0000103730-24-000084 | 10-Q | XBRL Viewer | Vishay Intertechnology INC

Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Consolidated Condensed Statements of Operations [Abstract]
Net revenues	$ 746,279	$ 871,046
Costs of products sold	575,872	592,333
Gross profit	170,407	278,713
Selling, general, and administrative expenses	127,736	120,145
Operating income	42,671	158,568
Other income (expense):
Interest expense	(6,496)	(5,120)
Other	8,087	3,329
Total other income (expense)	1,591	(1,791)
Income before taxes	44,262	156,777
Income tax expense	12,819	44,588
Net earnings	31,443	112,189
Less: net earnings attributable to noncontrolling interests	519	408
Net earnings attributable to Vishay stockholders	$ 30,924	$ 111,781
Basic earnings per share attributable to Vishay stockholders (in dollars per share)	$ 0.22	$ 0.79
Diluted earnings per share attributable to Vishay stockholders (in dollars per share)	$ 0.22	$ 0.79
Weighted average shares outstanding - basic (in shares)	137,726	140,636
Weighted average shares outstanding - diluted (in shares)	138,476	141,251
Cash dividends per share (in dollars per share)	$ 0.1	$ 0.1

Revenue Recognition

3 Months Ended

Mar. 30, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Note 7 – Revenue Recognition

Sales returns and allowances accrual activity is shown below:

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Beginning balance	$	47,760		$	46,979
Sales allowances		25,276			25,837
Credits issued		(24,084	)		(33,275	)
Foreign currency		(204	)		(1,261	)
Ending balance	$	48,748		$	38,280

See disaggregated revenue information in Note 11.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Earnings Per Share

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 12 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):

	Fiscal quarters ended
	March 30, 2024		April 1, 2023

Numerator:
Net earnings attributable to Vishay stockholders	$	30,924	$	111,781

Denominator:
Denominator for basic earnings per share:
Weighted average shares		137,601		140,496
Outstanding phantom stock units		125		140
Adjusted weighted average shares - basic		137,726		140,636

Effect of dilutive securities:
Restricted stock units		750		615
Dilutive potential common shares		750		615

Denominator for diluted earnings per share:
Adjusted weighted average shares - diluted		138,476		141,251

Basic earnings per share attributable to Vishay stockholders	$	0.22	$	0.79

Diluted earnings per share attributable to Vishay stockholders	$	0.22	$	0.79

Diluted earnings 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):

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Restricted stock units		127		-

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, respectively, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025 and due 2030. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible 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. 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. Accordingly, the convertible senior notes due 2025 and due 2030 are not anti-dilutive when the average market price of Vishay common stock is less than the respective effective conversion prices of the convertible senior notes due 2025 and due 2030.

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. 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.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 30, 2024

Stockholders' Equity Policy [Abstract]

Schedule of Stockholder Return Policy [Table Text Block]

The following table summarizes activity pursuant to this policy:

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Dividends paid to stockholders	$	13,752	$	14,020
Stock repurchases		12,538		20,173
Total	$	26,290	$	34,193

Earnings Per Share (Tables)

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):

	Fiscal quarters ended
	March 30, 2024		April 1, 2023

Numerator:
Net earnings attributable to Vishay stockholders	$	30,924	$	111,781

Denominator:
Denominator for basic earnings per share:
Weighted average shares		137,601		140,496
Outstanding phantom stock units		125		140
Adjusted weighted average shares - basic		137,726		140,636

Effect of dilutive securities:
Restricted stock units		750		615
Dilutive potential common shares		750		615

Denominator for diluted earnings per share:
Adjusted weighted average shares - diluted		138,476		141,251

Basic earnings per share attributable to Vishay stockholders	$	0.22	$	0.79

Diluted earnings per share attributable to Vishay stockholders	$	0.22	$	0.79

Weighted Average Potential Common Shares that Would have an Antidilutive Effect or have Unsatisfied Performance Conditions

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Restricted stock units		127		-

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 30, 2024

Stock-Based Compensation [Abstract]

Summary of Recognized Stock-based Compensation Expense

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023

Restricted stock units ("RSUs")	$	5,226	$	2,858
Phantom stock units		118		107
Total	$	5,344	$	2,965

Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at March 30, 2024 (amortization periods in years):

	Unrecognized Compensation Cost		Weighted Average Remaining Amortization Periods

Restricted stock units	$	19,166		1.9
Phantom stock units		-		n/a
Total	$	19,166

RSU Activity

RSU activity as of March 30, 2024 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands):

	Number of RSUs			Weighted Average Grant-date Fair Value per Unit
Outstanding:
January 1, 2024		1,717		$	23.03
Granted		544			18.09
Vested*		(559	)		23.07
Cancelled or forfeited		(26	)		23.96
Outstanding at March 30, 2024		1,676		$	21.40

Expected to vest at March 30, 2024		1,415

* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

RSUs with Performance-Based Vesting Criteria

RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number of RSUs in thousands):

Vesting Date	Expected to Vest		Not Expected to Vest		Total
January 1, 2025		168		-		168
January 1, 2026		-		167		167
January 1, 2027		140		94		234

Phantom Stock Unit Activity Under the Phantom Stock Plan

The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands):

