3 unchanged sentences
(Unaudited - In thousands)
−Removed: April 4, 2026
−Removed: December 31, 2025
+Added: July 4, 2026 December 31, 2025
Current assets:
9 unchanged sentences
Property and equipment, at cost:
+Added: Land 85,711 86,399
Buildings and improvements 841,294 839,856
5 unchanged sentences
Deferred income taxes 190,381 183,016
+Added: Goodwill 180,027 180,390
Other intangible assets, net 71,266 78,487
+Added: Other assets 117,550 112,122
+Added: Total assets $ 5,156,366 $ 4,234,160
Continues on following page.
2 unchanged sentences
(Unaudited - In thousands)
−Removed: April 4, 2026
−Removed: December 31, 2025
+Added: July 4, 2026 December 31, 2025
Liabilities and equity
4 unchanged sentences
Other accrued expenses 310,238 300,031
+Added: Income taxes 18,757 14,751
+Added: Current portion of long-term debt 737,744 -
Total current liabilities 1,511,941 720,426
6 unchanged sentences
Stockholders' equity:
−Removed: Class B convertible common stock
+Added: Common stock, par value $ 0.10 per share:
+Added: authorized - 300,000,000 shares;
+Added: 141,281,885 and 123,498,190 shares issued 14,129 12,351
+Added: Class B convertible common stock, par value $ 0.10 per share:
+Added: authorized - 40,000,000 shares;
+Added: 12,097,148 shares issued 1,210 1,210
Capital in excess of par value 1,945,629 1,101,086
1 unchanged sentence
Accumulated other comprehensive income 51,661 81,394
+Added: Total equity $ 2,912,897 $ 2,088,273
Total liabilities and equity $ 5,156,366 $ 4,234,160
4 unchanged sentences
Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: July 4, 2026 June 28, 2025
+Added: Net revenues $ 888,575 $ 762,250
Costs of products sold 681,193 613,567
+Added: Gross profit 207,382 148,683
Selling, general, and administrative expenses 153,856 126,565
2 unchanged sentences
Interest expense ( 10,333 ) ( 10,588 )
+Added: Other ( 794 ) 747
Total other income (expense) ( 11,127 ) ( 9,841 )
−Removed: Income (loss) before taxes
−Removed: Income tax expense (benefit)
+Added: Income before taxes 42,399 12,277
+Added: Income tax expense 14,275 10,273
+Added: Net earnings $ 28,124 $ 2,004
+Added: Basic earnings per share $ 0.21 $ 0.01
+Added: Diluted earnings per share $ 0.19 $ 0.01
+Added: Weighted average shares outstanding - basic 136,824 135,702
+Added: Weighted average shares outstanding - diluted 147,901 136,167
+Added: Cash dividends per share $ 0.10 $ 0.10
+Added: See accompanying notes.
+Added: VISHAY INTERTECHNOLOGY, INC.
+Added: Consolidated Statements of Comprehensive Income
+Added: (Unaudited - In thousands)
+Added: Fiscal quarters ended
+Added: July 4, 2026 June 28, 2025
+Added: Net earnings $ 28,124 $ 2,004
+Added: Other comprehensive income (loss), net of tax
+Added: Pension and other post-retirement actuarial items 328 138
+Added: Foreign currency translation adjustment ( 15,688 ) 68,575
+Added: Other comprehensive income (loss) ( 15,360 ) 68,713
+Added: Comprehensive income $ 12,764 $ 70,717
+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: July 4, 2026 June 28, 2025
+Added: Net revenues $ 1,727,817 $ 1,477,486
+Added: Costs of products sold 1,343,823 1,193,249
+Added: Gross profit 383,994 284,237
+Added: Selling, general, and administrative expenses 308,344 261,304
+Added: Operating income 75,650 22,933
+Added: Other income (expense):
+Added: Interest expense ( 20,306 ) ( 19,378 )
+Added: Other ( 93 ) 4,494
+Added: Total other income (expense) ( 20,399 ) ( 14,884 )
+Added: Income before taxes 55,251 8,049
+Added: Income tax expense 19,963 10,137
Net earnings (loss) $ 35,288 $ ( 2,088 )
8 unchanged sentences
(Unaudited - In thousands)
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Six fiscal months ended
+Added: July 4, 2026 June 28, 2025
Net earnings (loss) $ 35,288 $ ( 2,088 )
3 unchanged sentences
Other comprehensive income (loss) ( 29,733 ) 99,917
−Removed: Comprehensive income (loss)
+Added: Comprehensive income $ 5,555 $ 97,829
See accompanying notes.
