at April 1, 2023
+Added: Balance at July 1, 2023
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 2023 and 2022 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 2023 and 2022 for the Company’s defined benefit pension plans:
Fiscal quarter ended
−Removed: April 1, 2023
Fiscal quarter ended
−Removed: April 2, 2022
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 1, 2023 and July 2, 2022 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 (gains)
+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 2023 and 2022 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 2023 and 2022 for the Company’s other postretirement benefit plans:
Fiscal quarter ended
−Removed: April 1, 2023
Fiscal quarter ended
−Removed: April 2, 2022
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 1, 2023 and July 2, 2022 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
1 unchanged sentence
Note 10 – Stock-Based Compensation
+Added: 2023 Long-Term Incentive Plan
+Added: The Company implemented the Vishay Intertechnology, Inc.
+Added: 2023 Long-Term Incentive Plan (the "2023 Plan") after receiving stockholder approval at its 2023 Annual Meeting of
+Added: Stockholders on May 23, 2023.
+Added: The 2023 Plan allows the Company to grant up to 6,000,000 shares (subject to certain adjustments described
+Added: in the 2023 Plan) of stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards, phantom stock units, and other cash-based awards to employees, directors, consultants, and other service providers of
+Added: the Company and its affiliates.
+Added: Such instruments are available for grant until March 24, 2033 .
+Added: The Company granted approximately 733,000 time-vested restricted stock units to employees in the second fiscal quarter of 2023.
+Added: 2007 Stock Incentive Program
+Added: Under the Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, certain executive officers and board members of the Company were granted
+Added: restricted stock units.
+Added: No further awards will be granted pursuant to the 2007 Program.
+Added: Pursuant to the terms of the 2023 Plan, any shares of common stock that are subject to outstanding awards granted pursuant to the 2007 Program that subsequently
+Added: cease to be subject to such awards as a result of the termination, expiration, cancellation, or forfeiture of such awards and any shares of common stock withheld in settlement of tax withholding obligations associated with outstanding awards granted
+Added: pursuant to the 2007 Program may become available for issuance under the 2023 Plan.
+Added: A total of 1,294,546 shares of common stock were
+Added: subject to awards granted pursuant to the 2007 Program as of May 23, 2023.
The following table summarizes stock-based compensation expense recognized:
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
−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 1, 2023 (amortization periods in years) :
+Added: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 1, 2023 (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 presented in the table above to
+Added: be recognized.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Restricted Stock Units
−Removed: RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 1, 2023 and changes during the three fiscal months then
−Removed: ended are presented below (number of RSUs in thousands) :
+Added: RSU activity under the Company's stock incentive programs as of July 1, 2023
+Added: 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 1, 2023
−Removed: Expected to vest at April 1, 2023
−Removed: * The number of RSUs vested includes
−Removed: shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
−Removed: In addition to RSUs that vest based upon satisfaction of service or performance conditions, in 2023, the Company granted RSUs that vest based upon
−Removed: achievement of market conditions to certain executive officers.
−Removed: For RSUs with market conditions, the Company estimates the grant date fair value using a Monte Carlo valuation model and recognizes the expense for the awards over the period in which
−Removed: the condition is assessed regardless of whether the market condition is ultimately achieved.
−Removed: The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance and market criteria
−Removed: between the established target and maximum levels.
−Removed: RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number
−Removed: of RSUs in thousands) :
+Added: Outstanding at July 1, 2023
+Added: Expected to vest at July 1, 2023
+Added: * Employees in certain countries are granted equity-linked awards that will be settled in cash and are accounted for as liability
+Added: The liability awards are not material.
+Added: The number of RSUs granted excludes these awards.
+Added: ** The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
+Added: In addition to RSUs that vest based upon satisfaction of service or performance conditions, in 2023, the Company granted RSUs that vest based upon achievement
+Added: of market conditions to certain executive officers.
+Added: For RSUs with market conditions, the Company estimates the grant date fair value using a Monte Carlo valuation model and recognizes the expense for the awards over the period in which the condition
+Added: is assessed regardless of whether the market condition is ultimately achieved.
+Added: The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance and market criteria between the
+Added: established target and maximum levels.
+Added: RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number of RSUs in thousands) :
January 1, 2024
2 unchanged sentences
Phantom Stock Units
−Removed: Phantom stock unit activity under the 2007 Program as of April 1, 2023 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) :
+Added: Phantom stock unit activity as of July 1, 2023
+Added: and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands) :
Fair Value per
2 unchanged sentences
Redeemed for common stock*
−Removed: Outstanding at April 1, 2023
−Removed: * The number of phantom stock units redeemed for common stock includes shares that the Company withheld on behalf of
−Removed: employees to satisfy the statutory tax withholding requirements.
+Added: Outstanding at July 1, 2023
+Added: * The number of phantom stock units redeemed for common stock includes shares that the Company withheld on
+Added: behalf of employees to satisfy the statutory tax withholding requirements.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
3 unchanged sentences
Optoelectronic
−Removed: Fiscal quarter ended April 1, 2023 :
+Added: Corporate / Other*
+Added: Fiscal quarter ended July 1, 2023 :
Segment Operating Income
−Removed: Fiscal quarter ended April 2, 2022:
+Added: Fiscal quarter ended July 2, 2022 :
Segment Operating Income
+Added: Six fiscal months ended July 1, 2023 :
+Added: Segment Operating Income
+Added: Six fiscal months ended July 2, 2022 :
+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 statement of operations.
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
+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 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
EMS companies
2 unchanged sentences
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
Total Revenue
−Removed: The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, computing, military and
−Removed: aerospace, consumer products, power supplies, medical, and telecommunications end markets.
+Added: The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing,
+Added: consumer products, power supplies, military and aerospace, and medical end markets.
Sales by end market are presented below:
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
+Added: Six fiscal months ended
Military and Aerospace
8 unchanged sentences
Fiscal quarters ended
−Removed: April 1, 2023
−Removed: April 2, 2022
+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 1, 2023
−Removed: April 2, 2022
+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 1, 2023
Assets held in rabbi trusts
23 unchanged sentences
The inventory of
−Removed: precious metals bullion in excess of its immediate manufacturing needs was not material at April 1, 2023.
+Added: precious metals bullion in excess of its immediate manufacturing needs was not material at July 1, 2023.
The Company may be required to make certain contingent payments to non-employee equity holders of MaxPower pursuant to the acquisition agreement, which
4 unchanged sentences
3 measurement within the fair value hierarchy.
−Removed: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at April 1, 2023 and December 31, 2022 is approximately $ 571,600 and $ 491,100 , respectively,
+Added: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at July 1, 2023 and December 31, 2022 is approximately $ 693,400 and $ 491,100 , respectively,
compared to its carrying value, excluding the deferred financing costs, of $ 650,344 and $ 507,344 , respectively.
3 unchanged sentences
(dollars in thousands, except per share amounts)
−Removed: At April 1, 2023 and December 31, 2022, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90
+Added: At July 1, 2023 and December 31, 2022, 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 1, 2023 and December 31, 2022, 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 1, 2023 and December 31, 2022, 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.