	Number of units		Grant-date Fair Value per Unit
Outstanding:
January 1, 2024		120
Granted		5		$	23.51
Dividend equivalents issued		1
Outstanding at March 30, 2024		126

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023	Dec. 31, 2023
Stockholders' Equity Policy [Abstract]
Dividends declared	$ 13,752	$ 14,020
Treasury Stock, Value, Acquired, Par Value Method	12,538	20,173
Stockholder Return Policy Payments	$ 26,290	$ 34,193
Treasury stock (in shares)	8,101,301		7,535,881

Segment Information

3 Months Ended

Mar. 30, 2024

Segment Information [Abstract]

Segment Information

Note 11 – Segment Information

The following tables set forth business segment information:

	MOSFETs		Diodes		Optoelectronic Components		Resistors		Inductors		Capacitors		Total
Fiscal quarter ended March 30, 2024:
Net revenues	$	153,173	$	149,130	$	49,199	$	188,196	$	88,651	$	117,930	$	746,279

Segment operating income	$	8,047	$	26,011	$	1,493	$	38,173	$	23,181	$	26,529	$	123,434

Fiscal quarter ended April 1, 2023:
Net revenues	$	198,181	$	175,693	$	60,403	$	223,140	$	80,338	$	133,291	$	871,046

Segment operating income	$	58,017	$	42,686	$	17,300	$	66,699	$	20,979	$	32,996	$	238,677

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Reconciliation:
Segment Operating Income	$	123,434		$	238,677
Unallocated Selling, General, and Administrative Expenses		(80,763	)		(80,109	)
Consolidated Operating Income	$	42,671		$	158,568
Unallocated Other Income (Expense)		1,591			(1,791	)
Consolidated Income Before Taxes	$	44,262		$	156,777

The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Distributors	$	382,480	$	470,788
OEMs		313,827		340,428
EMS companies		49,972		59,830
Total Revenue	$	746,279	$	871,046

Net revenues were attributable to customers in the following regions:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Asia	$	284,007	$	310,429
Europe		271,734		326,561
Americas		190,538		234,056
Total Revenue	$	746,279	$	871,046

The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, computing, military and aerospace, consumer products, power supplies, medical, and telecommunications end markets. Sales by end market are presented below:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Industrial	$	248,128	$	325,960
Automotive		287,302		284,499
Military and Aerospace		83,356		62,125
Medical		34,389		42,103
Other*		93,104		156,359
Total Revenue	$	746,279	$	871,046

*Power supplies, telecommunications, consumer products, and computing.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 31,443	$ 112,189
Other comprehensive income (loss), net of tax
Pension and other post-retirement actuarial items	(2,196)	136
Foreign currency translation adjustment	(17,826)	19,723
Other comprehensive income (loss)	(20,022)	19,859
Comprehensive income	11,421	132,048
Less: comprehensive income attributable to noncontrolling interests	519	408
Comprehensive income attributable to Vishay stockholders	$ 10,902	$ 131,640

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Sales returns and allowances accrual activity [Roll Forward]
Beginning balance	$ 47,760	$ 46,979
Sales allowances	25,276	25,837
Credits issued	(24,084)	(33,275)
Foreign currency	(204)	(1,261)
Ending balance	$ 48,748	$ 38,280

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 30, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 8 – Accumulated Other Comprehensive Income (Loss)

The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:

	Pension and other post- retirement actuarial items			Currency translation adjustment			Total
Balance at January 1, 2024	$	(14,599	)	$	24,936		$	10,337
Other comprehensive income (loss) before reclassifications		(2,574	)		(17,826	)	$	(20,400	)
Tax effect		-			-		$	-
Other comprehensive income before reclassifications, net of tax		(2,574	)		(17,826	)	$	(20,400	)
Amounts reclassified out of AOCI		488			-		$	488
Tax effect		(110	)		-		$	(110	)
Amounts reclassified out of AOCI, net of tax		378			-		$	378
Net other comprehensive income (loss)	$	(2,196	)	$	(17,826	)	$	(20,022	)
Balance at March 30, 2024	$	(16,795	)	$	7,110		$	(9,685	)

Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 9 for further information.

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023	Dec. 31, 2023
Assets and Liabilities [Abstract]
Right of use assets	$ 129,346		$ 126,829
Current lease liabilities	27,760		26,485
Long-term lease liabilities	103,594		102,830
Total lease liabilities	131,354		129,315
Lease expense [Abstract]
Operating lease expense	7,293	$ 6,881
Short-term lease expense	256	256
Variable lease expense	214	152
Total lease expense	7,763	7,289
Cash paid for operating leases	$ 7,540	$ 7,199
Weighted-average remaining lease term - operating leases	9 years
Weighted-average discount rate - operating leases	6.40%
Undiscounted future lease payments for operating lease liabilities [Abstract]
2024 (excluding the three fiscal months ended March 30, 2024)	$ 21,801
2025	26,426
2026	22,372
2027	18,373
2028	15,685
Thereafter	70,159
Building and Improvements [Member]
Assets and Liabilities [Abstract]
Right of use assets	120,508		121,578
Current lease liabilities	23,561		23,647
Long-term lease liabilities	99,028		100,489
Machinery and Equipment [Member]
Assets and Liabilities [Abstract]
Right of use assets	8,838		5,251
Current lease liabilities	4,199		2,838
Long-term lease liabilities	$ 4,566		$ 2,341

