What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-07 compared with 2024-11-06 · 174 added, 412 removed, 347 unchanged (63% of the section changed)

3 unchanged sentences

(Unaudited - In thousands)

September 28, 2024

March 29, 2025

December 31, 2024

22 unchanged sentences

(Unaudited - In thousands)

September 28, 2024

March 29, 2025

December 31, 2024

7 unchanged sentences

Long-term debt less current portion

transition tax payable

Deferred income taxes

3 unchanged sentences

Total liabilities

Vishay stockholders' equity

Class B convertible common stock

2 unchanged sentences

Treasury stock (at cost)

Accumulated other comprehensive income

Total Vishay stockholders' equity

Noncontrolling interests

Accumulated other comprehensive income (loss)

Total liabilities and equity

4 unchanged sentences

Fiscal quarters ended

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Costs of products sold

Selling, general, and administrative expenses

Restructuring and severance costs

Operating income (loss)

Operating income

Other income (expense):

Interest expense

Loss on early extinguishment of debt

Total other income (expense)

2 unchanged sentences

Net earnings (loss)

net earnings (loss) attributable to noncontrolling interests

net earnings attributable to noncontrolling interests

Net earnings (loss) attributable to Vishay stockholders

9 unchanged sentences

Fiscal quarters ended

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Net earnings (loss)

8 unchanged sentences

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Operations

(Unaudited - In thousands, except per share amounts)

Nine fiscal months ended

September 28, 2024

September 30, 2023

Costs of products sold

Selling, general, and administrative expenses

Restructuring and severance costs

Operating income

Other income (expense):

Interest expense

Loss on early extinguishment of debt

Total other income (expense)

Income before taxes

Income tax expense

net earnings attributable to noncontrolling interests

Net earnings attributable to Vishay stockholders

Basic earnings per share attributable to Vishay stockholders

Diluted earnings per share attributable to Vishay stockholders

Weighted average shares outstanding - basic

Weighted average shares outstanding - diluted

Cash dividends per share

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Statements of Comprehensive Income

(Unaudited - In thousands)

Nine fiscal months ended

September 28, 2024

September 30, 2023

Other comprehensive income (loss), net of tax

Pension and other post-retirement actuarial items

Foreign currency translation adjustment

Other comprehensive income (loss)

Comprehensive income

comprehensive income attributable to noncontrolling interests

Comprehensive income attributable to Vishay stockholders

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Cash Flows

(Unaudited - In thousands)

Nine fiscal months ended

September 28, 2024

September 30, 2023

Three fiscal months ended

March 29, 2025

March 30, 2024

Operating activities

Adjustments to reconcile net earnings to net cash provided by operating activities:

Net earnings (loss)

Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:

Depreciation and amortization

Gain on disposal of property and equipment

(Gain) loss on disposal of property and equipment

Inventory write-offs for obsolescence

1 unchanged sentence

Stock compensation expense

Loss on early extinguishment of debt

Change in U.S.

transition tax liability

Change in repatriation tax liability

Net change in operating assets and liabilities, net of effects of businesses acquired

Net change in operating assets and liabilities, net of effects of business acquired

Net cash provided by operating activities

6 unchanged sentences

Other investing activities

Net cash provided by (used in) investing activities

Net cash used in investing activities

Financing activities

Proceeds from long-term borrowings

Repurchase of convertible senior notes due 2025

Net payments on revolving credit facility

Debt issuance and amendment costs

Cash paid for capped call

Net proceeds from revolving credit facility

Dividends paid to common stockholders

1 unchanged sentence

Repurchase of common stock held in treasury

Distributions to noncontrolling interests

Cash withholding taxes paid when shares withheld for vested equity awards

8 unchanged sentences

(Unaudited - In thousands, except share and per share amounts)

Excess of Par

Treasury Stock

Comprehensive

Income (Loss)

Stockholders'

Noncontrolling

Balance at December 31, 2022

Other comprehensive income (loss)

Issuance of stock and related tax withholdings for vested restricted stock units ( 254,513 shares)

Dividends declared ($ 0.10

Stock compensation expense

Repurchase of common stock held in treasury ( 916,221 shares)

Balance at April 1, 2023

Other comprehensive income

Distributions to noncontrolling interests

Dividends declared ($ 0.10

Stock compensation expense

Repurchase of common stock held in treasury ( 847,202 shares)

Balance at July 1, 2023

Other comprehensive income (loss)