2 unchanged sentences
(Unaudited - In thousands)
−Removed: Three fiscal months ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Six fiscal months ended
+Added: July 4, 2026 June 28, 2025
Operating activities
2 unchanged sentences
Depreciation and amortization 114,328 109,743
−Removed: (Gain) loss on disposal of property and equipment
+Added: Loss on disposal of property and equipment 24 73
Inventory write-offs for obsolescence 21,883 17,456
1 unchanged sentence
Stock compensation expense 20,056 11,736
+Added: Other 79 ( 3,606 )
+Added: Change in U.S.
+Added: transition liability - ( 47,027 )
+Added: Change in repatriation tax liability ( 2,000 ) ( 9,375 )
Net change in operating assets and liabilities ( 14,561 ) ( 63,571 )
8 unchanged sentences
Financing activities
+Added: Proceeds from follow-on public offering, net of underwriting discounts and issuance costs 830,250 -
+Added: Principal payments on long-term debt - ( 41,911 )
Net proceeds from revolving credit facility 19,000 49,000
3 unchanged sentences
Cash withholding taxes paid when shares withheld for vested equity awards ( 4,013 ) ( 3,957 )
−Removed: Net cash provided by financing activities
+Added: Other financing activities 10,000 10,078
+Added: Net cash provided by (used in) financing activities 828,013 ( 26,447 )
Effect of exchange rate changes on cash and cash equivalents ( 3,678 ) 18,129
6 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
−Removed: Treasury Stock
−Removed: Accumulated Other Comprehensive Income (Loss)
+Added: Class B Capital in Accumulated Other
+Added: Convertible Excess of Comprehensive
+Added: Common Stock Common Stock Par Value Retained Earnings Treasury Stock Income (Loss) Total Equity
Balance at December 31, 2024 $ 13,361 $ 1,210 $ 1,306,245 $ 955,500 $ ( 212,062 ) $ ( 35,292 ) $ 2,028,962
1 unchanged sentence
Other comprehensive income - - - - - 31,204 31,204
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units ( 506,430
+Added: Issuance of stock and related tax withholdings
+Added: for vested restricted stock units ( 506,430 shares) 50 - ( 3,943 ) - - - ( 3,893 )
Dividends declared ($ 0.10 per share) - - 13 ( 13,575 ) - - ( 13,562 )
Stock compensation expense - - 6,051 - - - 6,051
−Removed: Repurchase of common stock held in treasury ( 728,560 shares)
+Added: Repurchase of common stock held
+Added: in treasury ( 728,560 shares) - - - - ( 12,538 ) - ( 12,538 )
Balance at March 29, 2025 $ 13,411 $ 1,210 $ 1,308,366 $ 937,833 $ ( 224,600 ) $ ( 4,088 ) $ 2,032,132
+Added: Net earnings - - - 2,004 - - 2,004
+Added: Other comprehensive income - - - - - 68,713 68,713
+Added: Issuance of stock and related tax withholdings
+Added: for vested restricted stock units ( 35,366 shares) 4 - ( 68 ) - - - ( 64 )
+Added: Dividends declared ($ 0.10 per share) - - 13 ( 13,570 ) - - ( 13,557 )
+Added: Stock compensation expense - - 5,685 - - - 5,685
+Added: Other - - 70 - 8 - 78
+Added: Balance at June 28, 2025 $ 13,415 $ 1,210 $ 1,314,066 $ 926,267 $ ( 224,592 ) $ 64,625 $ 2,094,991
Balance at December 31, 2025 $ 12,351 $ 1,210 $ 1,101,086 $ 892,232 $ - $ 81,394 $ 2,088,273
+Added: Net earnings - - - 7,164 - - 7,164
Other comprehensive income (loss) - - - - - ( 14,373 ) ( 14,373 )
−Removed: Issuance of stock and related tax withholdings for vested restricted stock units ( 509,897
+Added: Issuance of stock and related tax withholdings
+Added: for vested restricted stock units ( 509,897 shares) 51 - ( 3,912 ) - - - ( 3,861 )
Dividends declared ($ 0.10 per share) - - 14 ( 13,625 ) - - ( 13,611 )
1 unchanged sentence
Balance at April 4, 2026 $ 12,402 $ 1,210 $ 1,109,461 $ 885,771 $ - $ 67,021 $ 2,075,865
+Added: Net earnings - - - 28,124 - - 28,124
+Added: Other comprehensive income (loss) - - - - - ( 15,360 ) ( 15,360 )
+Added: Issuance of stock from follow-on public offering, net of
+Added: underwriting discounts and issuance costs ( 17,250,000 shares) 1,725 - 828,525 - - - 830,250
+Added: Issuance of stock and related tax withholdings
+Added: for vested restricted stock units ( 23,798 shares) 2 - ( 154 ) - - - ( 152 )
+Added: Dividends declared ($ 0.10 per share) - - 14 ( 13,627 ) - - ( 13,613 )
+Added: Stock compensation expense - - 7,783 - - - 7,783
+Added: Balance at July 4, 2026 $ 14,129 $ 1,210 $ 1,945,629 $ 900,268 $ - $ 51,661 $ 2,912,897
See accompanying notes.