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Consolidated Condensed Statements of Equity (Parenthetical) [Abstract]
Restricted stock issuances (in shares)	371,055	254,513
Stock repurchase (in shares)	565,420	916,221
Dividends declared (in dollars per share)	$ 0.1	$ 0.1

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Held-to-maturity Securities Transferred	$ 0	$ 0
Held-to-maturity Securities, Unrecognized Holding Gain	0	0
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities	0	0
Held-to-maturity Securities, Unrecognized Holding Loss	0	0
Liabilities [Abstract]
Long-term debt, fair value	816,900	836,200
Carrying value of long-term debt, excluding derivative liabilities	845,102	845,102
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	51,061	50,378
Available for sale securities	4,023	4,115
Fair value assets	55,084	54,493
Liabilities [Abstract]
Contingent consideration fair value	15,938	938
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	23,448	24,343
Available for sale securities	4,023	4,115
Fair value assets	27,471	28,458
Liabilities [Abstract]
Contingent consideration fair value	0	0
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	27,613	26,035
Available for sale securities	0	0
Fair value assets	27,613	26,035
Liabilities [Abstract]
Contingent consideration fair value	0	0
Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	0	0
Available for sale securities	0	0
Fair value assets	0	0
Liabilities [Abstract]
Contingent consideration fair value	$ 15,938	$ 938

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 30, 2024
Basis of Presentation [Abstract]
Fiscal Period, Policy	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 2024 end on March 30, 2024, June 29, 2024, September 28, 2024, and December 31, 2024, respectively. The four fiscal quarters in 2023 ended on April 1, 2023, July 1, 2023, September 30, 2023, and December 31, 2023, respectively.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 30, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss) and Income Tax Effects Allocated

The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:

	Pension and other post- retirement actuarial items			Currency translation adjustment			Total
Balance at January 1, 2024	$	(14,599	)	$	24,936		$	10,337
Other comprehensive income (loss) before reclassifications		(2,574	)		(17,826	)	$	(20,400	)
Tax effect		-			-		$	-
Other comprehensive income before reclassifications, net of tax		(2,574	)		(17,826	)	$	(20,400	)
Amounts reclassified out of AOCI		488			-		$	488
Tax effect		(110	)		-		$	(110	)
Amounts reclassified out of AOCI, net of tax		378			-		$	378
Net other comprehensive income (loss)	$	(2,196	)	$	(17,826	)	$	(20,022	)
Balance at March 30, 2024	$	(16,795	)	$	7,110		$	(9,685	)

Fair Value Measurements

3 Months Ended

Mar. 30, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 13 – Fair Value Measurements

The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:

	Total Fair Value		Level 1		Level 2		Level 3
March 30, 2024
Assets:
Assets held in rabbi trusts	$	51,061	$	23,448	$	27,613	$	-
Available for sale securities	$	4,023		4,023		-		-
	$	55,084	$	27,471	$	27,613	$	-

Liability:
Acquisitions contingent consideration	$	15,938	$	-	$	-	$	15,938

December 31, 2023
Assets:
Assets held in rabbi trusts	$	50,378	$	24,343	$	26,035	$	-
Available for sale securities	$	4,115		4,115		-		-
	$	54,493	$	28,458	$	26,035	$	-

Liability:
Acquisitions contingent consideration	$	938	$	-	$	-	$	938

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. 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. 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.

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. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy.

The Company may be required to make certain contingent payments to non-employee equity holders of MaxPower pursuant to the acquisition agreement, which will be payable upon the achievement of certain technology milestones. The Company may be required to make certain contingent payments upon the receipt of an export license pursuant to the Newport wafer fab acquisition agreement. The fair value of these contingent consideration payments is determined by estimating the net present value of the expected cash flows based on the probability of expected payments. The fair value measurement of the contingent consideration is considered a Level 3 measurement within the fair value hierarchy.

The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at March 30, 2024 and December 31, 2023 is approximately $816,900 and $836,200, respectively, compared to its carrying value, excluding the deferred financing costs, of $845,102 and $845,102, respectively. 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.

At March 30, 2024 and December 31, 2023, 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. 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. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. 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. 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.

At March 30, 2024 and December 31, 2023, 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. 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. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Acquisition and Divestiture Activities

3 Months Ended

Mar. 30, 2024

Acquisition Activities [Abstract]

Acquisition and Divestiture Activities

Note 2 – Acquisition Activities

As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components. 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, Vishay acquired Nexperia’s wafer fabrication facility and operations located in Newport, South Wales, U.K. for $177,366 in cash, net of cash acquired and subject to customary post-closing adjustments. The transaction included contingent payments of up to $15,000, held in escrow pending receipt of an export license. The 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 13 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)	$	(339	)
Property and equipment		153,597
Customer relationships		4,000
Other, net		1,315
Deferred taxes, net		(18,908	)
Total identified assets and liabilities		139,665

Purchase price, net of cash acquired		177,366

Goodwill	$	37,701

The acquired assets and liabilities are included in the MOSFETs segment. There were no other material changes to goodwill or segment assets since December 31, 2023. 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 appraisals for property and equipment and intangible assets and finalization of a working capital adjustment. There can be no assurance that the estimated amounts recorded represent the final purchase price allocation.

