0000103730-24-000122 | 10-Q | XBRL Viewer | Vishay Intertechnology INC

Stockholders' Equity

9 Months Ended

Sep. 28, 2024

Stockholders' Equity Policy [Abstract]

Note 8 – 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					Nine fiscal months ended
	September 28, 2024			September 30, 2023		September 28, 2024			September 30, 2023
Dividends paid to stockholders		$	13,644	$	13,879		$	41,096	$	41,836
Stock repurchases			12,624		17,262			37,784		57,661
Total		$	26,268	$	31,141		$	78,880	$	99,497

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

- Definition

The entire disclosure for equity.

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+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 28, 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.

Consolidated Condensed Statements of Equity - USD ($) $ in Thousands	Capital In Excess of Par Value [Member]	Retained Earnings [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 (loss)	0	111,781	0	0	111,781	408	112,189	0	0
Other comprehensive income (loss)	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, 2022	1,352,321	773,228	(82,972)	(10,827)	2,046,251	3,899	2,050,150	13,291	1,210
Net earnings (loss)							273,559
Other comprehensive income (loss)							(15,056)
Repurchase of common stock held in treasury							(57,661)
Balance at period end at Sep. 30, 2023	1,286,568	1,003,700	(140,633)	(25,883)	2,138,280	4,243	2,142,523	13,318	1,210
Balance at period start 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
Net earnings (loss)	0	95,038	0	0	95,038	377	95,415	0	0
Other comprehensive income (loss)	0	0	0	3,623	3,623	0	3,623	0	0
Distributions to noncontrolling interests	0	0	0	0	0	(867)	(867)	0	0
Dividends declared	14	(13,951)	0	0	(13,937)	0	(13,937)	0	0
Stock compensation expense	3,117	0	0	0	3,117	0	3,117	0	0
Repurchase of common stock held in treasury	0	0	(20,226)	0	(20,226)	0	(20,226)	0	0
Balance at period end at Jul. 01, 2023	1,354,753	952,062	(123,371)	12,655	2,210,625	3,817	2,214,442	13,316	1,210
Net earnings (loss)	0	65,529	0	0	65,529	426	65,955	0	0
Other comprehensive income (loss)	0	0	0	(38,538)	(38,538)	0	(38,538)	0	0
Issuance of stock and related tax withholdings for vested restricted stock units	(343)	0	0	0	(341)	0	(341)	2	0
Dividends declared	12	(13,891)	0	0	(13,879)	0	(13,879)	0	0
Stock compensation expense	5,528	0	0	0	5,528	0	5,528	0	0
Repurchase of common stock held in treasury	0	0	(17,262)	0	(17,262)	0	(17,262)	0	0
Capped call transactions, net of tax	(73,382)	0	0	0	(73,382)	0	(73,382)	0	0
Balance at period end at Sep. 30, 2023	1,286,568	1,003,700	(140,633)	(25,883)	2,138,280	4,243	2,142,523	13,318	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 (loss)	0	30,924	0	0	30,924	519	31,443	0	0
Other comprehensive income (loss)	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
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 (loss)							36,330
Other comprehensive income (loss)							4,471
Repurchase of common stock held in treasury							(37,784)
Balance at period end at Sep. 28, 2024	1,302,335	1,035,395	(199,440)	14,808	2,167,666	5,897	2,173,563	13,358	1,210
Balance at period start 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
Net earnings (loss)	0	23,533	0	0	23,533	347	23,880	0	0
Other comprehensive income (loss)	0	0	0	(7,284)	(7,284)	0	(7,284)	0	0
Issuance of stock and related tax withholdings for vested restricted stock units	(6)	0	0	0	(5)	0	(5)	1	0
Dividends declared	13	(13,713)	0	0	(13,700)	0	(13,700)	0	0
Stock compensation expense	3,949	0	0	0	3,949	0	3,949	0	0
Repurchase of common stock held in treasury	0	0	(12,622)	0	(12,622)	0	(12,622)	0	0
Balance at period end at Jun. 29, 2024	1,296,721	1,068,351	(186,816)	(16,969)	2,175,855	5,591	2,181,446	13,358	1,210
Net earnings (loss)	0	(19,299)	0	0	(19,299)	306	(18,993)	0	0
Other comprehensive income (loss)	0	0	0	31,777	31,777	0	31,777	0	0
Issuance of stock and related tax withholdings for vested restricted stock units	(34)	0	0	0	(34)	0	(34)	0	0
Dividends declared	13	(13,657)	0	0	(13,644)	0	(13,644)	0	0
Stock compensation expense	5,635	0	0	0	5,635	0	5,635	0	0
Repurchase of common stock held in treasury	0	0	(12,624)	0	(12,624)	0	(12,624)	0	0
Balance at period end at Sep. 28, 2024	$ 1,302,335	$ 1,035,395	$ (199,440)	$ 14,808	$ 2,167,666	$ 5,897	$ 2,173,563	$ 13,358	$ 1,210

- Definition

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

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- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Earnings Per Share

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 14 – 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					Nine fiscal months ended
	September 28, 2024			September 30, 2023		September 28, 2024		September 30, 2023

Numerator:
Net earnings (loss) attributable to Vishay stockholders	$	(19,299	)	$	65,529	$	35,158	$	272,348

Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares		136,667			138,964		137,155		139,696
Outstanding phantom stock units		126			119		126		132
Adjusted weighted average shares		136,793			139,083		137,281		139,828

Effect of dilutive securities:
Restricted stock units		-			918		758		749
Dilutive potential common shares		-			918		758		749

Denominator for diluted earnings (loss) per share:
Adjusted weighted average shares - diluted		136,793			140,001		138,039		140,577

Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.14)		$	0.47	$	0.26	$	1.95

Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.14)		$	0.47	$	0.25	$	1.94

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

Nine fiscal months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Restricted stock units

2,646

243

107

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 (loss) 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.

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.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

Stock-Based Compensation [Abstract]

Summary of Recognized Stock-based Compensation Expense

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023

Restricted stock units ("RSUs")		$	5,635		$	5,528		$	14,810		11,503
Phantom stock units			-			-			118		107
Total		$	5,635		$	5,528		$	14,928		11,610

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 September 28, 2024 (amortization periods in years):

	Unrecognized Compensation Cost			Weighted Average Remaining Amortization Periods

Restricted stock units		$	31,130		2.2
Phantom stock units			-		n/a
Total		$	31,130

RSU Activity

RSU activity under the Company's stock incentive programs as of September 28, 2024 and changes during the nine 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*		1,641			20.47
Vested**		(587	)		23.05
Cancelled or forfeited		(125	)		23.18
Outstanding at September 28, 2024		2,646		$	21.43

Expected to vest at September 28, 2024		1,900

* Employees in certain countries are granted equity-linked awards that will be settled in cash and are accounted for as liability awards. The liability awards are not material. The number of RSUs granted excludes these awards.

