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Segment and Geographic Data | 12 Months Ended
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Dec. 31, 2019
Segment and Geographic Data [Abstract] |
Segment and Geographic Data | Note 15 – Segment and Geographic Data Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, six reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality:
● |  | Metal oxide semiconductor field effect transistors ("MOSFETs") function as solid state switches to control power.
● |  | Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering.
● |  | Optoelectronic components emit light, detect light, or do both.
● |  | Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current.
● |  | Inductors use an internal magnetic field to change alternating current phase and resist alternating current.
● |  | Capacitors store energy and discharge it when needed.
The current six segment alignment reflects a change in reporting structure made during the fourth fiscal quarter of 2019. Prior periods have been recast to separately present Resistors and Inductors. Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. An immaterial portion of revenues are from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. The following tables set forth business segment information:
|  | MOSFETs |  |  | Diodes |  |  | Optoelectronic Components |  |  | Resistors |  |  | Inductors |  |  | Capacitors |  |  | Corporate / Other |  |  | Total |
Year ended December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 509,145 |  |  | $ | 557,143 |  |  | $ | 222,986 |  |  | $ | 657,192 |  |  | $ | 298,642 |  |  | $ | 423,197 |  |  | $ | - |  |  | $ | 2,668,305 |
Gross Profit |  |  | 126,026 |  |  |  | 113,647 |  |  |  | 53,463 |  |  |  | 186,707 |  |  |  | 96,893 |  |  |  | 94,464 |  |  |  | - |  |  | $ | 671,200 |
Segment Operating Income |  |  | 88,994 |  |  |  | 94,130 |  |  |  | 37,145 |  |  |  | 162,969 |  |  |  | 86,395 |  |  |  | 74,063 |  |  |  | - |  |  | $ | 543,696 |
Depreciation expense |  |  | 32,614 |  |  |  | 38,930 |  |  |  | 16,803 |  |  |  | 28,909 |  |  |  | 13,316 |  |  |  | 17,253 |  |  |  | 8,160 |  |  | $ | 155,985 |
Capital expenditures |  |  | 35,131 |  |  |  | 38,242 |  |  |  | 12,448 |  |  |  | 34,395 |  |  |  | 17,836 |  |  |  | 9,916 |  |  |  | 8,673 |  |  | $ | 156,641 |
Total Assets as of December 31, 2019: |  | $ | 404,412 |  |  | $ | 755,945 |  |  | $ | 328,871 |  |  | $ | 653,195 |  |  | $ | 334,791 |  |  | $ | 449,823 |  |  | $ | 193,738 |  |  | $ | 3,120,775 |
Year ended December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 547,643 |  |  | $ | 712,936 |  |  | $ | 289,727 |  |  | $ | 716,394 |  |  | $ | 301,892 |  |  | $ | 466,097 |  |  | $ | - |  |  | $ | 3,034,689 |
Gross Profit |  |  | 145,923 |  |  |  | 196,702 |  |  |  | 100,219 |  |  |  | 238,356 |  |  |  | 98,912 |  |  |  | 108,412 |  |  |  | - |  |  | $ | 888,524 |
Segment Operating Income |  |  | 106,955 |  |  |  | 175,752 |  |  |  | 82,681 |  |  |  | 214,347 |  |  |  | 89,224 |  |  |  | 86,929 |  |  |  | - |  |  | $ | 755,888 |
Depreciation expense |  |  | 32,104 |  |  |  | 38,197 |  |  |  | 16,612 |  |  |  | 26,416 |  |  |  | 11,292 |  |  |  | 17,745 |  |  |  | 7,690 |  |  | $ | 150,056 |
Capital expenditures |  |  | 49,557 |  |  |  | 57,756 |  |  |  | 19,935 |  |  |  | 50,978 |  |  |  | 29,884 |  |  |  | 12,200 |  |  |  | 9,589 |  |  | $ | 229,899 |
Total Assets as of December 31, 2018: |  | $ | 444,356 |  |  | $ | 804,784 |  |  | $ | 342,656 |  |  | $ | 587,595 |  |  | $ | 287,240 |  |  | $ | 487,540 |  |  | $ | 152,027 |  |  | $ | 3,106,198 |
Year ended December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 467,476 |  |  | $ | 619,958 |  |  | $ | 284,429 |  |  | $ | 590,465 |  |  | $ | 253,064 |  |  | $ | 383,976 |  |  | $ | - |  |  | $ | 2,599,368 |
Gross Profit |  |  | 109,603 |  |  |  | 165,176 |  |  |  | 98,000 |  |  |  | 179,443 |  |  |  | 72,462 |  |  |  | 78,425 |  |  |  | - |  |  | $ | 703,109 |