Issuance of stock and related tax withholdings for vested restricted stock units ( 21,617 shares)

Dividends declared ($ 0.10

Stock compensation expense

Repurchase of common stock held in treasury ( 630,446 shares)

Capped call transactions, net of tax

Balance at September 30, 2023

Continues on following page.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Equity (continued)

(Unaudited - In thousands, except share and per share amounts)

Excess of Par

Class B Convertible Common Stock

Capital in Excess of Par Value

Retained Earnings

Treasury Stock

Comprehensive

Income (Loss)

Stockholders'

Noncontrolling

Accumulated Other Comprehensive Income (Loss)

Total Vishay Stockholders' Equity

Noncontrolling Interests

Balance at December 31, 2023

Other comprehensive income (loss)

Issuance of stock and related tax withholdings for vested restricted stock units ( 371,055 shares)

Issuance of stock and related tax withholdings for vested restricted stock units and phantom stock units ( 371,055 shares)

Dividends declared ($ 0.10 per share)

2 unchanged sentences

Balance at March 30, 2024

Other comprehensive income (loss)

Issuance of stock and related tax withholdings for vested restricted stock units ( 19,809 shares)

Dividends declared ($ 0.10

Stock compensation expense

Repurchase of common stock held in treasury ( 554,587 shares)

Balance at June 29, 2024

Balance at December 31, 2024

Net earnings (loss)

Other comprehensive income (loss)

Issuance of stock and related tax withholdings for vested restricted stock units ( 4,149 shares)

Dividends declared ($ 0.10

Other comprehensive income

Issuance of stock and related tax withholdings for vested restricted stock units ( 506,430

Dividends declared ($ 0.10 per share)

Stock compensation expense

Repurchase of common stock held in treasury ( 728,560 shares)

Balance at September 28, 2024

Balance at March 29, 2025

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, 2024.

results of operations for the fiscal quarter and nine fiscal months ended September 28, 2024 are not necessarily indicative of the results to be expected for the full year.

results of operations for the three fiscal months ended March 29, 2025 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,

2 unchanged sentences

The four fiscal

quarters in 2023 ended on April 1, 2023, July 1, 2023, September 30, 2023, and December 31, 2023, respectively.

quarters in 2024 ended on March 30, 2024, June 29, 2024, September 28, 2024, and December 31, 2024, respectively.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current financial statement presentation.

Note 2 – Acquisition

As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic

These acquisition targets include businesses that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise.

It also includes certain businesses that possess technologies which the Company expects to further develop and commercialize.

Newport wafer fab

On March 5, 2024 ,

the Company acquired Nexperia’s wafer fabrication facility and operations located in Newport, South Wales, U.K.

for $ 177,457 in cash, net

of cash acquired.

The transaction included contingent payments of up to $ 15,000 , held in escrow pending receipt of an export license.

wafer fabrication facility is located on 28 acres and is an automotive-certified, 200mm semiconductor wafer fab with capacity to produce more than 30,000 wafers per month.

See Note 15 for further discussion on the fair value measurement of the

contingent consideration liability.

The transaction was funded by Vishay with cash on-hand.

To effect the transaction, Vishay acquired a 100 % interest in the legal entity Neptune 6 Limited ,

and its wholly-owned operating subsidiary, Nexperia Newport Limited, which owns and operates the Newport facility.

Neptune 6 Limited was renamed "Vishay UK Holdings Limited," and Nexperia Newport Limited was renamed "Vishay Newport Limited."

Based on an estimate of fair values, the Company allocated the purchase price of the acquisition as follows:

Net working deficit (excluding cash and cash equivalents)

Property and equipment

Customer relationships

Deferred taxes, net

Total identified assets and liabilities

Purchase price, net of cash acquired

The acquired assets and liabilities are included in the MOSFETs segment.

The weighted average useful lives for

customer relationships is 3 years.

The goodwill associated with this transaction is not deductible for income tax purposes.

The preliminary purchase price allocation is pending finalization of tax filings.

There can be no assurance that the

estimated amounts recorded represent the final purchase price allocation.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

The Company recognized $ 2,984

of acquisition costs classified as a component of selling, general, and administrative expenses.

These costs were recognized in the third and fourth fiscal quarters of 2023 and first fiscal quarter of 2024.

The results and operations of this acquisition have been included in the MOSFETs segment since March 5, 2024.

inclusion of this acquisition did not have material impact on the MOSFETs segment's or the Company's consolidated results.

Ametherm, Inc.