3 unchanged sentences
The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc.
−Removed: (“Vishay” or the “Company”) have been prepared in
−Removed: accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the
−Removed: United States (“GAAP”) for complete financial statements.
−Removed: The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and
−Removed: cash flows for the interim periods presented.
+Added: (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements.
+Added: The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented.
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, 2025.
−Removed: The results of
−Removed: operations for the three fiscal months ended April 4, 2026 are not necessarily indicative of the results to be expected for the full year.
−Removed: 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,
−Removed: which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31.
+Added: The results of operations for the fiscal quarter and six fiscal months ended July 4, 2026 are not necessarily indicative of the results to be expected for the full year.
+Added: 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, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31.
The four fiscal quarters in 2026 end on April 4, 2026, July 4, 2026, October 3, 2026, and December 31, 2026, respectively.
−Removed: The four fiscal quarters in
−Removed: 2025 ended on March 29, 2025, June 28, 2025, September 27, 2025, and December 31, 2025, respectively.
+Added: The four fiscal quarters in 2025 ended on March 29, 2025, June 28, 2025, September 27, 2025, and December 31, 2025, respectively.
Accounts Receivable
The Company sells certain of its non-U.S.
−Removed: accounts receivable on a non-recourse
−Removed: basis to third-party financial institutions.
+Added: accounts receivable on a non-recourse basis to third-party financial institutions.
These transactions are recognized as sales of receivables because effective control over, and risk related to, the receivables is transferred to the buyers.
−Removed: The Company had $ 125,324 and $ 62,175 outstanding on its
−Removed: revolving accounts receivable securitization program as of April 4, 2026 and December 31, 2025, respectively.
+Added: The Company had $ 140,873 and $ 62,175 outstanding on its revolving accounts receivable securitization program as of July 4, 2026 and December 31, 2025, respectively.
The cash proceeds are presented as cash provided by operating activities in the consolidated condensed statement of cash flows.
−Removed: sale of the accounts receivable, the Company collects payment from the customers and remits it to the third-party financial institutions.
+Added: After the sale of the accounts receivable, the Company collects payment from the customers and remits it to the third-party financial institutions.
Recently Adopted Accounting Guidance
In July 2025, the FASB issued ASU No.
−Removed: 2025-05, Measurement of Credit Losses for Accounts Receivable and
−Removed: Contract Assets .
−Removed: The ASU allows entities to elect a practical expedient that assumes the current conditions as of the balance sheet date do not change the remaining life of the asset when developing reasonable and supportable forecasts as
−Removed: part of estimating expected credit losses.
+Added: 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets .
+Added: The ASU allows entities to elect a practical expedient that assumes the current conditions as of the balance sheet date do not change the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses.
The Company adopted the ASU effective January 1, 2026.
The Company elected the practical expedient made available by the ASU.
−Removed: The adoption of the ASU did not impact the Company's financial position,
−Removed: results of operations, or cash flows.
+Added: The adoption of the ASU did not impact the Company's financial position, results of operations, or cash flows.
In September 2025, the FASB issued ASU No.
−Removed: 2025-06, Targeted Improvements to the Accounting for Internal-Use
−Removed: The ASU requires entities to capitalize software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the
−Removed: function intended.
+Added: 2025-06, Targeted Improvements to the Accounting for Internal-Use Software .
+Added: The ASU requires entities to capitalize software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended.
The Company prospectively adopted the ASU effective January 1, 2026.
3 unchanged sentences
Note 2 – Restructuring and Related Activities
−Removed: In September 2024, the Company announced the implementation of restructuring actions designed to optimize the Company’s
−Removed: manufacturing footprint and streamline business decision making.
+Added: 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 following table summarizes activity to date related to this program:
Expense recorded in 2024 $ 40,614
+Added: Utilized ( 8,734 )
Foreign currency translation ( 1,292 )
Balance at December 31, 2024 $ 30,588
+Added: Utilized ( 15,268 )
Foreign currency translation 2,106
Balance at December 31, 2025 $ 17,426
+Added: Utilized ( 8,871 )
Foreign currency translation ( 7 )
−Removed: Balance at April 4, 2026
+Added: Balance at July 4, 2026 $ 8,548
Severance payment terms vary by country, but are generally paid in a lump sum at cessation of employment.
−Removed: Some payments are
−Removed: made over an extended period.
+Added: Some payments are made over an extended period.
Substantially all of the liability is current and is included in other accrued expenses in the accompanying consolidated condensed balance sheets.
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 4, 2026 and March 29, 2025
−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 4, 2026 and June 28, 2025 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments.
The Company operates in a global environment with significant operations in various jurisdictions outside the United States.