** 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		-		579		579
March 1, 2029		175		-		175

Phantom Stock Unit Activity Under the Phantom Stock Plan

Phantom stock unit activity as of September 28, 2024 and changes during the nine fiscal months then ended are presented below (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		2
Outstanding at September 28, 2024		127

Pensions and Other Postretirement Benefits

9 Months Ended

Sep. 28, 2024

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 11 – 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 third fiscal quarters of 2024 and 2023 for the Company’s defined benefit pension plans:

	Fiscal quarter ended September 28, 2024						Fiscal quarter ended September 30, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-		$	783		$	-		$	717
Interest cost		381			1,688			499			1,708
Expected return on plan assets		-			(586	)		-			(568	)
Amortization of prior service cost		16			57			36			56
Amortization of losses (gains)		(108	)		463			(30	)		575
Curtailment and settlement losses		-			102			-			102
Net periodic benefit cost	$	289		$	2,507		$	505		$	2,590

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

	Nine fiscal months ended September 28, 2024						Nine fiscal months ended September 30, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-		$	2,349		$	-		$	2,164
Interest cost		1,144			5,038			1,498			5,114
Expected return on plan assets		-			(1,764	)		-			(1,708	)
Amortization of prior service cost		49			171			108			167
Amortization of losses (gains)		(325	)		1,373			(90	)		748
Curtailment and settlement losses		-			308			-			315
Net periodic benefit cost	$	868		$	7,475		$	1,516		$	6,800

Other Postretirement Benefits

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

	Fiscal quarter ended September 28, 2024							Fiscal quarter ended September 30, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans

Service cost		$	6			$	61		$	5			$	34
Interest cost			53				62			56				32
Amortization of losses (gains)			(60	)			21			(80	)			3
Net periodic benefit cost		$	(1	)		$	144		$	(19	)		$	69

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

	Nine fiscal months ended September 28, 2024							Nine fiscal months ended September 30, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans

Service cost		$	16			$	181		$	16			$	102
Interest cost			158				184			168				94
Amortization of losses (gains)			(180	)			62			(241	)			10
Net periodic benefit cost		$	(6	)		$	427		$	(57	)		$	206

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (l)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023
Assets and Liabilities [Abstract]
Right of use assets	$ 125,969		$ 125,969		$ 126,829
Current lease liabilities	27,625		27,625		26,485
Long-term lease liabilities	101,012		101,012		102,830
Total lease liabilities	128,637		128,637		129,315
Lease expense [Abstract]
Operating lease expense	7,553	$ 7,035	22,312	$ 20,803
Short-term lease expense	262	248	738	756
Variable lease expense	120	101	482	412
Total lease expense	$ 7,935	$ 7,384	23,532	21,971
Cash paid for operating leases			$ 22,618	$ 20,912
Weighted-average remaining lease term - operating leases	8 years 10 months 24 days		8 years 10 months 24 days
Weighted-average discount rate - operating leases	6.60%		6.60%
Undiscounted future lease payments for operating lease liabilities [Abstract]
2024 (excluding the nine fiscal months ended September 28, 2024)	$ 7,281		$ 7,281
2025	27,615		27,615
2026	23,680		23,680
2027	18,814		18,814
2028	16,035		16,035
Thereafter	77,221		77,221
Building and Improvements [Member]
Assets and Liabilities [Abstract]
Right of use assets	117,613		117,613		121,578
Current lease liabilities	23,231		23,231		23,647
Long-term lease liabilities	96,945		96,945		100,489
Machinery and Equipment [Member]
Assets and Liabilities [Abstract]
Right of use assets	8,356		8,356		5,251
Current lease liabilities	4,394		4,394		2,838
Long-term lease liabilities	$ 4,067		$ 4,067		$ 2,341

Long-Term Debt

9 Months Ended

Sep. 28, 2024

Long-Term Debt [Abstract]

Long-Term Debt

Note 7 – Long-Term Debt

Long-term debt consists of the following:

	September 28, 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		(24,303	)		(26,914	)
		820,799			818,188
Less current portion		-			-
	$	820,799		$	818,188

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of September 28, 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 September 28, 2024	$	95,102		$	750,000
Cash coupon rate (per annum)		2.25	%		2.25	%
Conversion rate (per $1 principal amount)		32.1955			33.1609
Effective conversion price (per share)	$	31.06		$	30.16
130% of the current effective conversion price (per share)	$	40.38		$	39.21

*As the Company has the intent and ability to refinance its convertible senior notes due 2025 (the "2025 Notes") upon maturity using its revolving credit facility, the 2025 Notes remain classified as long-term liabilities.

On August 15, 2024, the Company entered into an amendment to its credit agreement with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties thereto (the "Credit Facility").

The amendment redefines the Interest Coverage Ratio to remove Capital Expenditures from the calculation, increases the minimum Interest Coverage Ratio to 3.25 to 1.00, increases the threshold of Indebtedness of Foreign Subsidiaries to the greater of $300,000 and 15% of Consolidated Tangible Net Worth as of the last day of the fiscal quarter for which financial statements are delivered, and increases the threshold of Investments of Subsidiaries that are not Loan Parties to $300,000.

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

Deferred financing costs are recognized as non-cash interest expense. Non-cash interest expense was $1,249 and $3,675 for the fiscal quarter and nine fiscal months ended September 28, 2024, respectively, and $883 and $2,521 for the fiscal quarter and nine fiscal months ended September 30, 2023, respectively.

Subsequent to the end of the third fiscal quarter of 2024, the Company repurchased $40,684 principal amount of 2025 Notes. The repurchase was funded with a draw on the Credit Facility.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 28, 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					Nine fiscal months ended
	September 28, 2024			September 30, 2023		September 28, 2024			September 30, 2023
Dividends paid to stockholders		$	13,644	$	13,879		$	41,096	$	41,836
Stock repurchases			12,624		17,262			37,784		57,661
Total		$	26,268	$	31,141		$	78,880	$	99,497

Acquisition and Divestiture Activities (Tables)

9 Months Ended

Sep. 28, 2024

Acquisition Activities [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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		148,109
Customer relationships		4,000
Other, net		1,315
Deferred taxes, net		(17,704	)
Total identified assets and liabilities		135,381

Purchase price, net of cash acquired		177,457

Goodwill	$	42,076

Acquisition and Divestiture Activities

9 Months Ended

Sep. 28, 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, the Company acquired Nexperia’s wafer fabrication facility and operations located in Newport, South Wales, U.K. for $177,457 in cash, net of cash acquired. The transaction included contingent payments of up to $15,000, held in escrow pending receipt of an export license. 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 15 for further discussion on the fair value measurement of the contingent consideration liability.

The transaction was funded by Vishay with cash on-hand. To effect the transaction, Vishay acquired a 100% interest in the legal entity Neptune 6 Limited, and its wholly-owned operating subsidiary, Nexperia Newport Limited, which owns and operates the Newport facility. Neptune 6 Limited was renamed "Vishay UK Holdings Limited," and Nexperia Newport Limited was renamed "Vishay Newport Limited."

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

Net working deficit (excluding cash and cash equivalents)	$	(339	)
Property and equipment		148,109
Customer relationships		4,000
Other, net		1,315
Deferred taxes, net		(17,704	)
Total identified assets and liabilities		135,381

Purchase price, net of cash acquired		177,457

Goodwill	$	42,076

The acquired assets and liabilities are included in the MOSFETs segment. The weighted average useful lives for customer relationships is 3 years. The goodwill associated with this transaction is not deductible for income tax purposes. The preliminary purchase price allocation is pending finalization of tax filings. There can be no assurance that the estimated amounts recorded represent the final purchase price allocation.

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.

Ametherm, Inc.

On June 5, 2024, the Company acquired all of the outstanding equity interests of Ametherm, Inc., a Carson City, Nevada-based manufacturer of inrush current limiting solutions and power thermistors, for $31,478 in cash, net of cash acquired. Based on a preliminary estimate of fair values, the Company allocated $17,000 of the purchase price to definite-lived intangible assets. After allocating the purchase price to assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $11,685 related to this acquisition. The goodwill related to this acquisition is included in the Resistors reporting unit for goodwill impairment testing. The results and operations of this acquisition have been included in the Resistors segment since June 5, 2024.

MaxPower Semiconductor, Inc.