On June 5, 2024 , the Company acquired all of the outstanding equity interests of Ametherm, Inc.

, a Carson City, Nevada-based manufacturer of inrush current limiting solutions and power thermistors, for $ 31,478 in cash, net of cash acquired.

Based on a preliminary estimate of fair values, the Company allocated $ 17,000 of the purchase price to definite-lived intangible assets.

After allocating the purchase price to assets acquired and liabilities assumed based on an estimation of their

fair values at the date of acquisition, the Company recorded goodwill of $ 11,685 related to this acquisition.

The goodwill related to this

acquisition is included in the Resistors reporting unit for goodwill impairment testing.

The results and operations of this acquisition have been included in the Resistors segment since June 5, 2024.

MaxPower Semiconductor, Inc.

In October 2022, the Company acquired all of the outstanding equity interests of MaxPower Semiconductor, Inc.

, ("MaxPower").

The Company paid cash of $ 50,000 , net of cash acquired, at closing.

The transaction also included possible contingent payments of up to $ 57,500 ,

which would be payable upon the achievement of certain technology milestones, upon favorable resolution of certain technology licensing matters with a third party, and upon the disposition of MaxPower's investment in an equity affiliate.

June 29, 2024, the contingent payments upon favorable resolution of certain technology licensing matters with a third party and upon the disposition of MaxPower's investment in an equity affiliate have been resolved.

Additionally, $ 2,500 has been paid upon the achievement of the first technology milestone.

The Company's estimate of the maximum possible contingent payments

remaining is now $ 15,000 .

See Note 15 for further discussion on the fair value measurement of the contingent consideration liability.

Subsequent Event

On November 5, 2024 the Company entered into definitive agreements to acquire Birkelbach Kondensatortechnik GmbH and certain

related assets (“Birkelbach”) for approximately € 17,000 ($ 18,500 ).

The all-cash transaction is expected to close before December 31, 2024, subject to satisfaction of customary closing conditions.

Based in Erndtebrueck, Germany, Birkelbach is a manufacturer of metalized technical films for capacitor

Vishay is a major customer of Birkelbach, and the acquired business will be vertically integrated into Vishay’s Capacitors segment.

The goodwill related to this acquisition will be included in the Capacitors reporting unit for

goodwill impairment testing.

Note 3 – Goodwill and Other Intangible Assets

Goodwill represents the excess of the cost of businesses acquired over the fair value of the related net assets at the date of acquisition.

Goodwill is not amortized but

rather is tested for impairment at least annually.

These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired.

The Company performs its annual goodwill impairment test as

of the first day of the fourth fiscal quarter.

During the third fiscal quarter of 2024, the Company identified the decrease in its share price in combination with the increase in the book value of its assets as a result of its acquisition and

capital spending activities as potential indicators of impairment requiring an interim goodwill impairment test.

The interim goodwill impairment test was performed as of September 28, 2024.

level 3 inputs, the Company performed a quantitative assessment of each of its business segments, which represent its reporting units for goodwill impairment testing purposes.

The assessment was performed using a weighting of the income and

market approaches to determine fair value.

The Company used a discounted cash flow (“DCF”) method, using unobservable inputs, as its income approach.

The significant assumptions in the DCF method include projected EBITDA and a discount rate (and

estimates in the discount rate inputs).

The Company used comparable company market multiples for its market approach.

The resulting estimates of fair value from the income approach and the market approach were then weighted equally in

determining the overall estimated fair value of each reporting unit.

the evaluation, the estimated fair value of each reporting unit was determined to exceed its carrying value, although the MOSFETs reporting unit’s fair value exceeded its carrying value by less than 10%.

No goodwill impairment charges were

recognized, but if the MOSFETs reporting unit is not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in future impairment.

There is $ 76,322 of goodwill in this reporting unit as of September 28, 2024.

The Company will continue to monitor its reporting units and related goodwill for

any possible future non-cash impairment charges.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 2 – Restructuring and Related Activities

On September 24, 2024, the Company announced the implementation of restructuring actions designed to optimize the Company’s

In September 2024, the Company announced the implementation of restructuring actions designed to optimize the Company’s

manufacturing footprint and streamline business decision making.

The restructuring actions will be implemented in phases and include:

Selling, general, and administrative functions will be streamlined beginning in the third fiscal quarter of 2024 through the

fourth fiscal quarter of 2025.

The closure of three manufacturing facilities.

