3 unchanged sentences
(Unaudited - In thousands)
−Removed: March 29, 2025
+Added: June 28, 2025
December 31, 2024
22 unchanged sentences
(Unaudited - In thousands)
−Removed: March 29, 2025
+Added: June 28, 2025
December 31, 2024
23 unchanged sentences
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Costs of products sold
4 unchanged sentences
Total other income (expense)
−Removed: Income (loss) before taxes
−Removed: Income tax expense (benefit)
+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: Fiscal quarters ended
+Added: June 28, 2025
+Added: June 29, 2024
+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.
+Added: Consolidated Condensed Statements of Operations
+Added: (Unaudited - In thousands, except per share amounts)
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+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
Net earnings (loss)
10 unchanged sentences
(Unaudited - In thousands)
−Removed: Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
Net earnings (loss)
10 unchanged sentences
(Unaudited - In thousands)
−Removed: Three fiscal months ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
Operating activities
6 unchanged sentences
Stock compensation expense
−Removed: Net change in operating assets and liabilities, net of effects of business acquired
+Added: Change in U.S.
+Added: transition tax liability
+Added: Change in repatriation tax liability
+Added: Net change in operating assets and liabilities, net of effects of businesses acquired
Net cash provided by operating activities
8 unchanged sentences
Financing activities
+Added: Principal payments on long-term debt
Net proceeds from revolving credit facility
3 unchanged sentences
Cash withholding taxes paid when shares withheld for vested equity awards
−Removed: Net cash provided by (used in) financing activities
+Added: Other financing activities
+Added: Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
−Removed: Net increase (decrease) in cash and cash equivalents
+Added: Net 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, 2023
Other comprehensive income (loss)
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units and phantom stock units ( 371,055 shares)
−Removed: Dividends declared ($ 0.10 per share)
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 371,055 shares)
+Added: Dividends declared ($ 0.10
Stock compensation expense
1 unchanged sentence
Balance at March 30, 2024
+Added: Other comprehensive income (loss)
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 19,809 shares)
+Added: Dividends declared ($ 0.10
+Added: Stock compensation expense
+Added: Repurchase of common stock held in treasury ( 554,587 shares)
+Added: Balance at June 29, 2024
Balance at December 31, 2024
1 unchanged sentence
Other comprehensive income
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units ( 506,430
−Removed: Dividends declared ($ 0.10 per share)
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 506,430 shares)
+Added: Dividends declared ($ 0.10
Stock compensation expense
1 unchanged sentence
Balance at March 29, 2025
+Added: Other comprehensive income
+Added: Issuance of stock and related tax withholdings for vested restricted stock units ( 35,366 shares)
+Added: Dividends declared ($ 0.10 per share)
+Added: Stock compensation expense
+Added: Balance at June 28, 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.
−Removed: 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.
+Added: results of operations for the fiscal quarter and six fiscal months ended June 28, 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,
3 unchanged sentences
quarters in 2024 ended on March 30, 2024, June 29, 2024, September 28, 2024, and December 31, 2024, respectively.
+Added: Selling, General, and Administrative Expenses
+Added: Selling, general, and administrative expenses for the fiscal quarter and six fiscal months ended June 28, 2025 include an $ 11,293 benefit recognized upon the favorable resolution of a contingency.
Reclassifications
8 unchanged sentences
Foreign currency translation
−Removed: Balance at March 29, 2025
+Added: Balance at June 28, 2025
Severance payment terms vary by country, but are generally paid in a lump sum at cessation of employment.
9 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: March 29, 2025
+Added: June 28, 2025
December 31, 2024
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: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Lease expense
3 unchanged sentences
Total lease expense
−Removed: The Company paid $ 7,242 and $ 7,540 for its operating leases in the three
−Removed: 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.
+Added: The Company paid $ 14,222 and $ 14,801 for its operating leases in the six
+Added: fiscal months ended June 28, 2025 and June 29, 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 8.8 years and the weighted-average discount rate is 6.6 %
−Removed: as of March 29, 2025.
+Added: as of June 28, 2025.
The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
−Removed: March 29, 2025
−Removed: 2025 (excluding the three fiscal months ended March 29, 2025)
+Added: June 28, 2025
+Added: 2025 (excluding the six fiscal months ended June 28, 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.
−Removed: The effective tax rates for the periods ended March 29, 2025 and March 30, 2024
−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 June 28, 2025 and June 29, 2024 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.
+Added: Accordingly, the consolidated income
+Added: tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.
In December 2021, the Organization for Economic Co-operation and Development (“OECD”) issued model rules for a new global minimum tax (“Pillar Two”).