In October 2022, the Company acquired all of the outstanding equity interests of MaxPower Semiconductor, Inc., ("MaxPower"). The Company paid cash of $50,000, net of cash acquired, at closing. The transaction also included possible contingent payments of up to $57,500, which would be payable upon the achievement of certain technology milestones, upon favorable resolution of certain technology licensing matters with a third party, and upon the disposition of MaxPower's investment in an equity affiliate. As of June 29, 2024, the contingent payments upon favorable resolution of certain technology licensing matters with a third party and upon the disposition of MaxPower's investment in an equity affiliate have been resolved. Additionally, $2,500 has been paid upon the achievement of the first technology milestone. The Company's estimate of the maximum possible contingent payments remaining is now $15,000. See Note 15 for further discussion on the fair value measurement of the contingent consideration liability.

Subsequent Event

On November 5, 2024 the Company entered into definitive agreements to acquire Birkelbach Kondensatortechnik GmbH and certain related assets (“Birkelbach”) for approximately €17,000 ($18,500). The all-cash transaction is expected to close before December 31, 2024, subject to satisfaction of customary closing conditions.

Based in Erndtebrueck, Germany, Birkelbach is a manufacturer of metalized technical films for capacitor dielectrics. Vishay is a major customer of Birkelbach, and the acquired business will be vertically integrated into Vishay’s Capacitors segment. The goodwill related to this acquisition will be included in the Capacitors reporting unit for goodwill impairment testing.

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023
Stockholders' Equity Policy [Abstract]
Dividends paid to stockholders	$ 13,644			$ 13,879			$ 41,096	$ 41,836
Stock repurchases	12,624	$ 12,622	$ 12,538	17,262	$ 20,226	$ 20,173	37,784	57,661
Stockholder Return Policy Payments	$ 26,268			$ 31,141			$ 78,880	$ 99,497
Treasury stock (in shares)	9,233,213						9,233,213		7,535,881

Segment Information (Tables)

9 Months Ended

Sep. 28, 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 September 28, 2024:
Net revenues	$	147,134		$	145,183	$	63,227	$	180,889	$	90,253	$	108,667	$	735,353

Segment Operating Income (Loss)	$	(4,265	)	$	22,748	$	6,153	$	32,305	$	23,649	$	18,917	$	99,507

Fiscal quarter ended September 30, 2023:
Net revenues	$	205,027		$	176,788	$	64,441	$	199,877	$	89,947	$	117,573	$	853,653

Segment Operating Income	$	52,755		$	41,552	$	13,087	$	41,849	$	25,078	$	20,533	$	194,854

Nine fiscal months ended September 28, 2024:
Net revenues	$	455,360		$	440,578	$	165,436	$	548,583	$	272,965	$	339,949	$	2,222,871

Segment Operating Income	$	5,616		$	73,173	$	16,339	$	103,337	$	71,377	$	66,412	$	336,254

Nine fiscal months ended September 30, 2023:
Net revenues	$	610,596		$	527,216	$	189,293	$	645,450	$	259,524	$	384,730	$	2,616,809

Segment Operating Income	$	167,544		$	119,348	$	41,136	$	165,911	$	73,642	$	81,706	$	649,287

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Reconciliation:
Segment Operating Income	$	99,507		$	194,854		$	336,254		$	649,287
Restructuring and Severance Costs		(40,614	)		-			(40,614	)		-
Unallocated Selling, General, and Administrative Expenses		(77,169	)		(79,724	)		(233,328	)		(240,973	)
Consolidated Operating Income (Loss)	$	(18,276	)	$	115,130		$	62,312		$	408,314
Unallocated Other Income (Expense)		(5,793	)		(18,618	)		(5,848	)		(21,556	)
Consolidated Income (Loss) Before Taxes	$	(24,069	)	$	96,512		$	56,464		$	386,758

Disaggregation of Revenue

The Company has a broad line of products that it sells to original equipment manufacturers ("OEMs"), electronic manufacturing services ("EMS") companies, and independent distributors. The distribution of sales by channel is shown below:

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Distributors	$	406,468	$	438,126	$	1,200,456	$	1,396,021
OEMs		278,801		358,791		871,739		1,044,039
EMS companies		50,084		56,736		150,676		176,749
Total Revenue	$	735,353	$	853,653	$	2,222,871	$	2,616,809

Net revenues were attributable to customers in the following regions:

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Asia	$	289,577	$	323,750	$	857,073	$	957,706
Europe		256,296		315,264		793,183		968,286
Americas		189,480		214,639		572,615		690,817
Total Revenue	$	735,353	$	853,653	$	2,222,871	$	2,616,809

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

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Industrial	$	243,610	$	297,506	$	753,872	$	951,422
Automotive		279,597		316,043		834,998		910,775
Military and Aerospace		81,264		67,623		245,189		198,489
Medical		37,010		34,447		110,855		116,688
Other		93,872		138,034		277,957		439,435
Total Revenue	$	735,353	$	853,653	$	2,222,871	$	2,616,809

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Sep. 28, 2024
Income Taxes [Abstract]
Decrease in liabilities for unrecognized tax benefits		$ 170
Income Tax Uncertainties [Abstract]
Cash repatriated during the current period	$ 120,000
Repatriation taxes paid	$ 15,000

Leases (Tables)

9 Months Ended

Sep. 28, 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:

	September 28, 2024		December 31, 2023
Right of use assets
Operating Leases
Buildings and improvements	$	117,613	$	121,578
Machinery and equipment		8,356		5,251
Total	$	125,969	$	126,829
Current lease liabilities
Operating Leases
Buildings and improvements	$	23,231	$	23,647
Machinery and equipment		4,394		2,838
Total	$	27,625	$	26,485
Long-term lease liabilities
Operating Leases
Buildings and improvements	$	96,945	$	100,489
Machinery and equipment		4,067		2,341
Total	$	101,012	$	102,830
Total lease liabilities	$	128,637	$	129,315

Lease Expense

Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease expense
Operating lease expense	$	7,553	$	7,035	$	22,312	$	20,803
Short-term lease expense		262		248		738		756
Variable lease expense		120		101		482		412
Total lease expense	$	7,935	$	7,384	$	23,532	$	21,971

Undiscounted Future Lease Payments for Operating Lease Liabilities

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

	September 28, 2024
2024 (excluding the nine fiscal months ended September 28, 2024)	$	7,281
2025		27,615
2026		23,680
2027		18,814
2028		16,035
Thereafter		77,221

Leases

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Leases

Note 5 – Leases

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

	September 28, 2024		December 31, 2023
Right of use assets
Operating Leases
Buildings and improvements	$	117,613	$	121,578
Machinery and equipment		8,356		5,251
Total	$	125,969	$	126,829
Current lease liabilities
Operating Leases
Buildings and improvements	$	23,231	$	23,647
Machinery and equipment		4,394		2,838
Total	$	27,625	$	26,485
Long-term lease liabilities
Operating Leases
Buildings and improvements	$	96,945	$	100,489
Machinery and equipment		4,067		2,341
Total	$	101,012	$	102,830
Total lease liabilities	$	128,637	$	129,315

Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease expense
Operating lease expense	$	7,553	$	7,035	$	22,312	$	20,803
Short-term lease expense		262		248		738		756
Variable lease expense		120		101		482		412
Total lease expense	$	7,935	$	7,384	$	23,532	$	21,971

The Company paid $22,618 and $20,912 for its operating leases in the nine fiscal months ended September 28, 2024 and September 30, 2023, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.9 years and the weighted-average discount rate is 6.6% as of September 28, 2024.