−Removed: Accordingly, the
−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 4, 2026, the liabilities for unrecognized tax benefits decreased $ 908 on a net basis, primarily due to settlements and foreign currency adjustments, partially offset by accruals for the current period.
+Added: Accordingly, the 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: During the six fiscal months ended July 4, 2026, the liabilities for unrecognized tax benefits increased $ 261 on a net basis, primarily accruals for the current period, partially offset by settlements and expiration of statutes.
Note 4 – Long-Term Debt
Long-term debt consists of the following:
−Removed: April 4, 2026
−Removed: December 31, 2025
+Added: July 4, 2026 December 31, 2025
Credit facility $ 238,000 $ 219,000
1 unchanged sentence
Deferred financing costs ( 15,713 ) ( 18,107 )
+Added: 972,287 950,893
Less current portion ( 737,744 ) -
−Removed: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of April 4, 2026:
−Removed: Issuance date
−Removed: September 12, 2023
−Removed: Maturity date
−Removed: September 15, 2030
−Removed: Principal amount as of April 4, 2026
+Added: $ 234,543 $ 950,893
+Added: The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of July 4, 2026:
+Added: Issuance date September 12, 2023
+Added: Maturity date September 15, 2030
+Added: Principal amount as of July 4, 2026 $ 750,000
Cash coupon rate (per annum) 2.25 %
2 unchanged sentences
130 % of the current effective conversion price (per share) $ 39.21
−Removed: financing costs are recognized as non-cash interest expense.
−Removed: Non-cash interest expense was $ 1,195 and $ 1,223 for the fiscal quarters ended April 4, 2026 and March 29, 2025, respectively.
+Added: Holders of the convertible senior notes due 2030 (the "2030 Notes") may convert all or a portion of their 2030 Notes at their option prior to March 15, 2030, only under the following circumstances:
+Added: last reported sale price of the common stock for at least the 20 trading days
+Added: (whether or not consecutive) during a period of 30 consecutive trading days
+Added: ending on, and including, the last trading day of the immediately preceding
+Added: fiscal quarter is greater than or equal to 130 % of the conversion price on each
+Added: applicable trading day;
+Added: the five business day period after any five consecutive trading day period (the
+Added: "Measurement Period") in which the trading price of the 2030 Notes
+Added: for each trading day of the Measurement Period was less than 98 % of the product
+Added: of the last reported sale price of the common stock and the conversion rate in
+Added: effect on each such trading day;
+Added: the Company calls any or all of the 2030 Notes for redemption, at any time
+Added: prior to the close of business on the scheduled trading day prior to the redemption date;
+Added: Upon the occurrence of specified corporate events.
+Added: to the indenture governing the 2030 Notes, Vishay will
+Added: satisfy its conversion obligations by paying $1 cash per $1 principal amount of
+Added: converted notes and settle any additional amounts due in cash and/or common
+Added: stock, at the Company's election.
+Added: of July 4, 2026, the first condition above had been met and, therefore, the
+Added: 2030 Notes became eligible for conversion at the option of the holders
+Added: beginning on July 6, 2026 and ending at the close of business on October 3,
+Added: Vishay has the ability
+Added: to finance a certain amount of any converted 2030 Notes with borrowings from
+Added: its long-term revolving credit facility.
+Added: The principal amount of 2030 Notes and associated deferred financing costs are classified as current liabilities on the
+Added: July 4, 2026 consolidated condensed balance sheet.
+Added: determination regarding the convertibility of the 2030 Notes during future
+Added: periods will be made in accordance with the terms of the indenture governing
+Added: the 2030 Notes.
+Added: In the third fiscal quarter of 2026, the Company used a portion of the net proceeds from the public offering of its common stock, completed on July 1, 2026, to fully repay the outstanding balance on its revolving credit facility.
+Added: Deferred financing costs are recognized as non-cash interest expense.
+Added: Non-cash interest expense was $ 1,195 and $ 2,390 for the fiscal quarter and six fiscal months ended July 4, 2026, respectively, and $ 1,195 and $ 2,418 for the fiscal quarter and six fiscal months ended June 28, 2025.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Note 5 – Stockholders' Equity
+Added: On July 1, 2026, the Company completed an underwritten public offering of 17.25 million shares of its common stock at a price to the public of $ 50.00 per share for proceeds of $ 830,250 , net of underwriting discounts and issuance costs.
The following table summarizes activity pursuant to the Company's Stockholder Return Policy:
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
Dividends paid to stockholders $ 13,613 $ 13,557 $ 27,224 $ 27,119
Stock repurchases - - - 12,538
−Removed: There were no shares of common stock
−Removed: held as treasury stock as of April 4, 2026 and December 31, 2025.
+Added: Total $ 13,613 $ 13,557 $ 27,224 $ 39,657
+Added: There were no shares of common stock held as treasury stock as of July 4, 2026 and December 31, 2025.