Segment Operating Income |  |  | 74,174 |  |  |  | 145,645 |  |  |  | 80,499 |  |  |  | 159,812 |  |  |  | 63,066 |  |  |  | 58,544 |  |  |  | - |  |  | $ | 581,740 |
Depreciation expense |  |  | 34,731 |  |  |  | 37,396 |  |  |  | 16,871 |  |  |  | 23,853 |  |  |  | 10,230 |  |  |  | 17,736 |  |  |  | 8,066 |  |  | $ | 148,883 |
Capital expenditures |  |  | 33,475 |  |  |  | 38,681 |  |  |  | 16,115 |  |  |  | 44,214 |  |  |  | 22,793 |  |  |  | 11,135 |  |  |  | 4,019 |  |  | $ | 170,432 |
Total Assets as of December 31, 2017: |  | $ | 412,598 |  |  | $ | 792,610 |  |  | $ | 332,228 |  |  | $ | 664,609 |  |  | $ | 330,030 |  |  | $ | 568,113 |  |  | $ | 361,901 |  |  | $ | 3,462,089 |
________________
|  | Years ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Reconciliation: |  |  |  |  |  |  |  |  |
Segment Operating Income |  | $ | 543,696 |  |  | $ | 755,888 |  |  | $ | 581,740 |
Restructuring and Severance Costs |  |  | (24,139 | ) |  |  | - |  |  |  | (11,273 | )
Unallocated Selling, General, and Administrative Expenses |  |  | (257,127 | ) |  |  | (270,768 | ) |  |  | (246,462 | )
Consolidated Operating Income (Loss) |  | $ | 262,430 |  |  | $ | 485,120 |  |  | $ | 324,005 |
Unallocated Other Income (Expense) |  |  | (36,132 | ) |  |  | (68,344 | ) |  |  | (44,641 | )
Consolidated Income Before Taxes |  | $ | 226,298 |  |  | $ | 416,776 |  |  | $ | 279,364 |
The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:
|  | Years Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Distributors |  | $ | 1,393,412 |  |  | $ | 1,742,262 |  |  | $ | 1,484,276 |
OEMs |  |  | 1,082,701 |  |  |  | 1,085,292 |  |  |  | 931,291 |
EMS companies |  |  | 192,192 |  |  |  | 207,135 |  |  |  | 183,801 |
|  | $ | 2,668,305 |  |  | $ | 3,034,689 |  |  | $ | 2,599,368 |
Net revenues were attributable to customers in the following regions:
|  | Years Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Asia |  | $ | 965,030 |  |  | $ | 1,193,827 |  |  | $ | 1,091,107 |
Europe |  |  | 993,101 |  |  |  | 1,081,073 |  |  |  | 902,357 |
Americas |  |  | 710,174 |  |  |  | 759,789 |  |  |  | 605,904 |
|  | $ | 2,668,305 |  |  | $ | 3,034,689 |  |  | $ | 2,599,368 |
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:
|  | Years Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Industrial |  | $ | 946,118 |  |  | $ | 1,139,880 |  |  | $ | 934,631 |
Automotive |  |  | 830,876 |  |  |  | 861,436 |  |  |  | 727,220 |
Telecommunications |  |  | 170,088 |  |  |  | 200,379 |  |  |  | 190,682 |
Computing |  |  | 182,781 |  |  |  | 228,831 |  |  |  | 198,850 |
Consumer Products |  |  | 107,983 |  |  |  | 168,884 |  |  |  | 145,243 |
Power Supplies |  |  | 119,361 |  |  |  | 144,433 |  |  |  | 160,038 |
Military and Aerospace |  |  | 179,228 |  |  |  | 162,921 |  |  |  | 132,898 |
Medical |  |  | 131,870 |  |  |  | 127,925 |  |  |  | 109,806 |
|  | $ | 2,668,305 |  |  | $ | 3,034,689 |  |  | $ | 2,599,368 |
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
|  | Years ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | 686,985 |  |  | $ | 743,647 |  |  | $ | 590,839 |
Germany |  |  | 910,509 |  |  |  | 982,082 |  |  |  | 837,258 |
Other Europe |  |  | 113,473 |  |  |  | 123,846 |  |  |  | 99,636 |
Israel |  |  | 17,787 |  |  |  | 13,299 |  |  |  | 11,075 |
Asia |  |  | 939,551 |  |  |  | 1,171,815 |  |  |  | 1,060,560 |
|  | $ | 2,668,305 |  |  | $ | 3,034,689 |  |  | $ | 2,599,368 |
The following table summarizes property and equipment based on physical location:
|  | December 31, |
|  | 2019 |  |  | 2018 |
United States |  | $ | 100,163 |  |  | $ | 117,138 |
Germany |  |  | 179,218 |  |  |  | 169,941 |
Other Europe |  |  | 116,883 |  |  |  | 121,964 |
Israel |  |  | 92,636 |  |  |  | 103,675 |
People's Republic of China |  |  | 215,139 |  |  |  | 217,681 |
Republic of China (Taiwan) |  |  | 161,374 |  |  |  | 145,644 |
Other Asia |  |  | 81,338 |  |  |  | 88,864 |
Other |  |  | 4,774 |  |  |  | 4,094 |
|  | $ | 951,525 |  |  | $ | 969,001 |

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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