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

	September 28, 2024
2024 (excluding the nine fiscal months ended September 28, 2024)	$	7,281
2025		27,615
2026		23,680
2027		18,814
2028		16,035
Thereafter		77,221

The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.

Revenue Recognition (Tables)

9 Months Ended

Sep. 28, 2024

Revenue Recognition [Abstract]

Sales returns and allowances accrual activity

Sales returns and allowances accrual activity is shown below:

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Beginning balance	$	44,493		$	49,350		$	47,760		$	46,979
Sales allowances		21,969			27,554			68,200			79,688
Credits issued		(24,448	)		(31,034	)		(73,635	)		(81,162	)
Foreign currency		456			(696	)		145			(331	)
Ending balance	$	42,470		$	45,174		$	42,470		$	45,174

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

3 Months Ended

9 Months Ended

Sep. 28, 2024

Sep. 30, 2023

Sep. 28, 2024

Sep. 30, 2023

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense recognized

$ 5,635

$ 5,528

$ 14,928

$ 11,610

Unrecognized Compensation Cost

31,130

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense recognized

5,635

5,528

14,810

11,503

Unrecognized Compensation Cost

$ 31,130

Weighted Average Remaining Amortization Periods

2 years 2 months 12 days

Number of units [Abstract]

Outstanding (in shares)

1,717

Granted (in shares)

1,641

Vested (in shares)

^[1]

(587)

Cancelled or forfeited (in shares)

(125)

Outstanding (in shares)

2,646

Expected to vest (in shares)

1,900

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

Outstanding (in dollars per share)

$ 23.03

Granted (in dollars per share)

20.47

Vested (in dollars per share)

^[1]

23.05

Cancelled or forfeited (in dollars per share)

23.18

Outstanding (in dollars per share)

$ 21.43

Phantom Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense recognized

$ 0

$ 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)

127

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)

579

Expected to vest (in shares)

Not expected to vest (in shares)

579

Scheduled to Vest March 1, 2029 [Member] | Performance Vested Restricted Stock Units [Member]

Number of units [Abstract]

Outstanding (in shares)

175

Expected to vest (in shares)

175

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.

Fair Value Measurements

9 Months Ended

Sep. 28, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 15 – 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
September 28, 2024
Assets:
Assets held in rabbi trusts	$	54,943	$	25,654	$	29,289	$	-
Available for sale securities	$	4,298		4,298		-		-
	$	59,241	$	29,952	$	29,289	$	-

Liability:
Acquisitions contingent consideration	$	15,674	$	-	$	-	$	15,674

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:
MaxPower acquisition 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.

During the third fiscal quarter, the Company performed an interim goodwill impairment test in which the fair value of the Company's reporting units was calculated. See additional information on the impairment test in Note 3.

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 September 28, 2024 and December 31, 2023 is approximately $789,100 and $836,200, respectively, compared to its carrying value, excluding the deferred financing costs, of $845,102. 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 September 28, 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 September 28, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Consolidated Condensed Statements of Operations [Abstract]
Net revenues	$ 735,353	$ 853,653	$ 2,222,871	$ 2,616,809
Costs of products sold	584,470	616,010	1,738,711	1,842,980
Gross profit	150,883	237,643	484,160	773,829
Selling, general, and administrative expenses	128,545	122,513	381,234	365,515
Restructuring and severance costs	40,614	0	40,614	0
Operating income (loss)	(18,276)	115,130	62,312	408,314
Other income (expense):
Interest expense	(6,596)	(7,153)	(19,749)	(18,677)
Loss on early extinguishment of debt	0	(18,874)	0	(18,874)
Other	803	7,409	13,901	15,995
Total other income (expense)	(5,793)	(18,618)	(5,848)	(21,556)
Income (loss) before taxes	(24,069)	96,512	56,464	386,758
Income tax expense (benefit)	(5,076)	30,557	20,134	113,199
Net earnings (loss)	(18,993)	65,955	36,330	273,559
Less: net earnings (loss) attributable to noncontrolling interests	306	426	1,172	1,211
Net earnings (loss) attributable to Vishay stockholders	$ (19,299)	$ 65,529	$ 35,158	$ 272,348
Basic earnings (loss) per share attributable to Vishay stockholders (in dollars per share)	$ (0.14)	$ 0.47	$ 0.26	$ 1.95
Diluted earnings (loss) per share attributable to Vishay stockholders (in dollars per share)	$ (0.14)	$ 0.47	$ 0.25	$ 1.94
Weighted average shares outstanding - basic (in shares)	136,793	139,083	137,281	139,828
Weighted average shares outstanding - diluted (in shares)	136,793	140,001	138,039	140,577
Cash dividends per share (in dollars per share)	$ 0.1	$ 0.1	$ 0.3	$ 0.3

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 28, 2024	Dec. 31, 2023
Assets [Abstract]
Held-to-maturity securities, other-than-temporary impairments	$ 0		$ 0
Held-to-maturity securities, unrecognized gain	0	$ 0	0
Held-to-maturity Securities, unrecognized loss	0	0	0
Transfers to or from held-maturity securities		0	0
Liabilities [Abstract]
Long-term debt, fair value	789,100	789,100	836,200
Carrying value of long-term debt, excluding derivative liabilities	845,102	845,102	845,102
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	54,943	54,943	50,378
Available for sale securities	4,298	4,298	4,115
Fair value assets	59,241	59,241	54,493
Liabilities [Abstract]
Contingent consideration fair value	15,674	15,674	938
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	25,654	25,654	24,343
Available for sale securities	4,298	4,298	4,115
Fair value assets	29,952	29,952	28,458
Liabilities [Abstract]
Contingent consideration fair value	0	0	0
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	29,289	29,289	26,035
Available for sale securities	0	0	0
Fair value assets	29,289	29,289	26,035
Liabilities [Abstract]
Contingent consideration fair value	0	0	0
Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Assets held in rabbi trusts	0	0	0
Available for sale securities	0	0	0
Fair value assets	0	0	0
Liabilities [Abstract]
Contingent consideration fair value	$ 15,674	$ 15,674	$ 938

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Consolidated Statements of Comprehensive Income [Abstract]
Net earnings (loss)	$ (18,993)	$ 65,955	$ 36,330	$ 273,559
Other comprehensive income (loss), net of tax
Pension and other post-retirement actuarial items	511	363	(1,297)	647
Foreign currency translation adjustment	31,266	(38,901)	5,768	(15,703)
Other comprehensive income (loss)	31,777	(38,538)	4,471	(15,056)
Comprehensive income	12,784	27,417	40,801	258,503
Less: comprehensive income attributable to noncontrolling interests	306	426	1,172	1,211
Comprehensive income attributable to Vishay stockholders	$ 12,478	$ 26,991	$ 39,629	$ 257,292

- Definition

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

+ References

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+ 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).