−Removed: Various jurisdictions around the world have passed legislation to enact Pillar Two and certain Pillar Two rules are in effect for 2025.
+Added: 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.
−Removed: The Company does not anticipate a material increase in income tax
−Removed: 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.
−Removed: During the three fiscal months ended March 29, 2025,
−Removed: the liabilities for unrecognized tax benefits decreased $ 963 on a net basis, primarily due to the settlement of tax audits, partially
−Removed: offset by accruals for the current period.
+Added: The Company does not anticipate a material increase in income tax expense
+Added: 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.
+Added: On July 4, 2025, H.R.
+Added: 1 (“the Act”), a tax reconciliation act, was enacted into law in the United States.
+Added: (specifically, Accounting Standards Codification Topic 740), the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted.
+Added: Accordingly, the Company will account for the
+Added: Act in the third fiscal quarter.
+Added: The Company is evaluating the Act’s provisions, but is not currently able to estimate the impact of the Act on its deferred tax balances and future income tax expense.
+Added: Certain provisions of the Act, particularly
+Added: the international tax provisions, may have a material impact on the Company’s deferred tax balances and future income tax expense.
+Added: The Company repatriated $ 75,000
+Added: of accumulated earnings to the United States in the second fiscal quarter of 2025 and paid withholding taxes, in Israel, of $ 9,375 .
+Added: withholding tax expense for the repatriation was recorded in prior years.
+Added: During the six fiscal months ended June 28, 2025,
+Added: the liabilities for unrecognized tax benefits decreased $ 744 on a net basis, primarily due to statute expirations, settlements, and payments,
+Added: partially offset by accruals for the current period.
Note 5 – Long-Term Debt
Long-term debt consists of the following:
−Removed: March 29, 2025
+Added: June 28, 2025
December 31, 2024
4 unchanged sentences
Less current portion
−Removed: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of March 29, 2025:
+Added: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2030 as of June 28, 2025:
Issuance date
−Removed: June 12, 2018
September 12, 2023
Maturity date
−Removed: June 15, 2025
September 15, 2030
−Removed: Principal amount as of March 29, 2025
+Added: Principal amount as of June 28, 2025
Cash coupon rate (per annum)
2 unchanged sentences
of the current effective conversion price (per share)
−Removed: *As the Company has the intent and ability to refinance its
−Removed: convertible senior notes due 2025 (the "2025 Notes") upon maturity using its revolving credit facility, the 2025 Notes remain classified as long-term liabilities.
−Removed: ** The 2025 Notes became convertible on December 15, 2024 and will remain convertible until maturity.
−Removed: Accordingly, 130% of the conversion price of the 2025
−Removed: Notes is not applicable.
−Removed: financing costs are recognized as non-cash interest expense.
−Removed: Non-cash interest expense was $ 1,223 and $ 1,213 for the fiscal quarters ended March 29, 2025 and March 30, 2024, respectively.
+Added: The convertible senior notes due 2025 matured on June 15, 2025 .
+Added: Upon maturity, $ 41,911 aggregate principal amount of the convertible senior notes due 2025 were settled in cash, funded by borrowings on
+Added: the revolving credit facility.
+Added: No shares were issued to settle the convertible senior notes due 2025.
+Added: Deferred financing costs are recognized as non-cash interest expense.
+Added: Non-cash interest expense was $ 1,195 and $ 2,418 for the fiscal quarter and six fiscal months ended
+Added: June 28, 2025, respectively, and $ 1,213 and $ 2,426
+Added: for the fiscal quarter and six fiscal months ended June 29, 2024.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Note 6 – Stockholders' Equity
−Removed: In 2022, the Company's Board of Directors adopted a Stockholder Return Policy that
−Removed: will remain in effect until such time as the Board votes to amend or rescind the policy.
+Added: 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
+Added: rescind the policy.
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
−Removed: amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases.
+Added: The Company intends to return such amounts directly, in the form of dividends, or indirectly, in the form of
+Added: stock repurchases.
The following table summarizes activity pursuant to this policy:
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
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 10,662,155 and 9,933,595 as of March 29, 2025 and December 31, 2024, respectively.
+Added: The number of shares of common stock being held as treasury stock was 10,662,155 and 9,933,595 as of June 28, 2025 and December 31, 2024, respectively.
Note 7 – Revenue Recognition
1 unchanged sentence
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
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 March 29, 2025
+Added: Balance at June 28, 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.
