Vishay Intertechnology Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Vishay Intertechnology Inc. has submitted its 2023 Form 10-K detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

VISHAY INTERTECHNOLOGY INC (VSH) filed a Annual Report (10-K) with the SEC on February 16, 2024. Vishay Intertechnology Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 63 Lancaster Avenue, Malvern, PA 19355. Vishay Intertechnology Inc. is classified under Standard Industrial Classification 3670: Electronic Components & Accessories. The report was filed on February 16, 2024.

Why It Matters

For investors and stakeholders tracking VISHAY INTERTECHNOLOGY INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vishay Intertechnology's financial health, operational results, and strategic positioning for the past fiscal year, which is crucial for investors and stakeholders to assess the company's performance and future prospects. As a manufacturer of electronic components, understanding Vishay's annual report is key to gauging its competitive standing and potential impact within the technology sector, especially concerning supply chain dynamics and market demand for its products.

Risk Assessment

Risk Level: medium — VISHAY INTERTECHNOLOGY INC shows moderate risk based on this filing. The company operates in the electronic components industry, which is subject to rapid technological changes, intense competition, and global economic fluctuations, posing inherent risks to its financial performance and market share.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Vishay Intertechnology's performance drivers and potential challenges in the electronic components market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)
• 3670 — SIC Code (Electronic Components & Accessories)

Key Players & Entities

• VISHAY INTERTECHNOLOGY INC (company) — Filer name
• VSH (company) — Ticker symbol
• 10-K (filing) — Form type
• 20231231 (date) — Fiscal year end
• 20240216 (date) — Filing date
• 3670 (industry) — Standard Industrial Classification
• DE (location) — State of incorporation
• 6106441300 (phone) — Business phone number

FAQ

Risk Factors

• Market Conditions and Competition [high — market]: The company faces risks related to global economic conditions, demand fluctuations in end markets, and intense competition in the electronic components industry.
• Supply Chain Disruptions [medium — operational]: Disruptions in the global supply chain for raw materials and components can impact production and delivery schedules.
• Interest Rate Fluctuations [medium — financial]: Changes in interest rates can affect the cost of borrowing and the company's financial leverage.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Official submission date of the 10-K to the SEC.

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 per share VSH New York Stock Exchan
• $29.40 — cently completed second fiscal quarter ($29.40 on July 1, 2023), assuming conversion o
• $190.3 million — nt balance exceeded our debt balance by $190.3 million. We also maintain a credit facility, wh
• $750 million — rovides a revolving commitment of up to $750 million through May 8, 2028, of which substanti

Filing Documents

• form10k.htm (10-K) — 4399KB
• exhibit21.htm (EX-21) — 66KB
• exhibit23-1.htm (EX-23.1) — 9KB
• exhibit31-1.htm (EX-31.1) — 20KB
• exhibit31-2.htm (EX-31.2) — 20KB
• exhibit32-1.htm (EX-32.1) — 11KB
• exhibit32-2.htm (EX-32.2) — 11KB
• exhibit10-66.htm (EX-10.66) — 36KB
• exhibit10-67.htm (EX-10.67) — 36KB
• exhibit97-1.htm (EX-97.1) — 39KB
• image00011.jpg (GRAPHIC) — 34KB
• image00012.jpg (GRAPHIC) — 84KB
• 0000103730-24-000034.txt (&nbsp;) — 19236KB
• vsh-20231231.xsd (EX-101.SCH) — 84KB
• vsh-20231231_cal.xml (EX-101.CAL) — 119KB
• vsh-20231231_def.xml (EX-101.DEF) — 610KB
• vsh-20231231_lab.xml (EX-101.LAB) — 1523KB
• vsh-20231231_pre.xml (EX-101.PRE) — 866KB
• form10k_htm.xml (XML) — 3836KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 Information About Our Executive Officers 28 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 29

[Reserved]

Item 6. [Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 60

Controls and Procedures

Item 9A. Controls and Procedures 60

Other Information

Item 9B. Other Information 62

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 62 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 62

Executive Compensation

Item 11. Executive Compensation 62

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 62

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 62

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 62 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 63

Form 10-K Summary

Item 16. Form 10-K Summary 66

SIGNATURES

SIGNATURES 67 Consolidated Financial Statements Report of Independent Registered Public Accounting Firm F-2 Consolidated Balance Sheets as of December 31, 2023 and 2022 F-4 Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021 F-6 Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022, and 2021 F-7 Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022, and 2021 F-8 Consolidated Statements of Stockholders' Equity for the years ended December 31, 2023, 2022, and 2021 F-9 Notes to the Consolidated Financial Statements F-10 3 PART I

BUSINESS

Item 1. BUSINESS Our Business Vishay Intertechnology, Inc. ("Vishay," the "Company," "we," "us," or "our") manufactures one of the world's largest portfolios of discrete semiconductors and passive electronic components that support innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay brands itself as The DNA of tech . Semiconductors include MOSFETs, diodes, and optoelectronic components. Passive components include resistors, inductors, and capacitors. Our semiconductor components are used for a wide variety of functions, including power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation. Our passive components are used to restrict current flow, suppress voltage increases, store and discharge energy, control alternating current ("AC") and voltage, filter out unwanted electrical signals, and perform other functions. The Vishay Story For over six decades we have been building what we call The DNA of tech. TM The Vishay journey began with one man, the late Dr. Felix Zandman, and a revolutionary technology. In the 1950's, Dr. Felix Zandman was issued patents for his PhotoStress coatings and instruments, used to reveal and measure the distribution of stresses in structures such as airplanes and cars under live load conditions. His research in this area led him to develop Bulk Metal foil resistors – ultra-precise, ultra-stable resistors with performance exceeding any other resistor available to date. In 1962, Dr. Zandman, with a loan from the late Alfred P. Slaner, founded Vishay to develop and manufacture Bulk Metal foil resistors. Concurrently, J.E. Starr developed foil resistance strain gages, which also became part of Vishay. Throughout the 1960's and 1970's, Vishay established itself as a technical and market le

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