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

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. As of March 30, 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. The Company's estimate of the maximum possible contingent payments is $17,500. See Note 13 for further discussion on the fair value measurement of the contingent consideration liability.

Pensions and Other Postretirement Benefits

3 Months Ended

Mar. 30, 2024

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 9 – Pensions and Other Postretirement Benefits

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.

Defined Benefit Pension Plans

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

	Fiscal quarter ended March 30, 2024						Fiscal quarter ended April 1, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-		$	790		$	-		$	724
Interest cost		381			1,686			499			1,695
Expected return on plan assets		-			(596	)		-			(570	)
Amortization of prior service cost		16			57			36			55
Amortization of losses (gains)		(108	)		457			(30	)		86
Curtailment and settlement losses		-			105			-			107
Net periodic benefit cost	$	289		$	2,499		$	505		$	2,097

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2024 and 2023 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended March 30, 2024							Fiscal quarter ended April 1, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Service cost		$	5			$	60		$	5		$	34
Interest cost			53				61			56			31
Amortization of losses (gains)			(60	)			21			(80)			3
Net periodic benefit cost		$	(2	)		$	142		$	(19)		$	68

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Income Taxes (Policies)	3 Months Ended
Income Taxes (Policies)	Mar. 30, 2024
Income Taxes [Abstract]
Effective Income Tax Rate Description	The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended March 30, 2024 and April 1, 2023 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. 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.

Long-Term Debt

3 Months Ended

Mar. 30, 2024

Long-Term Debt [Abstract]

Long-Term Debt

Note 5 – Long-Term Debt

Long-term debt consists of the following:

	March 30, 2024			December 31, 2023

Credit facility	$	-		$	-
Convertible senior notes, due 2025		95,102			95,102
Convertible senior notes, due 2030		750,000			750,000
Deferred financing costs		(25,695	)		(26,914	)
		819,407			818,188
Less current portion		-			-
	$	819,407		$	818,188

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of March 30, 2024:

	2025 Notes			2030 Notes
Issuance date	June 12, 2018			September 12, 2023
Maturity date	June 15, 2025			September 15, 2030
Principal amount as of March 30, 2024	$	95,102		$	750,000
Cash coupon rate (per annum)		2.25	%		2.25	%
Conversion rate (per $1 principal amount)		32.1476			33.1609
Effective conversion price (per share)	$	31.11		$	30.16
130% of the current effective conversion price (per share)	$	40.44		$	39.21

Deferred financing costs are recognized as non-cash interest expense. Non-cash interest expense was $1,213 and $818 for the fiscal quarters ended March 30, 2024 and April 1, 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 30, 2024

Apr. 01, 2023

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense recognized

$ 5,344

$ 2,965

Unrecognized Compensation Cost

19,166

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense recognized

5,226

2,858

Unrecognized Compensation Cost

$ 19,166

Weighted Average Remaining Amortization Periods

1 year 10 months 24 days

Number of units [Abstract]

Outstanding (in shares)

1,717

Granted (in shares)

544

Vested (in shares)

^[1]

(559)

Cancelled or forfeited (in shares)

(26)

Outstanding (in shares)

1,676

Expected to vest (in shares)

1,415

Weighted Average Grant-date Fair Value per Unit [Abstract]

Outstanding (in dollars per share)

$ 23.03

Granted (in dollars per share)

18.09

Vested (in dollars per share)

^[1]

23.07

Cancelled or forfeited (in dollars per share)

23.96

Outstanding (in dollars per share)

$ 21.4

Phantom Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense recognized

$ 118

$ 107

Unrecognized Compensation Cost

$ 0

Number of units [Abstract]

Outstanding (in shares)

120

Granted (in shares)

Dividend equivalents issued (in shares)

Outstanding (in shares)

126

Weighted Average Grant-date Fair Value per Unit [Abstract]

Granted (in dollars per share)

$ 23.51

Scheduled to Vest January 1, 2025 [Member] | Performance Vested Restricted Stock Units [Member]

Number of units [Abstract]

Outstanding (in shares)

168

Expected to vest (in shares)

168

Not expected to vest (in shares)

Scheduled to Vest January 1, 2026 [Member] | Performance Vested Restricted Stock Units [Member]

Number of units [Abstract]

Outstanding (in shares)

167

Expected to vest (in shares)

Not expected to vest (in shares)

167

Scheduled to Vest January 1, 2027 [Member] | Performance Vested Restricted Stock Units [Member]

Number of units [Abstract]

Outstanding (in shares)

234

Expected to vest (in shares)

140

Not expected to vest (in shares)

[1]	The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

Income Taxes (Details) $ in Thousands	3 Months Ended
Income Taxes (Details) $ in Thousands	Mar. 30, 2024 USD ($)
Income Taxes [Abstract]
Increase in liabilities for unrecognized tax benefits	$ 0

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Numerator [Abstract]
Net earnings attributable to Vishay stockholders	$ 30,924	$ 111,781
Denominator [Abstract]
Weighted average shares (in shares)	137,601	140,496
Outstanding phantom stock units (in shares)	125	140
Adjusted weighted average shares - basic (in shares)	137,726	140,636
Effect of dilutive securities [Abstract]
Restricted stock units (in shares)	750	615
Dilutive potential common shares (in shares)	750	615
Denominator for diluted earnings per share [Abstract]
Adjusted weighted average shares - diluted (in shares)	138,476	141,251
Basic earnings per share attributable to Vishay stockholders (in dollars per share)	$ 0.22	$ 0.79
Diluted earnings per share attributable to Vishay stockholders (in dollars per share)	$ 0.22	$ 0.79
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	127	0