+ 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

Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Defined Benefit Pension Plans [Member] \| U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	381	499	1,144	1,498
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	16	36	49	108
Amortization of losses (gains)	(108)	(30)	(325)	(90)
Curtailment and settlement losses	0	0	0	0
Net periodic benefit cost	289	505	868	1,516
Defined Benefit Pension Plans [Member] \| Non-U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	783	717	2,349	2,164
Interest cost	1,688	1,708	5,038	5,114
Expected return on plan assets	(586)	(568)	(1,764)	(1,708)
Amortization of prior service cost	57	56	171	167
Amortization of losses (gains)	463	575	1,373	748
Curtailment and settlement losses	102	102	308	315
Net periodic benefit cost	2,507	2,590	7,475	6,800
Other Postretirement Benefits [Member] \| U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	6	5	16	16
Interest cost	53	56	158	168
Amortization of losses (gains)	(60)	(80)	(180)	(241)
Net periodic benefit cost	(1)	(19)	(6)	(57)
Other Postretirement Benefits [Member] \| Non-U.S. Plans [Member]
Components of net periodic pension cost [Abstract]
Net service cost	61	34	181	102
Interest cost	62	32	184	94
Amortization of losses (gains)	21	3	62	10
Net periodic benefit cost	$ 144	$ 69	$ 427	$ 206

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 28, 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	)		5,768	$	3,194
Tax effect		-			-	$	-
Other comprehensive income before reclassifications, net of tax		(2,574	)		5,768	$	3,194
Amounts reclassified out of AOCI		1,458			-	$	1,458
Tax effect		(181	)		-	$	(181	)
Amounts reclassified out of AOCI, net of tax		1,277			-	$	1,277
Net other comprehensive income (loss)	$	(1,297	)	$	5,768	$	4,471
Balance at September 28, 2024	$	(15,896	)	$	30,704	$	14,808

Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Measurements [Abstract]

Fair Value of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

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
September 28, 2024
Assets:
Assets held in rabbi trusts	$	54,943	$	25,654	$	29,289	$	-
Available for sale securities	$	4,298		4,298		-		-
	$	59,241	$	29,952	$	29,289	$	-

Liability:
Acquisitions contingent consideration	$	15,674	$	-	$	-	$	15,674

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:
MaxPower acquisition contingent consideration	$	938	$	-	$	-	$	938

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Numerator [Abstract]
Net earnings (loss) attributable to Vishay stockholders	$ (19,299)	$ 65,529	$ 35,158	$ 272,348
Denominator [Abstract]
Weighted average shares (in shares)	136,667	138,964	137,155	139,696
Outstanding phantom stock units (in shares)	126	119	126	132
Adjusted weighted average shares - basic (in shares)	136,793	139,083	137,281	139,828
Effect of dilutive securities [Abstract]
Restricted stock units (in shares)	0	918	758	749
Dilutive potential common shares (in shares)	0	918	758	749
Denominator for diluted earnings per share [Abstract]
Adjusted weighted average shares - diluted (in shares)	136,793	140,001	138,039	140,577
Basic earnings (loss) per share attributable to Vishay stockholders (in dollars per share)	$ (0.14)	$ 0.47	$ 0.26	$ 1.95
Diluted earnings (loss) per share attributable to Vishay stockholders (in dollars per share)	$ (0.14)	$ 0.47	$ 0.25	$ 1.94
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)	2,646	3	243	107

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 28, 2024	Nov. 04, 2024
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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
Common stock, par value $0.10 per share [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		123,741,102
Class B Common Stock [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		12,097,148

Segment Information

9 Months Ended

Sep. 28, 2024

Segment Information [Abstract]

Segment Information

Note 13 – Segment Information

The following tables set forth business segment information:

	MOSFETs			Diodes		Optoelectronic Components		Resistors		Inductors		Capacitors		Total
Fiscal quarter ended September 28, 2024:
Net revenues	$	147,134		$	145,183	$	63,227	$	180,889	$	90,253	$	108,667	$	735,353

Segment Operating Income (Loss)	$	(4,265	)	$	22,748	$	6,153	$	32,305	$	23,649	$	18,917	$	99,507

Fiscal quarter ended September 30, 2023:
Net revenues	$	205,027		$	176,788	$	64,441	$	199,877	$	89,947	$	117,573	$	853,653

Segment Operating Income	$	52,755		$	41,552	$	13,087	$	41,849	$	25,078	$	20,533	$	194,854

Nine fiscal months ended September 28, 2024:
Net revenues	$	455,360		$	440,578	$	165,436	$	548,583	$	272,965	$	339,949	$	2,222,871

Segment Operating Income	$	5,616		$	73,173	$	16,339	$	103,337	$	71,377	$	66,412	$	336,254

Nine fiscal months ended September 30, 2023:
Net revenues	$	610,596		$	527,216	$	189,293	$	645,450	$	259,524	$	384,730	$	2,616,809

Segment Operating Income	$	167,544		$	119,348	$	41,136	$	165,911	$	73,642	$	81,706	$	649,287

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Reconciliation:
Segment Operating Income	$	99,507		$	194,854		$	336,254		$	649,287
Restructuring and Severance Costs		(40,614	)		-			(40,614	)		-
Unallocated Selling, General, and Administrative Expenses		(77,169	)		(79,724	)		(233,328	)		(240,973	)
Consolidated Operating Income (Loss)	$	(18,276	)	$	115,130		$	62,312		$	408,314
Unallocated Other Income (Expense)		(5,793	)		(18,618	)		(5,848	)		(21,556	)
Consolidated Income (Loss) Before Taxes	$	(24,069	)	$	96,512		$	56,464		$	386,758

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Distributors	$	406,468	$	438,126	$	1,200,456	$	1,396,021
OEMs		278,801		358,791		871,739		1,044,039
EMS companies		50,084		56,736		150,676		176,749
Total Revenue	$	735,353	$	853,653	$	2,222,871	$	2,616,809

Net revenues were attributable to customers in the following regions:

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Asia	$	289,577	$	323,750	$	857,073	$	957,706
Europe		256,296		315,264		793,183		968,286
Americas		189,480		214,639		572,615		690,817
Total Revenue	$	735,353	$	853,653	$	2,222,871	$	2,616,809

	Fiscal quarters ended				Nine fiscal months ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Industrial	$	243,610	$	297,506	$	753,872	$	951,422
Automotive		279,597		316,043		834,998		910,775
Military and Aerospace		81,264		67,623		245,189		198,489
Medical		37,010		34,447		110,855		116,688
Other		93,872		138,034		277,957		439,435
Total Revenue	$	735,353	$	853,653	$	2,222,871	$	2,616,809

- 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

Revenue Recognition

9 Months Ended

Sep. 28, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Note 9 – Revenue Recognition

Sales returns and allowances accrual activity is shown below:

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Beginning balance	$	44,493		$	49,350		$	47,760		$	46,979
Sales allowances		21,969			27,554			68,200			79,688
Credits issued		(24,448	)		(31,034	)		(73,635	)		(81,162	)
Foreign currency		456			(696	)		145			(331	)
Ending balance	$	42,470		$	45,174		$	42,470		$	45,174

- 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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Insider Trading Arrangements

3 Months Ended

Sep. 28, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended September 28, 2024, the individual listed below serving as a director and officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted a trading arrangement for the sale of the Company’s securities as described in Item 408 of Regulation S-K of the Securities Act. The material terms of the plan which are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act (“Rule 10b5-1 Plan”), are as follows:

●	Marc Zandman, Executive Chairman of the Board of Directors and Chief Business Development Officer of the Company, adopted a Rule 10b5-1 Plan on September 7, 2024. Under this plan, the following shares may be sold:
	(i)	the number of shares of common stock acquired as a result of the vesting on January 1, 2025 of the Restricted Stock Units previously acquired by Mr. Zandman, net of any portion of such shares which are surrendered to the Company or sold to cover withholding taxes; and
	(ii)	the number of shares of common stock, if any, acquired as a result of the vesting in February 2025 of the Performance-Based Restricted Units previously acquired by Mr. Zandman, net of any portion of such shares which are surrendered to the Company or sold to cover withholding taxes.