Note 6 – Revenue Recognition
+Added: In the second fiscal quarter of 2026, the Company received tariff refunds from the U.S.
+Added: government, of which $ 30,008 will be passed through to customers.
+Added: The tariff refunds received are recognized as a reduction of costs of products sold and tariff refunds to be passed through to customers are recorded as a reduction of net revenues within the Consolidated Condensed Statements of Operations for the fiscal quarter and six fiscal months ended July 4, 2026.
+Added: The tariff refunds received and tariff refunds to be passed through to customers have not been allocated to reportable business segments, customer types, regions, or end markets.
Sales returns and allowances accrual activity is shown below:
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
Beginning balance $ 32,738 $ 38,438 $ 41,249 $ 43,445
6 unchanged sentences
The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:
+Added: retirement Currency
+Added: actuarial translation
+Added: items adjustment Total
Balance at January 1, 2026 $ ( 2,137 ) $ 83,531 $ 81,394
Other comprehensive income (loss) before reclassifications - ( 30,400 ) $ ( 30,400 )
+Added: Tax effect - - $ -
Other comprehensive income (loss) before reclassifications, net of tax - ( 30,400 ) $ ( 30,400 )
Amounts reclassified out of AOCI 731 - $ 731
+Added: Tax effect ( 64 ) - $ ( 64 )
Amounts reclassified out of AOCI, net of tax 667 - $ 667
Net other comprehensive income (loss) $ 667 $ ( 30,400 ) $ ( 29,733 )
−Removed: Balance at April 4, 2026
+Added: Balance at July 4, 2026 $ ( 1,470 ) $ 53,131 $ 51,661
Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost.
−Removed: 8 for further information.
+Added: See Note 8 for further information.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Note 8 – Pensions and Other Postretirement Benefits
−Removed: The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the
−Removed: consolidated condensed statements of operations based on the respective employee's function.
+Added: 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
−Removed: The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2026 and 2025 for the Company’s defined benefit pension plans:
−Removed: Fiscal quarter ended
−Removed: April 4, 2026
−Removed: Fiscal quarter ended
−Removed: March 29, 2025
+Added: The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2026 and 2025 for the Company’s defined benefit pension plans:
+Added: Fiscal quarter ended Fiscal quarter ended
+Added: July 4, 2026 June 28, 2025
+Added: Plans Plans U.S.
Net service cost $ - $ 741 $ - $ 765
5 unchanged sentences
Net periodic benefit cost $ 353 $ 2,315 $ 381 $ 2,105
+Added: The following table shows the components of the net periodic pension cost for the six fiscal months ended July 4, 2026 and June 28, 2025 for the Company's defined benefit pension plans:
+Added: Six fiscal months ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025
+Added: Plans Plans U.S.
+Added: Net service cost $ - $ 1,496 $ - $ 1,494
+Added: Interest cost 704 3,478 760 3,070
+Added: Expected return on plan assets - ( 1,268 ) - ( 1,100 )
+Added: Amortization of prior service cost - 158 - 70
+Added: Amortization of losses 2 758 2 500
+Added: Curtailment and settlement losses - 36 - 47
+Added: Net periodic benefit cost $ 706 $ 4,658 $ 762 $ 4,081
+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 2026 and 2025 for the Company’s other postretirement benefit plans:
−Removed: Fiscal quarter ended
−Removed: April 4, 2026
−Removed: Fiscal quarter ended
−Removed: March 29, 2025
+Added: The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2026 and 2025 for the Company’s other postretirement benefit plans:
+Added: Fiscal quarter ended Fiscal quarter ended
+Added: July 4, 2026 June 28, 2025
+Added: Plans Plans U.S.
+Added: Service cost $ - $ 52 $ 5 $ 60
Interest cost 26 62 50 60
1 unchanged sentence
Net periodic benefit cost $ ( 91 ) $ 119 $ 3 $ 135
+Added: The following table shows the components of the net periodic pension cost for the six fiscal months ended July 4, 2026 and June 28, 2025 for the Company's other postretirement benefit plans:
+Added: Six fiscal months ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025
+Added: Plans Plans U.S.