Revenue Recognition (Tables)

3 Months Ended

Mar. 30, 2024

Revenue Recognition [Abstract]

Sales returns and allowances accrual activity

Sales returns and allowances accrual activity is shown below:

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Beginning balance	$	47,760		$	46,979
Sales allowances		25,276			25,837
Credits issued		(24,084	)		(33,275	)
Foreign currency		(204	)		(1,261	)
Ending balance	$	48,748		$	38,280

Earnings Per Share (Policies)	3 Months Ended
Earnings Per Share (Policies)	Mar. 30, 2024
Earnings Per Share [Abstract]
Discussion on convertible debt included in computation of earnings per share diluted	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, respectively, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025 and due 2030. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible 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. 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. Accordingly, the convertible senior notes due 2025 and due 2030 are not anti-dilutive when the average market price of Vishay common stock is less than the respective effective conversion prices of the convertible senior notes due 2025 and due 2030. 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. 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity

3 Months Ended

Mar. 30, 2024

Stockholders' Equity Policy [Abstract]

Stockholders' Equity

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.

The following table summarizes activity pursuant to this policy:

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Dividends paid to stockholders	$	13,752	$	14,020
Stock repurchases		12,538		20,173
Total	$	26,290	$	34,193

The repurchased shares are being held as treasury stock. The number of shares of common stock being held as treasury stock was 8,101,301 and 7,535,881 as of March 30, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward]
Beginning Balance	$ 10,337
Other comprehensive income before reclassifications	(20,400)
Tax effect	0
Other comprehensive income before reclassifications, net of tax	(20,400)
Amounts reclassified out of AOCI	488
Tax effect	(110)
Amounts reclassified out of AOCI, net of tax	378
Net other comprehensive income	(20,022)	$ 19,859
Ending Balance	(9,685)
Pension and Other Post-Retirement Actuarial Items [Member]
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward]
Beginning Balance	(14,599)
Other comprehensive income before reclassifications	(2,574)
Tax effect	0
Other comprehensive income before reclassifications, net of tax	(2,574)
Amounts reclassified out of AOCI	488
Tax effect	(110)
Amounts reclassified out of AOCI, net of tax	378
Net other comprehensive income	(2,196)
Ending Balance	(16,795)
Currency Translation Adjustment [Member]
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward]
Beginning Balance	24,936
Other comprehensive income before reclassifications	(17,826)
Tax effect	0
Other comprehensive income before reclassifications, net of tax	(17,826)
Amounts reclassified out of AOCI	0
Tax effect	0
Amounts reclassified out of AOCI, net of tax	0
Net other comprehensive income	(17,826)
Ending Balance	7,110
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward]
Beginning Balance	10,337
Net other comprehensive income	(20,022)	$ 19,859
Ending Balance	$ (9,685)

Segment Information (Tables)

3 Months Ended

Mar. 30, 2024

Segment Information [Abstract]

Segment Reporting Information by Segment

The following tables set forth business segment information:

	MOSFETs		Diodes		Optoelectronic Components		Resistors		Inductors		Capacitors		Total
Fiscal quarter ended March 30, 2024:
Net revenues	$	153,173	$	149,130	$	49,199	$	188,196	$	88,651	$	117,930	$	746,279

Segment operating income	$	8,047	$	26,011	$	1,493	$	38,173	$	23,181	$	26,529	$	123,434

Fiscal quarter ended April 1, 2023:
Net revenues	$	198,181	$	175,693	$	60,403	$	223,140	$	80,338	$	133,291	$	871,046

Segment operating income	$	58,017	$	42,686	$	17,300	$	66,699	$	20,979	$	32,996	$	238,677

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Reconciliation:
Segment Operating Income	$	123,434		$	238,677
Unallocated Selling, General, and Administrative Expenses		(80,763	)		(80,109	)
Consolidated Operating Income	$	42,671		$	158,568
Unallocated Other Income (Expense)		1,591			(1,791	)
Consolidated Income Before Taxes	$	44,262		$	156,777

Disaggregation of Revenue

The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Distributors	$	382,480	$	470,788
OEMs		313,827		340,428
EMS companies		49,972		59,830
Total Revenue	$	746,279	$	871,046

Net revenues were attributable to customers in the following regions:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Asia	$	284,007	$	310,429
Europe		271,734		326,561
Americas		190,538		234,056
Total Revenue	$	746,279	$	871,046

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Industrial	$	248,128	$	325,960
Automotive		287,302		284,499
Military and Aerospace		83,356		62,125
Medical		34,389		42,103
Other*		93,104		156,359
Total Revenue	$	746,279	$	871,046

*Power supplies, telecommunications, consumer products, and computing.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 30, 2024
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“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. 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, 2023. The results of operations for the three fiscal months ended March 30, 2024 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, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2024 end on March 30, 2024, June 29, 2024, September 28, 2024, and December 31, 2024, respectively. The four fiscal quarters in 2023 ended on April 1, 2023, July 1, 2023, September 30, 2023, and December 31, 2023, respectively. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation.