Marc Zandman [Member]

Trading Arrangements, by Individual

Name

Marc Zandman

Title

Executive Chairman of the Board of Directors and Chief Business Development Officer of the Company

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

September 7, 2024

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023
Consolidated Condensed Statements of Equity [Abstract]
Restricted stock issuances (in shares)	4,149	19,809	371,055	21,617		254,513
Dividends declared (in dollars per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Stock repurchase (in shares)	577,325	554,587	565,420	630,446	847,202	916,221

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 735,353	$ 853,653	$ 2,222,871	$ 2,616,809
Restructuring and severance Costs	(40,614)	0	(40,614)	0
Unallocated Selling, General, and Administrative Expenses	(128,545)	(122,513)	(381,234)	(365,515)
Operating income (loss)	(18,276)	115,130	62,312	408,314
Unallocated Other Income (Expense)	(5,793)	(18,618)	(5,848)	(21,556)
Consolidated Income (Loss) Before Taxes	(24,069)	96,512	56,464	386,758
Distributors [Member]
Segment Reporting Information [Line Items]
Net revenues	406,468	438,126	1,200,456	1,396,021
OEMs [Member]
Segment Reporting Information [Line Items]
Net revenues	278,801	358,791	871,739	1,044,039
EMS Companies [Member]
Segment Reporting Information [Line Items]
Net revenues	50,084	56,736	150,676	176,749
Industrial [Member]
Segment Reporting Information [Line Items]
Net revenues	243,610	297,506	753,872	951,422
Automotive [Member]
Segment Reporting Information [Line Items]
Net revenues	279,597	316,043	834,998	910,775
Military and Aerospace [Member]
Segment Reporting Information [Line Items]
Net revenues	81,264	67,623	245,189	198,489
Medical [Member]
Segment Reporting Information [Line Items]
Net revenues	37,010	34,447	110,855	116,688
Other [Member]
Segment Reporting Information [Line Items]
Net revenues	93,872	138,034	277,957	439,435
Asia [Member]
Segment Reporting Information [Line Items]
Net revenues	289,577	323,750	857,073	957,706
Europe [Member]
Segment Reporting Information [Line Items]
Net revenues	256,296	315,264	793,183	968,286
Americas [Member]
Segment Reporting Information [Line Items]
Net revenues	189,480	214,639	572,615	690,817
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	99,507	194,854	336,254	649,287
Operating Segments [Member] \| MOSFETs [Member]
Segment Reporting Information [Line Items]
Net revenues	147,134	205,027	455,360	610,596
Operating income (loss)	(4,265)	52,755	5,616	167,544
Operating Segments [Member] \| Diodes [Member]
Segment Reporting Information [Line Items]
Net revenues	145,183	176,788	440,578	527,216
Operating income (loss)	22,748	41,552	73,173	119,348
Operating Segments [Member] \| Optoelectronic Components [Member]
Segment Reporting Information [Line Items]
Net revenues	63,227	64,441	165,436	189,293
Operating income (loss)	6,153	13,087	16,339	41,136
Operating Segments [Member] \| Resistors [Member]
Segment Reporting Information [Line Items]
Net revenues	180,889	199,877	548,583	645,450
Operating income (loss)	32,305	41,849	103,337	165,911
Operating Segments [Member] \| Inductors [Member]
Segment Reporting Information [Line Items]
Net revenues	90,253	89,947	272,965	259,524
Operating income (loss)	23,649	25,078	71,377	73,642
Operating Segments [Member] \| Capacitors [Member]
Segment Reporting Information [Line Items]
Net revenues	108,667	117,573	339,949	384,730
Operating income (loss)	18,917	20,533	66,412	81,706
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Restructuring and severance Costs	(40,614)	0	(40,614)	0
Unallocated Selling, General, and Administrative Expenses	(77,169)	(79,724)	(233,328)	(240,973)
Unallocated Other Income (Expense)	$ (5,793)	$ (18,618)	$ (5,848)	$ (21,556)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Sales returns and allowances accrual activity [Roll Forward]
Beginning balance	$ 44,493	$ 49,350	$ 47,760	$ 46,979
Sales allowances	21,969	27,554	68,200	79,688
Credits issued	(24,448)	(31,034)	(73,635)	(81,162)
Foreign currency	456	(696)	145	(331)
Ending balance	$ 42,470	$ 45,174	$ 42,470	$ 45,174

Earnings Per Share (Tables)

9 Months Ended

Sep. 28, 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					Nine fiscal months ended
	September 28, 2024			September 30, 2023		September 28, 2024		September 30, 2023

Numerator:
Net earnings (loss) attributable to Vishay stockholders	$	(19,299	)	$	65,529	$	35,158	$	272,348

Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares		136,667			138,964		137,155		139,696
Outstanding phantom stock units		126			119		126		132
Adjusted weighted average shares		136,793			139,083		137,281		139,828

Effect of dilutive securities:
Restricted stock units		-			918		758		749
Dilutive potential common shares		-			918		758		749

Denominator for diluted earnings (loss) per share:
Adjusted weighted average shares - diluted		136,793			140,001		138,039		140,577

Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.14)		$	0.47	$	0.26	$	1.95

Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.14)		$	0.47	$	0.25	$	1.94

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

Fiscal quarters ended

Nine fiscal months ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Restricted stock units

2,646

243

107

Pensions and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 28, 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 third fiscal quarters of 2024 and 2023 for the Company’s defined benefit pension plans:

	Fiscal quarter ended September 28, 2024						Fiscal quarter ended September 30, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-		$	783		$	-		$	717
Interest cost		381			1,688			499			1,708
Expected return on plan assets		-			(586	)		-			(568	)
Amortization of prior service cost		16			57			36			56
Amortization of losses (gains)		(108	)		463			(30	)		575
Curtailment and settlement losses		-			102			-			102
Net periodic benefit cost	$	289		$	2,507		$	505		$	2,590

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

	Nine fiscal months ended September 28, 2024						Nine fiscal months ended September 30, 2023
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-		$	2,349		$	-		$	2,164
Interest cost		1,144			5,038			1,498			5,114
Expected return on plan assets		-			(1,764	)		-			(1,708	)
Amortization of prior service cost		49			171			108			167
Amortization of losses (gains)		(325	)		1,373			(90	)		748
Curtailment and settlement losses		-			308			-			315
Net periodic benefit cost	$	868		$	7,475		$	1,516		$	6,800

Other Postretirement Benefits [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 benefit cost for the third fiscal quarters of 2024 and 2023 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended September 28, 2024							Fiscal quarter ended September 30, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans

Service cost		$	6			$	61		$	5			$	34
Interest cost			53				62			56				32
Amortization of losses (gains)			(60	)			21			(80	)			3
Net periodic benefit cost		$	(1	)		$	144		$	(19	)		$	69

	Nine fiscal months ended September 28, 2024							Nine fiscal months ended September 30, 2023
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans

Service cost		$	16			$	181		$	16			$	102
Interest cost			158				184			168				94
Amortization of losses (gains)			(180	)			62			(241	)			10
Net periodic benefit cost		$	(6	)		$	427		$	(57	)		$	206