−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 2025 and 2024 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 2025 and 2024 for the Company’s defined benefit pension plans:
Fiscal quarter ended
−Removed: March 29, 2025
+Added: June 28, 2025
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
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 June 28, 2025 and June 29, 2024 for the Company’s defined benefit pension plans:
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: Six fiscal months ended
+Added: June 29, 2024
+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 2025 and 2024 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 2025 and 2024 for the Company’s other postretirement benefit plans:
Fiscal quarter ended
−Removed: March 29, 2025
+Added: June 28, 2025
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
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 June 28, 2025 and June 29, 2024 for the Company’s other postretirement benefit plans:
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: Six fiscal months ended
+Added: June 29, 2024
+Added: Interest cost
+Added: Amortization of losses (gains)
+Added: Net periodic benefit cost
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
3 unchanged sentences
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Restricted stock units ("RSUs")
Phantom stock units
−Removed: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at March 29, 2025 (amortization periods in years) :
+Added: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at June 28, 2025 (amortization periods in years) :
Restricted stock units
3 unchanged sentences
Restricted Stock Units
−Removed: RSU activity as of March 29, 2025 and
−Removed: changes during the three fiscal months then ended are presented below (number of RSUs in thousands) :
+Added: RSU activity under the Company's stock incentive programs as of June 28, 2025
+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 March 29, 2025
−Removed: Expected to vest at March 29, 2025
−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: 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 June 28, 2025
+Added: Expected to vest at June 28, 2025
+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: The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance and market criteria between
+Added: the 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, 2026
3 unchanged sentences
Phantom Stock Units
−Removed: The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands) :
+Added: Phantom stock unit activity as of June 28, 2025
+Added: 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 March 29, 2025
+Added: Outstanding at June 28, 2025
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
3 unchanged sentences
Optoelectronic
−Removed: Fiscal quarter ended March 29, 2025 :
+Added: Fiscal quarter ended June 28, 2025 :
Cost of products sold (excluding depreciation)
5 unchanged sentences
Capital expenditures
−Removed: Total assets as of March 29, 2025:
−Removed: Fiscal quarter ended March 30, 2024:
+Added: Total assets as of June 28, 2025:
+Added: Fiscal quarter ended June 29, 2024:
Cost of products sold (excluding depreciation)
5 unchanged sentences
Capital expenditures
−Removed: Total assets as of March 30, 2024:
+Added: Total assets as of June 29, 2024 :
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
+Added: Optoelectronic
+Added: Six fiscal months ended June 28, 2025 :
+Added: Cost of products sold (excluding depreciation)
+Added: Depreciation expense in costs of products sold
+Added: Total costs of products sold
+Added: Segment operating expenses
+Added: Segment operating income (loss)
+Added: Total depreciation expense
+Added: Capital expenditures
+Added: Six fiscal months ended June 29, 2024:
+Added: Cost of products sold (excluding depreciation)
+Added: Depreciation expense in cost of products sold
+Added: Total cost of products sold
+Added: Segment operating expenses
+Added: Segment operating income
+Added: Total depreciation expense
+Added: Capital expenditures
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Reconciliation:
4 unchanged sentences
Consolidated Income Before Taxes
−Removed: The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors.
−Removed: The distribution of sales by customer type is
+Added: NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
+Added: (dollars in thousands, except per share amounts)
+Added: The Company has a broad line of products that it sells to original equipment manufacturers ("OEMs"), electronic manufacturing services ("EMS") companies,
+Added: and independent distributors.
+Added: The distribution of sales by channel is shown below:
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
EMS companies
2 unchanged sentences
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
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: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Military and Aerospace
Total Revenue
−Removed: *Power supplies, telecommunications, consumer products, and computing.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Note 12 – Earnings Per Share
−Removed: The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) :
+Added: The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to Vishay stockholders (shares in thousands) :
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Net earnings (loss) 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:
1 unchanged sentence
Dilutive potential common shares
−Removed: Denominator for diluted earnings (loss) per share:
+Added: Denominator for diluted earnings per share:
Adjusted weighted average shares - diluted
4 unchanged sentences
Fiscal quarters ended
−Removed: March 29, 2025
−Removed: March 30, 2024
+Added: Six fiscal months ended
+Added: June 28, 2025
+Added: June 29, 2024
+Added: June 28, 2025
+Added: June 29, 2024
Restricted stock units
−Removed: If the average market price of Vishay common stock is less than the effective conversion prices of the convertible senior notes due 2025 and due 2030,
−Removed: respectively, no shares are included in the diluted earnings (loss) per share computation for the convertible senior notes due 2025 and due 2030.
−Removed: Upon Vishay exercising its existing right to legally amend the indenture governing the convertible
−Removed: senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock.
−Removed: Pursuant to the indenture governing the convertible senior
−Removed: notes due 2030, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in cash and/or common stock.