Income Taxes	3 Months Ended
Income Taxes	Mar. 30, 2024
Income Taxes [Abstract]
Income Taxes	Note 4 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended March 30, 2024 and April 1, 2023 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. 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. 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. 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. During the three fiscal months ended March 30, 2024, the liabilities for unrecognized tax benefits did not materially change.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Consolidated Condensed Statements of Equity - USD ($) $ in Thousands	Capital In Excess of Par Value [Member]	Retained Earnings (Accumulated Deficit) [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Vishay Stockholders' Equity [Member]	Noncontrolling Interests [Member]	Total	Common Stock [Member] Common Stock [Member]	Class B Convertible Common Stock [Member] Common Stock [Member]
Balance at period start at Dec. 31, 2022	$ 1,352,321	$ 773,228	$ (82,972)	$ (10,827)	$ 2,046,251	$ 3,899	$ 2,050,150	$ 13,291	$ 1,210
Net earnings	0	111,781	0	0	111,781	408	112,189	0	0
Other comprehensive income	0	0	0	19,859	19,859	0	19,859	0	0
Issuance of stock and related tax withholdings for vested restricted stock units	(3,678)	0	0	0	(3,653)	0	(3,653)	25	0
Dividends declared	14	(14,034)	0	0	(14,020)	0	(14,020)	0	0
Stock compensation expense	2,965	0	0	0	2,965	0	2,965	0	0
Repurchase of common stock held in treasury	0	0	(20,173)	0	(20,173)	0	(20,173)	0	0
Balance at period end at Apr. 01, 2023	1,351,622	870,975	(103,145)	9,032	2,143,010	4,307	2,147,317	13,316	1,210
Balance at period start at Dec. 31, 2023	1,291,499	1,041,372	(161,656)	10,337	2,196,081	4,725	2,200,806	13,319	1,210
Net earnings	0	30,924	0	0	30,924	519	31,443	0	0
Other comprehensive income	0	0	0	(20,022)	(20,022)	0	(20,022)	0	0
Issuance of stock and related tax withholdings for vested restricted stock units	(4,091)	0	0	0	(4,053)	0	(4,053)	38	0
Dividends declared	13	(13,765)	0	0	(13,752)	0	(13,752)	0	0
Stock compensation expense	5,344	0	0	0	5,344	0	5,344	0	0
Repurchase of common stock held in treasury	0	0	(12,538)	0	(12,538)	0	(12,538)	0	0
Balance at period end at Mar. 30, 2024	$ 1,292,765	$ 1,058,531	$ (174,194)	$ (9,685)	$ 2,181,984	$ 5,244	$ 2,187,228	$ 13,357	$ 1,210

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Leases (Tables)

3 Months Ended

Mar. 30, 2024

Leases [Abstract]

Right of Use Assets and Lease Liabilities

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

	March 30, 2024		December 31, 2023
Right of use assets
Operating Leases
Buildings and improvements	$	120,508	$	121,578
Machinery and equipment		8,838		5,251
Total	$	129,346	$	126,829
Current lease liabilities
Operating Leases
Buildings and improvements	$	23,561	$	23,647
Machinery and equipment		4,199		2,838
Total	$	27,760	$	26,485
Long-term lease liabilities
Operating Leases
Buildings and improvements	$	99,028	$	100,489
Machinery and equipment		4,566		2,341
Total	$	103,594	$	102,830
Total lease liabilities	$	131,354	$	129,315

Lease Expense

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

	Fiscal quarters ended
	March 30, 2024			April 1, 2023
Lease expense
Operating lease expense		$	7,293		$	6,881
Short-term lease expense			256			256
Variable lease expense			214			152
Total lease expense		$	7,763		$	7,289

Undiscounted Future Lease Payments for Operating Lease Liabilities

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

	March 30, 2024
2024 (excluding the three fiscal months ended March 30, 2024)	$	21,801
2025		26,426
2026		22,372
2027		18,373
2028		15,685
Thereafter		70,159

Long-Term Debt (Tables)

3 Months Ended

Mar. 30, 2024

Long-Term Debt [Abstract]

Long-term Debt Instruments

Long-term debt consists of the following:

	March 30, 2024			December 31, 2023

Credit facility	$	-		$	-
Convertible senior notes, due 2025		95,102			95,102
Convertible senior notes, due 2030		750,000			750,000
Deferred financing costs		(25,695	)		(26,914	)
		819,407			818,188
Less current portion		-			-
	$	819,407		$	818,188

Key Facts and Terms of the Convertible Debt Instruments

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of March 30, 2024:

	2025 Notes			2030 Notes
Issuance date	June 12, 2018			September 12, 2023
Maturity date	June 15, 2025			September 15, 2030
Principal amount as of March 30, 2024	$	95,102		$	750,000
Cash coupon rate (per annum)		2.25	%		2.25	%
Conversion rate (per $1 principal amount)		32.1476			33.1609
Effective conversion price (per share)	$	31.11		$	30.16
130% of the current effective conversion price (per share)	$	40.44		$	39.21