A Diodes segment back-end facility in Shanghai, China is expected to be closed by

the end of 2026 with production transfers completed in phases beginning in the fourth quarter of 2025.

In addition, two small facilities in the Resistors segment in Fichtelberg, Germany, and in Milwaukee, Wisconsin, are expected to be

closed in 2026.

Various changes in manufacturing operations and production transfers.

The Company recorded restructuring expenses pursuant to on-going benefit arrangements of $ 40,614 during the fiscal quarter ended September 28, 2024, primarily related to expected cash severance costs.

Severance benefits are generally paid

in a lump sum at cessation of employment.

Payments prior to the end of the fiscal third quarter were not material.

The current portion of the liability is $ 23,649 and is included in other accrued expenses in the accompanying consolidated condensed balance sheet.

The non-current portion of the liability is $ 16,709 and is included in other liabilities in the accompanying consolidated condensed balance sheet.

The following table summarizes activity to date related to this program:

Expense recorded in 2024

Foreign currency translation

Balance at December 31, 2024

Foreign currency translation

Balance at March 29, 2025

Severance payment terms vary by country, but are generally paid in a lump sum at cessation of employment.

Some payments are

made over an extended period.

The current portion of the liability is $ 14,806 and is included in other accrued expenses in the

accompanying consolidated condensed balance sheet.

The non-current portion of the liability is $ 14,662 and is included in other

liabilities in the accompanying consolidated condensed balance sheet.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 3 – Leases

The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as

September 28, 2024

March 29, 2025

December 31, 2024

13 unchanged sentences

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:

Total lease cost recognized on the consolidated condensed statements of operations is as follows:

Fiscal quarters ended

Nine fiscal months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Lease expense

3 unchanged sentences

Total lease expense

The Company paid $ 22,618 and $ 20,912 for its operating leases in the nine

fiscal months ended September 28, 2024 and September 30, 2023, 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

8.9 years and the weighted-average discount rate is 6.6 % as of September 28, 2024.

The Company paid $ 7,242 and $ 7,540 for its operating leases in the three

fiscal months ended March 29, 2025 and March 30, 2024, 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 6.6 %

as of March 29, 2025.

The undiscounted future lease payments for the Company's operating lease liabilities are as follows:

September 28, 2024

2024 (excluding the nine fiscal months ended September 28, 2024)

March 29, 2025

2025 (excluding the three fiscal months ended March 29, 2025)

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.

The effective tax rates for the periods ended September 28, 2024 and September 30, 2023

The effective tax rates for the periods ended March 29, 2025 and March 30, 2024

reflect the Company’s expected tax rate on reported income before income tax and tax adjustments.

3 unchanged sentences

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) issued model rules for a new global minimum tax (“Pillar Two”).

Various jurisdictions around the world have passed, or are in the process of passing, legislation to enact Pillar Two and certain Pillar Two rules take effect in 2024 and 2025 in those jurisdictions.

Various jurisdictions around the world have passed legislation to enact Pillar Two and certain Pillar Two rules are in effect for 2025.

The United States has not adopted Pillar Two.

The Company is continuing to monitor the impacts of Pillar Two on its operations and does not anticipate a material increase in income tax expense associated with jurisdictions that have implemented an income inclusion rule.

The Company is

continuing to monitor and assess the impacts of Pillar Two rules set to take effect in 2025, such as the under-taxed profits rule.

The Company repatriated $ 120,000 of

accumulated earnings to the United States in the second fiscal quarter of 2024 and paid withholding taxes, in Israel, of $ 15,000 .

withholding tax expense for the repatriation was recorded in prior years.

During the nine fiscal months ended September 28, 2024,

the liabilities for unrecognized tax benefits decreased $ 170 on a net basis, primarily due to statute expirations, partially offset by

accruals for the current period.

The Company does not anticipate a material increase in income tax

expense for 2025 due to Pillar Two and the Company is continuing to monitor Pillar Two developments and the potential future impact on its operations and income tax expense.

During the three fiscal months ended March 29, 2025,

the liabilities for unrecognized tax benefits decreased $ 963 on a net basis, primarily due to the settlement of tax audits, partially

offset by accruals for the current period.

Note 5 – Long-Term Debt

Long-term debt consists of the following:

September 28, 2024

March 29, 2025

December 31, 2024

4 unchanged sentences

Less current portion

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of September 28, 2024:

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of March 29, 2025:

Issuance date

4 unchanged sentences

September 15, 2030

Principal amount as of September 28, 2024

Principal amount as of March 29, 2025

Cash coupon rate (per annum)

2 unchanged sentences

of the current effective conversion price (per share)

*As the Company has the intent and ability to refinance its convertible senior notes due 2025 (the "2025 Notes") upon maturity using its revolving credit

facility, the 2025 Notes remain classified as long-term liabilities.