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 643,771	$ 972,719
Short-term investments	13,491	35,808
Accounts receivable, net	428,558	426,674
Inventories:
Finished goods	173,353	167,083
Work in process	290,597	267,339
Raw materials	223,254	213,098
Total inventories	687,204	647,520
Prepaid expenses and other current assets	237,749	214,443
Total current assets	2,010,773	2,297,164
Property and equipment, at cost:
Land	84,851	77,006
Buildings and improvements	769,865	719,387
Machinery and equipment	3,291,983	3,053,868
Construction in progress	295,147	290,593
Allowance for depreciation	(2,963,103)	(2,846,208)
Property and equipment, net	1,478,743	1,294,646
Right of use assets	125,969	126,829
Deferred income taxes	160,900	137,394
Goodwill	255,323	201,416
Other intangible assets, net	83,427	72,333
Other assets	105,223	110,141
Total assets	4,220,358	4,239,923
Current liabilities:
Trade accounts payable	209,864	191,002
Payroll and related expenses	150,726	161,940
Lease liabilities	27,625	26,485
Other accrued expenses	275,159	239,350
Income taxes	51,052	73,098
Total current liabilities	714,426	691,875
Long-term debt less current portion	820,799	818,188
U.S. transition tax payable	0	47,027
Deferred income taxes	112,110	95,776
Long-term lease liabilities	101,012	102,830
Other liabilities	105,834	87,918
Accrued pension and other postretirement costs	192,614	195,503
Total liabilities	2,046,795	2,039,117
Vishay stockholders' equity
Common stock	13,358	13,319
Class B convertible common stock	1,210	1,210
Capital in excess of par value	1,302,335	1,291,499
Retained earnings	1,035,395	1,041,372
Treasury stock (at cost)	(199,440)	(161,656)
Accumulated other comprehensive income	14,808	10,337
Total Vishay stockholders' equity	2,167,666	2,196,081
Noncontrolling interests	5,897	4,725
Total equity	2,173,563	2,200,806
Total liabilities and equity	$ 4,220,358	$ 4,239,923

Long-Term Debt (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 28, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility
Credit facility foreign borrowing sublimit				$ 300,000
Credit facility minimum interest coverage ratio				3.25
Line Of Credit Facility, Amendment Date				Aug. 15, 2024
Debt Instruments [Abstract]
Non-cash interest expense		$ 1,249	$ 883	$ 3,675	$ 2,521
Credit facility		0		0		$ 0
Deferred financing costs		(24,303)		(24,303)		(26,914)
Long-term debt		820,799		820,799		818,188
Less current portion		0		0		0
Long-term debt, less current portion		820,799		820,799		818,188
Repurchase price of convertible debt instruments				0	$ 386,745
Convertible Senior Notes, Due 2025 [Member]
Debt Instruments [Abstract]
Convertible debt		$ 95,102		$ 95,102		95,102
Issuance date				Jun. 12, 2018
Debt maturity date				Jun. 15, 2025
Cash coupon rate		2.25%		2.25%
Effective conversion rate				32.1955
Debt instrument percentage of conversion price		130.00%
Principal amount of debt		$ 95,102		$ 95,102
130% of the conversion price (in dollars per share) \| $ / shares				$ 40.38
Effective conversion price (in dollars per share) \| $ / shares		$ 31.06		$ 31.06
Principal amount of repurchased debt	$ 40,684
Convertible Senior Notes, Due 2030 [Member]
Debt Instruments [Abstract]
Convertible debt		$ 750,000		$ 750,000		$ 750,000
Issuance date				Sep. 12, 2023
Debt maturity date				Sep. 15, 2030
Cash coupon rate		2.25%		2.25%
Effective conversion rate				33.1609
Debt instrument percentage of conversion price		130.00%
Principal amount of debt		$ 750,000		$ 750,000
130% of the conversion price (in dollars per share) \| $ / shares				$ 39.21
Effective conversion price (in dollars per share) \| $ / shares		$ 30.16		$ 30.16

Acquisition and Divestiture Activities (Details) € in Thousands, $ in Thousands			3 Months Ended			9 Months Ended
	Nov. 05, 2024 USD ($)	Nov. 05, 2024 EUR (€)	Jun. 29, 2024 USD ($)	Mar. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)	Sep. 28, 2024 USD ($)	Mar. 05, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill						$ 255,323		$ 201,416
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				$ 177,457
Fair value of contingent consideration							$ 15,000
Business acquisition, percentage of voting interests acquired							100.00%
Purchase price, net of cash acquired				$ 177,457
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							148,109
Other, net							1,315
Deferred taxes, net							(17,704)
Total identified assets and liabilities (excluding cash and cash equivalents)							135,381
Goodwill							$ 42,076
Ametherm [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business acquisition, effective date of acquisition			Jun. 05, 2024
Business acquisition, name of acquired entity			Ametherm, Inc.
Cash paid, net of cash acquired			$ 31,478
Definite-lived intangible assets			17,000
Goodwill related to acquisitions			11,685
Purchase price, net of cash acquired			$ 31,478
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					57,500	15,000
Purchase price, net of cash acquired					$ 50,000
Milestone payment						$ 2,500
Subsequent Event [Member] \| Birkelbach Kondensatortechnik GmbH [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business acquisition, name of acquired entity	Birkelbach Kondensatortechnik GmbH	Birkelbach Kondensatortechnik GmbH
Business acquisition, date of acquisition agreement	Nov. 05, 2024	Nov. 05, 2024
Business combination, price of acquisition, expected	$ 18,500	€ 17,000

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward]
Beginning Balance			$ 10,337				$ 10,337
Other comprehensive income (loss) before reclassifications							3,194
Tax effect							0
Other comprehensive income before reclassifications, net of tax							3,194
Amounts reclassified out of AOCI							1,458
Tax effect							(181)
Amounts reclassified out of AOCI, net of tax							1,277
Net other comprehensive income (loss)	$ 31,777	$ (7,284)	(20,022)	$ (38,538)	$ 3,623	$ 19,859	4,471	$ (15,056)
Ending Balance	14,808						14,808
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)				(14,599)
Other comprehensive income (loss) before reclassifications							(2,574)
Tax effect							0
Other comprehensive income before reclassifications, net of tax							(2,574)
Amounts reclassified out of AOCI							1,458
Tax effect							(181)
Amounts reclassified out of AOCI, net of tax							1,277
Net other comprehensive income (loss)							(1,297)
Ending Balance	(15,896)						(15,896)
Currency Translation Adjustment [Member]
Cumulative balance of each component of other comprehensive income (loss) and income tax effects [Roll Forward]
Beginning Balance			24,936				24,936
Other comprehensive income (loss) before reclassifications							5,768
Tax effect							0
Other comprehensive income before reclassifications, net of tax							5,768
Amounts reclassified out of AOCI							0
Tax effect							0
Amounts reclassified out of AOCI, net of tax							0
Net other comprehensive income (loss)							5,768
Ending Balance	30,704						30,704
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				10,337
Net other comprehensive income (loss)	31,777	$ (7,284)	$ (20,022)	$ (38,538)	$ 3,623	$ 19,859
Ending Balance	$ 14,808						$ 14,808

Income Taxes	9 Months Ended
Income Taxes	Sep. 28, 2024
Income Taxes [Abstract]
Income Taxes	Note 6 – 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 September 28, 2024 and September 30, 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. The Company repatriated $120,000 of accumulated earnings to the United States in the second fiscal quarter of 2024 and paid withholding taxes, in Israel, of $15,000. The withholding tax expense for the repatriation was recorded in prior years. During the nine fiscal months ended September 28, 2024, the liabilities for unrecognized tax benefits decreased $170 on a net basis, primarily due to statute expirations, partially offset by accruals for the current period.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Earnings Per Share (Policies)	9 Months Ended
Earnings Per Share (Policies)	Sep. 28, 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 (loss) 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. 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.

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Goodwill	$ 255,323	$ 201,416
MOSFETs [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Goodwill	$ 76,322

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring and related expenses	$ 40,614	$ 0	$ 40,614	$ 0
Restructuring reserve, current	23,649		23,649
Restructuring reserve, noncurrent	$ 16,709		$ 16,709

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 28, 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 fiscal quarter and nine fiscal months ended September 28, 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 (Policies)	9 Months Ended
Income Taxes (Policies)	Sep. 28, 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 September 28, 2024 and September 30, 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.