Acquisition and Divestiture Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 31, 2022	Mar. 05, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 238,890			$ 201,416
MaxPower [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business acquisition, name of acquired entity		MaxPower Semiconductor, Inc.
Cash paid, net of cash acquired		$ 50,000
Fair value of contingent consideration	$ 17,500	57,500
Gross purchase price of acquired business		$ 50,000
Newport wafer fab [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business acquisition, effective date of acquisition	Mar. 05, 2024
Business acquisition, name of acquired entity	Neptune 6 Limited
Cash paid, net of cash acquired	$ 177,366
Fair value of contingent consideration			$ 15,000
Business acquisition, percentage of voting interests acquired			100.00%
Gross purchase price of acquired business	$ 177,366
Business Acquisition, Transaction Costs			$ 2,984
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Net working capital (excluding cash and cash equivalents)			(339)
Customer relationships			4,000
Property and equipment			153,597
Other, net			1,315
Deferred taxes, net			(18,908)
Total identified assets and liabilities (excluding cash and cash equivalents)			139,665
Goodwill			$ 37,701

Long-Term Debt (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($) $ / shares	Apr. 01, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instruments [Abstract]
Non-cash interest expense	$ 1,213	$ 818
Credit facility	0		$ 0
Deferred financing costs	(25,695)		(26,914)
Long-term debt	819,407		818,188
Less current portion	0		0
Long-term debt, less current portion	819,407		818,188
Convertible Senior Notes, Due 2025 [Member]
Debt Instruments [Abstract]
Convertible debt	$ 95,102		95,102
Issuance date	Jun. 12, 2018
Debt maturity date	Jun. 15, 2025
Cash coupon rate	2.25%
Effective conversion rate	32.1476
Principal amount of debt	$ 95,102
130% of the conversion price (in dollars per share) \| $ / shares	$ 40.44
Effective conversion price (in dollars per share) \| $ / shares	$ 31.11
Convertible Senior Notes, Due 2030 [Member]
Debt Instruments [Abstract]
Convertible debt	$ 750,000		$ 750,000
Issuance date	Sep. 12, 2023
Debt maturity date	Sep. 15, 2030
Cash coupon rate	2.25%
Effective conversion rate	33.1609
Principal amount of debt	$ 750,000
130% of the conversion price (in dollars per share) \| $ / shares	$ 39.21
Effective conversion price (in dollars per share) \| $ / shares	$ 30.16

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Operating activities
Net earnings	$ 31,443	$ 112,189
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	49,527	43,301
(Gain) loss on disposal of property and equipment	(625)	(64)
Inventory write-offs for obsolescence	8,179	8,986
Deferred income taxes	4,376	7,329
Stock compensation expense	5,344	2,965
Other operating activities	426	(2,696)
Net change in operating assets and liabilities	(18,459)	(42,117)
Net cash provided by operating activities	80,211	129,893
Investing activities
Capital expenditures	(53,084)	(45,574)
Proceeds from sale of property and equipment	751	326
Purchase of businesses, net of cash received	(168,616)	0
Purchase of short-term investments	(19,232)	(41)
Maturity of short-term investments	17,611	121,768
Other investing activities	(1,219)	(892)
Net cash provided by (used in) investing activities	(223,789)	75,587
Financing activities
Net proceeds (payments) on revolving credit facility	0	65,000
Repurchase of common stock held in treasury	(12,538)	(20,173)
Cash withholding taxes paid when shares withheld for vested equity awards	(4,053)	(3,653)
Net cash provided by (used in) financing activities	(30,343)	27,154
Effect of exchange rate changes on cash and cash equivalents	(2,257)	4,075
Net increase (decrease) in cash and cash equivalents	(176,178)	236,709
Cash and cash equivalents at beginning of period	972,719	610,825
Cash and cash equivalents at end of year	796,541	847,534
Common Stock [Member]
Financing activities
Dividends paid to common stockholders	(12,542)	(12,810)
Class B Convertible Common Stock [Member]
Financing activities
Dividends paid to common stockholders	$ (1,210)	$ (1,210)

Pensions and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 30, 2024

Defined Benefit Pension Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Benefit Cost for Pension and Other Postretirement Benefit Plans

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

	Fiscal quarter ended March 30, 2024						Fiscal quarter ended April 1, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-		$	790		$	-		$	724
Interest cost		381			1,686			499			1,695
Expected return on plan assets		-			(596	)		-			(570	)
Amortization of prior service cost		16			57			36			55
Amortization of losses (gains)		(108	)		457			(30	)		86
Curtailment and settlement losses		-			105			-			107
Net periodic benefit cost	$	289		$	2,499		$	505		$	2,097

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 30, 2024	May 06, 2024
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	011-07416
Entity Registrant Name	Vishay Intertechnology, Inc.
Entity Central Index Key	0000103730
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-1686453
Entity Address, Address Line One	63 Lancaster Avenue
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	644-1300
Title of 12(b) Security	Common stock, par value $0.10 per share
Trading Symbol	VSH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class B Convertible Common Stock [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		12,097,148
Common stock, par value $0.10 per share [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		125,140,058