+Added: Service cost $ - $ 105 $ 10 $ 115
+Added: Interest cost 52 125 101 116
+Added: Amortization of losses (gains) ( 234 ) 11 ( 104 ) 29
+Added: Net periodic benefit cost $ ( 182 ) $ 241 $ 7 $ 260
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
2 unchanged sentences
The following table summarizes stock-based compensation expense recognized:
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
Restricted stock units ("RSUs") $ 7,783 $ 5,685 $ 19,980 $ 11,653
Phantom stock units - - 76 83
−Removed: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 4, 2026 (amortization periods in years) :
+Added: Total $ 7,783 $ 5,685 $ 20,056 $ 11,736
+Added: The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 4, 2026 (amortization periods in years) :
+Added: Unrecognized Remaining
+Added: Compensation Amortization
Restricted stock units $ 67,888 1.9
−Removed: Phantom stock units
+Added: Phantom stock units - n/a
+Added: Total $ 67,888
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Restricted Stock Units
−Removed: RSU activity as of April 4, 2026 and
−Removed: changes during the three fiscal months then ended are presented below (number of RSUs in thousands) :
−Removed: Fair Value per
+Added: RSU activity as of July 4, 2026 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands) :
+Added: Number of Fair Value per
January 1, 2026 3,485 $ 18.00
+Added: Granted 1,846 33.31
+Added: Vested * ( 763 ) 19.76
Cancelled or forfeited ( 171 ) 24.40
−Removed: Outstanding at April 4, 2026
−Removed: Expected to vest at April 4, 2026
−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.
+Added: Outstanding at July 4, 2026 4,397 $ 23.87
+Added: Expected to vest at July 4, 2026 5,872
+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 the established target and maximum levels.
RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number of RSUs in thousands) :
+Added: Expected Not Expected
+Added: Vesting Date to Vest to Vest Total
January 1, 2027 877 - 877
4 unchanged sentences
The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands) :
−Removed: Fair Value per
+Added: Number of Fair Value per
January 1, 2026 136
+Added: Granted 5 $ 15.29
Dividend equivalents issued 1
−Removed: Outstanding at April 4, 2026
+Added: Outstanding at July 4, 2026 142
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1 unchanged sentence
Note 10 – Segment Information
−Removed: The following tables set forth reportable business segment
−Removed: Optoelectronic
−Removed: Fiscal quarter ended April 4, 2026 :
+Added: The following tables set forth reportable business segment information:
+Added: Optoelectronic Corporate/
+Added: MOSFETs Diodes Components Resistors Inductors Capacitors Other Total
+Added: Fiscal quarter ended July 4, 2026:
+Added: Net revenues $ 188,926 $ 186,965 $ 70,076 $ 215,028 $ 104,189 $ 153,399 $ ( 30,008 ) $ 888,575
Cost of products sold (excluding depreciation) $ 148,666 $ 129,512 $ 50,262 $ 156,530 $ 67,788 $ 109,279 $ ( 30,008 ) $ 632,029
1 unchanged sentence
Total costs of products sold $ 162,787 $ 141,262 $ 54,097 $ 167,543 $ 71,813 $ 113,699 $ ( 30,008 ) $ 681,193
+Added: Gross profit $ 26,139 $ 45,703 $ 15,979 $ 47,485 $ 32,376 $ 39,700 $ - $ 207,382
Segment operating expenses $ 23,587 $ 9,008 $ 6,460 $ 10,757 $ 4,129 $ 6,891 $ - $ 60,832
2 unchanged sentences
Capital expenditures 77,696 4,835 787 4,052 1,977 4,791 1,063 95,201
−Removed: Total assets as of April 4, 2026:
−Removed: Fiscal quarter ended March 29, 2025:
+Added: Total assets as of July 4, 2026:
+Added: $ 1,298,043 $ 712,059 $ 351,750 $ 907,412 $ 309,329 $ 510,983 $ 1,066,790 $ 5,156,366
+Added: Fiscal quarter ended June 28, 2025:
+Added: Net revenues $ 148,633 $ 147,942 $ 54,119 $ 194,769 $ 95,675 $ 121,112 $ 762,250
Cost of products sold (excluding depreciation) $ 125,546 $ 106,770 $ 37,596 $ 139,330 $ 64,594 $ 90,643 $ 564,479
1 unchanged sentence
Total cost of products sold $ 139,254 $ 118,404 $ 41,561 $ 150,439 $ 68,839 $ 95,070 $ 613,567
+Added: Gross profit $ 9,379 $ 29,538 $ 12,558 $ 44,330 $ 26,836 $ 26,042 $ 148,683
Segment operating expenses $ 23,859 $ 7,353 $ 5,743 $ 9,421 $ 3,887 $ 6,357 $ 56,620