Stock-Based Compensation

9 Months Ended

Sep. 28, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 12 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023

Restricted stock units ("RSUs")		$	5,635		$	5,528		$	14,810		11,503
Phantom stock units			-			-			118		107
Total		$	5,635		$	5,528		$	14,928		11,610

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at September 28, 2024 (amortization periods in years):

	Unrecognized Compensation Cost			Weighted Average Remaining Amortization Periods

Restricted stock units		$	31,130		2.2
Phantom stock units			-		n/a
Total		$	31,130

Restricted Stock Units

RSU activity under the Company's stock incentive programs as of September 28, 2024 and changes during the nine 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*		1,641			20.47
Vested**		(587	)		23.05
Cancelled or forfeited		(125	)		23.18
Outstanding at September 28, 2024		2,646		$	21.43

Expected to vest at September 28, 2024		1,900

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

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):

Vesting Date	Expected to Vest		Not Expected to Vest		Total
January 1, 2025		168		-		168
January 1, 2026		-		167		167
January 1, 2027		-		579		579
March 1, 2029		175		-		175

Phantom Stock Units

Phantom stock unit activity as of September 28, 2024 and changes during the nine fiscal months then ended are presented below (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		2
Outstanding at September 28, 2024		127

Long-Term Debt (Tables)

9 Months Ended

Sep. 28, 2024

Long-Term Debt [Abstract]

Long-term Debt Instruments

Long-term debt consists of the following:

	September 28, 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		(24,303	)		(26,914	)
		820,799			818,188
Less current portion		-			-
	$	820,799		$	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 September 28, 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 September 28, 2024	$	95,102		$	750,000
Cash coupon rate (per annum)		2.25	%		2.25	%
Conversion rate (per $1 principal amount)		32.1955			33.1609
Effective conversion price (per share)	$	31.06		$	30.16
130% of the current effective conversion price (per share)	$	40.38		$	39.21

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating activities
Net earnings (loss)	$ 36,330	$ 273,559
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	155,272	133,910
Gain on disposal of property and equipment	(1,168)	(495)
Inventory write-offs for obsolescence	27,163	27,469
Deferred income taxes	(13,667)	20,654
Stock compensation expense	14,928	11,610
Loss on early extinguishment of debt	0	18,874
Other	14,506	7,574
Change in U.S. transition tax liability	(37,622)	(27,670)
Change in repatriation tax liability	(15,000)	0
Net change in operating assets and liabilities, net of effects of businesses acquired	(74,696)	(106,050)
Net cash provided by operating activities	106,046	359,435
Investing activities
Capital expenditures	(175,175)	(184,079)
Proceeds from sale of property and equipment	1,397	1,034
Purchase of businesses, net of cash acquired	(200,185)	(5,003)
Purchase of short-term investments	(101,263)	(82,166)
Maturity of short-term investments	123,561	308,021
Other investing activities	(1,220)	(1,219)
Net cash provided by (used in) investing activities	(352,885)	36,588
Financing activities
Proceeds from long-term borrowings	0	750,000
Repurchase of convertible senior notes due 2025	0	(386,745)
Net payments on revolving credit facility	0	(42,000)
Debt issuance and amendment costs	(1,062)	(26,547)
Cash paid for capped call	0	(94,200)
Repurchase of common stock held in treasury	(37,784)	(57,661)
Distributions to noncontrolling interests	0	(867)
Cash withholding taxes paid when shares withheld for vested equity awards	(4,092)	(3,994)
Net cash provided by (used in) financing activities	(84,034)	96,150
Effect of exchange rate changes on cash and cash equivalents	1,925	(7,879)
Net increase (decrease) in cash and cash equivalents	(328,948)	484,294
Cash and cash equivalents at beginning of period	972,719	610,825
Cash and cash equivalents at end of period	643,771	1,095,119
Common Stock [Member]
Financing activities
Dividends paid to common stockholders	(37,467)	(38,207)
Class B Convertible Common Stock [Member]
Financing activities
Dividends paid to common stockholders	$ (3,629)	$ (3,629)

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 28, 2024
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets	Note 3 – Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the cost of businesses acquired over the fair value of the related net assets at the date of acquisition. Goodwill is not amortized but rather is tested for impairment at least annually. These tests are performed more frequently whenever events or changes in circumstances indicate that the assets might be impaired. The Company performs its annual goodwill impairment test as of the first day of the fourth fiscal quarter. During the third fiscal quarter of 2024, the Company identified the decrease in its share price in combination with the increase in the book value of its assets as a result of its acquisition and capital spending activities as potential indicators of impairment requiring an interim goodwill impairment test. The interim goodwill impairment test was performed as of September 28, 2024. Using level 3 inputs, the Company performed a quantitative assessment of each of its business segments, which represent its reporting units for goodwill impairment testing purposes. The assessment was performed using a weighting of the income and market approaches to determine fair value. The Company used a discounted cash flow (“DCF”) method, using unobservable inputs, as its income approach. The significant assumptions in the DCF method include projected EBITDA and a discount rate (and estimates in the discount rate inputs). The Company used comparable company market multiples for its market approach. The resulting estimates of fair value from the income approach and the market approach were then weighted equally in determining the overall estimated fair value of each reporting unit. Based on the evaluation, the estimated fair value of each reporting unit was determined to exceed its carrying value, although the MOSFETs reporting unit’s fair value exceeded its carrying value by less than 10%. No goodwill impairment charges were recognized, but if the MOSFETs reporting unit is not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in future impairment. There is $76,322 of goodwill in this reporting unit as of September 28, 2024. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 28, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 10 – 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	)		5,768	$	3,194
Tax effect		-			-	$	-
Other comprehensive income before reclassifications, net of tax		(2,574	)		5,768	$	3,194
Amounts reclassified out of AOCI		1,458			-	$	1,458
Tax effect		(181	)		-	$	(181	)
Amounts reclassified out of AOCI, net of tax		1,277			-	$	1,277
Net other comprehensive income (loss)	$	(1,297	)	$	5,768	$	4,471
Balance at September 28, 2024	$	(15,896	)	$	30,704	$	14,808

Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 11 for further information.

Restructuring and Related Activities

9 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

Note 4 – Restructuring and Related Activities

On September 24, 2024, the Company announced the implementation of restructuring actions designed to optimize the Company’s manufacturing footprint and streamline business decision making.

The restructuring actions will be implemented in phases and include:

●	Selling, general, and administrative functions will be streamlined beginning in the third fiscal quarter of 2024 through the fourth fiscal quarter of 2025.
●	The closure of three manufacturing facilities. A Diodes segment back-end facility in Shanghai, China is expected to be closed by the end of 2026 with production transfers completed in phases beginning in the fourth quarter of 2025. In addition, two small facilities in the Resistors segment in Fichtelberg, Germany, and in Milwaukee, Wisconsin, are expected to be closed in 2026.
●	Various changes in manufacturing operations and production transfers.

The Company recorded restructuring expenses pursuant to on-going benefit arrangements of $40,614 during the fiscal quarter ended September 28, 2024, primarily related to expected cash severance costs. Severance benefits are generally paid in a lump sum at cessation of employment. Payments prior to the end of the fiscal third quarter were not material. The current portion of the liability is $23,649 and is included in other accrued expenses in the accompanying consolidated condensed balance sheet. The non-current portion of the liability is $16,709 and is included in other liabilities in the accompanying consolidated condensed balance sheet.