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 796,541	$ 972,719
Short-term investments	37,418	35,808
Accounts receivable, net	411,203	426,674
Inventories:
Finished goods	166,684	167,083
Work in process	280,536	267,339
Raw materials	218,623	213,098
Total inventories	665,843	647,520
Prepaid expenses and other current assets	232,135	214,443
Total current assets	2,143,140	2,297,164
Property and equipment, at cost:
Land	84,302	77,006
Buildings and improvements	744,328	719,387
Machinery and equipment	3,171,593	3,053,868
Construction in progress	300,714	290,593
Allowance for depreciation	(2,857,344)	(2,846,208)
Property and equipment, net	1,443,593	1,294,646
Right of use assets	129,346	126,829
Deferred income taxes	135,786	137,394
Goodwill	238,890	201,416
Other intangible assets, net	73,444	72,333
Other assets	99,865	110,141
Total assets	4,264,064	4,239,923
Current liabilities:
Trade accounts payable	197,513	191,002
Payroll and related expenses	153,280	161,940
Lease liabilities	27,760	26,485
Other accrued expenses	258,773	239,350
Income taxes	72,018	73,098
Total current liabilities	709,344	691,875
Long-term debt less current portion	819,407	818,188
U.S. transition tax payable	47,027	47,027
Deferred income taxes	118,389	95,776
Long-term lease liabilities	103,594	102,830
Other liabilities	88,719	87,918
Accrued pension and other postretirement costs	190,356	195,503
Total liabilities	2,076,836	2,039,117
Vishay stockholders' equity
Common stock	13,357	13,319
Class B convertible common stock	1,210	1,210
Capital in excess of par value	1,292,765	1,291,499
Retained earnings	1,058,531	1,041,372
Treasury stock (at cost)	(174,194)	(161,656)
Accumulated other comprehensive income (loss)	(9,685)	10,337
Total Vishay stockholders' equity	2,181,984	2,196,081
Noncontrolling interests	5,244	4,725
Total equity	2,187,228	2,200,806
Total liabilities, temporary equity, and equity	$ 4,264,064	$ 4,239,923

Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Defined Benefit Pension Plans [Member] \| U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	$ 0	$ 0
Interest cost	381	499
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	16	36
Amortization of losses (gains)	(108)	(30)
Curtailment and settlement losses	0	0
Net periodic benefit cost	289	505
Defined Benefit Pension Plans [Member] \| Non-U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	790	724
Interest cost	1,686	1,695
Expected return on plan assets	(596)	(570)
Amortization of prior service cost (credit)	57	55
Amortization of losses (gains)	457	86
Curtailment and settlement losses	105	107
Net periodic benefit cost	2,499	2,097
Other Postretirement Benefits [Member] \| U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	5	5
Interest cost	53	56
Amortization of losses (gains)	(60)	(80)
Net periodic benefit cost	(2)	(19)
Other Postretirement Benefits [Member] \| Non-U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	60	34
Interest cost	61	31
Amortization of losses (gains)	21	3
Net periodic benefit cost	$ 142	$ 68

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 746,279	$ 871,046
Unallocated Selling, General, and Administrative Expenses	(127,736)	(120,145)
Operating income	42,671	158,568
Unallocated Other Income (Expense)	1,591	(1,791)
Consolidated Income Before Taxes	44,262	156,777
Distributors [Member]
Segment Reporting Information [Line Items]
Net revenues	382,480	470,788
OEMs [Member]
Segment Reporting Information [Line Items]
Net revenues	313,827	340,428
EMS Companies [Member]
Segment Reporting Information [Line Items]
Net revenues	49,972	59,830
Industrial [Member]
Segment Reporting Information [Line Items]
Net revenues	248,128	325,960
Automotive [Member]
Segment Reporting Information [Line Items]
Net revenues	287,302	284,499
Military and Aerospace [Member]
Segment Reporting Information [Line Items]
Net revenues	83,356	62,125
Medical [Member]
Segment Reporting Information [Line Items]
Net revenues	34,389	42,103
Other [Member]
Segment Reporting Information [Line Items]
Net revenues	93,104	156,359
Asia [Member]
Segment Reporting Information [Line Items]
Net revenues	284,007	310,429
Europe [Member]
Segment Reporting Information [Line Items]
Net revenues	271,734	326,561
Americas [Member]
Segment Reporting Information [Line Items]
Net revenues	190,538	234,056
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income	123,434	238,677
Operating Segments [Member] \| MOSFETs [Member]
Segment Reporting Information [Line Items]
Net revenues	153,173	198,181
Operating income	8,047	58,017
Operating Segments [Member] \| Diodes [Member]
Segment Reporting Information [Line Items]
Net revenues	149,130	175,693
Operating income	26,011	42,686
Operating Segments [Member] \| Optoelectronic Components [Member]
Segment Reporting Information [Line Items]
Net revenues	49,199	60,403
Operating income	1,493	17,300
Operating Segments [Member] \| Resistors [Member]
Segment Reporting Information [Line Items]
Net revenues	188,196	223,140
Operating income	38,173	66,699
Operating Segments [Member] \| Inductors [Member]
Segment Reporting Information [Line Items]
Net revenues	88,651	80,338
Operating income	23,181	20,979
Operating Segments [Member] \| Capacitors [Member]
Segment Reporting Information [Line Items]
Net revenues	117,930	133,291
Operating income	26,529	32,996
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Unallocated Selling, General, and Administrative Expenses	(80,763)	(80,109)
Unallocated Other Income (Expense)	$ 1,591	$ (1,791)