−Removed: In connection with the issuance of the convertible senior notes due 2030, the Company entered into capped call transactions, which were not included in
−Removed: the calculation of diluted earnings per share as their effect would have been anti-dilutive.
−Removed: The capped calls are intended to reduce the potential dilution to the Company's common stock in the event that at the time of conversion of the
−Removed: convertible senior notes due 2030 the Company's common stock price exceeds the conversion price of the convertible senior notes due 2030 .
+Added: If the average market price of Vishay common stock is less than the effective
+Added: conversion price of the convertible senior notes due 2030, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2030.
+Added: Pursuant to the indenture governing the convertible senior notes due 2030, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in cash
+Added: and/or common stock.
+Added: In connection with the issuance of the convertible senior notes due 2030, the Company entered into capped call transactions, which were not included in the
+Added: calculation of diluted earnings per share as their effect would have been anti-dilutive.
+Added: The capped calls are intended to reduce the potential dilution to the Company's common stock in the event that at the time of conversion of the convertible senior notes due 2030 the Company's common stock price exceeds the conversion price of the convertible senior notes due 2030.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
2 unchanged sentences
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:
−Removed: March 29, 2025
+Added: June 28, 2025
Assets held in rabbi trusts
5 unchanged sentences
Acquisitions contingent consideration
−Removed: There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods
+Added: There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented.
The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans.
Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets.
−Removed: The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business
−Removed: day of the period.
+Added: The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day
+Added: of the period.
The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts.
−Removed: The fair value measurement of the marketable securities
−Removed: held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy.
−Removed: The Company holds investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside
−Removed: of the United States.
+Added: The fair value measurement of the marketable securities held in
+Added: the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy.
+Added: The Company holds investments in debt securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of
+Added: the United States.
The investments are valued based on quoted market prices on the last business day of the period.
3 unchanged sentences
determined by estimating the net present value of the expected cash flows based on the probability of expected payments.
−Removed: The fair value measurement of the contingent consideration payments is considered a Level 3 measurement within the fair
−Removed: value hierarchy.
−Removed: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at March 29, 2025 and December 31, 2024 is approximately $ 939,000 and $ 850,600 , respectively,
+Added: The fair value measurement of the contingent consideration payments is considered a Level 3 measurement within the fair value
+Added: The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at June 28, 2025 and December 31, 2024 is approximately $ 865,500 and $ 850,600 , respectively,
compared to its carrying value, excluding the deferred financing costs, of $ 935,000 and $ 927,911 , respectively.
3 unchanged sentences
(dollars in thousands, except per share amounts)
−Removed: At March 29, 2025 and December 31, 2024, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed
+Added: At June 28, 2025 and December 31, 2024, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90
days from the date of acquisition;
however they all mature within one year from the respective balance sheet dates.
−Removed: The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which
−Removed: approximates their fair value.
+Added: The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates
+Added: their fair value.
The investments are funded with excess cash not expected to be needed for operations prior to maturity;
therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity.
−Removed: At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary.
+Added: reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary.
other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for
3 unchanged sentences
Interest on the securities is recognized as interest income when earned.
−Removed: At March 29, 2025 and December 31, 2024, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less
−Removed: when purchased, and money market funds.
+Added: At June 28, 2025 and December 31, 2024, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when
+Added: purchased, and money market funds.
The Company estimates the fair value of its cash, cash equivalents, and short-term investments using Level 2 inputs.
−Removed: Based on the current interest rates for similar investments with comparable credit risk
−Removed: and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets.
+Added: Based on the current interest rates for similar investments with comparable credit risk and time
+Added: to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets.
+Added: In the second fiscal quarter of 2025, the Company entered into a forward contract with a highly-rated financial institution to mitigate the foreign
+Added: currency risk associated with an intercompany loan denominated in a currency other than the legal entity's functional currency.
+Added: The notional amount of the forward contract was $ 25,000 as of June 28, 2025.
+Added: We have not designated the forward contract as a hedge for accounting purposes, and as such the change in the fair value of the contract is
+Added: recognized in the consolidated condensed statements of operations as a component of other income (expense).
+Added: The Company estimates the fair value of the forward contract based on applicable and commonly used pricing models using current market
+Added: information and is considered a Level 2 measurement within the fair value hierarchy.
+Added: Due to the timing of the forward contract, the value of the forward contract was immaterial as of June 28, 2025.
+Added: The Company does not utilize derivatives or other
+Added: financial instruments for trading or other speculative purposes.
The Company’s financial instruments also include accounts receivable and accounts payable.
2 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.