2 unchanged sentences
Capital expenditures 46,002 3,809 4,043 5,644 1,021 3,024 1,055 64,598
−Removed: Total assets as of March 29, 2025:
+Added: Total assets as of June 28, 2025:
+Added: $ 1,123,514 $ 725,548 $ 360,008 $ 967,976 $ 328,726 $ 462,490 $ 253,393 $ 4,221,655
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Optoelectronic Corporate/
+Added: MOSFETs Diodes Components Resistors Inductors Capacitors Other Total
+Added: Six fiscal months ended July 4, 2026:
+Added: Net revenues $ 362,917 $ 350,634 $ 128,951 $ 418,771 $ 196,414 $ 300,138 $ ( 30,008 ) $ 1,727,817
+Added: Cost of products sold (excluding depreciation) $ 286,720 $ 246,471 $ 94,333 $ 304,404 $ 126,575 $ 215,081 $ ( 30,008 ) $ 1,243,576
+Added: Depreciation expense in costs of products sold 27,681 23,629 7,692 22,086 8,105 11,054 - 100,247
+Added: Total costs of products sold $ 314,401 $ 270,100 $ 102,025 $ 326,490 $ 134,680 $ 226,135 $ ( 30,008 ) $ 1,343,823
+Added: Gross profit $ 48,516 $ 80,534 $ 26,926 $ 92,281 $ 61,734 $ 74,003 $ - $ 383,994
+Added: Segment operating expenses $ 44,657 $ 17,909 $ 12,683 $ 21,400 $ 8,189 $ 13,812 $ - $ 118,650
+Added: Segment operating income $ 3,859 $ 62,625 $ 14,243 $ 70,881 $ 53,545 $ 60,191 $ - $ 265,344
+Added: Total depreciation expense $ 29,270 $ 24,431 $ 7,921 $ 22,454 $ 8,231 $ 11,153 $ 4,361 $ 107,821
+Added: Capital expenditures 172,378 9,096 840 6,386 2,950 12,619 1,593 205,862
+Added: Six fiscal months ended June 28, 2025:
+Added: Net revenues $ 290,746 $ 288,905 $ 105,287 $ 374,269 $ 179,796 $ 238,483 $ 1,477,486
+Added: Cost of products sold (excluding depreciation) $ 243,053 $ 208,599 $ 74,254 $ 267,802 $ 126,876 $ 176,597 $ 1,097,181
+Added: Depreciation expense in cost of products sold 26,708 22,746 7,775 21,783 8,487 8,569 96,068
+Added: Total cost of products sold $ 269,761 $ 231,345 $ 82,029 $ 289,585 $ 135,363 $ 185,166 $ 1,193,249
+Added: Gross profit $ 20,985 $ 57,560 $ 23,258 $ 84,684 $ 44,433 $ 53,317 $ 284,237
+Added: Segment operating expenses $ 44,204 $ 14,178 $ 11,024 $ 18,624 $ 7,582 $ 13,058 $ 108,670
+Added: Segment operating income (loss) $ ( 23,219 ) $ 43,382 $ 12,234 $ 66,060 $ 36,851 $ 40,259 $ 175,567
+Added: Total depreciation expense $ 27,914 $ 23,400 $ 7,998 $ 22,172 $ 8,574 $ 8,656 $ 4,483 $ 103,197
+Added: Capital expenditures 92,305 8,138 4,755 8,691 1,605 8,999 1,674 126,167
+Added: NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
+Added: (dollars in thousands, except per share amounts)
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
Reconciliation:
3 unchanged sentences
Unallocated Other Income (Expense) ( 11,127 ) ( 9,841 ) ( 20,399 ) ( 14,884 )
−Removed: Consolidated Income (Loss) Before Taxes
+Added: Consolidated Income Before Taxes $ 42,399 $ 12,277 $ 55,251 $ 8,049
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
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: The distribution of sales by customer type is shown below:
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
+Added: Distributors $ 534,045 $ 430,159 $ 995,892 $ 818,652
+Added: OEMs 323,794 277,255 642,327 555,601
EMS companies 60,744 54,836 119,606 103,233
+Added: Tariff refunds passed through to customers ( 30,008 ) - ( 30,008 ) -
Total Revenue $ 888,575 762,250 $ 1,727,817 1,477,486
Net revenues were attributable to customers in the following regions:
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
+Added: Asia $ 377,115 $ 317,479 $ 712,254 $ 602,058
+Added: Europe 305,042 256,489 601,858 511,820
+Added: Americas 236,426 188,282 443,713 363,608
+Added: Tariff refunds passed through to customers ( 30,008 ) - ( 30,008 ) -
Total Revenue $ 888,575 $ 762,250 $ 1,727,817 $ 1,477,486
−Removed: The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, military and aerospace,
−Removed: healthcare, power supplies, telecommunications, consumer products, and computing end markets.
+Added: The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, military and aerospace, healthcare, power supplies, telecommunications, consumer products, and computing end markets.