On August 15, 2024 , the Company entered into an amendment to its credit agreement with a consortium of

banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties thereto (the "Credit Facility").

The amendment redefines the Interest Coverage Ratio to remove Capital Expenditures from the calculation, increases the minimum

Interest Coverage Ratio to 3.25 to 1.00, increases the threshold of Indebtedness of Foreign Subsidiaries to the greater of $ 300,000 and 15% of Consolidated Tangible Net Worth as of the last day of the fiscal quarter for which financial statements are delivered, and

increases the threshold of Investments of Subsidiaries that are not Loan Parties to $ 300,000 .

Other significant terms and conditions of the Credit Facility have not been modified.

*As the Company has the intent and ability to refinance its

convertible senior notes due 2025 (the "2025 Notes") upon maturity using its revolving credit facility, the 2025 Notes remain classified as long-term liabilities.

** The 2025 Notes became convertible on December 15, 2024 and will remain convertible until maturity.

Accordingly, 130% of the conversion price of the 2025

Notes is not applicable.

financing costs are recognized as non-cash interest expense.

Non-cash interest expense was $ 1,249 and $ 3,675 for the fiscal quarter and nine fiscal months ended September 28, 2024, respectively, and $ 883 and $ 2,521 for the fiscal quarter and nine fiscal months

ended September 30, 2023, respectively.

to the end of the third fiscal quarter of 2024, the Company repurchased $ 40,684 principal amount of 2025 Notes.

The repurchase was

funded with a draw on the Credit Facility.

Non-cash interest expense was $ 1,223 and $ 1,213 for the fiscal quarters ended March 29, 2025 and March 30, 2024, respectively.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1 unchanged sentence

Note 6 – Stockholders' Equity

In 2022, the Company's Board of Directors adopted a Stockholder Return Policy that will remain in effect until such time as the Board votes to amend or rescind the policy.

The Stockholder Return

Policy calls for the Company to return a prescribed amount of cash flows on an annual basis.

The Company intends to return such amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases.

In 2022, the Company's Board of Directors adopted a Stockholder Return Policy that

will remain in effect until such time as the Board votes to amend or rescind the policy.

The Stockholder Return Policy calls for the Company to return a prescribed amount of cash flows on an annual basis.

The Company intends to return such

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

Nine fiscal months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Dividends paid to stockholders

1 unchanged sentence

The repurchased shares are being held as treasury stock.

The number of shares of common stock being held as treasury stock was 9,233,213 and 7,535,881 as of September 28, 2024 and December 31, 2023, respectively.

The number of shares of common stock being held as treasury stock was 10,662,155 and 9,933,595 as of March 29, 2025 and December 31, 2024, respectively.

Note 7 – Revenue Recognition

1 unchanged sentence

Fiscal quarters ended

Nine fiscal months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Beginning balance

3 unchanged sentences

Ending balance

See disaggregated revenue information in Note 11.

Note 8 – Accumulated Other Comprehensive Income (Loss)

6 unchanged sentences

Net other comprehensive income (loss)

Balance at September 28, 2024

Balance at March 29, 2025

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.

The service cost component of net periodic pension cost is classified in costs of products sold or

selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.

The other components of net periodic pension cost are classified as other expense on the consolidated

condensed statements of operations.

The service cost component of net periodic pension cost is classified in costs of products sold

or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.

The other components of net periodic pension cost are classified as other expense on the

consolidated condensed statements of operations.

Defined Benefit Pension Plans

The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2024 and 2023 for the Company’s defined benefit pension plans:

The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2025 and 2024 for the Company’s defined benefit pension plans:

Fiscal quarter ended

September 28, 2024

March 29, 2025

Fiscal quarter ended

September 30, 2023

Net service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of losses (gains)

Curtailment and settlement losses

Net periodic benefit cost

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 28, 2024 and September 30, 2023 for the Company’s defined benefit pension plans:

Nine fiscal months ended

September 28, 2024

Nine fiscal months ended

September 30, 2023

March 30, 2024

Net service cost

5 unchanged sentences

Net periodic benefit cost

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

What changed 10-Q

Item 1. Financial Statements