Sales by end market are presented below:
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
+Added: Industrial $ 347,290 $ 267,028 $ 646,193 $ 511,954
+Added: Automotive 294,424 267,423 578,715 524,535
Military and Aerospace 92,882 80,488 182,055 156,805
+Added: Healthcare 43,452 37,899 84,044 74,431
+Added: Other* 140,535 109,412 266,818 209,761
+Added: Tariff refunds passed through to customers ( 30,008 ) - ( 30,008 ) -
Total Revenue $ 888,575 $ 762,250 $ 1,727,817 $ 1,477,486
4 unchanged sentences
The following table sets forth the computation of basic and diluted earnings (loss) per share (shares in thousands) :
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
Net earnings (loss) $ 28,124 $ 2,004 $ 35,288 $ ( 2,088 )
5 unchanged sentences
Restricted stock units 4,115 465 2,771 -
+Added: Convertible senior notes due 2030 6,962 - 3,481 -
Dilutive potential common shares 11,077 465 6,252 -
3 unchanged sentences
Diluted earnings (loss) per share $ 0.19 $ 0.01 $ 0.25 $ ( 0.02 )
−Removed: Diluted earnings (loss) per share for the periods presented do not reflect the following weighted average potential common shares that would have an
−Removed: antidilutive effect or have unsatisfied performance conditions (in thousands) :
−Removed: Fiscal quarters ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Diluted earnings (loss) per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) :
+Added: Fiscal quarters ended Six fiscal months ended
+Added: July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025
Restricted stock units 540 1,295 437 3,099
−Removed: If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2030, no shares are
−Removed: included in the diluted earnings (loss) per share computation for the convertible senior notes due 2030.
−Removed: Pursuant to the indenture governing the convertible senior notes due 2030, Vishay will satisfy its conversion obligations by paying $1 cash
−Removed: per $1 principal amount of converted notes and settle any additional amounts due in cash and/or common stock.
−Removed: Similarly, the convertible senior notes due 2025 were considered, but not included, in the diluted earnings per share computation for any
−Removed: period presented or any period they were outstanding.
−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 conversion price of the convertible senior notes due 2030, no shares are included in the diluted earnings (loss) 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 and/or common stock.
+Added: Similarly, the convertible senior notes due 2025 were considered, but not included, in the diluted earnings per share computation for any period presented or any period they were outstanding.
+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 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: April 4, 2026
+Added: Fair Value Level 1 Level 2 Level 3
Assets held in rabbi trusts $ 58,897 $ 23,311 $ 35,586 $ -
Available for sale securities $ 4,562 4,562 - -
+Added: $ 63,459 $ 27,873 $ 35,586 $ -
Acquisitions contingent consideration $ 4,674 $ - $ - $ 4,674
2 unchanged sentences
Available for sale securities $ 4,660 4,660 - -
+Added: $ 60,102 $ 27,409 $ 32,693 $ -
Acquisitions contingent consideration $ 2,938 $ - $ - $ 2,938
2 unchanged sentences
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 day
−Removed: of the period.
+Added: The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day 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 held in
−Removed: 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 of
−Removed: the United States.
+Added: The fair value measurement of the marketable securities 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.
+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 the United States.
The investments are valued based on quoted market prices on the last business day of the period.
1 unchanged sentence
The Company may be required to make certain contingent consideration payments related to acquisitions.
−Removed: The fair value of these contingent payments is
−Removed: 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 value
−Removed: The fair value of the long-term debt, excluding deferred financing costs, at April 4, 2026 and December 31, 2025 is approximately $ 978,000 and $ 896,100 , respectively,
−Removed: compared to its carrying value, excluding deferred financing costs, of $ 1,000,000 and $ 969,000 , respectively.
−Removed: The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected
−Removed: future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
+Added: The fair value of these contingent payments is determined by estimating the net present value of the expected cash flows based on the probability of expected payments.
+Added: The fair value measurement of the contingent consideration payments is considered a Level 3 measurement within the fair value hierarchy.
+Added: The fair value of the long-term debt, excluding deferred financing costs, at July 4, 2026 and December 31, 2025 is approximately $ 1,527,000 and $ 896,100 , respectively, compared to its carrying value, excluding deferred financing costs, of $ 988,000 and $ 969,000 , respectively.
+Added: The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
−Removed: At April 4, 2026 and December 31, 2025, the Company’s short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90
−Removed: days from the date of acquisition;
+Added: At July 4, 2026 and December 31, 2025, 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 approximates
−Removed: their fair value.
+Added: The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates 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: reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary.
−Removed: other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for
−Removed: these securities during the periods presented.
+Added: At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary.
+Added: No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented.
There have been no transfers to or from the held-to-maturity classification.
−Removed: decreases in the account balance are due to returns of principal at the securities’ maturity dates.
+Added: All decreases in the account balance are due to returns of principal at the securities’ maturity dates.
Interest on the securities is recognized as interest income when earned.
−Removed: At April 4, 2026 and December 31, 2025, the Company’s cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when
−Removed: purchased, and money market funds.
+Added: At July 4, 2026 and December 31, 2025, 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.
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 and time
−Removed: 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 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.
The Company’s financial instruments also include accounts receivable and accounts payable.
−Removed: The carrying amounts for these financial instruments reported
−Removed: in the consolidated condensed balance sheets approximate their fair values.
+Added: The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.
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.